Overall Incorporation Process in Korea

Overall Incorporation Process in Korea

a. In Korea, obtaining permissions (including license, registration, report de-facto approval by the governmental authorities), if required by the specific regulations governing the industry, is not a post-incorporation process unlike some of foreign jurisdictions; but is a part of the incorporation process of a foreign invested company as below time table (as step 3, if applicable). 

Therefore, legal research/advice by a law firm (nhylaw.co.kr)might be necessary depending on its prospective business activities in advance of commencing incorporation process. For your reference, failing on proper legal research may cause an immense consequences as the case of an example of Uber which business was concluded to be illegal in accordance with [Passenger Transport Service Act] in Korea.

 

Step 1

Step 2

(Step 3, If Applicable)

Step 3 (or 4)

Step 4 (or 5)

Foreign Investment Report under FIPL & Subscription to Shares

 

 

 

 

 

 

Preparation of Documents & Court Registration for Incorporation with the Court

 

 

 

Obtaining Permission(License, Registration, Report de-facto Approval), if required by the specific regulations governing the industry

Tax Registration

w/ Tax Office

 

 

 

 

 

 

Registration of a Foreign Invested Enterprise with the Delegated Financial Institution 

(수탁기관)

 

 

 

 

 









b. Since obtaining permissions (including licenses, registration, and report de-facto approval) and incorporation process are not something we can slice off between the lines; nor the process of constructing a building first (incorporation first) and paint over later (permissions by other vendor), but these two are very interrelated processes; all step-by-step plans and actions including the determination on entity type, paid-in capital amount and of business activities, draft of articles of incorporation (according to what permissions it would obtain under relevant regulations, preparation of all required documents to be submitted to a governmental authority, etc. should be preset with cautious and comprehensive legal advice by a law firm (nhylaw.co.kr) which specializes in this business.

 

c. Therefore, it is very important to determine whether your business is subject to a permission prior to you commence to invest/expand into Korean market. Please contact Seo Yun Jung (syjung@nhanyang.com) for any further queries; a K-Laywer 4 U.



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Types of Divorce in Korea

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How to Best Handle a Traffic Accident for Foreigners in Korea_2 (Criminal)

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