Private Business Registration

When foreign investors are registered as a private business and not as a local corporation, the existing foreign investment procedures are to be followed, which is the case for local corporations as well. However, what differs is that a private business does not require the registration of the establishment of a corporation.

Foreign Investor Notification

A foreign investor (or an agent) shall file foreign investment notification to a foreign exchange bank or Invest KOREA (KOTRA), upon which the Institution shall accept the notification immediately. A letter of attorney containing the signature of the investor shall be brought when an agent files a notification on an investor's behalf (no authentication required).

Investment Fund Remittance

A foreign investor is not permitted to use domestic funds to remit investment funds. Furthermore, in principle, a third party other than the investor is not allowed to remit the funds. Funds may be remitted by bank wire or carried on one's person through customs. In case of a bank remittance, both the sender and the receiver shall be an investor. For remitted investment funds, the bank shall issue a foreign exchange purchase and deposit certificate, which should be in possession when registering the business and/or the foreign-invested company.

Business Registration

A foreign investor (or an agent) shall register him/herself at the district tax office of the place of business or at Invest KOREA (KOTRA) within 20 days from the commencement of business operations. In principle, the business registration should be done in person, however when applying through an agent, a notarized letter of attorney is required.

Foreign Invested Company Registration

Foreign investors shall register the foreign-invested company within 30 days following completion of the payment of investment object at the entrusted institution.

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