=> Some 95% of all Korean companies are chusik hoesa (stock, or incorporated
companies) with very few of the other three kinds of companies, namely hapmyung
hoesa (partnership companies), hapcha hoesa (limited partnership) and yuhan hoesa
(limited liability companies).

=> The procedure for incorporation is as follows:

1. Organizing promoters (at least one promoter is required);
2. Studying the existence of similar company names;
3. Inaugural meeting of promoters and preparation of minutes;
4. Preparing and notarizing the articles of incorporation;
5. Deciding matters concerning the issuance of shares (incorporation through
subscription and incorporation through promotion)
6. Subscription and distribution of shares;
7. Capital contribution (including contribution in kind);
8. Inquiry about progress of establishment;
9. Inaugural general meeting;
10. Board of directors meeting;