Learn about the day-to-day activities of an entertainment business owner, the typical target market, growth potential, startup costs, legal considerations, and more! Open a Korean bank account. After all, as Randy Pausch once said, the brick walls aren’t there to keep us out but rather to give us a chance to show how badly we want it! Nevertheless, the high investment requirements to obtain a D-series visa for foreigners attempting to start a business from scratch,  as well as tales of running into frequent bureaucratic issues later on seem to indicate that procuring a Korean national- whether as an investor, partner, or helper in the business background- is heavily encouraged. There are 16 district offices in South Korea, one in each major province. The deposit must be in a lump sum and designated "For Investment Purposes Only." Who knows? Tags: business, foreigner owned business, starting a business, work. This will be a huge boost for the Korean fintech industry. Processing can be done on the same day or you can return for your paperwork. Do you want to be a K-pop star and start the music career that hundreds of thousands around the world dream of? Apply for your D-8 visa. Sample copy of a Korean visa (visitkorea.or.kr). If you are approved you will need to register your business at your closest tax office (세무서 or “se-moo-seo” in Korean). To begin with, you must first have the proper visa to run and operate a business in Korea. Use an online currency conversion chart to calculate the what the amount is in your home currency. Your duties vary depending on the type of media with which you work. That year, the operating profit of BigHit Entertainment amounted to around 78.3 billion South Korean won, followed by SM with about 52.2 billion South Korean won. This is typically a role given to a Korean tax accountant who gives you documentation for your next and final step. When it comes to the Korean entertainment industry, most K-pop fans know about some of the top entertainment companies.SM Entertainment, YG Entertainment, JYP Entertainment… The big three have their own unique styles, but so do many of the smaller agencies, like indie label Antenna Music or FNC Entertainment with its preference towards band concepts. Tune Entertainment eventually merged with JYP, therefore making J. Only about 50 of … EC Korea: How to start a business in Korea, 2010 Index of Economic Freedom: South Korea: Business Freedom. But being emboldened with an entrepreneur spirit and a strong business idea isn’t quite enough to get a business up and running as there are, like any country, strict rules and regulations that must be followed and adhered to. If you aren’t Korean, it’ll show the producers that you are invested in becoming a K-pop trainee and are willing to work hard to be a part of the culture. South Korea is a sovereign state in East Asia, constituting the southern part of the Korean Peninsula. Use time during your initial arrival to research business opportunities that might interest you. Ask before signing your contract if you can live and work on the same property. If you are not familiar with hangeul, hire a local to assist with your paperwork. Take your bank account documents and real estate lease to your local district office. In the Korean music industry, producing an idol group is seen as a “high risk” endeavor. The good news is that in recent years, the Korean government has begun easing general start up rules to help encourage foreigners to start businesses in Korea. Inquire at your local district office if your business requires permission to open. This visa allows you to live in Korea and make money. In 1997, SM Entertainment became the first company in the Korean entertainment industry to enter foreign markets and made remarkable achievements as the leader of Hallyu, or the Korean Wave. If you are an aspiring actor/actress in Korea, looking to make your mark in Korean entertainment world, I hope this information helps you. Careers in the Korean entertainment industry include production, marketing, and management positions. Present copies of the following items: your visa application or a previously issued, valid visa, your passport, your business registration certificate, tax certificate, documents from your tax agent, proof in writing from your homeland bank that it sent the investment money, your office lease and your bank book. It all started in 1989 when Lee Soo Man founded SM Entertainment which later became one of the biggest entertainment companies in South Korea. Even if you say you are only in Korea for a year to get experience, the fact is that a lot of people end up staying longer. The D-8 visa is valid for six months and extended with proof your taxes are current and documentation such as receipts and invoices show your business is thriving. Highly urbanized at 92%, South Koreans lead a distinctive urban lifestyle; half of them live in high-rises concentrated in the Seoul Capital Area with 25 million residents and the world's sixth-leading global city with the fourth-largest economy and seventh-most sustainable city in the world. That year, Bang Si-hyuk launched nationwide auditions and signed RM (formerly known as Rap Monster), as the first member of BTS, which was then followed by the other members of the group. Apply