Overview
Some founders find that after filing the foreign investment report, the remittance proof does not match what registration needs, that shares have changed and they do not know where to notify, or that the company exists but the residence status does not move forward. Most of these stalls narrow down once you check, in order, which step you are at and which documents that step needs. This article is a checklist of what to look at first, by symptom.
Approval is decided by examination, so this article does not predict outcomes. The questions for choosing the scope of an agent's work are covered separately in the article on choosing an agent.
At a Glance
| Item | Detail |
|---|---|
| Scope | What to check first, in order, when things stall after the investment report: registration, changes and D-8 preparation (not a prediction of results) |
| Remittance proof does not match | Registration documents include a foreign-currency purchase or deposit certificate identifying the remitter (a deposit certificate in the trade name for a sole proprietor), plus proof if someone remitted on the investor's behalf |
| Registration timing | Register within 60 days of the date on which an event such as completing payment of the contribution occurs |
| When shares or the name change | A change in the foreign investment ratio, name and similar matters calls for change registration within 60 days of the event |
| Officer registration and status | If a non-investor is registered as an officer and then applies to change status, it is treated as direct local hiring under E-7 |
| Whose name the funds are in | In principle the investor's own name; funds brought in or remitted in a spouse's or minor child's name are accepted as an exception (parents and spouse's parents may also be accepted for investment of KRW 300 million or more) |
Scope of Activity
- A symptom-by-symptom order for checking the points where setups often stall after the report: registration, change registration and D-8 preparation (Foreign Investment Promotion Act, Enforcement Decree, Enforcement Rules)
- At each point, the documents required and the items to confirm with the competent authority
- Out of scope: judging the likelihood of approval or registration, processing time, costs other than government fees, and areas whose provisions this article did not verify, such as incorporation registration, tax and social insurance
Who Qualifies
- Investors who filed the report but stalled while gathering registration documents because of remittance proof or whose name the funds were in
- People who want to know whether a share transfer, capital increase or name change after incorporation calls for change registration
- Foreigners who are registered as officers and are unsure whether D-8 is available or whether a different status applies
- Applicants who must have documents issued abroad, translated and authenticated before submitting them
Required Documents
- 1. Start from the step you are at — mark in order whether you have received the report certificate, completed payment of the contribution, completed incorporation registration and business registration, and received the FIE registration certificate. The stall is usually at one of these
- 2. Remittance and payment proof — a copy of a foreign-currency purchase certificate or foreign-currency deposit certificate identifying the remitter (a deposit certificate in the trade name for a sole proprietor). In-kind contributions are excluded; if the investor did not remit or carry in the funds personally, attach documents proving the remittance or carrying-in made on the investor's behalf. In-kind contributions separately need a copy of the completion certificate
- 3. Registration filing documents — the corporate registry certificate, the shareholder register (where applicable) and a copy of the business registration certificate or unique ID certificate, submitted to the commissioned institution (KOTRA or a foreign exchange bank)
- 4. Change registration documents — within 60 days of the event, submit to the commissioned institution an application stating the change, together with documents proving the change and the original FIE registration certificate
- 5. D-8 basic documents (investment in a corporation) — application form, passport and ARC, photo, business registration certificate, full corporate registry certificate and original shareholder change statement, a copy of the investment enterprise registration certificate, proof of bringing in investment funds (foreign-currency export permit or report, statement of funds brought in; for in-kind contributions, the completion certificate and customs import declaration), and proof of business results, residence and business premises. For investment under KRW 300 million, proof of how the capital was used is added
- 6. Foreign documents and translation — documents issued abroad need an apostille or consular legalization; domestic documents are valid for 3 months from issue unless another period applies. Translations must be done by someone other than the applicant with a translator's confirmation attached, and short-term visitors and illegal residents cannot act as translators
- 7. Reporting and registration while in Korea — foreigners on a status that allows work (including D-8) must report their occupation and annual income when registering and when applying for stay permits. D-8 is not subject to permission or notification for change or addition of workplace; it is handled as a change report of alien registration details. For alien registration, submit the business registration certificate, the corporate registry certificate (for a corporation) and proof of residence
Application Process
- Check eligibility — confirm your current status, career, degree and contract type match the requirements.
