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Korean Job Discussion Forums
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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 Posted: Mon Sep 05, 2011 5:57 am Post subject: |
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| northway wrote: |
| Juregen wrote: |
| northway wrote: |
| Juregen wrote: |
| rayray123 wrote: |
It's funny that this thread got no replies, I guess that says something about the experiences people on this forum have had while in Korea.
I'll share... My year in Korea was mostly one big positive experience. |
I just started my own hagwon .... smart people don't look for jobs, they create their job. |
And have F visas. |
Good excuse there, but it doesn't work.
You can start a business without an F-visa, but finding that out takes work. |
Correct me if I'm wrong, but doesn't it require bringing 100 million won into the country in order to acquire the visa necessary to do so? I heard 50 million from a guy who started a business a couple years ago, then heard that the number had changed to 100 million more recently. |
As a foreigner, most businesses worth starting will require far more than 100 million won before you open your doors. |
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northway
Joined: 05 Jul 2010
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| Posted: Mon Sep 05, 2011 6:09 am Post subject: |
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| ontheway wrote: |
| As a foreigner, most businesses worth starting will require far more than 100 million won before you open your doors. |
Fair enough, but what I've read is that the 100 million must come into Korea from outside the country if you're applying for a visa to open a small business. If that really is the case, staying here for a few years and saving up isn't really a viable option, as you must have an alternative source of funds somewhere (inheritance, etc.). F visa holders don't have this issue.
Another difference between E-2 folks and Fs is that of credit: the former can't even get a credit card from a Korean bank, let alone a business loan. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Mon Sep 05, 2011 6:13 am Post subject: |
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| northway wrote: |
| ontheway wrote: |
| As a foreigner, most businesses worth starting will require far more than 100 million won before you open your doors. |
Fair enough, but what I've read is that the 100 million must come into Korea from outside the country if you're applying for a visa to open a small business. If that really is the case, staying here for a few years and saving up isn't really a viable option, as you must have an alternative source of funds somewhere (inheritance, etc.). F visa holders don't have this issue.
Another difference between E-2 folks and Fs is that of credit: the former can't even get a credit card from a Korean bank, let alone a business loan. |
Save it up, wire it home little by little, and when you have enough, and you've decided to take the plunge and get your investor's visa, wire the whole lump sum back to yourself. |
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thegadfly
Joined: 01 Feb 2003
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| Posted: Mon Sep 05, 2011 7:31 am Post subject: |
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http://www.koreatimes.co.kr/www/news/special/2009/08/177_18813.html
A D-8 visa requires 50 million won to be invested in the business to get the visa. This really isn't that much for anyone who really knows about starting a business, but to folks that figure a couple grand is enough to open a school or restaurant, 50 million won seems like an "impossible" figure.
In the past, I had looked into opening my own school, and even if I were on an F visa, starting even a tiny school would run me more than that, presuming I hired another teacher and a secretary -- that 50 million would be eaten up just by the first year's salaries, let alone rent, furnishings, power, and advertising...and forget about inspections, interviewing, and various bribes/gifts that would have to be given. |
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nellehehe
Joined: 08 Aug 2011
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| Posted: Mon Sep 05, 2011 12:06 pm Post subject: |
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| Hey, if you are getting off-topic then can you guys either PM each other or make another thread? Preez? Thanks guyss. =]] |
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World Traveler
Joined: 29 May 2009
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| Posted: Mon Sep 05, 2011 2:20 pm Post subject: |
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Nellehehe, since you are on an F series visa, a lot more opportunities are open to you. Go into recruiting and owning a hagwon. That's where the big money is.
Positive success stories:
| BigBuds wrote: |
| I own a recruiting company and a hagwon. |
| BigBuds wrote: |
It's easy to make above average money here if you have the right visa and a brain.
Go into business for yourself. I've been here ten years and have worked for myself for 8 of those. I own two buisnesses here and I also invest in the Korean real estate market. Started my first business here when my wife was still my girlfriend and we have since opened up another business.
In a bad a month, I clear about 10 million won. On a good month 20 million. Last year was great, no bad months at all, and this year a couple of bad months so far. This isn't including money made from real estate here.
The real estate market here can be great for some quick gains. For example, the last apartment I bought, I litterally owned it for 3 weeks and sold it again for a 20 million won profit.
