A business in South Korea opens a corporate account once the company is incorporated and holds a business registration certificate. Accounts are opened with Korean banks such as KB Kookmin, Shinhan, Hana, Woori, and IBK. Foreign owned companies can open accounts, though banks apply close checks and usually ask the representative director to attend in person.
- Can a foreign owner open
- Yes, once the company is registered in Korea. Enhanced checks apply and the representative director normally attends a branch in person.
- Typical timeline
- About two to four weeks after company registration, longer for foreign owned companies.
- Local provider
- A Korean bank. International neobanks do not open a local won business account inside Korea.
- Charged in
- Korean won (KRW)
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
How business banking works in South Korea
Business banking in South Korea is led by large commercial banks. The biggest are KB Kookmin, Shinhan, Hana, and Woori, often called the big four, alongside the state owned Industrial Bank of Korea, known as IBK, which focuses on small and medium businesses, and NongHyup Bank. Internet only banks such as Kakao Bank and Toss Bank have grown quickly in retail banking, while corporate accounts are still opened mainly through the traditional banks and their branch networks. All are supervised by the Financial Services Commission and the Financial Supervisory Service, which set the know your customer and anti money laundering rules that shape onboarding.
Who can open a business account
A company incorporated in Korea can apply, including a foreign owned local subsidiary. Banks accept foreign shareholders and directors, whether resident or not, but they verify the identity of the representative director and beneficial owners closely. As of 29 May 2026, banks treat new corporate accounts, and foreign owned ones in particular, with added caution because of voice phishing and shell company concerns, so expect questions about the genuine activity of the business.
Traditional banks compared with newer providers
Traditional banks offer branches, foreign currency services, and trade finance, which matter for companies that import, export, or hold balances in several currencies. They also run fuller checks and usually require an in person visit by the representative director. International money providers such as Wise, Payoneer, and Airwallex can help a company move won to or from abroad, but as of 29 May 2026 they do not open a local Korean won business account inside Korea, so a resident corporate account still comes from a Korean bank. Confirm the current position with each provider.
Requirements and documents
Most banks in South Korea ask for a similar core set of documents, as of 29 May 2026. Verify with the provider
- A business registration certificate, the articles of incorporation, and the corporate registration extract for the company.
- The corporate seal and seal certificate, a list of shareholders and directors, and identification for the representative director and authorised signatories.
- Proof of a company address, such as a lease, and in person attendance by the representative director. Documents issued overseas often need apostille certification and a certified Korean translation.
How to open an account
- Complete company registration with the court and the tax office, then gather the company and owner documents listed above.
- Choose a bank with an English speaking corporate desk or a foreign direct investment desk if the company is foreign owned, and book an appointment in advance.
- Attend the branch with the representative director, complete the know your customer checks, and verify current fees and eligibility with the bank before you fund the account.
Questions about business banking in South Korea
Can a foreign owned company open a business bank account in South Korea?
How long does it take to open a business account in South Korea?
Do Wise and Revolut offer a local business account in South Korea?
Which banks serve businesses in South Korea?
Fees, features, and eligibility change and vary by region. This page was last reviewed on 29 May 2026. Confirm current terms with the provider before applying.