📋 Korean Law Insight | Corporate Governance
By Attorney NOH UJIN | HANBYOL LAW LLC, Seoul
Corporate Governance Requirements for Foreign-Invested Companies in Korea
Establishing and operating a company in South Korea as a foreign investor involves navigating a distinctive set of corporate governance rules. The Commercial Act (상법) and the Foreign Investment Promotion Act (외국인투자촉진법, FIPA) together form the principal legislative framework. Foreign-invested companies — whether structured as a Jusik Hoesa (주식회사, stock company), Yuhan Hoesa (유한회사, limited liability company), or branch office — must comply with detailed requirements on board composition, audit structures, shareholder rights, and public disclosure. Understanding these obligations is essential for multinational corporations, private equity funds, and joint-venture partners seeking to operate in Korea without regulatory friction.
1. Legal Framework: The Commercial Act and FIPA
The Commercial Act governs the internal governance of all Korean companies regardless of ownership nationality. Key governance chapters include rules on the general meeting of shareholders (주주총회), the board of directors (이사회), the audit committee or statutory auditor (감사위원회/감사), and mandatory disclosure. FIPA supplements the Commercial Act with investor protections including profit remittance rights, non-expropriation guarantees, and the right to convert and remit proceeds.
For listed companies or large unlisted companies (자산총액 2조원 이상), additional governance rules apply under the Financial Investment Services and Capital Markets Act (자본시장과 금융투자업에 관한 법률, FSCMA) and the Act on External Audit of Stock Companies (주식회사 등의 외부감사에 관한 법률).
2. Board Structure Requirements
Under the Commercial Act, a Jusik Hoesa must have at least three directors unless it qualifies as a small company (자본금 10억원 미만), in which case one or two directors suffice. For large companies (대규모 상장법인) with assets exceeding KRW 2 trillion, the law mandates that at least one-half of board members be outside directors (사외이사).
Foreign-invested companies frequently structure their boards to include both Korean resident directors (for local operational knowledge and regulatory liaison) and foreign parent-company appointees (for strategic oversight). There is no legal requirement that any director be a Korean national; however, at least one director must be a Korean resident for registration purposes under the Commercial Act, Article 317.
Outside Directors and Audit Committees
Listed companies with assets exceeding KRW 2 trillion must establish a dedicated Audit Committee (감사위원회) comprising at least three outside directors, with at least two-thirds being outside directors. This committee replaces the standalone statutory auditor (감사) and exercises oversight over financial statements, internal controls, and related-party transactions. Foreign subsidiaries of multinational corporations often face parent-company audit committee requirements that overlap with, but do not always align with, Korean requirements — careful coordination between Korean counsel and the parent's governance team is essential.
3. Shareholder Meeting Requirements
An annual general meeting (정기 주주총회) must be convened within three months of the fiscal year end (typically by March 31 for calendar-year companies). The agenda must be notified to all shareholders at least two weeks in advance (Commercial Act, Article 363). Key agenda items include:
- Approval of financial statements and auditor's report
- Election and removal of directors and auditors
- Amendment of the articles of incorporation
- Approval of related-party transactions (if required by articles)
- Dividend declaration
Extraordinary general meetings (임시 주주총회) may be called by directors or by shareholders holding at least 3% of voting shares. Written resolutions (서면결의) are permitted for Yuhan Hoesa (LLC) but not for Jusik Hoesa stock companies — an important distinction for foreign investors who prefer streamlined governance.
4. Minority Shareholder Protections
Korea has strengthened minority shareholder rights significantly through successive amendments to the Commercial Act. Foreign joint-venture partners holding minority stakes must understand these protections:
- Cumulative voting (집중투표): Shareholders with 1% or more of voting shares may request cumulative voting for director elections, enabling minority shareholders to elect at least one director proportionate to their stake.
- Derivative lawsuit (주주대표소송): Shareholders holding 1% (0.01% for listed companies) of shares for at least six months may file a representative lawsuit against directors for breach of fiduciary duty.
- Books-and-records inspection: Shareholders with 3% or more may demand inspection of accounting books and records.
- Appraisal rights (주식매수청구권): Dissenting shareholders may demand buyout at fair value in mergers, spin-offs, and certain other fundamental transactions.
