TITLE : FAQ on FDI in Korea 2023 (Q216~Q220)
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■ FAQ on FDI in Korea 2023 (Q216~Q220)
Settlemt
Q216 | What is the application procedure for issuance of a Korean credit card? |
Foreigners residing in Korea can apply for credit card issuance,and the issuance criteria differs depending on the cardcompany.
- Eligibility
- Foreigners with an alien registration card employed in Korea
- Required documents
- Document certifying income (for at least the past 6 months), laborcontract, alien registration card
- Procedure for issuance
- The credit card evaluation team conducts the document evaluation.When the applicant does not pass the evaluation, a credit card canbe issued with a deposit as collateral. In the case of corporations, itis possible to apply for a credit card exclusively for foreign-investedcompanies (such cards are issued by Shinhan Bank, Hana Bank).
Q217 | What is the difference between a foreign school and a foreign educational institution? |
Although foreign schools, foreign educational institutions,and Korea International School (Jeju Campus) have similarnames, the classification, legal basis and entry qualificationsare all different.
< Types of Schools >
Foreign education institute | Foreign educationinstitute | Foreign school | Jeju Int’l school | |
Governing law | Special Act onEstablishment andManagement ofForeign EducationalInstitutionalInstitutions in FreeEconomic Zones andJeju Free InternationalCity |
|
Special Act onEstablishment andManagement ofForeign EducationalInstitutionalInstitutions in FreeEconomic Zones andJeju Free InternationalCity | |
Qualification | Non-profit schooljuristic person | Foreigners, non-profitschool juristic persons,domestic schooljuristic persons | Government, JejuSpecial Self-GoverningProvince | |
Conditions | Purpose | Investment attractionby improving theliving environment forforeigners | Education for thechildren of foreignersresiding in Korea orKoreans who returnedto Korea after residingoverseas | Improving the people’sforeign language skillsand nurturing globaltalents |
Availableareas | Jeju Special SelfGoverning Province,Administrative City,INNOPOLIS enterprisecities, Saemangeumarea, Pyeongtaek-si | Around the nation | English education cityin Jeju Special SelfGoverning Province | |
Approval ofestablishment | Outside Jeju
|
Superintendent ofeducation | Jeju provincesuperintendent ofeducation
|
|
Qualificationsfor admission | None |
|
None | |
Ratio ofdomesticstudents |
|
30% of all students(can be raised to 50%according to city/province educationrules) | None | |
Current status | [Kindergarten,elementary & middleschool (2)]Chadwick Songdo Int’lSchoolDaegu Int’l School [Higher education (5)]SUNY KoreaSBU (Incheon)SUNY FIT (Incheon)George Mason Univ.(Incheon)University of Utah(Incheon)Kent Univ. (Incheon) |
Foreign kindergarten (1) Foreign schools (38) |
Korea InternationalSchool, Jeju CampusNLCS JejuBranksome Hall AsiaSJA Jeju |
- The Ministry of Education's general information site (www.isi.go.kr) has variousinformation regarding foreign educational institutions, from foreign kindergartensto foreign schools, international schools, etc.
Q218 | Is there a Korean language class for foreigners living in Korea? |
Korean language institutes of major universities nationwide,as well as foreigner support centers and private educationalinstitutes provide on/offline classes.
- Offline classes
- Seoul Global Center: http://global.seoul.go.kr
- Incheon Free Economic Zone Global Center: www.ifez.go.kr
- Busan Foundation for International Cooperation: www.bfic.kr
- Online classes
- Barunsori, National Institute of the Korean Language: www.korean.go.kr/hangeul/cpron/main.htm
- KBS Let’s Learn Korean: http://rki.kbs.co.kr/learn_korean/lessons/e_index.htm
- Talk to Me in Korean: https://talktomeinkorean.com
- Nuri, King Sejong Institute: www.sejonghakdang.org
< Paid Korean language classes >
- Offline classes
- Institute of International Education, Kyung Hee University: www.iie.ac.kr
- Korean Language Institute, Yonsei University: www.yskli.com
- Korean Language Classes, Sogang University: klec.sogang.ac.kr
- Korean Language Center, Korea University: http://klc.korea.ac.kr
- Language Education Institute, Busan National University: https://lei.pusan.ac.kr
- Korean Language Institute, Hansei University: http://www.hansei.ac.kr/kor/471/subview.do
- Easy Korean Academy: www.edukorean.com
Q219 | What type of housing lease systems exist in Korea? |
The major ones are Jeonse, monthly rent, and semi-Jeonse.
