Things to Consider for D-8 Visa Change in Korea
Changing visa status to D-8 (Foreign Investment) has been classified as a subject for precision screening examination by Korean Immigration Office and the immigration office has thoroughly strengthen the application process. D-8 visa is usually applied when an assignee is transferred to a local office which is registered as a foreign invested company.
It is good to know following key points when applying for status change to D-8.
– The company can be suspected as a camouflaged investment if two or more companies are registered at the same address.
– The company can be suspected as a camouflaged investment if the verification of remittance is issued from a currency exchange office. When the company is a new business in local market, the verification of remittance must be submitted to the immigration office and the verification of remittance must be issued from the bank or the registered financial institution.
– The investment must not be transferred out of the country after the certificate of registration of foreign invested company is issued if the investor carries the investment into the country by him or herself.
Above points must be considered and double-checked before submitting visa application. If not, the visa application could be in high risk of getting rejected.
Another point to consider if the investment made to the foreign invested company is less than 300,000 USD.
– Source of investment: The investment from oversea country remitted or carried by the third party is NOT recognized as a proper investment.
– Existence of establishment: Physical office location and lease terms are also one of the considerations where short-term lease (under 6 months), a residential lease, and an online business are NOT recognized nor to be used as a legitimate place of business.
In order to examine above source of investment and existence of establishment, the immigration office is additionally requesting the original and copy of the office lease contract, and sometimes receipt of security deposit paid to the lessor of the office. Furthermore, the applicant can be asked to bring photos of both interior and exterior of the office building.
It is very important to allow enough time to prepare the visa application. If the documents are hastily prepared, there can be an error or missing document which will eventually result in delaying the visa process.