To set up a foreign-invested company in S. Korea, the requirement is that the company must have a foreign-exchange bank account. Does the bank have to be a (domestic) Korean bank, e.g., KEB, or can it be a Foreign Bank with a branch and operating in S. Korea, e.g., Wells Fargo with a Seoul branch?
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- Julie Kim
- [FDI Procedures] "Foreign Exchange Bank" for Foreign
- Consultant :
Dear Julie, You can choose any foreign exchange bank in Korea to transfer the investment capital or to create a corporate bank account (whether it is a Korean bank or branch of a foreign bank). However, foreign investment notification is only acceptible at the delegated agencies listed in the Article 17 of the Rules on Foreign Investment. You can check the list of delegated agencies for foreign investment notification on page 244 of the "Business in Korea 2020," or refer to the Rules on Foreign Investment [Table 4] on http://elaw.klri.re.kr. Thank you. Lena Kim Investment Consulting Center