5. Related-Party Transactions and Conflict of Interest Rules
The Commercial Act imposes strict rules on transactions between a company and its directors or major shareholders. Under Article 398, a director wishing to engage in any transaction on their own account or on behalf of a third party that falls within the company's business scope must obtain prior board approval. For large listed companies, related-party transaction approval thresholds set by the FSCMA and FSC regulations apply.
Foreign-invested companies with intra-group financing arrangements, management service fees, IP licensing, and shared-services agreements must ensure that all such transactions are properly approved, priced at arm's length, and disclosed. The National Tax Service (국세청, NTS) closely scrutinizes intra-group pricing for transfer-pricing compliance, and the Financial Supervisory Service (금융감독원, FSS) may audit related-party disclosures in financial statements of listed subsidiaries.
6. Mandatory Disclosure and Reporting
Foreign-invested companies must satisfy several layers of reporting:
- FIPA report: Foreign investments exceeding USD 10 million per transaction must be notified to the Ministry of Trade, Industry and Energy (MOTIE) via Invest KOREA.
- Company registration: All changes to directors, auditors, articles, and capital must be registered with the applicable district court registry within two weeks of the resolution.
- External audit: Companies with assets exceeding KRW 12 billion, or meeting other size thresholds under the External Audit Act, must appoint an independent auditor designated by the Financial Supervisory Service on a rotation basis.
- Internal accounting control system (내부회계관리제도): Companies subject to mandatory external audit must establish and report on internal accounting controls annually.
7. Branch Offices vs. Subsidiaries: Governance Trade-offs
Foreign companies entering Korea may choose between a branch office (지점) and a locally incorporated subsidiary (현지법인). Branch offices are simpler — no share capital, fewer governance formalities — but the parent company bears unlimited liability for branch obligations, and the branch cannot issue shares, list on KOSPI/KOSDAQ, or qualify for certain FIPA investment incentives.
A locally incorporated Jusik Hoesa or Yuhan Hoesa offers liability ring-fencing, access to investment incentives, and the ability to bring in Korean co-investors, but requires full compliance with the Commercial Act governance framework. Most multinationals with substantial Korean operations prefer subsidiary incorporation for these reasons.
8. Practical Compliance Checklist
- Confirm minimum director count and residency requirements with Korean counsel before filing articles of incorporation.
- Determine whether the company exceeds the KRW 2 trillion asset threshold requiring outside directors and an audit committee.
- Schedule the annual general meeting calendar; prepare shareholder notice templates at least two weeks in advance.
- Document all related-party transactions with board minutes, arm's-length pricing analyses, and transfer-pricing documentation.
- Register all board changes and capital modifications with the court registry within two weeks of each resolution.
- Appoint a qualified external auditor as required by the External Audit Act; do not rely on the parent company's auditor without FSS assignment.
- Establish and maintain an internal accounting control system if subject to mandatory external audit.
- Coordinate Korean governance filings with Invest KOREA FIPA reports for any new investment tranches.
Frequently Asked Questions (FAQ)
Q1: Does a foreign-invested Yuhan Hoesa (LLC) need a board of directors?
Not necessarily. A Yuhan Hoesa is managed by one or more "executive members" (업무집행자) rather than a formal board. This makes it a popular choice for foreign investors seeking simpler governance. However, it cannot list its equity interests and cannot issue bonds to the public, so growth-stage companies or those seeking KOSDAQ listing must convert to a Jusik Hoesa.
Q2: Can all directors of a Korean company be foreign nationals?
Yes — there is no citizenship restriction on directors under the Commercial Act. However, at least one director or representative director (대표이사) must maintain a Korean address for official correspondence and legal service. In practice, foreign companies often appoint a Korean resident director or a corporate secretary service to satisfy this requirement.
Q3: What are the quorum and voting requirements for shareholder resolutions?
For ordinary resolutions (일반결의), a quorum of shareholders representing more than one-quarter of total voting shares must be present, and a simple majority vote of shares present is required. Special resolutions (특별결의) — such as amendments to the articles, mergers, and capital reductions — require a quorum of one-third of total voting shares and approval by two-thirds of shares present and voting.
Q4: How are dividends repatriated under FIPA?
