To register a company in Korea, one can pick the most suitable setup specific to one’s business suitability, from many different kinds of enterprises and branches of industry. This decision is determined by the line of business and respective rules and regulatory provisions.
This article talks about the requirements and procedure of a Korea company registration, the important things a foreigner must know concerning accountancy and taxation framework and also the advantages and options open to a foreigner.
All the topics have been aligned in an order that is easy to understand, starting with the most attractive part; the advantages.
Placed between two of the world's economic giants, Japan and China, South Korea has a perfect geographic location. International trade between these economies is hassle-free. This makes it a strategic location to incorporate a company. An industrial installation in South Korea has the following plus points:
1. If you want to incorporate a limited liability company, you will need at least one director and a shareholder. The person doesn't have to be Korean - any nationality can play a role as a director and a shareholder. For foreigners though, you must have at least KRW 100M (equivalent to USD 90,000) to set up a foreign-invested company and apply for an entrepreneur visa (D-8).
2. There can be any number of foreign currency accounts and at the same time, there are no limitations on the returns of capital gains.
3. In 1998, the Foreign Investment Promotion Act was framed by the Korean government, to draw Foreign Direct Investment (FDI) in South Korea foreign company. The Act brought 99.8% of Korea's industries within the reach of foreign investment and served as a strong security cover for investors' interests. The Act also provides foreign investors with incentives such as tax relief, cash benefits and inexpensive land.
4. South Korea prospers in an environment of technologically advanced air, land and sea transport system, making it quicker to move goods and raw materials within the country.
5. South Korea is made up of very qualified manpower having a literacy level higher than 97% and a technologically advanced rate of 60%. According to employment surveys, 80% of adults between the age group of 25 to 64 are university educated.
6. Incheon International Airport is a major supply and transport hub in Northeast Asia, having the latest and advanced features. This is likely to enable entrepreneurs to clear their customs 50% faster.
7. South Korea’s national IQ is evaluated as the world's best. It tops the ranks in science, mathematics and resolution of issues, as declared by the OECD.
Foreign businesses or persons who are not the residents of South Korea have three main choices in terms of putting together and registering a business or company in South Korea:
This is the registration that defines a local company. However, by investing at least KRW 100M (equivalent to USD 90,000), it will fall into the category of a Foreign Capital Invested Company, or a Foreign Direct Investment Company (FDI). Korean law is beneficial to FDI firms in several ways, as against normal local companies.
An FDI company can be set up as one of the following kinds of business:
· Private Limited Company (‘Yuhan Hoesa’ in Korean) – this company has a configuration that comprises a maximum of 50 shareholders and it is not open to the public. This type of company often known as an LLC.
· Joint Stock Company (‘Chusik Hoesa’ in Korean) – this is a very popularly used corporate structure in Korea, even for FDI companies. Often, the names of companies registered on the lines of this pattern had Corp. / Ltd / Co., Ltd., at the end.
· General Partnership Company – (‘Hapmyung Hoesa’ in Korean) – this is a company structure that requires two or more partners who keep up unlimited liability.
· Limited Liability Company (‘Yuhan Chaekim Hoesa’ in Korean) – this configuration of a company is like a limited liability company (LLC) in the US.
· Limited Liability Partnership – (‘Hapja Johap’ in Korean) – This kind of a business structure resembles a Limited Partnership Company. Its legal entity is bound with its members. This resembles an LLP in the US.
· Limited Partnership Company – (‘Hapja Hoesa’ in Korean) – Different from a General Partnership Company, in this type of company, a few partners may have limited liability.
Although the FDI Company is regarded as a domestic corporation, a branch office is regarded as a foreign corporation. In this registration, the foreign headquarter and the Korean branch are one legal entity. A branch office can get into profit-making operations in Korea and is liable to the tax laws and rates that apply to local Korean firms. However, the benefits in terms of tax incentives and government support will be limited compared to local corporations or FDI companies.
Similar to the branch office, this structure of a business can be seen as a foreign corporation. However, it differs from a branch office in the way that it can only get involved in non-sales operations like market research, R&D, advertisement, business development, etc., in favor of the foreign company.
Here are the accounting and tax regulations that global investors must know before they step into the South Korean market:
1. Corporate income on South Korea is taxed at 10% on the first 200 million won, 20% on income between US$180,000 and US$20m and 22% for incomes more than US$20m.
