Writer 관리자 Date 2011-07-21
 Title Corporation Establishment-Private Business Registration
 Content Where a foreign investor registers a private business in Korea, he/she shall take the existing foreign investment procedures, which is also required for a local corporation. However, a private business is not required to register the establishment of corporation.

1. Procedures for Private Business Registration

Notify foreign investment-> Deposit investment funds(at a foreign exchange bank)->Register Business-> Register foreign invested company

-Report of Foreign Investment
A foreign investor (or an agent) shall report foreign investment at a foreign exchange bank or Invest KOREA (KOTRA). A delegated agency shall issue a certificate of completion of report without delay. A power of attorney containing the signature of the investor shall be submitted where an agent reports the foreign investment. (Notarization is not required.)

-Remittance of Investment Fund
Investment fund from domestic sources and the remittance of investment fund by a third party are not recognized as foreign investment. Funds may be remitted through a bank or brought in through customs. In case of bank remittance, both the sender and the receiver shall be a foreign investor. In order to remit investment fund, a foreign currency purchase certificate and a foreign currency deposit certificate shall be issued by a bank, which shall be attached in business registration and the registration of a foreign-invested company.

-Business Registration
A foreign investor (or an agent) shall register his/her business at the jurisdictional tax office of workplace or at Invest KOREA (KOTRA) within 20 days from the commencement of business operations. The business registration shall be done by the foreign investor himself/herself in principle. However, when an agent register the business, a notarized power of attorney is required.

*Required Documents
-Application form of business registration
-A copy of certificate of business permission etc. (for businesses requiring permission, authorization, report, etc.)
-A copy of rental contract (when the workplace has been rented), or a certified copy of building registration
-Report form of the appointment of tax agent (where the owner of the business does not normally stay at the workplace, or stays abroad for more than 6 months etc.)
-Contract of partnership for a joint business (notarization is required)
-A copy of foreign investment report form
-A copy of foreign currency purchase/deposit certificate
-The original certificate of alien registration (or passport) shall be presented and a copy of the certificate shall be submitted (where the business owner is a non-resident)

-Registration of Foreign-Invested Company
A foreign investor shall register a foreign-invested company at a delegated agency within 30 days after completing the payment of investment object.

*Required Documents
-Application form of foreign-invested company registration
-Certificate of business registration
-Certificate of foreign currency purchase/deposit

It is quoted from http://www.investkorea.org/