Lately, obtaining the D8 visa through a 100 million won corporate investment has become increasingly difficult.
While it was never easy to begin with, the process has become even more stringent.
Even the issuance of F3 visas for the accompanying family members of D8 visa holders is not easily granted anymore.
For the F3 visa issued to accompanying family members, if the application is not made simultaneously with the initial D8 status change or confirmation of visa issuance application, and instead, the applicant enters with a C3 visa and then changes to an F3, local immigration offices often instruct to apply for the visa issuance at a Korean embassy abroad.
However, the problem is that many Korean embassies abroad do not accept applications for F3 visas.
This is especially true in the Middle East and among the 21 countries frequently illegal stay
In fact, the D8 visa (100 million won corporate investment) is often seen as a family immigration visa for a 100 million won investment.
How many countries in the world would allow the entire family to immigrate for an investment of 100 million won?
When considering the minimum investment amounts required by countries with a similar standard of living or GNI to ours, the current minimum investment of 100 million won seems too low. Even countries with significantly lower standards of living or GNI than ours often require a minimum investment of more than 100 million won for an investment visa.
Therefore, my personal opinion is this,
Rather than making the process for obtaining a D8 visa through a 100 million won corporate investment so difficult and prone to rejection, it would be better to set the minimum investment requirement for a D8 visa at 300 million won or more, especially since the scrutiny for investments of 300 million won or more is significantly more lenient compared to 100 million won.
※ This is because if a D8 visa is denied, it's not just about the visa not being issued. Considering the costs involved in securing an office space, corporate registration, closing the corporation, and the fees for remitting money back to the home country, the investor faces significant losses. Moreover, while 100 million won may not seem like a lot in Korea, from the investor's perspective, it could represent their entire life savings.
Today, I want to post about the actual process of obtaining a D8 visa (100 million won corporate investment), not based on manuals or guidelines, but on practical, procedure-focused information.
For the D8 visa, although it's possible to proceed with a power of attorney without the investor entering Korea, this approach is much more complicated and slow.
In my cases, I prefer that the investor enters Korea on a C3 visa, at least initially.
Personal opinion aside, if the investor is too busy to enter Korea, that's one thing, but if the investor is in such poor condition that they can't even obtain a C3 visa abroad, obtaining the more challenging D8 visa might be considered difficult.
※ If the investor does not enter Korea and proceeds with the D8 visa
The necessary documents and the duration of the process increase (due to the need for translation, notarization, and consular verification of documents including the power of attorney)
And in the situation where the investor is not in Korea, it's fortunate if the investor has an acquaintance in Korea, but if not, the administrative lawyer has to personally search for and contract an office space (corporate address), which is practically difficult and may cause problems later on.
Responding immediately to unforeseen situations during each procedure is also challenging.
Below are the basic procedures when an investor enters Korea on a C3 visa to proceed with a 100 million won corporate investment.
※ This is the general process for proceeding through a regular bank capable of foreign investment report, not KOTRA.
Foreign Investment Notification → Remitting Investment Funds from Abroad → Issuance of Balance Certificate by the Reported Bank → Notarization and Corporate Registration → Business Registration → Issuance of Foreign Investment Company Registration Certificate →Transfer of Investment Funds to a Corporate Account → D8 Visa Application |
When proceeding with a D8 visa while the investor has entered Korea on a C3 visa,
The client and I need to meet at least three more times after the initial consultation.
(For Foreign Investment Notification, Notarization and Corporate Registration, Business Registration and Foreign Investment Company Registration Certificate Issuance)
※ Business registration, foreign investment company registration certificate issuance, and transfer to the corporate account are usually completed in one day, scheduled with the corporate representative.
※ D8 visa applications are typically done solely by the administrative lawyer.
※ Of course, it is possible for the administrative lawyer to proceed alone with certain procedures if a power of attorney is obtained.
※ If the investor is already in Korea, proxy foreign investment notification is not possible. Other procedures can still be carried out by proxy if the investor is in Korea.
