South korea D8 visa is not only restrictive, but also requires a lot of red tape. Since the IMF loan, South Korea has opened up to foreign-invested companies. While this is a good thing to revitalize the economy, it also comes with a lot of regulations to prevent too much dominance, and visas are the most common.
While some businesses have no restrictions on starting a business, others require a lot of capital and documents before starting, and often require a license to proceed. The same is true for foreigners investing in Korea.
Foreign-invested companies need to obtain a D-8 visa in order to fully engage in investment activities in Korea. The requirements and procedures are complicated, so it is recommended to seek professional help. Dongjul works with administrators in Korea to help you obtain a D-8 visa.
We will summarize the D-8 visa in this column, and if you have any questions after reading the column, please feel free to contact us. We’re here to help.
Checklist for getting a D8 visa in South Korea
To do business in Korea as a foreign investor, you need an investment strategy that is tailored to the local situation. You probably already have your own strategy, but have you considered the legal implications of your investment strategy? After the IMF, Korea has put in place a lot of defenses against foreign mega-capital coming into the country.
Business (investment) activities are often restricted for one reason or another. Therefore, it is advisable for the CEO to find out the following points in order to obtain a visa for a foreign-invested company.
- Have you studied the relevant business laws of the country
- Have a good grasp of how business is conducted in the country
- Have a specific business area and structure for your commercial activity envisioned
- Do you know how to start a business and who will be your supporters and guarantors when you start a new business in the country?
- Have you been actively involved in the entire process of setting up the business
As you can see, these are difficult questions for both Koreans and foreigners to answer, but for a foreigner with a language barrier, it is likely to be a waste of time in more ways than one. Therefore, it is essential to have a skilled professional to help you with these questions.
A good administrator will be able to review your situation and suggest the best solution. There are certain advantages for foreign investors to set up a business in Korea, but you need to have the know-how to navigate these benefits and restrictions.
Please read this column and contact us if you have any questions that you would like to discuss. We will listen to your situation and provide you with visa issuance and legal strategies accordingly.
South korea D8 visa for foreign-invested companies: process and key points
The process for a foreign-invested company visa starts with filing a foreign investment declaration and opening an account with a local bank in Korea. This can be done through an administrative power of attorney. Here’s how it works.
- Report foreign investment and open a bank account (bank)
- Remittance of foreign investment funds
- Registration of incorporation
- Business registration
- Registration of a foreign-invested company
- South korea D8 Visa Application
- South korea D8 Visa Approval
- Issuance of Alien Registration Certificate
Here’s the key to getting the visa. Even if you spend a lot of money preparing for the South korea D8 visa application, if you neglect the procedure, it is very likely that everything will be wasted. Therefore, you need to check the key points for visa issuance. It is recommended to check the following points beforehand.
Business plan and completeness
You need to have certified evidence of your relevant business experience, the completeness of your business premises, and your business plan. If you don’t prepare these things properly, it will be difficult to get a visa.
Funding sources
Checking where money comes from and where it goes is a basic task for administrative agencies. Even for foreign-invested companies, it is not uncommon for the money to be drawn from their own pockets. In such cases, the source of funds is carefully examined through bank records, gift records, etc. If the proof of funds is not legitimate, the foreign investment company visa will be denied. It is recommended to consult with the administrator beforehand.
Remitter’s name
For the Korea D8 visa, the sender must send money in the name of himself, his wife, or his minor children. If you send money in the name of your parents or siblings, it will not be recognized as an investment.
Each country has its own annual limit for overseas remittances. Fortunately, in Korea, investors with more than 300 million won can send money in the name of their parents and spouses. However, it’s important to note that this requires the help of a professional who can communicate with the authorities.
Conclusion
In this article, we have summarized the details of the South korea D8 visa . The D8 visa is a visa for essential professionals engaged in business management, technology, or production. Not only the parent company but also employees of affiliated companies can be dispatched, but in this case, the dispatch order must be issued by the headquarters.
The D8 visa is very difficult compared to other visa issuance procedures because it is linked to a foreign-invested company, so it is a very difficult task compared to other visa issuance procedures because it must comply with various requirements and restrictions. The cost is also quite high.
However, if you try to save money here, you will most likely end up with a professional who will not do a good job. We recommend that you hire a good administrator rather than a costly one. We provide one-stop services from establishing a foreign-invested company to visas in collaboration with specialized corporate lawyers and tax lawyers.
If you have any questions about visas for foreign-invested companies after reading this column, you can contact us through the following channels.
We look forward to solving your problems.
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