Several days ago, I applied for a change of qualification for a D8 visa at the Incheon Immigration Office.
The client who applied for the D8 visa qualification change is a woman in her late 40s who runs a leasing business in Indonesia and operates several Korean marts. As someone who operates Korean marts locally, she has visited Korea multiple times and is also proficient in Korean.
She wanted to establish a foreign-invested company in Korea to directly export Korean goods to Indonesia, and applied for a D8 visa due to the inconvenience of having to obtain a C3 visa every time she came to Korea.
Since she has many acquaintances in Korea and a business site already prepared, she was able to apply for a change of qualification before the visa expired.
Today, we will learn about the procedures and required documents for the D8 visa.
D8 Visa Eligibility
1. Corporate Investment D-8-1
- The investment target must be a corporation in the Republic of Korea
- The investment amount must be at least 100 million won, owning at least 10% of the total number of shares with voting rights in the invested corporation, or owning shares in the corporation while concluding a contract for dispatch and appointment of executives
※ The investment amount should be in the name of the investor (however, investments made in the name of a spouse or minor child or through remittance by proxy are exceptionally recognized)
2. Venture Investment D-8-2
- Representative of a company that has been recognized as a venture company (or recognized as a pre-venture company) among those who have established or are preparing to establish a venture company with excellent technical skills, such as holding intellectual property rights, or representative of a company that has been evaluated as having excellent technical skills * Technology evaluation guaranteed companies and pre-venture companies (companies preparing for corporate establishment or business registration of the said venture company and companies within 6 months after startup) are also applicable * The confirmation of whether it is a venture company or a pre-venture company is conducted by the Korea Technology Finance Corporation (under the Technology Credit Guarantee Fund Act), the Small and Medium Business Administration (under the Small and Medium Business Promotion Act), or the Korea Venture Capital Association (under the Special Measures Act for the Promotion of Venture Businesses) * The evaluation refers to those received from the Korea Technology Finance Corporation (under the Technology Credit Guarantee Fund Act) or the Small and Medium Business Administration (under the Small and Medium Business Promotion Act)
Individual
3. Enterprise Investment D-8-3
- The investment target must be a business operated by a South Korean national (individual)
- The investment amount must be at least 100 million won, owning at least 10% of the total capital contribution of the invested company, and being registered as a co-representative with a Korean on the business registration certificate
※ ※ The investment amount should be in the name of the investor (however, investments made in the name of a spouse or minor child or through remittance by proxy are exceptionally recognized)
- The business funds of the co-business operator who is a national must be at least 100 million won
4. Technology Startup D-8-4
1. Target of Point System
(1) Those who have obtained an associate degree or higher in Korea, or a bachelor's degree or higher abroad, or recommended by the head of the relevant central administrative agency
(2) Those who have scored at least 80 points out of a total of 448 points according to the point system
- At least one mandatory item must be satisfied
(3) Those who have established a corporation in the Republic of Korea and completed corporate registration and business registration
2. Exempt from Point System Application (Special Cases for Technology Startups)
- Participants in the Startup Grand Challenge who meet all the following requirements
- 「Beneficiaries of government startup support programs according to the "Integrated Announcement of Startup Support Projects
D8 Visa Application Method and Procedure (Establishment of Foreign-Investment Corporation) |
Foreign investment report → Transfer of foreign investment funds → Company registration → Business registration / Incorporation report → Transfer of paid-in capital to the corporate account → Registration of foreign-invested enterprise → Application for D-8 visa issuance |
Especially when transferring foreign investment funds, it is necessary to transfer the capital to a domestic bank branch capable of foreign investment reporting from abroad. The following details must be clearly stated during the transfer: 1. Name of the receiving bank 2. Name of the sender 3. Name of the recipient 4. Purpose of the funds.
Also, in principle, the name of the sender and the recipient must be the same, and because it is a foreign investment, the remittance must be made in dollars or foreign currency. If the investor is in Korea and remits by proxy, the Ministry of Justice limits proxy remittance to the spouse and minor children, so the remittance must be made by the spouse or minor children.
It is important to note that the remittance information in Field 70 of the bank-issued Swift message must contain "sent on behalf of [Investor's Name] for the investment in [Foreign Investment Company Name]" and when the message arrives at the Bank of Korea, it must come as mt103.
For more detailed information on the procedure and required documents, please refer to the link below↓
Documents required for D8 visa application
There are mainly three ways to apply for a D8 visa
1.Visa issuance - Investor applies for a D8 visa at the Embassy of the Republic of Korea located in the country of residence.
2.Change of domestic status - A person holding a short-term visa or another legal visa applies for a change to a D8 visa at the immigration office.
3.Visa issuance approval - The immigration office invites the investor (corporate representative) or dispatched employee on behalf of the corporation.
The basic documents listed in the manual are as follows↓, but the actual documents required vary greatly depending on the method of visa application, the investor's funds, nationality, and personal condition. For example, in the case of an investment of 100 million, additional documents such as the corporate account history, proof of the authenticity of the business, and proof of the source of investment funds must be submitted.
① Application form (Annex 34), passport and alien registration card, one standard-size photo, ② Copy of the business registration certificate, certificate of all corporate registration matters, original statement of changes in shareholders ③ Copy of foreign investment report or investment enterprise registration certificate ④ In the case of dispatch activities, dispatch order (issued by the overseas head office and a branch in a third country specifying the dispatch period) and certificate of employment ⑤ Documents proving the introduction of investment funds ㉮ In the case of cash contributions Foreign currency export permit (declaration) from the customs of the relevant country or the bank (financial institution) of the home country (applicable persons) Statement of introduction of investment funds (remittance confirmation, foreign exchange purchase certificate, customs declaration, etc.) ㉯ In the case of in-kind contributions Copy of the certificate of completion of in-kind contribution (issued by the Commissioner of the Customs Service) Copy of the customs import declaration certificate ⑥ Certificate of business performance (export and import performance, etc.) ⑦ Proof of residence documents (real estate lease contract, etc.) ⑧ Proof of business premises existence documents (office lease contract, photos of the business place’s exterior, office space, signboard, etc.) |
《Additional documents for individual investors with an investment amount of less than 300 million won》 ⑨ Documents proving the use of capital (receipts for goods purchases, office interior costs, domestic bank account transactions, etc.) ⑩ Documents related to business experience in the relevant industry or field from the country of nationality (collected if necessary) This formatting correctly acknowledges each item's enumeration as originally presented, including the use of circled numbers for organization and clarity |