Setting up a BRANCH in South Korea
- Notification of Branch Establishment to Exchange Bank
- Opening Bank Account
- Dossier Preparation
- Registration to a Court in Korea
- Business Registration
- Supporting Office Lease
- Relevant Legal Counseling
To protect those who transact with Foreign Company, the Commercial Act requires certain conditions from Foreign Company which engages in business in Korea.
The requirements are:
- Appoint a representative of the branch in Korea
- Establish a business office in Korea,or have one or more representatives have his/her address in the Republic of Korea
- Make the same registration as that of a branch office of a company incorporated in Korea of the same kind or of the most similar kind. A foreign company shall register thegoverning law under which it was incorporated and thename andaddress of its representative in Korea.
A “branch office” attempts sales activities in Koreato generate profits. This is the main difference with a “liaison office” which does not conduct sales activities to generate profit, but carries out non-sales functions such as business contacts, market research, etc.Liaison offices are limited in their scope of activities because they arenot allowed to sell products directly on behalf of the headquarters.