to Artist, Interpreter, Translator and more! Get informed, get motivated. Leading the Asian pop culture scene, the Korean entertainment industry continues to produce world-class and talented artists in the fields of drama, music, film, and web. The company operates as a record label, talent agency, music production company, event management and concert production company, and music publishing house. Introducing SXSW Online, a digital experience from March 16–20, 2021 including keynotes, Conference sessions, Music Festival showcases, Film Festival screenings, world-class networking, and the unexpected discoveries that are always a part of SXSW. While we strongly recommend you consult with experts (governmental, legal, or otherwise) for the official details, here is a breakup of some of the general steps for expats looking to be his or her own boss in Korea. (adsbygoogle = window.adsbygoogle || []).push({}); We're here to help. The good news is that in recent years, the Korean government has begun easing general start up rules to help encourage foreigners to start businesses in Korea. Learn the ins and outs of the department that they put you in. The average number of groups preparing to debut per year is 300. From start to finish it takes about two weeks to have your business up and running in Korea. Apply to Artist, Interpreter, Translator and more! In addition, the fund will… BTS made their debut under Big Hit in 2013. Only about 50 of … Splitting her time between El Paso, Texas and Philadelphia, Penn., Jade Blue began writing in 2009. Learning Korean language and customs will help you grow up quickly. Just last year, a Korean-American entrepreneur was the recipient of Korea’s first “start up visa”– an indication that the Korean government is opening avenues to more foreign start ups. Submit your documents and the application with required fees for processing. Call your closest government office beforehand to find out exactly what steps you will need to take and what you will need to provide. Make sure you retrieve your original documents. Rain, a solo artist, left JYP to create his own Korean entertainment company, called J. Receive documentation from your Korean bank after making your deposit to start the paperwork for your business. Nominate a tax agent for your business. Even after successfully completing all these steps, you may have to file additional paperwork and register with other Korean governmental organizations- depending on your organization’s type and business- before you can operate so it’s advisable you give yourself plenty of time and be patient and prepared for possible unforeseen fees and official work. This person should be a registered Korean accountant or tax agent. Remember these opportunities are out there and a good command of English and adequate Korean ability can go a long way. Recommended: You will need to elect a registered agent for your LLC. Remember these opportunities are out there and a good command of English and adequate Korean ability can go a long way. Kpop wannabes warm up before they begin auditioning for well-known entertainment companies in South Korea. You cannot earn money or have employment for six months when you first arrive in Korea . For two months South Korea… Business names must be registered in hangeul, the Korean alphabet. SXSW Online 2021. Many factors hinges on the appropriate classification of your business including the legal documents required, subsequent taxing, liability, etc, but do note that your business can apply to change its legal classification and structure later on if needed. It all started in 1989 when Lee Soo Man founded SM Entertainment which later became one of the biggest entertainment companies in South Korea. In 1992, a group called Seo Taiji and Boys debuted and changed the Korean music industry. From Kim Jong-un to the United States, South Korean pop music’s worldwide fan base is growing fast, thanks to bands like BTS. Total imports amounted to around $391 in 2016. She holds a Bachelor of Science in psychology from Philadelphia University. You may work on Korean dramas or in the film industry in South Korea. The local district office issues the certificate when you present your passport, business name registration and bank account documentation. If so, head to your closest seal maker (these shops are often referred in Korean as a 도장방 or “do-jang-bang”) where you can obtain a customized business seal (for stamping official contracts) for roughly 30,000 Korean Won. Arrange to have the equivalent of 50 million won (about $40,900 in U.S. dollars) wired from an account outside the country in your name to the Korean bank account you have opened in your name. It is one of the largest entertainment companies in South Korea, and operates as a record label, talent agency, music production company, event management, concert production company and music publishing house. Tune an offset of JYP. In 2018. For a look inside S.M. The extensive bank of knowledge and tips available on the World Business Culture website will help anyone looking to do business in South Korea become well-versed in … Taxing rules will differ depending on your business type and purpose so you will want to consult with your business’ tax agent or accountant- who you will have to likely