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Korean Job Discussion Forums "The Internet's Meeting Place for ESL/EFL Teachers from Around the World!"
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The Floating World
Joined: 01 Oct 2011 Location: Here
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Posted: Tue Dec 13, 2011 9:33 pm Post subject: |
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| Foriengers can't have majority shares in business here. |
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TheUrbanMyth
Joined: 28 Jan 2003 Location: Retired
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Posted: Tue Dec 13, 2011 10:44 pm Post subject: |
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| The Floating World wrote: |
| Foriengers can't have majority shares in business here. |
This is likely due to the fact that there are no such things as "Foriengers"
Foreigners however can and do.
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FDI, as prescribed in the Foreign Investment Promotion Act, includes acquisition of shares or stocks of a Korean corporation or a company run by a national of the Republic of Korea, supply of a long-term loan to a foreign-invested corporation, a contribution to a non-profit corporation, etc.
Acquisition of Shares or Stocks of a Domestic Company
Acquisition of share or stocks of a domestic company refers to a case where a foreigner purchases shares or stocks of a Korean corporation (including a Korean corporation in the process of being established) or a company run by a national of the Republic of Korea, for the purpose of establishing a continuous economic relationship with and participating in the management of the said Korean corporation or company.
Under the Foreign Investment Promotion Act, FDI should meet the following conditions.
The amount of investment should be 100 million won or more.
A foreigner should own 10 percent or more of either the total number of voting stocks, or the total equity investment. (Foreign Investment Promotion Act 2-2)
If the number of relevant investors is 2 or more, each should meet the above conditions. The foreign investment ratio is measured when the investment is completed.(Foreign Investment Promotion Act 2-3) However, when a foreign investor of a registered foreign-invested company makes an additional investment, there is no limitation in the amount and ratio. |
http://www.investkorea.org/InvestKoreaWar/work/ik/eng/bo/bo_01.jsp?code=102030103
(bolding mine)
There ARE restricted business and areas, true. But it does not hold for every business. |
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The Floating World
Joined: 01 Oct 2011 Location: Here
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Posted: Tue Dec 13, 2011 10:51 pm Post subject: |
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What you quoted in NO WAY proves that foriegners can have 51% or higher shares.
And you will not find anything either, because it is the law.
Get over it. |
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TheUrbanMyth
Joined: 28 Jan 2003 Location: Retired
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Posted: Tue Dec 13, 2011 10:55 pm Post subject: |
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| The Floating World wrote: |
What you quoted in NO WAY proves that foriegners can have 51% or higher shares.
And you will not find anything either, because it is the law.
Get over it. |
No it's not. From the same link
| Quote: |
Long-Term Loans
FDI includes loans with maturity of not less than five years, which is supplied to a foreign-invested company by an overseas parent company of the foreign-invested company, a foreign investor, or an enterprise with capital investment relationship with the investor in an overseas parent company of the foreign-invested company or a foreign investor (based on the period for loan specified in the loan contract that has been made for the first time).
* An enterprise which has capital investment relationship with an overseas parent company or a foreign investor(Foreign Investment Promotion Act 2-4,5)
A company which holds not less than 50 percent of the total number of stocks issued by, or of the total equity investment of, its overseas parent company
A foreign-invested company not less than 50 percent of its total number of stocks or of the total equity investment of which is held by its overseas parent company, and which falls under any of the following:
A company which holds not less than 10 percent of the total number of stocks issued by, or of the total equity investment of, its overseas parent company
A company not less than 50 percent of the total number of issued shares or of the total equity investment of which is held by its overseas parent company
A company not less than 50 percent of the total number of issued stocks or of the total equity investment of which is held by a company which holds not less than 50 percent of the total number of issued stocks or of the total equity investment of its overseas parent company
A company not less than 50 percent of the total number of issued stocks or of the total equity investment of which is held by a foreign investor who holds not less than 50 percent of the total number of issued stocks or of the total equity investment of a foreign invested company. |
In all but one case they are REQUIRED to hold AT LEAST 50% of the stocks or TOTAL EQUITY INVESTMENT. They can hold more, but not less. |
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The Floating World
Joined: 01 Oct 2011 Location: Here
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Posted: Tue Dec 13, 2011 10:58 pm Post subject: |
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| I wasn't talking about loans. Just give up. |
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TheUrbanMyth
Joined: 28 Jan 2003 Location: Retired
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Posted: Tue Dec 13, 2011 11:01 pm Post subject: |
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And here they are allowed to hold up to 55% of Korean companies. That change took place nearly 14 years ago.
