THE MINISTRY OF JUSTICE IMPROVES “REGULATIONS” ON FOREIGN INVESTMENT AND START-UP VISA
- THE VISA SYSTEM IMPROVED TO ACTIVATE THE FOREIGN INVESTMENT AND TECHNOLOGY START-UP COMPANY
The Ministry of Justice implemented, in May, an improved visa system on enterprise investment and technology start-up to promote foreign investment and to make it easier for foreigners with superior technology to start up in Korea. According to the point of that the existing visa system on enterprise investment(D-8), which differently applies the number of the staff of a foreign-invested business such as executive and manager to the investment amount only and, if a foreign with excellent technical ability is to start up a technology without investment, requires a university graduate or higher in scholarly attainments, does not fit into the globalization of an enterprise and is an obstacle to the attraction of talented foreigners, the regulations on visa system are improved –the relaxation of restrictions on the foreign professional manpower dispatched to the foreign-invested company, expansion of visa issuance subject to the enterprise investment, abolition of academic requirement in visa issuance for preliminary technology start-up, newly established evaluation criteria in visa issuance for technology start-up, and etc.. the amended details are as follows.
- ■ The relaxation of restrictions on the number of foreign executives and managers dispatched to a foreign-invested company.
- (the existing law)The number of visa issuance for foreign executives and managers of a foreign-invested company is limited to one for 100 million Won of the investment amount.
- (an amendment)The number of visa issuance of foreign executives and managers of a foreign-invested company is further allowed depending on the number of Korean and the tax performance to facilitate business activities.
- ■ The expansion of visa issuance subject to the enterprise investment(D-8)
- (the existing law) The foreigners, who are staying, with visa(technical training(D-3), non-professional job(E-9), crew job(E-10), and others(G-1)) shall be allowed, to prevent the permanent settlement of visa holders, to stay on the status of enterprise investment(D-8) only if the have invested more than 500 million Won.
- (an amendment)The foreigners, who are staying, with visa(Technical training(D-3), non-professional job(E-9), crew job(E-10), and others(G-1)) shall be allowed, to prevent the permanent settlement of visa holders, to stay on the status of enterprise investment(D-8) only if an inflow of foreign capital is more than 300 million Won.
- ■ The abolition of academic requirement is visa issuance for the preliminary technology start-up(D-10-2)
- (the existing law)The foreigners with excellent technology, who are to start a business, are limited to a university graduate or higher in scholarly attainments.
- (an amendment)If the foreigners with superior technology, whom the Global Founding Immigration Center admits and recommends, start a business, the academic requirement in visa issuance shall be abolished.
- ■ The newly established evaluation criteria in visa issuance for the technology start-up(D-8-4)
- If a preliminary founder, who has been recognized technology, attracts more than 100 million Won from domestic or foreign investment company, a visa for the technology start-up shall be issued.
Sources and Inquiry: Dept. of Residence management, Ministry of Justice
TEL. 02-2110-4067