1. Foreign Investment notification
The simplest step is the foreign investment notification. If the investor is not in Korea, an administrative attorney can proceed alone with a power of attorney. However, if the investor is in Korea, they must accompany the administrative lawyer for the foreign investment notification. The necessary forms, such as the foreign investment notification form, are available at the bank, so you just need to bring basic documents like your passport and ID card. These days, banks have separate departments for foreign investments, and staff members kindly explain the process, making the foreign investment notification straightforward. Once the foreign investment notification is completed, a virtual account is created to facilitate the remittance of funds from abroad. ※ Bringing cash is also an option, but since the allowed amount varies by country and involves many variables, it will not be discussed here. If bringing cash, it's mandatory to declare it at the airport as investment funds and obtain a foreign exchange declaration certificate.
※ When making a foreign investment notification, you must specify the exact amount of investment on the notification form, and the same amount must be remitted from abroad. It's obviously not allowed to remit less than 100 million won when converted, and if the remitted amount increases or decreases for any reason, i.e., the investment funds to be included in the corporate account have increased or decreased, a correction notification must be made after remittance. However, if the remitted amount has already been converted into Korean won (transferred from the virtual account to a Korean won account), you cannot make a correction notification. If a correction notification is not possible, you must ensure the originally notified amount is included in the corporate account. Therefore, if the converted amount in won does not allow for a correction notification and you've remitted more than the notified investment amount, it's not a problem (since you only need to include the notified amount in the corporate account). However, if you've remitted less, you must remit enough to meet the notified amount. If you're unable to remit the notified investment amount, you must start over with the foreign investment notification for a smaller amount (still at least 100 million won).
2. Remitting Investment Funds from Abroad
The person remitting the funds must obviously be the investor themselves, and the basic principle is that the remitter and the recipient must be the same. The investment notification is followed by remittance from the investor's home country or by the spouse, one of the two. Who sent and who received the money is detailed in the remittance confirmation certificate. ※ Spouses and minor children within the F3 visa range can remit on behalf of the investor. In this case, a proxy remittance reason letter and a bank-issued statement must be submitted later during the visa application.
※ It's important to note that you cannot remit after exchanging into Korean won abroad. Such funds will not be recognized as investment capital.
3. Issuance of Balance Certificate by the Reported Bank
When remitting funds from abroad to Korea, a dollar account is usually opened, and the funds are ultimately remitted to Korea in dollars. The receiving account is naturally the investor's virtual account created by the bank during the foreign investment notification. Naturally, a balance certificate cannot be issued while in the virtual account state. Therefore, if the investor does not have a separate account in Korea, when opening the investor's virtual account after completing the foreign investment notification, an individual Korean won account in the investor's name is usually also opened. The funds are then transferred from the virtual account to the individual Korean won account, and a balance certificate is issued. ※ When transferring from the virtual account to the Korean won account, the funds are naturally converted into Korean won
※ Issuing a balance certificate for the investor's individual Korean won account can also be done by proxy with a power of attorney
4. Notarization and Corporate Registration
Once you have leased an office and obtained a balance certificate in the investor's name, you can proceed with corporate registration with the investor as the corporate representative. However, the corporate representative alone cannot complete corporate registration; an auditor is required.
If the corporate representative is in Korea and there is a domestic acquaintance who meets the requirements to become an auditor, corporate registration can be completed in about 4-5 days. 1. A Korean national 2. A foreigner who is registered as a foreigner in Korea (holder of a foreigner registration card = holder of a legal long-term visa) ※ Short-term visa holders (such as C3) are not considered registered foreigners. However, if there is no domestic acquaintance meeting these requirements and a foreigner abroad must become the auditor, the process takes longer as more documents require translation, notarization, and consular verification, similar to proceeding without the corporate representative in Korea. ※ It's not mandatory for the corporate representative to be in Korea for corporate registration. However, if the corporate representative is not in Korea, more documents requiring translation, notarization, and consular verification are needed, extending the process.
Below are the documents needed for notarization and corporate registration when the corporate representative and auditor are in Korea.
※ Note that the requirements may vary depending on the situation and country
1. Articles of Incorporation (including basic content on general provisions, stocks, general meetings, officers and board of directors, accounting, etc.) |
2. Office (corporate address) lease agreement |
3. Corporate representative's balance certificate, personal seal, and corporate seal |
4. Corporate representative's original national ID and translated notarized copy |
5. Documents proving the corporate representative's address in their home country and translated notarized copy |
6. Basic Certificate of the person to be appointed as auditor (proof of domestic residence) and Seal Certificate, seal stamp |
※ If the corporate representative can speak Korean, notarization is not a problem. However, if the corporate representative has difficulty with Korean, an interpreter is required for notarization.
