South Korea solved the problem that defeats most of Asia, and it did so with a single design decision: it made external audit the trigger for public disclosure. Any Korean company — listed or not — that crosses the external audit thresholds must file its audited financial statements with the Securities and Futures Commission, and under Article 23 of the External Audit Act anyone can then read them, free, on DART. The result is roughly 37,519 companies publishing full audited accounts, most of them unlisted. Korea then went further: a 2018 reform closed the limited-company loophole that had let businesses restructure into a 유한회사 to escape disclosure — the exact escape hatch that remains wide open in Japan. Set against Japan's 1.8% publication rate and Hong Kong's audit-everything-publish-nothing model, Korea is the East Asian jurisdiction that made disclosure actually work. The friction is language, not law.
DART: a single filing point for every regulator
DART (Data Analysis, Retrieval and Transfer System) is operated by the Financial Supervisory Service (FSS) and is Korea's equivalent of EDGAR — with one structural improvement over it. DART is a single point of submission for all regulatory bodies: a company files once, and the filing is then accessible to the Financial Services Commission, the FSS, the Korea Exchange, and the KICPA. Before DART, the same disclosure had to be lodged separately with each.
How Korean disclosure actually flows
The chain that matters: audit obligation → filing obligation → public access. In Japan and Hong Kong these links are broken. In Korea they are welded together.
Access and cost
- DART is free, at dart.fss.or.kr, with a dedicated English portal at englishdart.fss.or.kr — a meaningful advantage over Japan, where no equivalent English gateway exists.
- Financial statements can be searched and downloaded in XBRL directly from DART.
- An Open API is provided by the FSS for programmatic access to filings and financial data.
- Coverage: all KOSPI, KOSDAQ and KONEX listed companies, plus every unlisted company subject to external audit, financial institutions, asset managers, and funds.
- The commercial register is separate. Corporate registration sits with the court registry under the Supreme Court (IROS), where certified extracts are ordered for a small fee — the equivalent of Japan's Touki system. Use DART for financials, the court registry for legal status and certified documents.
Why the design matters more than the technology
Plenty of countries have a good disclosure portal. What distinguishes Korea is what the portal is connected to. In the United States, EDGAR is excellent but covers only securities-regulated filers, so private companies disclose nothing. In Japan, the publication duty is universal and almost entirely unobserved. In Hong Kong, every company is audited and none of the private ones publish.
Korea took the one variable that already scales with company significance — whether a company is big enough to require an external audit — and used it as the disclosure trigger. That single choice produces a public financial record covering tens of thousands of substantial private companies, which is precisely the population that a credit, compliance, or procurement team actually needs and cannot get in most of Asia.
Get financial data for private and public companies via API or in bulk — with regular updates
MonetaiQ delivers registry-sourced company financials as clean, normalised fields — income statement, balance sheet, equity, and status — in consistent English across our European coverage, alongside entity and public-filer data for Asia-Pacific and North America. Where registry financials exist we structure them; where a jurisdiction's rules leave gaps, we say so, so your coverage assumptions match reality. Available via REST API, bulk feeds, or our MCP server to query the data directly inside Claude, ChatGPT, and other LLMs.
Two numbers, two systems
Korea splits company data across two official systems with two identifiers, and using the wrong one is a common failure mode.
| Identifier | Issued by | Links to |
|---|---|---|
| Corporate Registration Number 법인등기번호 |
Supreme Court registry, at incorporation | IROS — the certified extract (등기부 등본), covering registered trade name, head office, business purpose clauses, share capital, issued shares, and directors including the representative director |
| Business Registration Number 사업자등록번호 (10 digits, 000-00-00000) |
National Tax Service | Tax invoices, contracts, and the Public Data Portal at data.go.kr |
Both identify the same entity but resolve against different databases. For compliance-grade verification you need the IROS certified extract, accessed via the Corporate Registration Number — not simply a tax-status check against the Business Registration Number. In practice a complete Korean entity record joins three sources: DART for financials, IROS for legal status and directors, and the NTS number for tax and commercial documents.
One real limitation: private company shareholders
Korea's disclosure strength is financial, not ownership. Shareholder information for private, non-listed Korean companies is not publicly filed in any searchable format — it is held by the company's shareholder registry agent and is available through neither IROS nor DART. For listed companies, ownership is well covered through DART large-shareholder disclosures and annual reports.
