• Criteria and eligibility for D-8 visa
FAQ:

Criteria and eligibility for D-8 visa

25 March 2019

D-8 visa eligibility and its scope

 

There are many types of visas for a foreigner to stay in Korea but this section will review requirements for the issuance of D-8 (business investment) visa, period of stay and other considerations which foreign investors usually obtain, and then briefly describe about D-7 and D-9.

1. Scope of activities and candidates

1) Activities of foreign invested company based in Korea

·         Essential skilled personnel of a company registered as a foreign invested company under the Foreign Investment Promotion Act[1].

2) Person who established venture business and received a confirmation for venture business in accordance with the Act on Special Measures for the Promotion of Venture Businesses.

3) Person who invested in a business operated by a citizen of the Republic of Korea.

·         Must invest more than 100 million won in a business operated by a citizen of Korea[2].

·         Person who will work as essential skilled personnel at eligible business.

⇒ In case a person who currently holds D-8 visa as a private business owner wants to maintain eligibility for stay, approval is given after incorporation process of company is completed. 

 

2. Maximum period of stay for first issuance

1) Foreign invested company: 5 years

2) Venture business 2 years

3) Person who invested in Korean citizen operated company: 1 year

3. Documents to submit for visa application

1)  Foreign invested company

·         Application for confirmation of visa issuance, passport, a photo

·         Statement of invitation, order for dispatch (specifying dispatch period), employment certification

·         Copy of foreign investment application or foreign invested company registration

·         Certified copy of company registration and business registration

2)  Venture business

·         Application for visa issuance, passport, a photo

·         Statement of invitation

·         Certified copy of company registration and business

·         Industrial property right or other document evidence that shows the possession of equivalent technology and related right

3)  Person who invested in a Korean citizen operated company

·         Application for visa issuance, passport, a photo

·         A copy of foreign investment application or foreign invested company registration and evidential document for capital (detailed usage) provided by the Korean citizen who is a business partner.

·         Supporting documentation related to inflow of investment fund

⇒ Foreign currency outflow report of applicable customs office or bank

⇒ Detailed statement on inflow of investment fund (wire transfer confirmation,

foreign exchange purchase certificate, customs report)

⇒ In case a business to invest is a corporation, business registration and certified

copy of corporation registration and statement of shareholder change status

⇒ In case a business to invest is a personal business, business registration which

indicates business partner and business partnership agreement

 

4. D-7 and D-9

1) D-7 (Reside)

·         Person who has worked for more than a year at foreign public institution, group or company and who is dispatched to affiliated company, subsidiary, branch or office located in Korea as essential skilled personnel.

·         Person who has worked for more than a year at foreign subsidiaries or branch of Korean listed company or public institution and who is dispatched to the head-office in Korea to acquire specialized skill or knowledge.

·         Maximum period of stay for first issuance: 2 years

2) D-9 (Trade Management)

·         Person who was issued a trade identification number by President of Korean Trade Association pursuant to Foreign Trade Act.

·         Person who provides skills necessary for equipment installation, operation or maintenance by being dispatched or invited to an industrial facility importing company.

·         Person who is dispatched to supervise shipbuilding or industrial facility development (Person dispatched by company providing special service that was designated by customer or customer company)

·         Person who established a corporation in Korea and operates a business or conducts for-profit activities.

·         Maximum period of stay for first issuance: 2 years

* Issuance of D-9 visa for less than a year for foreign private business owner

l   Person who completed business registration after bringing more than 300 million won in foreign capital in accordance with Foreign Exchange Transaction Law.

l   Private business owner who invested more than 300 million won and obtained an investment business registration after reporting foreign investment in accordance with Foreigner Investment Promotion Act.

l   Maximum period of stay for first issuance: 1 year

[1]Scope of essential skilled personnel: Officers (Executive), Senior managers (Senior Manager), Specialists (Specialist)

[2]The minimum amount of foreign investment is expected to increase from 100 million won to 300 million won under the recently announced amendment to the Enforcement Decree of the Foreign Investment Promotion Act.