2. The VAT in South Korea comes down to 10% on sale and transfer of goods and services. It is mandatory to submit VAT invoicing in an electronic format and if it is not done this way, penalties apply.
3. South Korea non-resident companies that have no Permanent Establishments (PEs) in South Korea have to pay withholding tax on every income item.
4. Resident foreigners have to pay taxes on their global income, in case they have lived in South Korea for more than 5 years from a 10-year period. For individuals who have lived for shorter periods are required to pay taxes only on their locally earned income and foreign-sourced income.
5. Foreigners employed in Korea are given a special rebate, while foreign immigrants and workers can apply for a fixed tax rate of 16.5% on their earnings.
6. Three-monthly VAT filing is essential even if the company is inactive.
7. Yearly tax returns must be submitted to the National Tax Service of South Korea after putting a business in place in South Korea.
8. South Korea does not levy export duties.
9. After a South Korean company is set up, yearly external audits need to be carried out if a company’s total assets exceed US$1 million.
10. Before importing any product to Korea from abroad its customs duties must be paid. The tax amount is dependent on the type of imported goods and quantity.
11. The only tax that non-resident individuals must pay on their earnings in South Korea is personal income tax.
12. For drawing foreign direct investment (FDI), the Korean government offers tax incentives to small and medium-sized enterprises (SME) like;
i) An SME investing in factory machinery or advanced office supply may avail a 5% tax credit of the invested amount, and
ii) the tax rebate for improving technology and manpower has been hiked from 10% to 15%.
13. South Korea has signed 54 DTAs (double taxation treaties), cutting down local withholding tax on payments to non-residents.
14. A company is required to file a provisional tax return with the Korean Government, including i) balance sheet ii) profit and loss statement and iii) a trial balance.
In the next 5 years, South Korea will call for tenders from foreign building firms to assist the building of infrastructure with an expenditure of US$300bn on airports, roads and railways by the end of 2020. Hence, a high inflow of global investors is expected in the times to come.
1) All business establishments must be registered.
2) In case you register multiple businesses, each business requires to be registered individually.
3) Registration can be applied for in 20 days from the start date of your business, with the necessary papers, in the civil service area of the national tax service, with jurisdiction in the area of your business address. The process of business registration can start before the start of business, but you must apply personally.
4) When applying through agents, both your and your agent’s ID cards are required. The business registration application must have all personal information and it should be personally applied for.
5) In a joint business, the registration should be in the name of one of the joint operatives of that business.
1) If one individual operates two businesses and that an individual is registered as a per-business unit taxpayer with the National Tax Service in the authority where the principal place of business is done, the individual may report and pay the related taxes for each business together.
2) Setting up 2 or more businesses including the main office or the business hub and seeking taxation per business unit, one must register with the head of the National Tax Service with authority on the location of the head office or the business hub in not more than 20 days from the launch of your business. (the business registration form)
3) If the
current businessperson seeks per business unit taxation, he/she must register
20 days before the start of the taxation period. (business unit taxpayer
Online Application: To apply online, connect to the National Tax Service website to apply.
The required documentation (on the webpage) is required in a scanned format.
Korean citizens living overseas will require the extra documents listed below:
i. A registration certificate as a Korean national living overseas, a copy of the registration report, or a copy of the Korean national’s passport photo page.
ii. In case the entrepreneur does not typically live in the business setup or has lived there for less than 6 months, he/she may appoint a tax manager and report it.
1) Basic taxpayer: Single business with anticipated
yearly sales lower than KRW 48,000,000
General taxpayers are taxed at 10% and all the VAT on the purchase tax invoice it gets while purchasing goods.
Put differently, the tax amount of the purchase tax invoice (10% of the purchase amount) is taken away.
If your previous year’s annual sales have been KRW 48 million or more, you are a general taxpayer.
2) General taxpayer: Single taxpayer apart from a
Businesses qualifying for various tax benefits when VAT is charged.
In single businesses, whose annual sales are not KRW 48 million, (VAT included), retail stores, restaurants, hair salons operating a business in non-urban regions or outside the capital area and the real estate sales, real estate brokerages, assessment businesses do not qualify for simplified taxing.
Although tax of 0.5-3% is applicable, only 5-30% of purchase tax amount may be charged and no tax invoice may be issued.
Tax amount calculation: sales × value-added
rate per business × tax rate (10%)
Although the sales amount of the businesses in the center of the city does not equal KRW 48 million, producers and real estate sales do not qualify for basic taxation.
