| LLC | Free Zone Company | LLP | JSC | Branch Office | Rep Office | |
|---|---|---|---|---|---|---|
| Company Setup Time | 5 days | 5 days | 5 days | 5 days | 5 days | 5 days |
| Bank Account Opening | 5 days | 5 days | 5 days | 5 days | 5 days | 5 days |
| Government Grants Available | Yes | Yes | Yes | Yes | No | No |
| Government Contracts Bidding | Yes | Yes | Yes | Yes | No | No |
| Limited Liability | Yes | Yes | Yes | Yes | No | No |
| Client Required to Travel | No | No | No | No | No | No |
| Inquiry | Inquiry | Inquiry | Inquiry | Inquiry | Inquiry |
Corporate Structure Explained
Limited Liability Company (Yuhan Hoesa)
- The company owner enjoys limited liability in case of debt. At least one director and one shareholder must be appointed by a limited liability company. The minimum requirement for paid-up capital is USD 1.
Limited Liability Partnership (aka Hapja Hoesa)
- In this business structure, members may opt for a limited or unlimited liability. The limited members ‘ option is limited to the amount of the investment in the capital and members can not make any business decisions on behalf of the partnership.
Branch Offices
- This business entity is allowed to invoice local customers. It can also sign sales contracts locally and receive income from customers
Representative Offices (aka RO)
- A representative office in South Korea is fully foreign-owned. This business entity is not allowed to make direct sales in the country. This entity is authorized to promote the goods / services of the parent company. It can also conduct market research.
Joint Stock Company (Chusik Hoesa)
- The stockholders of the joint stock company bear liabilities limited to the extent of the capital invested. Shares in joint stock companies are transferable. However, approval from the board of directors might be required. It is mandatory for these business entities to have annual meetings in order to discuss the financial statements and dividends.