Foreigners can start and operate businesses in Korea. Here are the key procedures and visa requirements.
π’ Business Types
| Type | Description | Difference |
|---|---|---|
| Individual | Sole proprietorship | Simple setup, unlimited liability |
| Corporate | μ ννμ¬ or μ£Όμνμ¬ | Separate entity, limited liability |
π Visa Requirement
- D-8: Foreign-invested company, 100M+ KRW
- D-8-4(S): Tech startups
- F-2/F-5/F-6: Resident visas allow most business
Cannot run a business on tourist, student, or most E-series visas.
π Steps
- 1. FDI Notification (KOTRA or bank)
- 2. Remit investment funds
- 3. Register incorporation (court, 2β3 days)
- 4. Industry permits if needed
- 5. Business registration (tax office, 1 day)
- 6. Corporate bank account
- 7. Foreign-invested company registration
Total: ~2 weeks.
π° Minimum Investment
D-8 visa: 100M+ KRW, 10%+ voting shares.
π€ Support
- KOTRA Foreign Investor Support Center
- Invest Korea
Source: KOTRA Business in Korea 2025