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depth
Joined: 01 Feb 2008
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 Posted: Sun Sep 05, 2010 11:33 pm Post subject: advice please - is it ok to run an internet business on E2? |
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hi all,
if any of the forum experts can please advise,
i have an internet business (sports membership site) not related to the education industry. i plan to contiune this business while at the same time working at a hogwan. will this prevent me from getting an E2 visa?
also - what types of "work on the side" are not legally allowable to do while on an E2 visa?
thanks for any answers
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War Eagle
Joined: 15 Feb 2009
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| Posted: Mon Sep 06, 2010 12:05 am Post subject: |
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If this is a business that is putting money into an account outside of Korea, then how would they ever know? (prob not illegal anyway to own a business outside Korea on a e2. Can't see why it would, but just don't mention it.)
If you plan on putting money into a Korean bank account then that's a whole new can of worms which would prob be illegal to open without getting a business license. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Sep 06, 2010 12:18 am Post subject: Re: advice please - is it ok to run an internet business on |
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| depth wrote: |
hi all,
if any of the forum experts can please advise,
i have an internet business (sports membership site) not related to the education industry. i plan to contiune this business while at the same time working at a hogwan. will this prevent me from getting an E2 visa?
also - what types of "work on the side" are not legally allowable to do while on an E2 visa?
thanks for any answers
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Off shore business with funds going off-shore = not relevant to the visa application process nor the status of sojourn while you are here.
Offshore business with funds being direct deposited (not transferred from/via your own off-shore bank account) = can affect the status of sojourn but unlikely to trip anything with immigration.
It can however create an unfunded tax liability for you here in Korea (as well as look bad if you are suspected of illegal employment (IN KOREA) IF you are caught having the money directly deposited to you here
RATHER than to your offshore account and then a remittance made from yourself there to yourself here.
Bottom line:
=work on line and have the money paid offshore = not relevant to Korean immigration or taxation (you are not a citizen and your offshore actions are not taxable or relative to Korea).
=work on-line and have the money deposited directly to your Korean account and you are in violation of your status of sojourn and have a Korean tax liability.
It is a grey area in regards to a 2nd job as a PS teacher as long as it stays off-shore.
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Troglodyte
Joined: 06 Dec 2009
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| Posted: Mon Sep 06, 2010 3:45 am Post subject: |
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| If the money is deposited in a Korean bank account, then they'd probably notice it if you were being investigated for teaching privates. In that case they would likely check your bank records. |
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jonpurdy
Joined: 08 Jan 2009
Location: Ulsan
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| Posted: Mon Sep 06, 2010 5:00 am Post subject: |
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I'm curious about the legality of this as well. If it's deposited into a foreign account and never brought into Korea they'd never find out, but is it still illegal for an E-series visa to do this?
My contract (PS teacher) states that I can't work any other jobs. Perhaps it'd be a violation of a contract. But really I have no idea. |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Mon Sep 06, 2010 2:29 pm Post subject: Re: advice please - is it ok to run an internet business on |
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| ttompatz wrote: |
=work on line and have the money paid offshore = not relevant to Korean immigration or taxation (you are not a citizen and your offshore actions are not taxable or relative to Korea).
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Actually this is incorrect, if you are on a 1 year visa or longer in Korea, you are a Korean resident for tax purposes and taxed on your global income.
You make take the view how would the NTS know, but you would be breaching Korean tax law. Paying tax in another treaty country would offset your Korean tax liability. |
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oldfatfarang
Joined: 19 May 2005
Location: On the road to somewhere.
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| Posted: Mon Sep 06, 2010 5:42 pm Post subject: |
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| OP> Why tell anyone about your business? I've been managing my business (by internet) for 5 years while in Korea. It's not anyone's concern what you do. Just sit back and watch the money flow into your offshore accounts while you're deskwarming. Sweet. |
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NYC_Gal
Joined: 08 Dec 2009
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| Posted: Mon Sep 06, 2010 7:48 pm Post subject: |
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| Just have it sent to your offshore account and mum's the word. |
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northway
Joined: 05 Jul 2010
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| Posted: Tue Sep 07, 2010 8:09 am Post subject: Re: advice please - is it ok to run an internet business on |
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| big_fella1 wrote: |
| ttompatz wrote: |
=work on line and have the money paid offshore = not relevant to Korean immigration or taxation (you are not a citizen and your offshore actions are not taxable or relative to Korea).
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Actually this is incorrect, if you are on a 1 year visa or longer in Korea, you are a Korean resident for tax purposes and taxed on your global income.
You make take the view how would the NTS know, but you would be breaching Korean tax law. Paying tax in another treaty country would offset your Korean tax liability. |
Yeah but for practical purposes it's irrelevant. |
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da_moler
Joined: 11 Nov 2006
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| Posted: Tue Sep 07, 2010 8:35 am Post subject: |
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What matters is that you can show that you have paid tax on your earnings in one country or another. If you were married to a Korean (and so had the right to work for yourself in Korea) and registered as self-employed in Korea, I imagine it would be better for you to declare the income in Korea and say pay tax in Korea. Tax is probably lower in Korea than in your home country.
Anyways, I don't see any problem with having an income stream from overseas, as long as you pay tax there. |
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