South Korea Investment Visa – what are the requirement?

South Korea Investment Visa – what are the requirement? – that will be the topic of today’s article.

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Introduzione

South Korea is one of the fastest growing economies in the world, has a high income market, and its GDP ranks 13th in the world. The country is among the ten largest economies in the world in terms of foreign exchange reserves, exports and total trade, which makes it an attractive place to invest. Korea has free trade agreements with over 50 countries, making the country a world leader in innovation in trade, exports, and technological innovation.

The Republic of Korea is one of the most popular CIS countries. The per capita income level is very high, which makes many expats look for highly paid jobs there. South Korea is in the world of boat owners. A huge share falls on cars in Europe, which are of high quality, beauty and reliability.

Many tourists note that life in the South Korea cannot be called a cheap country. Food prices, high taxes – everything seems to the average European who went on a trip here, not just, but very expensive. On average, prices in this state are slightly higher than in China, but lower than in Japan. If we talk about comparison, then the prices here can be compared with the cost of actual goods in Southern Europe.

There is an opinion that it was high prices that played a negative role in underdeveloped tourism. Thus, many tourists note that life here should be incredibly economical – this is the only way to see the main natural and historical sights and fully enjoy the rest.

South Korea is a country with a rich Asian culture and interesting history, which today can offer accommodation and a passport to everyone.

Not so long ago, this country was a source of immigrants who left the country in droves and headed to Western countries to do the hard work of farmers, miners and household helpers. Today, such a country can be the Philippines, it is the immigrants from this country that you will meet in most Asian and European countries. But as for South Korea, today this country has become one of the wealthiest in all of Asia and now exports not only its own workers, but such high-quality and prestigious products around the world as Samsung electronics, Hyundai and Kia cars.

This development cannot but affect the local labor market. For example, 15 years ago, there were only a few hundred expats in all of South Korea, but today this figure has reached more than one million people. But of course this amount is not so tangible when almost all expats live in Seoul 12 million.

Even if you have never thought about the possibility of moving to this magical Asian country, it has already opened its doors for you. South Korea offers a residence permit to anyone who invests in a local business.

Emigration to South Korea

If you wish to stay for a longer period, Korea obliges you to register with the local migration service. Additional permits are required for long-term stay and immigration to South Korea.

South Korea is a modern country in Southeast Asia. Its economy is in the top ten countries in the world. The development of a country with a minimum stock of natural resources over the past few decades has shown the whole world a phenomenon. Having overcome backwardness, South Korea has become a strong and economically developed state.

The country’s legislation on migration for a long time was defined as one of the most stringent in relation to foreigners, however, over the past years, its adjustment towards mitigation has been observed. Today, the number of visa options has significantly increased, on the basis of which it is possible to emigrate to the country.

Ways to obtain long-term visas to South Korea

In 2022, there are various options for obtaining a long-term visa to South Korea:

• Obtaining a job offer from a Korean enterprise, which must be agreed with the government of the country. This method of obtaining a residence permit involves issuing an S-3 visa. Those who, although they want to go to Korea to work, most often draw up this particular document.
• Studying at universities in Korea according to programs agreed by the governments of the two countries (Korea and Russia). If you choose to pursue higher education in Korea, you need to obtain a long-term D-2 visa. On this visa, you can also work, however, part-time work: no more than 20 hours a week while studying and no more than 40 hours during the holidays.
• An invitation for top managers of international corporations and for persons who have meritorious service to Korea. This invitation must be personally from the government of the country.
• People who are of Korean origin and who have proven that they have their roots in Korea, who have knowledge of the language and who have signed an employment contract with a Korean company. All this is done on the basis of the law on ethnic Koreans. Curious enough will be the chance to get an F-4 visa, which is a temporary permission to stay in the country. The visa is issued for five years and is fairly easy to renew. The disadvantage of a visa is the limited time spent abroad.

Allocate a visa type F-2, which is the essence of a residence permit in a fairly familiar form for us. It turns out in several ways. The simplest is the conclusion of a marriage union with a citizen of Korea: to obtain a residence permit, you must submit certain documents, including a marriage certificate.

For the first time, the right to long-term residence in the country is issued for three years. After the deadline has passed, it is necessary to determine whether to renew this visa or immediately apply for an F-5 visa, which is permanent residence.

Another option for obtaining a residence permit in 2022 is rather vague – a residence permit is granted to foreigners who have lived in Korea for a long time and have made a significant contribution to the life of the country.

