Company Establishment Process in Korea

Entering Korea for business purposes requires the following steps:

• 1) Report the investment to Foreign Exchange Bank in Korea
• 2) Address registration (lease agreement)
• 3) Remittance of investment (initial capital) into South Korea
• 4) Report incorporation to the Korean Court
• 5) Submit application of Korean business tax ID (and other licenses if needed) to the tax authorities
• 6) Open bank account

When reporting foreigners as investors in the Republic of Korea (ROK), certain documents — e.g. POA, copies of investor’s ID and address — may need to be notarized.

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