The Republic of Korea
offers a range of visas for foreigners looking to settle in the country. However,
in this article, we will look at the provisions for the application of D-8
(business investment) visa.
If you want to set up a small business in Korea, the D-8 visa is just the right thing for you. Apart
from this, the D-8 visa also covers the requirements of foreign employed
managers of domestic companies, officers, senior managers or employees with expertise.
Business
Investment Visa (D-8)
1. Eligibility
for a D-8 Visa
A
business investment (D-8) visa is suitable for key professional experts
involved in the management, corporate governance, manufacturing, engineering,
or research of a foreign-invested enterprises, according to the Foreign
Investment Promotion Act.
Foreigners
employed within Korea, general managers or engineers and service companies who
can be substituted by local manpower resources do not fall in the category of
critical professional experts.
Key
Professional Experts
·
Specialist
A highly professional individual with exclusive
expertise and knowledge vital for research, design, and technology and
management core to the service provided by the company, is a specialist.
·
Senior Manager
A senior manager is in charge of the operations
and business activities of a company, or the objectives and policies of a
department. Top leadership (barring specialized service providers) or staff
members who directly provide services, are not part of this classification.
·
Executives
An executive
is an individual with fundamental control over business administration and major
say in decision-making. Being among the topmost members of a company, an
executive reports exclusively to the Board of Directors and shareholders. (An executive has no direct participation in the service delivery or the
organization’s service-linked business.)
2. Application
and Issuance
The process to get a business investment (D-8) visa is as follows:
·
A foreigner is required
to present the concerned papers to an overseas diplomatic mission to apply for issue
of visa. The chief of a diplomatic mission is authorized to issue a business
investment (D-8) visa for a maximum of one year stay.
·
If the authority that
issues visas is not with the head of a diplomatic mission abroad, a foreigner can
submit an application for issue of visa once he/she get a certificate of
confirmation of issue of visa or a certificate number, from the immigration
control office that regulates the inviter’s place of stay.
·
If a foreigner is in Korea
without a visa or with a short-term visa due to compelling reasons, he/she can
apply for permission to change the status of sojourn at the immigration office
that decides his/her place of sojourn or at KOTRA’s Investment Consulting
Center.
Essential
Paperwork for a Business Investment (D-8-1) Visa
Approximate paperwork that may be required
for review
·
Dispatch order in the
case of employees sent to Korea
·
Description of modifications
in shareholders (master copy)
·
Corporation registration
certificate released in the last quarter
·
Foreign-invested company
registration certificate copy
·
Business registration
certificate copy
·
With respect to citizens of
countries having a lot of cases of tuberculosis, a certificate of tuberculosis
examination is a must (provided by the
local community health center)
·
Application form for issue
of visa or application form for confirmation of issue of visa
·
Passport (copy of
passport in the case of application for issue of visa), color photo for
passport, service charges
·
Employment certificate
from the company headquarters (for employees sent to Korea)
·
Certificates of education
as a crucial professional expert (any of the following): technical
certifications (for engineers), career certificate, company hierarchy, diploma
·
Statement proof of tax payment
(specifying payment of corporate tax, grade A gained income tax, etc.)
·
Paper confirming the place
of sojourn (property rental agreement, etc.)
·
Paper affirming introduction
of investment funds
·
Cash investments –
Document showing permit to deal in foreign currency, from the tax authority or
bank (financial institution) of the investor’s country of origin (where
appropriate) – Description of introduced investment funds (remittance
certificate, certificate of buying foreign exchange, customs entry, etc.)
·
Material investment –
Copy of completion certificate of material investment (from the Commissioner of
Korea Customs Service) – Completion Certificate of import declaration
·
Other papers for
submission by each investor, with investment below KRW 300 million
·
Record certification of capital
spending
o
Receipt for goods bought,
office interior decor expenditure, etc.
o
Withdrawal and deposit logs
of a domestic bank account, etc.
·
Withdrawal and deposit logs
of business account
·
Document endorsing an
operational business setup
o
Office lease contract
o
Snapshot of building, work
facility, signposting, etc.
·
Certificate verifying
business experience in the relevant industry or field (if necessary)
Service charges (revenue stamp): Is
different in different countries because of reciprocity principles. The exact
amount can be found out from a diplomatic mission.
*
There is no processing fee to apply for the certificate of confirmation of
issue of visa
Further, there are
4 types of D-8 visas, with different paperwork requirements of each type.
D-8-1 Incorporated Enterprise Visa
For qualifying candidates posted in a foreign
invested company, in line with the Foreign Investment Promotion Act. (Excluding
Cuba)
The aim must be to invest in a Korean
enterprise (including the ones that are being established).
The minimum investment must be of 100 million
KRW, along with a minimum of 10% of the total capital stocks of the company, besides
the voting right or a contract of dispatch and hiring of executives.
Essential
Paperwork
·
Valid passport
·
Visa Application form
·
Fee
·
One standard-size photograph
·
Proof of employment of assignment abroad
·
Dispatch order (should have the dispatch period)
·
Photocopy of business registration certificate
·
Documents showing the movement of capital investment
·
Foreign investment report form or a copy of investment company
registration certificate
D-8-2 Business Venture Visa
for commercial enterprises adhering to the
Special Act on the Growth of Business Ventures (excluding China and Cuba)
Essential
Paperwork
·
Business Venture Confirmation or Prospective Business Venture
Confirmation
·
Photocopy of Business Registration Certificate
·
Fee
·
One standard size photograph
·
Photocopy of passport
·
Visa application form
·
Paperwork that shows you either have the copyrights or matching expertise.
Instances of this paperwork may be Patent right card (Korean Intellectual Property Office), Utility Model Right registration card (Korean Intellectual
Property Office) and Korea Technology Finance Corporation or Small and Medium Business Corporation Assessment
Test Result.
D-8-3 Unincorporated Enterprise Visa
for foreigners who have invested in a company run by a Korean national
Documents
required
·
Fee
·
Visa Application Form
·
One Standard Size Photograph
·
Passport
·
A copy of investment company registration
certificate or a foreign investment report form
·
Paperwork validating the use of startup
capitals by a Korean local, also the cofounder
·
Authentic document of Business
Partnership Agreement
·
A photocopy of Business Registration
Certificate displaying the name of c-founder
·
Paperwork showing the transfer of
investment capitals. Examples of these are declaration of foreign currency
transfer or confirmation of remittance released by the Customs or a bank
(financial institution) of the concerned country, photocopy of investment in
Kind Completion Confirmation Letter (from the Chief of Korea Customs Service)
Extra paperwork for individual investor with investment lower than 300
million KRW
Paperwork showing
information of the use of the investment funds product purchase receipt, office
interior fee, deposit/withdrawal records of a domestic bank account, etc.
Conclusion
Though it may sound straightforward. The task
of applying for a D-8 visa in Korea has its set of complications that we can easily resolve.
For all the help to get a D-8 visa in Korea, do get in touch with us.