FIPA Article 3 guarantees foreign investors the right to remit dividends and proceeds from share sales overseas without restriction, subject to proper tax withholding (typically 22% for corporate investors, or reduced rates under applicable tax treaties). Banks authorized to handle foreign exchange transactions (외국환은행) process these remittances; documentation of the original investment and NTS tax clearance may be required.
Q5: What disclosure obligations apply to a private foreign-invested company?
Private companies (비상장법인) are not subject to the periodic disclosure requirements of listed companies under the FSCMA. However, they must file annual financial statements with the court registry if subject to external audit, and they must report certain material events (director changes, capital changes) to the registry within statutory deadlines. FIPA requires Invest KOREA notifications for investment amounts above prescribed thresholds.
Q6: Can a foreign parent company control Korean subsidiary governance through shareholder agreements?
Yes. Shareholder agreements (주주간계약) are enforceable under Korean contract law for private companies and can specify board appointment rights, drag-along/tag-along provisions, deadlock resolution mechanisms, and transfer restrictions. However, provisions that purport to override mandatory Commercial Act rules (e.g., quorum requirements, director liability) will be unenforceable. Careful drafting by Korean counsel is essential.
Q7: Are there special governance rules for companies in Free Economic Zones or Foreign Investment Zones?
Companies designated under the Act on Designation and Management of Free Economic Zones (경제자유구역의 지정 및 운영에 관한 특별법) or located in Foreign Investment Zones (외국인투자지역, FIZ) enjoy relaxed land-use restrictions, tax incentives, and expedited permits, but are subject to the same Commercial Act governance rules as other Korean companies. No general governance exemptions apply merely by virtue of FEZ/FIZ status.
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📋 韩国法律洞察 | 公司治理
作者：NOH UJIN 律师 | HANBYOL LAW LLC，首尔
外商投资企业在韩国的公司治理要求
外国投资者在韩国设立和运营公司，需要遵循一套特定的公司治理规则。《商法》（상법）和《外国人投资促进法》（외국인투자촉진법，FIPA）共同构成主要立法框架。无论是以株式会社（주식회사，股份公司）、有限会社（유한회사，有限责任公司）还是分公司形式运营，外商投资企业均须遵守董事会组成、审计结构、股东权利和信息披露等详细要求。
1. 法律框架
无论所有权国籍如何，《商法》均适用于所有韩国公司的内部治理。核心治理章节涵盖股东大会（주주총회）、董事会（이사회）、审计委员会或法定审计人（감사위원회/감사），以及强制信息披露规定。FIPA则以投资者保护条款作为补充，包括利润汇出权、不征收担保以及转换和汇回收益的权利。
2. 董事会结构要求
根据《商法》，株式会社须设至少三名董事，但注册资本低于10亿韩元的小型公司可例外，设一至两名即可。资产超过2万亿韩元的大型上市公司，法律要求至少一半董事为独立董事（사외이사）。
