Ask an Expert : Lawyer

- Ep. Legal Tips for Entrepreneurs -

Q. What documents are needed to establish a corporation?


If the investor is a company, the company certificate (especially

the list of shareholders when reporting to a bank)

and notarized documents of the foreigner who will

take office as an executive are required.

Q. What is the cost of establishing a corporation?


A. The agency fee varies depending on the service provider. In addition to agency fees, additional capital registration tax(capital *1.44%, Seoul-based)

and other miscellaneous expenses are incurred.

Q. Is more than KRW 100 million in capital needed to establish a foreign investment corporation?


A. The Foreign Investment Promotion Act allows the establishment of a foreign investment corporation with a minimum investment of KRW 100 million.

With less than KRW 100 million,

however, you must report on the acquisition of securities under

the Foreign Exchange Transaction Act.

Q. How long does it take to incorporate a company?

A. Incorporating begins with foreign investment notification and ends with business registration.

 It takes 2 to 3 weeks to get it all done.