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Setting up a domestic branch for a foreign corporation
A foreign corporation can establish a branch in Korea without investment.
The Korean branch is registered as a foreign corporation (sales office), and the overseas headquarters is responsible for any problems that occur during business. Unlike a liaison office, it can engage in sales activities that can generate revenue.
However, since it is an overseas corporation, it cannot enjoy the benefits of a domestic corporation, such as SME registration and venture registration. To obtain the status of a domestic corporation, you must establish a foreign-invested corporation.
1. Preparing documents for the foreign headquarters (apostille)
Since a domestic branch of a foreign corporation is a foreign corporation, it requires more documents from the foreign headquarters than the establishment of a foreign-invested company.
- Certificate of Corporation
- Certificate of the Resolution of the Board of Directors
- Articles of Incorporation
- Shareholder Register
- Appointment Letter (Appointment Letter)
- Acceptance of inauguration
- Address Signature Notarization
- A copy of the headquarters representative’s passport
- A copy of the passport of the head of the Korean Branch
- Power of Attorney
When major information is missing at the time of corporate registration, the apostille will need to be amended and re-filed. so make sure it’s done correctly and without mistakes. Also, all documents must be translated into Korean and notarized.
“Apostille” is a procedure to verify the authenticity of a foreign-issued document, and the original must be notarized in the foreign country and sent to Korea through the apostille procedure.
2. Notification of establishment of a domestic branch of a foreign company (Foreign Exchange Bank)
Once the Apostille documents are ready, submit a report on the establishment of a domestic branch to the Foreign Exchange Bank. In addition, a transaction foreign exchange bank designation report will also be made.
3. corporate registration (court registration office)
Once the notification of establishing a domestic branch is completed at the foreign exchange bank, the branch will be registered. The registration is done at the court registry of the jurisdiction of the address.
The registry has very strict standards and may require supplemental documentation if there are any discrepancies or gaps, such as address or name apostille documents. In these cases, the apostille must be redone, which can be costly and time-consuming, so it’s important to prepare the correct documents at the first time.
4.Issuance of business license (tax office)
Once you’ve registered your business, apply for a business license at the local tax office by attaching the certificate of incorporation and other business license application documents. It takes about 2 days to issue a business license, or 1 day longer if the tax office is not the local tax office.
5. Issuance of Law-Left Account (Foreign Exchange Bank)
After all the procedures are completed, you will visit the designated foreign exchange bank where you first reported the documents and issue a corporate account.
Settlement Services for Foreigners and Foreign Businesses in Korea
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Inquiries about establishing a foreign branch
English, Chinese, Japanese, Spanish, Vietnamese, and Mongolian available
As a company specializing in expatriate resettlement, we can translate and provide our own forms to reduce the burden on the overseas headquarters and avoid problems when registering the company. The overseas headquarters only needs to send an apostille.
We are the only company that provides non-stop service from A to Z, not just document preparation, investment reporting, and corporate registration.