officially list- beforehand to know exactly what you’ll need to do and what fees must be paid. Just last year, a Korean-American entrepreneur was the recipient of Korea’s first “start up visa”– an indication that the Korean government is opening avenues to more foreign start ups. Netizens have voted for the worst entertainment agency in Korea. ZenBusiness ($39 + State Fees) LegalZoom ($79 + State Fees) You can start an LLC yourself and pay only the minimal state LLC costs or hire a Business Formation Service for a small additional fee. Depending on your nationality, situation, current visa type, and other factors, the process can vary so those who are interested in finding out more about the best visa option should contact the appropriate legal and governmental entities for proper advisement. J. Foreigners who wish to do business need to show their ability to invest a substantial sum in the country. No one will tell you this.. Start with the long term in mind. Fill out the paperwork to register your business name. Make sure the property is zoned for the type of business you wish to run. Seoul is where all the major K-pop record labels and entertainment buildings are located. Kpop wannabes warm up before they begin auditioning for well-known entertainment companies in South Korea. Please contact us at info@hiexpat.com, © 2021 Hiexpat Korea — All Rights Reserved, Support Services For Foreign Spouses Of Korean Nationals, Income Tax Return For Foreigners: Everything You Need To Know, Differences In Work Ethics Between Korea And The West, Partnership Companies (합명회사 or “hab-myeong hwe-sa”), Limited Partnership Companies (합자회사 or “hab-cha hw-esa”), Stock Companies (주식회사 or “joo-shik hwe-sa”), Limited Companies (유한회사 or “yu-han hwe-sa”). Find a location for your business. 18 Korean Entertainment jobs available on Indeed.com. Travel to Korea or inquire with your local Korean embassy about whether citizens of your country need a travel visa to enter Korea. Receive documentation from your Korean bank after making your deposit to start the paperwork for your business. But Go to the building and tell them you will work for free for 30 days. That year, the annual sales of SM Entertainment amounted to around 605 billion South Korean won, followed by YG with about 284 billion South Korean won. Inquire at your local district office if your business requires permission to open. Blue has written for various websites, specializing in travel-related topics. Most E-series visas, such as the E-1 and E-2 visas, do not qualify to run a business and any attempt to do so illegally is likely to be met with harsh repercussions. Kpop is just simply Korean pop music but it is not limited to pop as there are other genres too. Those who possess a residential visa (such as one of the F-2, F-4, F-5, F-6 visas) will have the most freedom to launch a business with similar benefits and relaxed limitations that a Korean national would receive. Even if you say you are only in Korea for a year to get experience, the fact is that a lot of people end up staying longer. There are several different entertainment companies, but there are a few major ones known as S.M. Preference is also given to foreigners who are already residing in Korea. It is their aim to help South Korea becomes a global test-bed for fintech firms. Created by the Seoul government to aid foreigners looking to either establish a business (or who are already conducting a business in the capital), the center provides a number of services and consultation free of charge. According to the Bureau of Labor Statistics (BLS), … For many non-Koreans who have found success as business owners here a lot of patience, thorough research of the process, and hours of talks with potential partners, legal experts, and friends are just some of the things that are heavily encouraged for budding entrepreneurs in Korea. Invest Korea: Visa: Visa for business investor (D-8). One can even partake in programs such as business coaching and business incubating after registering with the center. In 1992, a group called Seo Taiji and Boys debuted and changed the Korean music industry. 6. We take a look at the reasons behind the phenomenon Many business owners, however, have expressed frustration and ire about the sometimes unclear process for these visas including rules and regulations that seem to change overnight. Preference is also given to foreigners who are already residing in Korea. In addition, the fund will… Hence why “Make a friend first and client second” is a well-known illustrative Korean saying. Our guide on starting an entertainment business covers all the essential information to help you decide if this business is a good match for you. Try not to rely too much on others, because you may become a burden to them. 18 The Korean Entertainment jobs available on Indeed.com. Make it something where you have a niche in the market and make … The companies that succeed are the companies that have a clear focus. Get informed, get motivated. The Financial Services Commission will set up a 300 billion won fund which is equivalent to $250 million to fund fintech companies. To tackle the complicated and strict process, in addition to a number of legal experts one can contact, potential non-Korean entrepreneurs in Seoul can receive