Among the companies that have requested services from HANKYUNG Tax & Accounting, there are Korean branches of foreign companies.
Today, we will explain the necessary documents and procedures when establishing a Korean branch office for a foreign company🙂
💡 What documents are required to establish a branch office in Korea?
If you are establishing a branch office, please prepare the following documents.
In this case, documents prepared in a foreign country must receive confirmation from a Korean consulate in their home country or apostille certification from their home country.
1) Foreign Company Registration Certificate* - Documents proving the existence of the corporation, such as proof of company establishment and articles of incorporation
2) Power of Attorney for Branch Installation Declaration(Power Of Attorney)* 3) Minutes of the Board of Directors Meeting regarding establishment of the Korean branch office - Address of the Korean branch office and a statement indicating that a branch office is being established in Korea
- Address of Korean sales office and details of establishing a sales office in Korea
4) Copy of the passport of the representative of the foreign company concerned
5) Passport copy of the Korean representative (D-7 visa is required for residency)
6) Copy of lease agreement for domestic business offices
7) Power of Attorney (if declared through a proxy) |
*Documents 1)~3) require translation and certification in the original country.
💡 What is the procedure for establishing a Korean branch office?
- After submitting a notice to install a domestic branch office of a foreign company,
- Proceed with registration of the foreign company through a law firm or attorney, and
- Register the Korean branch office as a business entity.
If you request services from HANKYUNG Tax & Accounting, we can proceed with registration through affiliated companies, and we can directly process business registration, so you can establish a branch office in a one-stop shop 😊 (Takes approximately 15-20 business days)
The notice to install a domestic branch office can be submitted through the designated trade foreign exchange bank.
If it involves financial or securities-related business or insurance business, it must be reported to the Ministry of Strategy and Finance, not the foreign exchange bank.
💡 Are there different types of Korean branch offices?
Korean branch offices are divided into branch offices and liaison offices depending on whether they engage in profitable activities.
| Business office (branch)
| Liaison office
|
Issuance of business registration Certificate
| Possible
| Not possible (subscribed by issuing a unique license)
|
Registration status
| Necessary
| Unnecessary
|
Financing
| Possible
| Not possible
|
International creditworthiness
| High
| Very low
|
In the event of profit
| Nontaxable | Unable to remit
|
Tax accounting processing
| Complexity
| Relatively easy
|
Among the companies that have requested services from HANKYUNG Tax & Accounting, there are Korean branches of foreign companies.
Today, we will explain the necessary documents and procedures when establishing a Korean branch office for a foreign company🙂
💡 What documents are required to establish a branch office in Korea?
If you are establishing a branch office, please prepare the following documents.
In this case, documents prepared in a foreign country must receive confirmation from a Korean consulate in their home country or apostille certification from their home country.
1) Foreign Company Registration Certificate*
2) Power of Attorney for Branch Installation Declaration(Power Of Attorney)*
3) Minutes of the Board of Directors Meeting regarding establishment of the Korean branch office
- Address of the Korean branch office and a statement indicating that a branch office is being established in Korea
- Address of Korean sales office and details of establishing a sales office in Korea
4) Copy of the passport of the representative of the foreign company concerned5) Passport copy of the Korean representative (D-7 visa is required for residency)
6) Copy of lease agreement for domestic business offices
7) Power of Attorney (if declared through a proxy)
*Documents 1)~3) require translation and certification in the original country.
💡 What is the procedure for establishing a Korean branch office?
If you request services from HANKYUNG Tax & Accounting, we can proceed with registration through affiliated companies, and we can directly process business registration, so you can establish a branch office in a one-stop shop 😊 (Takes approximately 15-20 business days)
The notice to install a domestic branch office can be submitted through the designated trade foreign exchange bank.
If it involves financial or securities-related business or insurance business, it must be reported to the Ministry of Strategy and Finance, not the foreign exchange bank.
💡 Are there different types of Korean branch offices?
Korean branch offices are divided into branch offices and liaison offices depending on whether they engage in profitable activities.