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.
Opening a corporate bank account in Korea
Opening a corporate business account in Korea in 2023 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.
Apart from our company formation services, we also offer guidance in immigration matters. If you want to apply for residency in South Korea, the first permit you will receive will be for temporary stay. Its duration depends on the reason of relocation, so be careful when you choose the type of visa.
Given the variety of available visas, immigration to South Korea does not appear to be an easy process. It can be quite baffling because of the rules that apply differently to people of certain countries. For this purpose, you can use our relocation services to avoid confusion. We are available to provide you with specialized advice.
Numerous foreign investors operate in Korea using certain business structures and are required to adhere to numerous accounting regulations, including international reporting standards. You may rely on our accountants in South Korea, which can be adjusted to the requirements of a foreign business operating here.
Opening a personal bank account in Korea in 2023
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 in 2023 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.
What to consider as a foreigner in Korea when setting up an account
The procedure for opening a bank account as a foreigner is very straightforward because South Korea is a popular destination for expats, especially young people.
The Alien Residency Card is one of the most important documents for foreigners to get in order to open a bank account in South Korea as a non-resident in 2023. Please mind that it can take up to one month to have the residence document issued after arriving in the country. Most foreigners will select a normal or checking account, however, saving accounts are also available for creation.
You must physically visit the bank in order to open an account. Both residents and non-residents are subject to the same procedure from this point of view, which is why an appointment is recommended. The card attached to the account is usually issued on the same day.
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.