South Korea corporate banking options

    South Korean corporate bank accounts

  • Healy Consultants will be pleased to open a corporate bank account for our Client’s South Korean company without requiring them to travel. It is a time consuming task, and Healy Consultants will shelter our Client from the associated administrative challenges. As you can appreciate, it is a difficult task to obtain bank account approval through a newly formed company, when shareholders, directors and bank signatories reside overseas. Healy Consultants will prepare a business plan for the bank to optimize the probability of corporate bank account approval. However, there is a 10% probability the banks will request the bank signatory to travel for a one hour bank interview. Having said that, Healy Consultants will try its best to negotiate with the bank for a travel exemption. If our Client must travel to Korea for corporate bank account opening, we will refund our Client US$1,150;
  • Secondly, it is important to note banks enjoy ultimate power of approval with regards to corporate bank account applications. Consequently, guaranteed success is outside of Healy Consultants’ control. What is inside our control is the preparation and submission of a high quality bank application that maximizes the likelihood of approval. Till date, we enjoy a 100% approval record.
  • As you know, global banks continue to tighten their bank account opening procedures which results in their internal compliance departments taking additional time to complete a more thorough Client due diligence . Consequently, our Clients should expect the bank account approval period to take up to 4 weeks. Furthermore, global banks now require evidence of proof of business in the country where the corporate bank account will be, including sales contracts or lease agreement;
  • Standard chartered bank

  • Healy Consultants Compliance Team can open an international business bank account within 1 week from the date of South Korea company formation. There is a 10% probability our Client will need to be physically present at the bank. Following bank account approval, the preferred Korean bank will directly and independently email our Clients the company bank account number;
  • To receive the best customer service and corporate banking in South Korea, Healy Consultants recommends international banks Standard Chartered and Citibank for most business bank account solutions. Local banks can be used if it suits our Client’s business needs;
  • South Korean banks can provide financing to locally registered companies provided the following conditions are met i) good business plan ii) availability of security iii) experience of business owners iv) last 3 years audited financial statements v) realistic feasibility study vi) project strength and weaknesses analysis (SWOT);
  • Healy Consultants also assists Clients with trade finance including i) bank guarantees ii) letters of credit iii) finance against trust receipt iv) document against payment and against acceptance;
  • Citibank

  • Securing corporate finance in the form of a loan, overdraft or simply preferential credit terms are other corporate banking related aspects of doing business in South Korea;
  • South Korean banks offer the highest levels of corporate bank account facilities including multiple currencies, internet banking, telephone banking, checking accounts, savings accounts, debit and credit cards, fixed term deposits, and wealth management services;
  • It is easy to open global corporate bank accounts to support South Korea company formation. Healy Consultants works with internationally recognised banks such as Industrial Bank of Korea, Citibank, and Korea Exchange Bank to provide corporate bank account services.

Contact us

For additional information on our company formation services in South Korea, please email us at Alternatively please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi