The surprising development of the Korean information and communication technology (ITC) sector is generating great opportunities for exporters. The global manufacturers in South Korea are actively looking for internationally sourced creative software technologies, since they intend to increase their competitiveness. The country is a top leader in creating a society which is based on the development of the ITC and this sector is one of the most developed, accounting for 11.9% of the GDP (gross domestic product) in 2014.
In this article, our company formation advisors in Korea explain different aspects related to starting an IT company in Korea.
Setting up a business in Korea
In order to set up an IT business in Korea, it is necessary to open a bank account here, which proves your ability to invest in the country.
To do this, the only document you will need is your passport. Then, you will have to transfer the equivalent of KRW 50 million (around USD 41,000) from a foreign bank account to the Korean one.
Then, the bank will send you the documentation after making this deposit to begin the paperwork for the Korean company.
It will be necessary to ask at the local district office if the company needs a permission to open. In case it is required, you will have to apply for the permission.
Afterwards, you will have to find a location for the business and fill out the paperwork needed to register the business in your name.
The documents and the application, together with the required fees, will have to be submitted for processing.
Next, you will have to apply for a tax registration payment certificate. Our Korea company formation consultants can provide more details on this certificate. We can also help entrepreneurs interested to open an IT company in Korea.
Afterwards, nominate a tax agent for your company and apply for a D-8 visa and you are ready to start your IT company in Korea!
IT opportunities in Korea
Since South Korea has a creative economy strategy, new software devices and technologies like IoT (Internet of Things), big data and cloud are starting to be more significant in assisting to generate changes in the data sharing and cooperation areas. Our Korea company registration agents can provide more details on this subject.
As stated by the Ministry of Science, ITC and Future Planning, Korea intends to generate new markets and jobs by applying new software services and technologies in various sectors.
If you have further queries about the IT sector in Korea, or for help in starting a business in Korea, please speak to our friendly staff.
When it comes to immigration to South Korea you must be very careful with how you choose the type of residence permit. This happens because of the many options, as well as on the complicated requirements in certain cases. Even if things have been simplified in the past few years, it is still required to have the hand of an expert who can help you navigate the process.