5. Business Registration Certificate Issuance
A business registration certificate is issued by the tax office in the jurisdiction of the corporate address. To obtain a business registration certificate, the business type must first be determined. Even if foreign registration has not been completed, business registration for types that require only a report, such as wholesale or retail, generally does not face significant issues. However, for types that require permission from the district office before applying for business registration (e.g., restaurants, travel agencies), there are many disputes because district offices often refuse permission on the grounds that foreign registration has not been completed yet. Below are the documents required for submitting a business registration certificate application to the tax office by a corporate representative who has not yet completed foreign registration for a reported business type.
1. Office Lease Agreement |
2. Shareholder Register (signed with the company seal) |
3. Copy of Articles of Incorporation |
4. Copy of Corporate Representative's Passport |
5. Foreign Investment Notification Form |
6. Certificate of Corporate Registration and Certificate of Company Seal |
6. Issuance of Foreign Investment Enterprise Registration Certificate
With the business registration certificate obtained, you can now receive the issuance of the Foreign Investment Enterprise Registration Certificate. The application for the issuance of the foreign investment enterprise registration certificate is possible at the bank where the foreign investment notification was made, and the documents to be submitted to the bank are as follows
1. Application for Registration of Foreign Investment Enterprise (available at the bank) |
2. Consent Form for Collection of Personal Credit Information (available at the bank) |
3. Certificate of Corporate Registration (including details of any cancellations) |
4. Copy of Business Registration Certificate |
5. Shareholder Register (signed with the company seal) |
6. Foreign Exchange Purchase Certificate (overseas remittance transaction details, foreign exchange declaration certificate, etc.) |
7. Power of Attorney (signed with the company seal) and the agent's ID card ※ For proxy applications |
7. Transfer of Investment Funds to Corporate Account
After corporate registration and business registration are complete, even before the issuance of the Foreign Investment Enterprise Registration Certificate, it's possible to open a corporate account and transfer the investment funds from the representative's personal account to the corporate account. Therefore, whether to issue the foreign investment enterprise registration certificate first or transfer the investment funds to the corporate account first doesn't matter. Typically, both steps 6 and 7 are processed at the same bank where the initial foreign investment notification was made, and it's possible to complete both procedures in one visit.
8. D8 Visa Application
Once you have received the foreign investment enterprise registration certificate and obtained the corporate account transaction statement, you can now apply for a D8 visa. The D8 visa, especially for a 100 million won corporate investment, doesn't have a strictly defined list of required documents because the condition of each applicant is different. (Of course, you must submit the basic documents listed in the guidelines.)
That is, how the investment funds were formed, through which accounts they were finally remitted to Korea, and what connection the business the applicant intends to do in Korea has with their business or career in their home country, and what supporting documents are available for these, vary for each applicant. As I have posted before, the core of issuing a D8 visa (100 million won corporate investment) boils down to two major factors 1. Justification of the source of investment funds 2. The genuineness of the business (expertise in the intended business) The genuineness of the business (expertise in the intended business) is increasingly becoming an important factor in evaluations, and failure to substantiate the source of investment funds is a reason for denial. The primary reason for denying a D8 visa (100 million won corporate investment) is the "unclear source of investment funds."
This client was of Mongolian nationality with an investment of 150 million won and held medical and pharmaceutical licenses. In Mongolia, the client owned a pharmaceutical company (a corporation) representing themselves (importing Korean drugs for sale in Mongolia) and had already contracted with several domestic pharmaceutical companies and had trading records. The business they intended to undertake in Korea was also related to this field. The source of the investment funds was the shareholder dividend decision from the company in Mongolia represented by the client. The investment funds were 1. Deposited from the local corporate account to the local representative's personal account and then to the local dollar account, 2. Subsequently remitted to a domestic virtual account, and finally transferred from the representative's personal won account to the domestic corporate account. Since the investor's family had already entered Korea on a C3 visa, the investor, spouse, and two minor children, a total of 4 people (one D8 visa + three F3 visas), were simultaneously applied for a change of status at the local immigration office. In this case, since the corporate representative was in Korea and had someone locally to help (translating documents and obtaining apostilles), the entire procedure from foreign investment notification to visa application took less than a month. Below is the actual list of documents submitted to the local immigration office for a D8 visa application by an applicant with such conditions. And the focus here is on the D8 visa, so documents for the F3 visa application will not be covered. ※ As mentioned above, for D8 visas under 300 million won (usually 100 million won corporate investment), the required documents vary depending on the condition of the applicant, so there's no consistent list of documents that applies to all situations. The important thing is to sincerely prepare documents that justify the source of investment funds and demonstrate expertise in the intended business, tailored to each individual's condition.
