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
Remittance of funds (foreign currency)
Lease or purchase of offices
Authorization and permission from
competent district offices or related agency * If necessary
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.
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