What process should I undergo to use the system of direct clearance at piers?

1
Denzel Ramos
November 30, 2021
business_tip No. 2260
Luna said, Any person (import consignors, certified customs broker, bonded transportation company, and etc.) who intends to directly release imported goods at the docks shall request an on-dock loading (assign) to the shipping company in advance, and file a request form for it (Annex no.1 form) before the relevant goods enter the port or before the declaration of unloading is approved by the chief of goods (hereinafter referred to as “chief of goods”) who is responsible for declaration of unloading affairs.

How do I file an amended declaration when I learn that the declared tax amount is in deficiency?

1
Denzel Ramos
business_tip No. 2253
Luna said, When a duty payer learns that the declared tax amount is in deficiency after six months (correction period) from the date on which the tax was paid, he/she shall file an amended declaration. Any person who intends to file an amended declaration shall send a Correction Application of Import/Tax Declaration (Annex no.6 form) of Notification on the Import Declaration Affairs to the KCS customs system, and submit evidential data to the head of a customs office. In this case, the duty payer shall pay the relevant customs duty by the next day of the date on which the amended declaration was filed.

What procedures are needed for correcting an import declaration? Also, what is the procedure for correcting the amount of tax before paying it?

1
Edgar Santiago
business_tip No. 2251
Luna said, Correction of Import Declaration A declarer who intends to correct details of import declaration that do not influence the determination of the tax amount shall send a Correction Application of Import/Tax Declaration (Annex no.6 form) of Notification on the Import Declaration Affairs to the KCS customs system, and submit evidential data to the head of a customs office. After reviewing the entries of an import declaration, a customs reviewer can authoritatively make corrections when declared entries and declared goods do not match (excluding tax base, tax rates, and tax amount to be paid). Correction of tax amount A duty payer, who learned that the tax amount he/she declared has excess or deficiency before paying it, shall send a Correction Application of Import/Tax Declaration (Annex no.6 form) of Notification on the Import Declaration Affairs to the KCS customs system, and submit the evidential data to the head of a customs office. A duty payer shall re-issue a statement of payment with the correction on tax amount reflected, but the number of the statement and the time limit for payment are unaffected.

What is included as inappropriate items as household goods?

1
Denzel Ramos
qna No. 2247
Luna said, Checking whether the item is one of the household goods The products below are difficult to be included as household goods. 1. Every item that is brought in due to the request from the others. 2. Inappropriate items of personal or household usage (ex) printing machine, copy machine, dishwasher, etc. that are estimated to be used for commercial purpose; Kit Car that is not produced by automobile companies, etc. 3. Items that are not fit for one’s occupation (ex) Bringing in a Grand Piano (except for the small size baby grand piano), etc. luxurious musical instruments, video camera for film making, projector, film developer, etc. that are not fit for one’s occupation (including students of a major). 4. Excessive number of items that are brought in compared to the number of family members A. When a person with no accompanying family members try to take ladies items or excessive carrying items required for family altogether use B. When excessive amount of carrying fine furs and clothing etc. compared to the number of family accompanying C. Excessive number of household goods that are brought in compared to the number of family accompanying 5. Other items that are judged as inappropriate ones by the Head of customhouse

Are children and infants also subject to the exemption of travelers’ household goods equivalent to 600 dollars?

2
Edgar Santiago
qna No. 2244
Luna said, However, in the case where a family with more than 2 members brings in one item or one set of items valued in excess of USD 600, it is deemed to be carried by one person and taxes are imposed. Regarding a child or an infant, tax exemption up to USD 600 is applied to the goods, provided that they are deemed to be used by the child or infant concerned.

Do I need to pay tax for the present that I get from the relatives living in abroad?

1
Jhon Ace Simbulan
November 24, 2021
qna No. 2228
Luna said, All the imported goods are tax-imposed as mentioned in the Article 14 of customs law. Imported items mean that items brought in to Korea from abroad; which signifies that postal item from the relatives abroad is also included. However, there is a policy that exempts taxation for the designated price of the product (less than USD 150) which is recognized only for personal usage.

I purchased USD 1,000 handbag in a duty-free shop. As it exceeds USD 600, do I need to pay the total tax?

1
Ureka Ebilion
qna No. 2226
Luna said, In the case of traveler’s belongings, USD 600 is exempted for 1 person out of the entire taxation amount. Thus, if you have not bought other products, USD 400 has to be paid, which is deduction amount of USD 600 out of the total amount of handbag cost, 1,000.