- Prepare documents — foreign public documents need a translator's certification plus an apostille (or consular confirmation for non-member states).
- Book a visit — reserve a slot at your Immigration Office via HiKorea (www.hikorea.go.kr), or file online where e-Application is available.
- File and pay — submit the Integrated Application Form (Form No. 34) and pay the screening fee.
- Review — respond to any request for supplementary documents within the deadline.
- Result — on approval, the period of stay and status are granted; reissue your ARC if required.
Key Points
- The Act says the Minister of Trade and Industry (산업통상부장관) may cancel an FIE registration if the company files a business closure report under the VAT Act. If you are facing a suspension, closure or restructuring, ask the commissioned institution first how it affects the registration.
- Immigration Offices check whether an FIE is registered or cancelled in KOTRA's FIE registration information system and use it in visa and stay examinations. Check change registration in advance so that the registration status does not look different from your documents.
- A foreign investor or foreign-invested enterprise must not use the funds for a purpose other than the one reported, or transfer or lend the registration certificate to another person. If the use of funds after incorporation is drifting from what was reported, ask the competent authority first.
- For a D-8 extension as well, the original shareholder change statement and a copy of the investment enterprise registration certificate are part of the basic documents. If shares have changed, it makes sense to check change registration and the extension documents together.
- Documents issued in Korea must normally be dated within 3 months unless another validity period applies.
- Documents already on file in your alien registration record need not be resubmitted.
- Health certificates, drug test results and pre-employment medical reports must be submitted sealed by the issuing hospital (do not open).
- You must be in Korea when applying; leaving the country after filing may result in refusal.
- Screening fees are non-refundable once the application is accepted.
- The head of the Immigration Office may add or waive documents where necessary for review.
Frequently Asked Questions
Q. Can I apply for D-8 as soon as the foreign investment report is filed?
A. The D-8-1 basic documents include a copy of the business registration certificate, the corporate registry certificate, the original shareholder change statement and a copy of the investment enterprise registration certificate, and D-8-1 covers a completed corporation. On the paperwork, payment, incorporation registration, business registration and FIE registration need to be in place after the report, so first check how far along you are.
Q. Is it a problem if I sent the investment funds to an account in a family member's name?
A. The investment funds are in principle in the investor's own name, with funds brought in or remitted in a spouse's or minor child's name accepted as an exception, and for investment of KRW 300 million or more, parents and spouse's parents may also be accepted. For registration, documents proving a remittance made on the investor's behalf are required, so first sort out who sent the funds and in whose name.
Q. How do I tell whether I have missed the FIE registration deadline?
A. Enforcement Decree requires registration within 60 days of the date on which an event under the Act occurs, such as completing payment of the contribution. This article could not confirm which date counts as the event date or how a late filing is treated, so ask the commissioned institution that accepts registration (KOTRA or a foreign exchange bank).
Q. I am only registered as an officer. Can I switch to D-8?
A. If a person who is not an investor is registered as an officer and then applies to change status, that person is not counted as dispatched from the foreign-invested company or as an individual investor, but as directly hired locally, and so falls under Specific Activity (E-7). D-8-1 also excludes persons hired locally, so first sort out whether you are an investor or a dispatched person.
Q. How should I prepare documents issued abroad?
A. Documents issued abroad must carry an apostille from the home government or consular legalization by a Korean mission in that country, and domestic documents are valid for 3 months from issue unless another period applies. Translations must be made by someone other than the applicant, and under the Administrative Agent Act only a foreign-language translation administrative agent may translate documents for administrative agencies on commission, for a fee, as a business.
Q. Do share changes affect a D-8 extension?
A. The Act requires change registration when the foreign investment ratio, the name or similar matters change, and the Enforcement Rules require filing within 60 days of the event. The D-8-1 extension documents include the original shareholder change statement and a copy of the investment enterprise registration certificate, so check that they are consistent. The effect on the extension itself is decided by examination, so confirm with the Immigration Office.