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Alex Lee
Mickey Lee
Jungeun Kim
James Kim
Lucas Baek
Rita Li
[zohoForms src=https://forms.zohopublic.com/visaskorea/form/Untitled4/formperma/xz3BZbNvUYEkELnwNnJq9dZhZ3jOmNRk3Jax5rLV-P0 width=100% height=1000px/]
| Item | Foreign-invested Enterprise | Branch | Liaison Office |
|---|---|---|---|
| Basis Law | Foreign Investment Promotion Act | Foreign Exchange Transactions Act | Foreign Exchange Transactions Act |
| Legal Entity | Domestic Corporation | Foreign Corporation | Foreign Corporation |
| Foreign Direct Investment | Recognition | Non-recognition | Non-recognition |
| Trade Name | No restrictions | Must be the same as the head office | Must be the same as the head office |
| Business Scope | Unlimited within the permitted scope | Must be the same as the head office business and within the permitted scope | Cannot generate profits and can only conduct simple liaison work |
| Minimum Capital Requirement | 100 million KRW | None | None |
| Legal Liability | Belongs only to the local法人 | Extended to the head office | Extended to the head office |
| Independence | Has legal independence | Subordinated to the head office | Subordinated to the head office |
| Domestic Borrowing | Can borrow depending on the creditworthiness of the local company | Almost impossible | Impossible |
| Establishment Procedure | 1. Foreign Investment Declaration 2. Capital Inflow 3. Legal Entity Registration 4. Business Registration 5. Foreign Invested Enterprise Registration |
1. Domestic Branch Establishment Declaration 2. Legal Entity Registration 3. Business Registration |
1.Domestic Branch Establishment Declaration 2. Unique Number Registration |
| Accounting and Taxation | Must keep and maintain books in accordance with Korean corporate accounting standards, and have external audit obligations under certain conditions | Must keep and maintain books in accordance with Korean corporate accounting standards, no external audit obligation | No bookkeeping obligation |
| Corporate Tax Rate | Subject to tax | Subject to tax | Not subject to tax |
| Taxable Income Amount | Aggregate all income issued by the local company | Aggregate the income amount of domestic source income of the domestic branch. Some countries pay branch tax | None |
| Tax Benefits | Under the Special Tax Treatment Control Law, there are tax benefits for foreign-invested companies and small and medium-sized enterprises | None | None |
| Our strengths | |
|---|---|
|
1 |
Rich experience of D-8 investment visa & D-7 dispatch visa |
|
2 |
Handling more than 500 cases for D-7 visa and D-8 visa in the last 4 years |
|
3 |
Arrangement of 5 professional manpower (visa, bank, authorization/permission, notarized interpretation and translation, business registration certificate business, etc.) |
|
4 |
Experience in handling D-7 and D-8 visas of various nationalities (USA, China, France, Germany, Uzbekistan, Turkey, Colombia, Singapore, Taiwan, Canada, Japan, Ethiopia, etc.) |
|
5 |
From the initial banking business to corporate establishment, visa, alien registration business, all business services can be handled on the basis of rich experience |
| What is D-8-1 visa ? | |
|---|---|
|
1 |
A visa received by an individual by remittance of 100 million won or more from abroad to establish a corporation or invest in a domestic corporation |
|
2 |
A visa received by overseas corporations by dispatching head office employees by investing more than 100 million won in Korea |
|
3 |
One employee can be dispatched for every 100 million won (Except for individual investment) |
|
4 |
If 3 or more Korean employees are employed for more than 6 months, 1 additional employee can be dispatched (Except for individual investment) |
|
5 |
There is no guarantee that a visa will be issued even if you invest 100 million won, and you must explain the need to enter Korea. |
|
6 |
It takes about 2 months from the first company establishment to the visa application period. |
|
7 |
It is easier for dispatchers to be at the executive level or higher. |
○ The procedure for establishing a local corporation is divided into four major steps.
① Foreign Investment Reporting Procedure
② Company establishment registration procedure (individual business registration procedure)
③ Business registration procedure (tax office having jurisdiction over the address of the establishment company)
④ Foreign-invested company registration procedure
○ In the case of foreigners, only foreign investment notification before company establishment registration and foreign-invested company registration after company establishment registration are added.
