[Registration] Fines Imposed Due to Default Registration? Check Mandatory Change of Registration!
Article posted in 2020-05-19 15:34:46 | VEAT
When operating a corporation, there are frequently situations where you need to file registrations after the initial establishment registration. When you are busy running the company, it's easy to miss essential registration items that arise repeatedly.
However, if you miss a corporate registration, you may have to pay a maximum of 500,000 won in fines?
When the items listed on a Corporate Registration Certificate of Proof are changed or a reason such as corporate dissolution and liquidation occurs, you must apply for corporate registration within 2 or 3 weeks from the date the change occurs (depending on the reason).
If the application deadline is missed, a fine of up to 500,000 won will be imposed –
Therefore, you must check the term of office for the directors stipulated in the Commercial Code and the articles of association and file for registration in a timely manner. As the reason for change of director registration is the most frequently occurring reason, you should be particularly careful. In addition to the above, there are various registration obligations related to branches, changes in capital stock, and stock-related matters. In the case of fines due to failure to register a corporate registration, the fines are levied proportionally to the date of default, so if you have not filed for registration in a timely manner, you should apply for registration as quickly as possible. Veat Law Firm provides professional assistance on legal issues arising throughout the company, from the establishment stage to shareholder meetings and the operation of the board of directors, as well as corporate mergers and acquisitions. If you need systematic management and assistance related to corporate registration, please contact Veat Law Firm. Thank you. Veat Law Firm