Today, I will post about a case in which a son invested 100 million won into his father's corporate business and successfully obtained a D8 visa.
The client was a Mongolian national who operated a butcher shop (a corporation engaged in importing food) in Seoul and held a D8 visa. He wanted to invite his son's family to join him in the business and asked for advice on how to proceed.
So, I suggested, "If your son has the financial means and can transfer the investment funds in his name, he can invest another 100 million won into the butcher shop that you, as the father, operate as a corporation. This way, your son can hold a 50% ownership stake, and you can both apply for D8 visas." The client, who had previous experience applying for a D8 visa, agreed that this approach seemed like the best option, so we decided to proceed.
Since the requirements for operating the business, such as the corporate registration certificate, business registration certificate, report certificate, and livestock product hygiene education completion certificate, were already in place under the father's name,
Receiving the power of attorney and then acting as a representative for external trade declaration in Korea→ Transferring foreign currency from the home country→ Transferring the foreign currency to the corporate account→ Updating the corporate registration, creating shareholder registries before and after the capital increase → Obtaining a new foreign investment business registration certificate with a 50:50 ownership split indicated → Submitting an application for D8 visa issuance and recognition (invitation).
The son had experience working with Korean people in Mongolia and was proficient in the Korean language. Moreover, he was already operating several businesses, including restaurants and the sale of livestock products, locally.
The most crucial aspect was proving the source of the investment funds. Fortunately, the income generated from each of the businesses was being deposited into a dollar account, and this was well-documented in the bank transaction statements. Therefore, there weren't significant concerns regarding the source of the investment funds.
※When sending foreign currency to Korea, it is common to use a dollar account because it is not converted to Korean won upon arrival. Therefore, they opened a separate dollar account for sending the foreign investment funds to Korea. The funds were transferred from the local account to the dollar account, and then, finally, they were transferred to a virtual account provided in Korea after the foreign exchange declaration was completed.
Additionally, the son had prior experience in Mongolia, operating restaurants and selling meat products, which were documented through separate business registrations for each endeavor. The sales records for each of these businesses were also supported by bank transaction statements, providing sufficient evidence for demonstrating the source of the investment funds.
Considering the alignment between the businesses operated in Mongolia and the intended business in Korea, both in terms of the source of investment funds and the genuine intent behind the investment, this case can be viewed as a reasonably strong one.
However, due to the 100 million won investment amount, the responsible official requested additional documents for a more in-depth examination of the domestic corporation. We promptly provided the necessary documents that could be prepared domestically, without any issues.
In the end, both the son (D8 visa) and his wife (F3 visa) were successfully recognized and granted permission to enter and stay in Korea.
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