Premia TNC Singapore Team
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Shopify Payments Unavailable in Korea: Understanding the Reasons Behind the Restriction
Recently, Korean online shopping mall operators have been actively pursuing global expansion through Shopify. However, the first significant challenge they face during the operational phase is the limitations of the payment system.
Shopify Payments, Shopify’s official payment gateway, offers numerous advantages, such as multi-currency support, integration with Apple Pay and Google Pay, and local payment methods. However, it is not available in Korea.
This is because Korea is not included in the list of officially supported countries by Shopify.
This results in the following inconveniences for Korean businesses:
- Only one base currency can be set, which may lead to confusion among international customers.
- The multi-currency functionality is disabled in Shopify Markets.
- Advanced features, such as Stripe, Apple Pay, and local payment systems, are unavailable.
These limitations go beyond mere functional inconveniences, as they directly hinder the ability to serve global customers and limit revenue growth.
The Practical Solution for Seamless Shopify Payments Integration
Shopify Payments Supported Countries
Shopify Payments is currently only available in the following countries:
- Singapore
- Hong Kong
- US, Japan, and more
You can officially link your business by establishing an overseas corporation in one of these countries and registering a Shopify account as a local business.
Country-Specific Establishment Considerations and Practical Use Cases
Singapore
Merit: Global currency compatibility, excellent payment infrastructure, and stable tax system.
Recommended Business Types: Cross-border e-commerce and brand management.
Hong Kong
Merit: Low establishment and maintenance costs, no foreign exchange restrictions, and low corporate taxes.
Recommended Business Types: Digital products and small sellers.
Perks of Establishing an Overseas Store with Shopify Payments
- Increase international customer conversion rates with automatic multi-currency support.
- Supports various payment methods, including Apple Pay, Google Pay, and GrabPay.
- Ability to operate an integrated payment infrastructure based on Stripe.
- Cross-border tax compliance and currency stability.
- Increase customer trust and shopping convenience.
The Strategic Power of Establishing Overseas Corporations
When operating a global mall through Shopify, the payment system is not just a technical issue.
This is a core business infrastructure that directly impacts customer purchasing decisions, brand trust, and repeat purchase rates. Shopify Payments, in particular, goes beyond single payment processing and includes essential functions for global operations, including:
- Automatically apply multinational currencies, as customers can check prices and pay in their local currency.
- Support for easy payments like Apple Pay and Google Pay, as this increases mobile purchase conversion rate.
- Stable payment flow based on Stripe in order to minimize fraudulent payments and rejection rates.
- Integration with local payment methods (e.g., GrabPay, PayNow, etc.), as this is essential for targeting Southeast Asia.
However, since Korea is not a supported country for Shopify Payments, these advanced features are completely unavailable.
Timeline for Establishing a Global Shopify Mall Through an Overseas Corporation
The expected timeline and checklist for business setup:
Week 1: Preparation for Incorporation
- Decide on country (Singapore, Hong Kong, Malaysia, etc.).
- Prepare shareholder information, address, and certification documents.
- Initial design meeting with Premia TNC.
Week 2: Incorporation Process
- Corporate registration and issuance of unique numbers (UEN, etc.).
- Prepare documents for Shopify registration.
Week 3 to 4: Open a Digital Account + Integrate with Stripe
- Open a digital account (e.g., Airwallex).
- Stripe registration and Shopify Payments integration.
- Initial test payment and currency setup.
Week 5 to 6: Shopify Global Mall Setup
- Configure Shopify Markets.
- Multilingual, multi-currency settings.
- Check marketing preparation and payment integration.
Parallel (Week 6 to 10): Open a Local Bank Account (Optional)
- Apply for bank accounts (e.g., DBS, OCBC, HSBC).
- Relocation, Address, and KYC review.
Duration: Do note that this entire process could approximately take 6 to 10 weeks or possibly more in order to be completed.
Good to Know:
Actively utilize digital accounts (e.g., Airwallex) for initial operations, as this enables fast receipts and remittances along with Stripe integration support. Local bank accounts are managed separately for added stability and accounting purposes to be more beneficial for long-term B2B transactions and attracting investment.
The Right Time for an Overseas Corporation
Now, the success factor for global shopping malls based on Shopify goes beyond simple product competitiveness.
The current trend is moving towards the perfection of payment systems and the quality of customer experience.
By establishing a business in a country where Shopify Payments is available, you can enjoy the following benefits:
- Increase purchase conversion rates by automatically applying customer currencies.
- Global payment method integration, including Apple Pay and Google Pay.
- Securing operational stability by establishing an international standard accounting and tax processing system.
In this way, differences in payment infrastructure directly lead to differences in sales.
Premia TNC Singapore Team
Author
Premia TNC Singapore is a dynamic team of experts dedicated to supporting businesses and entrepreneurs as they establish, manage, and grow their presence in Singapore and across the region. Premia TNC Singapore specializes in providing tailored corporate services, from company incorporation and compliance to tax planning and accounting. With our extensive experience and deep understanding of the local regulatory environment, we are here to make business operations smoother and more efficient.
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