Wow! Thanks for the tip...
Just so everyone knows... This is not a rumor; it's a fact. The investment amount is scheduled to increase to 300K. I'm understanding it will go into effect in the latter part of the year, but at any rate, if you're looking to start a business to get a D-8, do it now...
Yes, I spoke with someone from the foreign investment ombudsman's office and he said they are tired of people bringing in 100 million won (mostly from other Asian countries) only in order to get a visa and with no actual intention of doing business. This is the people they are wanting to filter out.
Another stupid move.
Who cares if they don't set up a business or not. It's money coming IN and immigrants (God knows we need them) coming to live, study, etc. There are other ways to monitor irregular or illegal inflows.
I think the main reason is to control the KRW from appreciating, which in itself is fairly stupid in a country that imports most of its resources, and many industrial components. A strong KRW is a reflection of a strong economy. As long as it doesn't fluctuate wildly, trying to control it is futile.
I understand that if you do business with F4 holder, you don't have to go through this.
Just for reference. (*further verification needed since it is my personal understanding)
Thanks, Veronica. The issue for many foreign entrepreneurs though is the visa, not the company. I don't think doing business with an F4 holder will bestow on the F4 holder's business partner(s) the rights to a work visa without other employment conditions being met.
As I know the western world see South-Korea as a risky investment country, because everybody think that there will be a war, etc. so I think if somebody want to start one Asian center, that will be not in Seoul from this time. I working for very fast growing internet startup company, and there is question to choose Asian center in the future... This will be a problem, because Japan is more attracting for European companies and it will be very hard to lobby for Korea.
Wow. I was considering starting a business in Korea in early 2014, but I'm not sure if this will be possible. Thanks for the heads up. Does anyone have any suggestions regarding alternative visa opportunities for individuals interested in start ups located in Korea? C-2 possibly?
I would likely enter into a partnership with a Korean national, but would prefer an option for individual investment should the partnership fall through.
Good point. Other countries supports startups like Chile, etc. but I think in Korea similar sponsorship not exist.
by the way, I understand this is starting from June not April?
Yes, the official implementation date is now June. Possible it could be pushed back further.
The other part of this new regulation that is of concern is the one that applies to existing foreign invested sole proprietorships. For more details see the information here: http://www.korea4expats.com/article-foreign-sme-investment-requirem....