TITLE : FAQ on FDI in Korea 2023 (Q186~Q190)
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■ FAQ on FDI in Korea 2023 (Q186~Q190)
Visa
Q186 | What are the visa-related services provided by KOTRA's Foreign Investor Support Center? |
In order to facilitate the domestic business activities offoreign investors in Korea, KOTRA’s Foreign InvestorSupport Center (FISC) provides one-stop services to BusinessInvestment (D-8) visa holders. In particular, officialsdispatched from the Minister of Justice process visa andsojourn matters on the same day of application if there areno problems with documentation and evaluation.
※ Visa and sojourn services provided by FISC
- Granting of status of stay, permission of change of status of stay, alienregistration (re-issuance), permission of re-entry, permission of extension ofperiod of stay, report of change in alien registration matters, report of changeof place of stay, permission of activities outside the ones permitted under thecurrent status of stay, addition or change of workplace, certificate of entry &exit, certificate of alien registration (including perusal of information)
- FISC also provides services for Dependent Family (F-3) members ofBusiness Investment (D-8) visa holders. The services include alienregistration, permission of change of status of stay, permission ofextension of period of stay, permission of re-entry, and issuance ofcertificate of entry & exit and alien registration certificate.
Q187 | What is the eligibility for a Business Investment (D-8) visa? |
. A Business Investment visa is issued to indispensableprofessional specialists engaged in the management,business administration, production and technology, orpersons who own industrial property rights or intellectualproperty rights and established a venture company withadvanced technology and received confirmation of venturecompany.
- Where a foreigner has introduced investment funds of KRW 100 millionor more pursuant to the Foreign Investment Promotion Act and hasestablished a foreign-invested company, he/she can apply for a BusinessInvestment (D-8) visa.
- A person dispatched as an indispensable professional specialist fromthe overseas parent company of a foreign-invested company establishedin Korea can apply for a Business Investment visa. The employees ofaffiliated companies can be dispatched, but in this case, the dispatchorder should be issued by the head company and the dispatch periodmust be stated.
* Indispensable professional specialists refer to executives, senior managersand professional technicians working in the field of management, businessadministration, or manufacturing and technology, and excludes personswho engage in work that is generally replaceable in Korea.
- Where to apply: immigration office having jurisdiction over the residenceof the applicant or foreign-invested company, KOTRA’s InvestmentConsulting Center
Q188 | What foreigners are subject to alien registration and what are the documents required for registration? |
A foreigner who is staying in Korea for 91 days or more must register as an alien at the immigration office having jurisdiction over his/her place of stay, within 90 days from the date of entry into Korea.
- Just as Korean citizens are issued a resident registration card, foreignersare issued an alien registration card. The card is issued for the safemanagement of foreigners staying in Korea by clarifying their residenceand status of stay
< Foreigners subject to alien registration >
- A foreigner who intends to stay more than 90 days from the date of entryin Korea (holders of long-term visas)
- A foreigner staying without being granted a status of stay, and a foreignerstaying without being granted a status of stay due to any other groundsuch as loss or renunciation of the nationality of Korea while staying inKorea shall register as an alien within 60 days from the date on whichsuch ground occurs.
- A foreigner who is born in the Republic of Korea and stays more than 90 daysin the country shall register as an alien within 90 days of the date of birth
- A foreigner who is staying in Korea for more than 90 days from the date ofentry into Korea by obtaining permission to change his/her status of stay
※ Alien registration is exempted for holders of Diplomat (A-1), Government Official(A-2), and International Agreement (A-3) visas
< Timing of alien registration >
- Within 90 days of the date of entry for foreigners who intend to stay inKorea for more than 90 days
- On being granted a status of stay or receiving a permission to changestatus of stay (immediately)
※ Foreigners who do not register as an alien within the above period are subject to penalty.
< Attachments >
- For documents required to be submitted when applying for each type ofstatus of stay, refer to attached Table 5-2 of the Enforcement Rules of heImmigration Act.
On the Invest Korea website (www.investkorea.org), you can find foreignerregistration forms to be submitted when visiting the Investment ConsultingCenter of KOTRA in relation to Business Investment (D-8) or DependentFamily (F-3) visa application.
< Fee >
- KRW 100,000 for permission for change in status of stay; KRW 30,000 forissuance of certificate (holders of Business Investment (D-8) visa are exempt)
※ When registering as an alien after acquiring a Business Investment (D-8) visafrom overseas, a certificate of foreign-invested company registration, a certificateof business registration, and other documents necessary when changing thestatus of stay should be submitted.
Q189 | I am a foreigner who intends to establish and operate a company in Korea. Am I eligible for a status of stay? |
To establish and operate a company in Korea, a foreignershould complete the FDI investment process pursuant to theForeign Investment Promotion Act and apply for a BusinessInvestment (D-8) visa at an overseas diplomatic mission. If aforeigner has to enter Korea without a visa, he/she can applyfor change of status of stay to Business Investment (D-8) visaat the jurisdictional immigration office after completing theFDI process.
- Additionally, where a foreign investor intends to establish a foreigninvested company by investing KRW 100 million or more or intendsto invest in a company managed by a Korean national to manage thecompany jointly, her/she can apply for a Teade Investment (D-9) visa.
* If a foreigner wishes to obtain a Trade Management (D-9) visa, theinvestment amount should be at least KRW 300 million.
Q190 | In order to receive a Business Investment (D-8) visa, what is the minimum amount of investment, and can a foreigner receive the D-8 visa for investing in an individual company instead of establishing a company? |
In order to acquire qualification for issuance of a BusinessInvestment (D-8) visa, the applicant should invest ina corporation of the Republic of Korea (this includesestablishment of a new corporation) and the investmentamount should be at least KRW 100 million. The foreignershould own at least 10/100 of the voting shares or total capitalof the invested corporation (Article 2 (2) 1 of the EnforcementDecree of the Foreign Investment Promotion Act)
* In accordance with the Enforcement Rules of the Foreign InvestmentPromotion Act, the foreign ownership of a local headquartersdesignated by the Minister of Trade, Industry and Energy (Article 9-3)should be at least 50%, and at least 30% in the case of research anddevelopment facilities (Article 16).
- However, a D-8 visa is granted when an individual business entity investsat least KRW 100 million in a company that is managed by a Koreannational and engages in joint management of the company (D-8-3: theforeigner must be registered as a joint representative together with theKorea national on the business registration certificate). The Koreannational who is the joint representative must have business funds of atleast KRW 100 million.
- If a foreign individual invests independently an amount of at least KRW300 million and establishes an individual business, he/she can apply foran International Trade (D-9) visa.