Procedures of Enterprise Establishment
① Form of an enterprise
Corporate bodies, individuals and economic organizations of other countries and overseas Koreans may invest in the Zone and establish and run enterprises in such forms as equity and contractual joint ventures, wholly-foreign owned business and others.
② Organ of approval for establishment of an enterprise and registration
The approval for and registration of an enterprise establishment shall be undertaken by the Rason Municipal People’s Committee or the Management Committee of the Rason Economic and Trade Zone.
③ Status of an enterprise
All enterprises in the Zone shall have equal position.
④ Establishment of an enterprise
An investor who is going to establish an enterprise shall submit a relevant application directly to the organ of approval or entrust a service office to do so.
- Rules of enterprise - Report on feasibility of investment
- Certificates of enterprise registration, business license and tax registration of the investor’s enterprise - List of machines and materials to be invested
- Capital credit certificate of investor issued by his/her correspondent bank
- Guides and copies of certificate of rights to industrial property and technical know-how when they are to be invested
- Investor’s identification
- Data on investor’s company with photographs of its building attached
- Introduction to products
⑤ Approval and rejection of an enterprise establishment
The organ of approval for an enterprise establishment shall examine the application for the establishment of an enterprise within 10 days of receipt thereof and issue a document of approval or a notice of rejection.
⑥ Issuance of a certificate of enterprise registration and date of enterprise establishment
An enterprise which obtained the approval for its establishment shall make its registration and receive a relevant registration certificate.
⑦ Registration for customs and tax affairs
An enterprise shall pass through registration of enterprise, customs and tax affairs and pay a fixed commission and then receive corresponding registration certificates within 14 days of receipt of enterprise registration certificate.
⑧ Mode of investment
Investment of an enterprise may be made with currency or property in kind or property rights.
⑨ Period of investment and its postponement
An enterprise shall invest in a fixed period of time, and complete it within 3 years in case of investment in installments.
⑩ Approval for businessPrior to its operation, an enterprise shall submit an application for approving its business to a relevant organ and obtain approval.