THE SIMPLEST WAY TO
Business In Korea
Because opening a Korean bank account from abroad is typically restricted for foreign individuals, the capital contribution is often remitted through an account opened by a duly appointed Korean representative or other legally authorized recipient account. As the foreign founder does not have a Korean bank account under their own name, a lawful recipient account capable of receiving the capital contribution must be secured in advance.
Preparation of the Articles of Incorporation (Draft)
Designation of a Korean Representative Director or Co-Promoter
Remittance of Capital from Overseas to the Korean Individual Account
Issuance of Certificate of Capital Deposit
Proceed with Corporate Incorporation Registration
Notes / Important Considerations
Indicate “Capital Contribution” (or similar wording) in the wire transfer memo.
Ensure the remittance is not characterized as a loan.
A written agreement is recommended to prevent any tax misunderstanding as a “gift.”
Highest level of legal stability
Procedure
Execution of an Engagement Agreement
Provision of a Trust or Escrow Account
Remittance of Capital from Overseas to the Trust Account
Transfer of Funds to the Corporate Bank Account upon Completion of Incorporation
Advantages
Minimizes the Risk of Misappropriation of Funds
Clear Traceability and Proof of Source of Remittance
Stronger Legal Position in the Event of Disputes
When our Managing Attorney is appointed as Representative Director under a separate agreement, procedural coordination and compliance management can be conducted in an integrated manner. Our firm operates under licensed legal qualifications and established internal controls for fund management and regulatory compliance.
In the event that our firm is appointed as Representative Director under a separate agreement, our involvement is confined to corporate maintenance and regulatory compliance matters. The founder, as the shareholder, retains full responsibility for operational control and commercial activities.