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Changing Company Types in Korea

Changing Company Types in Korea

If you want to change company types in Korea, the way to do this is by closing up the existing company and setting up a new one under the form that you require. In this article, our company formation agents in Korea present different aspects related to this subject.

Most common legal entities in Korea

The most common types of legal entities in Korea are:

• The partnership;

• The limited partnership;

• The limited liability company (LLC);

• The stock company;

• Limited company.

An LLC in Korea is often chosen by foreign investors, since it has lower regulatory standards and a simple company registration procedure in Korea. This type of business vehicle also has a basic corporate governance structure.

After the recent amendments brought to the Commercial Code, this type of legal entity can have an unlimited number of members.

The liability of every member is calculated depending on the financial contribution he or she brought to the business. 

We can help you open such company in Korea, upon request.

Setting up a new company in Korea

When changing company types in Korea, it will be necessary to close down the existing one and then set up the new legal entity.

To do so, the following procedure is required:

• Make a seal for the company;

• Register the business with the Start-biz and acquit the company formation fees in Korea.

After verifying the business name, uploading the company formation documents and filling the company data, applicants can proceed to acquit the payments for the company registration tax bill in Korea and the registration fee.

These payments are automatically directed to the payment pages where all the payments can be made, and then re-directed to the Start-biz system after they have been effectuated.

Most of the times, it takes around three days to obtain the incorporation form certificate from this system.

During this time, the court registry office researches the documentation and the information submitted by the applicant and the tax office does its due diligence on the company address.

If you have more enquiries about how to change company types in Korea, or for assistance in starting a business in Korea, please do not hesitate to contact us.