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South Korea
Brief Fact File| Capital | Seoul |
| Currency | South Korean Won (KRW) |
| Language(s) | Korean, English widely taught in junior high and high school |
| Local time | GMT + 09:00 |
| Telephone code | 82 |
| Major cities | Busan, Incheon, Daegu, Daejeon, Gwangju, Ulsan |
Economy
South Korea has achieved an incredible record of growth since early 1960s. It has integrated into the high-tech modern world economy. The country joined the trillion dollar club of world economies in 2004. Four decades ago the GDP per capita of South Korea was comparable to the poorer countries of Africa and Asia. At present, its GDP per capita is 14 times of North Korea. The success was achieved through late 1980s by a system of close government/ business ties, like directed credit, import restrictions, sponsorship of specific industries, etc.
Major Exports:
- Semiconductors
- Wireless Telecommunications Equipment
- Motor Vehicles
- Computers
- Steel
- Ships
- Petrochemicals
- Machinery
- Electronics And Electronic Equipment
- Oil
- Steel
- Transport Equipment
- Organic Chemicals
- Plastics
Business Dress
- Business attire is conservative.
- Men should wear dark- coloured, conservative business suits with
white shirts.
- Women should dress conservatively and wear subdued colours.
- Men should avoid wearing jewellery other than a watch or a wedding ring.
- South Koreans prefer doing business with people with whom they
have a personal connection. So, third-party introduction is crucial.
- Relationships are developed through informal social gatherings
which involves a considerable amount of drinking and eating.
- They treat legal documents as memorandums of understanding.
- They view contracts as loosely structured consensus statements
which broadly define agreement and leave room for flexibility and
adjustment as needed.
- Sensitive matters may be raised indirectly through the
intermediary that first made the introductions.
- They are extremely direct communicators. Respond to questions
directly and concisely.
- Government offices are open between 9am and 6pm from Monday to
Friday and until 1pm on Saturdays.
- Banks are open from 9.30am to 4.30pm on weekdays and until 1.30pm
on Saturdays.
- Department stores are open seven days a week from about 10.30am until 7.30pm and most markets and shops keep longer hours.
Associations / Ministries
Ministry of Foreign Affairs and Trade
Tel.: +(82)-(2)-21002114
Fax: +(82)-(2)-21007999
Website: http://www.mofat.go.kr
Indian Embassy / Counsulate
Embassy of India
37-3, Hannam-dong
Yongsan-ku
Seoul
Tel.: +(82)-(2)-7984257/68
Fax: +(82)-(2)-7969534
Telex: INDEMB K 24641
E-mail: eoiseoul@sinbiro.com
Website: http://www.indembassy.or.kr
Visiting this Country
Business Visa Rules for South Korea
The business visitor visa category is the "C-2" visa.
Allowable Activities as a Business Visitor
The allowable activities of business visitors are limited to the following:
- Attend any business meetings or discussions;
- Attend sales calls to potential clients in the country.
- Attend any seminars or "fact-finding" meetings.
There is no specific visa category that covers short-term, technical activities; hence, it is best to confirm if a work permit is needed for these activities prior to departure to Korea.
Maximum Period of Stay as a Business Visitor
The normal validity of business visa is usually 30 days with a maximum period of up to 90 days.
A business visitor visa may be extended. The extension may be obtained from the Immigration authorities in South Korea, prior to the expiration of the current visa. An extension is very discretionary and valid business reasons must be shown in order to extend the stay.
Basic Requirements to Apply for a Business Visa
Please note that these are subject to change based on the Labor and Immigration authorities of South Korea.
- Business Visitors must have a residence and an employer outside
the country and must be traveling to the foreign country for a
period of less than 90 days.
- Business Visitors should not receive compensation from within the
country; however, incidental expenses like accommodation, travel,
and meals may be paid by the host.
- Business Visitors must have evidence of adequate funds to defray
expenses while on the business visit in South Korea.
- The Business Visitor must have a specific, realistic and
pre-determined plans for his/her stay in South Korea.
- The period of intended stay must be consistent with the intended purpose of the trip.
| Festival | Date | Detail |
| The New Year's Day | Jan. 1st | 1 day holiday |
| The Spring Festival | Normally in Jan or Feb | 4 days holiday |
| The International Women Day | Mar. 8th | 1/2 day holiday for women only |
| The Labor Day | May 1st | 3 days holiday |
| The Chinese Youths' Day | May 4th | 1 day or 1/2 day off for young people |
| The International Children's Day | Jun. 1st | 1 day or 1/2 day off for school children |
| The Birthday of the CCP | Jul. 1st | CCP members usually celebrated through meetings |
| The Birthday of the People's Liberation Army | Aug. 1st | Celebrated by the army |
| The National Day | Oct. 1st | 3 days holiday |
