The popularity of Korea is increasing among foreign citizens who are eager to invest or work in the country and get acquainted with this amazing culture and economy. An important aspect when moving here is to open a bank account in Korea. In this article, our company formation consultants in Korea explain how to open such an account. You can also rely on our immigration lawyers in South Korea if you decide to move here.
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Opening a corporate bank account in Korea
Opening a corporate business account in Korea is easier than you might think. It is important for foreign investors to have such an account in the country, as it proves their ability to invest here.
The only document needed to do so is a valid passport. Then, the account holder must arrange to transfer the equivalent of 50,000,000 won (around USD 40,900) from a foreign account into the one opened on his or her name.
This deposit has to be in a lump sum and it should be categorized “for investment purposes only”. Then, the foreign investor can proceed with gathering the required documentation to open a company in Korea. Our Korea company formation advisors can assist you with this procedure, while our immigration lawyers in Korea can help you relocate here.
Opening a personal bank account in Korea
If you intend to move and live in Korea as an employee, having a personal bank account will help you settle in. Immigration to Korea enters the attention of our specialists.
The documents needed to open such a bank account in Korea are:
• A valid passport;
• A valid visa;
• The Alien Registration Card, which is a residency card in the country;
• A copy of your address written in English and Korean, for the bank to capture it.
Sometimes, not all these documents are required. Certain banks in Korea allow foreign citizens to open accounts as foreigners.
However, Korean banks do not enable customers to open bank accounts before they arrive in the country. The applicant has to be physically present at the bank branch.
If you intend to send money overseas, you must designate a certain bank to use for the transactions. Then, a specific form has to be filled in. Our Korea company registration agents can provide further details for persons interested in this subject.
If you would like to know more about opening a Korea bank account, or for assistance in starting a business and in immigration to South Korea, please contact our friendly staff.