Invest in Korea and get a D-8 visa

1. Overview

There are many cases where foreigners invest in Korea, establish a corporation, and seek to obtain a D-8 visa. In this case, there are two ways for the investor to enter Korea and proceed with the procedure, or for the investor to proceed through a domestic lawyer while residing in the home country. If the investor continues to reside in the home country and proceeds with the procedure, additional procedures such as having to translate and notarize the power of attorney are required in the home country, so it is recommended that the investor enter the country and proceed with the D-8 visa issuance process if possible.

When an investor enters Korea and establishes a corporation, the process is as follows.

Report foreign investment → Remit investment → Issuance of balance certificate → Notarization and corporate registration → Business registration → Issuance of foreign investment company registration certificate and transfer of investment to corporate account → Application for D-8 visa

2. Foreign investment report

Foreign investment reports can be made at KOTRA or foreign exchange banks. If the investor resides abroad, a lawyer can proceed alone with a power of attorney. However, if the investor is in Korea, the foreign investment report must be accompanied by the investor, and once the foreign investment report is completed, the investor can return to their home country. Create a virtual account so you can transfer money.

※If you bring your investment in cash from your home country, you must declare it as an investment at the airport and receive a foreign exchange declaration certificate (it is recommended to remit from your home country if possible).

※When reporting foreign investment, the exact investment amount must be entered (to receive a D-8 visa, the investment amount must exceed 100 million won), and if the investment amount changes, a revised report must be filed. If the remitted amount has been converted to Korean Won, a revised report cannot be filed, and if you are unable to invest the initially reported amount, you must report your foreign investment again.

3. Remittance of investment funds from home country

The investment amount (in dollars) is transferred to the virtual account in the investor's name created when reporting foreign investment. Investment funds must be remitted in the investor's own name, and the investor's spouse can make the remittance on behalf of the investor. However, when applying for a visa later, additional materials such as a statement of reasons for the remittance on behalf of the investor must be submitted.

4. Issuance of balance certificate

Since a balance certificate cannot be issued for a virtual account created when reporting foreign investment, when completing the foreign investment report and opening a virtual account in the investor's name, open another personal Won account in the investor's name and transfer the balance from the virtual account to the personal Won account. A certificate is issued.

5. Notarization and corporate registration

After securing an office, registration of the corporation is made with the investor as the representative of the corporation (one auditor is required for this process). If the investor is in Korea, corporation registration takes about 4 to 5 days (the investor must be in Korea). There is no need to stay in the country, but if the investor is abroad, more documents are required and the time required is longer.)

6. Issuance of business registration certificate

Business registration certificates are issued by the tax office with jurisdiction over the corporate address. In the case of wholesale and retail businesses that can be done by reporting alone, there is no major problem in issuing business registration certificates, but in the case of businesses such as restaurants that require permission from local governments, permission must be obtained first.

7. Issuance of foreign investment company registration certificate and transfer of investment funds

After receiving a business registration certificate, you can obtain a foreign investment company registration certificate from the bank that reported your foreign investment. If you have completed business registration after registering a corporation, you can open a corporate account and transfer the investment money from the investor's personal account to the corporate account.

8. Apply for D-8 visa

If you have been issued a foreign investment company registration certificate, you can apply for a D-8 visa by attaching the necessary documents. However, for small investors with an investment worth 100 million won, the immigration office carefully screens the D-8 visa requirements, and there are many cases where a D-8 visa is not issued due to insufficient explanation of the source of the investment. D-8 visa requirements will be explained in the next article.

* This is related to immigration policy as of the posting date. For specific details, we recommend that you contact the office for consultation (TEL: 031-8019-9328, Email: info@immikr.com).