- Jeonse
- This is a lease method that is unique to Korea. A lump-sum amount is givento the owner of the house as a key money deposit. The tenant resides in thehouse for a certain period. After the contract period is over, he/she receivesthe full amount of the key money deposit from the owner. The Jeonse contractis usually for a term of two years, and it is prescribed in the law that the houseowner cannot terminate the contract within two years unless the tenant soagrees. Thus, pursuant to the Housing Lease Protection Act, even in the caseof a one year contract, the tenant can reside in the same house for two years.
- A contract renewal claim right is a right that tenants can exercise onceif he/she wishes to renew his/her lease contract, which guaranteesa tenant’s lease period for up to two years. In accordance with thecontract renewal claim right, the landlord cannot reject the tenant’sclaim to renew his/her lease contract if the claim is filed from sixmonths to two months before the end of the lease period.
- Monthly rent
- This is a lease contract in which the lessee pays a monthly rent to thelessor. In the case of a ‘rent with deposit‘, a certain amount is paid as akey money deposit along with a fixed monthly rent, while ‘rent with nodeposit‘ refers to paying only the monthly rent. In general, in the caseof monthly rent, a deposit is paid together with a monthly rent, andmaintenance costs are paid in addition.
- Semi-Jeonse
- This is a mixed type of lease contract. In the above two cases, the fullamount of the Jeonse deposit is given to the house owner in order tolease the house. Or, a monthly contract is established based on whicha monthly rent is paid. In the case of semi-Jeonse, a certain depositamount is paid, and a monthly rent is paid, and thus this is the sameidea as the ’rent with deposit’. But at the point of renewing the Jeonsecontract, if the landlord demands an increase in the Jeonse deposit,the additional Jeonse deposit can be paid by making a tantamountraise in the monthly rent.
Q220 | Is there a list of realtors that can use a foreign language? |
The webpage of the Korea Association of Realtors shows alist of the global realtors in Korean, English, Japanese andChinese. In addition, the Seoul city government webpage,and other webpages of each local government provideinformation on licensed real estate brokerages that useforeign languages.
* List of global realtors : www.kar.or.kr/pbusiness/network_korea.asp
- ※ In addition, there are various applications showing real estate offerings availableon the market.
- Zigbang: www.zigbang.com
- Dabang: www.dabangapp.com
- Hanbang: www.karhangbang.com
- Naver Real Estate: land.naver.com
- Real estate brokerage fee
- The real estate brokerage fee is set according to the transaction amount.The rates also differ according to the regulations of the city or province. Thewebpage of the Korea Association of Realtors (www.kar.or.kr) has informationon the real estate brokerage fee of each city or province.
< Upper limit of real estate brokerage fee pursuant to Table 1 of theEnforcement Rules of the Licensed Real Estate Agents Act >
Transaction | Amount | Max. rate | Max. amount |
Sales, exchange | Under KRW 50 mil. | 6/1,000 | KRW 250,000 |
Not under KRW 50 mil. tounder KRW 200 mil. | 5/1,000 | KRW 800,000 | |
Not under KRW 200 mil.to under KRW 900 mil. | 4/1,000 | - | |
Not under KRW 900 mil.to under KRW 1.2 bil. | 5/1,000 | - | |
Not under KRW 1.2 bil. tounder KRW 1.5 bil. | 6/1,000 | - | |
Not under KRW 1.5 bil. | 7/1,000 | - | |
Lease, etc. | Under KRW 50 mil. | 5/1,000 | KRW 200,000 |
Not under KRW 50 mil. tounder KRW 100 mil. | 4/1,000 | KRW 300,000 | |
Not under KRW 100 mil.to under KRW 600 mil. | 3/1,000 | - | |
Not under KRW 600 mil.to under KRW 1.2 bil. | 4/1,000 | - | |
Not under KRW 1.2 bil. tounder KRW 1.5 bil. | 5/1,000 | - | |
KRW 1.5 bil. or more | 6/1,000 | - |