Foreign Employment and Visa

Chapter 2. EMPLOYMENT VISA FOR FOREIGNERS AND IMMIGRATION CONTROL

Type of Document Required for Corporate Investment (D-8) Visa

■ Corporate Investment (D-8-1) Visa
This visa is intended for essential professional personnel who wish to engage in the management, administration, production, technology, research, or other related fields of a Korean corporation owned by a foreign investment enterprise. This includes individuals who are dispatched to the Korean corporation from overseas parent companies to engage in on-site activities. The visa requirements include investing in a Korean corporation (only applicable to completed corporations) with an investment amount of KRW 100 million or more, holding 10% or more of the total voting shares of the corporation, or owning shares of the corporation while entering into executive dispatch or appointment contracts.
The required documents for this visa include the application form, passport and alien registration card (for the applicant), one photo, a copy of the business registration certificate, a copy of the corporate registration document, a statement of shareholder changes (original), a copy of the foreign investment enterprise registration certificate, a dispatch order (specifying the period of dispatch) and employment certificate for those who will engage in on-site activities, investment capital introduction proof documents (such as foreign exchange export permission certificate issued by the relevant customs authority or home country bank, remittance confirmation certificate, foreign currency purchase certificate, customs declaration certificate, etc.), proof of business performance (export/import performance) document, proof of residence (real estate lease agreement), and other supporting documents. However, small-scale investors with investment amounts of less than KRW 300 million must also submit proof of the existence of a business establishment (such as an office lease agreement, photos of the office space and signage, etc.) and proof of capital usage (such as receipts for purchasing goods, interior design costs, domestic bank account transaction records, etc.).
Note that the investment capital should be transferred in principle in the name of the investor through a foreign exchange bank or by demonstrating that the investor carried it into the country. However, exceptions are made for accompanying family members (spouses and minor children), and in the case of joint investors or third-party remittance, limited recognition is granted only if sufficient evidence is provided regarding the investor's own funds. For individuals with student (D-2) or job-seeking (D-10) qualifications, up to KRW 50 million of domestically sourced funds can be recognized for investment, but the remaining amount must be imported from overseas according to foreign exchange regulations.

■ Start-up Investment (D-8-2) Visa
Individuals who have established a venture company with outstanding technological capabilities, such as possessing intellectual property rights, and are confirmed as a venture company representative or evaluated as having excellent technological expertise are eligible for this visa. Confirmation of whether a company is a venture company is carried out by the Korea Technology Credit Guarantee Fund, the Small and Medium Business Administration, and the Korea Venture Capital Association.

■ Private Company Investment (D-8-3) Visa
Essential professional personnel who intend to engage in management, administration, production, or technology fields of a company managed by a Korean citizen (individual) who is a foreign investment company in Korea are eligible for this visa. The requirements include: the investment target must be a company managed by a Korean citizen (individual), the investment amount must be 100% or more of the total capital contribution of a company with an investment of KRW 100 million or more and must be registered as a joint representative with a Korean citizen in the business registration certificate, and the business funds of the joint venture must be at least KRW 100 million.
Required documents include: application form, passport and alien registration card (for the applicant), one photo, a copy of the business registration certificate showing the joint venture partner and the original joint venture agreement, a copy of the foreign investment company registration certificate, evidence of business funds for joint venture partners (proof of use), a dispatch order (specifying the dispatch period) and a certificate of employment for those engaged in local activities, evidence of investment funds (foreign exchange export permit from the relevant country's customs or home country bank, remittance confirmation, foreign exchange purchase certificate, customs declaration), proof of business performance (export/import performance), proof of residence (lease agreement for real estate), etc. However, investors with investment amounts of less than KRW 300 million must also submit proof of the existence of a business location (office lease agreement, photos of the office space, signboard, etc.) and proof of the use of capital (receipts for purchasing goods, interior decoration costs, domestic bank account statements, etc.).

■ Technology Start-up (D-8-4) Visa
The technology start-up visa is applicable to individuals who have obtained a bachelor's degree or higher within Korea and possess intellectual property rights or similar technical expertise; individuals who have obtained a bachelor's degree or higher outside of Korea and possess intellectual property rights or similar technical expertise; or individuals recommended by the head of a central administrative agency who possess intellectual property rights or similar technical expertise. Only degrees that have already been obtained are recognized, and individuals who are scheduled to obtain a degree are excluded. Intellectual property rights include patent rights, utility model rights, design rights, etc., and individuals must score 80 points or more out of a total of 368 points according to the technology start-up scoring system (at least one required item must be met). The individual must establish a Korean corporation and complete registration of the corporation and business.
The required documents include an application form, passport and alien registration card (if applicable), one photo, a certified copy of the corporate registration and business registration certificates, a copy of the degree certificate or a recommendation letter from the head of a central administrative agency, proof of score-related items (copies of patent registration certificates, utility model registration certificates, design registration certificates, etc., or a certificate of completion (graduation) of the OASIS start-up immigration comprehensive support system issued by the head of the "Global Start-up Immigration Center" designated by the Minister of Justice, confirmation of awards, selection letters, etc.), proof of residence (real estate lease agreement, etc.), office lease agreement, proof of business performance (export and import performance), etc.

■ Other Information
Foreign investors who are dispatched to domestic foreign-invested companies with a D-8 corporate investment visa must submit a personal tax payment certificate when extending their stay, so caution is required. This is because, according to the guidelines for requesting a personal tax payment certificate when applying for an extension of stay for visa holders such as D-9 international trade managers (Immigration Office-5472, Dec. 20, 2005), foreign nationals are subject to income tax withholding if they perform work at domestic business premises and receive salaries from their foreign headquarters, except in cases where there are separate regulations in tax treaties with the relevant country, in order to prevent tax evasion and establish tax order.
Those who have joined the "Eulgeun Napse Jeohap" (Efficient Tax Payment) association and have had their tax obligations settled through monthly withholding and year-end adjustments should submit the "Euljong Geunro Sodang Jeungsujung" (Income Withholding Receipt for Euljong Income Tax) issued by the association, while those who have not joined the association and have paid comprehensive income tax must submit the "Sodang Geumang Jeungmyeongwon" (Certificate of Income Amount) issued by the tax office in their jurisdiction. To obtain a personal tax payment certificate, contact the National Tax Service Customer Satisfaction Center (126 without an area code).
Foreign-invested companies dispatched to domestic companies with D-8 investment visas must submit proof of normal business operation (income certificate, tax payment certificate, etc.) when applying for an extension of stay. However, if the tax payment record is poor, additional documents such as a value-added tax base certificate, an export-import certificate or a trade association-issued export-import performance certificate, a domestic product purchase receipt, and a public utility payment certificate must be submitted. In addition, documents proving the residence (lease agreement, proof of monthly rent payment, etc.) and national employment (income tax withholding certificate, employment insurance, etc. for 6 months or more) must be submitted.

For further questions, please
call (+82) 2-539-0098 or email bongsoo@k-labor.com

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