Small Overseas Remittance Business Registration
A non-financial company that wants to carry out payments and receipts between Korea and other countries as a business (small overseas remittance business) must register in advance under the Foreign Exchange Transactions Act with the Minister of Economy and Finance. The requirements include being a company under the Commercial Act with equity of KRW 1 billion or more, IT systems, a network link to the foreign exchange information centralization agency, at least 2 qualified staff and a performance deposit of KRW 300 million or more. (Law status as of 2026-10-02.)
Summary
- Scope: small overseas remittance business (cross-border payments and receipts) by a person that is not a financial institution.
- Registration authority: the Minister of Economy and Finance (as worded in the law).
- Key requirements: a company under the Commercial Act with equity of KRW 1 billion or more, soundness standards, a network link to the foreign exchange information centralization agency, IT systems and staff, at least 2 people with foreign exchange experience or training, and no officer disqualification.
- Burden: a performance deposit of KRW 300 million or more (can be replaced by guarantee insurance).
- Processing period and statutory fee: not confirmed in the provisions.
Is a license or a registration needed for a small overseas remittance business?
Foreign exchange business may in principle be carried out only by financial institutions, but a person that is not a financial institution who wants to carry out payments and receipts between Korea and other countries, and the related purchase or sale of foreign currency, as a business must meet the required capital, facilities and qualified staff and register in advance with the Minister of Economy and Finance. The Enforcement Decree defines this as the "small overseas remittance business", a foreign exchange business under Article 8(3)(2) of the Act.
What are the registration requirements?
Article 15-2(2) of the Enforcement Decree requires all of the following: (1) a company under Article 169 of the Commercial Act with equity of KRW 1 billion or more; (2) meeting the soundness standards notified by the Minister; (3) a network link with the foreign exchange information centralization agency; (4) the IT facilities and IT specialists set by notice; (5) at least 2 people with 2 or more years of foreign exchange experience or who have completed the designated training; (6) no officer falling under the disqualification grounds of the Act on Corporate Governance of Financial Companies. After registration, equity must not fall below the minimum equity (70% of KRW 1 billion), and a performance deposit of KRW 300 million or more must be placed (guarantee insurance can substitute).
Which documents are needed?
An application stating the name, locations of the head office and branches, scope of handling (target countries and currencies), method of operation, information on the account to be used (limited to an account in the applicant's own name), foreign partners involved, capital, facilities and staff, and officers, with the articles of incorporation and other documents notified by the Minister. The detailed document list is set by notice and must be checked separately.
What is the procedure?
(1) Prepare the requirements (equity, systems, staff) → (2) submit the application and documents → (3) where needed, request the Governor of the Financial Supervisory Service and the foreign exchange information centralization agency to confirm the requirements → (4) register unless a ground for refusal exists → (5) issue the registration certificate → (6) comply with duties such as the performance deposit and the filing of terms and conditions. A change in registered matters or discontinuation of the business must be reported in advance.
How long does it take?
No provision fixing a processing period was confirmed, so no number of days is given. Confirmation of the requirements may involve the Financial Supervisory Service and the foreign exchange information centralization agency.
Which authority receives the registration?
As worded in the law, the application is made to the Minister of Economy and Finance, who may ask the Governor of the Financial Supervisory Service and the head of the foreign exchange information centralization agency to confirm the requirements. The actual filing counter should be checked in the latest guidance.
What is the statutory fee?
No provision setting a registration fee was confirmed in the foreign exchange laws, so no amount is given. The performance deposit and guarantee insurance premium are deposit or subscription duties, not fees, and private service charges are not statutory fees and are excluded here.
Why is a registration rejected?
The application must be registered except where the requirements are not met, the submitted documents are defective, the applicant or an officer cannot be registered under the Act, or another legal restriction applies. Even after registration, registration may be cancelled or business suspended for obtaining it by false or improper means or for breaching conditions.
What can an administrative attorney help with?
YouSun Administrative Attorney supports preparing the application, articles of incorporation and other documents and preparing the submission, on commission. It does not handle building funds-transfer systems, connecting to the foreign exchange information centralization agency's network, taking out guarantee insurance, or accounting and tax work. Work restricted by other laws cannot be done, and litigation and court representation are lawyers' work and are not handled. Whether to register is decided by the competent authority.
Frequently Asked Questions
Q. What kind of company can run a small overseas remittance business?
A. A company under Article 169 of the Commercial Act with equity of KRW 1 billion or more.
Q. How many specialist staff are needed?
A. At least 2 people with 2 or more years of foreign exchange experience or who completed the designated training.
Q. How much is the performance deposit?
A. KRW 300 million or more; the exact amount is set by notice considering transaction volume. Recognized guarantee insurance can replace a cash deposit.
Q. Does the law fix the remittance limit?
A. The Enforcement Decree leaves the range of payments and receipts that may be handled to an amount notified by the Minister, so the limit must be checked in the notice.
Q. Can customer funds go through any account?
A. Payments and receipts must go only through the account in the applicant's own name stated in the application, and that account's assets must be accounted for separately from other assets.
Q. What about the terms and conditions?
A. Terms and conditions or their changes must be filed with the Minister in advance and published, for example on the website.
Q. What about the registration fee and processing period?
A. They were not confirmed in the provisions, so none are given. Check the guidance of the competent authority.
Official Standards
Registration: a non-financial person who wants to carry out foreign exchange business such as cross-border payments and receipts as a business shall register in advance with the Minister of Economy and Finance after meeting the capital, facility and staff requirements
— 외국환거래법 제8조 (law as of 2026-10-02, law.go.kr (Korean original))
Registration requirement: a company under Article 169 of the Commercial Act with equity of KRW 1 billion or more
— 외국환거래법 시행령 제15조의2 (law as of 2026-10-02, law.go.kr (Korean original))
Performance deposit: KRW 300 million or more
— 외국환거래법 시행령 제17조의2 (law as of 2026-10-02, law.go.kr (Korean original))
Related Pages
- Currency exchange business registration service
- Scope of administrative attorney work for licensing (blog)
- All services
Contact
YouSun Administrative Attorney (+82-2-363-2251) supports document review and filing with the competent authority. Contact: /en/contact