Currency Exchange Business Registration

Common situations

Pick the question closest to your case: each one gives the conclusion first, then what changes it, the documents involved and the expected timeline.

1. I want to open a currency exchange business in Korea. Do I register with the customs office rather than the Ministry of Economy and Finance?

   Short answer By the wording of the law, the registering authority is the Minister of Economy and Finance, but the authority for currency exchange registration and change or discontinuation reports is delegated to the Commissioner of the Korea Customs Service, who may further delegate part of it to heads of customs offices. In practice, applications are received by the customs office with jurisdiction over the business location.

   • Your business location is decided Confirm the filing route with the customs office for that location and submit the registration application.
   • You are supervised or inspected after registration Supervision and inspection are also carried out by the Commissioner of the Korea Customs Service, and joint inspections with the Governor of the Financial Supervisory Service may take place if there are concerns about harm to market order.

   Documents

   Currency exchange business registration application, proof of business premises, proof of computer systems, copy of business registration certificate

   Timeline

   In practice, depends on the competent customs office's checks of the premises and computer systems and on supplementation (no statutory processing period)

2. Can I register a currency exchange business in Korea as a sole proprietor without setting up a corporation?

   Short answer Yes. The Foreign Exchange Transactions Act provides for registration by persons other than financial institutions, and the officer details in the application are limited to corporations, so sole proprietors can also register.

   • You are a sole proprietor Apply with a copy of your business registration certificate, identification documents, and evidence of business premises and computer systems.
   • You are a corporation Add the corporate register extract, articles of incorporation, officer details and officers' disqualification check documents.

   Documents

   Currency exchange business registration application, copy of business registration certificate, identification documents, proof of business premises, proof of computer systems

   Timeline

   In practice, depends on the checks of the premises and computer systems and on whether supplementation is needed

3. Can a currency exchange business be registered in an ordinary shopping arcade, not a special tourist zone or airport?

   Short answer The Enforcement Decree only requires business premises needed for currency exchange and does not restrict location. However, whether the premises genuinely exist (signage, counter, storage equipment and so on) and whether the computer systems meet the notice are substantively reviewed.

   • You have secured a separate business space Prove the premises with a lease agreement or similar, set up the computer systems, and apply.
   • You want to place a counter inside a store in another line of business First check whether you can show that the exchange premises genuinely exist.

   Documents

   Lease agreement or register extract for the premises, photos and layout of the premises, proof of computer systems, registration application

   Timeline

   In practice, depends on the premises inspection schedule

4. How long does currency exchange business registration in Korea take, from application to the registration certificate?

   Short answer The Foreign Exchange Transactions Act and its Enforcement Decree set no statutory processing period for currency exchange registration. If the requirements are met and no grounds for refusal apply (inadequate premises or computer systems, defective documents, disqualification, or violation of other laws), registration must be granted, so the completeness of your documents drives the timeline.

   • Your evidence of premises and computer systems is complete The registration certificate is issued after review, and anti-money laundering duties apply from that point.
   • Supplementation is requested due to defective documents or inadequate equipment Registration is delayed until the supplementation is completed.

   Documents

   Currency exchange business registration application, proof of business premises, proof of computer systems, corporate register extract (corporations)

   Timeline

   No statutory processing period / In practice, depends on the competent customs office's checks and supplementation

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5. I'm looking into the cost of currency exchange business registration in Korea. Do I need a minimum capital?

   Short answer Currency exchange business has no legal minimum capital requirement; the registration requirements are business premises and the computer systems set by notice. However, measures such as a deposit or insurance or mutual aid enrollment may be imposed after registration.

   • You have not prepared the premises and computer systems yet First lease the premises and set up the computer systems required by the notice.
   • You have been ordered to make a deposit or take out insurance Failing to comply is a ground for registration cancellation or business suspension, so comply within the deadline.

   Documents

   Lease agreement for the premises, proof of computer systems, currency exchange business registration application, copy of business registration certificate

   Timeline

   In practice, time to prepare the premises and computer systems is needed first

6. If our currency exchange counter also wants to offer overseas money transfers, do we need a separate registration?

   Short answer Yes. The Enforcement Decree requires separate registration for each business when combining currency exchange, small-sum overseas remittance and other specialized foreign exchange businesses.

