Register Company in South Korea
Block3 Finance assists international clients in seamlessly registering a company in South Korea. Our service package covers everything from company registration with the South Korea Registry of Companies, providing nominee directors, opening a corporate bank account, and handling business licenses. With a smooth, streamlined process, we ensure your business is operationally ready within the stipulated time frame.
South Korea is known for its advanced infrastructure, a strong legal framework, and a strategic position in Asia. It's an attractive hub for business due to its competitive edge, stable economy, and a government that actively supports foreign investments.
How Long Does It Take to Register a Company in South Korea?
Company Registration: Block3 Finance will complete the registration of your company in South Korea within 14 days from receiving the necessary due diligence documents. All processes are handled remotely, so you do not need to travel to South Korea.
Bank Account Opening: Within 4 weeks, we will open your corporate bank account with a local or international bank. This allows you to begin operations and issue invoices within 6 weeks of engaging Block3 Finance.
Can a Foreigner Register a Company in South Korea?
Yes, foreigners can fully own a business in South Korea. Block3 Finance ensures that you comply with local regulations and provides all necessary assistance to help you establish your company.
Ownership: A foreigner can own 100% of their business in South Korea.
Foreign Investment: According to the Foreign Investment Promotion Law (FIPL), you will need to invest at least KRW 100 million (approximately USD $90,000) into the company to qualify for foreign-owned status.
Visa Requirements: You must apply for an Entrepreneur Visa (D-8) to stay in the country while running your business.
Fiscal Benefits: Setting up in one of South Korea's Free Zones can offer significant tax exemptions, including complete exemptions from income tax and tariffs on commodities in these zones.
Types of Entities Available to Register a Company in South Korea
Block3 Finance will help you select the most suitable type of business entity based on your business model and goals. The common types of business entities in South Korea include:
Limited Liability Company (Yuhan Hoesa)
Most common for foreign investors.
Limited liability for shareholders, with protection from company debts.
Minimum 1 director and 1 shareholder.
Not allowed to issue securities or release bonds under the Korean Commercial Code.
Joint Stock Company (Chusik Hoesa)
Allows for public issuance of shares.
Shareholders have limited liability.
Must appoint a statutory auditor and hold annual shareholder meetings.
The only entity in South Korea that can issue shares publicly.
Partnerships
General Partnership: Partners have unlimited liability.
Limited Partnership : One partner has unlimited liability; others have limited liability.
Limited Liability Partnership: A separate legal entity, with limited liability for its partners.
Branch Office
An extension of the foreign parent company.
Fully liable for debts of the parent company.
Not eligible for tax incentives available to other business entities.
No minimum paid-up capital required.
Representative Office
Allowed only for market research and promotion.
Cannot engage in commercial activities such as sales or contracts.
Common for companies exploring the South Korean market.
How to Register a Company in South Korea?
Planning and Strategy: Block3 Finance will first understand your business goals and activities. Based on this, we’ll recommend the most suitable business entity and advise if any licenses are required.
Pre-registration Requirements: We’ll ensure that all the due diligence documents from directors and shareholders are received and ready.
Reserve Company Name We will check for the availability of your preferred company name and proceed to reserve it with the Registry.
Prepare and Submit Documents: Our team will prepare all necessary documents, including the Certificate of Incorporation and Articles of Association, and submit them to the relevant authorities.
Post-registration Process: Upon successful registration, we will send you the Certificate of Incorporation, business registration certificate, and other corporate documents. All documents will be in Korean, and we can provide translations upon request.
Tax Registration: Block3 Finance will assist you in registering with the National Tax Service (NTS) for tax identification purposes.
Corporate Bank Account Opening: We’ll help you open a corporate account with a local or international bank of your choice.
Compliance with South Korean Laws: After your company is registered, Block3 Finance will help ensure compliance with local laws by assisting with annual tax filings, financial statements, and more.
Advantages of Registering a Company in South Korea
Foreign Ownership: Full ownership of the company is allowed for foreign investors.
Corporate Tax Rate: South Korea has a competitive corporate tax rate ranging from 9% to 24% on capital gains.
Free Trade Zones: Companies set up in Free Economic Zones can enjoy tax exemptions and tariff-free imports and exports.
Strong Economy: South Korea is one of the Four Asian Tigers with an export-driven economy, leading in industries such as electronics, automobile, and shipbuilding.
Strategic Location: Positioned between China and Japan, it provides businesses with excellent access to the broader Asian market.
Is South Korea a Good Place to Register a Company?
Political: South Korea has a relatively stable political environment with international diplomacy and memberships in global organizations such as the UN, OECD, and WTO.
Economic: South Korea is an export-driven economy, ranking among the world's largest producers in industries such as electronics, telecommunications, and automobile manufacturing.
Social: The country has a highly skilled labor force, with an emphasis on education and innovation.
Technological: Known for its high-tech innovations with global leaders like Samsung and Hyundai setting up shop, South Korea is one of the world’s tech hubs.
Legal: The country has a reliable legal system with strong protections for businesses. While documents are mostly in Korean, Block3 Finance will ensure that your legal documents are translated when necessary.
Environmental: South Korea has strong policies aimed at reducing carbon emissions and improving sustainability through initiatives like the Green Start Movement.
Find Out More!
Contact Block3 Finance to find out more about how to register a company in South Korea. Our team of experts will respond within 24 hours and assist you every step of the way to ensure a smooth and successful company registration process.