This path can be called difficult due to the fact that there are no clear criteria by which to evaluate the contribution to the development of the country.

Another way, not that popular, but still a good option – a “professional migration” or residence permit for specialists. The F-2 visa can be issued to foreigners living and working in Korea on the basis of a specific type of visa (engineers, masters students, professors, etc.). To apply for a residence permit, you only need to have the required point number (minimum 80, maximum 120).

No one can give a guarantee that you will obtain a residence permit, but when the minimum threshold is passed, the chances can grow. If you still get this type of visa, then an F-5 visa is issued, which will give you the opportunity to live in South Korea. After a certain time, you can also apply for Korean citizenship. The advantage of this method is that a professional who has received an F-2 visa can bring his family to Korea on the same visa.

Obtaining a residence permit based on investment

Separately, one can single out such a method of obtaining a residence permit as an investment. If you wish, you can open your own business in Korea, the country provides a temporary residence permit. First of all, a C-2 business visa is issued. The price of this option for obtaining citizenship is at least 224 thousand euros – this can be a partnership with Korean colleagues, buying or opening your own company. Based on this, a D-8 visa is issued.

After a year, the visa can be extended, but it is important to show that the company is profitable and it provides jobs for Koreans. If not, there will be high chances of visa refusal.

The advantage of this method is that for 2022 the market in the country is not saturated and there is no need to open super-expensive production facilities, you can open, for example, an inexpensive restaurant.

More about D-8 investor visa in South Korea

Not so long ago, getting an investor visto in South Korea was quite simple. To do this, you had to come to the country and register a business, invest 25 million KRW in it (today it would be US$25,000) and live comfortably in South Korea.

Investor visa in South Korea But after a certain number of years, the government of the country realized that it was time to change the price tags in accordance with world standards. First they increased the minimum amount to $50,000, and a little later to $100,000. And last year there were even doubts about increasing the current amount due to the government’s displeasure with how people get a visa in South Korea without contributing to the local economy.

That is why, now, in order to get a visa, it is necessary not only to bring capital to the country, but also to earn a profit or create a certain economic activity.

So let’s take a look at how this system works. In order to get a D-8 investor visa in South Korea today, you need to make an investment of 300 million KRW (that’s approximately US$282,000) in your small business in South Korea. At the time of visa extension, the applicant must prove that the business is profitable, otherwise the visa will be cancelled.

The South Korean visa as a whole can be described as a kind of mixture of the classic entrepreneurial visa, which attracts progressive talent to come to a new country, with an investor visa, which accordingly involves the flow of new assets into the country.

Asia is a region where scientific achievements are valued much more than sports achievements. For example, if you have a promising new idea for a biotech company, then countries such as Hong Kong, Singapore, or even Japan will welcome you with open arms and more acceptable conditions than South Korea. These countries understand the value of knowledge and bright minds that are worth fighting for, even through the residence permit system.

However, not everyone can and wants to discover something innovative and very complex. For example, in order to open a restaurant or some other vital business activity, South Korea may well be a suitable place. South Korea’s visa program only requires a certain amount of money, not space ideas, which makes it easy to get a D-8 visa.

Compared to South Korea, the government of Singapore prefers fancy restaurants presented in the concept business plan, which only indicates that you will need much more funds to promote such a project than someone who decides to sell computer software in Singapore.

Requirements and conditions for obtaining a visa

You need a visa for South Korea if you are not from one of the visa-free countries including EU countries, Canada, Australia, and the United States. An indicator of 60 days is set as the boundary period of stay, and those who are planning to stay in South Korea for more than 60 days must obtain an entry permit from the representative office of the republic.

Grounds for extradition

Foreigners who wish to:

1. attend commercial events;
2. attend a conference
3. find partners to organize or expand a business;
4. conduct business negotiations.

Applicants

Business visa D-8 in 2022 can be issued to individuals who are:

• citizens whose work is related to the management / management of enterprises, at the stage of creation / operation of which foreign capital was attracted;
• foreign-employed indispensable employees of the companies mentioned above;
• founders of companies (must have the status of an intellectual property owner and a suitable level of education – a bachelor’s degree or higher);
• entrepreneurs specializing in creating high-tech businesses;
• indispensable employees who are ready to work in the field of production / technology in a South Korean company in which funds are invested by foreign investors.

Registration process

It is advisable for first-time applicants to enlist the help of a specialist. Identification of any discrepancy is fraught with complications in obtaining a business visa in the future.

