You are a foreigner
Foreigners must obtain one of the following visas before registering a business: an F visa, a D-8-4 start-up visa or a D-8 corporate investor visa. The Foreign Investment Promotion Act (FIPA) allows you to incorporate a company locally under certain conditions. Under the FIPA, if a foreigner has invested at least 100 million won for management participation and has acquired at least 10% of the voting shares of a company, it is recognised as a foreign-invested company. Foreigners can contact the Seoul Global Centre for all registration issues and problems.
F Visa
If you have an F-2, 4, 5, 6 visa, it is very easy to register a business (sole proprietorship). You will need to provide an ID document and a lease agreement to the local tax office. This can also be done online through the National Tax Service (NTS) Hometax website. Hometax in Korea is used to pay taxes, receive tax refunds and generate electronic invoices.
As the Hometax website is only available in Korean, the international online platform Halla Systems Co. Ltd. helps foreign companies translate their documentation, set up their business and process payments.
OASIS Visa
Also known as a start-up visa or D-8-4, this visa is granted to foreigners who decide to start a business in Korea based on outstanding ideas and technologies. It can be obtained by accumulating a certain number of points. Alternatively, a minimum investment of $100,000 is required to obtain the appropriate visa (D-8, Corporate Investor) and certificate.
