South Korea’s GDP is ranked tenth in the world, totaling $1.64 trillion in 2019. South Korea, a tiny country, has entered the top ten because it has made a deliberate effort to open up its economy to foreign players. As a result, many foreigners want to start a business in Korea. However, much investigation is required before hiring out an office space.
– Starting 1인샵 in Korea is significantly different from starting one in the United Kingdom or the United States. To begin with, you will observe that the Korean government is more involved in business. As a result, there may be a bit extra paperwork. Furthermore, there are several legal systems that must be followed in order to have a seamless operation.
What is the reason to start?
– Customers who are well-educated in terms of technology and have a high literacy and secondary education rate.
– Korea features a number of densely populated cities. Korea, for example, has nine cities with populations over one million. South Korea is sandwiched between Japan, China, and other Asian nations. As a result, it is the ideal place for establishing a foothold in Asia.
– Korean customers are interested in items from other countries, and the appropriate trend may spread rapidly.
– South Korea’s government provides economic free trade zones and tax breaks. South Korea also has Free Trade Agreements also with United States, the United Kingdom, and the European Union.
– South Korea keeps up to date on international trademarks and patents for the protection of intellectual property.
What to do before starting a shop?
When starting a new firm or launching a new brand, or starting your own 1인샵, a study of the external environment is the first job that must be completed. Particularly if you are starting, moving, or developing your business in Korea.