Last Updated on October 10, 2023
Starting a business or registering a company in South Korea is possible for almost any individual or foreign company. There are different types of businesses and companies that can be established, depending on the type of activities and relevant laws and regulations.
KOISRA UP specializes in assisting with the establishment and registration of foreign businesses and companies in South Korea. We guide you from the initial consultation stage, helping you determine the appropriate type of company registration and providing the necessary documents, relevant certificates, notarized translations, power of attorney, assistance with opening a bank account, VAT registration, and even assistance with VISA applications for foreign managers.
In order to ensure the quality of our services, the process of business establishment, registration and incorporation in Korea is done by licensed Korean lawyers.
In South Korea as part of the company incorporation, it should be registered at the Court and Tax office. By the end of the registration process, two registration certifications will be issued.
Foreign companies or individuals who do not have local residency in South Korea have four main options for setting up and registering a business or company in South Korea:
1. Local Corporation- This type of registration is a local Korean company and is the most common type of incorporation in South Korea. It can be used by both foreigners and Koreans. Unlike Foreign Direct Investment Company (check below), it doesn't require any minimum capital for registration.
A local Korean company may be established in one of the following types of business:
- Joint Stock Company (in Korean: “Chusik Hoesa”) – the most commonly used type of corporate form in Korea, also for FDI companies. Usually a company registered under this form ended with Corp. / Ltd / Co., Ltd.
- Private Limited Company (in Korean: “Yuhan Hoesa”) – this type of company is limited to up to 50 shareholders and it’s closed to the public. This form of company sometimes referred to as an LLC.
- Limited Liability Company (in Korean: “Yuhan Chaekim Hoesa”) – this type of company is comparable to a limited liability company (LLC) in US.
- General Partnership Company – (in Korean: “Hapmyung Hoesa”) – this type of company is required two or more partners which maintain unlimited liability.
- Limited Partnership Company – (in Korean: “Hapja Hoesa”) – Unlike General Partnership Company, in this type of company, some of the partners may maintain limited liability.
- Limited Liability Partnership – (in Korean: “Hapja Johap”) – This form of business is similar to Limited Partnership Company however its legal entity isn’t separated from its members. It’s similar to a LLP in US.
2. Foreign Direct Investment Company - Foreign individuals and companies have the option to register a local corporation as a Foreign Direct Investment Company (FDI). The above-mentioned list of types of businesses is applicable. A minimum of 100 Million KRW as capital is required. Unlike a regular local Korean Corporation, depending on their type of activities, FDI companies may enjoy several benefits under Korean law compared to regular local companies.
3. Branch Office – While FDI Company is consider as local corporation, Branch office is considered as foreign corporation, where the foreign headquarter and the Korean branch are a single legal entity. Branch office can be involved in profit making activities in Korea and exposed to the same tax laws and rates that applied to domestic Korean companies.
4. Liaison Office – Like Branch office, this form of business also considered as foreign corporation, but unlike Branch office, it can only carries out non-sales activities such as R&D, business development, market research, advertisement etc., that on behalf of the foreign company.
Our company registration services in Korea are entirely remote, eliminating the need for physical visits to Korea, except for specific cases. Upon completion of our service, you will receive a comprehensive Korean Registered Company Kit. This kit includes a Company Court Registration Certificate (your company ID number), a Business Registration Certificate (your company Tax and VAT number), a Court Registration ID Card, Original and Secondary Company Rubber seals, a Company Seal Certificate, a Bank Book with your bank Account details, an Internet Banking User account, and OPT devices (for online banking).
What Our Clients Say
Company Incorporation in Korea?
Call Us: +82-70-5038-4101, Send an Email or Leave us a Message in the form below. We will be happy to answer your questions!
Company registration in Korea, Establishing a business in South Korea, Registering a business in Korea, Setting up a company in Korea, Company Set up in Korea, Corporate registration in Korea, Starting a business in Korea, Company formation in South Korea, Foreign company registration in Korea, Business name registration in Korea, Foreign Direct Invested Company registration in Korea, Liaison Office registration in Korea, Branch Office registration in South Korea, Stock company registration in Korea, Incorporation in Korea, Establishing a Startup in Korea