1. One copy of Korea Business Registration form
2. Copy of
lease agreement (only for businesses that lease).
Given for sublease agreements, a copy of the sublease agreement was required (consent or authorization from the building owner shall be marked.)
3. Copy of the Permission (registration, report) Certificate, (corresponding businesses) – If registration has happened before the Permission (registration, report), the Copy of the Business Registration Application or such as Permission (registration, report) or the Prospectus
4. Partnership Agreement (for Cooperative Businesses)
5. Korean citizens living overseas, documents showing that they are foreigners: passport copy or copy of the alien registration card. For non-Korean residents: tax manager designation report.
2) For-profit Corporation
1. One copy of the Application for Korea Company Registration Incorporation and the Business Registration Form
2. One copy of the Korea Corporate Registration
If no consent is given to confirm the personnel in charge, the applicant should directly submit the document.
3. (Corporation Name) One copy of lease agreement (only for currently leasing businesses)
4. One copy of Shareholders or Investors List
5. One copy of the Business Approval, Registry, and Report stamped Certificate (only for the respective enterprises) – In case the registration (registration, report), before the permission registration: a copy of the permission (registration) application or business plan
6. One copy of List of in-kind Contributions (limited for in-kind contribution corporations)
3) Non-profit Koreans
1. A single copy of Application for Registration Incorporation and Business Registration form
2. A single copy
of the Corporate Register
If there is no consent to the confirmation of the personnel, the applicant must personally submit the document.
3. (Corporation Name) A single copy of the lease agreement (solely for businesses currently leasing)
4. One copy of the Business Permission, Registration, and Report stamped Certificate (only for the corresponding corporations) – If the registration (registration, report), before the permission registration: a copy of the permission (registration) application or business plan.
5. A single copy of Incorporation Permission Certificate from the concerned authority.
1. A single copy of the Application for Registration Incorporation and Business Registration form
2. A single copy
of the Corporate Register
Refusal of consent to the confirmation of the personnel in charge requires the applicant to directly submit the document.
If the registering business is a non-registered corporate branch, the minutes from a board of directors’ meeting can confirm setting up of the branch. (Calling a board of directors’ meeting is tough because of issues like direct sales shop creation, a copy of the document with the CEO’s sanction.)
3. One copy of the lease agreement (only for business leasing at present)
1) A business registration certificate is issued 3 days after applying for registration.
2) The certificate is issued after consultation and verification of the essential paperwork in the civil service area.
3) Given that, however, from the application content, if there seems to be a doubt of the hidden name or the hidden membership of the credit card, etc., before giving the business registration certificate, the national tax office carries out the site review and issues the certificate after confirmation of normal business.
Since the last few years, South Korea company registration has become as easy as attracting more investment and entrepreneurship. With a well-to-do economy and an inviting stance towards foreign investment, Korea is definitely where your business should be, especially for expansion in the Asian market.
We provide from Korea company incorporation, monthly accounting, payroll, tax and visa services. Most importantly, we put our best efforts to understand your company registration requirements and give you solutions that are not just best for you, but also comply best with the local laws. Get in touch with us to know more.
The Republic of Korea offers a range of visas for foreigners looking to settle in the country. However, in this article, we will look at the provisions for the application of D-8 (business investment) visa. If you want to set up a small business in Korea, the D-8 visa is just the right thing for you. Apart from this, the D-8 visa also covers the requirements of foreign employed managers of domestic companies, officers, senior managers or employees with expertise. Business Investment Visa (D-8) 1. Eligibility for a D-8 Visa A business investment (D-8) visa is suitable for key professional experts involved in the management, corporate governance, manufacturing, engineering, or research of a foreign-invested enterprises, according to the Foreign Investment Promotion Act. Foreigners employed within Korea, general managers or engineers and service companies who can be substituted by local manpower resources do not fall in the category of critical professional experts. Key Professional Experts · Specialist A highly professional individual with exclusive expertise and knowledge vital for research, design, and technology and management core to the service provided by the company, is a specialist. · Senior Manager A senior manager is in charge of the operations and business activities of a company, or the objectives and policies of a department. Top leadership (barring specialized service providers) or staff members who directly provide services, are not part of this classification. · Executives An executive is an individual with fundamental control over business administration and major say in decision-making. Being among the topmost members of a company, an executive reports exclusively to the Board of Directors and shareholders. (An executive has no direct participation in the service delivery or the organization’s service-linked business.) 