South Korea, also famous as the ‘Asian Tiger’, is one of the highly developed global economic powers in the present-day world. Apart from its industry-driven prosperity, the country also has an open-door policy towards foreign investment.
If you want to establish a business or open a new business branch for your existing company, there is no place better than South Korea for you. Although different sectors offer a range of opportunities, it is wise to do a market study so as to identify the most ideal approach, prior to launching a new business venture.
Consistent steps by the South Korean government for the last several years has given a boost to investment and business activities. The country is doing well in numerous sectors, specifically, electronics, processed food, engineering and automobiles.
If an expat wants to register a company and physically relocate to Korea to run your business, a business visa (D-8) would be required. One needs to apply for this at the Korean embassy or consulate of the respective country and acquire a residence permit from the South Korean immigration services. The task of getting to know the best business in Korea takes plenty of exploration and telephone calls.
Registering a company won't require you to be physically present in Korea while processing but you should provide us a number of documents required. (most of them will need to be notarized and apostilled)
Before filing your application with the authorities, you are required to register for all the essential licenses and permits that are specific to the domain of the industry in which your company will operate. Keep aside some spare time to translate the applicable documents into Korean.
The least initial investment capital for international investors that has been fixed by the Foreign Investment Promotion Act in South Korea is 100m Won (90,000 USD or 75,000 Euro). Engaging with Korean local specialists like us can quicken the registration process and get going in the shortest possible time.
1. Hire a manager who is adept at both languages, English and Korean, since all government dealings in Korea are in Korean. This would make it much easier to complete government formalities of setting up a business in the most effective and efficient manner.
2. Entrepreneurs are recommended to be consistent in their usage and signature of service contracts with their vendors and business partners while doing business in Korea.
3. Do not make your business partner or South Korean shareholders your nominee just to fulfill the requirements of doing business in Korea. You should have a partner whose contributions add a lot of value, in terms of helping you form your South Korean company.
4. As Confucianism runs deep in Korean ethics, authority and elders are well honored. Hence for serious consideration, it is a must to have an upper-class official at every crucial meeting with Korean vendors and customers.
5. Staff members in South Korea are hopeful that both, their professional as well as personal welfare is a priority for their employers.
6. Koreans are very serious about situations that make them feel awkward or embarrassed. So it is to be kept in mind to stay clear of anything that can cause such a situation.
7. To make the most of the success of your startup venture business in Korea, it is advised to carry out a thorough feasibility analysis, chalk out an elaborate business plan, and connect with the Korean Inland Revenue Department.
8. Setting up a new business in South Korea calls for a lot of communication with your local South Korean embassy and taking help from a good consultant company that has helped a lot of businesses make it big.
9. A key element for setting up a business in Korea is extensive research of the industry that you intend to invest in. It is best to outline an elaborate business plan, inclusive of an in-depth market study and facts on rivals.
10. Once your business is up and running in South Korea, yearly audited financial statements and tax returns are to be submitted to the South Korean authorities for their perusal. This entire process takes both, time and money and moreover, it is a brilliant idea to hire a consultant that is most effective and efficient in resolving this accountability.
Being a new entrant to the Korean business world, you will be required to get all the information you can lay your hands on with respect to the specific legal forms offered in this country. The best known and regular types of businesses that you can set up in Korea are the FDI Company (Foreign Capital-Invested Company), Branch Office and Liaison Office.
· Legal entity independent of the foreign company (Subsidiary of an offshore enterprise)
· Various allowances according to Korea’s FDI laws and legislation (e.g., free trade zones)
· Minimum investment of KRW 100,000,000 per investor
· Scope of getting a D-8 Investment Visa
· Chances of availing tax support & incentives
· Simpler transfer of funds to the parent company
The types of businesses that fall under the FDI Company, governed by the Korean Commercial Code (KCC) are:
Presently, the only business entity that can legally open its shares to the general public is Chushik Hoesa. Most of the entrepreneurs in Korea prefer the Chushik Hoesa of business type. It is also a widely popular corporate form with foreign enterprises setting up subsidiaries in Korea. For the vast majority, a Yuhan Hoesa more recommended.
In the system of Hapmyeong Hoesa a general business partnership is established between two or more partners. In this case, unlimited liability is to be preserved between the partners. The entity is accountable for corporate taxes and therefore, is not a privileged entity.
In a Hapja Hoesa type of partnership, one or more partners must continue with unlimited liability and one or several partners can practice limited liability. The entity holds the responsibility for payment of Korean corporate taxes and hence, cannot be regarded as a pass-through entity.
Hapja Johap shares similarities with Hapja Hoesa. In a Hapja Johap one or many partners can have unlimited liability and one or several partners may have limited liability. The big distinguishing factor between Hapja Hoesa and Hapja Johab is that Hapja Johap, similar to Johap (partnership) is not an independent legal entity.
