North Korea
Key entity, tax, banking, visa, and compliance guidance for foreign founders incorporating in North Korea.
Foreign Ownership Eligibility
North Korea has restrictions on foreign ownership
A physical visit is required at some point during the formation process.
- WARNING: RESTRICTED JURISDICTION
- North Korea is subject to comprehensive UN/US/EU/UK sanctions. No legal path for international incorporation.
- Currency: North Korean Won (KPW)
- Consult specialist sanctions and international law counsel before proceeding
- XBandGlobal does not facilitate incorporation in sanctioned or restricted jurisdictions
- Monitor OFAC, EU, UN and UK sanctions lists for current status
Ownership
Restricted
Formation
Visit Required
Tax at a glance
North Korea Tax Overview
Restricted jurisdiction - tax data not provided
Status
XBandGlobal policy: no data shown for restricted jurisdictions
Pros & cons
Advantages & Considerations
Key Advantages
No standard advantages available - jurisdiction is restricted or sanctioned
Considerations
North Korea is subject to comprehensive UN/US/EU/UK sanctions. No legal path for international incorporation.
Banking: International banks will not process transactions with sanctioned or restricted jurisdictions
Legal: Any engagement requires specialist sanctions law advice
Reputational: Serious reputational risk for business partners
Operational: High operational risk due to instability or sanctions
Incorporation Process
The process is strictly digital. Each stage builds on the previous one.
Consult sanctions counsel
Due diligence
Obtain legal opinion
What you'll pay
Cost Architecture
Government Fees
Annual Ongoing
Professional Services
This jurisdiction is restricted or sanctioned. XBandGlobal does not facilitate incorporations here. Seek qualified legal counsel.
Still unsure about costs?
These are estimates — your actual cost depends on your structure
Every North Korea setup is different. A 15-minute call with one of our specialists will give you a personalised cost breakdown — completely free.
Fintech & Banking
Can non-residents open accounts without visiting? NO.
Banking options for non-resident founders in North Korea. Remote account opening availability varies by institution.
| Institution | Type | Ease for Non-Residents | Notes |
|---|---|---|---|
| Banking severely restricted - consult specialist advice | Traditional bank | Low (Visit Required) |
Regulatory requirements
Annual Compliance Matrix
| Requirement | Deadline | Details |
|---|---|---|
Legal counsel required | Ongoing | Any engagement in North Korea requires specialist legal counsel familiar with international sanctions. |
Sanctions screening | Ongoing | Screen all counterparties against OFAC SDN list, EU Consolidated List, UN Security Council list, and UK OFSI list. |
Frequently Asked
Speak with a North Korea specialist
Get personalised guidance on entity types, costs, timelines and banking — free, no commitment needed.