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uuini
Joined: 01 Dec 2006
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 Posted: Sat Dec 02, 2006 7:48 pm Post subject: Starting a Business in Korea..? |
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| Hi, I've been trying to find info about foreign-owned businesses in Korea... I heard that foreigners can start/own businesses in Korea if they have a business partner who is a Korean citizen, but I haven't found any information confirming this, nor any additional information on what process is required to open a business, and what laws apply. Any suggestions? So far I've tried asking around, Google, and the Korean government's website. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Dec 02, 2006 8:56 pm Post subject: Re: Starting a Business in Korea..? |
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| uuini wrote: |
| Hi, I've been trying to find info about foreign-owned businesses in Korea... I heard that foreigners can start/own businesses in Korea if they have a business partner who is a Korean citizen, but I haven't found any information confirming this, nor any additional information on what process is required to open a business, and what laws apply. Any suggestions? So far I've tried asking around, Google, and the Korean government's website. |
For direct foreign ownership of a busines it must not be a restricted business and you require a minimum investment of 50 million won.
Look for information on treaty investor visas (D8 if I remember correctly) and there is information available at the Seoul help center (city hall - 2nd floor) as well. |
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uuini
Joined: 01 Dec 2006
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| Posted: Sat Dec 02, 2006 9:04 pm Post subject: |
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Oh, 50 million won? I was hoping I could do private teaching legally if I got a business license, but 50 million won is a lot of money... Thank you for the info, though, I'll look into it more  |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Sat Dec 02, 2006 9:12 pm Post subject: |
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I just made my own business.
It did not take 50 million won.
It did however require a lot of leg work. |
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thebum
Joined: 09 Jan 2005
Location: North Korea
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| Posted: Sat Dec 02, 2006 9:14 pm Post subject: |
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| Captain Corea wrote: |
I just made my own business.
It did not take 50 million won.
It did however require a lot of leg work. |
what kind of leg work? |
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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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| Posted: Sat Dec 02, 2006 9:30 pm Post subject: |
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| uuini wrote: |
| I was hoping I could do private teaching legally |
To do that, you need to get married to a Korean. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Sat Dec 02, 2006 9:49 pm Post subject: |
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| thebum wrote: |
| Captain Corea wrote: |
I just made my own business.
It did not take 50 million won.
It did however require a lot of leg work. |
what kind of leg work? |
Numerous runs between the tax office and the Gu. |
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thebum
Joined: 09 Jan 2005
Location: North Korea
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| Posted: Sat Dec 02, 2006 9:55 pm Post subject: |
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| Captain Corea wrote: |
| thebum wrote: |
| Captain Corea wrote: |
I just made my own business.
It did not take 50 million won.
It did however require a lot of leg work. |
what kind of leg work? |
Numerous runs between the tax office and the Gu. |
what kind of visa do you have? |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Sat Dec 02, 2006 10:00 pm Post subject: |
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| F2. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Dec 02, 2006 11:33 pm Post subject: |
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| Captain Corea wrote: |
I just made my own business.
It did not take 50 million won.
It did however require a lot of leg work. |
YOU don't have an E2 or need a D8 visa... you took the "easy way" and married a Korean (F2 soon to be F5).
For the rest of us.... 50 million as a direct foreign investor to get a work visa to work in/manage your own shop. |
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uuini
Joined: 01 Dec 2006
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| Posted: Sun Dec 03, 2006 1:05 am Post subject: |
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| Oh- maybe that's what people meant when they told me I had to have a Korean business partner ^^; Hmm... do you think it's possible for me to own my own little private tutoring gig without the 50 mil won investment? |
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BigBuds
Joined: 15 Sep 2005
Location: Changwon
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| Posted: Sun Dec 03, 2006 1:22 am Post subject: |
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| uuini wrote: |
| Oh, 50 million won? I was hoping I could do private teaching legally if I got a business license, but 50 million won is a lot of money... Thank you for the info, though, I'll look into it more |
It won't be legal for you to teach if you have a D-8 visa. The business license won't allow you to open a private teaching venture, as you will also need approval and a license to do so from the education department in your area, and the only foreigners who are allowed to have them are on an F-2 or F-5 visa (married to a Korean).
Unless you have an F-2 or F-5 visa, the only visa that will allow you to teach is an E-2 visa. If you get a D-8 visa you can open up a hagwon but you wouldn't be able to teach there yourself, you'd have to hire other people to do that for you. There is no way you'd be able to open a small private study room (Gong bu bang) as the education department would never approve it. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Sun Dec 03, 2006 4:54 am Post subject: |
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| ttompatz wrote: |
| Captain Corea wrote: |
I just made my own business.
It did not take 50 million won.
It did however require a lot of leg work. |
YOU don't have an E2 or need a D8 visa... you took the "easy way" and married a Korean (F2 soon to be F5).
For the rest of us.... 50 million as a direct foreign investor to get a work visa to work in/manage your own shop. |
Actually, when I was on my E2 I set up a company here in Korea as well. The tax office had no problems with it, but actually working in it would have violated my E2. It's a funny game they play.
The 50,000 is for a corporation, and thus the investors visa.
A private business can be had for much less. |
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uuini
Joined: 01 Dec 2006
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| Posted: Sun Dec 03, 2006 10:13 am Post subject: |
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| Would I talk to the tax office about setting up a private business? If I set up a private business, can I not sponsor myself for a work visa? XD!! Probably not. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Sun Dec 03, 2006 2:38 pm Post subject: |
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No, I do not belive you can.
Sponsoring someone depends on the type of business though - what type were you aiming for? |
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