Today, we’re breaking down the process of setting up a company in Korea, tailored specifically for foreigners or foreign-invested entities. With over 15 years of experience, we’ve crafted this guide to be straightforward and accessible, ensuring it’s easy to follow and helpful for you.
1. Choose Your Company Type:
- Select a Limited Liability Company (LLC) in Korea. Stock companies are less common for foreign companies due to minor legal variations. Both offer the same tax treatments in Korea, but LLCs have stricter rules on stock trading. If you plan to seek Korean investment, consider converting to a stock company later on.
2. Appoint Your Executives:
- Appoint at least 1 director for your company, who must be officially registered. the same director can serve as the representative director listed in Korea’s business registration. Good news: the director doesn’t have to be a Korean national, and no need to visit Korea for the registration.
3. Define Your Business Activities:
- Decide what your company will do in Korea. For simpler ventures like consulting or retail, getting a business registration certificate is pretty straightforward. But if you’re thinking of something like opening a restaurant, be prepared for a bit more paperwork and government requirements. We specialize in fast-tracking incorporation for businesses without specific licenses, so you can add more purposes later.
4. Choose Your Business Address:
- You’ll need a registered address for your company in Korea. If you’re in a hurry to get started, consider using a virtual office address for quicker registration.
5. Decide on Your Capital Amount:
- There’s no strict minimum capital requirement in Korea, but having a smaller amount might complicate things like opening a bank account. To make it easier for foreign executives planning to stay in Korea, we recommend setting a minimum capital of around KRW 100 million (about USD 80,000).
- Think ahead about how many employees you’ll have and how much funding you’ll need after you’ve set up. It can help you decide on the right initial capital amount and save you some hassle later on.
We hope these easy steps make the process clearer for you as you embark on setting up your company in Korea!
Contact us at siyoon@star-tax.kr for more questions.
Easy Steps for Company Registration in Korea To register your company in Korea, follow these simple steps that ensure a smooth and efficient process.
