South Korea
Key entity, tax, banking, visa, and compliance guidance for foreign founders incorporating in South Korea.
Foreign Ownership Eligibility
South Korea welcomes 100% foreign-owned companies
Fully remote formation — you never need to set foot in the country.
- Stock Company is the common corporate form for foreign subsidiaries
- Headline corporate income tax top rate is 25%
- Standard VAT is 10%
- Registration pathways vary by municipality and sector
Ownership
100% Foreign OK
Formation
100% Remote
Note
South Korea's companies.go.kr online registration system processes standard Chusik Hoesa registration in 3–5 business days; foreign-invested companies (FDI registration with KOTRA or bank) may take 5–7 business days (World Bank Doing Business: South Korea ranks in top 10 for 'Starting a Business').
Tax at a glance
South Korea Tax Overview
25% headline top rate
Corporate income tax
PwC Korea
10% standard rate
VAT
PwC Korea
Pros & cons
Advantages & Considerations
Key Advantages
Mature tax and regulatory infrastructure
Established high-value industrial and technology ecosystem
Clear headline VAT framework
Considerations
Sector and municipal variation can affect setup speed
Timeline certainty is not fully source-locked in current fact sheet
Compliance overhead requires disciplined local execution
Incorporation Process
The process is strictly digital. Each stage builds on the previous one.
Choose FDI route and legal form
Complete incorporation and registry steps
Register tax and banking setup
Enable payroll and social filings
What you'll pay
Cost Architecture
Government Fees
Annual Ongoing
Professional Services
Standard Chusik Hoesa registration: 3–5 business days via firms.go.kr; FDI filings with KOTRA add 2–3 days.
Still unsure about costs?
These are estimates — your actual cost depends on your structure
Every South 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? YES.
Banking options for non-resident founders in South Korea. Remote account opening availability varies by institution.
| Institution | Type | Ease for Non-Residents | Notes |
|---|---|---|---|
| KB Kookmin | Traditional bank | Low (Visit Required) | Institution-dependent KYC and signatory workflow • Varies by institution • Bank-specific • Corporate registration records, tax IDs, UBO and activity documentation • Transfers, cards, online banking |
| Shinhan | Traditional bank | Low (Visit Required) | Institution-dependent KYC and signatory workflow • Varies by institution • Bank-specific • Corporate registration records, tax IDs, UBO and activity documentation • Transfers, cards, online banking |
| Hana | Traditional bank | Low (Visit Required) | Institution-dependent KYC and signatory workflow • Varies by institution • Bank-specific • Corporate registration records, tax IDs, UBO and activity documentation • Transfers, cards, online banking |
| Woori | Traditional bank | Low (Visit Required) | Institution-dependent KYC and signatory workflow • Varies by institution • Bank-specific • Corporate registration records, tax IDs, UBO and activity documentation • Transfers, cards, online banking |
| Digital-first options vary by institution | Fintech | High (Remote) | Institution-dependent KYC and signatory workflow • Varies by institution • Bank-specific • Corporate registration records, tax IDs, UBO and activity documentation • Transfers, cards, online banking |
Regulatory requirements
Annual Compliance Matrix
| Requirement | Deadline | Details |
|---|---|---|
Annual corporate tax filing | Ongoing | Corporate tax return generally due within 3 months after fiscal year-end. |
Periodic VAT filings | Ongoing | Submit VAT filings on statutory cycle. |
Corporate governance records | Ongoing | Maintain statutory books and compliance records. |
Frequently Asked
Speak with a South Korea specialist
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