外商投资企业通常同时设置韩国常驻董事（负责本地运营知识和监管联络）和母公司任命的外籍董事（负责战略监督）。韩国法律对董事国籍没有限制，但根据《商法》第317条，至少一名董事须为韩国常驻居民以满足注册要求。
3. 股东大会要求
年度股东大会（정기 주주총회）须在财务年度结束后三个月内召开（以日历年度计算，通常不晚于3月31日）。所有议题须至少提前两周通知全体股东（《商法》第363条）。
4. 少数股东保护
韩国通过历次修订《商法》显著强化了少数股东权利：
- 累积投票（집중투표）：持有1%或以上有表决权股份的股东可要求进行累积投票选举董事。
- 股东派生诉讼（주주대표소송）：持有1%（上市公司0.01%）股份满六个月的股东，可对违反信托义务的董事提起代表诉讼。
- 账簿查阅权：持有3%或以上股份的股东可要求查阅会计账簿和记录。
- 股份购买请求权（주식매수청구권）：异议股东可在合并、分立等基本交易中要求按公允价值回购其股份。
5. 关联交易与利益冲突规则
《商法》第398条对公司与董事或主要股东之间的交易设有严格规定。希望就公司业务范围内的事项以自身名义或代表第三方进行交易的董事，必须事先获得董事会批准。
外商投资企业涉及集团内部融资安排、管理服务费、知识产权许可和共享服务协议的，须确保所有此类交易经过适当批准、按公平原则定价并予以披露。
6. 强制披露与报告
- FIPA申报：单笔超过1000万美元的外商投资须向产业通商资源部（MOTIE）通过Invest KOREA进行申报。
- 公司注册：董事、审计人、章程和资本的所有变更须在决议通过后两周内向主管地方法院登记处办理登记。
- 外部审计：资产超过120亿韩元或符合其他规模标准的企业须按规定任命金融监督院指定的独立审计师。
常见问题解答（FAQ）
Q1：外商投资的有限会社是否需要设立董事会？
不一定。有限会社由一名或多名"业务执行员"（업무집행자）管理，而非正式董事会。这使其成为外国投资者简化治理的热门选择。但有限会社不能上市，也不能向公众发行债券，因此有意谋求KOSDAQ上市的企业须转型为株式会社。
Q2：韩国公司的所有董事能否均为外国国籍？
可以——《商法》对董事国籍没有限制。但至少一名董事或代表理事（대표이사）须在韩国保有地址，以便接收官方函件和法律文书。实践中，外国公司通常会任命一名韩国常驻董事或使用企业秘书服务来满足此要求。
Q3：普通决议和特别决议的法定人数及表决要求是什么？
普通决议须有代表全部有表决权股份四分之一以上的股东出席，且须由出席股份的简单多数通过。特别决议须有全部有表决权股份三分之一以上出席，并须由出席表决股份的三分之二批准。
Q4：在韩国如何汇回股息？
FIPA第3条保障外国投资者无限制地汇回股息和股权出售收益，需按规定扣缴税款（企业投资者通常为22%，适用税收协定的情形另论）。获授权处理外汇交易的银行负责处理汇款事宜，可能需要提供原始投资证明文件及国税厅税务清缴证明。
Q5：未上市外商投资企业适用哪些披露义务？
私人公司（비상장법인）不受上市公司定期披露要求约束。但若须接受外部审计，须向法院登记处提交年度财务报表，并须在法定期限内就重大事项（董事变更、资本变更）向登记处申报。
📌 官方参考资料
📚 相关文章
📋 韓国法律インサイト | コーポレートガバナンス
著者：NOH UJIN 弁護士 | HANBYOL LAW LLC、ソウル
外国投資企業における韓国のコーポレートガバナンス要件
外国投資家として韓国で会社を設立・運営するには、独自のコーポレートガバナンス規則を理解する必要があります。商法（상법）と外国人投資促進法（외국인투자촉진법、FIPA）が主要な法律的枠組みを形成しています。外国投資企業は、取締役会の構成、監査体制、株主権利、情報開示に関する詳細な要件を遵守しなければなりません。
1. 法律的枠組み
商法は、所有権の国籍に関わらず、すべての韓国企業の内部ガバナンスを規律します。主なガバナンス章には、株主総会（주주총회）、取締役会（이사회）、監査委員会または法定監査人（감사위원회/감사）、強制的な情報開示に関するルールが含まれます。
2. 取締役会の構成要件
商法により、株式会社は少なくとも3名の取締役を置かなければなりません（資本金10億ウォン未満の小規模会社は例外）。資産総額2兆ウォン超の大規模上場会社には、取締役の過半数を社外取締役（사외이사）とすることが義務付けられています。
3. 株主総会の要件
定時株主総会（정기 주주총회）は、事業年度終了後3ヶ月以内に開催しなければなりません。すべての議案は、少なくとも2週間前に全株主に通知する必要があります（商法第363条）。
4. 少数株主保護
- 累積投票（집중투표）：議決権株式の1%以上を有する株主は、取締役選任について累積投票を請求できます。
- 株主代表訴訟（주주대표소송）：6ヶ月以上1%（上場会社は0.01%）の株式を保有する株主は、取締役の義務違反に対する代表訴訟を提起できます。
- 帳簿・記録の閲覧：3%以上を有する株主は会計帳簿の閲覧を請求できます。
- 株式買取請求権（주식매수청구권）：合併・分割等の際、反対株主は公正価格による買取を請求できます。
5. 関連当事者取引と利益相反規則
商法第398条により、会社の業務範囲内の取引を自己または第三者のために行おうとする取締役は、事前に取締役会の承認を得なければなりません。外国投資企業がグループ内融資、管理サービス料、IPライセンス、共有サービス契約を締結する場合、適切な承認、独立企業間価格、情報開示を確保することが不可欠です。
6. 強制的な情報開示・報告
- FIPAの届出：1件1,000万米ドル超の外国投資は、MOTIE（産業通商資源部）にInvest KOREAを通じて届出が必要です。
- 会社登記：取締役・監査人・定款・資本に関するすべての変更は、決議後2週間以内に管轄裁判所の登記所に登記しなければなりません。
- 外部監査：資産120億ウォン超等の要件を満たす会社は、FSS（金融監督院）が指定する独立監査人を選任しなければなりません。
