There are Korean branches of overseas companies among our clients.
We hope this post will be helpful for you to prepare the required documents and understand the procedures when establishing a Korean branch 🙂
💡 What documents do I need to prepare?
When you set up a branch (sales office), the following documents will be required.
Documents written in foreign countries need a confirmation of the Korean consul or Apostille certification in the home country.
1) Foreign company corporation registration certificate* - Documents proving the existence of a corporation, such as a certificate of company establishment, articles of incorporation, etc. 2) Power of Attorney* (for the registration of the Korean branch) 3) Minutes of the board of directors on the establishment of a branch in Korea* - must include the name, address, and resident registration number of the representative of the Korean branch - must include the address of the Korean branch and the establishment of the office in Korea 4) A copy of the passport of the foreign company representative 5) Copy of Korean representative’s passport (D-7 visa required) 6) Copy of rental agreement for the branch office 7) Power of Attorney (when a representative reports)
|
*1) to 3) require translated notarizations of the home country.
💡 How should I proceed?
1. Report the establishment of the Korean branch.
2. Register the foreign corporation through a law firm and lawyer.
3. Proceed with business registration for the Korean branch.
Hankyung Tax Accounting can take care of all the procedures above. Please feel free to make a request. 😊
It takes 15 to 20 business days approximately.
Step 1 can be done at a designated foreign exchange bank.
*You must report the establishment of the Korean branch to the Ministry of Economy and Finance to deal with any other than banking business, including financial business, stock business, insurance business, etc.
💡 What is the difference between a sales office (branch) and a liaison office?
Korean branch offices are divided into sales offices (branches) and liaison offices depending on whether they are engaged in for-profit activities.
| Sales office (branch)
| Liaison office
|
| Business registration certificate | can be issued | NA (replaced by issuing a unique ID number) |
| Registration of foreign corporation | needed | - |
| Financing | possible | impossible |
| Foreign credibility | high | very low |
| When profit is generated | tax free | remittance not permitted |
| Tax accounting | complicated | relatively easy |
There are Korean branches of overseas companies among our clients.
We hope this post will be helpful for you to prepare the required documents and understand the procedures when establishing a Korean branch 🙂
💡 What documents do I need to prepare?
When you set up a branch (sales office), the following documents will be required.
Documents written in foreign countries need a confirmation of the Korean consul or Apostille certification in the home country.
1) Foreign company corporation registration certificate*
- Documents proving the existence of a corporation, such as a certificate of company establishment, articles of incorporation, etc.
2) Power of Attorney* (for the registration of the Korean branch)
3) Minutes of the board of directors on the establishment of a branch in Korea*
- must include the name, address, and resident registration number of the representative of the Korean branch
- must include the address of the Korean branch and the establishment of the office in Korea
4) A copy of the passport of the foreign company representative
5) Copy of Korean representative’s passport (D-7 visa required)
6) Copy of rental agreement for the branch office
7) Power of Attorney (when a representative reports)
*1) to 3) require translated notarizations of the home country.
💡 How should I proceed?
1. Report the establishment of the Korean branch.
2. Register the foreign corporation through a law firm and lawyer.
3. Proceed with business registration for the Korean branch.
Hankyung Tax Accounting can take care of all the procedures above. Please feel free to make a request. 😊
It takes 15 to 20 business days approximately.
Step 1 can be done at a designated foreign exchange bank.
*You must report the establishment of the Korean branch to the Ministry of Economy and Finance to deal with any other than banking business, including financial business, stock business, insurance business, etc.
💡 What is the difference between a sales office (branch) and a liaison office?
Korean branch offices are divided into sales offices (branches) and liaison offices depending on whether they are engaged in for-profit activities.