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tottenhamtaipeinick
Joined: 05 Sep 2010
Location: Canada
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 Posted: Mon Nov 01, 2010 2:53 pm Post subject: Opening a shop in Seoul? |
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Is it legally possible for a Westerner to open a shop? If so would income tax be higher? if not putting it under my partners name and working there be possible and what restrictions would be placed on me with visa requirements etc?
Thanks in advance for any replies |
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northway
Joined: 05 Jul 2010
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| Posted: Mon Nov 01, 2010 3:00 pm Post subject: |
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| I think you need to put 50 million into it and your visa status changes. That's what my local expat bar owner told me anyway. |
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fugitive chicken
Joined: 20 Apr 2010
Location: Bucheon
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| Posted: Mon Nov 01, 2010 3:24 pm Post subject: |
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| They changed it, its 100 million now. You also need to hire a certain amount of Koreans and within a certain amount of time show that you are earning profits. I don't know the exacts, this is just what I've gathered from reading Dave's |
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creeper1
Joined: 30 Jan 2007
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| Posted: Mon Nov 01, 2010 5:13 pm Post subject: Ha |
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| fugitive chicken wrote: |
| They changed it, its 100 million now. You also need to hire a certain amount of Koreans and within a certain amount of time show that you are earning profits. I don't know the exacts, this is just what I've gathered from reading Dave's |
I think I'll just stick to teaching then. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Nov 01, 2010 6:30 pm Post subject: Re: Opening a shop in Seoul? |
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| tottenhamtaipeinick wrote: |
Is it legally possible for a Westerner to open a shop? If so would income tax be higher? if not putting it under my partners name and working there be possible and what restrictions would be placed on me with visa requirements etc?
Thanks in advance for any replies |
It largely depends your current visa status.
IF you are F-class then no problem. It is essentially no different than a Korean opening a business.
IF you are E-class then you have to invest a MINIMUM of 100 million won as direct foreign investment to gain your visa (D .
Then you have to deal with the other business issues. Contact the Seoul global (help) center for more accurate information.
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tottenhamtaipeinick
Joined: 05 Sep 2010
Location: Canada
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| Posted: Mon Nov 01, 2010 8:31 pm Post subject: |
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Thanks for the replies....
I don't live in Korea and my best friend has a business here that he wants me to open in Seoul because of its lack of etc....
So I have no VISA status, and would likely register the name under my gf due to my ability not to fly there straight away. Tompttz I was orignially thinking of going over on a Teaching VISA but this would give me limited time off to teach and try to run things. I have only heard of a working holiday VISA though if I had heaps of money going from my account into a business would this be a cause of concern to the Korean Government? |
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