Korea is a great place to set up business if you do it right and have an understanding of the culture. PLENTY of opportunities here! |
| PatrickGHBusan wrote: |
| World Traveler wrote: |
| T-J wrote: |
| I'm not a recruiter. |
How are you making 10 million per month? Do you own a hagwon?
| Captain Corea wrote: |
| TJ and I don't get along, but I'd never say that he's failed as a parent for making the choice to raise his kids here. If I recall, he said he made roughly 5 times the salary of an average teacher. Taking a guess, I'd put that at 10 mill a month. 120,000,000 per year. And I have no idea if his wife even works. But just alone pretty much guarantees that he's going to be able to afford a decent lifestyle for his family. |
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World traveler, to my knowledge TJ owns and runs a Hakwon or a school. He works damn hard and earns a good income. Good for him. |
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OHIO
Joined: 16 Aug 2011
Location: Korea
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| Posted: Mon Sep 05, 2011 7:17 pm Post subject: |
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| I left a very nice little hakwan in Koje. Very nice place to work, but only paid W2million/month. That's all they could afford, I left and went to EPIK. Now I miss the old place and can't stand EPIK! |
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Juregen
Joined: 30 May 2006
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| Posted: Mon Sep 05, 2011 7:50 pm Post subject: |
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| thegadfly wrote: |
http://www.koreatimes.co.kr/www/news/special/2009/08/177_18813.html
A D-8 visa requires 50 million won to be invested in the business to get the visa. This really isn't that much for anyone who really knows about starting a business, but to folks that figure a couple grand is enough to open a school or restaurant, 50 million won seems like an "impossible" figure.
In the past, I had looked into opening my own school, and even if I were on an F visa, starting even a tiny school would run me more than that, presuming I hired another teacher and a secretary -- that 50 million would be eaten up just by the first year's salaries, let alone rent, furnishings, power, and advertising...and forget about inspections, interviewing, and various bribes/gifts that would have to be given. |
Exactly!
50.000.000 is nothing compared to the whole investment required in running a business. |
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rhizome
Joined: 17 Aug 2011
Location: Toronto
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| Posted: Mon Sep 05, 2011 10:34 pm Post subject: Re: POSITIVE EXPERIENCES? Do share. |
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| nellehehe wrote: |
I would also really like to hear about your positive experiences.
Please share! |
Over a decade has passed, and my bosses in Korea are still among the best employers I've ever had. And considering what I was like in my early 20s -- total scruff, drama queen, boy crazy -- I think they were beyond understanding. Partly because of them, I'm now thinking about coming back to Korea in 2 years when I finish my degree here in Toronto.
random goodness: Loved my airy apartment, the hiking was excellent, I made friends with wonderfully kind and honest Korean people, and one of the foreigners I worked with is still one of my closest friends to this day. |
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takwndogirl
Joined: 24 Aug 2011
Location: Seattle, WA
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| Posted: Tue Sep 06, 2011 12:22 am Post subject: |
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Haha, I agree with the above poster as far as awesome bosses. My boss not only drove me to the Chinese embassy to try to get me a visa to visit china, but he let me leave work early so I could catch the flight to China. Plus he made sure everything he did regarding money involved a reciept with a break-down.
On top of that, I made some amazing friends both foreigners and Koreans who I'm still in close contact with. I very much miss chamchi kimbap which is my favorite food of all time! I can't wait to go back! |
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politica
Joined: 12 Dec 2006
Location: Suwon-si
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| Posted: Tue Sep 06, 2011 12:32 am Post subject: |
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1. I have fantastic students who actually try (although most of them are fairly low level), respect me, and are just generally fun to be around.
2. I have the quirkiest and coolest boss- a 60-something unmarried woman who spent over half of her adult life in the U.S.
3. I am able to save a respectable amount of money.
4. I am nearly fluent in Korean, my third language.
5. I make enough money not only to save, but also to live comfortably- go out to eat often, travel around Asia and Europe, etc.
6. I am currently single, but I have met and dated some interesting people here.
7. I have the best vacation in all of Korea (12 weeks per year)
8. I possibly also have the best work schedule in all of Korea (11-5 Mon thru Fri, except Wed., which is 11-1)
9. I'm on an asthma medication that costs about $200/month back home . . . and only 4,000 won/month here (yay NHI!).
10. I have a two bedroom apartment that is probably far nicer than anything I could afford back home.
11. And lastly, I have a great cirle of friends.
When I consider all of that, I have to admit my complaints (like old men taking their shoes off on the bus) are really, really minor.
Don't be discouraged by complainers on Dave's ESL. |
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