Quick Facts before registering a company in Korea
Placed between two of the world's economic giants, Japan and China, South Korea has a perfect geographic location. International trade between these economies is hassle-free. This makes it a strategic location to incorporate a company. An industrial installation in South Korea has the following plus points:
1. If you want to incorporate a limited liability company, you will need at least one director and a shareholder. The person doesn't have to be Korean - any nationality can play a role as a director and a shareholder. For foreigners though, you must have at least KRW 100M (equivalent to USD 90,000) to set up a foreign-invested company and apply for an entrepreneur visa (D-8).
2. There can be any number of foreign currency accounts and at the same time, there are no limitations on the returns of capital gains.
3. In 1998, the Foreign Investment Promotion Act was framed by the Korean government, to draw Foreign Direct Investment (FDI) in South Korea foreign company. The Act brought 99.8% of Korea's industries within the reach of foreign investment and served as a strong security cover for investors' interests. The Act also provides foreign investors with incentives such as tax relief, cash benefits and inexpensive land.
4. South Korea prospers in an environment of technologically advanced air, land and sea transport system, making it quicker to move goods and raw materials within the country.
5. South Korea is made up of very qualified manpower having a literacy level higher than 97% and a technologically advanced rate of 60%. According to employment surveys, 80% of adults between the age group of 25 to 64 are university educated.
6. Incheon International Airport is a major supply and transport hub in Northeast Asia, having the latest and advanced features. This is likely to enable entrepreneurs to clear their customs 50% faster.
7. South Korea’s national IQ is evaluated as the world's best. It tops the ranks in science, mathematics and resolution of issues, as declared by the OECD.
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