2. Application and Issuance The process to get a business investment (D-8) visa is as follows: · A foreigner is required to present the concerned papers to an overseas diplomatic mission to apply for issue of visa. The chief of a diplomatic mission is authorized to issue a business investment (D-8) visa for a maximum of one year stay. · If the authority that issues visas is not with the head of a diplomatic mission abroad, a foreigner can submit an application for issue of visa once he/she get a certificate of confirmation of issue of visa or a certificate number, from the immigration control office that regulates the inviter’s place of stay. · If a foreigner is in Korea without a visa or with a short-term visa due to compelling reasons, he/she can apply for permission to change the status of sojourn at the immigration office that decides his/her place of sojourn or at KOTRA’s Investment Consulting Center. Essential Paperwork for a Business Investment (D-8-1) Visa Approximate paperwork that may be required for review · Dispatch order in the case of employees sent to Korea · Description of modifications in shareholders (master copy) · Corporation registration certificate released in the last quarter · Foreign-invested company registration certificate copy · Business registration certificate copy · With respect to citizens of countries having a lot of cases of tuberculosis, a certificate of tuberculosis examination is a must (provided by the local community health center) · Application form for issue of visa or application form for confirmation of issue of visa · Passport (copy of passport in the case of application for issue of visa), color photo for passport, service charges · Employment certificate from the company headquarters (for employees sent to Korea) · Certificates of education as a crucial professional expert (any of the following): technical certifications (for engineers), career certificate, company hierarchy, diploma · Statement proof of tax payment (specifying payment of corporate tax, grade A gained income tax, etc.) · Paper confirming the place of sojourn (property rental agreement, etc.) · Paper affirming introduction of investment funds · Cash investments – Document showing permit to deal in foreign currency, from the tax authority or bank (financial institution) of the investor’s country of origin (where appropriate) – Description of introduced investment funds (remittance certificate, certificate of buying foreign exchange, customs entry, etc.) · Material investment – Copy of completion certificate of material investment (from the Commissioner of Korea Customs Service) – Completion Certificate of import declaration · Other papers for submission by each investor, with investment below KRW 300 million · Record certification of capital spending o Receipt for goods bought, office interior decor expenditure, etc. o Withdrawal and deposit logs of a domestic bank account, etc. · Withdrawal and deposit logs of business account · Document endorsing an operational business setup o Office lease contract o Snapshot of building, work facility, signposting, etc. · Certificate verifying business experience in the relevant industry or field (if necessary) Service charges (revenue stamp): Is different in different countries because of reciprocity principles. The exact amount can be found out from a diplomatic mission. * There is no processing fee to apply for the certificate of confirmation of issue of visa Further, there are 4 types of D-8 visas, with different paperwork requirements of each type. D-8-1 Incorporated Enterprise Visa For qualifying candidates posted in a foreign invested company, in line with the Foreign Investment Promotion Act. (Excluding Cuba) The aim must be to invest in a Korean enterprise (including the ones that are being established). The minimum investment must be of 100 million KRW, along with a minimum of 10% of the total capital stocks of the company, besides the voting right or a contract of dispatch and hiring of executives. Essential Paperwork · Valid passport · Visa Application form · Fee · One standard-size photograph · Proof of employment of assignment abroad · Dispatch order (should have the dispatch period) · Photocopy of business registration certificate · Documents showing the movement of capital investment · Foreign investment report form or a copy of investment company registration certificate D-8-2 Business Venture Visa for commercial enterprises adhering to the Special Act on the Growth of Business Ventures (excluding China and Cuba) Essential Paperwork · Business Venture Confirmation or Prospective Business Venture Confirmation · Photocopy of Business Registration Certificate · Fee · One standard size photograph · Photocopy of passport · Visa application form · Paperwork that shows you either have the copyrights or matching expertise. Instances of this paperwork may be Patent right card (Korean Intellectual Property Office), Utility Model Right registration card (Korean Intellectual Property Office) and Korea Technology Finance Corporation or Small and Medium Business Corporation Assessment Test Result. D-8-3 Unincorporated Enterprise Visafor foreigners who have invested in a company run by a Korean national Documents required · Fee · Visa Application Form · One Standard Size Photograph · Passport · A copy of investment company registration certificate or a foreign