When unable to receive authorization and
permission due to lack of a foreign registration number (ARC)
Entrepreneur “A”
“A” is in the process of establishing a business by means of
foreign direct investment to open a general restaurant
in Korea, where he will sell food of his country.
In the course of preparing for the restaurant business license,
he could not be issued with a medical examination report
(health certificate) required for obtaining a business license
to establish a restaurant since he doesn’t have a foriegn registration number.
It is better to specify multiple business purposes
in the articles of incorporation
A general restaurant may entail the trade business and
the wholesale and retail business to obtain supplies of interior materials and food ingredients, as it is a foreign food-based restaurant in this case.
There is also a possibility to add other businesses or expand the existing business in the future. Therefore, it is recommended for the investor to include multiple businesses in the articles of incorporation during the establishment of a corporation.
The initial business registration should be made with
a business other than the restaurant business
Since “A” does not have a restaurant business license to
operate a general restaurant, the type of business cannot be recorded
as general restaurant business in the business license. In order to
obtain the relevant business license, he must be issued with
a foreign registration number. Among those listed in the articles of incorporation, a business (purpose) that does not require authorization or permission can be used to apply for a business registration first.
The investor reissues the business license after obtaining a restaurant business license
Once the investor, “A” acquires the business license, he will be issued
with a registration certificate of a foreign-invested enterprise,
and accordingly become eligible to apply for a relevant visa.
After obtaining the relevant visa, the investor will be issued with
a foreign registration number which enables him to apply for
a medical examination report necessary for gaining a restaurant
business license to operate a restaurant. After receiving
the restaurant business license, “A” should visit the competent
tax office to be issued with a new business license to operate his business.