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greyhound
Joined: 10 Jun 2016
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 Posted: Sat Jun 18, 2016 10:27 am Post subject: Opening a business |
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| What visa do you need to have in Korea before you can open a business? Can you open one up on a E2 visa? What types of visas are there for doing business in Korea? Are you limited to doing English or can you do any business you want? In case I can't get an E2 visa, I'd like to know as I'd like to do business in Asia either teaching English or maybe something else. |
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tophatcat
Joined: 09 Aug 2006
Location: under the hat
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| Posted: Sat Jun 18, 2016 6:23 pm Post subject: |
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You will need a business visa.
Proof of funds. Big money. VERY BIG MONEY!
What kind of business do you plan to open? |
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greyhound
Joined: 10 Jun 2016
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| Posted: Sat Jun 18, 2016 11:05 pm Post subject: |
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| Well a Hagwon really. I saw one advertised on here for 10m with 15 m building deposit on Jeju. Is that enough money? |
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Overture1928
Joined: 12 Jan 2014
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| Posted: Sun Jun 19, 2016 5:38 am Post subject: |
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| greyhound wrote: |
| Well a Hagwon really. I saw one advertised on here for 10m with 15 m building deposit on Jeju. Is that enough money? |
I think you need a minimum of $100,000 just to get the visa. |
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greyhound
Joined: 10 Jun 2016
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| Posted: Sun Jun 19, 2016 5:43 am Post subject: |
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| well that Hagwon I mentioned above isn't $100.000. So how is he running it then? 10m won + 15m won building rent isn't 100k |
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JohnML
Joined: 05 Jul 2015
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| Posted: Sun Jun 19, 2016 8:22 am Post subject: |
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| greyhound wrote: |
| well that Hagwon I mentioned above isn't $100.000. So how is he running it then? 10m won + 15m won building rent isn't 100k |
Proof of funds, not operating costs. You need a lot of capital to open up a business in a foreign country and get yourself a business visa, it's not a Korea only thing. Same with any company wanting to hire foreigners, they usually need to be worth X amount.
If if was that simple and cheap think how many people would be doing it. |
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greyhound
Joined: 10 Jun 2016
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| Posted: Sun Jun 19, 2016 10:21 am Post subject: |
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I'll ask the owners then how much they needed to show. Then I'll ask immi.
If you have 50%, would the bank lend the other 50%? |
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edwardcatflap
Joined: 22 Mar 2009
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| Posted: Sun Jun 19, 2016 4:15 pm Post subject: |
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| greyhound wrote: |
I'll ask the owners then how much they needed to show. Then I'll ask immi.
If you have 50%, would the bank lend the other 50%? |
Are you seriously thinking of buying a business in a country you've never lived or worked in before? |
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PRagic
Joined: 24 Feb 2006
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| Posted: Sun Jun 19, 2016 7:20 pm Post subject: |
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That business may be registered under the spouse's name, or the owner might have an F series visa (whether a kyopo, married to a Korean, or applied for via the point system).
To simply get an investor visa, yes, you need to show proof of funds IN A KOREAN BANK. Not good enough to just have X number of dollars in your home country. Used to be 50K or 60K, but I believe it has gone up.
Look on the Korean immigration web site.
Pleanty of people over here running pubs, restaurants, hagwons, study rooms, etc, and some are pretty successful. Not impossible. |
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BigBuds
Joined: 15 Sep 2005
Location: Changwon
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| Posted: Thu Jun 23, 2016 1:29 am Post subject: |
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| Overture1928 wrote: |
| greyhound wrote: |
| Well a Hagwon really. I saw one advertised on here for 10m with 15 m building deposit on Jeju. Is that enough money? |
I think you need a minimum of $100,000 just to get the visa. |
Actually, it's $300,000 currently. |
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greyhound
Joined: 10 Jun 2016
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| Posted: Thu Jun 23, 2016 1:51 am Post subject: |
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| $300k? How do you know this for sure? Would that be a business visa then? |
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tophatcat
Joined: 09 Aug 2006
Location: under the hat
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| Posted: Thu Jun 23, 2016 6:36 am Post subject: |
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| greyhound wrote: |
| $300k? How do you know this for sure? Would that be a business visa then? |
Things were getting pretty boring until you came along. |
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PRagic
Joined: 24 Feb 2006
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| Posted: Thu Jun 23, 2016 3:56 pm Post subject: |
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Yes, it would be for a business visa....because that is what this entire thread is about.  |
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JohnML
Joined: 05 Jul 2015
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| Posted: Fri Jun 24, 2016 4:47 am Post subject: |
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| greyhound wrote: |
| If you have 50%, would the bank lend the other 50%? |
Not to be a douchebag but; "Hi, I'd like an excessive amount of money to open up a business teaching English or something else.". Would you loan to someone like this if you were a bank?
| greyhound wrote: |
| $300k? How do you know this for sure? Would that be a business visa then? |
D-8 investment visa, I thought it was 100 million won, I was sure it was last I checked only a few years back but upon searching I see some places claiming 300 million won now. Oh, by the way... these funds need to be pumped into the business and this is for the application and just because you have the excess to open up the business does not mean you are guaranteed to be issued the visa and it is not a quick application process especially for smaller applicants.
What you need is proper legal advice not advice from people on a forum or "friends", likely the people who own these other schools have residency. |
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BigBuds
Joined: 15 Sep 2005
Location: Changwon
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| Posted: Tue Jun 28, 2016 2:21 am Post subject: |
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| JohnML wrote: |
| greyhound wrote: |
| If you have 50%, would the bank lend the other 50%? |
Not to be a douchebag but; "Hi, I'd like an excessive amount of money to open up a business teaching English or something else.". Would you loan to someone like this if you were a bank?
| greyhound wrote: |
| $300k? How do you know this for sure? Would that be a business visa then? |
D-8 investment visa, I thought it was 100 million won, I was sure it was last I checked only a few years back but upon searching I see some places claiming 300 million won now. Oh, by the way... these funds need to be pumped into the business and this is for the application and just because you have the excess to open up the business does not mean you are guaranteed to be issued the visa and it is not a quick application process especially for smaller applicants.
What you need is proper legal advice not advice from people on a forum or "friends", likely the people who own these other schools have residency. |
Yeah, it's 300K now. I have mate here on the investment visa so it was a huge pain in the arse for him when they uped it from 100K to 300K.
I'm on an F-5 visa so it makes no difference to me. |
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