Open a Limited Liability Company (LLC) in Korea

Opening a limited liability company (LLC) in Korea is one of the main ways for foreign investors to set up businesses here. Our local specialists offer various services related to the establishment of this legal form.

How much does it cost to register a limited liability company in Korea with you?

Our Korean company formation packages start at USD 3,500 for this type of company. It includes the VAT registration procedure for a fast start on the market.

Are there any special requirements applicable to foreigners opening LLCs in South Korea?

Yes, you must first obtain a foreign investment certificate from the Korea Trade-Investment Promotion Agency, which operates under the Ministry of Trade, Industry and Resources. This is also the first step in the establishment of this type of company.

Is full foreign ownership available for foreign investors who set up LLCs in Korea?

Yes.

What are the main features of the LLC in Korea?

A limited liability company in Korea, called Yuhan Chaekim Hoesa, has the following characteristics:

must have at least one shareholder;
must also have minimum one director;
must have a legal address in Korea.

NOTE: There are no nationality requirements for the shareholder and director. As such, you can appoint a non-resident director. In terms of a registered address, we can supply a virtual office service.

What are the steps for registering an LLC in Korea?

After obtaining the foreign investment certificate, you must:

reserve the company name;
secure the Korean registered address;
draft the Articles of Association and file them with the Commercial Register;
register for taxation and VAT;
open a corporate bank account to deposit the share capital.

IMPORTANT! We also offer bank account services in Korea starting at the price of USD 500.

What are the documents required to open a limited liability company in Korea?

passport copies for the shareholder and director;
the Articles of Association;
the registered address proof (it depends on the type of address used);
proof of depositing the share capital;
the foreign investment notification;
the seal certificate.

What is the minimum capital to open an LLC in Korea?

While the Commercial Act imposes no minimum amount (foreign investors registering under the Foreign Investment Promotion Act must invest at least KRW 100 million), our Korean consultants recommend at least USD 10,000. The funds can be entirely used by the company after incorporation.

How long does it take to register an LLC in Korea?

Approximately 4 weeks.

Is remote registration available for a Korean LLC?

Yes, through our local agents who can offer representation based on a power of attorney. This way, you can skip language barriers and come to the country after the business is all set up.

Why open a private limited liability company in Korea?

The simplicity and the flexibility in the share transfer make the limited liability companya comfortable legal structure for its members. Also, the limited liability company in Korea is very similar to companies from the US or Europe, which allows many foreign investors to feel familiar with the legal climate of Korea and to be able to open a legal entity very quickly in this country.

Feel free to contact our Korean company formation experts for more specific details concerning the registration of a limited liability company in this country.