10/05/2007

Visa for Investors in Korea (D-8 Visa): KRW 100,000,000 Minimal Investment

In order to ensure that the visa is issued in a timely manner and not turned down (difficult to overturn a determination of immigration without litigation) it is advisable to hire an attorney when applying for a D-8 Investment Visa. 

The following was drafted by KOTRA (http://english.kotra.or.kr/wps/portal/dken)
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Visa for Business Investors (D-8)
The visa can be issued for:

Specialists engaged in business management, production or technological sector of an FDI company supported by the Foreigner Investment Promotion Act (not including those recruited in Korea).

"Specialists" refers to the following:
Executives: Those primarily responsible for the organizational management within a business organization, exercising a wide range of rights in the decision making process, and only generally supervised and directed by the Board of Directors and shareholders as the highest ranking members of the organization (not those directly engaged in the provision of the service).

Senior Managers: Those responsible for the establishment and execution of the objectives and policies of a company or its organizational units, with the rights for planning, control, supervision and recommending, hiring and firing employees, and deciding, supervising and controlling the work of other supervisory, professional and managerial employees or exercising discretionary rights over their everyday business (not including those controlling front-line supervisors who are not professional service providers or those directly engaged in the provision of service).

Specialists: Those with highly professional and proprietary experience and the knowledge essential for the research, design, technology and management of the service provided by a specified business.
Those engaged in ordinary administrative services or engineers available in Korea or the providers of a direct service are not regarded as "essential specialists."

An applicant entering Korea without a visa or with only a short-term visa may apply for a change in the status of sojourn at Invest KOREA (IK) of KOTRA or at a local immigration office.

An applicant may apply for a business investment (D-8) visa at a Korean embassy in a foreign country. Each embassy is authorized to issue a D-8 visa for one year or less as entrusted by the Justice Minister .

An applicant may apply for a business investment (D-8) visa at a Korean embassy in a foreign country with the Confirmation letter of visa issuance (or number) issued by a local immigration office to an inviting Korean. ( if the Korean embassy in a foreign country doesn't have right to issue a visa)

Effective from September 25, 2005, the electronic visa issuance system was in operation in which the relevant immigration office issues a Korean inviting a foreigner the Confirmation letter on visa issuance number via e-mail or cell phone.

Documents required:

For an applicant investing not less than KRW 100,000,000:

Application for a visa (or Confirmation letter of visa issuance).
Passport (or a photocopy of a passport in the case of applications for a Confirmation letter of visa issuance).

Photocopy of a certificate of FDI company registration.

Photocopy of a business registration certificate or incorporation register, if applicable.

Certificate of declaration of a foreign currency (issued by the Customs Office).

Certificate of remittance issued by the relevant bank, in the event that the investment amount was remitted to Korea.

Photocopy of a foreign currency purchase certificate.

Photocopy of an office lease contract.

Photocopy of a bank book.

For an applicant dispatched to Korea as an essential specialist by a parent business in a foreign country:

Application for a visa (or a Confirmation letter of visa issuance).
Passport (or a photocopy of passport in the case of applications for a Confirmation letter of visa issuance).

Letter explaining the reason for the applicant's invitation to Korea.
Written order to work in Korea (issued by the relevant business).
Resume.

Diplomas, career certificates, qualification certificates and other certificates attesting to the applicant's status as a specialist.

Photocopy of a certificate of FDI company registration.

Photocopy of a business registration certificate or incorporation register, if applicable.

Application for a tax payment certificate.

Documents required:

Confirmation Letter of Visa Issuance
Photo or Photocopy of Passport
Dispatch Order or Assignment Letter
Certificate of Employment
Certificate of Business Registration
Incorporation Register Book
Certificate of FDI Company Registration
Declaration of Foreign Currency
Certificate of Foreign Currency Purchase
Incoming Remittance Details
Office Lease Contract
Certificate of Tax Payment
Certificate of Export Report
Power of Attorney

The documents to be submitted may vary, depending on the judgment of the visa issuance office.

http://english.kotra.or.kr/wps/portal/dken

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SeanHayes@ipglegal.com