How To Open Stripe Account In South Korea The Easiest Way (2023 Best Guide)

Is Stripe available in South Korea? That is one among other questions concerning opening a using Stripe in South Korea that you will find answers to in this post.

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Every entrepreneur, freelancer and dropshippers will require Stripe to receive money from clients or customers outside of South Korea. But Stripe is not supported in South Korea, so how can one open Stripe account in South Korea as stated in the blog post?

Well, read as I will be showing you how to legally open a verified stripe account in any unsupported country including South Korea.

Is Stripe Available In South Korea?

You can create a Stripe account in South Korea when you register your business in the United States or in any Stripe-supported country. You will learn how to form a US company easily so that you can use it to set up a functional Stripe account.

Does Stripe Work In South Korea?

You can use Stripe in South Korea to receive payment seamlessly across the globe. For you to be able to use Stripe in South Korea, you must have all the essential documents to open an account and verify it. This post will show you how to do so.

How To Open Stripe Account In South Korea

As stated earlier, you must form a company in any stripe-supported country. The best countries are the United States and the United Kingdom. So if you are forming a US company or UK company, you must have an address, phone number and bank account in those countries.

That is not a big problem as I will be showing you how to go about it. In this guide, we will be forming a US company which is an LLC (Limited Liability Company).

Requirements To Open Stripe Account In South Korea

1. Limited Liability Company

You will need to form a limited liability company which is an LLC. It is a type of business structure in the United States of America. It is not hard to create an LLC even as a foreign resident.

The LLC which is your business is what you will use to open your Stripe account in South Korea. You will learn how to form an LLC in this post.

2. Employer Identification Number

Employer Identification Number which is EIN is like a social security number for individuals, but in this case for businesses. Sometimes, it is also referred to as a federal tax ID. You must submit your EIN as a business when opening your Stripe account. In this guide, you will learn how to get your EIN.

3. A US House Address

Since you are forming your LLC in the United States, you will need a US house address. That is not a big issue as you can have a free and functional US house address at Shipito. Go there and signup to get your California-based address.

4. A US Phone Number

Getting a US phone is not hard as it makes seem. You can get a working US phone number that can send/receive messages and make calls or receive calls. You will need this in your LLC formation and stripe account creation. Dingtone is an app available for mobile phones. Go there, download it and purchase a US phone number of your choice.

5. A US Bank Account

There are many ways to get a US business or individual account. You can use Mercury.com to open a US business account but only possible if you already have your LLC form. The best option is open an Individual US bank account using Payoneer. Stripe will request a US bank account you are creating your Stripe account.

In summary, the requirements to safely open a stripe account in Nigeria are:

1. Form a Limited Liability Company (LLC) in the US
2. EIN (Employer Identification Number) or Tax ID
3. A Personal US physical address
4. A US phone number
5. A US bank Account

Now that you have known all the necessities to open Stripe account in South Korea, now is to move to the step-by-step procedures. There are 46 Stripe-supported countries at the time of publishing the post.  The Stripe supported countries are listed below.

• Australia
• Austria
• Belgium
• Brazil
• Bulgaria
• Canada
• Croatia
• Cyprus
• Czech Republic
• Denmark
• Estonia
• Finland
• France
• Germany
• Gibraltar
• Greece
• Hong Kong
• Hungary
• India
• Indonesia – Invite only
• Ireland
• Italy
• Japan
• Latvia
• Liechtenstein
• Lithuania
• Luxembourg
• Malaysia
• Malta
• Mexico
• Netherlands
• New Zealand
• Norway
• Poland
• Portugal
• Romania
• Singapore
• Slovakia
• Slovenia
• Spain
• Sweden
• Switzerland
• Thailand
• United Arab Emirates
• United Kingdom
• United States

South Korea is not listed among the Stripe-supported countries, so how then can someone open Stripe account in South Korea? As an unsupported country, you must use the same guide for opening a Stripe account in unsupported countries.

You will find the complete guide by visiting this blog post: How to use Stripe in unsupported countries. The post has complete step-by-step procedures with images for proper direction.

How To Open Stripe Account For Non US Residents In 2023

Warning: Don’t Buy A Stripe Account

Buying a Stripe account is strongly discouraged due to several reasons. Firstly, it violates Stripe’s terms of service, exposing you to legal consequences.

Purchased accounts may have been acquired fraudulently, putting you at risk of account suspension or frozen funds. Acquiring someone else’s Stripe account means inheriting their business history, which could include unresolved disputes, chargebacks, or financial liabilities.

