| View previous topic :: View next topic |
| Author |
Message |
JLarter
Joined: 17 Apr 2006
|
 Posted: Fri Jun 16, 2006 4:11 am Post subject: Starting A Business In Korea |
 |
|
Has anyone ever considered starting a business in Korea?
Does anyone know of any rules and regs regarding foreign ownership of businesses? |
|
| Back to top |
|
 |
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Fri Jun 16, 2006 4:16 am Post subject: Re: Starting A Business In Korea |
|
|
| JLarter wrote: |
Has anyone ever considered starting a business in Korea?
Does anyone know of any rules and regs regarding foreign ownership of businesses? |
Direct foreign ownership requires a minimum investment of $50,000 (or 50 million won). This will allow you to obtain a D9 visa. (A D-9 visa is available to foreign professionals who desire to carry on an enterprise or participate in trade and other commercial enterprises after founding their companies in the Republic of Korea.)
If you want to work in it and need a visa cause you don't have an f2, f4 or f5, then $500,000. This will allow you to obtain an F5 permanent residence visa.
The D8 category is available to foreigners who, as professionals of foreign joint venture companies, wish to engage in the field of manufacturing and technology as well as in its management. The D-8 visa include those who are dispatched to the company as managers or technical experts, except for foreigners who are hired in the Republic of Korea.
Lots of types of business are restricted (like opening your own hakwan) and not available to foreigners with full ownership. D8 status as a "PARTNER" in the business with a minimum investment may allow you access to some of these ventures but there will be a "red tape nightmare" to follow.
Unless you have LOTS of business experience from home, the ability to speak some Korean, have the patience to deal with Korean bureaucracy then be prepared to go broke.
What did you really want to know?
Edited once for clarification
Last edited by ttompatz on Fri Jun 16, 2006 9:54 pm; edited 1 time in total |
|
| Back to top |
|
|
JLarter
Joined: 17 Apr 2006
|
| Posted: Fri Jun 16, 2006 4:19 am Post subject: |
|
|
Do you have a website where you got that information from?
That's fairly useful |
|
| Back to top |
|
|
Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
|
| Posted: Fri Jun 16, 2006 5:40 am Post subject: |
|
|
| I would add that the minimum foreign investment is 50 million KRW and that is enough for at least one D8 visa. I do know of one business that has 3 expats on D8's for the minimum investment. |
|
| Back to top |
|
|
JLarter
Joined: 17 Apr 2006
|
| Posted: Fri Jun 16, 2006 6:22 am Post subject: |
|
|
| Quote: |
| If you want to work in it and need a visa (cause you don't have an f2, f4 or f5, then $500,000. |
Are you saying that if I want to work for my own business I have to pay about 500m won?
Seems a little steep. |
|
| Back to top |
|
|
The Hammer
Joined: 18 Jan 2003
Location: Ullungdo 37.5 N, 130.9 E, altitude : 223 m
|
|
| Back to top |
|
|
ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
|
| Posted: Fri Jun 16, 2006 10:17 am Post subject: |
|
|
Good info.  |
|
| Back to top |
|
|
mindmetoo
Joined: 02 Feb 2004
|
| Posted: Fri Jun 16, 2006 4:27 pm Post subject: |
|
|
This Watts on Tap guy made a big deal of him being the first foreigner or something to really, really start his own business without putting it in his Korean wife's name:
http://www.cbc.ca/news/viewpoint/vp_cerralbo/20050704.html
If you take his word for it, there sure does seem to be huge amounts of paperwork and a bureaucracy not really ready to deal with a foreigner. Heck, even some major international businesses like Starbucks seem to prefer to partner with a Korean company. (Starbucks/Shinsagae, Tescos/Samsung) |
|
| Back to top |
|
|
Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
|
| Posted: Fri Jun 16, 2006 5:19 pm Post subject: |
|
|
| JLarter wrote: |
| Quote: |
| If you want to work in it and need a visa (cause you don't have an f2, f4 or f5, then $500,000. |
Are you saying that if I want to work for my own business I have to pay about 500m won?
Seems a little steep. |
No, that is not what was said. 50 million is the minimum and gets a D8 visa.
With 500 million you get a D8 and after 3 years maybe an F2.
From another board:
| Quote: |
QUOTE
외국인투자촉진법의 규정에 의한 외국인투자기업에 종사하고자 하는 자로서 투자금액이 미화 50만불 이상인 외국법인이 외국인투자촉진법의 규정에 의한 외국인투자기업에 파견하는 자 중 기업투자(D- 자격으로 3년 이상 계속 체류하고 있는 외국인
|
|
|
| Back to top |
|
|
JLarter
Joined: 17 Apr 2006
|
| Posted: Fri Jun 16, 2006 11:02 pm Post subject: |
|
|
| Quote: |
Heck, even some major international businesses like Starbucks seem to prefer to partner with a Korean company. (Starbucks/Shinsagae, Tescos/Samsung)
|
Yea, Starbucks have a strategy of whenever they enter a new market to go in as a partner with a local firm. It reduces risk, increases local knowledge,etc.
I had to do a whole module on that as part of my degree! |
|
| Back to top |
|
|
Dev
Joined: 18 Apr 2006
|
| Posted: Sat Jun 17, 2006 6:58 am Post subject: |
|
|
| Don't go into business with Koreans. If you ever get screwed, the courts here will side with the Koreans. A buddy of mine leanred the hard way and lost over $100,000 |
|
| Back to top |
|
|
zappadelta
Joined: 31 Aug 2004
|
| Posted: Sun Jun 18, 2006 3:01 am Post subject: |
|
|
| Wangja wrote: |
| JLarter wrote: |
| Quote: |
| If you want to work in it and need a visa (cause you don't have an f2, f4 or f5, then $500,000. |
Are you saying that if I want to work for my own business I have to pay about 500m won?
Seems a little steep. |
No, that is not what was said. 50 million is the minimum and gets a D8 visa.
With 500 million you get a D8 and after 3 years maybe an F2.
From another board:
| Quote: |
QUOTE
외국인투자촉진법의 규정에 의한 외국인투자기업에 종사하고자 하는 자로서 투자금액이 미화 50만불 이상인 외국법인이 외국인투자촉진법의 규정에 의한 외국인투자기업에 파견하는 자 중 기업투자(D-자격으로 3년 이상 계속 체류하고 있는 외국인
|
|
Does that mean that if I made a minimum 50 million won investment and used it for key money towards a business/location, or even bought a location outright, and opened up shop, would that satisfy the investment requirement to get the proper visa? Or is this just a visa/business license fee. |
|
| Back to top |
|
|
Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
|
| Posted: Sun Jun 18, 2006 3:07 am Post subject: |
|
|
| The 50 million KRW is your money (or company's money) at all times. It is not a fee to the governement. You are free to use it as key money, living expenses, running expenses or even ship it straight out after you have your registration and visa. |
|
| Back to top |
|
|
Beej
Joined: 05 Mar 2005
Location: Eungam Loop
|
| Posted: Sun Jun 18, 2006 5:19 am Post subject: |
|
|
| Do all of these small indian, packistani, and middle eastern businesses that have cropped up in the last few yaers in Itaewon have 50 million deposits? |
|
| Back to top |
|
|
Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
|
| Posted: Sun Jun 18, 2006 7:14 am Post subject: |
|
|
| Maybe, if they are foreign invested businesses. But I repeat, the 50 million is not a deposit. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
