I want to start a business in South Korea. How much will it cost, what do I need to do, and which bank should I use?

We provide support services for companies entering Korea in collaboration with ALE Korea. (https://alecorp.kr/)

There are three ways to start a business in Korea.

You can check the advantages and disadvantages of Foreign-Invested Company, Domestic Branch, and Liaison Office at the following link and proceed in the desired form. (https://www.investkorea.org/ik-en/cntnts/i-341/web.do)

1. The business registration fee is 299 USD. The size of the capital affects the administrative fees, which the company is responsible for. We provide a receipt issued by the Korean Ministry of Justice so that you can confirm the administrative fees.
2. Many banks from various countries operate in Seoul, Korea. We recommend that you use the branch of the bank you usually trade with. If your preferred bank does not have a branch in Seoul, we recommend that you choose one of the Korean BIG 5 banks, such as Hana Bank, Korea Development Bank, Kookmin Bank, Shinhan Bank, or Woori Bank, and open an account there.
3. If you need to appoint a representative or executive, the fee is 199 USD per year.
4. If you need a business registration address in Korea, the fee is 49 USD per month.

Thank you.