How to getting a D8 Visa in Korea
Are you trying to start a new life in Korea by starting up a new business? As you might know, you must obtain a D8 VISA for starters. Unlike other VISAs, this particular VISA requires far more documents and complicated procedures than any other VISAs. Not surprisingly, going through legal complications by yourself is almost impossible. From collecting numerous documents to visiting every designated banks and institution, this whole process is very perplexing. There are 4 kinds of D8 Visas. As the majority of expats go for D8-1, we will briefly demonstrate the process of achieving D8-1 VISA in this article. (For other D8 VISAs, it’s listed in the bottom of the article.)
7 Steps of applying for D-8-1 VISA
D-8-1 Visa was explicitly established to foster and vitalize foreign investment in Korean Domestic Market. However, also has strict regulation of approval to avoid possible abuse.
There are 7 big rough steps of the application process
- Apply Foreign Investment Notification
– A foreign investor or his/her proxy will apply for the notification
– Notifying place is done in specific Designated Bank
- Make a temporary bank account or foreign- resident account to make remittance
– The correspondent bank will issue a securities subscription deposit certificate after the transaction is over.
- File Incorporation Registration
- File Business Registration (either case)
1) Done at the same time with Incorporation Notification
2) Business Registration done prior to Incorporation Notification
- Transfer capital from temporary account to a corporate account
- Have Foreign-Invested Company Registration done.
– Register at the same place where foreign investment notification took place
- Gather relevant documents and Apply for a VISA at the immigration office.
Well, that wasn’t so bad, was it? Then why all the fuss above? There are approximately about 30 documents that need to be collected in the whole process. Furthermore, you have to be in specific designated bank or institution to file your documents. So, if you want your VISA fast and precise, it’s very important to consult with skilled and experienced professional. Passome’s corporate administrator has the most experience in Korea, regarding D-8 VISA and other investment VISAs. Consult with Passome today for more accurate information.
Passome, your business partner for success in Korea.
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+ Know your VISA type
D-8-1 Establish a local corporation (Max of stay at once 5 yrs)
Establishing your own company by investing a minimum 100 million KRW, or working at a foreign investment company
D-8-2 Business Venture visa (Max of stay at once 2yrs)
Your company needs to be confirmed as a venture and meet the standard of the Article 25 or evaluated as advanced technology
D-8-3 Unincorporated Enterprise Visa (Max of stay at once 5yrs)
Invested into a company owned by a Korean citizen (minimum 300 million KRW)
D-8-4 Technology and Business Startup Visa (Max of stay at once 2yrs)
Your company needs to be confirmed as a venture and meet the standard of Article 25 or evaluated as advanced technology