This is the inverse of New Zealand, which publishes shareholders free and financials for almost nobody. Korea publishes audited financials for tens of thousands of private companies and their shareholders for none of them. Directors are available through the IROS extract, so control analysis is possible — but plan for ownership to be the harder half of a Korean entity investigation, not the financials.
Private companies: how many, and how many file
This is where Korea separates itself from its neighbours, so it is worth being precise about the mechanism and the numbers.
The audit thresholds are the disclosure thresholds
Under the Act on External Audit of Stock Companies and its Enforcement Decree, a stock company (주식회사) must be externally audited if it meets any of the following:
| Test | Threshold |
|---|---|
| Total assets | ₩50 billion or more (500억원) |
| Revenue | ₩50 billion or more (500억원) |
| Two or more of the following | Assets ₩12bn+ · Liabilities ₩7bn+ · Revenue ₩10bn+ · 100+ employees |
A limited company (유한회사) is caught if it meets the asset or revenue threshold, or three or more of: assets ₩12bn+, liabilities ₩7bn+, revenue ₩10bn+, 100+ employees, or 50 or more members.
The 2018 reform: closing the loophole Japan left open
The single most instructive fact in this guide
Until 2018, Korean limited companies were entirely outside the external audit regime. Businesses that wanted to avoid disclosure simply used the 유한회사 form — exactly the arbitrage that Japan's gōdō kaisha provides today, and that foreign investors and private equity sponsors deliberately exploit there.
Korea closed it. The 2018 amendment brought limited companies into scope, and as Korean practitioners put it plainly, the reason to incorporate as a limited company in order to avoid information disclosure has substantially disappeared. Discussion has since extended to bringing limited liability companies (유한책임회사) into the regime as well.
The contrast with Japan is exact and worth carrying into any Asian data strategy. Both countries had a low-disclosure corporate form. Korea eliminated the arbitrage; Japan did not. That is the difference between 37,519 companies publishing audited accounts and a 1.8% publication rate.
How many actually file
The FSS reports the audited population annually to the Securities and Futures Commission and publishes the result. At the end of 2022, 37,519 companies were subject to external audit — up 4,269 companies, or 12.8%, on the 33,250 of the prior year. Of those, 1,976 companies had their auditor designated by the Securities and Futures Commission rather than self-appointed, under the periodic designation system introduced to protect audit independence.
Because audit obligation and DART filing are the same trigger, that figure is also, in effect, the number of Korean companies publishing full audited financial statements — the overwhelming majority of them unlisted.
What is filed, and by which forms
The legal forms required to submit and publish financial statements are broader than in most of the region: 주식회사 (stock company), 유한회사 (limited company), 합자회사 (limited partnership), 합명회사 (general partnership), 유한책임회사 (limited liability company), and 외국인투자기업 (foreign-invested enterprises). Sole proprietorships are outside the regime unless they incorporate or cross statutory triggers, and foreign-owned branches follow the same rules as domestic entities.
Newly established companies file their first financial statements within three months of the end of their first fiscal year. Late submission attracts fines commonly in the range of ₩5 million to ₩50 million, with possible restrictions on business activities and, for persistent non-compliance, administrative removal from the register. Falsifying or failing to disclose financial statements carries far heavier consequences under Article 39 of the Act — up to five years' imprisonment or a fine of up to ₩50 million.
Enforcement is the difference
Compare the penalty regimes across the three East Asian jurisdictions in this series. Japan's publication duty carries a fine of up to ¥1 million on directors personally — almost never applied, producing 1.8% compliance. Hong Kong has no private publication duty to enforce. Korea attaches imprisonment to false or absent disclosure, backs it with an auditor-designation system that removes the company's choice of auditor in defined circumstances, and requires internal accounting control reporting on top.
The lesson generalises well beyond Korea: disclosure regimes deliver what their enforcement mechanisms deliver, not what their statutes say. When assessing an unfamiliar jurisdiction, the question to ask is not "what does the law require" but "what happens to a company that ignores it."
Public companies: the exchange and the chaebol
Korea had 2,599 listed domestic companies at the end of 2024 (World Bank). Set that against the 37,519 companies subject to external audit, and the ratio is the clearest single measure of Korea's disclosure depth: roughly fourteen audited, publicly-filing companies for every listed one. In most of the jurisdictions in this series the two numbers are close, because only listed companies publish. In Korea the audited private population is an order of magnitude larger — and it is all on DART.