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In South Korea, the IMF also forced the government to allow foreigners to have a larger share of the Korean economy, which had till then been relatively protected.
According to a Reuters report (5 December 1997) on the IMF terms: "Foreign investment in the capital markets will be liberalised and direct foreign investment procedures will be simplified and made more transparent. Foreign entities will be allowed to buy 50% of the equity of a listed Korean company by end-1997 and 55% by end-1998, paving the way for foreign takeovers of Korean firms. Foreign banks could be allowed to form joint ventures and set up subsidiaries." |
http://www.twnside.org.sg/title/cont-cn.htm
I suppose both the IMF and Reuters are lying though and you know more than either.  |
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TheUrbanMyth
Joined: 28 Jan 2003 Location: Retired
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Posted: Tue Dec 13, 2011 11:09 pm Post subject: |
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Ever heard of Samsung?
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| If the earnings continue to soften, plenty of investors around the world will stand to lose. Samsung is the most widely held emerging-market stock, with $41 billion in market capitalization, and foreigners hold more than half its shares. |
(bolding mine)
http://www.businessweek.com/magazine/content/03_24/b3837001_mz001.htm
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| The rally was fueled by reports that the I.M.F. agreement would raise the percentage of a Korean company's stock that could be owned by foreigners to 50 percent from 26 percent immediately and to 55 percent next year. |
http://www.nytimes.com/1997/12/04/business/crisis-south-korea-bailout-package-loans-worth-55-billion-set-for-korea.html?pagewanted=all&src=pm
And that was back in 1997 when these changes took place (in the last link).
I guess the NYT and businessweek are in a conspiracy with me to prove you wrong. Although you could easily cite this law that you claim exists and prove me and all those businesses and newspapers wrong.
It's okay to be wrong, you know...to err is human. |
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Died By Bear

Joined: 13 Jul 2010 Location: On the big lake they call Gitche Gumee
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Posted: Wed Dec 14, 2011 1:45 am Post subject: |
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OF COURSE America has opportunities - plenty of them. Too many people stay in Korea end up making excuses for why they stay, (way too many of them) . Silly.
Here's a case in point:
After nearly 40 years in public education, Patrick Godwin spends his retirement days running a horse farm east of Sacramento, Calif., with his daughter.
His departure from the workaday world is likely to be long and relatively free of financial concerns, after he retired last July at age 59 with a pension paying $174,308 a year for the rest of his life............
http://www.cnbc.com/id/45625234 |
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nzbradly78
Joined: 23 Mar 2009 Location: Czech Republic
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Posted: Wed Dec 14, 2011 4:42 am Post subject: |
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To the OP:
I left Korea this summer but didn't go home. I was fortunate to be able to find a job in Europe that, while similar to the one I had in Korea, has a lot of better perks (and some minuses of course) such as:
Living in a village rather than a huge city. My school is in the city, but I had a choice to where I wanted to live which wasn't necessarily available in Daegu, even though I had my own apartment.
The pay is about the same, but food and other necessities are much cheaper here both in real dollars and PPP.
Its easy to travel around and I have 10 weeks of holiday (not quite as good as in NZ, but not bad)
There are opportunities for professional development and management roles.
The staff, both managerial and teaching are both transparent and professional.
The students don't care if they're wrong when they speak or write, but they give it a go. That was the most frustrating part of teaching in Korea was having students so afraid of making a mistake they took the easy way out or just kept quiet.
The minuses are of course taxes are higher and higher transport costs and more work than I had to do in Korea, but with kids I think where I am now is the best place we can be.
The point of the post is to get a job before you go. Its too risky I think anywhere to drop your bags and hit the pavement. If you are interested in looking for international schools and don't mind ponying up some money to join the sites, the databases do a lot of the work for you. I'm not sure if I'm allowed to post the site on this board, but PM me and I'll send you the link. Or Google, that's how I found it.
Either way, best of luck to you! |
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TheUrbanMyth
Joined: 28 Jan 2003 Location: Retired
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Posted: Wed Dec 14, 2011 3:14 pm Post subject: |
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| The Floating World wrote: |
What you quoted in NO WAY proves that foriegners can have 51% or higher shares.
And you will not find anything either, because it is the law.
Get over it. |
Still waiting for this "law" |
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brento1138
Joined: 17 Nov 2004
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Posted: Wed Dec 14, 2011 5:22 pm Post subject: |
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Questions for the OP:
1) What career would you like to go into when you get back home?
2) What degree did you get from university?
3) Are you qualified to work in the job of your dreams?
