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| Have you started your own business in Korea? |
| Yes, successfully |
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11% |
[ 1 ] |
| Yes, but it isn't / wasn't all I'd hoped for |
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11% |
[ 1 ] |
| Yes, but it's too soon to tell if it's a success |
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11% |
[ 1 ] |
| Yes, but it didn't work / isn't working |
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0% |
[ 0 ] |
| No, but I've given it some serious thought |
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66% |
[ 6 ] |
| Why bother |
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0% |
[ 0 ] |
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| Total Votes : 9 |
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| Author |
Message |
BreakfastInBed
Joined: 16 Oct 2007
Location: Gyeonggi do
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 Posted: Sun Apr 20, 2008 5:10 pm Post subject: Started your own business? |
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I'm looking down the road a year or two at a time when I will likely be married to a Korean and interested in starting my own business here. I have an EFL related idea, I'm not sure if it is a good, or viable, one yet. Lots of you have been this way before me, how has it worked out for you?
Care to share any details? How many employees/partners etc...? Pitfalls unique to Korea? |
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pidgin
Joined: 31 Jul 2005
Location: Seoul
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| Posted: Sun Apr 20, 2008 5:14 pm Post subject: |
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| I'm quite interested in other poster's experiences in this too. Afraid I don't have much to offer, yet as we are just getting wheels on our biz, but it's import/export with shops and websites involved. |
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BreakfastInBed
Joined: 16 Oct 2007
Location: Gyeonggi do
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| Posted: Sun Apr 20, 2008 5:20 pm Post subject: |
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| ^Best of luck! Let us know how you do. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Sun Apr 20, 2008 6:27 pm Post subject: |
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| The paper work (in Korean) and the bureaucracy were staggering. Expect to have a full time Korean partner if you hope to succeed. |
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BreakfastInBed
Joined: 16 Oct 2007
Location: Gyeonggi do
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| Posted: Sun Apr 20, 2008 6:38 pm Post subject: |
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| ^Good advice, I have this in mind. Is the paperwork never-ending or more of an initial start-up hurdle? I just filled out a credit card application where I had to sign my name 4 times over two pages rather than once at the end and was told that I couldn't put the equivalent of 'same as above' in a redundant address line because the application was 'very serious.' I can hardly imagine trying to negotiate the business related bureaucracy without serious help. |
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victorology
Joined: 10 Sep 2007
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| Posted: Sun Apr 20, 2008 6:40 pm Post subject: |
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| Captain Corea wrote: |
| The paper work (in Korean) and the bureaucracy were staggering. Expect to have a full time Korean partner if you hope to succeed. |
Agree with this.
Anyway, if the credit card application process was somewhat noteworthy in your mind, you ain't seen nothin' yet! |
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lowpo
Joined: 01 Mar 2007
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| Posted: Sun Apr 20, 2008 6:59 pm Post subject: |
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| victorology wrote: |
| Captain Corea wrote: |
| The paper work (in Korean) and the bureaucracy were staggering. Expect to have a full time Korean partner if you hope to succeed. |
Agree with this.
Anyway, if the credit card application process was somewhat noteworthy in your mind, you ain't seen nothin' yet! |
This has nothing to do with Korea. When I was teaching in China my wife and I bought some apartment and we rent them out to a learning center. So they have nice apartment to house the foreign teachers.
When we don't rent the apartments to the school we rent them out to foreigners doing business in China.
I have a friend that is married to a Korean and they are planning on buying an apartment and renting it out to people. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Sun Apr 20, 2008 7:21 pm Post subject: |
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| BreakfastInBed wrote: |
| ^Good advice, I have this in mind. Is the paperwork never-ending or more of an initial start-up hurdle? |
Both. The start up is a pain. Not only do you have the numerous hoops to jump through (and you better hope your Korean partner knows that they are doing there), but you'll also encounter the 25 or so percent of Gov officers that still believe that foreigners should not be opening companies here (or that we are not legally able to).
The type of business you open will factor into the amount of paper work required though (VAT and whatnot).
Get an accountant. |
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