Travel Reference
In-Depth Information
tering a company with a local partner. Foreigners with residency (i.e., “F”-class) visas are
also free to set up businesses without any minimum capital requirements, but will have to
brave the bureaucracy themselves. Locally established firms also face more restrictions on
the amount of funds they can remit and receive from abroad.
The minimum capital requirements and rules for foreign nationals starting their own
firms are a constant work in progress and adjusted regularly. It's not uncommon to get dif-
ferent stories from different officials, sometimes on the same day! It's therefore imperative
to triple-check the latest regulations before making any concrete decisions. Invest Korea is
probably the best source of information on these matters.
However you decide to open a business, unless you're fluent in Korean and have some
very well-connected friends, turning to a specialist to guide you through the pitfalls and
handle the paperwork should be considered mandatory. In addition to the free assistance
offered by agencies like Invest Korea and the Seoul Global Center, there are many account-
ing and consulting firms that have substantial expertise in the start-up process and can ne-
gotiate around barriers you'd probably have trouble tackling on your own.
The Job Hunt
Expatriates working in South Korea can be divided into two main categories: executives
sent or brought here from abroad, most commonly by a multinational corporation with op-
erations here, but also increasingly by local conglomerates; and those who come here and
pound the pavement to find something on their own. The former are treated to more bene-
fits, such as relocation assistance, housing allowances, and international school fees, while
the latter simply receive salaries, albeit salaries that tend to be higher than those paid to loc-
als.
While migrant laborers from South and Southeast Asia are hired to work in South
Korea's factories, the South Korean government prefers that companies import educated
and skilled workers, and the visa system reflects this. Employment visas are divided into
categories such as “technological guidance,” “specially designated activities,” and “profes-
sional”—basically all implying the holder is an expert in one area or another—and when
your employer applies for a visa, the immigration authorities will expect you to be able to
provide degrees, certification, or at the very least experience that confirms your status. For
this reason, South Korea can be a tough job market for those without higher education or
who are at an early stage in their careers.
 
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