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Customer Service Center
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FAQ
For FDI companies applying for foreign investment declaration, the minimum requirement is 100 million Korean won, approximately equivalent to 600,000 RMB, with the specific amount subject to fluctuation based on the exchange rate. This capital must be remitted from overseas to Korea. There is no minimum capital requirement for companies not applying for foreign investment declaration. However, profits from the company cannot be remitted abroad through normal channels.
Absolutely. Policies established by the Korean government and banks ensure that the funds are completely secure.
The account used for corporate registration is held in trust by the bank and only accepts deposits. Apart from shareholders or individuals authorized by them, no one else has the authority to transfer the registered capital.
It typically takes 3 to 6 weeks. With active cooperation from the client, it can be completed in as little as 2 weeks.
Yes, you can. Investors can be individuals or corporations.
5. Do I need to go to Korea to complete the process?
No, you don't. Once an agreement is reached between the client and our company, you can sign a power of attorney and have it notarized locally, then send it to our company via international courier. We will take care of all registration procedures.
6. How long does it take if I choose to handle it directly in Korea?
Within 14 working days, clients can also consider personally coming to Korea to remit the funds after the entire registration process is completed, and they can return on the same day.
7. After registration, are there any restrictions on opening accounts at banks such as KEB Hana Bank, Woori Bank, and Shinhan Bank?
No, there are no restrictions. You can apply for account opening at multiple banks.
1) The VAT rate is 10%.
2) The corporate income tax rate revised in 2013 is as follows:
Taxation standard (Net profit for the accounting year)
Tax Rate
Up to 200 million KRW (approx. 1.2 million RMB)
Up to 200 million KRW (approx. 1.2 million RMB)
Over 200 million KRW but not exceeding 2 billion KRW
Exceeding 2 billion KRW
20% (20 million KRW + 20% of amount exceeding 200 million KRW)
22% (39.8 billion KRW + 22% of amount exceeding 200 billion KRW)
* Net profit is the profit reported by the legal entity for the accounting year.
No, they don't. In Korea, most customers choose to pay by credit card, so the possibility of tax evasion in stores is low. (Of course, you can also encourage customers to pay in cash, such as offering discounts.) When the Korean government settles the personal income tax paid by individuals at the end of the year, partial personal income tax refund is given for the cash consumption part of individuals. Therefore, some customers may ask you to provide cash receipts.
Based on our experience, tax office staff rarely have time to visit companies that pay VAT and corporate income tax normally in Korea. However, tax officials may visit once as a routine request a few years after the company is established.
No, it's not. If Korean tax officials take advantage of their work to solicit bribes, they will be reported and punished soon. In addition, in Korea, most customers choose to pay by credit card, so the possibility of tax evasion in stores is low. (Of course, you can also encourage customers to pay in cash, such as offering discounts.)
When the Korean government settles the personal income tax paid by individuals at the end of the year, partial personal income tax refund is given for the cash consumption part of individuals. Therefore, some customers may ask you to provide cash receipts.
As our company is also a foreign-invested enterprise, we enjoy equal treatment with Korean companies in all aspects.
If your investment amount is significant, local governments may provide relevant incentives. Please contact us for further discussion.
After registration, we are responsible for transferring a complete set of all company documents, including business license, corporate registration copy, corporate seal, articles of association, and Foreign Investment Enterprise Registration Certificate.
. The contents of the business license in Korea include: business license number, corporate registration number, company name, address, chairman's name, and scope of business.
. The contents of the corporate registration copy include: total registered capital, number and amount of issued shares, appointment and dismissal dates of directors, and all detailed information.
Yes. Our company, HERE UP International Co., Ltd., established in South Korea in 1999, opened a production enterprise in Qingdao in 2004 under the name of this South Korean legal entity. This enterprise is classified as a South Korean investment enterprise.
Yes, we provide trademark application services, available exclusively to customers who entrust our company to register a South Korean company.
It can be repatriated legally. Please consult our company for specific methods.
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