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Juregen
Joined: 30 May 2006
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 Posted: Mon Jan 07, 2008 10:30 am Post subject: |
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| victorology wrote: |
| Juregen wrote: |
| To register as a foreign businessman, you need to transfer 50.000.000 won from a foreign account into a Korean Exchange bank account, that is about 38.000 euros at the moment. once the money is deposited you are free to use it. I am not sure if i can simply transfer the money back though. but that is for later. |
So as a foreigner, this means you need at least 50 million won in capital to start any business in Korea? |
Actually its worse, you need a 50.000.000 won cash transfer from a foreign account into a Korean Exchange bank account.
So small business investors might have a hard time. |
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Juregen
Joined: 30 May 2006
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| Posted: Mon Jan 07, 2008 10:35 am Post subject: |
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| TheUrbanMyth wrote: |
| Demophobe wrote: |
| Cheonmunka wrote: |
| Yep, overhead/running costs, perhaps even a similar income as now is right to bring up, esp. when you consider into it that you can exchange your current income into USD's and put down dosh for the future, or allow more money into your mortgage debt like I still have. However, I think establishing oneself to become a major player is a whole 'nother ballgame. Something I have considered on and off for several years - like eight years. Always looking to approach it right. |
I'm not sure there is a long-timer in Korea who hasn't entertained the notion of opening a school at one point in time or another. Then the light of day gets in.
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This is correct. Like most other long-running topics this one pops up every so often. Once people realize the work it entails...99% of the time it falls by the wayside. |
Lets say that if we did not make early commitments to our investment, we might have dropped it all together as well.
You have to run around a lot and half of the people you need to communicate with don't speak a word of English.
1. Board of education -- no English
2. Tax office -- no English
3. Korean exchange bank -- no English
4. Real estate -- no English
5. Housing administration (for maintenance) -- no English
6. Interior designers -- no English
the list can be very very long indeed. |
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PRagic
Joined: 24 Feb 2006
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| Posted: Mon Jan 07, 2008 1:04 pm Post subject: |
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| ...and don't forget that it is 50 million PER INVESTOR in order to get the proper business visa. I believe there is also an income requirement from the business, too (50K/year per investor?), but don't quote me on that one. With the F5, that was one thing I could stop worrying about. |
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victorology
Joined: 10 Sep 2007
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| Posted: Tue Jan 08, 2008 8:18 am Post subject: |
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| Juregen wrote: |
| victorology wrote: |
| Juregen wrote: |
| To register as a foreign businessman, you need to transfer 50.000.000 won from a foreign account into a Korean Exchange bank account, that is about 38.000 euros at the moment. once the money is deposited you are free to use it. I am not sure if i can simply transfer the money back though. but that is for later. |
So as a foreigner, this means you need at least 50 million won in capital to start any business in Korea? |
Actually its worse, you need a 50.000.000 won cash transfer from a foreign account into a Korean Exchange bank account.
So small business investors might have a hard time. |
Wow, pretty rough. Thank you for the information, though. |
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Juregen
Joined: 30 May 2006
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| Posted: Tue Jan 08, 2008 4:01 pm Post subject: |
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| PRagic wrote: |
| ...and don't forget that it is 50 million PER INVESTOR in order to get the proper business visa. I believe there is also an income requirement from the business, too (50K/year per investor?), but don't quote me on that one. With the F5, that was one thing I could stop worrying about. |
With business no one can guarantee "profit", revenue is a more likely measurement, but i will have to look into it. |
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Faunaki
Joined: 15 Jun 2007
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| Posted: Tue Jan 08, 2008 8:50 pm Post subject: |
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I heard about a guy who started a hagwon in an apt. Supposedly he is doing really well. I think he's Korean though. I'm gonna try and get the link about it.
Seems like a good idea - pay Jonsay for an apt in a busy location, get a secretary and another teacher, wa la! If the business fails, you can always get the Jonsay money back.
I can't send a link, cause I have to log in and it's in Korean - sorry but here it is anyway:
아파트에서 영어를 전문으로 가르치고 있는 개인사업자입니다.
상권특성은 완전독립상권으로써 외부학원으로 나가지 않고 아파트단지내에서(3000세대)
대부분 영어수요를 소화하고 있습니다. 학생수는 80~90명 선이고 초등반 중등반 전문입니다.
현재 미국인 원어민 선생님 한분과 문법과기타(토익토플회화)등을 책임지는 한국인 강사1명이
주강사진이고 상담을 맡는 여선생님 1분 입니다.
외국인 강사료 및 기타경비를 지급한 후 한달 순수입액은 최소 600만~최대 800만입니다.
아파트보증금은 7000만원 (4000~5000만원으로 조정가능합니다.) 월세는 50만원입니다.
성실하게 아이들을 위해 이 사업을 인수하실분만 연락주십시오.
권리금은 2000만원선으로 조정 가능합니다.
참고로 저는 잠시 가족과 함께 유학을 떠날 예정입니다.
연락처 : 010 - 7689 - 7940 |
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Juregen
Joined: 30 May 2006
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| Posted: Tue Jan 08, 2008 10:53 pm Post subject: |
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That is not a hagwon.
A hagwon needs a lot of real estate requirements that apartments don't offer. One being fire safety.
He probably uses another 'system'. |
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Cheonmunka
Joined: 04 Jun 2004
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| Posted: Wed Jan 09, 2008 1:42 am Post subject: |
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Seems to me he is trying to sell it for 20 million in client and good will + the deposits. Not bad. But, maybe we should dob him in for the illegal teacher hire first then buy it.
외국인 강사료 및 기타경비를 지급한 후 한달 순수입액은 최소 600만~최대 800만입니다. |
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karma police
Joined: 01 Sep 2007
Location: all roads lead to where you are...
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| Posted: Wed Jan 09, 2008 5:45 am Post subject: |
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takes a fortune in money especially bribes, a tanker load of patience and some very trustworthy Korean contacts to open and maintain a profitable English school here...  |
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