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Investment Guide

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Investment Policies
Investment Procedures
Establishment of Corporations

Establishment of Corporations

How Foreigners Advance into Korea

There are four ways in which a foreigner can advance into Korea for the purpose of operating a business: The establishment of a local corporation or a private business by a foreigner or a foreign corporation; or the establishment of a local branch or a local office in Korea by a foreign corporation.

How Foreigners Advance into Korea
  Type Act Note
1 Local Corporation Foreign Investment Promotion Act Recognized as a foreign investment
2 Private Business
3 Branch Foreign Exchange Transactions Act Categorized as a domestic branch of the foreign corporation
4 Office
Local Corporation Establishment

The procedures for the local corporation establishment by a foreign investor are mostly similar to those for domestic corporation establishment except for the pre-report of foreign investment and the registration of a foreign-invested company.

  1. Foreign Investment Notification
    [Invest KOREA (KOTRA),
    foreign exchange bank]
  2. Investment Fund Remittance
    (Foreign exchange bank,
    Carried in through customs)
  3. Corporation Establishment
    Registration
    (court registry)
  4. Corporation Establishment
    Notification & Business Registration
    (headquarters district tax office)
  5. Paid-In Capital Transfer to
    Corporate Account
    (Foreign exchange bank)
  6. Foreign-Invested Company
    Registration
    (Initially notified organization)
Private Business Registration

Where a foreign investor registers a private business in Korea, he/she shall adhere to the existing foreign investment procedures, which is the same for a local corporation. However, a private business is not required to register the establishment of corporation.

  1. Report the intent of foreign investment
  2. Deposit investment funds
    (foreign exchange bank)
  3. Register business
  4. Register the foreign-invested
    company
Establishment of a Foreign Company's Domestic Branch

The establishment of a local corporation and private business registration are recognized as foreign investment under the Foreign Investment Promotion Act. However, the establishment of a domestic branch is not recognized as a foreign investment, and regulated by the Foreign Exchange Transactions Act.

  1. Submit application to
    establish branch
  2. Foreign Exchange Bank
  3. Ministry of Strategy and
    Finance (MOSF)
  4. Review application
  5. Acceptance and approval of
    Branch establishment notification
  6. Branch : Court registration
    And Business registration
  7. Office : Grant of business
    Code number
  8. Procedures in accordance
    with individual
    applicable laws