Regular Corporate Bank Account 

A foreign-investment deposit account and a regular corporate bank account differ fundamentally in legal purpose, timing of issuance, and permitted use of funds.

A foreign-investment deposit account is a procedural and temporary account opened through a designated foreign-exchange bank after the foreign investment report is filed. Its sole purpose is to receive and evidence the initial capital remittance from abroad and to provide documentary proof for incorporation, foreign-invested company registration, and, where applicable, visa qualification. It does not function as a normal banking account; ordinary transactions, cards, or operational payments are generally not permitted. Once the company is incorporated, the deposited funds are transferred to the company’s official account, and the deposit account effectively ceases to serve any ongoing role.

By contrast, a regular corporate bank account is a permanent operating account opened after the company has been legally incorporated and registered. It is established in the company’s name and is used for all day-to-day commercial activities, including receiving revenue, paying expenses, handling payroll, tax payments, and international transfers. This account provides full banking functionality and remains active throughout the life of the business.

In summary, the foreign-investment account is a temporary verification mechanism for capital and regulatory compliance, whereas the corporate account is the long-term financial infrastructure for actual business operations. They serve sequential and legally distinct roles and are not interchangeable.

Bank account opening through attorney authorization may be possible in limited cases; however, final approval is subject to the bank’s compliance review and in-person verification requirements. 

For this reason, you may consider appointing our attorney as the Representative Director of your corporation in Korea.