Starting a New Business in Korea : A Simple Guide to Registration

When running a business in Korea, If you notice another business which with good profit margin or relevance to your current operations, You may consider starting that business. To do so, you should prepare for the business meeting, potentially rent a new office, and fire additional employees if needed. 

 

However, one of the most important steps to take in advance is obtaining the requited documents for the new business and registering it with your business license. this process allows you to inform clients that the business is registered and operating legally.

 

Today's topic is how you register your new business to with your business license.

 

 

1.Check required document or Licenses for the New business.

Not all businesses require documents or licenses to start, but for most, these are essential. It's advisable to check in advance. The required documents could include a business license (e.g., for tax accounting, alcoholic beverage, chemical manufacturing or development) or a court registry for real estate, especially if your new business involves renting.

With thousands of businesses in Korea, you can either visit the tax office in person to inquire about the necessary documents or conveniently check through the Hometax website. Hometax provides information on required documents for each type of business. Visit 국세청 홈택스 - 메인 (hometax.go.kr).

국세청 홈택스

 

Type of business and required documents (e.g alcholic bevarage business)

 

 

2.Update your court registary (only corporate business)

Corporate businesses maintain a court registry that reflects the activities they are involved in. Unlike individual businesses, corporate businesses have a court registry. Therefore, before updating your business license, it's essential to update the court registry. However, the challenge lies in the fact that updating the court registry necessitates an update to the corporate articles of association. This document serves as a representation of the corporate business.

 

 

3.Update your business license.

Concluding the process of adding a new business, with the required documents and the updated court registry, you can proceed to update your business license. This can be done either by visiting in person or through the Hometax website.

국세청 홈택스

국세청 홈택스

 

I understand that there are many tasks to manage, but completing these essential processes before starting a new business is crucial. If you find yourself overwhelmed with the workload, don't hesitate to reach out to us. We offer assistance with the business update process. Your success is our priority!

 

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G-tax (Tax & Accounting service)

 

Thank you for read my article! I hope it helps.
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And if you need help for your tax filing or accountung or looking for CPA in Korea, don't hesitate to contace us
G-tax / Certified Tax Accountant / Steven Yang
+82 10 9599 7152
steven@g-tax.kr
www.g-tax.kr