Samsung Group chairman Lee Kun-hee died early on Sunday at the age of 78.
Lee's death was announced by Samsung in a statement, which said he died with his family by his side, including his son the de facto company leader Lee Jae-yong.
"The Samsung Medical Center was packed with reporters on Sunday, waiting for any updates regarding Lee's funeral. Samsung says Lee's funeral will be small, in keeping with the wishes of the late Lee Kun-hee and his family."
The funeral is being limited to fewer than 50 people as a precaution amid the COVID-19 pandemic.
Lee's son, Lee Jae-yong, was seen entering the hospital at around 5 PM on Sunday.
The presidents of Samsung's affiliates are expected to come to pay their respects from 10 AM Monday.
The funeral is likely to be four days long, ending with Lee's burial on Wednesday.
The late Lee Kun-hee was hospitalized in May 2014 after a heart attack.
He'd battled health problems before then, too, including lung cancer from the late 1990s to the early 2000s.
His son, Lee Jae-yong, has been the de facto leader of Samsung since his father's hospitalization more than 6 years ago.
Politicians have been expressing their condolences Prime Minister Chung Sye-kyun has sent a floral tribute, and President Moon Jae-in also said on Sunday he would send flowers and a condolence message to the family.
Global media outlets were also quick to report the news of Lee's death.
AP said Lee transformed a small television maker into a global giant of consumer electronics.
The New York Times said that Lee had been the provider of grand strategic direction as Samsung's big thinker.
Kim Jae-hee, Arirang News.