starting firm in South Korea

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How is starting firm in South Korea

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It is still a strangeness to a whole of habitancy in the west especially when it comes to starting a enterprise in South Korea. As the eleventh biggest cheaper in the world South Korea offers numerous enterprise opportunities. This description will cover various procedure and paperwork that is required to start a enterprise in South Korea.

Checking out Trade Name

Any entrepreneur willing to start enterprise in South Korea first has to take a trade name certificate. This certificate process only takes a day and availability can be checked with the supreme Court website. There is legitimately no fee for checking the availability of the enterprise name, only condition is that no other assosication is running the same enterprise in same city or South Korean term 'Kun'.

Making the Seals

The next in line is getting the seals and other paperwork done for the company. In case of an entrepreneur they can use their personal seal. It is similar to sole rights firm in United Kingdom and United States.

Incorporation of the company

Next step in starting a enterprise is to combine the enterprise by registering it with the registrar of the enterprise department. The notarization process often takes a day and enterprise has to show the total capital more than 10 million Korean wan.

Next is occasion the Bank Account

The promoters starting a enterprise in South Korea next need to open the bank list and deposit perfect subscription whole in lieu of the share they are subscribing in the company.

Paying the Corporate Registration Tax

The corporate registration tax varies in different areas of South Korea. The basic components of corporate registration tax are - capital registration tax, instruction tax, compel bond tax and registration tax of supreme Court Stamp.

Registration with District Tax Office

To start the enterprise carrying out an entrepreneur has to register their enterprise with local tax office and get a commencement of enterprise certificate. This process often takes 20 days and each enterprise will be issued a tax identification whole and Vat number.

Filing social condition assurance Program

Companies with more than one worker need to register themselves with National assurance Program.

Finally the enterprise has to submit the rules of employment to the office of Ministry of Labor in South Korea. This process only takes a day and enterprise has to submit the proof of emergency assurance in case they are hiring more than 10 employees.

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