If 1-3 do not match up perfectly, then I suggest getting more education to go into the career or profession you like most. Even if it means being poor for a while. Most people back home worked hard to get to where they are, if they have found success. And working hard usually means having very little cash, investing it all (plus getting student loans) in education... and getting very little return in the short-term. But long-term is what counts.
I agree with you: it's tough to leave Korea. It's cushy. It's nice. I've got a bunch of great friends here too. I prefer the big city to the smallish city. Seoul (for me) is much more fun than Vancouver, honestly. I even like ESL teaching... but not enough to do it for life.
That's why I'm going back home, doing a very expensive year of school, and I'll graduate with a very specific diploma in the field I want to be in (with a university degree in a related field to back me up). I'll have to fight and scrape to get anywhere, or even get hired. I've even set up a side business which may or may not do well. The job field I am entering is extremely competitive and I will be lucky if I get a job in some horribly cold northern Canadian city where I know nobody. But I've decided this is what I have to do.
Sometimes taking the harder, more difficult route is best because it leads to greater gains in the future. Although living in Korea as an ESL teacher forever is tempting (seriously... I could stay here for good) there are just some things in life that I want to do which Korea cannot do for me. Besides, as much as I like Korea, home is home... and what we can do back there sometimes can be more than we can do here. |
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v88
Joined: 28 Feb 2010 Location: here
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Posted: Wed Dec 14, 2011 6:09 pm Post subject: |
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Brento,
1,2,3) I'm trained to be an urban planner / designer. I have all the paper work and I enjoy it, but have always hated the idea of slaving for a job (hence my retreat to Asia and Canadian ski resorts).
For me spending my early 20's studying without a life and working tirelessly toward a career kind of soured my ideas about life.
https://www.facebook.com/video/video.php?v=111528158907801
Now I question that to some degree, especially as my job and life here are turning into the same thing sort of. |
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brento1138
Joined: 17 Nov 2004
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Posted: Wed Dec 14, 2011 7:49 pm Post subject: |
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| v88 wrote: |
Brento,
1,2,3) I'm trained to be an urban planner / designer. I have all the paper work and I enjoy it, but have always hated the idea of slaving for a job (hence my retreat to Asia and Canadian ski resorts).
For me spending my early 20's studying without a life and working tirelessly toward a career kind of soured my ideas about life.
https://www.facebook.com/video/video.php?v=111528158907801
Now I question that to some degree, especially as my job and life here are turning into the same thing sort of. |
Then I don't think it's so bad for you. If you've gotten all your loans paid off, then you're good as gold. If not, then no biggie. But maybe you can consider your 4 or so years of low pay as sort of an education where you are getting paid. I know it might be crappy not enjoying the standard of life you are used to, but in the end, it might be worth it.
A long time ago I made a big list of positives and negatives to staying in Korea. It was close, but in the end I found out it would be better for me to go back home. Some items on the list were quite important (being close to my family -- for me it is important, but certainly not for some of my friends). The equations don't work the same for everyone though. And don't buy into the idea that staying in Korea isn't an option: it totally is. I know several people making loads of cash, married to a hottie, kids in great schools, and very very happy with their lives here. Successful, happy, fulfilled, and loving life here (I'll give you a hint: most of them did some kind of MBA here in Korea).
Korea aint so bad as some people on this board say it is... there's a lot of wealth here, and foreigners seem to be in demand. A rarity in this time, really... |
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PatrickGHBusan
Joined: 24 Jun 2008 Location: Busan (1997-2008) Canada 2008 -
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Posted: Thu Dec 15, 2011 5:42 am Post subject: |
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| v88 wrote: |
Brento,
1,2,3) I'm trained to be an urban planner / designer. I have all the paper work and I enjoy it, but have always hated the idea of slaving for a job (hence my retreat to Asia and Canadian ski resorts).
For me spending my early 20's studying without a life and working tirelessly toward a career kind of soured my ideas about life.
https://www.facebook.com/video/video.php?v=111528158907801
Now I question that to some degree, especially as my job and life here are turning into the same thing sort of. |
The cold hard truth here is that to get ahead in any field, you will have to plug away and work your butt off. Today you also need to keep upgrading your qualifications to keep advancing in the workplace. No avoiding this. What makes it easier to deal with is having a goal and liking the job you do.
Ideas about life and life itself rarely match! Its like the ole saying about war: battle plans rarely survive contact with reality intact. The same holds true of ideas we build in our heads about our future. This does not mean life sucks, it is just reality and ideas meeting.
Good luck to you anyway. |
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bcjinseoul
Joined: 13 Jan 2010 Location: Seoul, Korea
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Posted: Thu Dec 15, 2011 10:17 pm Post subject: |
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| Life is what happens while you make plans |
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