Invest KOREA

In the case of Non-professional Employment visa, the process for changing the status of stay is restricted in Korea, so it is advised to complete the processes required to acquire a status of stay (e.g., foreign investment notification, registration of foreign-invested company, registration of corporate register certificate), depart the country, and then re-enter Korea after receiving a visa from a diplomatic mission from the home country. However, it should be noted that the funds created through employment in Korea cannot be recognized as foreign investment funds. ◎ Foreign investment under the Foreign Investment Promotion Act means a foreigner (individual or corporation)'s remittance of investment funds from overseas for investment in a Korean corporation or company. After the required investment processes are completed and a visa is issued from an overseas diplomatic mission of Korea or a visa is not issued for inevitable causes, an application for change of status of stay to Business Investment (D-8) can be filed at an immigration office having jurisdiction over the place of stay in Korea.

A foreigner who is born in Korea and wishes to receive status of stay must report to the immigration office having jurisdiction over his/her place of stay within 90 days from the date of birth. If an application for grant of status of stay is not filed within that period, a penalty shall be imposed for violating the Immigration Act (Article 79). However, if the child departs from the country within 90 days from the date of birth, he/she can leave without being granted a status of stay – Application form – Passport of foreigner's child (When an application for a passport is being processed at an embassy: Register with passport application receipt slip, and submit passport after registration) – One copy of the alien registration card of the child’s father or mother – Birth certificate of child (※Certified copy of family register in the case of Japan, Taiwan) – One color photograph of child, 3cm x 4cm – Fee: Grant of sojourn status (KRW 80,000)

A foreigner who invested USD 500,000 or more and the executives dispatched to a foreign-invested company that invested USD 500,000 or more can apply for a visa issuance for a domestic helper who he/she hired overseas at least one year ago from the date of visa application. Also, businesses that invested USD 100,000 or more but less than USD 500,000 that are high-tech businesses* hiring three or more full-time domestic employees can apply for a visa application for a domestic helper as well. ◎ The invited domestic helper can submit the following documents to the South Korean embassy or consulate in his/her country, and enter Korea by applying for and receiving a Household Assistant (F-1) visa. (However, if he/she is residing in a third country for a long period due to acquisition of permanent resident status or employment, the person may apply at the South Korean mission located in the country of residence.) ◎ The invited domestic helper must notify the immigration office governing his/her place of stay when the cause for visa issuance becomes invalid, such as expiration of employment contract, termination of employment, loss of employer’s Business Investment (D-8) status, etc. – Visa issuance application, passport, one standard photograph, fee – Copy of foreign-invested company registration certificate, certificate of corporate register, or copy of business registration certificate – Employment contract, employer's recommendation letter and letter of guarantee – Document certifying employment of at least one year (proof that the person has been employed overseas for at least one year from the point of application) – Documents certifying educational background of domestic helper – Employment certificate in the case of executives/employees – Documents proving the income conditions of the employer (receipt of income tax withholdings, certificate of income amount, salary payment statement, copy of bankbook, etc.) – Document proving full time employment of Korean nationals under employment (person with investment amount of less than USD 500 000)

The Ministry of Justice operates an exclusive immigration checkpoint (exclusive lane for D-8 visa holders, ABTC card holders, Immigration Priority Card holders, diplomats, flight crew, etc.) at Incheon International Airport for foreign investors, employees and executives of foreigninvested companies (D-8 visa holders), and APEC Business Travel card holders in order to expedite their immigration inspection process. ※APEC Business Travel Card (ABTC) – Card holders from member nations (19 nations*) can receive visa exemption and expedited immigration inspection through an exclusive immigration 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 the effective period of the passport is expired, the card also expires, so the card must be reissued after passport renewal. – Webpage: http://abtc.kita.net (refer to related information and issuance procedure)

The following are instances that require reporting. When one of them occurs to a foreigner who has registered as an alien, a report must be filed to change alien registration information within 15 days from the day on which the cause has occurred, to the head of the immigration office having jurisdiction over his/her place of stay. ※ Report of change in alien registration information as per Article 35 of the Immigration Act ① When the name, gender, birthdate and/or nationality has been changed ② When the passport number, issuance date and/or effective period has been changed ③ When the name of the alien's company has been changed in the case of business investment ※Documents to be attached: Passport and alien registration certificate, report of change in alien registration information, documents proving change in information ☞ When a registered alien does not report the above changes in the alien registration information to the relevant immigration office within 15 days of the day on which such change has occurred, he/she shall be subject to punitive measures (fine) for violating Article 35 of the Immigration Act.

When a foreigner who has registered as an alien changes his/her place of stay, a report on move-in must be made within 15 days from the date of move-in. The report on move of residence 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 Immigrations Office that governs the new place of sojourn. ※Required documents upon report: Passport, alien registration certificate, report on change in place of sojourn, documents proving change in place of sojourn (copy of lease agreement, etc.). ☞When a registered alien does not file a report within 15 days from the date of change in place of stay, he/she shall be subject to punitive measures (fine) due to violation of Article 36 of the Immigration Act.

If a family’s D-8 visa holder finishes his/her activities in Korea and permanently departs from the country, the visa holder’s status of stay and period of stay expire with his/her departure, and his/ her family members’ status of stay as Dependent Family (F-3) is affected as well. If the remaining family members wish to remain in Korea due to the children’s school schedule, they should visit the immigration office having jurisdiction over their place of stay and inquire whether the wife can change to Residence (F-1) visa and the children to Elementary/Middle/High School Student (D-4-3) visa.

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