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daz1979
Joined: 29 Apr 2006
Location: Gangwon-Do
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 Posted: Wed Nov 07, 2007 6:18 am Post subject: Has anyone set up a business here? |
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Hi,
Has anyone set up a business here? Or, do you know any foreigner who has?
I have been talking with my g/f and Korean friend about setting up a couple of businesses in Korea and wondered how the visa issue would work?
I'm presuming my business partner would sponsor my visa for a year and that the company has to be in their name? Is this correct? |
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the_beaver
Joined: 15 Jan 2003
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| Posted: Wed Nov 07, 2007 6:36 am Post subject: Re: Has anyone set up a business here? |
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| daz1979 wrote: |
Hi,
Has anyone set up a business here? Or, do you know any foreigner who has?
I have been talking with my g/f and Korean friend about setting up a couple of businesses in Korea and wondered how the visa issue would work?
I'm presuming my business partner would sponsor my visa for a year and that the company has to be in their name? Is this correct? |
Nope. To do it legally (assuming the law hasn't changed since the days of Beaver's Wings) you need to have a Korean partner and have 50,000 dollars to invest. That'll get you the D-8.
But my information and experience are woefully out of date. |
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daz1979
Joined: 29 Apr 2006
Location: Gangwon-Do
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| Posted: Wed Nov 07, 2007 6:50 am Post subject: Re: Has anyone set up a business here? |
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| the_beaver wrote: |
| daz1979 wrote: |
Hi,
Has anyone set up a business here? Or, do you know any foreigner who has?
I have been talking with my g/f and Korean friend about setting up a couple of businesses in Korea and wondered how the visa issue would work?
I'm presuming my business partner would sponsor my visa for a year and that the company has to be in their name? Is this correct? |
Nope. To do it legally (assuming the law hasn't changed since the days of Beaver's Wings) you need to have a Korean partner and have 50,000 dollars to invest. That'll get you the D-8.
But my information and experience are woefully out of date. |
That's what EFL law state; however, I wondered if that was still applicable if the director was Korean. |
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StAxX SOuL
Joined: 04 Jan 2006
Location: London
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| Posted: Wed Nov 07, 2007 1:10 pm Post subject: |
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It all boils down to the Visa and the legal standing you�re looking for...
If you�re a serious investor, want legal standing and want to actively contribute to your business rather than moonlight on an E2 Visa then you will need to present evidence of a 50,000,000W investment in order to obtain the Visa... there are obviously ways that you can be smart to illustrate this investment especially if the business doesn�t require too many tangible assets, i.e. you�re not starting a bar or a restaurant... you will also need to present your business plan at this point to before you secure any Visa.
Visa aside, you need to register your business which can be quite an expensive process... from past experience it required the rental of some kind of office space / business address and if you were starting in certain industries, i.e. recruitment, then you would also be required to pay for the relevant license... if you�re Korean then you can ignore the investment for a Visa and you can start a business relatively simply with the above few steps, but I personally wouldn�t risk investing my time in a business which I didn�t have any legal title in, even moreso in a foreign country where the legal system heavily favours the nationals and stories of partners absconding with their other half�s fortune running rife... |
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