Phone: +44 20 3807 0556
Email: info@mevconsultants.com
Email: info@mevconsultants.com
Register a company in South Korea
Company incorporation, bank accounts, accounting services in South Korea
Registration packages
Services
Essential
Standard
Premium
Company registration (Yuhan Hoesa)
Annual registered address
Notary services and company seal
Remote corporate bank account
Accounting services
Start your company in South Korea
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How you can register a company in South Korea with us
Submit shareholder and director information to our firm with a signed power of attorney
Settle a payment for registration and banking assistance
Receive corporate documentation of the registered company and access to the corporate bank account of your company
Key details about South Korea
South Korea is located on the Korean Peninsula and has a territory of 99,392 square kilometers. South Korea borders North Korea and has access to the Yellow Sea, to the Sea of Japan and to the East China Sea, as well as to the Pacific Ocean. The capital city of South Korea is Seoul, the largest city and the location of key government institutions. South Korea has a population of 51,6 million people.
Corporate taxation, VAT taxation, Personal taxation
- Corporate income tax - from 10% up to 25%
- Dividend withholding tax - 20%
- Interest withholding tax - 14/20%
- Royalties withholding tax - 20%
- Capital gains tax - from 10% up to 25%
- Local income tax - 10%, applies to all income tax rates listed above
- VAT - Standard tax rate 10% or the reduced rate of 0% or tax exempt
- Personal income tax - from 6% up to 42% + local income tax rate of 10% that applies to the primary personal income tax rate.
The following are the most common types of companies to incorporate a company in South Korea as:
- Limited liability company (Yuhan Hoesa)
- Public limited company (Chushik Hoesa)
- General partnership (Hapmyeong Hoesa)
- Limited partnership (Hapja Johap)
- Limited liability partnership (Hapja Hoesa).
- Individuals or legal entities that are intending to register a company in South Korea can be resident or non-resident in South Korea.
- A resident or a non-resident individual can be a company director in South Korea. It is not required to set up a company in South Korea with a resident individual as one of its shareholders or directors.
- At least 1 shareholder is required in order to register a company in South Korea if such company is incorporated as a Yuhan Hoesa (a limited liability company). An individual shareholder can simultaneously become a director of this company.
- It is not required to create substance (resident employees, office space) in South Korea in order to establish a company in South Korea or to conduct business in the country.
- To start a company in South Korea as a Yuhan Hoesa (a limited liability company) it is recommended to contribute at least KRW 1 million to the company share capital. To receive an FDI status for a newly incorporated company in South Korea and to receive an investor visa for all shareholders, the minimum share capital is KRW 100 million.
- Yuhan Hoesa registration takes between 15 and 20 business days with the bank account taking up to 5 business days.
- Details of company founders, shareholders and directors after company registration in South Korea is complete is publicly available in the state corporate register.
- With our service you can register a company in South Korea and open a corporate bank account completely remotely upon a power of attorney.
Official currency of South Korea is South Korean won (KRW).
During the last decades the industrial structure of South Korea has significantly changed. Largest industrial sectors have been diversified and include the manufacturing of electronics, cars, textiles, production of steel, shipbuilding, petrochemical industry.
Export of South Korea consists of cars, wireless communications devices, semiconductors, oil products, electronics, consumer products, clothing and cosmetics. Key trading partners of South Korea are China, USA, Vietnam, Hong Kong, Japan, Taiwan, India and Singapore.
The GDP of South Korea grew by 4% in 2021 and amounted to USD 1.8 trillion.
During the last decades the industrial structure of South Korea has significantly changed. Largest industrial sectors have been diversified and include the manufacturing of electronics, cars, textiles, production of steel, shipbuilding, petrochemical industry.
Export of South Korea consists of cars, wireless communications devices, semiconductors, oil products, electronics, consumer products, clothing and cosmetics. Key trading partners of South Korea are China, USA, Vietnam, Hong Kong, Japan, Taiwan, India and Singapore.
The GDP of South Korea grew by 4% in 2021 and amounted to USD 1.8 trillion.
Foreign entrepreneurs expand to South Korea and seek to incorporate a company in South Korea in order to conduct business in the following sectors:
- Wholesale and retail trading
- Imports of foreign products
- Production and shipping of electronics
- Logistics in the region
- Financial services.
Benefits of registering a company in South Korea
Business climate
- Multiple active free trade agreements with the ASEAN member states
- Geographic location near Japan and China
- Large logistics center for work in the Asian region
- Major electronics manufacturing center
- Well-developed infrastructure
- Political stability
- Secure legal and justice systems
- Comprehensive protection of property rights
- Secure foreign investment protection
- Low inflation
Tax incentives
- Free trade zones that provide corporate tax incentives
- Double tax treaties with several jurisdictions
Ease of doing business
- South Korea ranks #5 in the global Ease of doing business ranking
- Foreign owners are allowed to have a 100% share in the company
- Both the company and the bank account can be opened completely remotely
- Minimum recommended share capital to register a company in South Korea as a Yuhan Hoesa is just USD 770
- No strict foreign exchange controls
Register your company in South Korea
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