Amidst South Korea's increasing international population and a conducive environment for foreign investment, opportunities for relocating employees are on the rise. With a notable surge in international residents, reaching 2,448,401 as of late January, the nation presents a compelling destination for global talent. This article offers a concise guide to navigating the streamlined procedures for obtaining visas, particularly the sought-after D-7 Intra-Company Transfer Visa, and outlines pathways to residency in this dynamic East Asian nation.
Amidst a record low birth rate and the trends of aging and declining population, South Korea has seen a continuous increase in its international population. According to a Ministry of Justice monthly statistical report on immigration and foreign resident policy, the number of international residents in South Korea stood at 2,448,401 as of late January, marking a 14.1% increase from the same month in 2023.
Among these, there were 1,893,911 long-term residents, approximately three times higher than the count of 554,490 short-term international residents. The population of international residents has seen a steady rise from about 1.96 million in late 2021 to 2.25 million in late 2022. By late 2023, it had reached 2.51 million, constituting roughly 5% of the total population.
Relocating personnel to South Korea involves applying for either a D-7 visa or an intra-company transfer permit. The applicant, typically the employee being relocated, is required to apply for the visa in person at the South Korean embassy or consulate in their home country or the jurisdiction where they are currently employed.
For applicants who already possess a certificate of visa issuance or a certification number of visa issuance, the required documents include their valid passports, the completed application form, and the certificate of visa issuance or certification number of visa issuance. The certification number of visa issuance indicates obtaining approval from the South Korean Immigration Department before the transfer. Obtaining the visa certificate typically takes around 2 weeks, followed by the issuance of the D visa in approximately 5 to 7 business days.
Employees transferred to South Korea are issued the D-7 Intra-Company Transfer Visa. The D-7-1 visa is designated for individuals who have previously worked for a multinational company and are now relocating to a South Korean office, while the D-7-2 visa is intended for employees who have previously worked for a South Korean corporation in a foreign branch and are now moving to a domestic branch. The relocation process for employees to South Korea remains consistent for both visa types, with only minor variations in the necessary documentation.
For those seeking South Korean residency, several options are available, including launching a business, investing in an existing company, purchasing real estate, participating in a government-supported fund, or contributing to a development project.
As mentioned earlier, before commencing the intra-company transfer process to Korea, it is necessary to obtain a visa certificate on behalf of the foreign employee. For this purpose, the following documents should be prepared:
- A completed visa application form
- A passport with at least 6 months of validity remaining, along with a copy of the travel document
- Recent photos (taken no more than 3 months prior)
- Certificates of professional qualifications or other relevant credentials
- The employment contract
- The business registration license (if applicable)
- Tax reports and financial transactions conducted by the business during the previous fiscal year
- A sponsorship letter from a South Korean company
- Receipts for fee payments
Upon arrival in South Korea, the foreign employee will also be issued an Alien Registration Card, typically within approximately 5 weeks. The maximum validity period for this visa is 3 years.
There is a specific long-term stay visa frequently obtained by expatriates, which grants rights similar to those of permanent residency and operates on a point system. However, permanent residence in South Korea is only possible with a permanent residence permit.
South Korea's burgeoning international population and welcoming environment make it an attractive hub for foreign investment. Streamlined visa procedures, notably the D-7 Intra-Company Transfer Visa, facilitate employee relocation, while diverse residency pathways offer flexibility for long-term endeavors. With its thriving economy and cultural vibrancy, South Korea beckons as a promising destination for global talent and business ventures alike.
Pearson & Partners offer expert guidance on legal requirements, regulatory adherence, and strategic planning, customized to enhance your prospects in this dynamic market. Contact us for assistance with intra-company transfers and company formation in Korea.