Notification, business registration, and foreign-invested company registration for local corporation buildup

The establishment of a local corporation exactly follows the foreign investment procedures, and includes the foreign investment notification, corporation or private business registration, and foreign-invested company registration. The following includes the details of company establishment and business registration procedures which are significant in establishing a local corporation.

Types of companies recognized by the commercial law include ;

• general partnership company
• limited partnership company
• incorporated company
• and private company

The most companies take the form of incorporated company.

Incorporated Company Establishment Registration

The registration of incorporated company establishment shall be made within 2 weeks following the completion of the establishment inspection of incorporation by promotion, and 2 weeks following the conclusion of the inaugural meeting of incorporation by subscription.

A pre-registration check shall be done to determine the composition of promoters and whether there are any companies with similar names. An incorporated company needs at least 1 promoter. The promoter shall acquire shares in writing and become a shareholder of the newly created company. Also, in order to conduct business in any area (Seoul Metropolitan City, etc.), the company name shall be clearly distinguished from others prior to registration. The company name may be checked in advance on the Supreme Court website (www.scourt.go.kr) for Seoul, and at the relevant registry for other regions.

Corporation Establishment Registration and Business Registration

Generally, the corporation establishment notification and business registration application are processed simultaneously. Notification and application may be carried out at the relevant district tax office of the company headquarters. The corporation establishment notification shall be completed within 2 months from the corporation establishment registration, while business registration shall be done within 20 days from the commencement of business operations.

source : investkorea.org

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