11 steps to incorporating in South Korea

Incorporating a company in South Korea is simple and straightforward if you know how. The whole process takes between 2 to 3 weeks to complete. The following is an overview of the typical engagement procedures:
South Korean business incorporation steps

Pre-incorporation

  1. Our Client settles our fees and signs Healy Consultants’ engagement letter. Healy Consultants then provides our Client with a detailed engagement plan, which will outline 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 a Power of Attorney and all incorporation forms and attest personal or corporate KYC in front of a i) notary public in their country of origin and 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 will need 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;

Incorporation procedure

  1. Healy Consultants Incorporation team will check the availability of trade name and obtain a certificate of name availability through the South Korean Supreme Court;
  2. Depending on the business activity, our team may need to apply for foreign investment approval at the Ministry of Strategy and Finance in Seoul before company incorporation;
  3. Healy Consultants prepares incorporation documents (such as acceptance of office letter for directors and registration of seal impression) for our Client’s signature, legalization and courier return;
  4. Our Incorporation Team liaises with the Commercial Registrar’s Office in the Seoul District Court to complete incorporation procedures and obtain the Court Registration Certificate in Korean. Healy Consultants will provide translation of this document to English at no additional charge;
  5. Healy Consultants will register the company for tax at the District Tax Office in Seoul and obtain a tax and VAT identification number and business registration certificate. Again, this document will be issued in Korean and Healy Consultants will translate the same to English for our Clients;

Post-incorporation

  1. Healy Consultants attorney will visit a local bank to complete corporate bank account opening without our Client travelling. The account includes world-class multi-currency internet banking facilities in English. A sample of Korean banks we work with include Shinhan Bank, Citibank, Woori bank, and Korea Exchange Bank;
  2. 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;
  3. To support our Client’s South Korea business after incorporation, if required, we may assist with recruiting accountants & company secretary, and sourcing for a permanent 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