How to Open a Corporate Bank Account in Korea

If you've registered a company in Korea and are trying to open a corporate bank account, you may have found it harder than opening a personal one. A corporate bank account in Korea usually requires business registration documents, the representative's identification, and a short explanation of what the company does. Banks are cautious here because of anti-money-laundering rules, so a well-prepared first visit saves a lot of time.

Here is what to bring, what banks ask, and where foreign founders usually get stuck.

The Quick Answer: What You Need

Requirements vary by bank and branch, but most ask for:

• Business registration certificate (사업자등록증)
• Corporate registry extract (법인등기부등본), for corporations
• Articles of incorporation, in some cases
• Representative's ID: ARC and passport for a foreign representative
• Company seal or signature documents
• Proof of the business address, such as a lease
• A Korean phone number for the representative

Call the branch ahead of time and ask for the exact list, since requirements differ between branches.

What Banks Ask During Review

Banks may ask questions about your business, such as:

• What products or services the company provides
• Who the customers and suppliers are
• Where the money for the initial capital came from
• Who the owners are, and whether any are foreign nationals

They may request supporting documents such as contracts or evidence of the source of funds. This is a normal compliance check and not a sign of suspicion, though it can feel intrusive if you are unprepared.

Foreign Founders: Extra Points

If the representative is a foreign national, expect extra scrutiny:

• Visa status matters. A D-8 or F-series visa tied to the business helps show a legitimate setup.
• Capital funds from abroad may require documentation under foreign exchange rules, as covered in the money transfer guide.
• Language can slow things down, so bring a Korean-speaking colleague or accountant if possible.

If your company is brand new and has no sales history, banks sometimes limit the account at first, for example restricting certain online banking features until the business has an operating record.

Choosing a Bank

There is no single best bank. Consider:

• English support at the branch or in the business banking app
• Business banking features, such as corporate internet banking and tax invoice integration
• Fees for transfers and the corporate card options
• Whether you already have a personal relationship with the bank

Having a personal account at the same bank can sometimes simplify the process, though it is not a guarantee.

Practical Tips

• Bring originals and copies of every document.
• Have your accountant or scrivener help if the company structure is complicated.
• Ask about corporate internet banking and an OTP device early, since you will need them for most business transactions.
• Keep your account details consistent with your Hometax registration to avoid mismatches.

Common Mistakes

• Arriving without checking the document list. A missing paper means another visit.
• Not explaining the business clearly. A short written description helps.
• Ignoring the source-of-funds question. Prepare transfer records for your initial capital.
• Waiting to set up internet banking. Without it, routine tasks become slow.

Quick Summary

• Opening a corporate bank account in Korea generally requires the business registration certificate, corporate registry extract, representative ID, and proof of address.
• Banks run compliance checks on the business and the source of capital, and foreign founders may face extra questions.
• Call the branch first for the exact document list, and bring a Korean speaker or accountant if language is a concern.
• Set up corporate internet banking and an OTP early so your account is ready for daily business use.