A, a Nepalese national with a D10 visa (holding a master’s degree from a Korean university), requested assistance with the issuance of a D-9-5 visa. A’s father holds a D-9-4 visa (a foreign individual entrepreneur investing over 300 million KRW) and was operating a Nepalese restaurant in Korea. Although A intended to register the business together with his father as joint representatives, they encountered difficulties in obtaining the business license. As a result, A had to proceed with the business registration solely under his own name (as the sole representative).
Feeling uneasy about the current situation, A asked me to handle the D-9-5 visa issuance on his behalf.
When A made the foreign investment report, he chose the Nepalese restaurant operated by his father as the business into which he would invest. However, since joint representation registration was not possible at that point, it became necessary to rewrite the foreign investment report to indicate that the investment would be made into a company where A was the sole representative.
In other words, because there was a procedural flaw, they had to start over from the foreign investment report.
A withdrew Nepalese currency from his mother’s account in ten separate transactions, exchanged it into USD in Singapore, and then brought in the investment funds to Korea by hand-carrying them in two installments (USD 45,000 / USD 30,000).
After reporting at the airport that the funds were for investment purposes, he received the Foreign Exchange Declaration Certificate.
※ In Nepal, the maximum remittance limit is USD 2,500. Thus, it seems nearly impossible to send more than USD 70,000 in investment funds via a local bank because the process would take too long.
※ It is not mandatory to remit the total of 100 million KRW or more in one single transaction. It is acceptable to split it into several transactions. However, the total amount remitted must exceed 100 million KRW. If the amount is below 100 million KRW, a foreign investment report cannot be made.
In fact, with regard to the D-9-5 visa, unlike the D-8-1 visa, you do not necessarily need to issue a Certificate of Registration as a Foreign-Invested Company after filing the foreign investment report. In other words, the Certificate of Registration as a Foreign-Invested Company is not a mandatory document when applying for a D-9-5 visa.
Moreover, according to the guidelines, of the investment funds of at least 100 million KRW, up to 50 million KRW generated in Korea can be recognized. However, in my experience, it is quite rare for a foreign national to state that they have generated 50 million KRW domestically when applying for a D-9-5 visa.
In the rare cases where they claimed to have generated 50 million KRW in Korea, they could not prove the source of those funds. When asked how they had generated 50 million KRW in Korea—essentially how they had made 50 million KRW in Korea—they could not give a proper answer. This is understandable because it is usually foreign students on a D2 or D10 visa who apply for a D-9-5 visa.
Under the D2 qualification, one can obtain permission for part-time work and carry out employment activities, and under the D10 qualification, one can obtain permission for part-time employment or register for training (internships), thereby working legally.
However, with part-time work permission, since the primary purpose is academics, the amount of time one can work is very limited.
Even if one registered for training (internship) under the D10 qualification and worked full-time, it is rare for a company to pay an intern so much in a short period that they can save 50 million KRW. You also have to pay rent and cover living expenses, so it appears nearly impossible to save 50 million KRW through normal means.
It’s at least fortunate if the person worked with permission for part-time employment or training (intern) notification. Sometimes there were cases where people saved money through illegal employment without any permission or notification.
The approximate process for the D-9-5 visa is as follows
※ A D9 visa (D-9-5) essentially follows almost the same process as a D8 visa (D-8-1), except that there is no corporate registration procedure.
Foreign investment report → Remittance (inflow) of investment funds into Korea
→ Registration as an individual business (must sign a lease for the business site before registering the business)
→ Opening a business account and transferring the investment funds into the business account
→ Issuance of a Certificate of Registration as a Foreign-Invested Company → Application for the D-9-5 visa
Furthermore, failure to follow the above procedures exactly does not necessarily make it impossible to apply for a visa. In the case of hand-carrying funds, if you declared them at the airport as investment funds and received the Foreign Exchange Declaration Certificate properly, it typically does not matter significantly whether the foreign investment report was made before or after bringing in the investment funds.
