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You are here:-D-8 visa Corporate foreign investor
D-8 visa Corporate foreign investor 2018-06-29T04:25:34+00:00

What is D-8 visa Corporate foreign investor visa in Korea ?

If you need any professional help to get a D-8 visa, Please do not hesitate to contact us, We help you from A to Z in English 5000meter@gmail.com

Foreigners can do business in Korea by:

(1) Establishing a local corporation ( 현지법인 ,  D-8-1 visa / Max of stay at once is 5 years)

  • If you establish your own company ( Invest 100 million KRW ) or working at a foregin investment company

(2) Business Venture visa ( 벤처투자 , D-8-2 visa / Max of stay at once is 2 years )

  • If you have established a venture based on advanced technology (holding an intellectual property right, etc.) and your company has been confirmed as a venture in accordance with Article 25 of the Act or your technology has been evaluated as advanced

(3) Unincorporated Enterprise visa ( 개인기업투자,  D-8-3 visa / Max of stay at once is 5 years )

  • If  you have invested into a company run by a Korean citizen ( Invest 300 million KRW )

(4) Technology and Business Start up visa ( 기술창업, D-8-4 visa / Max of stay at once is 2 years)

  • If you have established a venture based on advanced technology (holding an intellectual property right, etc.) and your company has been confirmed as a venture in accordance with Article 25 of the Act or your technology has been evaluated as advanced

The D-8-1 is for individuals for foreign investors who wish to start up small businesses in Korea.

In this page, I’d like to show you how to establish a company and get a D-8-1 visa in Korea

First, need to establish a Local Corporation – Provisions of the Foreign Investment Promotion Act and the Commercial Act apply to investments made through local corporations established by a foreigner or a foreign company, and the established corporation shall be treated equally as domestic corporations. However, the investment amount should be KRW 100 Million or more.

Here is the flowchart of establish a local corporation in Korea

  1. Foreign investment notification
  2. Investment capital remittance
  3. Incorporation registration
  4. Business registration
  5. Transfer of paid-in-capital to corporate account
  6. Foreign-invested company registration
  7. Apply for a D-8-1 visa

What is foreign investment notification? 

(1) Notifying persons: Foreign investor or his/her proxy
※ A power-of-attorney is required when notification is filed by a proxy.
(2) Required documents:
○ Notification form of foreign investment by acquisition of stocks (or contribution) – 2 copies
○ Private investor – Document verifying the nationality of the investor (copy of passport)
○ Corporate investor – Certificate of incorporation (certificate issued by a foreign administrative
agency, such as the Commerce Department)
○ A power-of-attorney (when notification is filed by a proxy)
(3) Processing period: On-the-spot

How to make remittance for D-8-1 visa

(1) Capital remittance: Investment capital can be remitted to domestic banks from overseas

(2) Remittance account
○ A non-resident account in foreign currency is opened, or a temporary account number issued by
the designated foreign exchange bank is used for remitting funds.
○ When using a temporary account number, investment capital can be remitted and received with
only the name of the recipient and information on the recipient bank.

(3) The remitted foreign investment capital shall be converted into Korean currency and transferred to
an account for depositing payment for stocks (securities subscription deposit account).

(4) When this transaction is completed, the bank shall issue a securities subscription deposit certificate,
which is required for registration of incorporation.
※ In order to issue a securities subscription deposit certificate, banks may request notarized copies of
the articles of incorporation, inaugural meeting minutes, minutes of the board of directors
meeting, certificate of stock receipt, etc. Therefore, it is required to check the list of required
documents in advance.

How to make incorporation registration for D-8-1 visa

Documents to be prepared by the applicant
1. Application form for incorporation registration
2. Articles of incorporation (Notarization by a public notary required. Notarization is exempted where a company with total capital of less than KRW one billion is incorporated by promotion.)
3. Documents certifying subscription to shares
4. Stock subscription agreement (applicable to incorporation by subscription)
5. Written consent to matters concerning issuance of shares
6. Written consent to reduction of the notice period for convocation of the inaugural general meeting (for companies with total capital of less than KRW 1 billion incorporated by subscription)
7. The minutes of the inaugural general meeting (incorporation by subscription) or the meeting minutes of promoters (incorporation by promotion) – Notarization by a public notary required. Notarization is exempted for companies with total capital of less than KRW 1 billion incorporated by promotion.
8. The meeting minutes of the board of directors -Notarization by a public notary required. Notarization is exempted for companies with total capital of less than KRW 1 billion incorporated by promotion.
9. Securities subscription deposit certificate (Can be replaced with a certificate of balance for companies with capital of less than KRW 1 billion incorporated by promotion.)
10. An inspection report by a director, auditor, or the audit committee
11. Certificate of delivery of the pertinent property (applicable to investment-in-kind)
12. The public notary’s report on particulars of abnormal incorporation
13. A written statement by an appraiser
14. A certified copy of the inspector’s report
15. Certificate of foreign investment notification
16. Certificate of inauguration acceptance
① Korean nationals shall put his/her seal on the certificate, and attach a certificate of the seal and a certified copy of resident registration.
② Foreigners shall attach a notarized original certificate of signature, certificate of address, and a copy of his/her passport.
17. A certificate of registration of seal impression
18. Translations of the required documents (where the required documents including the directors’ inauguration acceptance are written in a foreign language)
19. Certificate of payment of registration tax as issued by the district(gu) office having jurisdiction over the area in which the business’ headquarters is located.
20. Supreme court revenue stamp.
21. Power of attorney (where an agent files the application)
22. Seal of each director and promoter (including foreigners)
23. Corporate seal
24. Application form for issuance of corporate seal card (after the registration of incorporation)
※ The documents in 11, 12, 13, and 14 apply when there are particulars of abnormal incorporation, such as investment in-kind.
※ Please check the sample of the above documents in the appendix.

