Preliminary Checklist for establishing a Korean Branch of a Foreign Corporation
There are three steps to establish a domestic branch of a foreign corporation. After completing the three steps, you can register as a business entity, open a business bank account in South Korea, and then proceed to start your business according to your objectives.
Step 1. Report Branch Installation to the Bank
Step 2. Register Branch Installation to the Registration Office
Step 3. Apply for Business Registration to the Tax Office
To efficiently establish a branch within the shortest possible time for each step (Step 1, Step 2, Step 3), there are preliminary considerations and preparations before collecting the necessary documents for each step.
The considerations are as follows:
(1) It is necessary to send documents that confirm the identity of the foreign corporation to Korea
(such as the foreign corporation's corporate registration certificate, business registration certificate, articles of incorporation, and other relevant corporate documents in Korean-translated) by mail. This is to review the foreign corporation's information and identify any additional documents required.
(2) Confirm the representative of the Korean branch
Determine whether the representative is a Korean or foreign national
If the representative is a foreigner, verify whether the representative will enter Korea for handling branch establishment
(3) Confirm the address for the branch office in S.Korea
(4) Verify whether there is someone to handle matters related to setting up a branch in S.Korea on behalf of the HQ
(a consignee to be appointed)
<Appendix>
<Step 1> Report Branch Installation to the Bank
<Step 2> Register Branch Installation to the Registration Office
<Step 3> Apply for Business Registration to the Tax Office
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