Invest KOREA

Required documents when applying for change of status of stay ① When the corporation is established by a foreign company – Passport, copy of passport, one photo (3.5x4.5cm), integrated application form – 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 local subsidiary in a third country of the overseas head office is also permitted. Documents showing the relationship between the head office and the overseas branch must be attached and submitted. – Documents proving person is an indispensable specialist: Diploma, certificate of special skills, certificate showing professional experience, organizational chart, etc. – Certificate of tax payment for corporate taxpayers – Income statement – Office lease agreement ② 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 (where foreign currency is remitted) – Certificate of foreign currency declaration (where foreign currency is hand-carried) – Permission (report) of transfer of foreign currency issued by the tax office 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 (account showing receipt of remitted foreign currency, bankbook) ○ Tax invoice – Office lease contract – Photograph of place of business – Residence lease contract ① 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 local subsidiary in a third country of the overseas head office is also permitted. Documents showing the relationship between the head office and the overseas branch must be attached and submitted. – Individual tax payment certificate, or receipt of income tax withholdings – Corporate tax payment certificate – Income statement ② When the corporation is established by a foreign individual – Integrated application form, passport, copy of passport, alien registration 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 showing receipt of remitted foreign currency, bankbook) ○Tax invoice ○ Documents showing employment of Korean nationals (description of subscription to employment insurance, etc.) – Office lease agreement – Photo of place of business – Residence lease contract

In the case of investing in a corporation (D-8-1) and investing in an individual business (D-8-3), the investment amount is KRW 100 million or more, and the documents required in common in both cases are as follows: – 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 incorporation registration certificate (in the case of corporations), original copy of specifications of changes in stock ownership – Dispatch order (with dispatch period specified) in the case of employees residing in the country, and certificate of employment – In the case of cash investment ○Permission to carry Certificate of permission or report of carrying outout 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 (remittance confirmation slip, foreign exchange purchase certificate, tax office report form, etc.) – In the case of investment in kind ○ Copy of confirmationof completion of investment in kind (issued by head of the Korea Customs Service) ○ Copy of certificate of completion of import declaration – 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 in one’s home country (submit if necessary) ※More or less documents may be required if deemed necessary by the head of the overseas diplomatic mission of Korea or relevant immigration office.

A foreigner with Business Investment (D-8) status is a person recognized by the Minister of Justice (excluding persons hired in Korea) as an indispensable professional specialist (executive, senior manager or expert) pursuant to the Foreign Investment Promotion Act who wishes to engage in the business/management or production/technology of a foreign-invested company. Corporate investors who have invested at least KRW 100 million, persons who have invested at least KRW 100 million in a company run by a Korean national, and persons who have been dispatched as indispensable professional specialists to the overseas parent company of a foreign-invested company established in Korea or the local subsidiary or branch of a third country of the 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 Q204) – Application form, passport, certificate of employment, dispatch order (with the period specified) – Copy of certificate of foreign-invested company registration, copy of business license, and certificate of incorporation registration – Copy of office lease agreement, documents showing business performance (import/export records), etc

When a foreigner who is an individual investor establishes a corporation in Korea and registers another foreigner who is not an investor as an executive in the corporate register and invites that foreigner to Korea, it constitutes a foreign-inested company’s direct employment of a foreigner in Korea, and therefore the foreigner is not eligible for a D-8 visa.

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 the documents required for applying for a permission of change of status of stay, refer to Q204. ◎ However, when a Chinese national with a Short-Term Visit (C-3) visa enters the country, he/she cannot receive a permission of change of status of stay to Business Investment (D-8) if he/she is a part of a group tour or is an individual visitor for purely tourism purposes, or has a visa classified as Industrial Trainee (D-3), Non-Professional (E-9), Vessel Crew (E-10), Miscellaneous (G-1), Working Holiday (H-1)*, or Working Visit (H-2).

When a foreigner stays in Korea for over 90 days from the date of entering Korea, he/she must apply for alien registration at the immigration office having jurisdiction over his/her status of stay within 90 days from the date of entry. A single-entry visa terminates after one entry. In this regard, if a foreigner enters Korea with a D-8 visa with a period of stay of one year and leaves Korea without registrering as an alien, he/she should have a visa reissued from an overseas diplomatic mission of Korea. ※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.

In order to acquire qualification for issuance of a Business Investment (D-8) visa, the applicant should invest in a corporation of the Republic of Korea (this includes establishment of a new corporation) and the investment amount should be at least KRW 100 million. The foreigner should own at least 10/100 of the voting shares or total capital of the invested corporation (Article 2(2 1 of the Enforcement Decree of the Foreign Investment Promotion Act) ◎ However, a D-8 visa is granted when an individual business entity invests at least KRW 100 million in a company that is managed by a Korean national and engages in joint management of the company (D-8-3: the foreigner must be registered as a joint representative together with the Korea national on the business registration certificate). The Korean national who is the joint representative must have business funds of at least KRW 100 million. ◎ If a foreign individual invests independently an amount of at least KRW 300 million and establishes an individual business, he/she can apply for an International Trade (D-9) visa.

In order to establish and operate a company in Korea, a foreigner should invest in Korea pursuant to the Foreign Investment Promotion Act and acquire a Business Investment (D-8) or International Trade (D-9) visa from an overseas mission of the Republic of Korea. If the foreigner enters Korea without a visa for unavoidable reasons, he/she must receive a permission for change of status of stay from the immigration office having jurisdiction over the place of stay.

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, foreigners are issued an alien registration card. The card is issued for the safe management of foreigners staying in Korea by clarifying their residence and status of stay. – A foreigner who intends to stay more than 90 days from the date of entry in Korea (holders of long-term visas) – A foreigner staying without being granted a status of stay, and a foreigner staying without being granted a status of stay due to any other ground such as loss or renunciation of the nationality of Korea while staying in Korea shall register as an alien within 60 days from the date on which such ground occurs. – A foreigner who is born in the Republic of Korea and stays more than 90 days in 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 of entry 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. – Within 90 days of the date of entry for foreigners who intend to stay in Korea for more than 90 days – On being granted a status of stay or receiving a permission to change status of stay (immediately) ※ Foreigners who do not register as an alien within the above period are subject to penalty. – Passport – Alien registration application form – Fee: KRW 100,000 for permission for change in status of stay; KRW 30,000 for issuance of certificate (holders of Business Investment (D-8) visa are exempt) ※ When registering as an alien after acquiring a Business Investment (D-8) visa from overseas, a certificate of foreign-invested company registration, a certificate of business registration, and other documents necessary when changing the status of stay should be submitted.

Those who are eligible shall be as follows: – A foreign investor who invested KRW 100 million or more to establish and operate a foreign-invested company – A person who is dispatched as an indispensable professional specialist from the overseas parent company (or a third country’s branch) of a foreign-invested company established in Korea and intending to engage in management, business administration or technology (those who are dispatched as management or a professional technician/engineer shall be included, but those who are hired in Korea shall be excluded) ※ "Indispensable professional specialist" refers to executives and senior managers that operate and manage a foreign-invested company, and professional technicians/engineers with advanced and specialized background and knowledge who have been dispatched to provide relevant technological assistance. ◎ Therefore, the representative executive from the investor's side engaging in the business and management of a foreign-invested company that has been established domestically, as well as technicians engineers that have been dispatched because of the inevitable need for technological support, are indispensable professional specialists. On the other hand, persons that provide general administrative work, technicians engineers that can be replaced with domestic hires, or direct service providers are not considered indispensable professional specialists.