🇰🇷 Opening a Bank Account in South Korea

Korea has a well-developed banking system with major domestic banks (KB Kookmin, Shinhan, Hana, Woori) and international banks (HSBC, Citibank, SC Korea). Corporate account opening for foreign-invested companies requires the certificate of incorporation, business registration certificate, representative director's identification and seal registration, and the Foreign-Invested Enterprise Registration certificate. An in-person visit by the representative director is generally required. Korean language proficiency or a translator is helpful, as most banking documentation is in Korean. The process is more straightforward than in Japan but can take longer for companies in high-risk or unfamiliar industries.