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
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* 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
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- 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
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Inauguration Acceptance Certificate
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- 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
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Seal Impression Certificate Certified Copy of Resident Registration
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- Used for attachment to letter of attorney/inauguration acceptance certificate
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Passport Copy
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Required Documents for Corporate Investors
Letter of Attorney
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- 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
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Inauguration Acceptance Certificate
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- 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
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Seal Impression Certificate Certified Copy of Resident Registration
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- Used for attachment to letter of attorney/inauguration acceptance certificate
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Corporate Letter of Attorney Certified Copy of Corporate Registration Corporate Seal Impression Certificate
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- 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
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Passport Copy
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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
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Details
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Costs
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Registration Tax
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0.4% capital, 3 times when establishing in large cities
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KRW600,000
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Local Education Tax
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20% of registration tax
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KRW120,000
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Supreme Court Income Certificate Stamp
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Registration application fee
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KRW20,000
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Notarization Fee
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Articles of association, etc.
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Approx. 150,000
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Total
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Approx. 890,000
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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).
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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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