Investment Guide
Investment Guide
  • Korea IT Times
  • 승인 2010.03.03 14:20
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Local Corporation Establishment

Required Documents

  • Foreign investment notification certificate
    Letter of attorney

- Registration application by the representative director:
Representative director becomes the appointee of all letters of appointment;
- Registration application by judicial scrivener: The judicial scrivener becomes the appointee;

  • Executive inauguration acceptance certificate;

- Korean citizens: Attach registered seal/certificate and certificate of residence;
- Foreigners: Attach original of signature authentication, copy of passport;

  • Subscription money for stocks deposit certificate
    Corporate registered seal;
    City railroad public bonds;
    Supreme Court income certificate stamp;
    Registration tax payment receipt: Relevant district office where company headquarters is located;
    Personal registered seals of each executive and promoter (including foreigners);
    Articles of association* (notarized);
    Share acceptance certificate*;
    Application for stocks*;
    Report on inauguration matters*;
    Written consent to shorten the inauguration meeting period*;
    Inaugural meeting minutes* (notarized);
    Board of directors' meeting minutes* (notarized);
    Seal impression registration certificate* and corporate registered seal card application form*;
    Shareholder register*;
    Written consent to share issue matters*;

* Items marked with * can be prepared at Invest KOREA

 

* Required Documents

Depending on whether the investor is an individual or a corporation, the documents that the investor has to prepare overseas before coming to Korea differ. Japanese investors are in yet another category. For corporate investors, the representative director shall bring his/her certificate of residence or driver's licence, as well as the seals of all shareholders, executives (including foreigners) whose names are included on documents. Letters of attorney and inauguration acceptance certificates must be verified (not applicable for Japanese investors).

Required Documents for Individual Investors

Letter of Attorney

  • For investors/executive and everyone whose name is entered on documents:

- Korean/Japanese: Attach seal impression certificate after putting seal on the
letter of attorney
- Foreigner: Sign and authenticate letter of attorney

Inauguration
Acceptance Certificate

  • For every individual registered as an executive:

- Korean/Japanese: Attach seal impression certificate and certified copy of
resident registration after putting seal on inauguration acceptance certificate
- Foreigner: Sign and verify acceptance certificate

Seal Impression
Certificate Certified
Copy of Resident
Registration

  • Used for attachment to letter of attorney/inauguration acceptance certificate

Passport Copy

  • All foreigners


Required Documents for Corporate Investors

Letter of Attorney

  • For all investors/executives/individuals whose name is entered on documents:

- Korean/Japanese: Attach seal impression certificate after putting seal on the
letter of attorney
- Foreigner: Sign and verify letter of attorney

Inauguration
Acceptance Certificate

  • For every individual registered as an executive:

- Korean/Japanese: Attach seal impression certificate and certified copy of
resident registration after putting seal on inauguration acceptance certificate
- Foreigner: Sign and authenticate acceptance certificate

Seal Impression
Certificate Certified
Copy of Resident
Registration

  • Used for attachment to letter of attorney/inauguration acceptance certificate

Corporate Letter of
Attorney Certified
Copy of Corporate
Registration Corporate
Seal Impression
Certificate

  • Korean/Japanese corporation: Attach 1 copy each of corporate seal impression
    certificate, certified copy of corporate registration after putting corporate seal on
    letter of attorney
    Foreign corporation: Representative director of foreign investment corporation to
    sign and delegate to the representative director of the corporation establishment
    in Korea, then verify and attach certified copy of corporate registration

Passport Copy

  • All foreigners

 


Incorporated Company Establishment Costs

Registration tax, local education tax, registration application fees etc. are the costs involved in establishing an incorporated company.

* Case of Company Establishment Cost (KRW50 million in capital, Large city)

Item

Details

Costs

Registration Tax

0.4% capital, 3 times when establishing in large cities

KRW600,000

Local Education Tax

20% of registration tax

KRW120,000

Supreme Court Income
Certificate Stamp

Registration application fee

KRW20,000

Notarization Fee

Articles of association, etc.

Approx. 150,000

Total

 

Approx. 890,000

Corporation Establishment Registration and Business Registration

Generally, the corporation establishment notification and business registration application are processed simultaneously. Notification and application may be carried out at the relevant district tax office of the company headquarters, or at Invest KOREA (KOTRA). The corporation establishment notification shall be completed within 2 months from the corporation establishment registration, while business registration shall be done within 20 days from the commencement of business operations.

Required Documents

  • Corporation establishment notification and business registration form
    Articles of association (Attach an itemized account of investment object for investment in-kind)
    Certified copy of corporate registration
    Accounts of shareholders etc.
    Business permit certificate (for businesses requiring permits, approvals, notifications etc.)
    Copy of lease contract (when renting a place of business)
    Other

- Taxpayer registration notification form
(when there are no executives to handle matters related to domestic tax);
- Copy of foreign exchange purchase certificate;
- Copy of foreign currency purchase certificate;
- Alien registration certificate or copy of passport (when the representative is a non-resident).

When a foreign investor makes an investment in-kind to establish a corporation, business registration is required to receive value added tax refund when the investment in-kind objects clear customs. This implies that the business registration has to be completed prior to importing investment objects.

Required Documents to submit for business pre-registration (for investments in-kind)

  • Business registration application form
    Certified copy of resident registration of all of promoters
    Business permit application form (businesses requiring approvals, permits)
    Business plan
    * While a certified copy of corporate registration is not submitted when applying for business registration,
    all other required documents shall be submitted after establishing the company.

 


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