Seoul is one of the cities worldwide where lots of entrepreneurs start different businesses. The market from here is excellent for all types of investments and if you are thinking of doing this as well then we are sure that you will not make a mistake. We will show you in the following how to actually start a business in Seoul.
The Korean economy is continuously growing and this is the main reason why starting a business here is a fantastic idea. This country is not only a massive exporter of goods but a huge importer as well. As a Korean would say ‘’make a friend first and do a business second’. Therefore, it is essential that you understand very well the Korean business culture before you actually invest in something.
Business opportunities in this country are without a doubt plenty ranging from energy market, creative industries, to education, and luxury brands. However, before you do anything it is vital to completely understand all the differences between Korean business etiquette and Western practice. You must also take into consideration the fact that the standards are very high and you must be exact, prompt, and professional as well.
Another important aspect is that you must do an excellent market research before you start your business. Ask yourself if the product or the services you are going to offer appeal to the Korean market, make sure you know exactly your competitors in Korea, what are the regulations in case you want to export, and other similar things. Learn as much as you can about what starting a business here involves in order to take the best decision.
Once all the research has been done you must open an account and start doing all the necessary paperwork. You will see that all these things are very easy to do as this country doesn’t have too complicated rules as other countries in Europe have. You must also decide what legal structure your company is going to have. You can either go for a private company or you can look for a Korean business partner. Furthermore, you also have the option to appoint a local distributor in the city to sell your products. No matter what option you choose you will see that all the steps are very easy to follow.
On the other hand, in case you do not offer any products but a certain type of services then you must look for an office. This is not a difficult job because Seoul is a massive metropolis with lots of office buildings located right in the center of the city and not only. You just need to take your time and look for a place that suits you best and that is affordable as well. Since you are starting a new business here you will need to save some money in the beginning and that’s why you must be very careful with your budget. Finding people to hire is also a very easy job and you can either choose to hire a local or a foreign. No matter what option you choose just make sure that you hire professionals.