Korea Company Registration

Details

I. Registration requirements

1. a) Limited company (legal representative, shareholders for one person, can be Chinese, not open a registered capital of one million to ten million, open a registered capital of ten million or more)
    b) Corporation (registered at least 2 people registered, shareholders, representative director, director can occupy shares, supervisors do not occupy shares, the registered capital needs to be more than ten million)
2. Director: No local director is required, can be Chinese, Korea allows foreigners to hold 100% of shares and act as legal representative.
3. Shareholder: can be an individual, or a domestic or overseas company
4. Registered address: We can provide
5. Registered capital: the registered capital should be above 10 million won before the relevant business bank will accept the application for foreign investment declaration and company account opening (that is, the registered capital should be above 10 million when the account is opened). The registered capital must be paid up and remitted by the registrant to the Bank of Korea capital verification account under his name.
6. the scope of business: if it involves manufacturing, catering, foreign exchange, education and training, international logistics and other industries that require a license (basically, what industry in China requires additional permission, Korea also want), you need to apply for a license to the relevant Korean departments.
7. bank account: no need to be present to open an account (Asiana Bank / National Bank / Youli Bank)

Kookmin Bank: up to 1 billion won can be transferred at a time and up to 5 billion won per day for daily internet banking transfers within 10 million registered capital; no limit for registered capital over 100 million won (multiple notarization and certification required, higher cost, specific structure confirmation provided)

Asiana Bank: up to 10 million won can be transferred at one time for daily internet banking transfers within 10 million registered capital; no limit for registered capital over 100 million yuan (notarized information can be packaged into one for processing, specific structure provided for confirmation)

Woori Bank: up to 10 million won can be transferred at one time for daily internet banking transfers within 10 million registered capital; no limit for registered capital over 100 million yuan (multiple notary certifications required, higher cost, specific structure confirmation provided)

8. Local phone: You can apply for a Korean cell phone card in the name of your company
9. Network sales license: you need to apply for this network sales license to open an online store on the website in Korea
10. Visa: requires registered capital of 100 million KRW or more, and a physical office address, nearly six months of capital flow, proof of business, etc.

II. The information required for registration

Determine the company name: Limited company / Co.
Limited company to provide (one person)
Applicant: ID card, passport, letter of commitment, seal certificate, power of attorney (5 documents are notarized and certified)
Ltd. must provide
1. Representative director: 1. inauguration commitment letter, seal declaration form, ID card, passport (4 documents are notarized and certified)
2. Shareholders: shareholders who are individuals need to provide a copy of their passport, a copy of their ID card, a scanned copy of their passport (notarized and certified), and a letter of appointment (notarized and certified);
Hong Kong company shareholders: power of attorney + BR business registration certificate (certified by The Hague), directors, the largest shareholder’s passport copy, CR registration certificate + NNCI incorporation form
Mainland company shareholders: power of attorney (notarized and certified), passport copies of directors and largest shareholder, business license + structure chart
3. Supervisors: Passport and power of attorney need to be notarized and certified / Hague certified.

Specific Hague information may vary depending on the bank chosen by the customer.

4. Business scope
5. Registered address: Our company provides Seoul registered address (fees required)
6. Registered capital: 10 million KRW or more
7. Registration application form

III. The processing process

1. Prepare all the preliminary information:
 1) Korean company name (3 for alternative)
 2) Determine the registered capital of the company
 3) Determine the shareholders and directors
 4) Determine the registered address
 5) Determine the scope of business

2. Notarization and certification of representative director
3.Remittance of registered capital
4.Declaration of foreign investment
5.Court registration
6.Apply for business license
7.Open bank account (Korean Won bankbook)
8.Register down documents:
 1) Register of legal entities;
 2) Business license;
 3) company seal card;
 4) Articles of incorporation;
 5) register of shareholders;
 6) company accounts;
 7) company chapter
Processing time: registration will be completed in about 3 weeks after the arrival of notarized documents in Korea, and account opening will be completed in 5-7 working days

IV. Korea Tax Return

Ltd. and Co., Ltd. are all corporate companies. You need to report VAT at 10% on January, April, July and October 25th of each quarter. The sales and input items are offset against each other. Corporate income tax is filed in March for last year’s corporate income.

V. Korea Registration Official Fees

Registration tax 640,000 + education tax 67,000 + notary fee 150,000 (notary in Korea) + stamp duty 30,000 + license fee 30,000

VI. Korea Investment Visa

Required information and conditions:
1、The company must have a registered capital of more than 100 million and must not have a record of illegal or overstaying in Korea.
2、Applicants who have not been in Korea illegally or in violation of the law do not need to provide a certificate of no criminal record in China.
3、domestic deposit balance of more than 6 months in the name of myself and my spouse, about 50W per month
4、Physical office address (rental contract of Korean company)
5、Proof of property (house, car license, etc.)
6、Passport, ID card, letter of commitment, letter of appointment, notarized certificate of seal (original notarized copy for company registration)
7、Original company registration documents, original seal
The date of stay of the first visa is usually 6 months (6 months from the date of entry into Korea); you can apply for an extension 60 days before the expiration of the visa, and the date of stay is usually 1 year.

Detailed quotation table

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