Recently, there have been increasing inquiries about the D-9-5 visa.
The D-9-5 visa is a business visa that foreign students who graduated from a Korean university (with a master's degree or higher) can apply for by investing more than 100 million won (up to 50 million won of which can be funds raised domestically). Compared to the D8 visa, the main difference is that the D-9-5 visa can be applied for by registering as a sole proprietor rather than a corporation.
Most people who inquired wanted to apply for the D-9-5 visa instead of the D8 visa due to this advantage (applying as a sole proprietor).
※ For corporate businesses, tax processing is more complex than for individuals, and there must be a reason for using corporate capital. Therefore, unless sales are high, making a corporation more advantageous, a sole proprietor is much more flexible in terms of liquidity.
Let's take a look at the eligibility requirements.
D-9-5 Visa (Foreign Student Origin Trade Manager) Eligibility and Requirements
- A foreign student with D-2 or D-10 status who has obtained (or is expected to obtain) a master's degree or higher from a domestic university and has invested more than 100 million won, registered as a business operator under the Value-Added Tax Act, and intends to manage a company or conduct a for-profit business in Korea.
※ Up to 50 million won of the investment can be recognized as funds raised domestically, but the remaining funds must be foreign capital according to the Foreign Exchange Transactions Act and the Foreign Exchange Transactions Regulations.
※ However, a person with a bachelor's degree (or expected to obtain one) from a domestic university who has scored 40 or more points in the 'OASIS-1 to 8' startup immigration comprehensive support system is allowed.
As seen, bachelor's degree holders can also apply if they score 40 or more points in the OASIS program. However, the OASIS program is not available at all times, and you must apply during the announced application period. Also, not everyone who applies is selected.
Therefore, bachelor's degree holders must thoroughly prepare for completing the OASIS program to apply for the D-9-5 visa.
Although up to 50 million won of investment funds can be recognized as funds raised domestically, it is challenging to accumulate 50 million won through part-time work permits or internship activities under D2/D10 status.
While there may be people who have worked hard and saved while attending school, all my clients transferred 100 million won from overseas.
In practice, the process of the D-9-5 visa is almost identical to that of the D-8-1 visa (100 million won corporate investment).
The only difference is that, as a sole proprietor, the corporate registration procedure is omitted.
① After reporting foreign investment, open a virtual account in the investor’s name, return to your home country, and directly transfer more than 100 million won to the opened virtual account.
② Return to Korea, lease an office, register as a business, open a business account, and transfer the investment funds to the business account. (The office lease contract can be pre-contracted, and the balance can be settled with the business account after the business account is opened.)
③ Then, obtain a foreign-invested enterprise registration certificate from the bank where the initial foreign investment report was made and apply for a D-9-5 visa.
Additionally, the D-9-5 visa is a kind of "foreign investment visa" where foreign currency is brought into Korea, so like the D8 visa, the source of investment funds and the authenticity (expertise) of the business must be proven.
The proof of the source of investment funds is the same as for the D8 visa. You must provide evidence of the source.
For more details on proving the source of investment funds, please refer to the link below.
To prove the authenticity (expertise) of the business, prepare a business plan.
Of course, it is advantageous to have related documents proving the business you intend to do in Korea is related to your previous business experience. However, since the applicants are usually foreign students who have just graduated from university or are starting internships after graduation (D2/D10 visa holders), preparing documents to prove related experience is not easy.
Below is a list of documents I submitted to the immigration office for a Vietnamese student applying for a D-9-5 visa.
In this case, the client, a domestic university graduate, fulfilled the requirements by completing the OASIS program (40 points or more) and applied for a D-9-5 visa.
D-9-5 Visa (Foreign Student Origin Trade Manager) Required Documents
1. Integrated application form (with passport photo attached), original and copy of the passport, original and copy of the foreign registration card |
2. Original and copy of the business registration certificate, original and copy of the foreign-invested enterprise registration certificate ※ Recently, there are more cases of certification with the original, so it is advisable to attach the original for the initial application |
3. Documents proving place of residence - lease contract, etc |
4. Documents proving the existence of the business - office lease contract, office exterior, sign, interior photos, etc |
5. Documents related to the introduction of investment funds - Remittance confirmation, foreign exchange purchase certificate ※ If the spouse or minor children made a remittance on behalf of the applicant: Attach a statement of reasons for the proxy remittance, a local bank-issued document, and additional documents proving the relationship (such as a marriage certificate) |
6. Documents proving the use of capital - Copies of business accounts and transaction statements, office supplies purchase receipts, and if purchases or office leases were made with a personal account, the transaction statement of that account should also be added |
7. Documents proving the source of investment funds ※ In this case, the applicant received money (gift) from his father to raise investment funds. - Public documents that can confirm the contents of the gift (Korean or English translation notarized and consular confirmation required) ※ In Vietnam, there is no gift system, so it is impossible to issue official documents or gift tax payment details that prove a legal gift. Instead, there is a property donation system, and when parents donate property to their children, no tax is paid. Therefore, notarize and consular confirm documents proving the property donation agreement. - Proof of balance and transaction details (specification) of the father's account (notarized translation in Korean or English) ※ It must be possible to confirm that the funds were transferred systematically from the father's account to the son's account. - Proof of balance and transaction details (specification) of the applicant's (son's) account (notarized translation in Korean or English) ※ It must be possible to verify the transfer from the applicant's Vietnam account to Korea. - Documents proving the relationship between the father and son ※ Birth certificate (notarized translation in Korean or English and consular confirmation required) |
8. Business plan for the intended business (specifically described in stages) |
9. OASIS program completion certificate (if applicable) and degree certificate. |
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