Frequently Asked Questions about South Korea
How long does it take to incorporate a South Korean company?
Setting up a South Korean company can take up to four weeks. |
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 advance Asian economy. |
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. |
What is the minimum number of directors required for a South Korean company?
Under statutory regulations, an Indonesian company requires a minimum of one director. |
What is the minimum number of shareholders required for a South Korean company?
A minimum of two shareholders is required for a Yuhan Hoesa (limited liability company). |
Can my company be 100% foreign-owned?
Yes. |
What are the minimum capital requirements for a South Korean company?
A South Korean company requires a minimum share capital requirement of US$53,900. |
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. |
What are the tax implications of a South Korean company formation?
A South Korean Company is liable to pay a corporation tax of 15% on income up to US$107,800. A maximum tax of 27% is paid if the income exceeds US$ 107,800. |
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. |
Buy the South Korea chapter of Healy Consultants' Asia Business Set Up book, to order call +65 6735 0120 or e-mail info@healyconsultants.com
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