How to make business registration for D-8-1 visa

1. When Incorporation Notification and Business Registration are Filed Concurrently
※ Normally, incorporation notification and business registration are filed simultaneously, using a single form provided by the tax office.
(1) Where to notify/register: KOTRA (in cases where the jurisdictional tax office is in Seoul) or the tax office with jurisdiction over the company headquarters
(2) Notification/registration period:
○ Business registration: Within 20 days of the business commencement date
○ Incorporation notification: Within two months of the date on which incorporation registration was filed
☞ In most cases, business registration and incorporation notification are concurrently processed at jurisdictional tax offices.
(3) Required documents:
○ Application forms for incorporation notification and business registration (Refer to appendix.)
○ Certified copy of corporate registration
○ Copy of the articles of incorporation (In the case of investment in kind, a specification of the objects of investment shall be attached.)
○ Original copy of detailed statement of shareholders or investors, etc. (with corporate impression seal affixed)
○ Copy of business permit, etc. (for businesses requiring permission, approval, or notification)
☞ For businesses subject to pre-notification (such as the banking business, business related to financial investment, and the defense industry)
○ Copy of lease contract (if applicable)
※ When a commercial building is partially leased, the floor plan of the leased area should be submitted. (Applicable only when the security deposit is not more than KRW 400 million in Seoul; KRW 300 million in over-concentration control areas in the Seoul metropolitan area; KRW 240 million in metropolitan cities; and KRW 180 million in other areas.)
○ Other documents:
– Notification of designation of a tax agent (where there are no employees in Korea to handle tax-related matters)
– Copy of certificate of foreign currency purchase/deposit
– Alien registration card or passport (Where the representative of a company is a foreigner or person
with permanent residency. A copy should be submitted after presenting the original copy.)

2. When Business Registration is Filed Prior to Incorporation Notification
(1) In general, incorporation notification and business registration are filed concurrently.
(2) Where a foreign investor establishes a company by means of investment-in-kind, business registration should be filed prior to importing the objects of investment-in-kind because a certificate of business registration is required in order to receive value-added tax refund when the capital goods clear customs.
(3) Required documents:
○ Application form for business registration
○ Certified copy of resident registration of the promoter(s)
○ Copy of lease contract
○ Copy of application form for business permits (if applicable) or business plan
※ When filing an application for business registration, the certified copy of corporate registration shall not be submitted, and all other necessary documents shall be submitted after incorporation is completed.

Transfer of Paid-in Capital to a Corporate Account

Upon completion of incorporation registration and business registration, a company becomes a legal entity and the paid-in capital deposited in a temporary account can be transferred to a corporate account.
※ When transferring paid-in capital to a corporate account, the certified copy of corporate registration, certification of corporate seal impression, corporate seal impression, copy of certificate of business registration, seal to be used for corporate account(s) and the representative director’s personal identification document (original copy) are required. It is recommended to check the list of the required documents in advance as they may differ from one bank to another.

Foreign-Invested Company Registration

(1) Where to file registration: The same place where foreign investment notification was filed
(2) Registration period: Within 30 days of the date on which the object of investment has been paid in full
☞ An application for foreign-invested company registration is filed after receiving the certificate of business registration issued by the jurisdictional tax office.
(3) Required documents (one copy each):
○ Application form for registration of a foreign-invested enterprise (Refer to appendix)
○ Certified copy of corporate registration (original copy)
○ Copy of certificate of purchase/deposit of foreign currency
○ Shareholder ledger
(4) Upon submitting an application with the above documents attached, a foreign-invested company registration certificate shall be issued. The certificate is required in the event of the following:
○ Overseas remittance of investment returns or profit
※ The procedure for overseas remittance has been simplified. A Foreign investor may remit investment profit overseas by presenting a copy of the foreign-invested company registration certificate, a certificate of the resolution of the board of directors (dividend payout details should be stated), and a financial statement audited by a certified public accountant.
○ When applying for a D-8 (business investment) visa:

※ Applying for a D-8 visa
① Where to apply: Immigration offices
∙ Immigration offices: Issuance of certificate of confirmation of visa issuance and change of sojourn status
② Required documents: A copy of the certificate of completion of foreign investment notification, certificate of foreign-invested company registration, a certified copy of corporate registration (or copy of certificate of business registration), a dispatch order (or certificate of employment), passport, visa application form, etc.

d-8-visa-corporate-foreign-investor

Apply for a D-8 visa

If you hold a D-3 or E-9 or E-10 or G-1 or C3-2 or C3-3 or H-1 ( UK, France, Ireland, Denmark, Chile, Israel, Belgium only ) or H-2 now, you can’t change your visa to D-8 visa,

You or Agency can apply for a D-8 visa with required documents

It looks very easy but it is very complicated to do alone
If you need any help to get a D-8 visa, Please do not hesitate to contact us, We are visa experts in Korea

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