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Obtain a Business License in Korea

Obtain a Business License in Korea

Company registration also implies applying for a business license in Korea, especially for foreign investors. Most permits are issued for performing activities in various economic sectors.

Below, our Korean company formation agents explain when and how to apply for a trade license in Korea. You can rely on our local consultants for support during the entire procedure.

Steps to obtain a Korean business license

No matter the industry to operate in, the licensing steps are usually the same for most activities and they include:

  • obtain the investment certificate in the case of foreign investors or companies;
  • register the desired type of company;
  • establish the business license required;
  • gather the necessary paperwork and file it with the issuing authority;
  • submit the application file;
  • pay the necessary licensing fees;
  • allow authority representatives to inspect the premises;
  • get the license.

Please note that some business permits have a limited validity period and need to be renewed. You can rely on our local agents for support with their renewal. You can also rely on our accountants in Korea for support with the financial aspects of your company.

The Foreign Investment License in South Korea

The main difference between starting a company in Korea as a local investor and setting up a venture as a foreigner is the requirement to obtain an investment license in the latter situation. This permit is issued by the Foreign Direct Investments Board. For this purpose, the overseas entrepreneur must also make an investment of at least KRW 100 million (around USD 90,000).

As a foreign investor, you must also get acquainted with the rules on immigration to Korea. However, you can rely on our immigration lawyers who can help you apply for Korean residency.

National and industry-specific business licenses in Korea

If you want to open a company in Korea as a foreign investor you need to know that you can apply for national and/or industry-related business permits. At a national level, the Korean import-export trade license is one of the most popular. This authorization is issued by the Korean Customs Service.

Feel free to request our services if you want to apply for this type of business license in Korea.

Industry-specific business permits in Korea

There are several industries that require obtaining special trading licenses in Korea, and among them we mention the following:

  • the pharmaceutical sector, where a special permit for manufacturing and/or selling such products is issued by the Ministry of Food and Drug Safety;
  • the financial industry, where approvals must be sought with the Financial Services Commission;
  • the education sector in which private schools and other educational institutions must register with the Ministry of Education;
  • the telecom industry in which a Korean business license is required from the Ministry of Science and ICT.

Our company registration agents in Korea can help you apply for a specific business license for any of the industries above.

Other types of business licenses in Korea

There are also other Korean business permits that are issued by local authorities, and among them, the following are included:

  • construction permits;
  • health and safety authorizations;
  • permits for complying with the environmental requirements.

These types of licenses are usually issued by municipalities in Korean cities.

Restaurants and other food establishments must obtain their authorizations from local organizations.

No matter the type of business you want to create, our agents can help you apply for the necessary business licenses in Korea.

How many companies operate in Korea?

According to some recent statistics:

  • at the level of 2023, there were around 6.24 million businesses registered in Korea;
  • out of them, 1.57 million enterprises operated in the wholesale and retail trade sectors;
  • other 861,863 businesses had as activities accommodation and food services.

We are at your disposal with complete company registration and business licensing solutions in Korea, so do not hesitate to contact us!