Setting up a business in Korea as a foreign invested company
A business must be set up as a foreign invested company before D-8 visa is to be applied at immigration office.
Process time: 1-4 months
1. To obtain a Certificate of FDI Notification, you need to have at least 100 million won (about $91,800) in foreign direct investment capital which should be 10 percent ownership of the company’s stocks, and you also need to have an attorney-notarized certificate of nationality. (FDI exceptions include certain F-type visa holders such as permanent residents, those married to Koreans and Koreans born overseas, who may all set up through generic Korean requirements.)
2. Open a local personal bank account under the investor’s name where FDI Notification has been first submitted.
3. Deposit the FDI funds to the local bank account, either by wire or by hand declared through customs.
4. Incorporate the company at the registry office.
5. Register the business at the district tax office and get a business registration certificate.
6. Obtain a “Certificate of Foreign-Invested Company” from the bank and open a local bank account under the company’s name. Transfer the FDI from the private account to the company account.
7. Apply for a D-8 visa at immigration office. The length of visa period and maximum number of transferees to the foreign invested company depends on the FDI amount and business performance.