Our website uses  cookies for statistical purposes.

  • Kwon, Park & Rhee, 10th Fl., Seoul, Republic of Korea
  • office[at]companyformationkorea[.]com
  • +82 10 2885 4357
Our Articles

Establish a Limited Liability Company in Korea

Establish a Limited Liability Company in Korea

The limited liability company in Korea is chosen by many foreign investors who want to open a business in this country. According to the amended Commercial Code of Korea some of the characteristics of the limited liability companies in Korea have changed in order to make this legal form even more efficient for investment. One of our consultants who are specialists in starting a business in Korea can help you with updated information concerning the opening of a limited company in this country. We are also at your service for immigration to South Korea.

Characteristics of the limited liability company in Korea

limited liability company in Korea is called Yuhan Chaekim Hoesa. This type of legal structure can have now, after the adoption of the amended Commercial Code, an unlimited number of members. The liability of each participant is calculated depending on its financial contribution to the company.

Moreover there are no capital requirements for local investors. However, under the act regulating foreign entrepreneurship, it is required that at least KRW 100 million be deposited in a company with foreign capital in Korea. A limited company in Korea can be easily converted into a joint stock company by a majority vote.

You can ask our specialists in company formation in Korea about other modifications which have occurred in the commercial legislation of this state, having a direct impact on the characteristics of limited liability companies in 2024. Our immigration lawyers in South Korea are also at your disposal if you want to move here.

You can also rely on our local lawyers for support in South Korean residency matters. If you are already in the country and want to prolong your stay here, there are specific steps to complete. You can rely on us in this sense. We can advise on the authorities you need to contact and the documents to supply.

Several years ago, the number of expats living in Korea was quite little. However, in the past 15 years, a few economic branches have started developing which has led to an influx of foreign workers. Nowadays, if you plan to immigrate to South Korea, you have several options in terms work visas you can obtain.

Why open a limited liability company in Korea in 2024?

The lack of minimum capital share requirements when setting up a limited liability company is one of the main reasons which convince investors to choose this legal structure for their business in Korea. Moreover, the simplicity and the flexibility in the share transferring make of the limited liability company a comfortable legal structure for its members. Our immigration lawyers in Korea can guide you in relocation by starting a business.

The 2024 limited liability company in Korea is very similar to companies from the US or Europe which allow many foreign investors to feel familiar in the legal climate of Korea and to be able to open a legal entity very quickly in this country.

Feel free to contact our Korea company formation experts for more specific details concerning the registration of a limited liability company in this country.  You can also contact us for assistance in immigration to Korea. Obtaining a Korean residence permit through marriage also enters the attention of our lawyers. A foreigner with strong moral character who has resided in Korea for at least 2 years as a spouse of a migrant and meets the requirement for their continuous presence in Korea, such as Korean language proficiency can rely on our support for immigration services.

Geographically, South Korea is situated between China and Japan, two other Asian large economies. Although having a complex economy, this small state has mostly escaped the attention of foreign corporations. The times, however, are changing. South Korea’s economy is currently the 10th largest in the world and the fourth largest in Asia, contributing a remarkable 0.8% to the world economy. To register under the Foreign Investment Promotion Act (FIPA), foreign direct investments imply to inject no less than KRW 100 million or purchase of at least 10% of the voting stock of a local company.

Korean immigration implies meeting specific legal requirements and staying for a predetermined amount of time here in order to qualify for permanent residency. If you are considering moving here and need assistance, we provide a number of services. For advice on the best course of action in your case, feel free to get in touch with us.

Economic overview for 2024

The finance ministry projected that the economy will grow by 2.2% in 2024, down from 2.4% in July, in its biannual economic policy plan, which was made public on Thursday. The previous year’s growth rate of 1.4% was a three-year low. The government raised its earlier prediction of 2.3% to 2.6% growth in consumer prices this year. Prices increased by 3.6% in 2023. The nation’s central bank has kept its policy interest rate at 3.5%, the highest level since late 2008, following the most recent increase in January 2023, as part of its ongoing efforts to combat gradually declining but persistently high inflation. According to the finance ministry, additional policy initiatives, like tax and tariff reductions, are intended to lower inflation, which was 3.2% in December, to 2% in the first half of 2024.

You can also rely on our South Korean accountants. With tailored solutions for your needs, our local experts are at your disposal with accounting services. We provide for the needs of both small and large businesses, which have different requirements compared to large businesses that operate on another scale.