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Nov 5, 2013

Applying for a D-8 Investment Visa in Korea: The Basics

We often receive requests for information from potential clients overseas that want to open a business or office in Korea.  The potential clients are often lost, don't know where to start, and have very generalized questions about what they should do.  We often begin by helping to counsel these potential clients regarding which visa they'll be applying for to get things moving.

We often advise that one of the more common visas to apply for is the D-8 investment visa.  It's also possible to open a business on some of the "F long-term stay" visas, however, most will not qualify without significant time in Korea or family in Korea.

Thus, for most people who are new to the peninsula, the D-8 investment visa is usually the way to go.  Here is a basic list of requirements for an applicant investing not less than KRW 100,000,000:
  • Application for a visa (or Confirmation letter of visa issuance).
  • Passport (or a photocopy of a passport in the case of applications for a Confirmation letter of visa issuance).
  • Photocopy of a certificate of FDI company registration. 
  • Photocopy of a business registration certificate or incorporation register, if applicable.
  • Certificate of declaration of a foreign currency (issued by the Customs Office).
  • Certificate of remittance issued by the relevant bank (Minimum of KRW 100,000,000).
  • Photocopy of foreign currency purchase certificate. 
  • Photocopy of office lease contract. 
  • Photocopy of bank book. 
  • Business Plan

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Sean Hayes may be contacted at: SeanHayes@ipglegal.com.

Sean Hayes is co-chair of the Korea Practice Team and Entertainment, Media and New Tech Law Team at IPG Legal. He is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty.

He assists clients in their contentious, non-contentious and business developments needs in Korea and China.