よくある質問（FAQ）
Q1：外国投資の有限会社（ユハン・フェサ）は取締役会を設ける必要がありますか？
必ずしも必要ではありません。有限会社は正式な取締役会ではなく、1名以上の「業務執行者（업무집행자）」によって管理されます。上場や公募債発行はできませんが、シンプルなガバナンスを好む外国投資家に人気です。
Q2：韓国会社の取締役は全員が外国籍でも構いませんか？
はい、商法には取締役の国籍制限はありません。ただし、公式書類の受領や法的な送達のため、少なくとも1名の取締役または代表取締役（대표이사）が韓国に住所を有することが必要です。
Q3：普通決議と特別決議の定足数・表決要件は？
普通決議は全議決権株式の4分の1以上の出席が必要で、出席株式の過半数で可決されます。特別決議（定款変更、合併等）は全議決権株式の3分の1以上の出席と、出席表決株式の3分の2の賛成が必要です。
Q4：FIPAのもとで配当金はどのように送金されますか？
FIPA第3条は、外国投資家が配当金や持分売却代金を制限なく海外送金する権利を保障しています。所定の源泉徴収（法人投資家は通常22%、租税条約適用の場合は軽減）が必要です。
Q5：未上場の外国投資企業にはどのような開示義務がありますか？
未上場会社は金融投資サービス法に基づく定期開示義務はありませんが、外部監査の対象となる場合は年次財務諸表を裁判所登記所に提出し、取締役・資本変更等の重要事項も期限内に届け出る必要があります。
📌 公式参考資料
📚 関連記事
📋 Perspectiva Jurídica de Corea | Gobierno Corporativo
Por la Abogada NOH UJIN | HANBYOL LAW LLC, Seúl
Requisitos de Gobierno Corporativo para Empresas con Inversión Extranjera en Corea
Establecer y operar una empresa en Corea del Sur como inversor extranjero implica navegar un conjunto específico de reglas de gobierno corporativo. La Ley Comercial (상법) y la Ley de Promoción de la Inversión Extranjera (외국인투자촉진법, FIPA) forman el marco legislativo principal. Las empresas con inversión extranjera deben cumplir con requisitos detallados sobre composición del consejo de administración, estructuras de auditoría, derechos de los accionistas e información pública.
1. Marco Jurídico
La Ley Comercial rige la gobernanza interna de todas las empresas coreanas independientemente de la nacionalidad de la propiedad. Las principales disposiciones de gobierno abarcan la junta general de accionistas (주주총회), el consejo de administración (이사회), el comité de auditoría o auditor estatutario (감사위원회/감사), y la divulgación obligatoria.
2. Requisitos de Composición del Consejo
Según la Ley Comercial, una Jusik Hoesa debe contar con al menos tres directores, salvo que califique como pequeña empresa (capital social inferior a KRW 1.000 millones). Para las grandes empresas cotizadas con activos superiores a KRW 2 billones, la ley exige que al menos la mitad de los consejeros sean consejeros independientes (사외이사).
No existe restricción legal sobre la nacionalidad de los directores; sin embargo, al menos un director o director representante (대표이사) debe mantener una dirección coreana a efectos de registro.
3. Requisitos de la Junta de Accionistas
La junta general ordinaria (정기 주주총회) debe celebrarse dentro de los tres meses siguientes al cierre del ejercicio. El orden del día debe notificarse a todos los accionistas con al menos dos semanas de antelación (Ley Comercial, artículo 363).
