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Dragonfly
Joined: 01 Feb 2007
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 Posted: Thu May 20, 2010 7:27 pm Post subject: How to open a small business as a foreigner? |
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| Aside from marrying a local person, is there a legal way for a foreigner to own and operate a small business in Korea on an E2 visa? |
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Arthur Dent
Joined: 28 Mar 2007
Location: Kochu whirld
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| Posted: Thu May 20, 2010 7:41 pm Post subject: |
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E2's are only for teachers. You cannot own and operate a business within Korea on an E2.
There are visas for small business owners. These are D8 visas. They require a $50.000 investment represented by that amount transferred into a Korean account in your name, as well as a fair amount of paperwork. |
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CeleryMan
Joined: 12 Apr 2007
Location: Seoul
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| Posted: Thu May 20, 2010 8:22 pm Post subject: |
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| Google "Walmart South Korea" nuff said. |
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Dragonfly
Joined: 01 Feb 2007
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| Posted: Thu May 20, 2010 8:22 pm Post subject: |
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[E2's are only for teachers. You cannot own and operate a business within Korea on an E2.
There are visas for small business owners. These are D8 visas. They require a $50.000 investment represented by that amount transferred into a Korean account in your name, as well as a fair amount of paperwork.quote]
Is one able to hold an E2 and D8 concurrently?[/list][/quote] |
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Jane
Joined: 01 Feb 2003
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| Posted: Thu May 20, 2010 9:35 pm Post subject: |
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| Try calling the Seoul Global Center at the number 120. They regularly hold seminars on opening a small business in Korea and also offer resources and information on the topic. |
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Arthur Dent
Joined: 28 Mar 2007
Location: Kochu whirld
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| Posted: Thu May 20, 2010 10:45 pm Post subject: |
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| Quote: |
| Is one able to hold an E2 and D8 concurrently? |
Your visa defines your status while in a foreign nation, as in what your purpose is in residing there. As such, you can only hold one visa and have one status.
Visiting the Seoul Global Centre is a good idea.
The D8 is usually renewed every year (for a one year period) though, some have occasionally received only 6 month extensions at the whim of the issuing officer.
It should provide access to some services one would not get on an E2, there are still some kinks to work out, and one must work patiently through the system for useful access to these services. This is because it is still only a year by year visa and most companies feel that this is not long enough to warrant any contract services such as phone contracts and credit services.
You will have to pay taxes on a quarterly basis. You will have to provide proof of income (obviously). I mention this because if you're business is not looking healthy on paper, they may limit your visa to six months, as I mentioned above.
There are numerous differences in the way Koreans do business compared to foreigners. Start-up costs can vary in this respect, so if you do not show a profit, the officer may believe your business is not healthy, or you are hiding income - just for example.
As far as I know, you will not be expected to show a business plan, but the financial paper trail will be heavily scrutinized.
One of the most important things is to find a good accountant.
You won't get much help from the various government agencies as far as what to do and when to do it. The Seoul Global Help Centre can put you on the right track but you will need to consult other D8 visa holders to get an accurate idea of what is involved. Their experience would be invaluable. Unfortunately, no one has yet, (as far as I know), set up any kind of consultancy agency for this level of business. It would need to be a foreigner with long experience here, and Korean partners.
At the risk of being presumptuous with this suggestion, you could ask long-time poster and resident Ttompatz. He is much more knowledgeable than I.
Good Luck. |
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Leonidas
Joined: 24 Nov 2007
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| Posted: Wed May 26, 2010 1:05 am Post subject: |
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| Check out the Seoul Global Center they have free classes on how to open a business in korea and provide guidance. |
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kinerry
Joined: 01 Jun 2009
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| Posted: Wed May 26, 2010 1:31 am Post subject: |
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| Part of acquiring a D8 is proving you have at least $50,000 to invest that did not come from Korean sources. They will check your bank transfers, so good luck with that. |
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Arthur Dent
Joined: 28 Mar 2007
Location: Kochu whirld
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| Posted: Wed May 26, 2010 3:24 am Post subject: |
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| kinerry wrote: |
| Part of acquiring a D8 is proving you have at least $50,000 to invest that did not come from Korean sources. They will check your bank transfers, so good luck with that. |
Correct. Part of the long paper trail. The money must originate in your home country. |
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kinerry
Joined: 01 Jun 2009
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| Posted: Wed May 26, 2010 6:35 am Post subject: |
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| Arthur Dent wrote: |
| kinerry wrote: |
| Part of acquiring a D8 is proving you have at least $50,000 to invest that did not come from Korean sources. They will check your bank transfers, so good luck with that. |
Correct. Part of the long paper trail. The money must originate in your home country. |
Not necessarily from your home country, just not from Korea.
That's the whole point of an investor's visa, creating jobs and bringing in money for Koreans. |
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ulsanchris
Joined: 19 Jun 2003
Location: take a wild guess
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| Posted: Wed May 26, 2010 4:21 pm Post subject: |
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| CeleryMan wrote: |
| Google "Walmart South Korea" nuff said. |
Walmart failed because they didn't adjust their strategy to the local market. They messed up big time.
Tesco on the other hand has done a brilliant job in Korea. |
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Juregen
Joined: 30 May 2006
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| Posted: Wed May 26, 2010 7:50 pm Post subject: Re: How to open a small business as a foreigner? |
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| Dragonfly wrote: |
| Aside from marrying a local person, is there a legal way for a foreigner to own and operate a small business in Korea on an E2 visa? |
You need to deposit 50.000.000 from a foreign bank account into a Korean account specifically designed to set up a business. This is in order to get a business license.
Good luck. |
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travel zen
Joined: 22 Feb 2005
Location: Good old Toronto, Canada
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| Posted: Thu May 27, 2010 8:27 am Post subject: |
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I thought about escort service as an easy starter. I believe that is legal  |
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TpaK
Joined: 11 Nov 2008
Location: USA Virginia
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| Posted: Sat Jun 19, 2010 5:51 pm Post subject: |
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| How would someone on an F-4 go about opening up a restaraunt? |
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