   • You only buy and sell foreign currency Currency exchange business registration is sufficient.
   • You also handle payments and receipts between Korea and other countries You need a separate small-sum overseas remittance business registration, with different requirements and procedures.

   Documents

   Currency exchange business registration application, small-sum overseas remittance business registration application (if combined), documents required by notice for each business

   Timeline

   In practice, each business is reviewed separately

7. How do we move our currency exchange counter to a new location or expand the currencies we handle?

   Short answer If the name, business location or scope of currency exchange business changes, you must file a change report at least 7 days before the change. Conducting foreign exchange business without a change report or with a false report is subject to a fine of up to KRW 100 million.

   • You are relocating the business File the change report with evidence of the new premises at least 7 days before the move.
   • You want to go beyond the scope set at registration File a change report for the scope of business in advance.

   Documents

   Change report, lease agreement for the new premises (if relocating), proof of the change, registration certificate

   Timeline

   Statutory: report at least 7 days before the change

8. Do we have to report separately to customs to close our currency exchange business?

   Short answer To discontinue foreign exchange business, you must file a discontinuation report at least 7 days before the discontinuation date, and failing to do so is subject to a fine.

   • You are stopping currency exchange completely Submit the discontinuation report at least 7 days before the planned date.
   • You are stopping currency exchange but continuing another specialized foreign exchange business Registration is per business, so file a discontinuation report for currency exchange only.

   Documents

   Discontinuation report, registration certificate, documents required by notice

   Timeline

   Statutory: report at least 7 days before the discontinuation date

9. After registering a currency exchange business in Korea, how do we verify customer identity and report transactions?

   Short answer A registered currency exchange operator counts as a financial institution under the Act on Reporting and Using Specified Financial Transaction Information (특정금융정보법) and must carry out customer due diligence, suspicious transaction reporting, currency transaction reporting (within 30 days when cash at or above the amount set by Presidential Decree is exchanged), and appoint a reporting officer, set internal guidelines and train staff.

   • A one-off transaction at or above a set amount occurs Verify the customer's identity and beneficial owner.
   • A transaction is suspected of involving illegal proceeds Report it to the Commissioner of the Korea Financial Intelligence Unit without delay and do not tell the counterparty about the report.

   Documents

   Reporting officer appointment documents, internal guidelines, customer due diligence records, transaction report records

   Timeline

   Statutory: currency transaction reports within 30 days, suspicious transaction reports without delay

10. Our currency exchange registration was cancelled in the past. Can we register again in Korea?

    Short answer You cannot register again until 3 years have passed from the date of cancellation. This restriction also applies to officers and employees of a cancelled corporation who were responsible for the grounds for cancellation, and officers are also reviewed for disqualification when a corporation applies.

    • 3 years have passed since cancellation Set up the premises and computer systems again and file a new registration application.
    • A person within the 3-year period is an officer of a new corporation That corporation's registration may be refused, so review the officer lineup first.

    Documents

    Currency exchange business registration application, officers' disqualification check documents, evidence of premises and computer systems

    Timeline

    Statutory: re-registration restricted for 3 years from the cancellation date

11. If we hire an administrative agent for currency exchange business registration in Korea, what exactly do they handle?

    Short answer We handle pre-checks of disqualification grounds, premises and computer systems, preparation of the registration application and scope of business, filing with the competent customs office and supplementation responses, and post-registration change and discontinuation reports. Whether to register is decided by the competent authority.

    • You are opening a new exchange counter After checking the requirements, we tell you which evidence is missing, then prepare and file the documents.
    • You need to build AML internal controls, assess the legality of foreign exchange transactions, or lease premises We do not handle these, so the business owner proceeds directly or with the relevant institutions.

    Documents

    Business registration certificate or corporate register extract, lease agreement for the premises, evidence of computer systems

    Timeline

    In practice, depends on document preparation and the customs office's inspection schedule

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