The sectoral shape
Korean corporate value is concentrated to an unusual degree in the Big Four chaebol — Samsung, Hyundai Motor Group, SK, and LG — and in a handful of capital-intensive export industries:
- Semiconductors and electronics — Samsung Electronics and SK Hynix, the sector that dominates Korean exports and market capitalisation.
- Automotive — Hyundai and Kia, with a deep domestic supplier base of mid-sized private companies, most of which cross the audit thresholds and therefore publish.
- Shipbuilding and heavy industry — historically among the world's largest.
- Petrochemicals and refining, and batteries — LG Energy Solution, Samsung SDI, SK On.
- Financial services — the major banking and insurance groups, all K-IFRS filers.
The supplier-base point matters for data work: because Korea's audit thresholds catch mid-sized companies, the tier-one and tier-two suppliers to the chaebol are largely visible in DART — a depth of supply-chain financial data that is simply unavailable in Japan or Hong Kong.
Markets and reporting
Korea Exchange (KRX) operates three markets: KOSPI for large caps, KOSDAQ for technology and growth companies, and KONEX for small and emerging businesses. All three file through DART, and listed companies face the tighter of the two deadlines — audited financial statements within three months of fiscal year-end, against 120 days for unlisted filers, plus quarterly and semi-annual reporting and timely material-event disclosure.
Reporting requirements for listed issuers
- K-IFRS is mandatory for all listed companies and some unlisted ones; all other unlisted companies may adopt it voluntarily. Endorsed standards are referred to as IFRS as adopted in Korea.
- XBRL is required for listed companies' financial statements, with non-financial information permitted in XML; financial institutions are treated separately. Unlisted filers may submit either XML or XBRL.
- Both consolidated and separate financial statements are filed electronically with the FSS and the exchange.
- Material-event reports — mergers, spin-offs, share exchanges, transfers of material business or assets, treasury stock transactions, and issues of convertible bonds or bonds with warrants — are filed on DART and publicly available.
- Internal accounting control reporting applies from fiscal 2024, and now requires disclosure of controls designed to prevent and detect misappropriation of funds. It applies to listed companies and to large non-listed companies — those with total assets of ₩500 billion or more, reduced to ₩100 billion for companies in a disclosure-target business group, business report filers, and financial companies.
Sustainability disclosure: the KSSB standards
Korea is adding a sustainability layer on the same phased pattern seen in Australia, Singapore, Hong Kong, and Japan. The Korea Sustainability Standards Board (KSSB) issued exposure drafts in April 2024 that replicate IFRS S1 and S2, with an optional domestic annex (Standard No. 101) covering Korea-specific themes. The rollout:
- From FY2026 — KOSPI-listed companies with assets of ₩2 trillion or more, roughly the top 100 firms.
- Expanding to all KOSPI-listed companies by 2030.
- Scope 1 and 2 emissions required, with Scope 3 where material and transitional relief of up to three years.
- Disclosures are included in annual reports submitted through DART, so the sustainability data lands in the same system as the financials — a simpler architecture than the separate reporting streams used elsewhere.
- Assurance is not required initially, with mandatory limited assurance expected around FY2028 or later.
The chaebol: Korea's ownership structure
Every jurisdiction in this series has a signature ownership feature — Sweden's spheres, Denmark's and Austria's foundations, Japan's keiretsu. Korea's is the chaebol: large family-controlled business groups spanning many sectors, held together by circular and pyramidal shareholdings that let a founding family control an extensive group with a modest direct economic stake.
Unlike Japan's keiretsu, which are horizontal alliances centred on a main bank, chaebol are vertically controlled by an identifiable family. The Korea Fair Trade Commission formally designates disclosure-target business groups each year, and group membership carries additional obligations — including the lower ₩100 billion internal-control threshold noted above and specific disclosure duties on intra-group transactions.
Why the group designation matters for your data
For anyone assessing a Korean counterparty, the first question is whether it belongs to a designated business group. A group-affiliated subsidiary and a standalone company of identical size are different propositions: the affiliate has additional disclosure duties, is subject to scrutiny of intra-group transactions, and carries implicit group support that its own balance sheet will not show.
The KFTC designation list is public and updated annually, which makes this one of the more tractable ownership questions in Asia — considerably easier than tracing Japanese cross-shareholdings or Hong Kong's service-provider-administered structures. Use it as a segmentation field, not just background.
