WHAT KIND OF VISA A FOREIGNER NEED IN ODER TO OPEN A RESTAURANT IN KOREA?

I am just curious if a foreigner like me without any visa can open a restaurant in korea and getting automatically a visa based just on this goal. 

For example, I read on the web a foreigner would need an F2 or F5 visa in oder to start his own business. Is that true? it works also to open a restaurant?

I would be pleased if someone who knows about this matter would clarify my thoughts.

Tags: business, visa

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Permalink Reply by Simon Hoggett on February 6, 2012 at 12:17pm

You can get a visa if you invest 100 million won, which allow you get a D-8 investor visa. Alternatively it might be possible to get a Korean partner who would then hire you as an employee on a E-7 (?) visa. That route might prove difficult since, you would need special skills (or degree) to justify the visa. Good luck! 

Permalink Reply by Daniel on February 6, 2012 at 10:23pm

F-2 and F-5 can be the basis for opening a restaurant.  My friend has that and he has a bar here in Ulsan.  There might be other ways though which I don't know about but those two visas will work.

Permalink Reply by Matteo Torretta on February 7, 2012 at 9:26am

many thanks both of you.

I did some research and the D8 visa seems to me the easiest way to start a business, as long as a person has 50 million.

Simon, from what i read the minimum to invest should be 50 milion.

F2 and F5 woudl be really good options but they take long time in order to get the rest of the point to reach 80.

Permalink Reply by Daniel on February 7, 2012 at 10:20am

No points needed with either F-2 or F-5.  These two are for married or long term residents...  As long as you have F-2 which is another way of being married, you can do anything you want...

Permalink Reply by Matteo Torretta on February 13, 2012 at 1:27am

ah ok, i didn't know it.

 

Permalink Reply by Simon Hoggett on February 13, 2012 at 10:17am

There are a few types of F-2 visas, one of them for long-term residents that qualify under the point system. I believe it's called the F-2(S)

The F-2 for those married to Korea nationals is being changed to a F-6 visa... Not sure if the name of the F-2(S) will change. 

Permalink Reply by Simon Hoggett on February 13, 2012 at 10:24am

Hi Matteo,  It seems that  you were probably looking at outdated information since the Korea govt changed the amount to 100 million in Fall of 2010. 

Please check the attachment for detailed information (Page 7 has the investment amount needed)

Attachments:
Permalink Reply by Matteo Torretta on February 17, 2012 at 12:35am

yes, it's 100 million. i think 100 million of won could be a too high figure to open a middle size restaurant.

 

anyway thanks for the informations!!

Permalink Reply by Sami Tut on February 22, 2012 at 9:04am

I think it will not be so high. Whatever the size is, if you want to open your restaurant in a nice place you will need at least twice of that money. At least you may pay half of it for rental deposit.

Permalink Reply by Nic Ingham on February 22, 2012 at 9:26pm

100 million is very low, renovation and equipment costs can be well over $50,000 the lease for the building significantly more. The various licenses you need to operate, as well as fees for banking and credit card processing.

$100,000 actually less in won is 2 months operating costs and most restaurants are not initially profitable. I don't know the figures for Korea but in the U.S. most fail in under 5 years over 70%.  

Permalink Reply by Matteo Torretta on February 27, 2012 at 6:25am

I read on the web that having a D8 visa i can make just a sole trading company, that means I cannot have any business partner. is that right? or i can make other kinds of companies which allow me to have business partner?

Permalink Reply by Nic Ingham on February 27, 2012 at 11:20am

Sole proprietorship and Sole trading are not the same. Also D-8 is an investor visa to "For an applicant investing not less than 50 million won" there is a lot of legal loops there.

If your serious you should contact a notary and translator(can be the same person) go down to Seoul city office where they have all of the applications and requirements you can learn more about the specifics of each visa as the information online is often wrong or out dated. It might be the best $90 you will spend. 

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