Non resident accounts in South Korea

Snapshot

A business account in South Korea is opened for a company registered in Korea, so a non resident owner usually opens it through a Korean incorporated company, such as a local subsidiary. Foreign shareholders and directors are accepted, but banks apply enhanced checks and the representative director normally attends a branch in person. A foreign company without any Korean entity generally needs to set up a local presence first.

Who can open: A company registered in Korea, including a foreign owned subsidiary
No Korean entity: Usually set up a subsidiary or branch first
In person: The representative director normally attends in person
Charged in: Korean won (KRW)

Information as of 27 March 2026Last reviewed 27 March 2026

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

In South Korea a business account is opened for a company that is registered in Korea, so a non resident owner usually opens it through a Korean incorporated company rather than in a personal capacity. Foreign shareholders and directors are accepted, including those who live abroad, but banks verify the representative director and beneficial owners closely and usually ask the representative director to attend a branch in person. A foreign company with no Korean entity generally needs to set up a local presence, such as a subsidiary or branch, before a Korean bank will open a corporate account. As of 27 March 2026, confirm the route with the bank and a local adviser.

What non resident means for business banking in South Korea

For business banking the question is less about where the owners live and more about whether there is a company registered in Korea. A Korean incorporated company can open a corporate account even when its shareholders and directors are based abroad. A foreign company that has no Korean entity generally cannot open a resident corporate account directly, and would set up a subsidiary or a branch first. As of 27 March 2026, confirm the structure that fits your plans with a local adviser before you approach a bank.

Enhanced checks for foreign owned companies

Banks accept foreign shareholders and directors, but they apply enhanced checks. As of 27 March 2026, new corporate accounts, and foreign owned ones in particular, are treated with added caution because of voice phishing and shell company concerns, so expect questions about the genuine activity of the business and the source of funds. Documents issued overseas often need apostille certification and a certified Korean translation. Confirm the exact requirement with the bank.

In person attendance and powers of attorney

The representative director usually attends a branch in person so the teller can verify identity under the know your customer rules. In some cases a corporate account can be opened through an authorised attorney with a properly executed power of attorney, which can help when the director cannot travel. The position varies by bank, so confirm what your chosen bank accepts before you plan the trip, as of 27 March 2026.

Choosing a bank as a foreign owner

Banks with a foreign direct investment desk or an English speaking corporate desk can make the process smoother for a foreign owned company. The large commercial banks such as KB Kookmin, Shinhan, Hana, and Woori, and the state owned IBK for small and medium businesses, all open corporate accounts. International providers such as Wise, Payoneer, and Airwallex can move won to or from abroad but do not open a local won business account inside Korea. Compare current terms against your usage.

As of 27 March 2026, we do not list an international business account that is confirmed available to open as a local Korean won account inside South Korea for a non resident owner. A resident corporate account is opened with a Korean bank such as KB Kookmin, Shinhan, Hana, Woori, or IBK, for a company registered in Korea. See the related guides below for markets where listed providers are available.

Questions about non resident accounts in South Korea

Can a non resident open a business account in South Korea?

A business account is opened for a company registered in Korea, so a non resident usually opens it through a Korean incorporated company, such as a local subsidiary, rather than in a personal capacity. Foreign shareholders and directors are accepted, but banks apply enhanced checks. Verify your case with the bank, as of 27 March 2026.

Can a foreign company without a Korean entity open a corporate account?

A resident corporate account is opened for a company registered in Korea. A foreign company without a Korean entity generally needs to set up a local presence first, such as a subsidiary or a branch, before a Korean bank will open a corporate account. Confirm the route with the bank and a local adviser, as of 27 March 2026.

Does the foreign representative director need to visit in person?

Banks usually require the representative director to attend a branch in person so the teller can verify identity. In some cases an authorised attorney with a properly executed power of attorney can act instead. The position varies by bank and is applied closely for foreign owned companies, so confirm before you travel, as of 27 March 2026.

Do international providers open a won account for non residents?

As of 27 March 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. They may help send or receive won from abroad. A resident corporate account is opened with a Korean bank. Confirm with each provider.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 27 March 2026. Confirm current terms with the provider before applying.