Also, if one did file a foreign investment report and then brought in the investment funds, but the person who reported at the airport as the declarant is the investor himself, he can choose a different new business and file a foreign investment report again. In other words, a modification report is possible.
A’s biggest mistake was withdrawing investment funds from his mother’s account in Nepal and exchanging them into USD in Singapore, then bringing them directly into Korea without entering into any legal agreement with his mother.
※ In the end, A returned to Nepal, signed an agreement similar to a gift contract with his mother (stating that the mother is transferring her property to her son free of charge, with both parties in agreement) and then had it notarized and translated before returning to Korea.
As I repeat, the D-9-5 visa screening is conducted similarly to the D-8-1 visa screening.
Proof of the source of investment funds is the most important factor under review, followed by the applicant’s expertise regarding the intended business.
Claiming that the funds were simply received from family does not prove the source of the investment funds. Even if it is within the family, one must sign a gift contract or a contract equivalent to a gift agreement (a legally binding contract proving the transfer of property free of charge) before transferring the property.
In our country, there is a gift system. However, most applicants for the D-9-5 visa come from countries designated by the Ministry of Justice, many of which do not have such a system.
China does have a gift system, but Vietnam, Mongolia, and Nepal do not.
※ Here, the phrase “lack of a gift system” is limited to the fact that no gift tax is imposed.
Even in countries without a gift system or where the concept is unclear, it is possible to sign a contract stating they will donate or transfer property free of charge and have it notarized locally. If such a contract is drawn up and it serves as the source of the investment funds, immigration authorities will request an apostille or consular confirmation from the Korean Embassy on the supporting documents. However, whether this is possible depends on the country.
※ If the country’s Ministry of Foreign Affairs can authenticate private documents, then an apostille or local Korean Embassy consular confirmation can be obtained. If authentication of private documents by the Ministry of Foreign Affairs is not possible, neither apostille nor consular confirmation can be obtained.
※ In Nepal, the Ministry of Foreign Affairs does not authenticate private documents, so it is also impossible to get consular confirmation at the local Korean Embassy.
Additionally, immigration authorities will request not only those contract documents but also records of gift tax (or transfer tax) payment as proof of the source of investment funds. In Korea, China, and many other countries, gift tax is levied, including on cash gifts, and one can obtain proof of gift tax payment.
However, some countries do not have a gift system or have a vague notion of it, and there are also countries without gift tax. Even a developed country like Canada does not have a gift tax.
Because the immigration office requests a gift tax payment record as proof of the source of investment funds, it becomes quite troublesome in countries with no gift tax. Based on my experience, sometimes immigration overlooks this if the applicant’s country has no such system, while at other times they request other supplementary documents in lieu of it.
Of course, the method of obtaining investment funds can vary greatly depending on the applicant’s circumstances and conditions, but personally, I consider the sale of real estate (buildings, land, etc.) the most straightforward way to prove the source of investment funds.
Even if it is a gift, if it was real estate rather than cash, and that real estate was sold to a third party (not a family member), the source becomes more concrete. The reason is that, when raising investment funds through the sale of real estate, immigration authorities will invariably request both the real estate sales contract and proof of transfer tax payment as documents to verify the source of investment funds. In most countries, even those without gift tax on cash, a transfer tax is imposed when selling real estate.
Thus, one can obtain a transfer tax payment record, which is an official document, making it possible to get consular confirmation or an apostille without issue.
※ In the case of selling real estate, in addition to the transfer tax payment record, immigration often requests a copy of the real estate registry after the sale, as it contains information on the buyer, seller, and sale price.
Below are the documents submitted to immigration by an applicant in a case like the one described above when applying for a D-9-5 visa.
Initially, because the applicant had brought in investment funds for a joint business with his father (who held a D-9-4 visa), the funds were first deposited into the father’s personal account.