When traveling, do I need to declare a camera, laptop, golf club, jewelry in the customs in advance?

1
Edgar Santiago
qna No. 2224
Luna said, Yes, when going to abroad, issuing the form of Declaration of Carried-out Personal Effects for the high price products including camera, laptop, gold club, instruments, and jewelry, etc. and submit the form to the Head of the customhouse of the destination is required for the exemption of tariff for the product concerned.

Where can I exchange currency upon arrival?

1
Edgar Santiago
November 23, 2021
qna No. 2176
Luna said, You can exchange money at a bank, exchange service center, or an authorized exchange. For most tourists, it is easiest to visit one of the exchange service centers at the airport.

My last name changed, what do I do?

1
Denzel Ramos
visa No. 2174
Luna said, If you change the English spelling of your name, the visa obtained on your old passport is still valid. It would not be a problem if you keep both old and new passports to prove that the two names are of the same person.

I would like to study in Korea. What procedures do I need to take?

1
Denzel Ramos
visa No. 2172
Luna said, If you are a foreign student who wish to study in Korea, you must obtain an admission letter from the university where you wishes to enter and apply for a D-2 visa. For more information on visas, please visit the Korea Immigration Service website at http://immigration.go.kr/HP/IMM80/index.do

What are the procedures for foreigners who wish to obtain a working visa?

1
Edgar Santiago
visa No. 2170
Luna said, There are two ways a foreigner can obtain a working visa. First, one can apply for a working visa at an overseas Korean mission with required documents. Second, for those who need a 'Certificate for Confirmation of Visa Issuance', the employer in the Republic of Korea will have to apply for the certificate at the Korea Immigration Service and send it to the applicant who can then apply for and obtain a working visa at an overseas Korean mission. For more information please visit the Korea Immigration Service website at http://immigration.go.kr/HP/IMM80/index.do

What is the Certificate for Confirmation of Visa Issuance?

1
Jhon Ace Simbulan
visa No. 2168
Luna said, It is a certificate needed to apply for a visa for specific individuals such as English instructors, Chinese wishing to visit relatives and foreign technical trainees. The inviter in the Republic of Korea files an application to obtain the certificate with the Korea Immigration Service. Upon receiving the certificate the inviter sends it to the invitee so he or she can apply for and receive a visa.

What are the best options to invest in Korea?

1
Denzel Ramos
November 12, 2021
discussion No. 1805
admin said, Well, I guess "buying a house" would a good choice.

Do Korea allow Foreigners to participate in stocks buying?

1
Edgar Santiago
qna No. 1799
Luna said, Yes, foreigners can buy stocks in Korea. However, only in the KSE (Korean Stock Exchange). Foreigners can not buy stocks at any other stock exchange in Korea.

Can I buy my own Property in South Korea?

1
Edgar Santiago
qna No. 1797
Luna said, Yep, not a problem in Korea. It's quite easy actually, foreigners have no special requirement for land or property purchase compared to locals. The proper documents have to abide by the Foreigner's Land Acquisition Act, Real Estate Registration Act, and Foreign Exchange Transaction Act. In certain areas such as Jeju Island, special investment visas obtained by purchasing real estates also allow for investment immigration, eligible for Korea Permanent Residency.

How do I open a bank account in Korea?

1
Edgar Santiago
qna No. 1794
Luna said, The only document needed to do so is a valid passport. Then, the account holder must arrange to transfer the equivalent of 50,000,000 won (around USD 40,900) from a foreign account into the one opened in his or her name. This deposit has to be in a lump sum and it should be categorized “for investment purposes only”. Then, the foreign investor can proceed with gathering the required documentation to open a company in Korea.

Do I need a visa to start a business in Korea?

2
Denzel Ramos
qna No. 1773
Luna said, Visa categories that allow you to start a business, F and D Visas: F-series Visas (family visas) 1. F-4 Overseas Korean Visa – Have Korean ancestry on at least one side of your family 2. F-6 Marriage Visa – Marry a Korean 3. F-5 Permanent Residence Visa – Live in Korea long enough (over 5 years) and have the necessary points (TOPIK score, income, savings, education level, etc.) to qualify D-series Investment Visas (money required) 4. D-8-1 Foreign Investment Company Visa – Invest 100 million KRW in a company Maximum stay: 5 years 5. D-8-3 Unincorporated Enterprise Visa – Invest 300 million KRW in a Korean-run business Maximum stay: 5 years D-series Startup Visas (IP required) 6. D-8-2 Business Venture Visa – Establish a venture based on advanced technology (copies of patent card, utility model registration Card, Design Registration Card for Intellectual Property Right Holders) and have it confirmed as a venture according to Article 25 Maximum stay: 2 years 7. D-8-4 Technology and Business Startup Visa – Found a tech company and hold a Bachelor’s Degree. Provide evidence through a point-based system (copies of patent card, utility model registration Card, Design Registration Card for Intellectual Property Right Holders) and have it confirmed as a venture according to Article 25 Maximum stay: 2 years

How foreigners can start a business in Korea?

