Korea, Rep.

Starting a Business in

Korea, Rep.

Listed below is a detailed summary of the bureaucratic and legal hurdles an entrepreneur must overcome in order to incorporate and register a new firm, along with their associated time and set-up costs.  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 (GNI).

The information appearing on this page 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 183 economies. The most recent round of data collection for the project was completed in June 2011.

  • Standardized Company

  • Legal Form: Jusik Hoesa
  • City: Seoul

About This Topic

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No. Procedure Time to Complete Associated Costs
1 Using "StartBiz", check the availability of trade name and obtain a certificate of name availability, open a bank statement from a bank, file the application package for incorporation and obtain a corporate registration tax bill, register the company and obtain a certificate of seal impression of corporation, register and get a tax identification number (TIN), submit the rules of employment, and register electronically for the Public Health Insurance Program, the National Pension Fund, Employment Insurance, and Industrial Accident Compensation Insurance.

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. 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 (simulteneous with previous procedure) 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.
1 day (simulteneous with previous procedure) no charge
* 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.
1 day (simulteneous 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 Cmompensation Insurance, will be re-directed to www.4insurance.or.kr website
1 day (simulteneous with previous procedure) no charge
* Takes place simultaneously with another procedure.