Accounting standards
Korea adopted IFRS with modifications as K-IFRS (Korean IFRS), maintained by the Korean Accounting Standards Board under FSS oversight. In broad terms, all listed companies and some unlisted companies must apply K-IFRS, and all unlisted companies are permitted to. Smaller entities outside the K-IFRS requirement use K-GAAP or the accounting standards for non-public entities (KAS-NPE), which carry simplified disclosure but must still present a true and fair view.
The practical consequence for a data consumer is favourable. Because K-IFRS is endorsed IFRS, Korean listed and large-company financials are directly comparable with European IFRS filings without the reconciliation work US GAAP demands — and considerably more comparable than Japanese accounts, where four permitted frameworks and the goodwill-amortisation difference break comparability. Records must be retained for up to ten years.
Insolvency
Korean corporate insolvency runs on the Debtor Rehabilitation and Bankruptcy Act — the "unified insolvency act" that consolidated previously separate statutes into a single code. It provides two principal court routes: rehabilitation (회생), a reorganisation procedure in which the debtor typically remains in possession under court supervision, and bankruptcy (파산), liquidation. Alongside the court procedures, Korea has a well-developed tradition of creditor-led out-of-court workouts, historically coordinated among the major banks.
Why Korean distress is more visible than its neighbours'
The disclosure architecture described in this guide changes what insolvency data is worth. In Hong Kong and Japan, a private company's financial position becomes public only when it fails — insolvency proceedings are one of the few windows into an otherwise closed record. In Korea, a company large enough to require an audit has been publishing financial statements on DART all along, so distress is visible in the filings before it reaches a court.
That is a materially better position for credit and counterparty monitoring: you can observe deterioration across successive audited filings rather than discovering it at the point of formal insolvency. It also means Korean insolvency records are useful for the detail they add — creditor composition, restructuring terms — rather than as the primary source of financial information they represent elsewhere in the region.
How Korea built its disclosure regime
A sequence of deliberate closures of the gaps that remain open elsewhere in the region.
Each step widened the population, tightened independence, or deepened the disclosure. The direction of travel has been consistent — and is the opposite of New Zealand's climate rollback or Japan's static position.
Four pitfalls in Korean financial data workflows
Pitfall 1: Assuming Korea works like Japan
It does not, and the difference is large. Korea's audit threshold is a disclosure threshold, tens of thousands of unlisted companies publish audited accounts on DART, and the low-disclosure corporate form was closed in 2018. Applying Japanese assumptions to Korea will make you badly underestimate what is available.
Pitfall 2: Using DART for legal status
DART holds financial and securities disclosure. Corporate registration, legal status, directors, and certified extracts sit with the separate court registry system. A complete Korean entity record needs both sources.
Pitfall 3: Ignoring the business group designation
KFTC-designated group membership changes a company's disclosure obligations, its regulatory scrutiny, and its effective credit standing. It is public and annually updated — capture it as a field rather than treating it as context.
Pitfall 4: Underestimating the language layer
DART has an English portal, which is more than Japan offers, but coverage is not complete — filing guidance and much underlying documentation are Korean-only, and company names are registered in Hangul. Latin-script-only matching will fail on a meaningful share of the register.
How South Korea compares
| Jurisdiction | Private company disclosure | Trigger | Format & access |
|---|---|---|---|
| South Korea | ~37,519 companies publish audited accounts | External audit thresholds — size, not listing | DART: free, XBRL, English portal, API |
| Japan | 1.8% publication rate; GK exempt entirely | Universal duty, unenforced | EDINET for ~11,000 listed filers only |
| Hong Kong | None — accounts go to the tax authority | No publication duty | HKEX for listed issuers only |
| Singapore | Most companies, except solvent EPCs | Shareholder structure | ACRA: XBRL, bulk data, API |
| Denmark | All limited companies | Universal duty, enforced | Free, XBRL + API |
South Korea is the best jurisdiction for private company financial data in East Asia, and it is not close. It sits materially ahead of Japan and Hong Kong, broadly alongside Singapore, and approaches the northern European standard on everything except language. The reason is a design choice any jurisdiction could copy and most have not: tie public disclosure to the audit obligation, then enforce it with criminal penalties.