4. Protección de Accionistas Minoritarios
- Voto acumulado (집중투표)：Los accionistas con el 1% o más de las acciones con derecho a voto pueden solicitar el voto acumulado para la elección de consejeros.
- Acción derivada (주주대표소송)：Accionistas con el 1% (0,01% en cotizadas) durante seis meses pueden interponer demanda representativa contra directores por incumplimiento del deber fiduciario.
- Derecho de inspección contable：Accionistas con el 3% o más pueden exigir la inspección de los libros contables.
- Derecho de separación (주식매수청구권)：Los accionistas disidentes pueden exigir la compra de sus acciones a valor razonable en fusiones, escisiones y otras operaciones fundamentales.
5. Operaciones con Partes Vinculadas y Conflictos de Interés
El artículo 398 de la Ley Comercial impone reglas estrictas sobre las operaciones entre la empresa y sus directores o accionistas mayoritarios. Un director que desee realizar operaciones en beneficio propio o de terceros dentro del ámbito empresarial de la compañía debe obtener aprobación previa del consejo de administración.
6. Divulgación Obligatoria y Notificaciones
- Notificación FIPA：Las inversiones extranjeras superiores a 10 millones USD por transacción deben notificarse al MOTIE a través de Invest KOREA.
- Registro mercantil：Todos los cambios en directores, auditores, estatutos y capital deben inscribirse en el registro del tribunal competente en un plazo de dos semanas desde el acuerdo.
- Auditoría externa：Las empresas con activos superiores a KRW 12.000 millones deben nombrar un auditor independiente designado por la FSS.
Preguntas Frecuentes (FAQ)
P1: ¿Necesita un consejo de administración una Yuhan Hoesa (SRL) con inversión extranjera?
No necesariamente. La Yuhan Hoesa es gestionada por uno o más "miembros ejecutivos" (업무집행자) en lugar de un consejo formal. Sin embargo, no puede cotizar en bolsa ni emitir bonos públicos, por lo que las empresas que busquen cotizar en KOSDAQ deben convertirse en Jusik Hoesa.
P2: ¿Pueden todos los directores de una empresa coreana ser ciudadanos extranjeros?
Sí, la Ley Comercial no impone restricciones de nacionalidad a los directores. Sin embargo, al menos un director o director representante (대표이사) debe mantener una dirección en Corea para la notificación oficial y el servicio legal.
P3: ¿Cuáles son los requisitos de quórum y votación para las resoluciones de accionistas?
Para las resoluciones ordinarias, se requiere quórum de más de un cuarto del total de acciones con voto y mayoría simple de acciones presentes. Las resoluciones especiales (modificación de estatutos, fusiones, etc.) requieren un quórum de un tercio del total y aprobación por dos tercios de las acciones presentes y votantes.
P4: ¿Cómo se repatrían los dividendos bajo FIPA?
El artículo 3 de FIPA garantiza a los inversores extranjeros el derecho a repatriar dividendos y beneficios de ventas de participaciones sin restricciones, sujeto a la retención fiscal correspondiente (normalmente el 22% para inversores corporativos, con posibles reducciones por convenios fiscales).
P5: ¿Qué obligaciones de divulgación aplican a una empresa privada con inversión extranjera?
Las empresas privadas no están sujetas a los requisitos periódicos de divulgación de las empresas cotizadas. No obstante, si están sujetas a auditoría externa, deben presentar los estados financieros anuales ante el registro del tribunal, e informar de ciertos hechos relevantes (cambios de directores, modificaciones de capital) dentro de los plazos legales.
P6: ¿Puede la matriz extranjera controlar el gobierno de la filial coreana mediante acuerdos de accionistas?
Sí. Los acuerdos de accionistas (주주간계약) son ejecutables bajo el derecho contractual coreano para empresas privadas, y pueden especificar derechos de nombramiento de consejeros, cláusulas drag-along/tag-along, mecanismos de resolución de bloqueos y restricciones de transferencia. No obstante, las disposiciones que pretendan anular normas imperativas de la Ley Comercial serán inaplicables.
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