Helpful Resources for Making it Big in Korea
Update on Setting Up My Own Company
You will all be please to know that I popped down to my local tax office the other day, and I am now an officially registered business! It was a strange feeling walking down the street holding that certificate.
As an F2 visa holder setting up a personal business I went through exactly the same procedure as a Korean would, not needing a minimum amount of money in the bank towards it etc.
I am not selling goods, just services as a personal business, so I am not subject to VAT.
As someone who will be teaching adults only I did not need to register with the local education office either (according to the phone calls both my husband and I made to them to cross reference information).
Apparently I don't need to set up a business bank account either according to both the tax office and my bank (again due to the fact that it is a personal business). I might just set up some sort of seperate acount anyway so that it would be easier to manage my money.
Now I need to find a lawyer to write up a contract to make sure I get paid in return for my teaching....any suggestions?
I hope this information helps any F2 visa holders out there...
As an F2 visa holder setting up a personal business I went through exactly the same procedure as a Korean would, not needing a minimum amount of money in the bank towards it etc.
I am not selling goods, just services as a personal business, so I am not subject to VAT.
As someone who will be teaching adults only I did not need to register with the local education office either (according to the phone calls both my husband and I made to them to cross reference information).
Apparently I don't need to set up a business bank account either according to both the tax office and my bank (again due to the fact that it is a personal business). I might just set up some sort of seperate acount anyway so that it would be easier to manage my money.
Now I need to find a lawyer to write up a contract to make sure I get paid in return for my teaching....any suggestions?
I hope this information helps any F2 visa holders out there...
Replies to This Discussion | 이 토론에 대한 답글들
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Permalink Reply by 0j5w11ucztc7j on -
Louise, I want to personally wish you success in your new venture. Please share new developments with us as things progress.
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Permalink Reply by Julius 'Desoye on -
Brilliant! Only you knew that feelings walking down the street with such a certificate! Maybe I could refer potential teachers to you in the future...Congrats Louise!
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Permalink Reply by Chad Lynch on -
Louise, I can't say how wonderful it is to read your post. I have an F2 and have been researching information about setting up an Adult Language business. I'm curious, did you receive a business licence specifically for teaching or education, per se?
Again, I'm delighted to read your post. Thank you!
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Permalink Reply by Louise Bae (maiden name 'Lamb') on -
Hi Chad,
If you wish to set yourself up as a sole business owner, including private tutoring you can register as such at your local tax ofice. They will provide with a business number which is used as a reference when filing your taxes.
However if you are involving other people as business partners then you need to state this in your application, as there is a different system. To be honest, I am not sure about the later as I am currently registered as the sole proprietor.
My business is currently dormant....I have put it on hold for a while until there is a better time to get things under way, so I cannot give you much more information than this.
You are going to teach adults only so you don't need to contact your local education office. However if you decide to start teaching kindy to high school, you would need to notify and register there as well.
The long and short of it, is that if you are teaching adults you just need a business licence, not an educationist's one in addition to it.
Maybe one day in the future we could work together ;)
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Permalink Reply by Steven S. Bammel on -
Louise,
Great to meet you on Saturday by chance out in Kunpo. Now I realize who you are! Your last name and photo tricked me into thinking you were an ethnic Korean.
Steven
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Permalink Reply by Lara Tosh on
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hey there^.^ I'm F-5 ...I did the same thing ...have been "in biz" as of Oct. 01st.
Are you certain about the VAT?
I'm thinking that a lawyer's not neccessary ...I've worked as a paralegal and would advise you to look at your past contracts as "examples" of the basic things to include.
Simply, a contract need only be a clear statement of what services you will be providing (specifying times & dates) & the compensation (along with payment due dates) that you'll be receiving.
...you might also wish to include a statement of your responsibilities & a statement of the clients' responsibilities.
Hope this helps (albeit a bit late)^.~
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Permalink Reply by Louise Bae (maiden name 'Lamb') on
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Steve:
It was great to meet you too, and quite a surprise!
I hear that a lot about my photo, I think I should take another and use that one instead ;)
Lara:
I am 100% certain of the VAT, as I checked this already with the tax office, but thanks. Also you are right, I do not necessarily need a lawyer to glance over the contract, but even if I get Korean friends to help me write it, it may not sound as professional as I would like it to be. The contract already states exactly what you have mentioned, but the language involved writing contracts requires a certain skill and turn of phrase, and a lawyer may be able to tighten it up a bit for me, unless you know someone who graduated in Korean literature, or is working in PR ;). Another issue is that I do not have other contracts to compare it to. The only business-related contract I have ever signed or even looked at is an employment contract.
I just want to give the impression of polished professionalism; maybe I am going over the top, I don't know.
Anyway, I have to put things off for a while, so I will start to think about things more deeply again when the time is right.
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Thanks Louise^.^
...just focus upon delivering quality services that exceed expectations & NOBODY worth having as a client will ever question your professionalism^.~
To your future success!!!
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Permalink Reply by Michael A. Lesniak on -
About contracts, did you get this sorted?
In my experience with contracts in Korea (I've had quite a bit), they have less of the rhetorical tradition and history of British or American legal contracts. Pretty straight forward, A B C.
If you know anyone working at a larger company, you might ask them to get your doc (korean version preferably) over to a buddy at legal who could revise it for you. Down the road you might revise their buddy resume in English or something.
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Permalink Reply by Hanna Park on
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I am not sure if this might help.
http://www.jisikworld.com/form/index.html?cate%5B20120%5D%5B%5D=201...
They have free samples as well.
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