How can foreign companies open a bank account in Korea?

In order to open a bank account under the name of

a company, the establishment of a corporation and

the business license are required.


Even without establishing a corporation through the FDI procedures,

a subsidiary must be established and capital must be introduced by

reporting the stock acquisition by non-resident foreigners in order to

form a legal corporation and subsequently open a bank account.

Although a subsidiary is not a foreign direct investment

company, its establishment procedures are identical

to those of a foreign direct investment company.

Corporation establishment procedures


Report of stock acquisition by

non-resident foreigners

Remittance of funds (foreign currency)

Lease or purchase of offices

Corporate registration

Authorization and permission from

competent district offices or related agency * If necessary

Business registration

To prove the existence of a foreign corporation, documents

issued by the relevant country must be prepared.


The documents must be issued by the government of the relevant

country and must prove that the corporation has been established

within the country. In addition, if the documents are prepared

by proxy, a certificate of real-name verification of the proxy

and a notarized power of Attorney are required.