Korea, Rep.

Starting a Business in

Korea, Rep.

Below is a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Korea, Rep.. It examines the procedures, time and cost involved in launching a commercial or industrial firm with up to 50 employees and start-up capital of 10 times the economy's per-capita gross national income.

This information was collected as part of the Doing Business project, which measures and compares regulations relevant to the life cycle of a small- to medium-sized domestic business in 189 economies. The most recent round of data collection was completed in June 2013.

Compare Korea, Rep. to 188 other economies.

  • Standardized Company

  • Legal Form: Jusik Hoesa
  • Paid in Minimum Capital Requirement: None
  • City: Seoul
No. Procedure Time to Complete Associated Costs
1 Register the company with Star-Biz (www.startbiz.go.kr)

Start-Biz (www.startbiz.go.kr), a simplified system that offers an opportunity to start a business via its website was launched in Feb. 2010. The online incorporation system, “Start Biz Online” simplifies the incorporation process to help the creation of an easy and fast business start-up environment. Start Biz Online 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.

During the application procedures, applicants just need to follow the instructions of Start-Biz Online. They will be re-directed to relevant systems which are combined with Single-Sign-On (SSO) system in the frame of Start-Biz.

3 days KRW 2,000
2 Make company seal

The promoters may use their personal seal and thus there is no need to make a new one.
1 day KRW 30,000
* 3 Pay the corporate registration tax bill

Applicants need to follow the instructions of Start-Biz Online and they will be re-directed to the relevant system which is combined with Single-Sign-On (SSO) system in the frame of Start-Biz. Therefore, the applicant will pay the fees for the registration tax bill on the website of the Ministry of Government Administration and Home Affairs at www.wetax.go.kr.
Less than one day (online procedure, simultaneous with previous procedure) included in procedure 4
* 4 Pay the fees for the certificate of seal impression of incorporation

Applicants need to follow the instructions of Start-Biz Online and they will be re-directed to the relevant system which is combined with Single-Sign-On (SSO) system in the frame of Start-Biz. Therefore, the applicant, to obtain the certificate of seal of incorporation, will be re-directed from Start Biz to the Supreme Court Registry website www.iros.go.kr to pay the fee.
Less than one day (online procedure, simultaneous with previous procedure) 1.2% capital registration tax + education tax (20% of the registration tax)+ KRW 10,000 (e-registration form) of Supreme Court stamps
* 5 Pay the fees for the Public Health Insurance Program, the National Pension Fund, Employment Insurance, and Industrial Accident Compensation Insurance

Applicants need to follow the instructions of Start-Biz Online and they will be re-directed to the relevant system which is combined with Single-Sign-On (SSO) system in the frame of Start-Biz. Therefore, the applicant, to pay the fees for the Public Health Insurance Program, the National Pension Fund, Employment Insurance, and Industrial Accident Compensation Insurance, will be re-directed to www.4insurance.or.kr website
Less than one day (online procedure, simultaneous with previous procedure) no charge
* Takes place simultaneously with another procedure.

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