December 14, 2018, 01:37:08 PM


Author Topic: Please i need a korean corporate tax id number  (Read 1118 times)

Offline cashclay

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Please i need a korean corporate tax id number
« on: March 08, 2018, 04:19:58 PM »
I want to start a eCommerce  business in korea.  However the payment method I want to choose if paypal.  In order for me to use  paypal to start accepting and withdrawing funds I need to have a korean corporate tax id number.  Im wondering if anyone out there has gone through this?  If so is it hard and complicated?  And how should I go about this?  Thank you

Online thunderlips

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Re: Please i need a korean corporate tax id number
« Reply #1 on: March 08, 2018, 05:33:01 PM »
Super easy. Go to your local tax office and register your business. Business licenses are very specific though to your business so there may be extra hoops depending. I believe you need to register your business at city hall too. Maybe that is the first step. I do remember it was alot of going back and forth to get something signed here and stamped there. But you should be able to do it in half a day. Oh business bank account too.

Offline hillbillyseoul

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Re: Please i need a korean corporate tax id number
« Reply #2 on: March 08, 2018, 05:39:49 PM »
If you have an F visa it's really easy. If not...it's super HARD...almost impossible.

As a foreigner, you'll need a D-8 visa and about $100,000 USD to even consider starting something like an e-commerce store.

The Seoul Global Business Center has a class you can take that'll tell you everything you need to know. Here's the link with more info: http://global.seoul.go.kr/user.do?menu_id=0310000000&site_code=0101

For an e-commerce store, your best option is to find a Korean friend who can start the business with you, but I've heard and read a lot of horror stories of those types of partnerships going bad real fast.

Offline cashclay

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Re: Please i need a korean corporate tax id number
« Reply #3 on: March 08, 2018, 05:43:10 PM »
Ah so first i need to go to my bank and get a business bank account?
And I live in gong ju currently im moving back and forth from gong ju to busan .  Is ir possible to go to the city hall and get everything done in busan even though my address is in gong ju? And can i do this for an ecommerce account.  I also hope the taxes on businesses in korea isnt too high.   Thanks for any help!

Online thunderlips

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Re: Please i need a korean corporate tax id number
« Reply #4 on: March 09, 2018, 05:59:51 AM »
http://www.englishspectrum.com/starting-business-korea-general-guideline/

Ok the supee easy part may have been an exaggeration, but possible.

Offline hillbillyseoul

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Re: Please i need a korean corporate tax id number
« Reply #5 on: March 12, 2018, 07:59:47 PM »
The Seoul Global Startup Center is hosting an info session. If you want to go you can register at this link: https://seoulgsc.formstack.com/forms/monthlynetworking_copy_copy_3

Offline Tony Teacher

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Re: Please i need a korean corporate tax id number
« Reply #6 on: March 13, 2018, 07:28:10 AM »
It should be a lot easier now. The first time I registered an online business, I had to visit two locations, but now, you only need to go to your tax office and register. Depending on what you sell, the tax office may require other documents, but highly unlikely. I registered my online flower business within 20 minutes. I took a waiting number ticket, filled out my application and the worker printed my business license on the day and handed it to me.

You do need the proper visa. With an F Visa the process should be quick.

Do not visit the bank until you get your business license because you can only make one of your credit cards your business credit card when you have a business license. Make sure to bring your ARC or citizen card when you get your documents.

So step 1: Visit your tax office and fill out the application form. If you do not know which one, just ask a worker. Also, if you do not know how to fill out the whole form, just write as much as possible and tell the teller that your Korean is not perfect and need some help (this is what I did)

Step 2: Wait to receive your business registration (you may or may not be directed to go to another building to get another document)

Step 3: Bring the business license to your bank and ask the teller to help you create a business credit card.

Step 4: Go to the paypal website and register with your business card and follow the steps.

It can take a few days for PayPal to authorize your account as they may send a code through your credit card statement or something like that to verify your account.

Step 5: Make your first sale 👍
Business Consultant and Coach at www.entrepreneurkorea.com and www.hagwonstart.com

Offline cashclay

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Re: Please i need a korean corporate tax id number
« Reply #7 on: March 13, 2018, 02:45:18 PM »
Hey that was fantastic.  Yeah I talked to paypal . they said i cant use paypal unless i have a buiness id number.  But then i ran into another problem.  I cant use stripe payments for my credit card payment gateway and I cant use 2checkout due to the fact i dnt own the house i live in.  The utility bills dont come in my name but the owners.  And they cant change it.  So I have to figure out a way of getting a us bank account to use both stripe and paypal. 
Im curious though what are you using on your site for customers to pay with credit card?

Online Mezoti97

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Re: Please i need a korean corporate tax id number
« Reply #8 on: March 14, 2018, 07:36:12 AM »
The utility bills dont come in my name but the owners.  And they cant change it. 

My utility bills used to come in my landlord's name, but after calling the utility companies, they were able to change the utility bills so that the bills now come in my name.

Offline Tony Teacher

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Re: Please i need a korean corporate tax id number
« Reply #9 on: March 15, 2018, 09:09:16 PM »
Hey that was fantastic.  Yeah I talked to paypal . they said i cant use paypal unless i have a buiness id number.  But then i ran into another problem.  I cant use stripe payments for my credit card payment gateway and I cant use 2checkout due to the fact i dnt own the house i live in.  The utility bills dont come in my name but the owners.  And they cant change it.  So I have to figure out a way of getting a us bank account to use both stripe and paypal. 
Im curious though what are you using on your site for customers to pay with credit card?

We use PayPal and 2checkout on the Flower Gift Korea website. The problem with PayPal is that business Paypal accounts, which as you mentioned require a business id number, cannot accept payments from other Paypal accounts that have a credit card issued in South Korea tied to it. So people living in South Korea (or actually anywhere in the world) cannot use their Korean credit cards on our website with the PayPal option, but PayPal accounts from almost every other country in the world can make credit card payments via PayPal. However, 2checkout allows for almost any major credit card from around the world (including South Korea), however, their screening process is a little stricter. You need to get approved by someone from 2checkout to accept payments. We don't use Stripe, as I believe it is only available to US citizens who have a US bank account, but they may have changed their policies by now.

I think your best bet is to register for a business and get a business id. If you don't have the right visa, then maybe you can find a way to get your name on your utility bills, so that 2checkout will be more inclined to accept you as a merchant. We got accepted by 2checkout when we were running our business from our home, so it shouldn't be a problem to be accepted if you can find a way to get your name on some of the mail you receive at your home address.
Business Consultant and Coach at www.entrepreneurkorea.com and www.hagwonstart.com

Offline cashclay

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Re: Please i need a korean corporate tax id number
« Reply #10 on: March 16, 2018, 12:08:50 AM »
Yeah ive tried talking to 2checkout but they want a utility bill with my name on it.  THye wont accept a bank statement or cellphone.  Because I dont own the house but merely renting a room i was stuck.  But now I have applied for a us bank account which if it does get approved I can accept paypal and stripe payments.  Since Im a US citizen they say it shouldnt be a problem but keeping my fingers crossed.