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Ease of Doing Business in

Korea, Rep

Korea, Rep Download Profile (1771.6KB, pdf)
Region OECD high income
Income Category High income
Population 50,617,045
GNI Per Capita (US$) 27,440
City covered Seoul

190

1

DB 2017 Rank

1

100

DB 2017 DTF (% points)

  • local_library
  • group
Topics DB 2017 Rank DB 2016 Rank info_outline Change in Rank DB 2017 DTF (% points) info_outline DB 2016 DTF (% points) info_outline Change in DTF (% points) info_outline
Overall 5 4 down
1
84.07 83.86 down
0.21
Starting a Business 11 17 up
6
95.83 94.36 up
1.47
Dealing with Construction Permits 31 28 down
3
77.84 77.83 up
0.01
Getting Electricity 1 1
-
99.88 99.88
-
Registering Property 39 41 up
2
76.34 76.22 up
0.12
Getting Credit 44 42 down
2
65.00 65.00
-
Protecting Minority Investors 13 10 down
3
73.33 73.33
-
Paying Taxes 23 25 up
2
86.56 86.54 up
0.02
Trading across Borders 32 32
-
92.52 92.52
-
Enforcing Contracts 1 1
-
84.15 84.15
-
Resolving Insolvency 4 6 up
2
89.22 88.75 up
0.47

Positive=Doing Business reform making it easier to do business. Negative=Change making it more difficult to do business.

DB 2017 Rank: 11

DB 2016 Rank: 17

Change in Rank: up6

DB 2017 DTF (% points): 95.83

DB 2016 DTF (% points): 94.36

Change in DTF (% points): up1.47

Standardized Company
Legal form: Jusik Hoesa
Paid-in minimum capital requirement: KRW 0
City: Seoul
Indicator Korea, Rep OECD high income
Procedure – Men (number) info_outline 2.0 4.8
Time – Men (days) info_outline 4.0 8.3
Cost – Men (% of income per capita) info_outline 14.6 3.1
Procedure – Women (number) info_outline 2.0 4.8
Time – Women (days) info_outline 4.0 8.3
Cost – Women (% of income per capita) info_outline 14.6 3.1
Paid-in min. capital (% of income per capita) info_outline 0.0 9.2
  • No. Procedure Time to Complete Associated Costs
    1

    Make company seal

    Agency: Seal maker

    Business founders can make a company seal at the Sealmaker for approximately KRW 30,000.
    1 day KRW 30,000
    2

    Register the company with Start-Biz and pay incorporation fees

    Agency: Small and Medium Business Administration (SMBA)

    Start Biz Online (www.startbiz.go.kr), has combined the Internet Register Office, the Local Tax Payment System, the Electronic Notarization System, the National Tax Information System, the Financial Common Network, and the Social Insurance Information System which are independently run, for the purpose of incorporation. Start Biz Online allows its users to process the entire incorporation process online, including checking the availability of trade name and obtain a certificate of name availability, opening a bank statement from a bank, filing the application package for incorporation and obtaining a corporate registration tax bill, register the company and obtaining a certificate of seal impression of corporation, registering and getting a tax identification number (TIN), submitting the rules of employment, and registering electronically for the Public Health Insurance Program, the National Pension Fund, Employment Insurance, and Industrial Accident Compensation Insurance.

    After checking the company name, uploading incorporation documents as well as filling company information, applicants can process to the payments for the corporate registration tax bill as well as the registration fee. Since applicant has already filled in the company information, there is no need to fill in separate forms for the payments. They will be automatically directed to the payment pages where they can make all payments, and re-directed to the Start-biz system once the payments are completed.

    In most of the cases, it takes 3 days to obtain the certificate of incorporation from the Start-Biz system. During this period, the court registry office reviews the documents and information provided by the applicants, and due diligence of company address is conducted by the tax office.
    3 days KRW 2,000 fee of e-registration+ 1.2% capital registration tax + education tax (20% of the registration tax) + KRW 20,000 (e-registration form)