Send a request for a call
Register a company in South Korea
Comprehensive assistance in company registration, including banking services
How to register a company in South Korea
1
Document submission
You submit to us necessary documents of the future founders and directors for the purposes of company registration in South Korea and opening a bank account in South Korea
2
Payment of services
Payment of our services for company incorporation in South Korea and/or bank account assistance in South Korea
3
Company registration
We register a new company in South Korea for you. Upon completion of the registraion corporate documents are either delivered to you or submitted to a bank for the subsequent opening of a bank account
4
Bank account opening
In case you request an assistance with a bank account, we arrange an interview at the bank for you, inform you about the date of the visit and accompany you on your way to the bank. After the bank account is opened and active you receive corporate documents of the registered company as well as the access to the bank account
Key aspects to consider prior to company registration in South Korea
Company incorporation in South Korea with an FDI status allows to receive a long-term D-8 investor visa.
1. Founders that would like to register a company in South Korea can either be resident or non-resident in South Korea. Founders can be either individuals or legal entities.
2. A resident or a non-resident individual can be a company director in South Korea. It is not required to set up a company in South Korea with a Korean citizen as one of its shareholders or directors.
3. One individual can register a company in South Korea and simultaneously be a shareholder and a director in this company if such company is incorporated as a Yuhan Hoesa (A limited liability company).
4. There is no requirement for creating substance in South Korea - no need to hire local employees or rent an office in order to establish a company in South Korea or to conduct business in this jurisdiction.
5. Minimum share capital that is recommended to start a company in South Korea as a limited liability company (Yuhan Hoesa) is KRW 1 million or around USD 770. If it is necessary for the newly incorporated company in South Korea to receive an FDI status and to receive an investor visa for its shareholders, the minimum share capital amounts to KRW 100 million.
6. Information about company founders, shareholders and directors after company registration in South Korea is complete is publicly available in the state corporate register.
7. We can help you register a company in South Korea, as well as open a corporate bank account remotely, on the basis of a power of attorney.
2. A resident or a non-resident individual can be a company director in South Korea. It is not required to set up a company in South Korea with a Korean citizen as one of its shareholders or directors.
3. One individual can register a company in South Korea and simultaneously be a shareholder and a director in this company if such company is incorporated as a Yuhan Hoesa (A limited liability company).
4. There is no requirement for creating substance in South Korea - no need to hire local employees or rent an office in order to establish a company in South Korea or to conduct business in this jurisdiction.
5. Minimum share capital that is recommended to start a company in South Korea as a limited liability company (Yuhan Hoesa) is KRW 1 million or around USD 770. If it is necessary for the newly incorporated company in South Korea to receive an FDI status and to receive an investor visa for its shareholders, the minimum share capital amounts to KRW 100 million.
6. Information about company founders, shareholders and directors after company registration in South Korea is complete is publicly available in the state corporate register.
7. We can help you register a company in South Korea, as well as open a corporate bank account remotely, on the basis of a power of attorney.
Cost of services
Incorporation of a Yuhan Hoesa
Timeframe - 18 business days
Timeframe - 18 business days
Send a request
for company formation
Advantages of incorporating a company in South Korea
Attractive business-environment
- Location near Japan and China
- Multiple active free trade agreements with the ASEAN member states
- Large logistics center for making shipments to Asia
- Major electronics manufacturing center
- Well-developed infrastructure
- Low inflation rate
Stability and security
- Political stability
- Secure legal and justice systems
- Comprehensive protection of property rights
- Comprehensive personal security
- Investment protection
Tax benefits
- Multiple free trade zones
- Multiple double tax treaties
No strict foreign exchange controls
- Although foreign exchange controls are established in South Korea, individuals and business entities, either resident or non-resident in South Korea may open bank accounts in local banks in any currency
Ease of establishing and doing business
- Minimum recommended share capital to register a company in South Korea as a Yuhan Hoesa is just USD 770
- Remote company registration and remote banking assistance in South Korea is available for any foreign individuals
- 100% foreign ownership of a company is available
More about South Korea
South Korea is located on the Korean Peninsula and has a territory of 99,392 square kilometers. South Korea borders North Korea and has access to the Yellow Sea, to the Sea of Japan and to the East China Sea, as well as to the Pacific Ocean. The capital city of South Korea is Seoul, the largest city and the location of key government institutions.
Population of South Korea amounts to around 51,6 million people.
Population of South Korea amounts to around 51,6 million people.
Official currency of South Korea is South Korean won (KRW).
During the last decades the industrial structure of South Korea has significantly changed. Largest industrial sectors have been diversified and include the manufacturing of electronics, cars, textiles, production of steel, shipbuilding, petrochemical industry.
Export of South Korea consists of cars, wireless communications devices, semiconductors, oil products, electronics, clothing and cosmetics. Primary trading partners of South Korea are China, USA, Vietnam, Hong Kong, Japan, Taiwan, India and Singapore.
The GDP of South Korea grew by 4% in 2021 and amounted to USD 1.8 trillion.
During the last decades the industrial structure of South Korea has significantly changed. Largest industrial sectors have been diversified and include the manufacturing of electronics, cars, textiles, production of steel, shipbuilding, petrochemical industry.
Export of South Korea consists of cars, wireless communications devices, semiconductors, oil products, electronics, clothing and cosmetics. Primary trading partners of South Korea are China, USA, Vietnam, Hong Kong, Japan, Taiwan, India and Singapore.
The GDP of South Korea grew by 4% in 2021 and amounted to USD 1.8 trillion.
International business expands to South Korea and incorporates a company in South Korea primarily for trading, production and shipping of electronics and for logistics.
Restricted for foreign entrepreneurs are the following sectors:
Restricted for foreign entrepreneurs are the following sectors:
- operational activity of airports and seaports
- telecommunications
- creation, maintenance and modernization of military equipment and weaponry
- nuclear fuel processing
- production, sale and transfer of electricity
- postal services.
- Corporate income tax - from 10% up to 25%
- Dividend withholding tax - 20%
- Interest withholding tax - 14/20%
- Royalties withholding tax - 20%
- Capital gains tax - from 10% up to 25%
- Local income tax - 10%, applies to all income tax rates listed above
- VAT - Standard tax rate 10% or the reduced rate of 0% or tax exempt
- Personal income tax - from 6% up to 42% + local income tax rate of 10% that applies to the primary personal income tax rate.
Apart from such traditional business entity types as a limited liability company (Yuhan Hoesa) and a public limited company (Chushik Hoesa), corporate law in South Korea offers to incorporate a company in South Korea as:
1. General partnership (Hapmyeong Hoesa)
2. Limited partnership (Hapja Johap)
3. Limited liability partnership (Hapja Hoesa)
To receive a detailed description of the company registration procedure in South Korea and information about documents necessary for company registration in South Korea please contact our experts.
1. General partnership (Hapmyeong Hoesa)
2. Limited partnership (Hapja Johap)
3. Limited liability partnership (Hapja Hoesa)
To receive a detailed description of the company registration procedure in South Korea and information about documents necessary for company registration in South Korea please contact our experts.
Send a request for company registration in South Korea
We will contact you within 1 minute
© Prime International Legal Services, 2023.
SERVICES
CONTACT US
Address:
128 City Road,
London, EC1V 2NX
Phone: +44 20 8157 4037
Email: request@pil-services.com
128 City Road,
London, EC1V 2NX
Phone: +44 20 8157 4037
Email: request@pil-services.com