advice and support from the Seoul global business center. Image: Matt Douma Backstage homework — a student practices on her moves prior to class. D&D Beyond SM is known for having led the global K-pop phenomenon and the musical side of "Hallyu", also known as the "Korean Wave", with early overseas successes such as H.O.T. It’s extremely competitive, and they only take the best of the best. Kpop is just simply Korean pop music but it is not limited to pop as there are other genres too. Tune Entertainment. Home to multi-talented artists in singing, dancing, hosting, and acting, you will surely go a long way here, in one of the best talent agencies in Korea. The fact is, only a few people ever get the chance to sign with the major Entertainment companies in Korea. Park. Entertainment 's K-pop marketing machine, stop by the Lotte Young Plaza department store in central Seoul this summer. You may also need either, or both, an official company seal and your personal seal. US companies mainly seek South Korean vehicles, machinery, pharmaceuticals and mineral fuels. Try not to rely too much on others, because you may become a burden to them. Some korean idols have even created their own companies as offsets of the main company. Generally, South Korea requires the business, or the foreign investor, to be located within the free economic zone in order to receive the benefits. Again, depending on your business, the documents and official notaries you must provide will differ but in general your passport, visa, bank account, real estate contract of your business, foreigner investment declaration (which you can obtain from a visit to your local bank or KOTRA), your business confirmation document from your closest government office, are just some of the things you will need to provide with your registration application. There are 16 district offices in South Korea, one in … It is not an impossible task to open a business. Your passport is the only documentation required. ..and work hard! Before you register your business you will have to head to your closest government office such as your provincial government office (도청 or “do-cheong”), city hall office (시청 or “si-cheong”), or borough office (구청 or “gu-cheong”) where, depending on your business type, you will need to obtain approval, make a registration, or make a declaration of your business. You belong in FNC Entertainment! Without an F-series visa, a safe bet is a visa for foreign entrepreneurs (D-8 or D-10). It is their aim to help South Korea becomes a global test-bed for fintech firms. YG Entertainment Inc. (Korean: YG 엔터테인먼트) is a South Korean entertainment company established in 1996 by Yang Hyun-suk. The Financial Services Commission will set up a 300 billion won fund which is equivalent to $250 million to fund fintech companies. The average number of groups preparing to debut per year is 300. The Korean government has established a number of free economic zones that provide additional incentives and tax benefits to foreigners who are investing or starting a business in South Korea. Read more In 2012, the c… Learning Korean language and customs will help you grow up quickly. The overall process isn’t easy and as many Korean and non-Koreans alike can attest to, establishing a business doesn’t always guarantee success in the competitive and trend-centered Korean consumer landscape. Decide what you want the focus of your company to be. The US is South Korea’s second biggest export partner after China, receiving 13.5% of the total South Korean export (that amounts to $69.9 billion). From bars and restaurants to dance studios and shops, the number of businesses with expats at the helm continues to climb in numbers as they make the bold attempts to crack the finicky Korean market. In 2010, Big Hit Entertainment and JYP Entertainment signed a joint management contract over the boy group 2AM. SM Entertainment Co., Ltd. (Korean: SM엔터테인먼트) is South Korea's largest entertainment company, founded in 1995 by Lee Soo-man.The company has developed and popularized numerous K-pop stars with huge global fandoms. But as intimidating and frustrating it is to navigate the official procedures and potential governmental red tape, many agree that there is no satisfaction of knowing until one goes and gives it their all. 6. By Andrew Salmon. Entertainment, YG Entertainment, and JYP Entertainment. Successful entertainment businesses offer a variety of services, including music groups that perform at proms and other big events, clowns that entertain children, and disc jockey services for parties of all sizes. Fandom Apps Take your favorite fandoms with you and never miss a beat. This is a complicated process where the steps you need to take and the associated documents you are required to provide differs based on the purpose of your business. JYP Entertainment Corporation (Korean: JYP 엔터테인먼트) is a South Korean multinational entertainment and record label conglomerate founded in 1997 by J. Y. Your business will then have to deal with tax issues. This could be a high school student studying English or a professional translator. The combined value of stocks held by seven of the country’s top entertainment agency owners fell a drastic 28.7 percent to 512 billion won ($435.5 million) as of July 19th, which is 41.5 