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What does paying 'gwaligeum' mean?

Gwaligeum is  the premium you pay for an existing business to pack up and leave the location you would like to rent for your own business. The payment can be required even if the business is bankrupt or hasn't operated for some time.  

The amount  can vary from around 30 million won in a lightly trafficked area of Itaewon for example, up to 100 million won or more. 

K4E Editor: We try to make the information on Korea4Expats.com as complete and accurate as possible, so if you notice any errors or omissions in the content above, please let us know at info@korea4expats.com



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