How to open a business account in South Korea

Snapshot

To open a business account in South Korea you first register the company and obtain a business registration certificate, then prepare the corporate seal, articles of incorporation, and identification for the representative director. You apply at a Korean bank, where the representative director usually attends in person for identity verification, and complete the know your customer checks.

First step: Register the company and obtain a business registration certificate
You need: Corporate seal, articles of incorporation, and director identification
In person: The representative director usually attends a branch in person
Timeline: About two to four weeks after registration, longer if foreign owned

Information as of 6 May 2026Last reviewed 6 May 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

Opening a business account in South Korea starts with a company registered in Korea that holds a business registration certificate. You then prepare the corporate seal and seal certificate, the articles of incorporation, the corporate registration extract, and identification for the representative director and signatories. The representative director normally attends a Korean bank branch in person for identity verification, and the bank runs know your customer and anti money laundering checks. As of 6 May 2026, accounts are opened with Korean banks such as KB Kookmin, Shinhan, Hana, Woori, and IBK, because international neobanks do not open a local won business account inside Korea. Confirm current requirements with the bank.

The steps to open a business account in South Korea

Complete company registration with the court and the tax office, and obtain the business registration certificate within the statutory window after starting activity.
Prepare the corporate seal and seal certificate, the articles of incorporation, the corporate registration extract, a list of shareholders and directors, and identification for the representative director and signatories.
Choose a Korean bank, ideally one with a 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 and anti money laundering checks, and answer questions about the genuine activity of the business.
Fund the account and confirm which services and currencies are switched on.

Documents you will be asked for

Banks commonly ask for the business registration certificate, the articles of incorporation, the corporate registration extract, the corporate seal and seal certificate, a list of shareholders and beneficial owners, and identification for the representative director. Documents issued overseas often need apostille certification and a certified Korean translation, as of 6 May 2026. Confirm the exact list with the bank, because it varies by provider and by the structure of the company.

Foreign owned companies and in person checks

A company incorporated in Korea can apply even when its owners and directors live abroad. As of 6 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 the representative director usually attends in person and the bank asks about the real business. In some cases a corporate account can be opened through an authorised attorney with a properly executed power of attorney. Verify the current requirement with the bank before you travel.

Choosing a bank

Match the bank to your activity. The large commercial banks such as KB Kookmin, Shinhan, Hana, and Woori offer branches, foreign currency services, and trade finance, while the state owned IBK focuses on small and medium businesses. International providers such as Wise, Payoneer, and Airwallex can help move won to or from abroad, but they do not open a local won business account inside Korea, so a resident account still comes from a Korean bank. Compare current terms against your usage.

As of 6 May 2026, we do not list an international business account that is confirmed available to open as a local Korean won account inside South Korea. A resident corporate account is opened with a Korean bank such as KB Kookmin, Shinhan, Hana, Woori, or IBK. See the related guides below for markets where listed providers are available.

Questions about opening a business account in South Korea

How long does it take to open a business account in South Korea?

Once the company is registered and holds a business registration certificate, opening an account commonly takes from about two to four weeks, depending on the bank and how complete the documents are. Foreign owned companies can take longer because of additional due diligence. Timelines as of 6 May 2026, so confirm with the bank.

Does the representative director have to attend the branch in person?

Banks usually require the representative director to attend a branch in person so the teller can verify identity, because of know your customer rules. In some cases a corporate account can be opened through an authorised attorney with a properly executed power of attorney. The position varies by bank, so confirm before you apply, as of 6 May 2026.

Can a foreign owned company open a business account in South Korea?

Yes, once the company is incorporated in Korea and holds a business registration certificate. Banks accept foreign shareholders and directors but apply enhanced checks, and documents issued overseas often need apostille certification and a certified Korean translation. Verify your case with the bank, as of 6 May 2026.

Do international neobanks open a local won business account in South Korea?

As of 6 May 2026, international providers such as Wise, Payoneer, and Airwallex do not open a local Korean won business account inside South Korea, and Revolut is not available to register with a South Korean address. A resident corporate account is opened with a Korean bank. Confirm the current position with each provider.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 6 May 2026. Confirm current terms with the provider before applying.