1. Integrated Application Form (with passport photo attached), Original and Copy of Passport ※ D8 change of status fee, foreigner registration issuance fee exempt |
2. Original and Copy of Business Registration Certificate, Original and Copy of Foreign Investment Enterprise Registration Certificate ※ Recently, there's been a lot of original document verification, so it's better to attach the original during the initial application |
3. Certificate of Corporate Registration, Shareholder Register, Details of Shareholder Changes (if there has been a change in shareholders) |
4. Proof of Residence Documents - Lease Agreement, etc |
5. Proof of Business Premises - Office lease contract, photos of office exterior, signboard, interior, etc. |
6. Documents Proving Introduction of Investment Funds - Remittance Confirmation, Foreign Exchange Purchase Certificate ※ For proxy remittance by spouse and minor children: Proxy remittance reason letter, bank-issued document from abroad, and proof of relationship documents (marriage certificate, etc.) |
7. Documents Proving Use of Capital - Copy of corporate account and corporate account statement, receipts for office supplies purchase, if personal account was used for purchasing items or leasing office space, then that account's transaction statement as well ※ In this case, the office and residence lease costs were covered by carrying cash (hand carry) by the applicant's spouse and interpreter, each carrying 30 million won. They used this money to lease the office and the house where the applicant would reside. Therefore, additional submissions included the passports of the applicant's spouse and the interpreter, as well as the marriage certificate. Also, foreign exchange declaration certificates issued at the airport were submitted, one for each (the declared purpose was not for investment but for children's tuition and leasing of office and residence) |
8. Documents Proving Source of Investment Funds ※ Part of the actual documents submitted by the applicant with the above conditions - Mongolian local corporate shareholder dividend decision - Transaction statement and balance certificate of the Mongolian corporate account - Transaction statement and balance certificate of the representative's Mongolian account - Transaction statement of the representative's Mongolian dollar account ※ The flow of funds must be proven: When it was deposited, account numbers, and account holders must match sequentially in the transaction statement. 9.Documents Proving Genuineness of Business (Expertise in the Intended Business) and Related Business Performance Documents ※ Part of the actual documents submitted by the applicant with the above conditions - Business plan (what the applicant did in their home country, what they plan to do in Korea, and the detailed, sincere steps of the plan) - Degree certificates (doctor, pharmacist) and medical license (translated and notarized in English) - Business registration certificate in Mongolia (translated and notarized in English, apostilled) - Medical business patent certificate in Mongolia (translated and notarized in English) - Contracts with domestic companies and export-import performance proof documents (export-import clearance certificates, transaction statements, invoices, etc.) ※ Although there were transactions with several domestic companies, three companies were selected, and a set of contracts and export-import performance proof documents (export-import clearance certificates, transaction statements, invoices, etc.) were prepared for each, making three sets in total. |
※ Note: To register a corporation, a corporate address is necessary, so an office lease must be arranged first.
In this case, as corporate registration has not been completed, using the corporate capital to pay for the lease is not possible, so the lease must be paid with the individual's own funds.
Alternatively, a partial deposit can be paid, and the remaining amount can be covered with corporate capital after the corporate account is established. If the lease was paid with corporate capital, submitting the corporate account statement can prove the use of capital.
However, even if the office was leased with the individual's own funds, the source of that money, i.e., how it was obtained, must be justified. If the money was carried in cash, the foreign currency declaration certificate must be submitted without fail.
※ Documents issued abroad must be translated into English or Korean for review. Therefore, translation into English is essential. Although many documents for D8 are exempt from apostille, it is recommended to obtain consular verification or apostille for local business registration certificates.
Also, when applying for an F3 visa, documents related to family relationships, such as marriage certificates for spouses and birth certificates for children, must be translated, notarized, and either verified by a consul or apostilled if changing status within Korea.