Once all documents are ready, you can issue a visa or change your qualifications after making a reservation at . Hi Korea
| Required documents for individual investor’s D-8 visa application (Additional documents may be required depending on the country and circumstances.) | |
|---|---|
|
1 |
|
|
2 |
Investor’s passport copy |
|
3 |
Proof of professional manpower |
|
4 |
Documents proving the source of funds |
|
5 |
A copy of business license |
|
6 |
shareholder register |
|
7 |
Foreign-invested company registration certificate |
|
8 |
office lease agreement |
|
9 |
Foreign exchange purchase certificate |
|
10 |
Telegraph |
|
11 |
Bank statement |
|
12 |
Corporate tax documents |
|
13 |
Corporate entity documents, etc. |
|
14 |
Power of Attorney |
| Documents for dispatched visitors (Additional documents may be required depending on the situation.) | |
|---|---|
|
1 |
|
|
2 |
A passport copy |
|
3 |
A resume |
|
4 |
A copy of diploma |
| Overseas Headquarters Documents (Additional documents may be required depending on the situation.) | |
|---|---|
|
1 |
A copy of business license |
|
2 |
A dispatch order |
|
3 |
Employment certificate |
|
4 |
Reason for dispatch |
|
5 |
Headquarters Introduction |
| Required documents for Korean corporations (Additional documents may be required depending on the situation.) | |
|---|---|
|
1 |
A copy of business license |
|
2 |
A ID copy of CEO |
|
3 |
Foreign-invested company registration certificate |
|
4 |
office lease agreement |
|
5 |
Foreign exchange purchase certificate |
|
6 |
telegraph |
|
7 |
Bank statement |
|
8 |
Corporate tax documents |
|
9 |
Corporate entity documents, etc. |
|
10 |
A power of attorney |
What is D-8 visa Corporate foreign investor visa in Korea ?
If you need any professional help to get a D-8 visa, Please do not hesitate to contact us, We help you from A to Z in English 5000meter@gmail.com
Foreigners can do business in Korea by:
(1) Establishing a local corporation ( 현지법인 , D-8-1 visa / Max of stay at once is 5 years)
- If you establish your own company ( Invest 100 million KRW ) or working at a foregin investment company
(2) Business Venture visa ( 벤처투자 , D-8-2 visa / Max of stay at once is 2 years )
- If you have established a venture based on advanced technology (holding an intellectual property right, etc.) and your company has been confirmed as a venture in accordance with Article 25 of the Act or your technology has been evaluated as advanced
(3) Unincorporated Enterprise visa ( 개인기업투자, D-8-3 visa / Max of stay at once is 5 years )
- If you have invested into a company run by a Korean citizen ( Invest 300 million KRW )
(4) Technology and Business Start up visa ( 기술창업, D-8-4 visa / Max of stay at once is 2 years)
- If you have established a venture based on advanced technology (holding an intellectual property right, etc.) and your company has been confirmed as a venture in accordance with Article 25 of the Act or your technology has been evaluated as advanced
The D-8-1 is for individuals for foreign investors who wish to start up small businesses in Korea.
In this page, I’d like to show you how to establish a company and get a D-8-1 visa in Korea
First, need to establish a Local Corporation – Provisions of the Foreign Investment Promotion Act and the Commercial Act apply to investments made through local corporations established by a foreigner or a foreign company, and the established corporation shall be treated equally as domestic corporations. However, the investment amount should be KRW 100 Million or more.
Here is the flowchart of establish a local corporation in Korea
- Foreign investment notification
- Investment capital remittance
- Incorporation registration
- Business registration
- Transfer of paid-in-capital to corporate account
- Foreign-invested company registration
- Apply for a D-8-1 visa
What is foreign investment notification?
(1) Notifying persons: Foreign investor or his/her proxy
※ A power-of-attorney is required when notification is filed by a proxy.
