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Archive for Kook Hee Lee

List Of Legal Documents Required For A Company To Set Up A Foreign Subsidiary In Korea (Part III In Series)

List Of Legal Documents Required For A Company To Set Up A Foreign Subsidiary In Korea (Part III In Series)

1)Corporate Nationality Certificate of the parent (foreign investor) (Format #1, 3 copies)

2) “Certificate” stating information to be taken from Memorandum and Articles of Association of the Parent Company (Format #2, 2 copies)

3)  Certificate of Corporate Resolution (minute of BOD meeting of the parent) stating a plan for establishment of a Korean subsidiary, size of paid-in capital and business purposes of Korean subsidiary. (Format (#3, 2 copies)

4)  “Power of Attorney” authorizing C.P.A Kook-Hee Lee or his colleague CPA) by foreign investor for preparation of legal documents for company setup, application for tax license, and opening bank accounts of Korean subsidiary. (Format #4, 3 copies)

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Company Formation In Korea (Part II In Series)

Set Up Business In Korea

 Company Formation Procedures In South Korea

Korean Commercial Code  regulates  kind of companies as follows:

  1. Stock company
  2. Partnership company
  3. Limited partnership company
  4. Limited liability company
  5. Limited company
  6. Partnership

The shareholders of Stock company are responsible for contribution of subscribed capital, have the right to appoint the company officers and to receive dividend,  but not liable to pay the company’s debts to third parties

Accordingly foreign investors also prefer the sock company as their ideal type of Korean subsidiaries, and we are presenting company procedures based on Stock company hereunder.

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What Is Required To Run A Foreign Business In Korea? (Part I In Series)

What Is Required To Run A Foreign Business In Korea?

1. From A Legal Aspect Foreign companies are required to have any one of following legal entities in Korea

A. Set-up Of Foreign Subsidiaries – Wholly Owned Or Joint Venture

(1) The subsidiaries shall be established pursuant to the provision of Foreign Investment Promotion Act and Commercial Code of Korea and the establishment be registered with the court based on separate document, Topic 1-1, and obtaining court registration certificate after registration)

(2) Application for Certificate of Foreign Invested Enterprise proving foreign investment with following documents attached.

a. Application for the Certificate

b. Court registration certificate of Korean subsidiary

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