After discovering that they could not register as joint representatives, the funds were withdrawn from the father’s personal account and deposited into the applicant’s personal account. Then, the applicant registered the business under his own name and again transferred the funds to the business account.
Because the money moved around quite a bit, the process of proving both the source and flow of the investment funds was considerably more complicated than usual.
D-9-5 Visa (Former International Student Trade/Business Manager) Status Change Required Documents
1. Integrated application form (with a photo taken within the last six months attached), original passport and copy, original alien registration card and copy |
2. Original and copy of the business registration certificate, original and copy of the foreign-invested company registration certificate ※ In many recent cases, they carry out an “original verification” process, so it is recommended to submit the original upon the first application |
3. Documents proving place of residence – e.g., lease agreement |
4. Documents proving business location – e.g., office lease agreement, exterior view of the office, signboard, interior photos, etc |
5. Documents proving the inflow of investment funds - If sent via remittance: remittance confirmation, certificate of foreign currency purchase - If hand-carried: Foreign Exchange Declaration Certificate (investment purpose), certificate of foreign currency purchase ※ If sent via remittance: the sender on the remittance confirmation and the receiver must be the investor themself - If a spouse or minor child is sending it on the investor’s behalf, a statement explaining why, a bank-issued document from the local bank, and proof of relationship must be included (e.g., marriage certificate) ※ If hand-carried: the person indicated on the Foreign Exchange Declaration Certificate must be the same investor who filed the foreign investment report |
6. Documents proving how the capital was used - Copy of the business account passbook and transaction records, receipts for the purchase of office supplies; if you rented an office or purchased items using a personal account, then also attach the passbook and transaction records for that account ※ Regarding the office lease agreement, after making a tentative contract, one can pay the deposit through the business account once it is opened (in such a case, the landlord’s account number listed on the lease agreement must appear in the business account’s transaction records, and the amount transferred must match the deposit amount in the lease agreement) |
7.Documents proving the source of investment funds ※ In this case, the applicant received funds (a gift) from his mother - Official documents that confirm the details of the gift (translated into Korean or English, notarized, and verified by consular authorities) ※ Since there is no gift system in Nepal, it is impossible to obtain official documents proving a legal gift or a gift tax payment record. However, the two parties can agree to a contract stating that the property is transferred free of charge. Hence, a contract (agreement) showing that the mother is transferring property to her son free of charge, notarized and translated into English, was submitted. In Nepal, it is not possible to get the Ministry of Foreign Affairs to certify a private document, so local consular confirmation at the embassy is not possible. - Mother’s Nepalese bank account transaction records ※ Check all instances of withdrawing Nepalese currency (equivalent to over 100 million KRW) in 10 separate transactions from the mother’s account - The applicant’s Korean dollar account statement and transaction records ※ The applicant withdrew funds from his mother’s account, exchanged them into USD in Singapore, brought them to Korea, and first deposited the USD into his own dollar account ※ Check the inflow and outflow records of the investment funds (USD) - Father’s personal account passbook and transaction records ※ The applicant withdrew USD 74,000 from the dollar account and converted it into KRW, then deposited 100 million KRW into the father’s personal account ※ He then withdrew 100 million KRW from his father’s account again and deposited it into the applicant’s personal account ※ Check the deposits and withdrawals of 100 million KRW - Applicant’s personal account passbook and transaction records ※ Check the record of the 100 million KRW deposited under the applicant’s name from the father’s account and the subsequent withdrawal of 100 million KRW into the applicant’s business account - Applicant’s business account passbook and transaction records ※ Check the record of 100 million KRW deposited from the applicant’s personal account - Documents proving the relationship between mother and son ※ Family relationship certificate (translated into Korean or English, notarized, and verified by consular authorities) |
8. Business plan for the intended business (provide detailed, step-by-step information) |
9. Oasis program completion certificate (if applicable) and degree certificate |
For information on who can apply for the D-9-5 visa and the requirements, please refer to the link below ↓
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