Registration and formation a company in South Korea is not complicated and does not require a physical visit to South Korea, even for opening a bank account.
South Korea, like many other countries, allows the registration and establishment of local companies as well as foreign branches without the need to travel to South Korea. For Korean citizens, it is even possible to do so through a dedicated website, but for foreigners who are not Korean citizens or residents, a Korean company can be registered through the appointment of a local agent like KOISRA UP.
Depending on the type of activity requested, you can register a company, branch or local office. Shareholders can be 100% foreign and there is no need for a local Korean partner. In addition, unlike many other countries, the appointment of a local director is not required.
The process of company registration in Korea usually take 2-3 weeks. Each registered company receives a unique identification number from the local company registrar as well as a VAT number.
Every company registered in Korea requires opening a dedicated bank account. Opening a bank account in Korea to a company in most cases does not require arriving in Korea or visiting the bank personally and can be done remotely through a local agent like KOISRA UP.
Although in most cases there is no obligation to lease an office for the new Korean company, it is necessary to provide a valid business address in South Korea for registration. A hotel, residence or random address cannot be used. However, in many cases a local Korean address and virtual office in Korea can be used.
Once the company registration process is completed, a full company kit which include all the formation documents and certificates will be sent by international shipping carrier to the client home address.
During this time of the Coronavirus crisis, when it is not easy to fly between countries, formation and incorporation a company in Korea remotely can be a great business opportunity.