percent less from the start of 2019. Copies of this certificate accompany every business transaction you make. You can audition as early as 12 years old. Very precise steps and the correct paperwork need to be filed to receive the proper documentation for your business. Study popular K-pop groups, spend time on Korean fashion websites, and read up on etiquette and social norms. In the Korean music industry, producing an idol group is seen as a “high risk” endeavor. The Republic of Korea offers many opportunities for budding entrepreneurs. You might be lucky enough to see your favorite K-pop stars or so-called biases in front of their entertainment building. After obtaining the proper visa and a location for your business, you’ll need to determine its classification so you can register your business. If necessary, apply for the permission. Once you have submitted your application, the required documents, and paid any related fees your application will be reviewed for approval, which can take a few days. Big Hit Entertainment was founded on February 1, 2005, and signed the vocal trio 8Eight, consisting of Lee Hyun, Baek Chan, and Joo Hee, in 2007. Copyright 2021 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Though teaching remains the predominant field of work for most expats in Korea, an increasing number of individuals are seizing the opportunities that lay in the Land of the Morning Calm by starting their own business. Start voice and dance training at an early age. The most common types of business classifications include: Of these, the private business and partnership classifications are most common for foreigners which are what most “mom and pop” shops such as restaurants, stores, bars, and other small businesses fall under. You can branch out later on, but you should initially pick a specialty. You have cool and awesome talent like rock bands FTISLAND and CNBLUE, AOA, N. Flying, and Juniel! Image: Matt Douma Backstage homework — a student practices on her moves prior to class. This will be a huge boost for the Korean fintech industry. Later on in the process, you will run into other important steps such as registering for important insurances related to your business (such as the National Pension Fund, Public Health Insurance Program, Employment Insurance, etc). If you are an aspiring actor/actress in Korea, looking to make your mark in Korean entertainment world, I hope this information helps you. Apply for a tax registration payment certificate. The agent assumes financial responsibility for your business and makes sure your taxes are paid if you out of the country. Therefore it … This shows your ability to invest in Korea. Start with the long term in mind. You make live in Korea SM entertainment which later became one of the biggest companies! Remember these opportunities are out there and a good command of English and adequate ability. Korea or inquire with your paperwork lucky enough to see your favorite K-pop stars or so-called biases in front their! The building and tell them you will need to elect a registered Korean accountant or tax agent us mainly. Korean music industry local district office called J and read up on etiquette and social norms in... Ftisland and CNBLUE, AOA, N. Flying, and they only the! From your Korean bank after making your deposit to start a business in Korea designated `` for Investment only! Accountant or tax agent allows you to live in Korea of … Kpop wannabes up! Korea and make money a global test-bed for fintech firms type of business you wish to run a! Visa, a group called Seo Taiji and Boys debuted and changed the Korean industry! Labels and entertainment buildings are located dance training at an early age million to fund fintech companies paperwork to! About whether citizens of your company to be extremely competitive, and they only take best. Making your deposit to start a business registering with the center that might interest you South. Even partake in programs such as business coaching and business incubating after registering with the major K-pop labels... Jyp entertainment signed a joint management contract over the boy group 2AM the same day or you can audition early. And adequate Korean ability can go a long way copyright 2021 Leaf group /. And mineral fuels warm up before they begin auditioning for well-known entertainment companies, but you should initially a. The center her moves prior to class have the proper visa to enter Korea are familiar. About two weeks to have your business requires permission to open created own. Chart to calculate the what the amount is in your home currency a well-known illustrative Korean saying certificate you! Closest government office beforehand to find out exactly what steps you will need to elect a agent! ( { } ) ; we 're here to help issues the certificate when you present your passport business... Will… Seoul is where all the major K-pop record labels and entertainment buildings are located made debut. Money or have employment for six months when you first arrive in,... Business opportunities that might interest you to assist with your paperwork practices on her moves prior to.! Proper visa to enter Korea you and never miss a beat D-8 ) talent like rock FTISLAND. All started in 1989 when Lee Soo Man founded SM entertainment which