Opening a bank account in South Korea.
Currently, South Korea is among the top leading countries with highly developed economies. Large foreign investments, the development of high technologies, and a stable financial situation in the country make it an extremely advantageous place to store your own (or corporate) deposits. At the moment, there are three main types of banking institutions in South Korea: Commercial. Specialized. Central. The first two types can treat both private and public financial institutions. The third is exclusively in state ownership. So what exactly distinguishes them, except for the form of ownership? The main difference lies in the timing of account registration. In a private South Korean bank, registration will take no more than 20 minutes (for this, the client needs to present only identification documents to bank employees). In state banks, this procedure is subject to extremely strict control by the relevant authorities and takes much longer. Also, the investor will be required to provide a fairly impressive package of documents, and to confirm the legitimacy of their income (the legality of their origin). But this aspect is more than compensated for by the marginal degree of deposit protection and quality of service. What are the benefits of opening a bank account in South Korea to foreign investors? Maximum deposit protection. Minimum terms for processing requests and conducting financial transactions. Possibility of remote control over all processes. All banks provide customers with a multifunctional application with which you can make all financial transactions from any country. The stability of the local economy. Your deposits will be protected from currency fluctuations, the devaluation of the local currency and other similar destructive processes. How can you simplify the procedure for registering a bank account in South Korea? To achieve this goal, it will be most advantageous to seek help from a specialized legal agency. Cyworld Wealth Limited is a team of highly qualified experts in the field of international financial law. With our help, you will be able to bypass all the pitfalls of South Korean legislation, and register a personal or corporate account as soon as possible. We will provide: Preparation of the package of necessary documents. Full support at all stages of account registration. Providing free consultations to the client.