Korean Job Discussion Forums

[hugekebab]

Hi,

I heard a couple on the radio recently saying that they obtained a business visa by investing 50,000,000 won into a business in Korea. Does anyone have first hand knowledge of this? The couple both had Korean mothers but were UK citizens, so I'm not sure if they got a gyopo visa or some such genetically related concession.

Any information welcome.

[ChinaBoy]

They're Koreans. No problem. Citizenship means nothing.

[tzechuk]

Yes,.. 50 million won (or 50,000 USD) and you can get the D8 investor visa. It's actually really simple.. just gotta have money.

[crossmr]

If you can set up a business to employ 20 koreans you can get an F5 permanent resident. They announced it a few months back. Part of their whole plan to get more people to invest and create businesses here.

[Looney]

[hugekebab]

It was a juice company. Doing very well, I figured out their turnover must be 100,000 dollars a month from the figures they gave regarding sales and unit costs. They got a contract with GS25 so have rapidly expanded.

[Tommy]

I met a South African bloke last year who had been in Korea for about 7 or 8 years. After a few years he was sick of the limitations and BS of working for an employer on an E2, so he took the money he'd saved while working here and put it towards the D8 visa. All he had to do was label his business as an English consulting business and viola! IMO this was a smart move because he could continue doing the same type of work which he liked (he had moved up to working for the big corporations at the time) but he now had more freedom.

I think it's a good option for people who have the money, enjoy the opportunities here, and aren't married to a Korean.

[hugekebab]

How are you supposed to designate the 50,000?

Are you expected to keep it sitting in a Korean bank or are you expected to wholly invest it in an office/premises/business?

[winterwawa]

the 50,000 won is for the business license. If anyone decides to go this route, keep in mind that once you spend the money to buy the license, that money is gone. Plus you have to register your business with the labor ministry. That means keeping books, paying taxes, and paying for your own National heath insurance. You will also not have the pension that one has at most jobs in Korea.

[hugekebab]

Wow, so the 50,000 is a fee simply for the visa. That is preposterous.

[victorology]

The $50,000 USD you invest is not for the visa. It's for you to invest into your own business. You can deposit the $50,000 USD into a bank account, get the visa and never spend a dime of that money.

There are fees to register for a business license and the visa but this shouldn't be confused with the $50,000 USD.

[winterwawa]

[hugekebab]

OK so it's back on...

My old man is interested in going in with me on this business idea.

I'm wondering whether I could set up an English consulting company to get me by (teach privates etc.) and then set up another business, but this might not be possible; what I'm guessing is that they tie you to one business. I need to find this stuff out properly; might go and see an immi lawyer with some of these questions.

[Juregen]

[hugekebab]

OK thanks for the info. Did you set your own business up then?