Understand the Jurisdictions Setup Requirement Before Proceed Your Company Incorporate in South Korea
Are you an investor looking to Company Incorporate in South Korea? South Korea is a great choice for incorporating a company because it is highly developed and has a high-income economy. It ranks 11th globally in nominal GDP.
South Korean industrial and technical sectors are global leaders. South Korea also imports and exports massively. As its economy is based on exports, the production of electronics, machinery, automobiles, robotics, petrochemicals, and ships is very high.
South Korea has invested heavily in education, giving the nation an edge with an extremely skilled workforce. It has shown rapid growth since the 1960s to the present, making it on par with countries like Japan, China, and Singapore.
Though economically stable, the stock markets of South Korea are very shaky due to the military activities of North Korea.
Types of Company in South Korea
There are four types of companies you can incorporate in South Korea:
- Yuan Chaekim Hoesa or Limited Liability Company
- Hapmyung Hoesa or General Partnership Company
- Hapja Hoesa or Limited Partnership Company
- Hapja Johap or Limited Liability Partnership
Steps to Company Incorporate in South Korea
The procedure of incorporating a company in South Korea is relatively simple if you have all the information about it. We would always recommend you to take the assistance of a legal agency to speed up your incorporating process.
Typically, you can incorporate your company in 2-3 weeks. If you appoint a legal firm, you need not be physically present during the process. Following are the steps you need to follow:
- Check availability of company name through the South Korean Supreme Court and obtain an availability certificate.
- Check if your company needs to apply for foreign investment approval at the Ministry of Strategy and Finance in Seoul.
- Prepare documents required for incorporation, like the acceptance of office letter for directors and also prepare and register a company seal, in case the investor is not present during incorporation.
- Submit the documents with the Commercial Registrar Office in the Seoul District Court and obtain a Registration certificate.
- Register for tax at the District Tax Office in Seoul and obtain VAT and TIN.
- Open a bank account in your company’s name and deposit the paid-up capital and obtain a receipt for the same.
Advantages of Starting a Business in South Korea
- You can conduct business in any currency of your choice.
- Only one shareholder and one director are required to incorporate an LLC.
- Incorporation time is very less.
- As South Korea is developed, there is the immediate availability of raw materials.
- Taxes are lesser than in other developed countries.
- There are no export duties.
We can help you through the process in case you wish to Company Incorporate in South Korea. For more information and guidance to Company Incorporate in South Korea, contact us at 3E Accounting Indonesia. We will help you with all aspects of incorporation.