Establishment of an Israeli corporation​

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Local regulatory issues related to virtual assets:

If a business is operated outside of Israel, it is not subject to local regulations in Israel.

In the case of exchanges, a license system has recently been introduced, and there are companies currently applying for a license and waiting.

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Local tax issues such as corporate tax, value-added tax, capital gains tax, and dividend tax:

If the business is conducted outside of Israel, it is not subject to local taxation in Israel.

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Obligations for local accounting and tax reporting:

If the business is conducted outside of Israel and there are no transactions with local companies, it is not subject to local accounting and tax reporting.

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Requirements for establishment:

1. Minimum one week/minimum capital of $1

2. At least one natural person must be listed as a director.

3. The company must have a registered address in Israel (provided by CJ).

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Incorporation and one-year service fee:

USD 3,800 (including VAT)

VAT: 17% 6.

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Incorporation and one-year service fee:

Incorporation and government fees

Preparation and submission of company standard articles of incorporation

Provision of incorporation certificate and registered articles of incorporation

Preparation of minutes of the inaugural meeting of shareholders and directors

Preparation of register of shareholders and directors

Preparation of share certificates

One year of registered address service
 

Opening of an Israeli bank account (non-face-to-face):

USD3,500 (including VAT)

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Annual renewal costs for corporations:

1. State Fee: USD500

2. Provision of corporate address: USD760

3. Payment of State Fee: USD100

4. Annual report: USD1,100

Total: USD2,460

 

Requirements and documents to be prepared for incorporation:

1. A copy of the shareholder/director's passport

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2. Original verification of the shareholder/director's passport

- Korean passport: A copy of an English passport (issued by the district office) (View sample)

- Passport of another country: Certified True Copy or Notarial Certificate (View Sample)

 

3. Proof of the shareholder/director's current (within the last three months) English address

- Residence in Korea: English certified copy (resident center)

- Residence in another country: Utility bill + Bank statement (or equivalent official document) (View Sample)

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4. Fill out the application form for incorporation

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If the shareholder is a corporation, the required documents are as follows:

1. English translation of the certificate of incorporation notarized with an apostille

2. English translation of the articles of incorporation and notarized with an apostille

3. Certificate of good standing notarized with an apostille or English translation of the certificate of incorporation notarized with an apostille

4. English shareholder register notarized with an apostille

5. Copy of the signature holder's English passport

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Important notice:

* If you wish to open an account after establishment, please contact us in advance.

* In order to open an account in Israel, you must have a local authorised signatory, which we will provide you with initially. However, after opening an account, the customer must change the signature authority, and to do so, the customer must submit the signature authority change documents to the Bank of Israel after having them notarized by an apostille or visit the Bank of Israel in person. Some banks require in-person visits, and if we continue to provide local signature authority services, additional fees will be incurred.

* Depending on the Israeli bank, your account may be closed if you trade with a virtual asset exchange.

 

Israeli Visa Service

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Visa application process:

1. Company establishment

2. Exceptions Committee application (success rate of 80%)

3. Professional Employee Visa application

4. Visit the Israeli Embassy in Korea to receive a temporary visa

5. Visit Israel and receive a formal visa (valid for one year)

 

Costs:

1. Visa application (valid for one year): USD34,000 (including VAT) + government fees not included

2. Visa renewal (valid for up to five years): USD34,000 (including VAT) + government fees not included

3. Accompanying visa: USD4,600 per person (including VAT)

4. Current government fee: USD500

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Application requirements:

1. Monthly salary of at least 20,000 NIS (approximately USD5,500)

2. Professional job that meets the requirements for the issuance of a Professional Employee Visa in Israel

3. No criminal record

 

Required documents:

1. English resume

2. University degree or higher (in English)

3. Certificate of experience in relevant job (in English)

4. Documents related to the company (employer) (financial ability, business plan, proof of salary, registration documents, etc.)

5. Other documents required by the Israeli Immigration Service in relation to visa application