investment report form · Paperwork validating the use of startup capitals by a Korean local, also the cofounder · Authentic document of Business Partnership Agreement · A photocopy of Business Registration Certificate displaying the name of c-founder · Paperwork showing the transfer of investment capitals. Examples of these are declaration of foreign currency transfer or confirmation of remittance released by the Customs or a bank (financial institution) of the concerned country, photocopy of investment in Kind Completion Confirmation Letter (from the Chief of Korea Customs Service) Extra paperwork for individual investor with investment lower than 300 million KRW Paperwork showing information of the use of the investment funds product purchase receipt, office interior fee, deposit/withdrawal records of a domestic bank account, etc. Conclusion Though it may sound straightforward. The task of applying for a D-8 visa in Korea has its set of complications that we can easily resolve. For all the help to get a D-8 visa in Korea, do get in touch with us.read more
South Korea has transformed itself into a mainstream place for foreigners to make it the home for them and their business. Of the major requirements that encourage foreigners to shift base to South Korea is to work as English language teachers or to get employed in foreign enterprises. The country is recognized as being the hub of electronics and telecommunications establishments. It is a favorite business destination despite challenges faced by foreigners, such as language issues, transportation and the diverse culture. In case relocation to South Korea is on the cards for you, you must get a good deal of information before you take the first step and learn how to open a bank account. This article will focus on the different shades concerning opening a bank account in South Korea. Prepare before You Proceed to the Bank Even though different banks ask for different types of paperwork, there are some fixed basic documents that every bank in Korea will ask for: Certificate of Employment (재직증명서 | jaejikjeungmyeongseo) This is a more recent condition that a few large banks have put forward and it will not be unexpected if you are asked to produce it. It is a likely evidence or testimonial of work such as a signed agreement with your company. Bear this in mind if your purpose to be in South Korea is for work If your visit to Korea is for pursuing studies, or you are in the country on an education visa, then your institute must have a contract with some bank and should be in a position to provide you with all the help related to the information that is required to open an account. Passport/Visa (여권/비자 | yeogwon/bija) The passport along with the visa are two documents that you ought to have when you are visiting Korea to seek employment or study. Remember to carry these with you or your trip will not happen at all. The normal requirement is your passport and one more photo ID. Korean Phone Number (한국 내 전화번호 | hangungnae jeonhwabeonho) This number must be in the bank records so that the bank can connect with you for anything related to your account if required. Usually, an international number is not accepted. And it is best to let them have a number that would make you easy for them to reach if there’s a problem with your account. If you have no number that can be given, you may refer an acquaintance’s number to the bank and later, replace it with your own. Foreigner Registration Card (ARC | 외국인 등록 카드 | oegugin deungnok kadeu) If you are holding an ARC, you have the maximum number of choices for a functional account. For instance, you have the facility of online banking, the chance to have an ATM card and transfer money abroad. Once in a while, acquiring and ARC can take as much as a month. This information is already there with the banks. In case, you are not having an ARC card or it is in one of the processes that it is required to pass through before it reaches you, majority of the banks permit the candidate to open an account by simply producing a passport. However, the account holder will not be able to avail all the services of the bank or you can use it personally via a bank teller for the time being. If you visit South Korea on a short-term education visa, you may not be a qualifying candidate for an ARC. In case you do not possess an ARC you will have to let go of a few services at your bank or review your decision to open a bank account. Application Process Once you have all the paperwork, you are required to make a bank visit. It is advisable to make this visit during the early hours of the day since banks close during the midday and they are least crowded in the morning. At the Bank You need to fill in the forms that you are given, with your real name, address and phone number. Doing a check on the smaller details is needed to ensure the services that you require. After Completion of Documentation After completion of all paperwork concerning the application, a maximum number of banks will give you a bank card that is ready for use. Among the receivables are a bank book and an ATM card, in case you have requested for one. It’s a very organized process. The bank books must be kept secure as they need to be produced on demand for official purposes, as and when required. The bank books hold the same value as does your bank card so in case of loss of either of them, the bank authorities must be immediately informed. It is always better to get used to keeping your bank book regularly updated, to the tune of a minimum of once a month. This in return keeps you well aware of the present status of your account balances and how you are