Company Formation Comparison: Singapore Vs. South Korea

A presentation brought to you by OpenCompanySingapore.com

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Foreign Investments in Singapore and South Korea

• During the last few years, Singapore has become an economic hub in Asia which is why many foreign investors have started to open companies here.

• Another country which has tried to catch up to Singapore is South Korea.

• Below we will take a look at how easy it is to open a company in Singapore compared to starting a business in South Korea.

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Opening a Company in Singapore Vs. South Korea

• Thanks to the new FDI law, it is easier for foreign enterprisers to register companies in South Korea.

• However, Singapore provides more tax facilities and a 3-step company registration procedure.

• In this presentation we will make a comparison between Singapore and South Korea in terms of company formation.

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Company Registration in Singapore

•  The company registration procedure in Singapore consists in: preparing the documents for

company formation;

reserving a company name;

filing the statutory documents with ACRA;

registering for taxation purposes;

making a company seal.

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Company Registration in South Korea

• The company formation process in South Korea consists in: applying for a company seal;

preparing the company incorporation documents;

notarizing the statutory documents;

filing the paperwork with the Small and Medium Business Administration (SMBA);

opening the corporate bank account; registering for taxation purposes.

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Timeline for Company Registration in Singapore and South Korea

• Compared to South Korea, the Singapore company formation process takes between one and three days maximum considering the time required for preparing the documentation.

• The company name reservation, the filing of the documents and the tax registration are completed in the same day.

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Investor Visas in Singapore and South Korea >>

• All foreign investors are required to apply for entrepreneur visas which is a common step in both Singapore and South Korea.

• However, Singapore issues one type of entrepreneur pass which can be obtained quite easy, while South Korea has implemented a more complicated visa system.

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>> Investor Visas in Singapore and South Korea

• Obtaining a visa in South Korea depends on the sum invested based on which the enterpriser will qualify for a certain visa.

• This is what kept Singapore ahead of South Korea in the Ease of Doing Business Report in 2016.

• Our Singapore company formation consultants can offer more information on the investor visa.

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Company Formation Services in Singapore

• If you are interested in Singapore company formation, our local agents can offer detailed information.

• Also, should you want to start a business in the city-state, do not hesitate to contact our company formation experts in Singapore.

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Thank you for your attention!

For more information, please contact us at:

+ 852 8191 3385office@lawyers-singapore.com

www.opencompanysingapore.com

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