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Where registration of business, report of business, and authorization or permission of business are granted by the type of established business, business closure must be reported. The managing authority is a borough office of si/gun/gu/special self-governing province, a local community health center in jurisdiction, or a local ministry of food and drug safety where the authorization or permission was initially issued.
Cancelation of Business Registration
When a business operator closes registered business, the operator must submit a declaration of business closure, without delay, to the head of the tax office (submission acceptable through the national tax information network).
Cancelation of a Foreign-Invested Company Registration
When a foreign-invested company closes its business, foreign-invested company registration must be canceled. The delegated agency will issue a confirmation of cancelation of the foreign-invested company registration after the completion of cancelation.
Collection of surplus equity for investment and overseas remittance are guaranteed by Article 3.1 of the Foreign Investment Promotion Act and Article 6.1 of the Foreign Exchange Transactions Act.