D-8 Visa Application for Foreign Investors in South Korea: Guidelines by Virtual Lawyer Korea
Foreign investors who establish a company in South Korea may be eligible for the D-8 visa, a visa designed to facilitate business operations for investors, executives, and entrepreneurs. The D-8 visa not only allows investors to manage their companies but also offers various long-term residency benefits. However, applying for this visa requires strict adherence to financial documentation and regulatory guidelines, especially when verifying the legitimacy and source of funds.
At Virtual Lawyer Korea, our team of experienced attorneys specializes in providing expert legal assistance for D-8 visa applications and related tasks, such as document apostille notarization and corporate establishment. Below, we outline the critical steps and documentation needed for a successful D-8 visa application.
1. Capital Verification
To qualify for the D-8 visa, each foreign investor must demonstrate an investment of at least 100 million KRW. This amount may vary based on specific circumstances, but it is essential that the capital is in the investor’s own name. Investors can meet this requirement by either transferring or physically bringing the capital into Korea.
Required Documentation:
Wire Transfer Confirmation: A document provided by the bank verifying the funds were transferred from an overseas account to a domestic account in Korea.
Foreign Currency Transfer Permit Declaration: A formal declaration verifying the transfer of foreign currency into South Korea.
The capital must be clearly traceable to the individual investor, ensuring compliance with Korean financial regulations.
2. Source of Funds
The legitimacy of the investment capital must be verified through documentation that tracks the origin and flow of funds. It is crucial to show how the funds were obtained, as this helps confirm that the investment is lawful and meets South Korean immigration standards.
Examples of Acceptable Documentation:
Real Estate Sale Documents: If the funds were acquired through the sale of property, provide contracts and transaction records detailing the sale.
Inheritance or Gift Documentation: If the investment was made using inherited or gifted funds, submit declarations, legal documents, and proof of the family relationship.
Business Earnings: For funds raised through a business, provide a valid business license, financial statements, and bank records.
Employment Income: Salaried employees should submit proof of employment and paycheck stubs for at least one year, ensuring that the funds came from legitimate employment.
By demonstrating the legal and traceable origin of funds, investors can meet the financial integrity requirements of the D-8 visa.
3. Additional Documentation for Investments Under 300 Million KRW
If the total investment amount per investor is less than 300 million KRW, additional documentation will be required following the registration of the company in South Korea. These documents are intended to ensure that the investment is being properly utilized and that the business is operating as described.
Required Additional Documentation:
Proof of Capital Utilization: Provide domestic bank statements showing the deposits and withdrawals of the invested funds. This ensures the capital is being used for business purposes.
Evidence of Business Location: Submit a lease agreement for the business premises, along with photos of the office space. The photos should include necessary facilities, equipment, and business signage.
Proof of Business Performance: This may include contracts, sales invoices, or other documentation that demonstrates active business operations.
Professional Assistance for D-8 Visa Applications
Navigating the D-8 visa process can be complex, especially when it comes to providing the necessary financial documentation and meeting South Korea's regulatory requirements. At Virtual Lawyer Korea, we offer comprehensive support to foreign investors, from company establishment to visa applications. Our team also assists with related legal tasks such as apostille notarization of documents and compliance with Korean corporate laws.
With our expertise, you can ensure that your D-8 visa application is accurate, complete, and compliant with all legal requirements, giving you the best chance for a successful outcome.
For more information or personalized legal support, contact Virtual Lawyer Korea today. We’re here to help you establish and grow your business in South Korea with confidence and ease.
