How to register and apply as an individual business
Reasons for applying for registration of an individual entrepreneur
In order to start an overseas purchasing agency, you need three basic preparations. We will look at the first of these, business registration. These days, there are many people who start personal businesses such as smart stores, YouTube, and Instagram markets as side jobs. In this regard, today we will learn how to register as an individual entrepreneur.
Individual business registration materials
Individual entrepreneurs must register within 20 days of business commencement or complete business registration prior to commencement of business. Individual business registration can be applied at the tax office or at Hometex. When applying for registration at the tax office, the following information must be submitted together with the required documents.
Trade name: You must decide in advance a trade name that suits your business characteristics. In principle, the company name should be written in Korean, and if written in English, it can be written in the form of ‘Korean (English)’.
Representative: It is almost impossible to change the representative in the future, so you must decide in advance. In addition, you must bring the ID of the representative. If two or more business operators are conducting a joint business, a partnership agreement is required, and business registration applications must be made in the name of the representative with one of the joint business operators as the representative.
Location: When renting a business place and opening a business, you must prepare a lease contract. If it is a business that can be opened from home, it is possible to open a business with the ‘home address’ reported for transfer.
Type of business: You need to think about the type of your business (main/sub) in advance. If you use Hometax, you must know the industry code.
Opening Date: Since it is possible to open a business on a date after the date of application for business registration, you need to think carefully before entering it correctly.
If you apply through Hometax, you can apply for a business after entering the above information and attaching required documents through the Hometax website – Application/Submission – Business Registration. It usually takes 2-3 days after application. Since I plan to apply through home tax, let’s find out how to apply through home tax.
Application for individual business registration through Hometax
Hometax business registration application
Search for IRS Hometax on Naver or Google and access the Hometax homepage. After that, click Apply/Submit – Application for business registration (individual) at the top of the homepage. Then, a window asking you to log in will appear, and you can log in with your joint/financial credentials.
Enter business registration personal information
You can enter a pre-determined business name. The resident registration number is automatically entered if you log in with a joint certificate, and after entering your mobile phone number, you must check the box to agree to receive national tax information text messages. It seems that many people will feel difficulties in the location of the workplace. If you live with your parents, ask your parents to write you a free rental contract, or if you use the ‘non-sangju office’, they will fill out a rental contract for a monthly fee of 20,000 to 50,000 won.
Select business registration type
Select business registration industry code
Next, you need to click Enter/Edit Industry and search for the industry code. After entering the industry code we want as ‘525105’ and clicking Search, the overseas direct purchase agency will appear. If the business category is the main business type, the business name is wholesale and retail business, and the item name is overseas direct purchase agency business, click Register.
Select business registration opening date
Enter business registration options
You can choose the opening date according to your personal circumstances, and you can check the type of business as simple and whether it is a religious group or not by checking ‘Part’. You can leave the rest of the fields blank. Attach the lease agreement obtained from your parents or non-resident office and submit the documents. Lastly, when the complaint process is complete, you can print out the business registration certificate. It is recommended to save it as a PDF file as it is a necessary document when registering as a seller in other markets like 11st and gs.