Setting Up a Company in South Korea for Foreign Investors
The Bank of Korea has adjusted its 2024 real GDP growth forecast upward from 2.1% to 2.5%, crediting robust export performance. In the updated economic outlook released on May 23, the Bank noted that the first quarter growth rate significantly exceeded initial market expectations, coming in at 1.3% compared to the anticipated 0.6-0.7%. Governor Rhee Chang-yong attributed this upward revision to strong global IT sector performance and robust growth in the U.S. economy, which collectively contributed to a 0.3 percentage point increase. This optimistic economic outlook positions South Korea as an increasingly attractive destination for foreign entrepreneurs and investors considering business expansion. This article outlines the procedures for foreign investors or entrepreneurs to set up a company in Korea.