TITLE : FAQ on FDI in Korea 2023 (Q206~Q210)
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■ FAQ on FDI in Korea 2023 (Q206~Q210)
Visa
Q206 | What are the services provided by KOTRA’s Foreign Investor Support Center? |
KOTRA’s Foreign Investor Support Center (FISC) is comprisedwith government officials from the central and localgovernments, officials from relevant government agencies,and KOTRA staff members who are experts in variousfields. In addition to general investment consulting, FISCprovides various services ranging from foreign investmentnotification to administrative services required for operationof business. The following services are provided for walkin visitors (refer to Table 3 of the Enforcement Decree of theForeign Investment Promotion Act).
< Services provided by FISC and the relevant authorities >
Type of Services | Governing Law | Relevant Authority |
Registration andnotification of foreigninvested company | Article 40 (2), EnforcementDecree of the ForeignInvestment Promotion Act | KOTRA FISC |
Confirmation ofinvestment-in-kind | Article 30 (3), ForeignInvestment Promotion Act | Korea Customs Service |
Business Registration | Article 8, Value Added Tax Act | National Tax Service |
Permission of activitiesother than those permitted inthe current status of stay | Article 20, Immigration Act | Ministry of Justice |
Change or addition of placeof work | Article 21, Immigration Act | |
Granting of status of stay | Article 23, Immigration Act | |
Granting of change ofstatus of stay | Article 24 (1), Immigatrion Act | |
Granting of extension ofstatus of stay | Article 25, Immigration Act | |
Re-entry permit | Article 30 (1), Immigration Act | |
Alien Registration | Article 31, Immigration Act | |
Notification of changeof alien registrationinformation | Article 35, Immigration Act | |
Report of change of placeof residence | Article 36 of the ImmigrationAct | |
Issuance and viewing ofcertifications | Article 88 of the ImmigrationAct | |
Exchange of foreigndriver’s license to a Koreanone | Article 84, 86, 87, 95 of theRoad Traffic Act | Road Traffic Authority |
Q207 | The passport of the spouse of a foreign investor (F-3) expires in six months. Can the spouse have her stay period extended by one year just like the foreign investor (D-8)? |
When granting permission of stay such as extending theperiod of stay, permission of stay is granted within theperiod of validity of the passport. Therefore, even if theforeign investor (D-8)’s period of stay is extended by oneyear, the stay period of investor’s spouse (F-3) can onlybe extended up to the expiration date of the passport.Considering such, a registered alien should renew his/herpassport and then apply for a permission of stay.
Q208 | Is there a due date for which a short-term visa holder can apply for change of status of stay to Business Investment (D-8)? |
A foreigner with a short-term status of stay (B-1, B-2, C visas) can apply fora change of status of stay before his/her period of stay expires if he/she isqualified as a Business Investment (D-8) visa holder by completing the FDIprocedure, etc.
- Where applying for change of status of stay to Business Investmentwithin 30 days of the date of entry, business investment related activitiesthat were done while having a short-term stay visa shall be consideredpermitted activities
- If an application for change of status of stay to Business Investmentafter 30 days have passed since the date of entry, the applicant maybe screened for whether he/she engaged in employment activities andother matters during the period from the date of entry to the applicationdate, so it is advised to make an application within 30 days of entry.
※ Example: Where a German national who entered Korea with a Visa Exempted (B-1)status engaged in Business Investment (D-8) activities and applied for changed toD-8 status within one month, the activities that the German engaged in under theB-1 status shall be considered as those permitted under his/her status of stay.
Q209 | If a foreigner has tax arrears while staying in Korea, are there disadvantages for his/her stay? |
- Since May 2017, the Ministry of Justice has been checkingwhether a foreigner has arrears in national taxes, localtaxes and national insurance premium when screeningforeigner’s applications on stay in Korea. For foreigners inarrears, the Ministry restricts the extension of their staryperiod so that they can pay their arrears.
- Foreigners with a Business Investment (D-8) status shouldpay their arrears before applying for visa extension, etc.If arrears are found in the screening process, you mayreceive an order to pay tax arrears or be granted only ashort stay period.
Q210 | When proceeding with an FDI procedure to obtain a Business Investment (D-8) visa, can the investment funds be remitted from the investor’s home country through an agent? |
In principle, when a foreigner invests in Korea, theinvestment funds should be remitted under the name ofthe investor, except for the introduction and remittance ofinvestment funds by proxy through the spouse or underagechild of the investor, Also, for investors investing KRW 300million or more, the scope of permitted remittance by proxyis expanded to include introduction and remittance by theinvestor’s parents and the parents of the investor’s spouse
※ In the case of remittance by proxy, 1) a statement of cause forremittance by proxy (including reason why it is inevitable) and 2) astatement of remittance issued by a bank (should state “△△△ isremitting on behalf of investor OOO”) should be submitted.