financially placed. This is Essential to Your Account Here are some of the more specifics that might be necessary to get to know with respect to your account and services that come with it. Online Banking Every principal bank offers the facility of internet banking and all international banks have options in English as well as other languages). Nevertheless, the options in general, are fixed and precise and will be advantageous for the majority of the common transactions. Therefore, it is beneficial to have them. Categories of Account In the capacity of a multi-functional bank account, a maximum number of foreigners will prefer to go for a regular account. It is to be noted that the amount of interest that comes to your account is very less. If an account is to be opened with the perspective of long-term savings then opening a savings account would be a much better idea. The longer the money remains in the account (term of deposit), the higher will be the rate of interest. Foreign Currency Accounts A different way of banking in South Korea is by way of a foreign currency or multicurrency account. This banking is as a rule online in nature and geared towards enabling you to run your account 24/7. Across the frontiers, offshore business accounts can also be considered a choice, when the intention is to carry out transactions in Korean Won denominations and there is no need or possibility to open a bank account in South Korea. Online money transfer specialists help run these accounts. The charges for such accounts are much cheaper and they provide much better rates of exchange, as compared to a typical bank. A Few Highlights Although South Korean bank accounts do not have a general practice of applying maintenance charges, the account holder might face a few other types of charges. One rule that stands out is the practice of applying charges for use of an ATM outside of official banking hours. Other applicable charges may be: · On receipt of ATM card · On conclusion of a transaction with a teller · On the use of an ATM outside your network Conclusion Opening a bank account in South Korea is a process that can just take a day to complete. Also, many major city branches have provisions to offer their services in English. However, the candidate is required to be physically present. Contact our specialists so that we can help you open a bank account in South Korea.read more
If you are an F4 Visa holder in South Korea, you have the same entitlements and liberties as a citizen of the Korean republic. Hence, having this visa makes it easy to get a job in any enterprise or company in the country. The Korean Department of Immigration and the Korean Department of Consular Affairs (Korean Consulates) issues this visa. To be eligible for this visa, you must be: · An overseas Korean National (Kyopo) · A Korean who has changed his/her citizenship · A Korean who has migrated to their current country of citizenship before 1948 · A Korean who was born in another country with that country’s citizenship · Foreign Nationals Your Visa Requirements · Visa application form - download it from here · Your home country’s Passport - Your passport, along with 2 copies of your passport photo page. · Birth certificate - The original and 2 copies. · Parent’s U.S. citizenship papers - The original along with 2 copies. After you have submitted it with your Visa, you get a receipt. · Family Registration - these are of 2 different types. Two of each are required. Both are supposed to be originals with the official Korean Stamp on them. All of them must be originals. Each of them costs 1,000 won. (Equivalent to 1 USD). · 2 Passport Photos · Payment is to be made via cash or money order. · 2 self-addressed stamped envelopes After everything is in place, you need to deposit your passport with them. You will be notified when you can come and get your passport. Eligibility 1) You must have a parent(s) or grandparent(s) of foreign nationality, who was once a Korean national. (A) Essential documentation from a parent(s) or grandparent(s): 1. Renunciation Application form (as appropriate) 2. A US Naturalization Certificate copy 3. A valid US Passport copy 4. A copy of the Korean Family Registry Personal/Kinship Certificate 5. Copy of Petition for Name Change (as appropriate) (B) Required Documents for Visa applicant 1. Police record verification clearance issued by your country Following are exempted: · Children under 13 years of age, · 60 years of age or more, · Special contributor · Independence patriots and family of the deceased, 2. Certificate of Proficiency in Korean (any of the following documents): · TOPIK first grade or more, · Sejong Hakdang elementary level 1B or more Following are exempted: · He or She has been lived in Korea with the F-4 visa · A past Korean national, · Children under 13 years of age, · 60 years of age or more, 3. A valid passport 4. Visa application form 5. Birth Certificate 6. Visa Fee ($45 for American) 7. 