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D8 Visa Information
The D8 visa is a long-term stay visa that foreign individuals or foreign corporations can apply for to establish a business in Korea and to immigrate or do business.
There are three types of business organizations that foreigners can establish in Korea: a foreign investment corporation, a branch office, and a liaison office. Foreigners who do not have a long-term visa to stay in Korea can only establish a foreign-invested corporation, while branches and liaison offices can only be established by foreign corporations.
A foreign-invested corporation is considered a domestic corporation and is granted the same status as other corporations in Korea. Foreigners who are investors or employees of foreign corporations can stay in Korea for a long period of time with a D8 visa and invite their families to live with them.
D8 Visa Requirements
The D8 visa is recognized as one of the more complicated visas in Korea, requiring a complex process such as incorporation, and has high approval requirements. The basic requirements for the D8 visa are as follows.
Basic Requirements for the D8 Visa
- An individual or overseas corporation remits an investment of 100 million won or more from overseas to establish a Korean corporation and owns 10% or more of the total number of shares.
- Funds must be legally formed by the investor – Prove source of funds
- Transfers can only be made in your name, your spouse’s name, and your minor children’s names – investments over $300,000 can be made in the names of your parents and spouse’s parents
The basic requirements above seem simple, but when you get down to the details, it’s a time-consuming and challenging task to ensure that you have all the documents required by banks, courts, tax offices, etc. during the preparation phase, and that everything is in order to meet the immigration office’s criteria.
There is one basic requirement that absolutely affects whether or not a visa is granted and how long it takes. This is proof of source of funds.
Key Requirements for D8 Visa Review – Proof of Source of Funding
To prevent people from obtaining a visa in a fraudulent way, such as by borrowing money to invest and then returning the money to get a visa, D8Visa is very careful about where the money comes from.
Proof of source of funds in the D8 visa is to demonstrate how the funds were formed, usually with the following documentation
- Business income: bank statements, business license, accounting reports, sales confirmation, etc.
- Earned income: bank statements, employment certificates, social insurance, savings statements, etc.
- Gifts: Receipt for payment of gift tax, proof of donor’s source of funds (if required)
- Real Estate Sales: Purchase and Sale Agreement, Bank Statement
- Carrying cash: Customs declaration certificate, foreign exchange certificate, currency exchange certificate, bank account details
They’re not easy to prepare, and if the reviewer isn’t satisfied, they’re often embarrassing and the number one reason for delays or rejections.
D8 Visa Application Process and Time Frame
The D8 visa can be applied for by an administrator through a power of attorney while the investor is abroad, or the investor can stay in the country on a short-term visa and complete the entire process. Depending on the application method, the documents may vary.
For the purposes of this article, we’ll assume you’re traveling abroad.
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1 |
Prepare the investor’s apostille documents
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2 |
Foreign Investment Declaration and Bank Account Opening (Foreign Exchange Bank)
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1 day |
| 3 |
Transferring investments (foreign exchange banks)
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2 days |
| 4 |
Preparing your Korean business (office)
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| 5 |
Establishing a Foreign Investment Corporation (Court Registry)
Learn more about establishing a foreign investment corporation (click) |
3-5 days |
| 6 |
Business licenses (if required)If your business requires a license, you’ll need a business license to register your business. |
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| 7 |
Get a business license (tax office)If the registration is complete and there are no issues with the business license, the business license can be issued. |
2 days |
| 8 |
Issuance of Foreign Investment Company Registration Certificate (Foreign Exchange Bank)The foreign exchange bank that initially filed the application issues the foreign investment company registration certificate. |
1 day |
| 9 |
Apply for a visa (immigration office)Apply for your D8 visa with the supporting documents you received throughout the process.
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1 month |
| 10 |
Send the approved subscription application to the investorSubmit the approved application to the Korean consulate in your home country to receive your visa |
1 day |
| 11 |
Apply for Investor Entry and Alien Registration Card
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2 weeks |
D8 visa stays and extensions
The D8 visa is initially granted for a period of stay of 1 to 5 years, depending on the size of the investment. You can then apply for an extension starting 4 months before the expiration date.
When extending a D8 visa, the key factor is “business performance.” If you don’t have a track record, you may be penalized.
Assigning employees to foreign subsidiaries
If an overseas corporation has established a foreign-invested corporation, it can send employees to work on a D8 visa. You can send employees not only from your headquarters, but also from entities established in other countries.
Dispatchable forms
- A establishes a foreign subsidiary C in Korea (dispatch to A->C)
- A headquarters invests in a foreign corporation B established in a foreign country to establish a Korean foreign corporation C.
- A- Can be dispatched to>C
- B- Can be dispatched to> C
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