South Korea — Business: Sole Proprietorship

Key facts

• Sole proprietorships are considered a 'business' in Korea, and must be registered with the local government.

Steps

1. Step 1: Determine Business Type and Registration Requirements — Determine whether the business requires registration with the Small and Medium Enterprise Corporation (SMC) or other government agencies. Prepare necessary documents, including a business plan, identification documents, and proof of residence.
2. Step 2: Register Business and Obtain License — Submit registration documents to the local government and obtain a business license. The specific requirements and fees for registration and licenses vary by municipality.
3. Step 3: Obtain necessary Permits and Certifications — Obtain necessary permits and certifications from relevant government agencies, such as the Ministry of Trade, Industry and Energy or the Food and Drug Administration.

Costs

• Business registration fee: 0

Timelines

• Registration process: 2-6 weeks

Required documents

• Business plan
• Identification documents
• Proof of residence
• Certificate of address
• Taxpayer ID number (if applicable)

Common mistakes

• Failing to register the business with the local government.