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Korean Job Discussion Forums
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Freakstar
Joined: 29 Jun 2007
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 Posted: Mon Oct 03, 2011 3:22 am Post subject: Business idea - need advice and feedback |
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Thanks.
Last edited by Freakstar on Thu Oct 13, 2011 2:32 am; edited 1 time in total |
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T-J
Joined: 10 Oct 2008
Location: Seoul EunpyungGu Yeonsinnae
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weso1
Joined: 26 Aug 2010
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| Posted: Mon Oct 03, 2011 4:43 am Post subject: |
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I looked at importing vitamins and supplements before (I mean so many freakin people want protein powder, why not have a foreign owned and operated site in Korea?)
Anyways, you can call the global center and they'll tell you: It's stupid hard to get the rights to bring in any kind of medicine or vitamin. You need an LLC or LLP state-side that's willing to have you as a partner, so you can set up your own LLC here. There's also $100,000 mandatory start up fee for any business, even if you have no physical business. There's also the 18 month certification process for producers, manufacturers, and distributors of any medicine.
In short - it ain't going to happen. The only foreigners I know that have done all the work involved with starting a business here have been married to Koreans and thus, have the time (years) to put into it to make it work. You're not going to start up a side gig while teaching at your hagwon. It also helped those guys that had a Korean wife to do all the translating and paper work in Korean.
Korea just isn't the best place for foreigners to start up a business. Either marry a Korean or be independently wealthy already. Either way, it will take years to set up and get going even the smallest of small businesses.
Good luck. |
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Freakstar
Joined: 29 Jun 2007
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| Posted: Mon Oct 03, 2011 4:54 am Post subject: |
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| weso1 wrote: |
I looked at importing vitamins and supplements before (I mean so many freakin people want protein powder, why not have a foreign owned and operated site in Korea?)
Anyways, you can call the global center and they'll tell you: It's stupid hard to get the rights to bring in any kind of medicine or vitamin. You need an LLC or LLP state-side that's willing to have you as a partner, so you can set up your own LLC here. There's also $100,000 mandatory start up fee for any business, even if you have no physical business. There's also the 18 month certification process for producers, manufacturers, and distributors of any medicine.
In short - it ain't going to happen. The only foreigners I know that have done all the work involved with starting a business here have been married to Koreans and thus, have the time (years) to put into it to make it work. You're not going to start up a side gig while teaching at your hagwon. It also helped those guys that had a Korean wife to do all the translating and paper work in Korean.
Korea just isn't the best place for foreigners to start up a business. Either marry a Korean or be independently wealthy already. Either way, it will take years to set up and get going even the smallest of small businesses.
Good luck. |
I appreciate the advice. I didn't know about the $100,000 mandatory start up fee - are you postive about this? Do you mean I have to show that I have $100,000 to invest in my business? I'm not rich, but money isn't the problem as my in-laws are willing to help. I'm more concerned about trying to obtain approval to sell a drug that's currently not available in Korea...even if it's used for cosmetic purposes, it's still a drug. I mean, am I just barking up the wrong tree? Is this a stupid idea? lol
I'm actually a gyopo with an F4 visa who is married to a native Korean so I'd have no problem setting up an LLC Stateside or in Korea. I'm in LA at the moment on business and got to thinking while I was out here about my business idea. I head to Vancouver after this before I head back to Seoul next week and will obviously discuss things with my wife upon my return, but I'm looking for more information in the meantime. Also, for the record, I don't work at a hagwon.  I've been working for a Korean corporation for the last 4 years and man, I'm tired. |
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methdxman
Joined: 14 Sep 2010
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| Posted: Mon Oct 03, 2011 6:53 am Post subject: |
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| Freakstar wrote: |
| weso1 wrote: |
I looked at importing vitamins and supplements before (I mean so many freakin people want protein powder, why not have a foreign owned and operated site in Korea?)
