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How foreigners can start a business in Korea?
1
Denzel Ramos
November 12, 2021
qna No. 1753
Luna said,
Foreigners can start a business in Korea (including the establishment of corporations) by acquiring new or existing stocks as prescribed by the Foreign Investment Promotion Act, or by establishing a domestic branch or liaison office in Korea as prescribed by the Foreign Exchange Transaction Act.
A foreign-invested company is a domestic corporation established under the Commercial Act. It is classified as either an unlimited partnership company, a limited partnership company, a limited liability company, a limited company, or a stock company. The most common types of corporations established by foreign investors are limited companies and stock companies
is it allowed to send chocolate and biscuits to Korea? Do I have to pay for tax or some fee?
1
Denzel Ramos
qna No. 1720
Luna said,
All the imported goods are imposed with tax as mentioned in Article 14 of customs law. Imported items mean that items that are carried into Korea from abroad; which denotes that mail from relatives abroad are also included.
However, there is a policy that exempts taxation for the designated price of the product (less than USD 150) which is recognized only for personal usage.
What items or goods are prohibited to be imported/exported in South Korea?
3
Denzel Ramos
qna No. 1718
Luna said,
You can check the Korean custom's website for more information: www.customs.go.kr
When two or more foreigners make a joint investment and the total investment amount is not less than KRW 100 million, can this be recognized as a foreign direct investment?
1
Denzel Ramos
qna No. 1711
Luna said,
It is not recognized as foreign direct investment. When two or more foreigners make a joint investment, the amount invested by each person should be not less than KRW 100 million.
When a foreigner invests at least KRW 100 million and registers a foreign-invested company, can he/she carry out any business in Korea?
1
Denzel Ramos
qna No. 1708
Luna said,
No. If separate requirements for minimum capital are prescribed for each business under separate Acts, such requirements should be satisfied.
Current Post
Are there any business categories where a foreigner cannot invest alone and should have a Korean partner to invest in Korea?
1
Denzel Ramos
qna No. 1706
Luna said,
In most business categories, a foreigner can invest alone in Korea without a Korean partner.
However, a foreigner should have a Korean partner to invest in “restricted business categories” and there are restrictions as to the percentage of stocks or shares that can be held by a foreign investor.
Do foreigners have to file taxes in Korea?
1
Denzel Ramos
qna No. 1371
Luna said,
When you file the tax your nationality is not directly related but It is determined by whether you are a resident
or non-resident as stipulated by Korean tax laws.
If you are a resident of the Korean tax law, you must file a tax return and pay for income earned in Korea, even if you are not holding Korean nationality.
Residents prescribed by Korean tax law can be defined as those who have an address in Korea or have a residence for more than 183 days.
How do I export my product to Korea?
Denzel Ramos
qna No. 1269
What is FDI in Korea?
1
Denzel Ramos
qna No. 1267
Luna said,
Foreign Direct Investment (FDI) is defined as an investment with an investment threshold contributed by foreigners amounting to at least KRW 100 million and being 10% or more of the total amount. Foreigners are able to do business in Korea without restraint, except as otherwise prescribed by regulations.
Types of FDI include the acquisition of stocks of domestic companies, long-term loans (five or more years) from parent companies outside Korea, and investments in non-profit corporations in the fields of science and technology.
Cases in which a foreign company uses unappropriated earned surpluses for building new or additional factories are now also considered FDI (to be enforced by 2020). Objects of investment to acquire stocks or shares include foreign currency, capital goods, proceeds from acquired stocks, etc., and industrial property rights.
Can foreigners invest in South Korea?
1
Denzel Ramos
qna No. 1265
Luna said,
Yes, they can! although investors must know first the laws and guidelines when it comes to investing in South Korea.
You can check this government website for more information: https://www.investkorea.org/ik-en/index.do
Do you need a visa to work in South Korea?
Denzel Ramos
qna No. 1264
Where to find jobs?
Denzel Ramos
qna No. 1263
What’s it like to work in South Korea?
Denzel Ramos
qna No. 1261
What jobs can foreigners do in Korea?
Denzel Ramos
qna No. 1258
How to report food imports for business?
1
Denzel Ramos
qna No. 1254
Luna said,
If you want to import food (including food containers) for sale or business purposes, you have to file an import declaration with the Minister of Food and Drug Safety.
Even if an internet purchasing agent such as imported food intends to file an import declaration,
Even for a purchasing agent, the declaration is needed to be submitted to the head of the Local Food
and Drug Administration which manages the place of customs clearance for imported food.
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No. 59 ∙ 2021-11-11
However, a foreigner should have a Korean partner to invest in “restricted business categories” and there are restrictions as to the percentage of stocks or shares that can be held by a foreign investor.