Korean Job Discussion Forums

[Whistleblower]

Hello people,

I have a question about setting up a business in Korea. I would like to setup a home business in Korea which is NOT teaching related. Anyways, I am married to a Korean but would like to setup the business in my name (if that is possible).

Is it easy to setup a business in Korea? Would anyone recommend a particular indemnity insurance? Has anyone setup a business under F2 status in Korea, and if so, how difficult was it? What is the implications of setting up a SME in Korea (tax, health insurance, pension, etc etc)?

I would really appreciate any assistance you are able to offer no matter how small. Thanks in advance for your reply.

[ttompatz]

[winterwawa]

I don't know about the particulars of setting up a business, but have heard that it can be a daunting task. You will need a good law firm to handle filing the documents. I can put you in touch with a good firm that has an English speaking partner if you want. Just send me a PM and I will pass on the information.

[JD1982]

Why would you want a set up a business in Korea?

I hope you have lots of cash. Unlike in the U.S., you'll have pay everything up front in Korea.

[Yaya]

Depends on what kind of biz you want to set up. You CAN set up a business as a foreigner in your own name, but seriously, put it in your wife's name to avoid constant scrutiny and sometimes harassment from authorities.

I know that to set up an incorporated company, or 주식회사 in Korean, you need to have at least 50 million won in a Korean bank account.

Doing business in Korea is far from easy and Korea is NOT the business hub of Northeast Asia but more foreigners are setting up their own things here.

[Juregen]

[Paddycakes]

I wonder if they'd let me open my own escort agency called "The Yellow Caboose"...

Dare to dream I guess...

[Babodrgn]

It's very easy to set up a sole proprietorship in Korea. I went to my local tax office with a Korean friend and got everything done in 30 minutes. You need a stable address here, in your own name, and just need to submit your taxes twice a year.

If you want to incorporate, it's far more complicated. I called an English lawyer here who wanted a couple grand to file the papers for me. Apparently it's not as easy as it is in the west. Furthermore, I believe you need several people to serve as your Board of Directors. In the west it's possible to be the sole director / officer / employee of your own corporation, but I don't think that's the case here.

Anyway, a sole proprietorship is easy, but you face unlimited liability.

G'luck