It is crucial to establish your own legitimate Stripe account to ensure legal compliance, safeguard your reputation, and retain control over your business operations. By doing so, you can maintain transparency, trust, and accountability with your customers and partners.

FAQs: How To Legally Open A Stripe Account In South Korea

What Is Stripe And How Does It Work In South Korea?

Stripe is a widely used online payment platform that enables businesses to accept payments securely over the internet. In South Korea, Stripe provides a convenient and reliable way for businesses to process online transactions – if you have a verified account.

Can Individuals In South Korea Open A Stripe Account?

Yes, individuals in South Korea can open a Stripe account as long as they meet the requirements.

What Are The Basic Requirements For Opening A Stripe Account In South Korea?

The basic requirements include being at least 18 years old, having a registered business in any Stripe-supported country, an EIN, a US Physical address, a phone number and a bank account.

How Do I Create A Stripe Account In South Korea?

To create a Stripe account in South Korea, you must meet all the requirements to open a Stripe account. If you have these requirements, visit the Stripe website and create an account. Provide the necessary details about your business, such as company name, address, and banking information. Once your account is set up, you can start integrating Stripe into your website or app.

Can I Use Stripe In South Korea To Accept Payments From Customers Worldwide?

Yes, with Stripe, you can accept payments from customers all around the world, including South Korea – if your account is verified. Stripe supports international payments and allows businesses to receive funds from various countries.

Can Freelancers Or Self-Employed Individuals Open A Stripe Account In South Korea?

Yes, freelancers and self-employed individuals can open a Stripe account in South Korea, provided they fulfil the eligibility criteria.

How Long Does It Take To Open A Stripe Account In South Korea?

The account setup process typically takes a few minutes, but it may require additional verification steps, which could take a few days.

Are There Any Fees Associated With Using Stripe In South Korea?

Yes, Stripe charges transaction fees for each successful payment. The fees may vary depending on factors such as the currency used and the type of transaction (e.g., local or international). You can find detailed information about Stripe’s pricing structure on their website.

Can I Link Multiple Bank Accounts To My Stripe Account In South Korea?

Yes, you can link multiple bank accounts to your Stripe account in South Korea, which allows you to manage your funds more efficiently.

Are There Any Restrictions On The Types Of Businesses That Can Open A Stripe Account In South Korea?

Stripe generally supports a wide range of businesses; however, certain industries or activities may be subject to specific regulations or restrictions.

Can I Receive Payments In Currencies Other Than The South Korean Won (KRW) Through My Stripe Account In South Korea?

Yes, Stripe supports multiple currencies, allowing you to receive payments in various currencies from customers worldwide. Conversion rates and fees may apply.

What Currencies Does Stripe Support In South Korea?

Stripe supports a wide range of currencies in South Korea, including the South Korean Won (KRW), US Dollar (USD), Euro (EUR), British Pound (GBP), and many more. You can choose the currency that suits your business needs.

How Long Does It Take For Funds To Be Deposited Into My South Korean Bank Account With Stripe?

The time it takes for funds to reach your South Korean bank account depends on various factors, such as your bank’s processing times and the payment method used. Generally, it takes 2-7 business days for funds to be deposited into your account.

How Can I Integrate Stripe Into My Website Or App In South Korea?

Stripe provides comprehensive documentation and developer tools to help you integrate their payment system into your website or app. You can find detailed instructions, APIs, and plugins on the Stripe website to guide you through the integration process.

What Are The Security Measures Taken By Stripe In South Korea?

Stripe prioritizes security and employs various measures to protect your business and customer data. They utilize encryption, fraud detection algorithms, and follow strict PCI-DSS (Payment Card Industry Data Security Standard) compliance guidelines to ensure the safety of transactions.

Can I Use Stripe For Recurring Payments Or Subscriptions In South Korea?

Yes, Stripe offers features to handle recurring payments and subscription-based services. It provides APIs and tools to manage subscriptions, billing cycles, and customer renewals. This functionality can be useful for businesses offering subscription-based products or services.

What Customer Support Options Are Available For Stripe Users In South Korea?

Stripe provides customer support through various channels, including email and live chat. You can reach out to their support team for assistance with technical issues, account-related inquiries, or any other questions you may have regarding using Stripe in South Korea.

Is A Business License Necessary To Open A Stripe Account In South Korea?

While having a business license is not mandatory, it is advisable to have one if you are operating as a registered business entity.

How Can I Ensure Compliance With South Korean Laws When Using Stripe?

It is crucial to review and adhere to the local laws and regulations pertaining to your business activities, such as tax obligations and financial reporting.

Visit this blog post: How to use Stripe in unsupported countries.