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Permalink Reply by Tiffany on August 23, 2011 at 11:54am

Hi Simon,

I want to open a business in Korea, however my partners and investors are in America.  It seems that there is one way to do this.

First, I could get an American business license that acknowledges my partners and investors and then open a branch or subsidiary of the business in Korea.  What is the process for opening this type of business?  It is considered a foreign-direct investment?  If so, what is the process?  What are the requirements?

 

Second, I could open a Korea business that allows me to give shares of my business to (foreign) investors.  What is the process for opening this type of business?

 

Thank you in advance for your time and consideration.  I look forward to hearing from you soon!

 

Tiffany

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Permalink Reply by simonhong on September 8, 2011 at 6:07pm

Hi, Tiffany,

Setting up the branch or subidiary office in Korea is not regarded as FDI because it does not need to bring in the capital from USA. The branch notification, the court registration and tax office registration is the process. Requirements are the verification documentations and the resolution of the board of directors of the headquarter company, branch office related documentations and others fore each step.

For your second question, the corporation type can be one of your options because the number of shares and shareholders should be registered.

Hope the above would be helpful to you and email or contact me for further questions. Simon

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Permalink Reply by Joe Wasylyk on September 8, 2011 at 9:39am

Simon,

I would like to ask you a question about the New Business Start-Up Center that was opened in Seoul, Korea on August 18, 2011 for Adults Age 40 and Up who want to start a business.  I have some information that the Team Leader for this project in Seoul is Hong Jeong-oh.

I would like to ask you what you think about this new Project. And, secondly do you think that Elder Koreans will be able to work in a 'generational partnership' or collaboration with Younger Entrepreneurs for mutual business benefit?

Thanks for your help.

 

Joe Wasylyk

Seniorpreneur

 

 

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Permalink Reply by simonhong on September 8, 2011 at 6:31pm

Dear Joe Wasylyk,

 

I think this is good because the elder people also have their business insight, connection and vision on their own.

As far as there are the mutual benefits, the collaboration between young and old entrepreneurs could be possible.

I believe they all know that the survival of the fittest is not the strongest but the one who changed.  Simon

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Permalink Reply by Berta Varas Espinoza on September 21, 2011 at 11:59am

Dear Mr. Hong,

Hope you are very well. My name is Berta. I want to buy in a little scale Issues from South Korea. I put an add into a Community in Internet but nothing happened. I thought that the payment was not enough, but it was not the reason, I suspected that happened because of my offer, read it carefully and tell me, what did I do wrong?

"I need a helper, someone who can help me to do business in Korea and someone honest and trustfully! Also I would like to pay in KRW. But not in USD. Please, answer to my personal e-mail address. Please, keep my email for further questions."

 

That´s all.

The thing is that I don't want to be rich, I want to do business in a responsible way. Issues than 7321 design are loved in Chile, but they cannot be here easily. They are so far from here! Although I tried to find a e-shop store, all of them are in Korean and the ones that I had found payments were in USD, something that I don't want to use, I want to pay in KrW, it is much for ask???

Reply me soon, Christmas is coming and I haven´t got anything to sell, I am desperate!

Thank you so much,

Kindly regards,

Berta.

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Permalink Reply by Steven S. Bammel on September 21, 2011 at 2:17pm

Berta - 

Do you mean that you need an assistant in Korea who will purchase products for you and send them to Chile? Are you in Korea or in Chile now? What products are you looking for? What is your budget for the assistant? Why does it matter if you are paying in KRW or USD if the amount is the same?

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Permalink Reply by Berta Varas Espinoza on September 21, 2011 at 2:38pm

 

Yep!  I was talking about it! Thank you!!!

I am in Chile right now. I was looking for fancy cute stationery (pencils, diaries, bags, issues for girls, all the stuff that one teenager loves) buying at big retailers, then to wholesalers... I thought that 10000 wons part time was ok. I did not talk with anyone again... I said that (KrW) because the currency is positive for me, look at this:

1 KrW  equals 0,42629 Cl Pesos.

1 USD equals 489,60001 Cl pesos.

That difference is something positive for Chilean people who wants to start a new business of import or export, we are more cheaper than the USD... (Something that we can win, sometimes...) Our currency is very near to KrW. That´s all.

Thank you, thank you for ask!

 

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Permalink Reply by Steven S. Bammel on September 25, 2011 at 5:28pm

Oh, OK. Frankly, W10,000/hour is very low. I doubt you can find someone at that rate. In fact, purchasing items like that and shipping them overseas could be quite complicated. You could try to find an exporter in Korea who will work with you on it, but you'll be paying also a high margin on their services. I know you're trying to keep things simple and small-scale, but if you're also wanting a local infrastructure (i.e. a freelance employee), I would think the way to get started would be through a direct visit to Korea. Then you can do proper market research and identify what you want and the prices they cost.

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Permalink Reply by Berta Varas Espinoza on September 26, 2011 at 3:36am

Dear Steven, I found Gmarket!!!! They are going to send my items like a bulk. Do you know how they work as a wholesaler? Thank you very much, you are the best!

 

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Permalink Reply by Steven S. Bammel on September 26, 2011 at 8:13am

That's great. That sounds like a perfect solution. I believe Gmarket is a Korean version of eBay so it'll just depend on which seller you choose as to how they work as a wholesaler.

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Permalink Reply by Dario Silvestri on January 29, 2012 at 8:58pm

Dear Mr Hong:

I am new to the site, so please excuse me if my questions are a bit repetitive of others you have already addressed. I have the opportunity to start a small business in the food and beverage industry here in Daegu. I hold an F2 visa and was hoping you could give me some guidance in starting my own company.

I plan on opening the bar/restaurant with 3 partners, one also holds an 'F' visa, and was wondering if I should start a corporation, if it was even possible, and if foreigners could hold shares in the company? The biggest reason I am avoiding a sole proprietorship in my or my wife's name is to avoid being taxed personally on potential income from the business.

Any assistance would be much appreciated.

Dario Silvestri

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Permalink Reply by simonhong on January 31, 2012 at 9:28am

Dear Dario Silvestri,

Of course, 3 people could hold shares. Even 3 people can be the representatives of the corporation. Please consider the issues such as the number of shares, each share price, shareholders, total capital, etc., The shares affect the dividend. For more questions, please contact Seoul Global Business Center at 02-6001-7243 or seoulsimon@naver.com

Wish you prosperous year of 2012!  

Simon Hong

 

 

 

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