D-8 Visa (Invest in a corporation)
D-8 visa is issued to foreigners after investing more than 100 million KRW to run their business in Korea. There are types in which an individual establishes a corporation or invests in a domestic corporation, or in which an overseas corporation establishes a corporation and dispatch executive, senior manager and specialist.
Basic requirement of D-8 Visa
(1)Establishment of foreign invested corporation by remitting over 100 million from an individual to Korea
(2)Establishment of foreign invested corporation by remitting 100 million won or more from an overseas corporation to Korean
D-8 Visa Process
1. Foreign Investment Report and Bank Account opening
Investment reports are made through banks in Korea, and if foreign investors are overseas, agent with power of attorney can proceed with the investment report on behalf of them.
At this time, you have to file an investment report under the name of a foreigner. If you report an investment, a virtual account under the investor’s name will be issued.
2. Remittance of foreign Investment funds
We need to remit more than 100 million won in funds. (Remittance can also be made under the name of your spouse or child)
The method of remittance can be transferred through a bank or brought in direct funds.
If you carry it in, you must get a foreign exchange declaration certificate from customs.
The bank issues a certificate of foreign exchange purchase and is required for corporate registration.
3. Establishment and registration of a corporation
If you establish a corporation or invest in a corporation, you must proceed with registration at the registry office.
-Investor personal documents, bank documents, remittance related documents should be prepared.
4. Business registration and report the establishment of corporation
When the corporation registration is completed, then you need to visit the tax office to register the business and report the establishment of corporation at the same time.
– If you invest in a Korean corporation, you must be registered as a co-representative with Koreans on the business registration certificate.
5. Transfer of paid-in capital to corporate bank account
Once the corporate establishment and business registration procedures are completed, the paid-in capital stored in the bank will be able to be transferred to the new corporation bank account.
6. Issuance of foreign invested company registration certificate
Upon completion of above procedures, the bank will issue a foreign invested company registration certificate.
7. Application of D-8 visa
(1) Application for certificate of visa eligibility
If a foreigner lives abroad and has a delegation from Korea, the delegator proceeds with the procedure and applies for certificate of visa eligibility to the domestic immigration office.
(2) Change to D-8 visa after entering Korea with C-3 short-term visa
After a foreigner remit the investment fund while living abroad, he/she enter the country with a C-3 visa first. Then he/she will change to a D-8 visa in Korea after proceeding with the procedures directly such as establishing a corporation etc.
Points to Note when applying for D-8 Visa
1. Investment must come in from abroad, and the remitter must transfer money to the name of his wife and underage children to be recognized.
It should be noted that remittances under the name of parents or brothers are not accepted.
★If you invest more than 300 million won, you can also transfer money to the name of parents and spouse’s parents.
2. Sometimes, foreigners borrow funds from friends or acquaintances and invest in it. In this case, immigration is scrutinizing the source of the funds.
It will be a reason for disapproval, so you must make a consultation with visa expert in advance.
3. Even if you invest more than 100 million won in investment, you will not be guaranteed to get a visa so that you need to prove the reason for entering Korea.
4. In order to prove the authenticity of the business, it is necessary to prepare the business plan and installation of the business site when you want to do business in Korea.
5. The higher the investment amount, the higher the probability that the visa will be granted and if the investment amount is small, a detailed examination will be conducted.
6. D-8 visa is very complicated and takes a long time to transfer money overseas, establish a corporation, establish a business site, register a business and approve a business, so you must get help from an expert.
Required documents for D-8 Visa
- Application form
- Copy of passport
- Business registration certificate
- Copies of corporate registration
- List of shareholders
- Confirmation document of source of funds
- Certificate of registration of foreign-invested companies
- Certificate of Foreign Investment Report
If the investment is less than 300 million won,
1. Proof of the use of capital
2. Proof of existence of business site establishment
3. Proof documents related to business experience
*In addition to the D-8 visa, there are D-8-2 and D-8-4 visas granted to companies with intellectual property rights or excellent technology
D-8-2 Invest in a venture company
A representative of a venture company that has been identified (or confirmed as a preliminary venture company) or a representative of a company that has been evaluated as having excellent technology, such as holding intellectual property rights
D-8-4 Technology start-up
A person who has obtained an associate degree or higher in Korea or a bachelor’s degree or higher in a foreign country or a technology entrepreneur who holds intellectual property rights or has technical skills recommended by the head of a relevant central administrative agency