Opening a business in Korea means more than registering under corporate law — a Korean bank account is often essential for operations, payroll, tax compliance, and credible business relations. Below is what foreign companies need, which banks are best suited, and how SMA Lawfirm handles the whole process for you.
What Foreign Corporations Need to Open a Bank Account
- Validly incorporated Korean company + issued Business Registration Certificate
- Articles of Incorporation, corporate seal (or bank seal), list of shareholders and directors
- Identification for legal representative(s) (passport or equivalent)
- Registered business address in Korea
- Some banks require Power of Attorney (POA), notarized documents, and possibly translated versions of key documents
Comparison of Major Banks & Their Requirements
| Bank | Strengths for Foreign Companies | Common/Additional Requirements |
|---|---|---|
| Shinhan Bank | Good English service, reliable foreign exchange & overseas transactions | Legal representative ID, POA in some cases, documents certified/notarized, some branches require residence or ARC |
| Hana Bank | Strong in international transactions, large branch network, overseas remittance support | Similar documents, foreign exchange bank registration, POA / benefit from strong global banking partners |
| KB Kookmin Bank | Wide ATM/branch access; strong local presence; good for routine business operations | May require representatives to visit branch; stricter KYC depending on business type |
| Woori Bank (Foreign Customer Branches) | Designed for foreign clients; some branches specialized to serve international businesses | May ask for extra documents, and branch-specific policies vary |
Which Banks We Recommend & Why
For most foreign-led companies, SMA recommends starting with:
- Shinhan Bank — best mix of ease, features, and international support
- Hana Bank — especially if frequent foreign exchange and cross-border business is expected
- Woori Bank (Foreign Customer Branch) — good alternative if you want a branch with local service + foreign client experience
These banks balance reliability, procedure clarity, and international business friendliness.
How SMA Lawfirm Helps You Open the Account
Once your company is incorporated, SMA can handle:
- Preparing all required documents (incorporation, articles, proof of address, seal, etc.)
- Drafting your Power of Attorney (POA) so our legal representative can act on your behalf
- Coordinating with chosen bank branch to confirm their specific documentation and procedural requirements
- Accompanying (or arranging for) branch visits if needed
- Managing any additional compliance steps like foreign investment notification, KYC checks, and record-keeping
🗓 Typical Timeline & Next Steps
| Step | Time Estimate |
|---|---|
| Document Preparation & Translation/Notarization | 3–7 business days |
| Bank Branch Selection & Bank Interviews/Pre-checks | 1–3 business days |
| Bank Account Approval & Activation | ~1–2 weeks (branch dependent) |
Ready to Open Your Bank Account in Korea?
Don’t let banking hurdles slow you down. With SMA Lawfirm, after your company is legally formed, we include bank account setup as part of our services.
📩 Contact us at dhkim@saemunan.com to begin banking setup with confidence and speed.