Company formation in North Korea
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in almost all of the world's, however, due to political situation and international sanctions, company formation in North Korea is not advisable, we usually recommend choosing one of the following options instead: South Korea, New Zealand, China, or United Kingdom.
Many countries offer specific benefits, unfortunately, currently company formation procedure in North Korea proves itself to be quite inefficient, sometimes impossible high-risk undertaking. Currently we are not dealing with incorporation in North Korea, select one of the alternatives, because in this situation, it would be more efficient to evaluate overseas options, offering greater opportunities for business development, such as South Korea, New Zealand, China, or United Kingdom.
Company registration procedure in North Korea
Company registration – is a procedure of drafting constitutive legal documents in accordance with legal regulations and requirements of the domicile jurisdiction, submitting the whole package to the official state institution responsible for keeping all records in the centralized company register as well as receiving an official decision on company incorporation from the responsible public authority. Establishing a legal company on the territory of a designated jurisdiction is an essential part of growth of one’s business, which any investor and entrepreneur must undergo.
Unfortunately, the political and economic situation in North Korea currently is not the most favourable for company formation and international business development. Confidus Solutions cannot provide any guarantees that any business structure in North Korea will be registered in time, if registered, whatsoever. Also, we kindly recommend to reconsider company formation in North Korea, as North Korean company may also potentially have great issues with bank account opening and performing international bank transfers. You might consider South Korea, New Zealand, China, or United Kingdom as possible options.
Contact us now to obtain more information regarding possible alternate solutions for company formation in North Korea.
Bank account opening in North Korea
Due to political situation and international sanctions bank account opening in North Korea may not be the most efficient solution, if possible at all. In case you are looking for opportunities to invest in overseas businesses – you may want to consider another jurisdiction for a bank account opening. Our experts in corporate law, international investment and global economics can provide a detailed consultation for potential investors, venture capitalists and entrepreneurs on the current market situation and which banks may be considered as the most efficient solution instead of North Korean bank account.
Virtual office in North Korea for tax purposes
Having a registered address, local presence and office in a domicile country is a relevant matter for any country’s tax authorities. However, often for international business a much more acceptable solution would be to simply establish a virtual office, which is used exclusively to accept and forward incoming mail, arrange shipping, set up a bank account and forward local phone calls.
If you are in the process of researching company formation in North Korea, it is essential to be aware that currently in North Korea there are political situation and international sanctions, which makes setting up a company in North Korea a high-risk undertaking, therefore, we do not provide this service, as well as setting up any other corporate and tax structures. Based on your requirements, we highly recommend to check out the following solutions: South Korea, New Zealand, China, or United Kingdom.