1 passport photo 2) You have been a Korean national and obtained foreign nationality (A) Essential Paperwork: a) Documents of renunciation of Korean Nationality for the candidates or a copy of Korean Family Registry Personal Certificate showing a record of renunciation of Korean Nationality. b) Copy of Naturalization Document Following are exempted: · Children under 13 years of age, · 60 years of age or more, · Special contributor, · Independence patriots and family of the deceased Essential Items 1. One passport-type color photo (with a white background and clicked by a commercial photographer, which is not older than 6 months). This photo must have the date stamped on its back) 2. Passport (both, original and photocopy (with a minimum validity of 6 months) 3. Visa fee: Cdn $117 (payment through cash or money order only)and Canadian citizenship certificate Mailing your application to the Consulate? Here are the mailing instructions for all those who are applying for the F4 visa.Crucial data for F4 Visa applications and others of Korean heritage: Military Service Amid twin citizenship holders, who were not born in Korea but their names are part of their family register (Hojokdeungbon), only those who have given up their Korean citizenship are eligible to apply for F4 visas. Adults from 18 to 35 years of age, who retained their South Korean citizenship before reaching the age of 18 years, are prohibited from surrendering their Korean citizenship except for the following scenarios: 1. Have been exempted from military service, or 2. Have completed their military service It is important to know that men within the age bracket of 24 to 35, who have retained their Korean citizenship before turning 18, apply to the Consulate for deferring military enlistment. (For a short-term trip to Korea). To know more, you need to get in touch with the Consulate. Entering, Living in and Leaving Korea People who obtain F4 status, are privileged in the following ways: 1. They are allowed to reside in South Korea for up to 2 years and this period can be extended by filing an application. 2. They are allowed to participate in nearly every professional activity, except for inexperienced manual labor and speculations. Nevertheless, to be employed in specific government job. individuals must be eligible for that position (law, medicine, etc.), consistent with Korean laws. 3. Going through an alien registration process is not mandatory if the F4 visa holder has communicated domestic residency to a Korean immigration office. General Information · F-4 Overseas Korean Visa is a multiple entry visa having a validity of 5 years and the stay period for 2 years. o It is mandatory for the F-4 Visa holder to apply for a Resident Card at the Regional Immigration Office in Korea, within 90 days. · The Korean (F-4) visa holder from a foreign country is not eligible to get a job in the sector of a simple labor service or activities against virtuous public customs. Ineligibility The following persons are ineligible for the F4 visa: · A Korean male between the age of 18 and 40 years, with an official dual Korean nationality after May 1st, 2018 without performing Korean military service. His only chance of acquiring the F-4 visa will be after he turns 41 years old. · A Korean male with an age ranging between 18 and 40 years, who became another country’s natural resident after May 1st, 2018 in absence of Korean military service. He will not be able to acquire the F-4 visa until he reaches the age of 41 years. · An applicant who has breached the Korean Immigration Law in the last 3 years and has faced penalties of up to ￦7,000,000 on the whole. · A candidate who has served a prison sentence in the last 5 years. F-4 Visa – The Renewal An Overseas Korean (F-4) visa holder must get approval to expand their length of stay if they desire to continue to be in Korea for a longer time. · As a rule, the longest you can stay in Korea is 3 years. · If you have had a history of breaching Korean laws, you may not be allowed to extend your stay in Korea. · The renewal will be inked on the rear side of your current ID card. First Renewal 1. Application form 2. KRW 60,000 revenue stamp 3. Passport (valid for a minimum of 3 years) 4. Family registry (KRW 1,000: not more than 6 months old – from any District office or Village center) 5. A copy of your current lease and/or visa renewal reminder letter sent via mail 6. Foreigners who have not paid all their taxes in their home country might face visa renewal restrictions Second/Continued Renewal 1. Application (you can get it from the immigration office) 2. KRW 60,000 revenue stamp (you can get it from the immigration office) 3. Passport (valid for a minimum of 3 years) 4. Copy of your current lease and/or visa renewal reminder letter that comes in the mail 5. If you have stayed in Korea for an extended period, immigration may ask for a police clearance from your home country. In case you have criminal charges against you, but still, you qualify for renewal, a disposition certification may be required. Change/Update of Address As per the Immigration Control Act, the visa holder needs to report the change of his/her residence not later than 14 days after shifting. Otherwise, defaulters face a fine of up to 2 million Korean won (roughly equal to USD 1,900 or EUR 1,500). Any such change must be brought to the notice of the Immigration Office or the local District Office that has authority over your new residence. Validation of the change is noted at the rear side of your ID card. This is free of charge. All the essential paperwork required to upgrade your address is just an application. (can be taken from the immigration or district office) Damaged, Misplaced, Stolen, or ID card If you have misplaced, damaged your ID card, or it has been stolen, this should be brought to the notice of the Immigration Office, not later than 14 days of the theft or loss. Any breach of this process would attract penalties as high as 1 million Korean won (around USD 1,000 or EUR 720). The essential paperwork is: 1. Application 2. One photo (3cm x 4cm) 3. Passport 4. 30,000 KRW for a new ID card 5. Delivery Fee (may be optional) For immigration click or visit www.hikorea.go.kr Conclusion Thus, in a nutshell, you have heaps of options, as far as the F-4 visa is concerned. 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