Varieties of D-8 Entry Permits

• Category D-8-1 is aimed at investors willing to invest 100,000,000 won. or more to one of the local corporations.
• The D-8-2 variety is suitable for investors planning to invest in venture capital business.
• Type D-8-3 is received by foreigners who are able to invest at least 100,000,000 won in a private business.
• The D-8-4 permit can be issued by the founders of companies.

List of documents

An applicant applying for any type of D-8 visa to South Korea must submit in 2022:

1. a registration form containing the personal data of a Russian;
2. international passport;
3. standard photo;
4. alien’s registration card.

The lists of additionally presented documents (taking into account the category of business entry permit) are given below.

Business visa D-8-1 is issued on the basis of the following documents:

1. a copy of an application certified by a notary, indicating a change in the composition of shareholders;
2. copies of the company registration certificate;
3. an order confirming the fact of sending an employee abroad;
4. a certificate issued for an investment company registered abroad;
5. documentary confirmation of the transfer of funds invested in the company (you can present: a money transfer document issued by the customs service or a banking organization; a certificate issued by the customs authority confirming the fact of investment in kind; trade and other documents).

A business visa category D-8-2 is issued if:

• business registration certificates (copies);
• documentary confirmation of the activities of the venture company (in the absence of such, plans for its creation are provided);
• corporation registration certificates;
• place of residence in South Korea (provided for the presentation of a rental agreement, receipts for payment of utility bills, etc.);
• a patent/document confirming the fact that a foreigner has the right to intellectual property;
• office lease agreements;
• documentary confirmation of the high technical capabilities of the company;
• trade documentation.

Persons wishing to obtain a D-8-3 business visa must complete the package with the following documents:

1. an order to send an employee abroad;
2. a copy of the registration certificate (the presence of the names of the co-founders of the enterprise is checked);
3. partnership agreement signed by the co-founders (copy);
4. confirmation of the initial investment (issued by the Korean co-founder);
5. investment declaration or other documentary confirmation of the fact of registration of an investment company;
6. documents confirming the introduction of investment funds.

For the founders of firms wishing to apply for a visa category D-8-4, the following is provided:

• document on education (minimum level – bachelor);
• copies of registration cards of the patent/enterprise;
• an application issued by the Intellectual Property Office of South Korea;
• trade documentation;
• a document confirming the status of a participant in the OASIS program, or a certificate of its passage (the program is designed for persons with foreign citizenship who open their own business);
• documentary evidence of points accrual;
• office lease agreements.

The employees of the representative offices of South Korea have the right to request other information and documents.

Obtaining second passport in South Korea

In order to get a second passport in South Korea, you will need to spend some time in the country. In fact, there are two ways to achieve the desired goal, but the most common among foreigners is “general naturalization”.

Buy a passport in South Korea. As part of this process, you need to live in the country for 5 years and learn the basics of Korean culture. However, in addition to this, you will need to speak Korean at least at the basic level, which is logical in principle. Yes, and it’s also worth noting that South Korea is not some banana republic where you can pay US$5,000 and get a passport without an exam. Everything is strict and clear here.

Another way to get a passport is to marry a South Korean citizen. The marriage must last at least 2 years. And this process will certainly give you a Korean passport faster.

Well, of course, we will not omit such an important fact that South Korea accepts dual citizenship, which means that the applicant for a local passport will not have to give up his first passport. This definitely makes the South Korean passport even more attractive to international entrepreneurs and investors who travel frequently.

For Asians, all of Asia is like one big house, so being in South Korea, many Chinese and citizens of nearby countries call South Korea home. Of course, this comes from a part, and because of the high cost of a visa, having received which people no longer seek to leave the country. Above all, South Korea is at its peak today, and getting a residence permit in a wealthy country is always expensive.

Despite the fact that South Korea is not a tax haven and imposes a 10% income tax, this country offers a lot of opportunities for enterprising businessmen. And in a city like Seoul, you certainly won’t feel short of money, especially in today’s popular part of Gangman.

Even in a fashionable market like Itaewon, a one-course Saturday dinner with a couple of cocktails will set you back US$60. But if you hope that South Korea is a real paradise under the hot sun, then, unfortunately, this is not so, during the winter period in this country it is quite chilly and damp, which must be reckoned with.

One way or another, South Korea is an interesting option for obtaining a second passport, especially if you dream of owning a restaurant or some other simple business. It is South Korea that offers an Asian passport at a very affordable price.

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Adam is an internationally recognised author on financial matters, with over 384.8 million answers views on Quora.com and a widely sold book on Amazon.