Anyways, you can call the global center and they'll tell you: It's stupid hard to get the rights to bring in any kind of medicine or vitamin. You need an LLC or LLP state-side that's willing to have you as a partner, so you can set up your own LLC here. There's also $100,000 mandatory start up fee for any business, even if you have no physical business. There's also the 18 month certification process for producers, manufacturers, and distributors of any medicine.
In short - it ain't going to happen. The only foreigners I know that have done all the work involved with starting a business here have been married to Koreans and thus, have the time (years) to put into it to make it work. You're not going to start up a side gig while teaching at your hagwon. It also helped those guys that had a Korean wife to do all the translating and paper work in Korean.
Korea just isn't the best place for foreigners to start up a business. Either marry a Korean or be independently wealthy already. Either way, it will take years to set up and get going even the smallest of small businesses.
Good luck. |
I appreciate the advice. I didn't know about the $100,000 mandatory start up fee - are you postive about this? Do you mean I have to show that I have $100,000 to invest in my business? I'm not rich, but money isn't the problem as my in-laws are willing to help. I'm more concerned about trying to obtain approval to sell a drug that's currently not available in Korea...even if it's used for cosmetic purposes, it's still a drug. I mean, am I just barking up the wrong tree? Is this a stupid idea? lol
I'm actually a gyopo with an F4 visa who is married to a native Korean so I'd have no problem setting up an LLC Stateside or in Korea. I'm in LA at the moment on business and got to thinking while I was out here about my business idea. I head to Vancouver after this before I head back to Seoul next week and will obviously discuss things with my wife upon my return, but I'm looking for more information in the meantime. Also, for the record, I don't work at a hagwon. I've been working for a Korean corporation for the last 4 years and man, I'm tired. |
Figure out the legal hurdles quickly. But I wouldn't ask on this forum. Contact a korean business lawyer.
Secondly, with any business venture, if no one has thought of it before, it's probably a terrible idea or wasn't executable at all. The fact that you have found this amazing gap/business opportunity makes me a bit wary.
Would be nice to know how big the market for this product is. If it's huge, a secondary (illegal or illegal) market would have opened up already.
If it's TRULY an untapped opportunity, hell, I'll go in with you. |
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Chris.Quigley
Joined: 20 Apr 2009
Location: Belfast. N Ireland
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| Posted: Mon Oct 03, 2011 2:40 pm Post subject: |
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Is the drug approved by the Korean Food and Drug Administration?
The reason that it isn't being imported already probably has something to do with that.
Even when a generic drug is chemically identical to the original, it still needs to be approved. (And often it needs to be tested, in come cases this can cost millions.)
This can be time consuming and extremely expensive... You likely won't make enough money in 100 years of teaching English to pay for it...
Edit: you don't teach English... still, 50 years at a corporation won't pay for it...
http://eng.kfda.go.kr/index.php
I recommend you go here to find out more information. (You might have to email someone, I couldn't find anything about drugs... its possible that Korea has a separate body that takes care of chemical and bio-engineered drugs. ) |
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GoldMember
Joined: 24 Oct 2006
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| Posted: Mon Oct 03, 2011 4:14 pm Post subject: |
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| Just do what every other foreigner who starts a business in Korea does. Open a bar!. You'll still get to be in the drug business. |
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Chris.Quigley
Joined: 20 Apr 2009
Location: Belfast. N Ireland
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| Posted: Mon Oct 03, 2011 9:36 pm Post subject: |
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Go back to school.
Be like my Operations Management Prof...
Do a masters in industrial engineering, a masters in mechanical engineering, a masters in electrical engineering, a Ph.D. in semi-conductor manufacturing. (+ two other masters degrees in engineering, I forget what kinds)
Help take Samsung's semiconductor manufacturing process from 90 days down to 33 days. Save Samsung 900 million dollars a year. Take a cut of that...
Repeat this feat at Intel and AMD.
Honestly... the only way you can get rich is if you can do something 100X better than anyone else... or you can do it the same as them for a lot less money... Or... in very rare cases... you get extremely lucky.
Even if you have a good idea... you still need the skills to implement it. Making sub-par profits operating a bar doesn't make you a good business person... |
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