For businesses in South Korea planning to join Bancoli to streamline their financial operations and global payments, the verification process is an essential step. It requires business documents that play a key role in complying with U.S. banking regulations.
The list below is tailored to help you understand the required documents and the type of information each document should contain in order to be accurately identified.
Important Note: We strongly recommend that you consult with legal counsel in your jurisdiction to ensure that you obtain the exact documents required for your specific business structure and location.
Legal Formation and Identification Documents
Initially, you will encounter a field requesting a "Certificate of Registration, Certificate of Incorporation, Certificate of Formation, Certificate of Organization, or a similar official document." Below are details for this fields options tailored to your jurisdiction:
- Business Registration Certificate (사업자등록증 | Saeopjeuja deungnokjeung): This crucial document serves as the official recognition of a business's legal existence in South Korea. It includes essential details such as the business name, registered address, and information on its legal representatives.
Operational and Governance Documents
Second, you will find a field that requests "Operating Agreement, Corporate Bylaws, Partnership Agreement, Articles of Incorporation or Organization." Below are details tailored to your jurisdiction:
- Articles of Incorporation (정관 | Jeonggwan): This foundational document is critical for companies in South Korea. It formalizes the company's existence under South Korean law, outlining its purpose, structure, and governance policies.
Proof of Physical Business Address
Third, you will find a field that requests "Physical business address (e.g., utility bill, credit card bill, bank statement dated within the last 3 months)." Below you will find more detail:
- Utility bill, Lease agreement, Tax filing, or Bank statement: To verify the physical presence of the business in South Korea, a recent document (dated within the last 3 months) such as a utility bill, lease agreement, tax filing, or bank statement in the company’s name is required. It must clearly show the business's operating address within South Korea.
Ensuring that these documents are in order and readily available will facilitate a quicker and more efficient process to complete your business verification process.