TITLE : FAQ on FDI in Korea 2023 (Q191~Q195)
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■ FAQ on FDI in Korea 2023 (Q191~Q195)
Visa
Q191 | When a foreigner has a one year single-entry visa with Business Investment (D-8) status of stay, and is a national of a country that is exempt from the requirement to receive a re- entry permit, what happens if he/she leaves the country before registering as an alien? |
If a long-term visa holder wishes to stay in Korea for longer than 90 days, alien registration should be completed at thejurisdiction immigration office within 90 days of the date of entering Korea. A single visa is a visa that expires with a single entry, and even if a foreigner entered Korea with a Business Investment (D-8) visa that expires after one year, a foreigner who departed Korea without completing alien registration should have a visa re-issued by an overseas diplomatic mission.
* For inquiries on matters related to the permission of re-entry ofregistered aliens, call the 1345 Immigration Contact Center (call 1345 without an area code).
※ Effective period of visa and sojourn
- Effective period: The period during which it can be used is indicated on the visa, such as three months or one year. The period is calculated from the visa issuance date. Single-entry visas allow one entry/departure, while multiple-entry visas allow unlimited number of entries/departures within the effective period.
- Sojourn period: The permitted sojourn period after entering the country is written on the visa, such as 30 days, 90 days or one year. The calculation of the period of sojourn in terms of days shall begin from the day following the date of entry, and months and years shall be calculated based on the calendar.
Q192 | If a foreigner has entered Korea with a single- entry visa (period of stay of 90 days or less) or without a visa and establishes a foreign- invested company, does he/she have to depart from the country in order to have a Business Investment (D-8) visa issued from an overseas diplomatic mission of Korea? |
When a foreigner who entered Korea with a single-entry visa or without a visa establishes a foreign-invested company and then intends to change his/her status of stay to Business Investment (D-8), he/she should visit the immigration office having jurisdiction over his/her place of stay or KOTRA’s Foreign Investor Support Center and receive permission of change to Business Investment (D-8) status or apply for a visa at an overseas diplomatic mission of Korea after departing from the country
※ For documents required when applying for permission for change of status ofstay, refer to Q196.
- However, among Chinese nationals who entered Korea with a Short-TermVisit (C-3) visa as part of a tourist group or for purely tourism purposes,foreigners with an Industrial Training (D-3) visa, Non-ProfessionalEmployment (D-9) visa, Vessel Crew (E-10), Others (G-1), Working HolidayProgram (H-1), Work and Visit (H-2) visa holders may not be permittedto change their status of stay to Business Investment (D-8) or may facerestrictions, so it is advised to inquire your jurisdictional immigrationoffice in advance.
Q193 | When a foreigner who whois an individual investor establishes a corporation in Korea and registers another foreigner who is not an investor as an executive in the corporate register, can that foreigner be invited with a Business Investment (D-8) visa? |
When a foreigner who is an individual investor establishes acorporation in Korea and registers another foreigner who isnot an investor as an executive in the corporate register andinvites that foreigner to Korea, it constitutes a foreign-inestedcompany’s direct employment of a foreigner in Korea, andtherefore the foreigner is not eligible for a D-8 visa.
Q194 | If a foreigner is dispatched as an indispensable professional specialist from the overseas parent company of a foreign-invested company established domestically, can he/ she receive a permission to change his/her status of stay to Business Investment (D-8)? |
A foreigner with Business Investment (D-8) status is aperson recognized by the Minister of Justice (excludingpersons hired in Korea) as an indispensable professionalspecialist (executive, senior manager or expert) pursuant tothe Foreign Investment Promotion Act who wishes to engagein the business/management or production/technologyof a foreign-invested company. Corporate investors whohave invested at least KRW 100 million, persons who haveinvested at least KRW 100 million in a company run by aKorean national, and persons who have been dispatched asindispensable professional specialists to the overseas parentcompany of a foreign-invested company established inKorea or the local subsidiary or branch of a third country ofthe head office of such a company are also included.
※ Documents required to apply for change to Business Investment (D-8) status(Refer to the answer to Q196)
- Application form, passport, certificate of employment, dispatch order (with theperiod specified)
- Copy of certificate of foreign-invested company registration, copy of businesslicense, and certificate of incorporation registration
- Copy of office lease agreement, documents showing business performance(import/export records), etc
* When the need arises in the evaluation process, the documents to besubmitted can be adjusted.
Q195 | What are the documents to be submitted when applying for a visa issuance certificate related to Business Investment (D-8)? |
In the case of investing in a corporation (D-8-1) and investingin an individual business (D-8-3), the investment amountis KRW 100 million or more, and the documents required incommon in both cases are as follows:
< Basic documents >
- Application form, passport, copy of passport, standard photograph(3.5x4.5cm)
- Copy of foreign-invested company registration certificate
- Copy of business registration certificate, original copy of incorporationregistration certificate (in the case of corporations), original copy ofspecifications of changes in stock ownership
- Dispatch order (with dispatch period specified) in the case of employeesresiding in the country, and certificate of employment
< Documents certifying investment funds>
- In the case of cash investment
- Permission to carry Certificate of permission or report of carryingoutout foreign currency or report of carrying out foreign currency(issued by the tax office or bank of the home country)
- Description of introduction of investment funds (remittanceconfirmation slip, foreign exchange purchase certificate, tax officereport form, etc.)
- In the case of investment in kind
- Copy of confirmationof completion of investment in kind (issued byhead of the Korea Customs Service)
- Copy of certificate of completion of import declaration
< Other documents >
- Certificate of tax payment (if required)
- Documents proving expenditure of capital (goods purchase receipt,record of deposit and withdrawal of domestic bank account, etc.)
- Documents proving existence of business site (office lease agreement, etc.)
- Document proving business experience in the relevant industry or area inone’s home country (submit if necessary)
※ More or less documents may be required if deemed necessary by the head of theoverseas diplomatic mission of Korea or relevant immigration office