MonetaiQ vs DART and the court registry: what each is for
Korea is a jurisdiction where the official systems are genuinely good, so it is worth being precise about where a commercial layer adds something and where it does not.
| Dimension | DART / court registry | MonetaiQ |
|---|---|---|
| Legal authority | Authoritative — court registry extracts carry official standing | Derived — not a substitute for a certified extract |
| Cost | DART is free; court registry extracts carry a small fee | Subscription |
| Private company financials | Strong — ~37,519 audited filers, mostly unlisted, in XBRL | Same data, parsed into a common schema across countries |
| Programmatic access | Open API provided by the FSS | API, bulk feed, and MCP server across all covered countries |
| Language | English portal, but incomplete; names in Hangul | English field names and values; Hangul-to-Latin name resolution |
| Cross-border comparability | K-IFRS presentation, Korean record only | Normalised to a common schema alongside other jurisdictions |
| Entity resolution | DART and the court registry are separate systems | Resolved into a single entity record |
When DART is enough
Be straightforward about this: if you need one Korean company's audited financials, DART is free, it is in XBRL, it has an English portal and an open API, and no commercial layer improves on it. Korea is among the small group of jurisdictions in this series — with Denmark, Norway, and the United States — where the official system is genuinely excellent for single-company work. Use it.
The commercial case in Korea is specifically about scale and comparison: normalising K-IFRS filings into the same schema as European and North American accounts, resolving Hangul company names against Latin-script records, joining DART financials to court registry legal status in one entity record, and delivering the whole thing in English through one interface rather than several. If your Korea work is one-off lookups, the free tier wins. If it is a portfolio, a pipeline, or a model, the normalisation is the value.
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Frequently asked questions
Are South Korean company financial statements public?
Yes, for a large population including many unlisted companies. Any company meeting the external audit thresholds must file audited financial statements with the Securities and Futures Commission, and under Article 23 of the External Audit Act anyone can view them free on DART. Around 37,519 companies were subject to external audit at the end of 2022, most of them unlisted, making Korea the strongest jurisdiction for private company financial data in East Asia.
What is DART?
The Data Analysis, Retrieval and Transfer System, Korea's electronic corporate disclosure platform operated by the Financial Supervisory Service — the equivalent of the SEC's EDGAR. Its distinguishing feature is that it is a single point of submission for all regulators: a company files once and the filing reaches the Financial Services Commission, the FSS, the Korea Exchange, and the KICPA. It covers KOSPI, KOSDAQ and KONEX listed companies plus all unlisted companies subject to external audit.
How many Korean companies publish audited financial statements?
37,519 companies were subject to external audit at the end of 2022, up 4,269 or 12.8% from 33,250 the previous year, according to the Financial Supervisory Service. Because the audit obligation and the DART filing obligation share the same trigger, that figure is effectively the number of Korean companies publishing full audited financial statements — the overwhelming majority of them unlisted.
Which Korean companies must be externally audited?
A stock company must be audited if total assets are ₩50 billion or more, or revenue is ₩50 billion or more, or it meets two or more of: assets ₩12 billion or more, liabilities ₩7 billion or more, revenue ₩10 billion or more, or 100 or more employees. A limited company is caught if it meets the asset or revenue threshold, or three or more of those criteria plus a fifth test of 50 or more members.
Do Korean limited companies have to disclose financials?
Yes, since 2018. Limited companies were previously outside the external audit regime entirely, which made the form a route to avoiding disclosure. The 2018 amendment brought them into scope, and Korean practitioners note that the reason to incorporate as a limited company in order to avoid information disclosure has substantially disappeared. Discussion has since extended to bringing limited liability companies into the regime as well.
Is DART free, and does it have an API?
Yes to both. DART is free at dart.fss.or.kr with a dedicated English portal at englishdart.fss.or.kr, financial statements can be searched and downloaded in XBRL, and the Financial Supervisory Service provides an Open API for programmatic access. This puts Korea ahead of Japan's Ministry of Justice registry, Hong Kong, Australia, and Canada on access.
When must Korean companies file financial statements?
Listed companies must file audited financial statements within three months of fiscal year-end. Unlisted companies generally have a 120-day window. Newly established companies file their first statements within three months of the end of their first fiscal year. Statements must be approved by the board and presented to the general shareholders' meeting before submission to the registry office and tax authorities.
What are the penalties for not filing in Korea?
