The major requirements for the visa are:
1. Intellectual Property registered in Korea (yes registered in Korea-overseas is not good enough);
2. A Korean company; and a
3. University degree.
We suggest, also, having a business plan. We are not sure how this visa is more beneficial than the D-8 Investment visa. We assume the, only, advantage (since little information exists) is that you do not need the KRW 100,000,000 capitalization ((Foreign-capital invested company). The visa is new and we and seemingly, also, Korean Immigration is not sure of how this visa will assist in encouraging foreign start-ups to invest in Korea. I would assume most start-ups with intellectual property registered in Korea would have the KRW 100,000,000 required for a D-8 visa and a foreign-capital invested company.
We will update the reader when more information is known.
Other articles that may be of interest:
- Visa for Investors in Korea
- Korean Investor Visas for Foreigners
- Sean Hayes Quoted by Korean Times on D-8 Investment Visa
Sean Hayes may be contacted for a consultation by emailing him at: [email protected] or via the numbers shown to the left.
Sean Hayes is co-chair of the Korea Practice Team at IPG Legal. He is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty. He assists clients in their contentious, non-contentious and business developments needs in Korea and China. He has, recently, been ranked as one of only two non-Korean attorneys as a Top Attorney working in Korea by AsiaLaw.
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- Amendment to the Korean Foreign Investment Promotion Act 2019 – Investment Incentives in Korea
- Weekly Korean Legal News from International Law Firm – IPG Legal
- Attaching Assets in Korea: Security on Movable Property and Receivables in Korea
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- Starting a Company in Korea: Establishing a Foreign Capital-Invested Korean Company, Branch or Liaison Office