Frequently Asked Questions about South Korea |
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| The following are some of the most frequently asked questions about South Korea Company Formation: | ||||||||||||||||
| How long does it take to incorporate a South Korean company? | ||||||||||||||||
| How difficult is it to open a corporate bank account for a South Korean company? | ||||||||||||||||
| Am I required to visit South Korea to incorporate a company there? | ||||||||||||||||
| What is the minimum number of directors required for a South Korean company? | ||||||||||||||||
| What is the minimum number of shareholders required for a South Korean company? | ||||||||||||||||
| Can my company be 100% foreign-owned? | ||||||||||||||||
| What are the minimum capital requirements for a South Korean company? | ||||||||||||||||
| Is a South Korean company required to submit an annual tax return and/or financial statements? | ||||||||||||||||
| What are the tax implications of a South Korean company formation? | ||||||||||||||||
| What are the main disadvantages of incorporating a South Korean company? | ||||||||||||||||
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| How long does it take to incorporate a South Korean company? Setting up a South Korean company can take up to four weeks. |
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| How difficult is it to open a corporate bank account for a South Korean company? Opening a corporate bank account with a reputable international bank is easy because South Korea is a highly advanced Asian economy. |
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| Am I required to visit South Korea to incorporate a company there? No. Healy Consultants can legally incorporate your South Korean company without you needing to travel. |
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| What is the minimum number of directors required for a South Korean company? Under statutory regulations, South Korea Limited Liability Company (LLC) requires a minimum of one director, with no restriction on nationality. |
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| What is the minimum number of shareholders required for a South Korean company? A minimum of one shareholder is required for a Yuhan Hoesa (limited liability company). |
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| Can my company be 100% foreign-owned? Yes. |
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| What are the minimum capital requirements for a South Korean company? A South Korean company requires a minimum share capital requirement of 100 million KRW (approximately US$85,000). |
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| Is a South Korean company required to submit an annual tax return and/or financial statements? All South Korean companies are required to submit an annual tax return to the National Tax Service of South Korea and maintain accounts. |
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| What are the tax implications of a South Korean company formation? A South Korean Company is liable to pay a corporation tax of 20% for the tax base of 200 million Korean Won (KRW). A tax rate of 10% applies if the income is 100 million KRW or less. |
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| What are the main disadvantages of incorporating a South Korean company? It is complex for foreign investors who have no working knowledge of the Korean language. All documentation needs to be in Korean and translation is very expensive. |
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| Contact Us | ||||||||||||||||
| For more information on any of our South Korea corporate services, email email@healyconsultants.com or telephone us at (+65) 6735 0120. | ||||||||||||||||
| Back to South Korea Company Formation page. | ||||||||||||||||
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