11 steps to incorporating in South Korea

Incorporating a company in South Korea takes up to 2 weeks. The following is an overview of the typical engagement procedures:

    South Korean business incorporation steps

  1. Our Client settles our fees and signs Healy Consultants’ engagement letter. Healy Consultants then provides our Client with a detailed engagement plan, outlining a roadmap for the entire project and minimizing unwanted surprises;
  2. Healy Consultants collects the required due diligence from our Client, including passport copies, proof of address, and details of the company’s intended activities in South Korea. To avoid physically visiting South Korea, investors are required to sign off incorporation forms and other requisite corporate documents in front of a i) notary public in their country of origin or ii) at the South Korean consulate. Notarization and legalization process will take up to one week and approximately US$300 to complete;
  3. Before Healy Consultants starts the company incorporation process, our Client also needs to provide the lease agreement for their new office space in Korea. Alternatively, our Client may choose to temporarily rent shared space at Healy Consultants’ office in Seoul if they are unable to find space of their own. In such a case, Healy Consultants will prepare an office agreement for our Client’s signature, stating the terms and conditions in the contract;
  4. Healy Consultants Incorporation team will check the availability of trade name and obtain a certificate of name availability through the South Korean Supreme Court;
  5. To proceed further with the project, Healy Consultants also has to apply for foreign investment approval for the project at the Ministry of Strategy and Finance in Seoul. If approved, Healy Consultants will begin company incorporation;
  6. Healy Consultants prepares incorporation documents (such as memorandum and articles of association, as well as a statement on the amount and form of the proposed initial share capital) for our Client’s signature and return to us;
  7. Healy Consultants Incorporation Team liaises with the Commercial Registrar’s Office in the Seoul District Court to complete incorporation procedures. Such corporate structure documents are then approved by our Client before being finalized;
  8. Healy Consultants will register the company for tax at the District Tax Office in Seoul and obtain a tax identification number and business registration certificate;
  9. Incorporation of our Client’s South Korean subsidiary is complete. Healy Consultants provides our Client with a complete company kit including i) original Certificate of Incorporation ii) a bound copy of the government approved Articles of Association iii) original share certificates iv) an original government receipt as evidence of payment of annual business license fees;
  10. To support our Client’s South Korea business after incorporation, Healy Consultants’ banking Team completes the corporate bank account opening. The account includes world-class multi-currency internet banking facilities and our Client will not be required to visit the South Korea to complete this task. Healy Consultants works with internationally recognized banks such as Industrial Bank of Korea, Citibank, Woori bank, and Korea Exchange Bank to provide corporate bank account services;
  11. Additionally, if our Clients wish, Healy Consultants may assist them with recruiting accountants & company secretary, and with looking for a local business address in the country.

Contact us

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