(2) Required documents:
○ Notification form of foreign investment by acquisition of stocks (or contribution) – 2 copies
○ Private investor – Document verifying the nationality of the investor (copy of passport)
○ Corporate investor – Certificate of incorporation (certificate issued by a foreign administrative
agency, such as the Commerce Department)
○ A power-of-attorney (when notification is filed by a proxy)
(3) Processing period: On-the-spot
How to make remittance for D-8-1 visa
(1) Capital remittance: Investment capital can be remitted to domestic banks from overseas
(2) Remittance account
○ A non-resident account in foreign currency is opened, or a temporary account number issued by
the designated foreign exchange bank is used for remitting funds.
○ When using a temporary account number, investment capital can be remitted and received with
only the name of the recipient and information on the recipient bank.
(3) The remitted foreign investment capital shall be converted into Korean currency and transferred to
an account for depositing payment for stocks (securities subscription deposit account).
(4) When this transaction is completed, the bank shall issue a securities subscription deposit certificate,
which is required for registration of incorporation.
※ In order to issue a securities subscription deposit certificate, banks may request notarized copies of
the articles of incorporation, inaugural meeting minutes, minutes of the board of directors
meeting, certificate of stock receipt, etc. Therefore, it is required to check the list of required
documents in advance.
How to make incorporation registration for D-8-1 visa
Documents to be prepared by the applicant
1. Application form for incorporation registration
2. Articles of incorporation (Notarization by a public notary required. Notarization is exempted where a company with total capital of less than KRW one billion is incorporated by promotion.)
3. Documents certifying subscription to shares
4. Stock subscription agreement (applicable to incorporation by subscription)
5. Written consent to matters concerning issuance of shares
6. Written consent to reduction of the notice period for convocation of the inaugural general meeting (for companies with total capital of less than KRW 1 billion incorporated by subscription)
7. The minutes of the inaugural general meeting (incorporation by subscription) or the meeting minutes of promoters (incorporation by promotion) – Notarization by a public notary required. Notarization is exempted for companies with total capital of less than KRW 1 billion incorporated by promotion.
8. The meeting minutes of the board of directors -Notarization by a public notary required. Notarization is exempted for companies with total capital of less than KRW 1 billion incorporated by promotion.
9. Securities subscription deposit certificate (Can be replaced with a certificate of balance for companies with capital of less than KRW 1 billion incorporated by promotion.)
10. An inspection report by a director, auditor, or the audit committee
11. Certificate of delivery of the pertinent property (applicable to investment-in-kind)
12. The public notary’s report on particulars of abnormal incorporation
13. A written statement by an appraiser
14. A certified copy of the inspector’s report
15. Certificate of foreign investment notification
16. Certificate of inauguration acceptance
① Korean nationals shall put his/her seal on the certificate, and attach a certificate of the seal and a certified copy of resident registration.
② Foreigners shall attach a notarized original certificate of signature, certificate of address, and a copy of his/her passport.
17. A certificate of registration of seal impression
18. Translations of the required documents (where the required documents including the directors’ inauguration acceptance are written in a foreign language)
19. Certificate of payment of registration tax as issued by the district(gu) office having jurisdiction over the area in which the business’ headquarters is located.
20. Supreme court revenue stamp.
21. Power of attorney (where an agent files the application)
22. Seal of each director and promoter (including foreigners)
23. Corporate seal
24. Application form for issuance of corporate seal card (after the registration of incorporation)
※ The documents in 11, 12, 13, and 14 apply when there are particulars of abnormal incorporation, such as investment in-kind.
※ Please check the sample of the above documents in the appendix.
How to make business registration for D-8-1 visa
1. When Incorporation Notification and Business Registration are Filed Concurrently
※ Normally, incorporation notification and business registration are filed simultaneously, using a single form provided by the tax office.
(1) Where to notify/register: KOTRA (in cases where the jurisdictional tax office is in Seoul) or the tax office with jurisdiction over the company headquarters
(2) Notification/registration period:
○ Business registration: Within 20 days of the business commencement date
○ Incorporation notification: Within two months of the date on which incorporation registration was filed
☞ In most cases, business registration and incorporation notification are concurrently processed at jurisdictional tax offices.
