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Incorporation Procedure

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Incorporation Procedure

The incorporation procedure of foreign-invested company pursuant to the Foreign Investment Promotion Act consists of the following: foreign direct investment notification, remittance of investment funds, registration of incorporation, acquisition of authorization and permission, notification of incorporation, business registration and registration of foreign-invested company. The procedures applied to foreigners are basically the same as those applied to Koreans with the exception of two additional steps of foreign direct investment notification and registration of foreign-invested company. It takes about two weeks for all those procedures and residence visa is issued after the registration of the company.
Incorporation Procedure
Please refer to the information below Please refer to the information below
  1. Foreign Direct Investment Notification KOTRA, Foreign exchange bank(Immediately)
  2. Remittance of Investment Funds foreign exchange bank, carried through customs(Within 2 or 3 days)
  3. Registration of Incorporation court registry office (Within 2 or 3 days)
  4. Acquisition of Authorization and Permission when necessary, related organization(Depends on permit )
  5. Notification of Incorporation and Business Registration Tax office(Within 4 or 5 days)
  6. Opening a Corporate Account foreign exchange bank(Immediately)
  7. Registration of Foreign Invested Company delegated agency where the first notification form ofFDI was filed(Immediately)
※ Related laws: Articles 5 and 21 of the Foreign Investment Promotion Act, Articles 6 and 27 of the Enforcement Decree of the Act, Articles 2 and 17 of the Enforcement Rules of the Act.
Some of the required documents must be apostilled, while signatory nations of the treaty are as follows. In case of non-signatory nations, only notarization of the Korean consulate located in the country is valid.

Foreign Direct Investment Notification

A foreign investor is required to pre-notify the FDI to KOTRA (Foreign Investor Support Center in KOTRA headquarters or at overseas investment hub offices) or a foreign exchange bank.
Foreign Direct Investment Notification
  • 2 copies of the notification form
    Enforcement Rules of the Foreign Investment Promotion Act, Attached Form 1: notification of foreign investment by acquisition of stocks or contribution and application for its permission
  • Foreign investor’s certificate of nationality
    foreigners: passport; Foreign corporation or organization: business license, certificate of incorporation, or proof that the said corporation or organization is based in the said country
In case of non-cash investments
  • Documents certifying object of investment
    e.g. documents certifying the monetary value of industrial property rights, etc.
  • Where an agent files an application: Power of Attorney and the agent's identification (ID card)
※ Contact: KOTRA Investment Consulting Center (1600-7119)