Life In Korea – The Jason V. Holmes Podcast

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Your desire to invest overseas is authentic, and you need to bring it to pass. With the increasing globalization, more entrepreneurs are taking advantage of opportunities in foreign countries to create the life they desire with great success. You can also make it.

Starting a business in a foreign country comes with a few challenges and obstacles, but it can also be extremely rewarding to those who are able to make exploits. Different countries have different opportunities, economic strengths, market conditions, and foreign investment conditions.

The Process Of Starting A Business Overseas

Starting a successful venture abroad is no small undertaking, but this doesn’t mean it’s impossible. Many have done it, and they are reaping fortune. Just like any new endeavor, it involves human efforts and careful planning. The best way to get started is by clearly defining your objectives, goals, and a roadmap that will ultimately lead you to those goals, including:

The purpose of starting a business abroad
The nature of your brand and the services to provide
The location of your business
Human resources and the services to outsource
Timelines and goals to be achieved
Plan B and even plan C if things don’t go as expected

Legal structures

Each country offers its own unique corporate and foreign investments regulations and benefits. You need to understand the specific guidelines of your choice country before setting up a new business. This is important. It will help you make the right decisions and to leverage different opportunities to grow your business. The main areas that you ought to consider includes:

Regulatory laws including, trade regulations, exchange regulations, taxation, labor regulations, visa, passport, and immigration law.

Political Landscape: Wherever you decide to set up your business, it is essential to understand the political environment of that country beforehand. Political instability can have severe consequences for businesses and their owners, especially for foreign investments.

Economic stability: Naturally, the economic landscape of any state plays a key role in determining the success of your business. A stable and thriving economy offers increasing opportunities for businesses, both domestic and foreign.

Incentives and regulations for foreign investments: Some countries have incentives that actively encourage foreign-owned businesses in the form of tax breaks and regulatory relaxations. However, some countries have strict regulations that discourage foreign investments with the aim of promoting local investments. Choose wisely.

The pros and cons of starting a business abroad

Whether you are a novice entrepreneur or have been in the game all your life, starting a new business is always challenging. We are all likely to face some issues and problems when getting our enterprise off the ground. There is no exception, but you can take advantage of the opportunities with careful consideration of the cons and the pro to thrive.

Here are two of each that you can consider before embarking on your journey.

Pros

Low operational cost. Depending on the country of choice, you will gain access to reduced operating costs in terms of labor or administration. In some cases, this can be a divisive step by the government to provide employment and products in the market. Take advantage whenever possible.

Aids and incentives: Many policymakers offer tailored aid to international investors searching for states and environments that will allow their business to thrive. Look at what different countries offers and see if they are worth your effort.

Cons

Limited resources: Some countries, though economically stable, have limited resources, and for those with enough, the resources are controlled by the natives, leaving minimal control to foreign entrepreneurs.

Political goodwill: Laws can change at any level, and political changes can negatively impact your business. Foreign governments can outlaw something that you rely on. Always stay on your toes, updated, and have a backup plan.

Go For It

If you want to start a business overseas, focus on building a foundation, being a leader, and being an example in your space. Don’t focus on just thriving in a business and making profits. Focus also on building a sustainable venture that will pull you and others up. Think about others and the value you’re going to deliver to make their life better. Building a cohesive working community is more valuable than success that is not built among the people. Individualism is a business killer.

*****To, learn more about how you can start a business overseas. You can check out a related podcast and others on The Jason .V. Holmes Podcast, a top-rated weekly podcast that talks about economics, world events, life in Korea, the manosphere, entrepreneurship, the book I’m writing, and more. The podcast is for people who like and can appreciate rational thinking with a touch of a military man’s humor. Listen now to your favorite podcast!

Summary

Whether you’re looking for your first job, inter-career development, or transition, you need far more than career intelligence and content knowledge to meet the standards and the balance required to thrive in today’s life and career environments. In this episode, I’m joined by Venus Avelino, a bank loan consultant and an education planner in South Korea. Venus has been living in her career for 18 years, and her mission is to help transnational workers and other people in South Korea apply and get loans to achieve their dreams or support their families back at home.

For most people, a career refers to the part of their life that is concerned with employment. However, career and life balance can be hectic, especially for migrant workers who work under extreme conditions for more hours and low payments.

There are about 1,570,000 long-term foreign residents in Korea, and out of the numbers, only about 646,000 workers are legally documented, and they work in small to medium enterprises. Most Koreans consider such jobs dirty, dangerous, and complicated. Since they are highly educated, they get good jobs in big corporations, like your Samsungs, your LGs, and whatnot; this leaves a high rate of vacant blue-collar jobs given to the immigrants.

Employment and working conditions of the migrant workers

Most of the immigrant workers in South Korea are from southern Asia countries such as the Philippines, Indonesia, Cambodia, Nepal, Bangladesh, Sri Lanka, Uzbekistan, Mongolia, Thailand, Vietnam, and China. They work in small and medium industries in manufacturing, fishing, agriculture, and construction. The working conditions of these jobs are not easy for them because they are demanding, complicated, and sometimes dangerous. They also work for long hours, and some of them are forced to work overtime for training or to earn more income.

Benefits That Migrants Get From Working In Blue-collar Jobs

There are many benefits for the immigrants get in doing the blue-collar jobs, unlike if they stayed in their own countries, where it’s hard to earn. From it, they can support their families and access loans that they can use to support their families at home and invest in their dreams and goals like building their houses, buying land, starting a business, or educating their children. Additionally, they also get the opportunity to work overtime to make more income.

General Requirements For Migrants To Get Access To Loans

All the legally documented migrant workers in South Korea are enrolled through a program set up by the government known as Employment Permit System to work in blue-collar jobs in SME companies. To get access to loans from money lending institutions, they have to submit all the required documents, including Alien Registration Card (ARC), valid passport, labor contract, employed contract, and six-month salary account transaction statement from the bank as established by immigration law.

The loans that the individual migrant workers can qualify for depends on their visa length; the longer the period, the more loan they can be eligible for. However, those from class A countries (from Southern Asian countries) like Nepal, Cambodia, and the Philippines, can get higher loans of up to a maximum of 20 Million Won.

The Risk To High-interest Loans Offered To Undocumented Immigrant Workers

Loans from banks and other money lending institutions have a stable interest, and the legally documented migrants can get loans with interest ranging from 8-17% annually depending on the lending institution they get them. However, the legal ID holders also help the illegal aliens with loans in the friend’s circle, and they give high interest with 10% interest per week. Getting loans from banks remains the only authentic path for migrant workers to benefit and grow.

Embracing Multi-culture And Diversity To Benefit Careerism

The immigrants help meet the massive demand for labor in the industrial sector, the economy benefits, and they also benefit, which is a win-win for everybody. However, when they aren’t successfully integrated, this can result in discrimination and inhuman treatment. Recognizing and embracing diverse cultures involves openly embracing the migrant workers and recognizing them and their families in official discourses, such as education, healthcare, and other sectors.

Category Archives: Life In Korea

How To Start A Business Overseas