1
Denzel Ramos
qna No. 1753
Luna said, Foreigners can start a business in Korea (including the establishment of corporations) by acquiring new or existing stocks as prescribed by the Foreign Investment Promotion Act, or by establishing a domestic branch or liaison office in Korea as prescribed by the Foreign Exchange Transaction Act. A foreign-invested company is a domestic corporation established under the Commercial Act. It is classified as either an unlimited partnership company, a limited partnership company, a limited liability company, a limited company, or a stock company. The most common types of corporations established by foreign investors are limited companies and stock companies

is it allowed to send chocolate and biscuits to Korea? Do I have to pay for tax or some fee?

1
Jhon Ace Simbulan
November 11, 2021
qna No. 1720
Luna said, All the imported goods are imposed with tax as mentioned in Article 14 of customs law. Imported items mean that items that are carried into Korea from abroad; which denotes that mail from relatives abroad are also included. However, there is a policy that exempts taxation for the designated price of the product (less than USD 150) which is recognized only for personal usage.

What items or goods are prohibited to be imported/exported in South Korea?

3
Edgar Santiago
qna No. 1718
Luna said, You can check the Korean custom's website for more information: www.customs.go.kr

When two or more foreigners make a joint investment and the total investment amount is not less than KRW 100 million, can this be recognized as a foreign direct investment?

1
Edgar Santiago
qna No. 1711
Luna said, It is not recognized as foreign direct investment. When two or more foreigners make a joint investment, the amount invested by each person should be not less than KRW 100 million.

When a foreigner invests at least KRW 100 million and registers a foreign-invested company, can he/she carry out any business in Korea?

1
Edgar Santiago
qna No. 1708
Luna said, No. If separate requirements for minimum capital are prescribed for each business under separate Acts, such requirements should be satisfied.

Are there any business categories where a foreigner cannot invest alone and should have a Korean partner to invest in Korea?

1
Denzel Ramos
qna No. 1706
Luna said, In most business categories, a foreigner can invest alone in Korea without a Korean partner. However, a foreigner should have a Korean partner to invest in “restricted business categories” and there are restrictions as to the percentage of stocks or shares that can be held by a foreign investor.

Do foreigners have to file taxes in Korea?

1
Jhon Ace Simbulan
November 9, 2021
qna No. 1371
Luna said, When you file the tax your nationality is not directly related but It is determined by whether you are a resident or non-resident as stipulated by Korean tax laws. If you are a resident of the Korean tax law, you must file a tax return and pay for income earned in Korea, even if you are not holding Korean nationality. Residents prescribed by Korean tax law can be defined as those who have an address in Korea or have a residence for more than 183 days.

How do I export my product to Korea?

Edgar Santiago
November 5, 2021
qna No. 1269

What is FDI in Korea?

1
Edgar Santiago
qna No. 1267
Luna said, Foreign Direct Investment (FDI) is defined as an investment with an investment threshold contributed by foreigners amounting to at least KRW 100 million and being 10% or more of the total amount. Foreigners are able to do business in Korea without restraint, except as otherwise prescribed by regulations. Types of FDI include the acquisition of stocks of domestic companies, long-term loans (five or more years) from parent companies outside Korea, and investments in non-profit corporations in the fields of science and technology. Cases in which a foreign company uses unappropriated earned surpluses for building new or additional factories are now also considered FDI (to be enforced by 2020). Objects of investment to acquire stocks or shares include foreign currency, capital goods, proceeds from acquired stocks, etc., and industrial property rights.

Can foreigners invest in South Korea?

1
Edgar Santiago
qna No. 1265
Luna said, Yes, they can! although investors must know first the laws and guidelines when it comes to investing in South Korea. You can check this government website for more information: https://www.investkorea.org/ik-en/index.do

Do you need a visa to work in South Korea?

Cai Quijano
qna No. 1264

Where to find jobs?

Cai Quijano
qna No. 1263

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