Expanding your business into Korea involves many steps — but one of the most essential is having a Korean corporate bank account.
It’s the lifeline for transactions, payroll, local compliance, and credibility — especially for foreign investors.
Can Foreign Corporations Open a Bank Account in Korea?
Yes — foreign entities can open corporate bank accounts in Korea, provided they meet certain legal and documentation requirements.
What You’ll Need:
- A legally established company in Korea (incorporation completed, business registration certificate issued).
- Articles of Incorporation, corporate seal or bank-seal, and shareholders’ registry.
- Valid identification for the legal representative(s) (passport or national ID).
- A business address in Korea.
- Depending on the bank: Power of Attorney (POA), notarized documents, and possibly translated documents.
Can a Legal Representative do This on Behalf?
Absolutely. Many Korean banks accept authorized agents or legal representatives to handle account opening if properly appointed via POA. This includes signing documents, submitting identity proof, and collecting the bank book/cheque card (in person or via agent, depending on bank policy).
Why Some Banks May Delay or Require Extra Checks
- Banks conduct KYC (Know-Your-Customer) procedures: ownership, beneficial owners, purpose of business transactions.
- Policies differ across banks: some require ARC (Alien Registration Card) of the representative; others allow foreign address but need extra documents.
- Physical presence is often required for at least one visit to branch.
How SMA Lawfirm Helps You Open a Bank Account in Korea
At SMA Lawfirm, after you have set up your Korean corporation, we offer a full service to help you open a corporate bank account, including:
- Document preparation (incorporation certificate, articles, seal, POA, translations as needed)
- Legal representative designation via power of attorney
- Liaising with the bank to understand branch-specific requirements
- Assisting your representative’s visit to bank branch if needed
- Ensuring compliance with KYC, FDI registration (if applicable), and tax obligations
🔍 Summary
| Step | Requirement |
|---|---|
| Incorporation & Business Registration | Complete & valid business registration in Korea |
| Legal Representative / POA | Appoint agent capable of executing documents & submitting to bank |
| Required Documents | Incorporation docs, representative ID, corporate seal, required translations/notarization |
| Branch Visit | At least one in person for verification (varies by bank) |
| Timeframe | Several days to a few weeks, depending on bank & document readiness |
Partner with SMA for a Smooth Bank Account Setup
Don’t navigate this complex process alone. Let SMA Lawfirm be your legal partner for:
- Corporate formation
- Full assistance with Korean corporate bank account setup
- Ensuring all documents & compliance are handled correctly
📩 Contact us after your company is incorporated, and we will help you open your bank account without headaches.