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 may ask the representative director to attend in person.
- Can a foreign owner open
- Yes, once the company is registered in Korea. Banks check the representative director and owners, and an agent can file the application.
- Typical timeline
- Invest Korea lists the corporate account as opened immediately once the company is registered. Bank checks can add time.
- 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 KakaoBank and Toss Bank have grown quickly in retail banking. KakaoBank offers a business account for sole proprietors, while corporate accounts are still opened mainly through the traditional banks and their branch networks. The Financial Services Commission sets the rules and grants licences, and the Financial Supervisory Service carries out supervision. The Korea Financial Intelligence Unit, part of the Financial Services Commission, oversees anti money laundering rules.
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. 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 may ask the representative director to visit in person. International money providers such as Wise, Payoneer, and Airwallex can help a company move won to or from abroad. As of 11 October 2026 none of them publishes a local Korean won business account opened 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 11 October 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 a copy of the representative director's passport. 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. Invest Korea notes that opening further accounts at another bank is restricted for 20 business days, so choose carefully.
- Apply at the branch with the representative director or an authorised agent, 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 11 October 2026. Confirm current terms with the provider before applying.