Fees and timelines in 2023
Fees
South Korea company incorporation costs in Year 1 amount to US$3,500 and annual company costs in Year 2 amount to US$1,000. The average total fees per South Korea engagement amounts to US$13,093, including company incorporation, and corporate bank account. Refer to draft invoice embedded here.
| Different South Korea entity types | Cost | Draft invoice |
|---|---|---|
| LLC | US$13,093 | View invoice PDF |
| JSC | US$14,753 | View invoice PDF |
| Branch Office | US$13,693 | View invoice PDF |
| Rep Office | US$12,333 | View invoice PDF |
| LLC without travel | US$23,543 | View invoice PDF |
| Free zone LLC | US$13,943 | View invoice PDF |
| LLC company transfer | US$10,003 | View invoice PDF |
| LLC + bitcoin bank account | US$15,943 | View invoice PDF |
| Cryptocurrency transfer solution | US$33,293 | View invoice PDF |
| Crypto LLC with resident nominee services | US$21,893 | View invoice PDF |
| LLC with cryptocurrency exchange | US$29,560 | View invoice PDF |
| LLC with NVOCC license | US$23,293 | View invoice PDF |
| LLC annual renewal | US$14,370 | View invoice PDF |
Click here to create your own South Korea invoice
Timelines
The average time period required to setup a company in South Korea is 8 weeks as outlined below:
| Service | Tax resident LLC | Joint Stock corporation (JSC) | Branch of a foreign company | Representative office | Cryptocurrency LLC |
|---|---|---|---|---|---|
| Engagement planning | 1 week | 2 weeks | 2 weeks | 2 weeks | 1 week |
| Company incorporation period | 2 weeks | 3 weeks | 4 weeks | 3 weeks | 3 weeks |
| Corporate bank account approval | 3 weeks | 4 weeks | 4 weeks | 4 weeks | 6 weeks |
| Corporate internet banking approval | 1 week | 1 week | 1 week | 1 week | 1 week |
| Engagement completion | 1 week | 1 week | 1 week | 1 week | 1 week |
| Total engagement period | 8 weeks | 11 weeks | 12 weeks | 11 weeks | 12 weeks |
