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Korea Business Incorporation

Updated:2017-12-25 17:49:02    Source:www.tannet-group.comViews:117

Korea business incorporation is also refered to as Korean business setup. South Korea is an emerging capitalist country. It is a founding member of the APEC, World Trade Organization and the East Asia Summit. It is also a member of important international organizations such as the OECD, the group of twenty and the United Nations.The industry is dominated by manufacturing and services, and shipbuilding, automobiles, electronics, steel and textiles are among the top 10 in the world. Large enterprise groups play a very important role in the Korean economy. At present, the major conglomerates are Samsung, Hyundai, SK, LG and so on.

Company name
It must be Korean. You can't use foreign words.Such as: TANNET GROUP LIMITED-literal translation to: TANNET GROUP kabuskiki kaisha. You can use either your business card or your English company name TANNET GROUP LIMITED,but the business license only marks the name of Korean.

Company Registered Capital
The minimum registered capital of 100 million won, and need a place of all. For each additional shareholder, the registered capital shall be doubled; the directors and supervisors shall be at least one or more. If the registered capital of more than 100 million won, the stamp duty on the other, may refer to the following formula: First of all, according to the foreigner Investment Promotion Act, Foreign (FDI Direct Investment) is required to declare a minimum fee of about USD100000.00 and a new 10% stake in the legal person.

Shareholder
Shareholders may be held by legal persons and natural persons,including representatives, directors, the need for 2 directors, 1 supervisor, a total of 3 people are needed.Determine the proportion of shares.

Registered Address
It must be a local registered address in Korea, if necessary,this can be provided by TANNET.

Benefits of Registering Companies in Korea
1. IT power: the world's highest broadband network access rate, as high as 68% of the world's highest level of mobile phone penetration, WiBro, s-DMB and t-DMB services in the world ahead of commercial implementation.
2. Encourage the mechanism of the organization for economic cooperation and development: the highest maximum factors of multinational enterprise investment mechanism is to encourage a variety of South Korean government, the members of the organization for economic cooperation and development, are among the most generous.
3. There is no need to apply for import and export rights: the Korea Companies has the right to import and export right upon registration.

Documents required
Company name, Copies of notarization of shareholder, director, supervisor's ID card and passport; Letter of attorney notarization.

Processing Procedures
Letter of attorney → signing agreement → entrusting the client to hand in the materials → pay the deposit → send the documents to the South Korean government → 20-25 working days are completed → pay the balance.

Documents to be Received
Company certificate / Official Seal / Legal representative Seal / One set company application documents / Company bank account information.

Annual Return and Accounting 
Korea Company has to undergo accounting review and tax returns in the 4 quarter. But company that do not have a business can file a direct zero tax through an accounting firm, Every year in March, corporate tax is required to be declared, Non local services are resolved locally.

Business follow-up
1. The permit of application.
2. Change the business license after the registered capital is in place.
3. Acting bookkeeping and tax return: from the tax registration certificate issued to the country tax returns the month.
4. Audit: an annual audit of a Sino foreign joint venture company.
5. Annual inspection: the Sino foreign joint venture must carry out annual inspection and approval procedures to the relevant departments from March 1st each year to June 31.
6. General taxpayer application.
7. Company data change.
8.  Work Permit.
9. Finance and taxation planning.
10. Trademark registration, domain name application, website construction.
11. Compliance management report, labor contract and employee handbook.

Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143512, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.

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