If you are interested in company registration in Korea, you must know that the procedure is completed with the Commercial Registry, and our local agents can assist with it. However, there are also other operations you can carry out through this official governmental body, as you will read below.
| Quick Facts | |
|---|---|
| Representation in the relationship with the Trade Register (YES/NO) | Yes, through our local agents who specialize in business registration. |
|
Main function of the Registrar |
The main role of the Register is company registration in South Korea. |
|
Business registration steps through the Commercial Register |
– trading name reservation, – paperwork drafting and filing, – documents verification, – Incorporation Certificate issuance |
| Special requirements for foreign investors (if any) |
Obtaining a Foreign Investment Notification |
| Additional business registration steps for foreigners |
– depositing the share capital, – tax registration |
| Documents required for registration |
– application form, – details of the shareholders and directors, – Articles of Association, – proof of Korean address, – share capital evidence, – Foreign Investment Notification for foreign-owned companies |
| Business registration timeframe in Korea (approx.) | Around one month
|
| Possibility to verify business name before registration (YES/NO) |
Yes |
| Company due diligence checks |
Yes, the Register enables searches based on various criteria. |
| Information about companies available with the Register |
– trading name, – legal form, – business profile, – company number |
| Documents issuance |
The Register can issue Certificates of Good Standing, company seal certificates, and shareholder extracts for existing companies. |
| Requirements to file annual financial statements with the Korean Trade Registry (YES/NO) |
Yes |
| Requirement to update alterations with the Registrar (YES/NO) |
Yes, company alterations must be notified |
| Updated information to be recorded |
Changes in the share capital, ownership, management, and address |
| Other legal entities that must be registered with the Commercial Register |
– sole proprietorships, – partnerships, – branches |
Table of Contents
How to register a business in South Korea
Both local and foreign investors can register various types of companies in Korea, and they need to follow the next steps:
- reserving a business name;
- preparing the necessary documents and filing them with the Register;
- having the papers verified;
- obtaining the Certificate of Registration.
In the case of foreign investors, they need to complete a few additional steps that imply obtaining a Foreign Investment Notification. For this purpose, the registration procedure in their case requires:
- submitting the papers for the Notification with the Korean Trade-Investment Promotion Agency (KOTRA);
- depositing the capital required (no less than KRW 100 million);
- completing the company registration procedure with the Commercial Register;
- registering with the National Tax Service.
Our local specialists can assist foreign investors during the registration procedure.
Documents to gather for company registration in Korea
There are several papers to prepare and file to register a business in Korea, namely:
- the notification from KOTRA in the case of foreign investors;
- passports or IDs for the shareholders, depending on their nationalities;
- the Certificate of Incorporation if the shareholder is a company;
- proof of the legal address in Korea (clients can opt for a virtual office in the beginning);
- proof of the share capital deposit;
- details of the director (ID/ passport and valid Korean residence permit in the case of foreign people);
- the Articles of Association.
Clients can rely on us for representation during the registration process. For this, we will need a power of attorney that will also be submitted with the Commercial Register.
Other functions of the Companies Register in South Korea
Apart from handling company registration, the Register has other roles too, as mentioned previously. Among them, we mention the following:
- searching for information on existing companies;
- maintaining a database and updated records on all businesses in Korea;
- issuing official documents required by local businesses;
- recording changes made by enterprises;
- receiving tax compliance-related documents.
The Register is also linked to other government agencies, such as the National Tax Service, for quick processing of documents.
Our local consultants can assist with various actions you need to perform with the Commercial Register in Korea. Here is also an infographic on the Register:
Recording amendments with the Register
As mentioned above, the Trade Register keeps updated information on all existing companies. As such, businesses are required to inform it about any changes they go through. Among them there are:
- modifications in the shareholding and management structures;
- share capital alterations;
- business name and address changes;
- status amendments from solvent to insolvent/ dissolved enterprise;
- object of activity changes, as these may imply obtaining other business licenses.
How long does it take to register a business in Korea?
If you are interested in company registration in Korea and do not know how long it takes, here is a timeline:
- In the case of foreign investors, it takes about 60 days to obtain the Foreign Investment Certificate;
- Following that, the registration process is completed in about 10 days;
- In the case of small businesses, the procedure can take 3 working days to complete.
If you want to register a business in Korea, feel free to contact us for assistance.