(3) Required documents:
○ Application forms for incorporation notification and business registration (Refer to appendix.)
○ Certified copy of corporate registration
○ Copy of the articles of incorporation (In the case of investment in kind, a specification of the objects of investment shall be attached.)
○ Original copy of detailed statement of shareholders or investors, etc. (with corporate impression seal affixed)
○ Copy of business permit, etc. (for businesses requiring permission, approval, or notification)
☞ For businesses subject to pre-notification (such as the banking business, business related to financial investment, and the defense industry)
○ Copy of lease contract (if applicable)
※ When a commercial building is partially leased, the floor plan of the leased area should be submitted. (Applicable only when the security deposit is not more than KRW 400 million in Seoul; KRW 300 million in over-concentration control areas in the Seoul metropolitan area; KRW 240 million in metropolitan cities; and KRW 180 million in other areas.)
○ Other documents:
– Notification of designation of a tax agent (where there are no employees in Korea to handle tax-related matters)
– Copy of certificate of foreign currency purchase/deposit
– Alien registration card or passport (Where the representative of a company is a foreigner or person
with permanent residency. A copy should be submitted after presenting the original copy.)
2. When Business Registration is Filed Prior to Incorporation Notification
(1) In general, incorporation notification and business registration are filed concurrently.
(2) Where a foreign investor establishes a company by means of investment-in-kind, business registration should be filed prior to importing the objects of investment-in-kind because a certificate of business registration is required in order to receive value-added tax refund when the capital goods clear customs.
(3) Required documents:
○ Application form for business registration
○ Certified copy of resident registration of the promoter(s)
○ Copy of lease contract
○ Copy of application form for business permits (if applicable) or business plan
※ When filing an application for business registration, the certified copy of corporate registration shall not be submitted, and all other necessary documents shall be submitted after incorporation is completed.
Transfer of Paid-in Capital to a Corporate Account
Upon completion of incorporation registration and business registration, a company becomes a legal entity and the paid-in capital deposited in a temporary account can be transferred to a corporate account.
※ When transferring paid-in capital to a corporate account, the certified copy of corporate registration, certification of corporate seal impression, corporate seal impression, copy of certificate of business registration, seal to be used for corporate account(s) and the representative director’s personal identification document (original copy) are required. It is recommended to check the list of the required documents in advance as they may differ from one bank to another.
Foreign-Invested Company Registration
(1) Where to file registration: The same place where foreign investment notification was filed
(2) Registration period: Within 30 days of the date on which the object of investment has been paid in full
☞ An application for foreign-invested company registration is filed after receiving the certificate of business registration issued by the jurisdictional tax office.
(3) Required documents (one copy each):
○ Application form for registration of a foreign-invested enterprise (Refer to appendix)
○ Certified copy of corporate registration (original copy)
○ Copy of certificate of purchase/deposit of foreign currency
○ Shareholder ledger
(4) Upon submitting an application with the above documents attached, a foreign-invested company registration certificate shall be issued. The certificate is required in the event of the following:
○ Overseas remittance of investment returns or profit
※ The procedure for overseas remittance has been simplified. A Foreign investor may remit investment profit overseas by presenting a copy of the foreign-invested company registration certificate, a certificate of the resolution of the board of directors (dividend payout details should be stated), and a financial statement audited by a certified public accountant.
○ When applying for a D-8 (business investment) visa:
※ Applying for a D-8 visa
① Where to apply: Immigration offices
∙ Immigration offices: Issuance of certificate of confirmation of visa issuance and change of sojourn status
② Required documents: A copy of the certificate of completion of foreign investment notification, certificate of foreign-invested company registration, a certified copy of corporate registration (or copy of certificate of business registration), a dispatch order (or certificate of employment), passport, visa application form, etc.
Apply for a D-8 visa
If you hold a D-3 or E-9 or E-10 or G-1 or C3-2 or C3-3 or H-1 ( UK, France, Ireland, Denmark, Chile, Israel, Belgium only ) or H-2 now, you can’t change your visa to D-8 visa,
You or Agency can apply for a D-8 visa with required documents