Matters for Consideration After Incorporation
Entrepreneur “N” has operated a foreign direct investment
company in Korea for five years since its establishment.
She has relocated her places of residence and business
over the past five years, but failed to change registrations,
which resulted in fines. To prevent such cases from recurring,
what should corporate representatives be aware of
after the establishment of a corporation?
A corporation should change registration accordingly
in case of any changes
There are a number of cases where the relevant registration
must be changed. However, corporate representatives
must change the registration in the following cases,
and the failure to do so may result in fines.
Changes in the place of residence of
the corporate representative
In the case of incorporation, the address of the corporate
representative is crucial. For this reason, certificates of residence,
including a certified copy of household register/certified copy of
individual register or certificate of fact on alien registration are required
when registering the company’s incorporation. Within two weeks after
a change in the address of the corporate representative,
the relevant registration must be made.
Changes in the place of business
When the addresses of a corporation’s head office
and/or branches are changed, the changes must be registered.
Any changes in addresses must be registered within two weeks
in the case of head offices and three weeks in the case of branches.
Following the registration, the address stated in the business license
must also be modified.
Changes in board members
Any change in board members should be reported.
When their term nears expiration, the resulting registration
concerning their retirement or reappointment is required
even if there is no change in the board members.
*If the competent report is not filed for five years,
the corporation in question is considered to be dormant.
The corporation shall enter into liquidation when it fails to
report the fact for eight years or longer.
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