Inpyeong Law Firm advises various local companies from Hong Kong, the United States, and Vietnam on how to repatriate capital to Korea and establish a foreign-invested company, and reviews and provides various legal documents.
We also provide assistance in the reporting of funds consolidation management, which is required to be reported periodically when establishing a foreign investment corporation.
You typically form a stock company, but you can also form a limited company. The differences can be seen in the table below.
stock company | limited company | |
purpose | This is good for large companies with many shareholders. | It’s good for small businesses. |
capital | Although you can start a company with a small amount of money, in order to receive benefits under the Foreign Investment Promotion Act 100 million won or more is recommended. | |
unit of equity | KRW 100 or more | |
share transfer | This is generally possible. | Approval from the general meeting of members is required. |
corporate bonds | This is generally possible. | NOT available |
director | Companies with a capitalization of KRW 1 billion or more must have at least 3 directors. Companies with less than KRW 1 billion in capital can have one or two directors. | One or more registered executives are required. |
auditor | Companies with less than KRW 1 billion in capital are not required. | NOT required |
external audit | If two or more of the following conditions are met: total assets of KRW 12 billion, total liabilities of KRW 7 billion, sales of KRW 10 billion, and 100 employees, an external audit by an accounting firm is required. | If the number of employees (investors) is 50 or more and a total of 3 or more conditions are met, including the requirements for establishment of a joint stock company, an external audit by an accounting firm is required. |
When establishing a foreign investment company in Korea, the power of attorney for incorporation must be notarized with an apostille. You need to make sure that the country is a signatory to the apostille.
However, there is no specific form for a power of attorney issued by a foreign country. Since the details of the delegation are often blank except for the information of the delegator and the delegate (the person to be delegated), it is necessary to fill in the details of the delegation according to the convenience of the applicant and the necessary work.
Although there is no specific form for a power of attorney for incorporation, it must contain the exact English name and address of the person to be delegated, as well as various documents for all procedures required for the incorporation of the entity to be delegated, and accurately describe the facts of the work to be performed.
If there are any procedures related to the Financial Investment Regulations that are required during the incorporation process, it is recommended that you delegate the authority for those tasks as well.
Our lawyers provide legal services comparable to those of large law firms, with a solid track record of experience and expertise in establishing, investing in, and financing a number of foreign investment entities in close collaboration with US attorneys.
Based on his deep understanding of the financial industry and rich experience, he helps clients find solutions to their legal concerns, including financial regulation, venture capital, domestic investment, overseas investment, project financing, and intellectual property rights.
Please contact us by email and we will provide you with a quote and time frame for the legal services you need.
Representative email address : inpyeong@inpyeonglaw.com
Best Regards,
Law Office Inpyeong.
