The Seoul Global Business Support Center has become a beacon of hope for international entrepreneurs by helping them do business in Korea.
“I believe that what we do here will help their businesses grow, it could take them two years or more but someday, if we continue to help them, their business will grow,” said Simon Hong, director of the COEX Seoul Global Business Support Center.
After its establishment in 2010, the center has been supporting entrepreneurs by providing free, one-stop business services for all expats who want to start their businesses in Seoul.
Hong explained that one of the biggest difficulties foreign entrepreneurs have is the language barrier.
“That’s why we offer free translation services in Chinese (Mandarin), English and Japanese,” he noted.
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Simon Hong |
The multilingual business experts who work with the center provide not only business opportunities in Seoul but also start-up and business environment information related to investment procedures, laws, taxes, labor regulations, customs, finances and more.
Furthermore, the center offers its members personalized assistance when filling up all necessary documents needed to start a business.
“Cash flow could be another challenge, so we invite sales specialist in each field,” he said.
Hong advises that entrepreneurs need to seriously think about their business model, “to make sure that it is correct or not,” before applying for a loan from a financial institution.
The center also holds regular networking sessions to partner expatriate entrepreneurs with local businesspeople in the hopes that a collaboration of sorts can be arranged.
“A good business network can significantly help entrepreneurs gain access to the market and grow their businesses in Seoul,” he suggests.
To help overcome the language barrier, the business center provides business Korean classes to expatriate entrepreneurs.
They also offer a variety of business seminars that include business success stories, field trips and lectures that aim to provide the latest and most essential information for doing business in Seoul.
“The site tours are tailored to the person’s business idea. For example, if they want to open a retail company I will take them to the market to talk to shop owners,” he said.
The Seoul Global Business Support Center also offers free incubation offices, giving expat entrepreneurs the confidence and savings needed to start their businesses in Seoul.
Foreign entrepreneurs can stay for a maximum of six months. Once they are finished their stint, Hong promises that the center will still be behind them even after they leave.
By Yoav Cerralbo (
yoav@heraldcorp.com)
