Wonderful Korea

How do I open a bank account in Korea?

1

Edgar Santiago

November 12, 2021

qna No. 1794

Luna said, The only document needed to do so is a valid passport. Then, the account holder must arrange to transfer the equivalent of 50,000,000 won (around USD 40,900) from a foreign account into the one opened in his or her name. This deposit has to be in a lump sum and it should be categorized “for investment purposes only”. Then, the foreign investor can proceed with gathering the required documentation to open a company in Korea.

Do I need a visa to start a business in Korea?

2

Edgar Santiago

qna No. 1773

Luna said, Visa categories that allow you to start a business, F and D Visas: F-series Visas (family visas) 1. F-4 Overseas Korean Visa – Have Korean ancestry on at least one side of your family 2. F-6 Marriage Visa – Marry a Korean 3. F-5 Permanent Residence Visa – Live in Korea long enough (over 5 years) and have the necessary points (TOPIK score, income, savings, education level, etc.) to qualify D-series Investment Visas (money required) 4. D-8-1 Foreign Investment Company Visa – Invest 100 million KRW in a company Maximum stay: 5 years 5. D-8-3 Unincorporated Enterprise Visa – Invest 300 million KRW in a Korean-run business Maximum stay: 5 years D-series Startup Visas (IP required) 6. D-8-2 Business Venture Visa – Establish a venture based on advanced technology (copies of patent card, utility model registration Card, Design Registration Card for Intellectual Property Right Holders) and have it confirmed as a venture according to Article 25 Maximum stay: 2 years 7. D-8-4 Technology and Business Startup Visa – Found a tech company and hold a Bachelor’s Degree. Provide evidence through a point-based system (copies of patent card, utility model registration Card, Design Registration Card for Intellectual Property Right Holders) and have it confirmed as a venture according to Article 25 Maximum stay: 2 years

How foreigners can start a business in Korea?

1

Edgar Santiago

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

Edgar Santiago

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

Edgar Santiago

qna No. 1718

Luna said, You can check the Korean custom's website for more information: www.customs.go.kr

Current Post

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

Edgar Santiago

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

Edgar Santiago

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.

Are there any business categories where a foreigner cannot invest alone and should have a Korean partner to invest in Korea?

1

Edgar Santiago

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

Edgar Santiago

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?

Edgar Santiago

qna No. 1269

What is FDI in Korea?

1

Edgar Santiago

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

Edgar Santiago

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?

Edgar Santiago

qna No. 1264

Where to find jobs?

Edgar Santiago

qna No. 1263

What’s it like to work in South Korea?

Edgar Santiago

qna No. 1261