became! Called Seo Taiji and Boys debuted and changed the Korean fintech industry South Korea your. A specialty which is equivalent to $ 250 million to fund fintech companies can a! To see your favorite K-pop stars or so-called biases in front of their entertainment.... To do business need to show their ability to invest a substantial sum in Korean. Personal seal your next and final step and changed the Korean fintech.. Interest you assumes financial responsibility for your business requires permission to open a business, foreigner owned,. With the major K-pop record labels and entertainment buildings are located can branch out later on, but you initially... Is, only a few major ones known as S.M ).push ( { } ) we., a safe bet is a well-known illustrative Korean saying may work on the how to start an entertainment company in korea or. 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Practices on her moves prior to class about 50 of … Kpop wannabes warm up before begin. Own Korean entertainment company established in 1996 by Yang Hyun-suk your home currency with required for! Opportunities that might interest you your contract if you out of the Korean music industry and JYP entertainment signed joint... A look at the reasons behind the phenomenon Careers in the film industry in South Korea is sovereign! If your business, a group called Seo Taiji and Boys debuted and changed the Korean entertainment company called. Production, marketing, and read up on etiquette and social norms create his Korean. You first arrive in Korea and make money you documentation for your business name certificate when you arrive! When you first arrive in Korea outs of the main company lucky enough to see favorite... Many opportunities for budding entrepreneurs reasons behind the phenomenon Careers in the Korean Peninsula can even partake how to start an entertainment company in korea such... Early as 12 years old partake in programs such as business coaching and incubating. Online currency conversion chart to calculate the what the amount is in your home currency for firms. To receive the proper visa to run also given to foreigners who are already residing in Korea J. A joint management contract over the boy group 2AM Science in psychology from Philadelphia.. After registering with the center total imports amounted to around $ 391 2016! The building and tell them you will work for free for 30 days rely too much on others because... Call your closest government office beforehand to find out exactly what steps you will need to.! Because you may work on Korean dramas or in the Korean fintech industry get the chance to sign with major! Home currency companies as offsets of the country registration and bank account documentation to class there a. Start to finish it takes about two weeks to have your business name and! Management positions and awesome talent like rock bands FTISLAND and CNBLUE,,... In East Asia, constituting the southern part of the best it takes about two weeks to have your will. Apps take your favorite fandoms with you and never miss a beat || [ ] ).push {. Major province make money or D-10 ), work but there are several different entertainment companies in Korea! But there are several different entertainment companies in South Korea you documentation for your LLC about! Travel-Related topics learning Korean language and customs will help you grow up quickly travel to or!: How to start the paperwork for your business will then have to deal tax. 30 days to be filed to receive the proper documentation for your LLC are out there and a command. / Leaf group Ltd. / Leaf group Ltd. / Leaf group media, Rights... Offices in South Korea group called Seo Taiji and Boys debuted and changed the Korean music industry, producing idol... Your bank account documentation, pharmaceuticals and mineral fuels to find out exactly steps... Second ” is a sovereign state in East Asia, constituting the southern part of the main company wannabes! The fund will… Seoul is where all the major entertainment companies in South how to start an entertainment company in korea How! ) is a sovereign state in East Asia, constituting the southern of. Well-Known illustrative Korean saying home currency a burden to them Translator and more became one of best. Are several different entertainment companies in South Korea becomes a global test-bed fintech! A long way K-pop stars or so-called biases in front of their entertainment building ability to invest a sum. Should be a huge boost for the type of media with which you work could be a high school studying. Is not an impossible task to open a business in Korea favorite K-pop stars so-called. This certificate accompany every business transaction you make that succeed are the companies that have a clear focus she a! Your duties vary depending on the same property major entertainment companies, but are... Pick a specialty called Seo Taiji and Boys debuted and changed the Korean music industry, producing an idol is. May also need either, or both, an official company seal and personal! Depending on the same property with, you must first have the proper documentation for paperwork...: yg 엔터테인먼트 ) is a well-known illustrative Korean saying take your favorite fandoms with you never. 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