Late submission commonly attracts fines of ₩5 million to ₩50 million, with possible restrictions on business activities and, for persistent non-compliance, administrative removal from the register. Falsifying financial statements or failing to disclose them carries far heavier consequences under Article 39 of the External Audit Act — up to five years' imprisonment or a fine of up to ₩50 million.
Do Korean companies use IFRS?
Yes, in the form of K-IFRS, which is IFRS as endorsed in Korea and maintained by the Korean Accounting Standards Board. All listed companies and some unlisted companies must apply it, and all other unlisted companies are permitted to. Smaller entities use K-GAAP or the accounting standards for non-public entities. Because K-IFRS is endorsed IFRS, Korean financials are directly comparable with European IFRS filings without reconciliation.
What is a chaebol, and why does it matter for company data?
A large family-controlled Korean business group spanning many sectors, held together by circular and pyramidal shareholdings that give a founding family control with a modest direct economic stake. Unlike Japan's keiretsu, which are horizontal alliances centred on a main bank, chaebol are vertically controlled by an identifiable family. The Korea Fair Trade Commission designates disclosure-target business groups annually, and membership brings additional disclosure duties, scrutiny of intra-group transactions, and a lower internal-control reporting threshold of ₩100 billion in assets.
Can I find shareholders of private Korean companies?
No. Shareholder information for private, non-listed Korean companies is not publicly filed in any searchable format — it is held by the company's shareholder registry agent and is available through neither IROS nor DART. Directors, including the representative director, are available in the IROS certified extract. For listed companies, ownership is well covered through DART large-shareholder disclosures and annual reports. Korea's disclosure strength is financial rather than ownership-related.
What is the difference between a Korean Corporate Registration Number and a Business Registration Number?
The Corporate Registration Number (법인등기번호) is issued by the Supreme Court registry at incorporation and links to the IROS certified extract covering trade name, head office, business purposes, share capital, issued shares, and directors. The Business Registration Number (사업자등록번호, 10 digits in 000-00-00000 format) is issued by the National Tax Service and appears on tax invoices, contracts, and the Public Data Portal. Both identify the same entity but resolve against different databases, and compliance-grade verification requires the IROS extract.
How many companies are listed in South Korea?
2,599 listed domestic companies at the end of 2024, according to World Bank data, across the KOSPI, KOSDAQ, and KONEX markets. Set against the 37,519 companies subject to external audit, that means roughly fourteen companies publish audited financial statements for every one that is listed — the clearest measure of Korea's private-company disclosure depth.
Does South Korea require sustainability reporting?
Yes, on a phased basis. The Korea Sustainability Standards Board issued exposure drafts in April 2024 replicating IFRS S1 and S2, with an optional domestic annex covering Korea-specific themes. The requirement begins in FY2026 for KOSPI-listed companies with assets of ₩2 trillion or more, roughly the top 100 firms, and expands to all KOSPI-listed companies by 2030. Disclosures are included in annual reports submitted through DART, and mandatory limited assurance is expected around FY2028 or later.
How does insolvency work in South Korea?
Under the Debtor Rehabilitation and Bankruptcy Act, which consolidated previously separate statutes into a single code. It provides rehabilitation (회생), a reorganisation procedure in which the debtor typically remains in possession under court supervision, and bankruptcy (파산), meaning liquidation. Korea also has a well-developed tradition of creditor-led out-of-court workouts. Because audited companies publish on DART throughout, Korean distress is usually visible in successive filings before it reaches a court — unlike Japan or Hong Kong, where insolvency is one of the few windows into a private company's finances.
How does Korea compare with Japan for company financial data?
Korea is substantially better. Both countries had a low-disclosure corporate form, but Korea closed that arbitrage in 2018 while Japan's gōdō kaisha remains exempt from publication entirely. Korea ties public disclosure to the external audit obligation and enforces it with criminal penalties, producing around 37,519 companies publishing audited accounts. Japan has a universal publication duty that Tokyo Shoko Research measured at a 1.8% compliance rate, with meaningful disclosure limited to roughly 11,000 EDINET filers.
Which Korean company forms must file financial statements?
Stock companies (주식회사), limited companies (유한회사), limited partnerships (합자회사), general partnerships (합명회사), limited liability companies (유한책임회사), and foreign-invested enterprises (외국인투자기업). Sole proprietorships are outside the regime unless they incorporate or cross statutory triggers, and foreign-owned branches follow the same rules as domestic entities.
