TITLE : FAQ on FDI in Korea 2023 (Q196~Q200)
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■ FAQ on FDI in Korea 2023 (Q196~Q200)
Visa
Q196 | If a foreigner who has been dispatched from the head office or overseas branch of a foreign company wishes to change his/her status of stay to that of Business Investment (D-8) and apply for a permission for extension of period of stay, what are the required documents? |
Required documents when applying for change of status of stay
- When the corporation is established by a foreign company
- Integrated application form, passport, copy of passport, one photo (3.5x4.5cm)
- Foreign-invested company registration certificate
- Certificate of corporate register
- Business registration certificate
- Dispatch order and certificate of employment
※ Dispatch order refers to the dispatch order issued by the head office. However,a dispatch order (which specifies the dispatch period) issued by the localsubsidiary in a third country of the overseas head office is also permitted.Documents showing the relationship between the head office and theoverseas branch must be attached and submitted.
- Documents proving person is an indispensable specialist: Diploma,certificate of special skills, certificate showing professionalexperience, organizational chart, etc.
- Certificate of tax payment for corporate taxpayers
- Income statement
- Office lease agreement
* The required documents may change in the evaluation process.
- When the corporation is established by a foreign individual
- Integrated application form, passport, copy of passport, one photo(3.5x4.5cm)
- Foreign-invested company registration certificate
- Business registration certificate
- Certificate of corporate register
- Certificate of purchase of foreign currency
- Certificate of specification of transaction of foreign currency (whereforeign currency is remitted)
- Certificate of foreign currency declaration (where foreign currency ishand-carried)
- Permission (report) of transfer of foreign currency issued by the taxoffice or bank of foreigner’s home country
- Documents certifying business performance
- Certificate of payment of corporate tax
- Income statement
- Certificate of payment of tax (value added tax, income tax)
- Certificate of tax base for value added tax
- Certificate of confirmation of export declaration (import/export permit)
- Documents certifying receipt of payment for exports (accountshowing receipt of remitted foreign currency, bankbook)
- Tax invoice
- Office lease contract
- Photograph of place of business
- Residence lease contract
* The required documents may change in the evaluation process.
Extension of period of stay
< Corporate business >
- When the corporation is established by a foreign company
- Application form, passport, copy of passport, alien registration certificate
- Foreign-invested company registration certificate
- Certificate of corporate register
- Business registration certificate
- Dispatch order and employment certificate
※ Dispatch order refers to the dispatch order issued by the head office. However,a dispatch order (which specifies the dispatch period) issued by the localsubsidiary in a third country of the overseas head office is also permitted.Documents showing the relationship between the head office and theoverseas branch must be attached and submitted. - Individual tax payment certificate, or receipt of income tax withholdings
- Corporate tax payment certificate
- Income statement
* The required documents may change in the evaluation process.
- When the corporation is established by a foreign individua
- Integrated application form, passport, copy of passport, alienregistration certificate
- Foreign-invested company registration certificate
- Certificate of corporate register
- Business registration certificate
- Individual tax payment certificate or receipt of income tax withholdings
- Documents proving business performance
- Corporate tax payment certificate
- Income statement
- Certificate of export declaration (export/import permit)
- Documents proving receipt of payment for export (account showingreceipt of remitted foreign currency, bankbook)
- Tax invoice
- Documents showing employment of Korean nationals (descriptionof subscription to employment insurance, etc.)
- Office lease agreement
- Photo of place of business
- Residence lease contract
* The required documents may change in the evaluation process.
Q197 | A foreigner’s Business Investment (D-8) visa and his family’s Dependent Family (F-3) visa are to be expired in May 2023. The foreigner who is the D-8 visa holder is planning to return to his home country in January 2023 and his wife and children (middle school and high school students) are planning to stay in Korea until June 2023 due to the children’s school schedule. In this case, what should be done? |
If a family’s D-8 visa holder finishes his/her activities in Koreaand permanently departs from the country, the visa holder’sstatus of stay and period of stay expire with his/her departure,and his/her family members’ status of stay as DependentFamily (F-3) is affected as well. If the remaining familymembers wish to remain in Korea due to the children’s schoolschedule, they should visit the immigration office havingjurisdiction over their place of stay and inquire whether thewife can change to Residence (F-1) visa and the children toElementary/Middle/High School Student (D-4-3) visa.
Q198 | When a foreigner that has registered as an alien changes his/her place of stay, how does one report his/her move of residence? |
When a foreigner who has registered as an alien changes his/her place of stay, a report on move-in must be made within15 days from the date of move-in. The report on move ofresidence must be made to the head of the relevant district(city/gun/gu, or eup/myeon/dong) of the new place of sojourn,or the head of the Foreigner's Department of the ImmigrationsOffice that governs the new place of sojourn.
※ Required documents upon report: Passport, alien registration certificate, reporton change in place of sojourn, documents proving change in place of sojourn (copyof lease agreement, etc.).
☞ When a registered alien does not file a report within 15 days from the date ofchange in place of stay, he/she shall be subject to punitive measures (fine) dueto violation of Article 36 of the Immigration Act.
Q199 | When a foreigner who has registered as an alien undergoes a change in personal information, renews his/her passport, or changes the name of the organization he/she belongs to, how does he/she report this? |
The following are instances that require reporting. Whenone of them occurs to a foreigner who has registered asan alien, a report must be filed to change alien registrationinformation within 15 days from the day on which the causehas occurred, to the head of the immigration office havingjurisdiction over his/her place of stay..
※ Report of change in alien registration information as per Article 35 of theImmigration Act
- When the name, gender, birthdate and/or nationality has been changed
- When the passport number, issuance date and/or effective period hasbeen changed
- When the name of the alien's company has been changed in the case ofbusiness investment
※ Documents to be attached: Passport and alien registration certificate, report ofchange in alien registration information, documents proving change in information☞ When a registered alien does not report the above changes in the alienregistration information to the relevant immigration office within 15 days of theday on which such change has occurred, he/she shall be subject to punitivemeasures (fine) for violating Article 35 of the Immigration Act.
Q200 | Is there an exclusive immigration checkpoint to provide convenience to foreign investors and the executives/employees of foreign- invested companies when they enter or depart from the country? |
The Ministry of Justice operates an exclusive immigrationcheckpoint (exclusive lane for D-8 visa holders, ABTC cardholders, Immigration Priority Card holders, diplomats,flight crew, etc.) at Incheon International Airport forforeign investors, employees and executives of foreigninvested companies (D-8 visa holders), and APEC BusinessTravel card holders in order to expedite their immigrationinspection process..
※ APEC Business Travel Card (ABTC)
- Card holders from member nations (19 nations*) can receive visaexemption and expedited immigration inspection through an exclusiveimmigration lane when entering the country.
- For every single entry into the country, a stay period of 90 days is granted(same as multiple-entry visas)
- The effective period is five years from the card issuance date. When theeffective period of the passport is expired, the card also expires, so thecard must be reissued after passport renewal.
- Webpage: http://abtc.kita.net (refer to related information and issuanceprocedure)
* Member nations (19 nations): Korea, Japan, Australia, Taiwan, NewZealand, Hong Kong, Philippines, Thailand, Malaysia. Brunei, Peru,Chile, China, Indonesia, Papua New Guinea, Singapore, Vietnam,Mexico, Russia