How To Start A Business South Korea Table of Contents
If you have been thinking of starting a business in South Korea, this post is for you. It is a complete guide on how to start a business South Korea; it explains everything you need to know before starting a business in the country.
The first part is all about business culture in the country and the second part is a complete guide on how to set up your business in the country. Enjoy it!
The hierarchical system is duly followed in South Korea; hence, you have to respect people according to their age and status in the country, this is an important culture you have to maintain in South Korea when you are in the country for business purposes or for any other reasons. However, when you think of how to start a business South Korea, this Korean business culture should always come to your mind.
South Koreans are like interacting with people of their class, and class can be grouped by the school you attended, the organization you work for, marital status, etc.
In South Korea, you can present a gift to your business partner, it is acceptable. But make sure you don’t give your business partner an expensive gift if they can’t reciprocate that act of kindness. Koreans like their gifts to be wrapped in yellow or red paper. If your business partner invites you to his house, you can visit him with a gift like a flower, fruits, etc., and make sure you present the gift with your two hands.
It is important to exchange business cards with your Korean business counterpart during your first meeting. this enables them to know your position, rank, and title. When you give your business card to your business partner you’ll receive theirs. When you receive their business card, don’t just put it in a pocket make sure you review it for like 10 seconds before putting it in your pocket, during these few minutes what you should be doing is just reviewing their name, title, and rank. And when you sit down, place the card on the table; this will last for the duration of the meeting.
It is normal to cancel an appointment in South Korea, so don't be surprised or angry when your business meeting is canceled but recurring cancellation means that they are not interested in your business.
Punctuality is key when doing business with Koreans, make sure you arrive early t the venue each time you have any business meeting with your Korean business partner, take note of this when you are looking for how to start a business South Korea., it is very important.
With this knowledge you can successfully establish the right business relationship with your South Korean business partner, so let’s see how you can set up your business in the country.
The first thing to do when you think of starting a business in South Korea is to make research in order to find the right product and or service you can offer to people in the country. This stage is where most business owners fail to do their assignments. It is important to make thorough research so as to find the right product to offer to the people. How to start a business South Korea won't be complete without research. Hence, you don't have to skip this step when starting your business in South Korea.
The next step to take is to choose a unique name for your business, a great rule of thumb while choosing a business name is to make sure that your business is simple, easy to remember, and relates to your business.
You can use free resources like Google and other search engines to make sure the chosen business name is unique. You can also use Webhosting platforms like Bluehost, Hostinger, GoDaddy, etc. to know if the business name is still available so you can use it as your domain name.
Foreigners need to use the appropriate Visa when running a business in South Korea, the best Visa for business owners is the one that will allow you to live and run your business in the country. This is an important aspect you need to focus on when you think of how to start a business South Korea.
Choose the right business structure for your firm in the country, some of the business structures you can choose in the country includes Private Limited Company, Joint Stock Company, etc.
The next step will be to open a business account in the country, this part is very simple. You also need to deposit about $40K into the account, the money must come from outside South Korea, this is to prove to them that you can run your business in the country.
The next thing is to register your business in the country. Your how to start a business South Korea won’t be complete without this part and you need to pay attention to it anytime you want to set up your business in the country.
Scroll down to read our indepth Ecommerce Platforms South Korea guide. What you should know, Ecommerce Platforms South Korea features, price plans and support. Pros and Cons of Ecommerce Platforms South Korea as a ecommerce, everything is explained below.
Shopify is a software company that specialises in ecommerce software for small to enterprise level businesses.
Shopify is listed as the best ecommerce software related to Ecommerce Platforms South Korea. Shopify was founded in 2006 in Ottawa, Canada and currently has over 6,124 employees registered on Linkedin.