12 steps to incorporating in South Korea

Incorporating a company in South Korea is straightforward. The whole process takes between two to three months 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 Group PLC’s engagement letter. Healy Consultants provides our Client with a detailed engagement plan, outlining the roadmap for the entire project, and minimising unwanted surprises;
  2. Healy Consultants Group PLC 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 a Power of Attorney (PoA) and all incorporation forms, and attest personal or corporate KYC i) in front of a notary public in their country of origin and ii) at the South Korean consulate. Notarisation and legalisation takes up to one week, and costs approximately US$300 to complete;
  3. Before Healy Consultants starts the company incorporation process, our Client will need to provide a lease agreement for their new office space in Korea. Alternatively, our Client may choose to temporarily rent shared space at Healy Consultants’ Seoul office if they are unable to find space of their own. In such cases, 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 submits the Foreign investment Notification to a Korean foreign exchange bank;
  2. Upon approval by the foreign exchange bank, Healy Consultants Group will arrange for our Client to remit the investment funds into the foreign exchange account. This is a temporary bank account in the name of the investor;
  3. Our Incorporation Team liaises with the Commercial Registrar’s Office in Seoul District Court to complete incorporation procedures and obtain the Court Registration Certificate (in the Korean language);
  4. 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;

Post-incorporation

  1. Healy Consultants’ attorney visits 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. Our Client transfers paid-in capital from the temporary bank account held by the Korean Foreign Exchange Bank to the corporate bank account;
  3. 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 and iv) an original government receipt as evidence of payment of annual business license fees;
  4. To support our Client’s South Korea business after incorporation, if required, we may assist with recruiting accountants and company secretary, and sourcing for a permanent local business address in the country;
  5. Depending on our Client’s business and nationality, the South Korean government may require a special regulatory licence for you to carry on your business in the country. Healy Consultants Group PLC will assist our Client secure licence approval. There may be additional engagement fees for this service.

Contact us

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