The tax treatment issues being unsettled; nevertheless, it is likely to get a double taxation waiver, hence, it is supposed that it will be considered a pass-through entity. Following the resolution of the tax treatment issue, this format may be in majority of the scenarios, a more suitable solution than the Yunhan Hoesa. This is in the case of those who are likely to gain from the pass-through character of the entity.
Yuhan Chaekim Hoesa resembles U.S. LLC in a lot of ways. This is aimed at providing the benefits of both, Yuhan Hoesa and Chushik Hoesa. The liability, in this case, is limited; shares can easily be transferred between members, bonds can be issued, there are no rigid capitalization prerequisites, no rigid director or auditor regulations are enforced and if the entity chooses to exit, the formalities are easy.
Yunhan Hoesa is a tightly-knitted company that is now allowed to have more than 50 shareholders. Lately, some of the international firms (as well as a few international hedge funds) have opted for the Yuhan Hoesa corporate structure.
Several businesses have, in recent times, opted for this type of a corporate configuration, considering the likelihood of U.S. and E.U. tax rebates (pass-through benefits) and easy reporting directives. Moreover, a few provisions are related to directors, publishing balance sheet and accounting. However, securing shares and releasing corporate bonds is illegal.
· Regarded as the same legal entity as an overseas company (Headquarters)
· An out-of-the-country manager is designated as the branch manager
· The characteristics of the branch can be attributed to those of the headquarters
· Might participate in generating revenue in Korea
· Has the option of not engaging in revenue generation in Korea.
· Set up with the purpose of a company to carry out R &D, advertisement, research and look into ways to enter the Korean market.
Foreign companies that have been permanently established in South Korea have to pay taxes on their Korean-derived income. Foreign firms that produce income earned in Korea without having a permanent set up in the country are liable to pay taxes within the range of 2% and 20%.
Chargeable income earned in Korea comprises services to natural individuals, interest on bonds and financials, rent revenue from ships and large equipment. There are also provisions for foreign tax rebates, but fixed at the minimum amount paid overseas or the sum of Korean income taxes times the ratio of foreign-source earnings to global total chargeable income.
Foreign companies that have a permanent set up in Korea are charged the standard corporate income tax on the income that they earn in Korea. Foreign enterprises that are not permanently established in Korea, but earn income in the country from allowable operations are liable to be taxed within the range of 2% to 20%. These qualifying operations comprise personal services, interests on bonds and financial instruments and leasing income from vessels and heavy equipment.
Companies can avail of foreign tax credit, but it is fixed at the lower amount of the tax paid overseas or the Korean tax chargeable multiplied by the ratio of income earned abroad to the total chargeable income.
For inhabitant businesses, capital gains are just another ordinary business income and attract the normal corporate tax rate. For foreign businesses, capital gains earned within Korea attract taxes of either 11% of the sales or 22% of the gains (the lesser of the two). By and large, special taxes are not imposed on gains resulting out of mergers.
Foreign businesses and persons with holdings lower than 25% of the outstanding shares of a registered firm for five years prior to the share transfer get tax relief, irrespective of whether a tax treaty is applicable or not. Contrary to this, the management of capital gains earned by nonresidents is based on the stipulations of the relevant double taxation agreements.
A reform plan to lower the rate from 25% to 5% effective July 2018 has been deferred to be reviewed before 2018 closes. Discussions are on regarding imposing a tax on capital gains earned from cryptocurrency transactions.
A dividends-received deduction (DRD) is applicable to dividends transferred among inhabitant enterprises. A variety of tax incentives are provided on eligible operations that are in line with the Tax Incentive Limitation Law, along with investment in advanced technology businesses or those situated in free trade zones.
The investing company enjoys a 3-year or a 5-year tax holiday, after the year it starts earning income that can be taxed. The company then avails a 50% tax rebate for two years after this beginning period of exemption from taxation.
Launching expenditure, like incorporation spending, founders’ wages, and registration charges and taxes can be deducted if the expenses are logged according to the articles of incorporation and actually attract a payment.
Net operating losses can be postponed for 10 years as far as 70 percent of a financial year's taxable income (lowered from 80% as of 2018, will undergo further reduction to 60% on 1 January 2019) (is applicable to every company, except SMEs). Rescheduling losses are not allowed for large companies; despite that, SMEs can push back their losses to the preceding accounting year.
A capital registration tax of 0.48% (or 1.44% for Seoul Metropolitan Area) is imposed. A property tax of 0.15% to 0.5% (0.24% to 0.6% plus additional education cost) is imposed on business as well as residential property and buildings. A company holding real estate worth more than KRW 600 million, is liable for payment of real estate tax besides property tax. Token stamp duty applies to contracts related to creation, transfer and change of rights.
An acquisition tax of 4.6% (including surcharge) is usually applicable on purchase of real estate, automobiles and heavy equipment (a house purchase may gain from a lower tax rate between the range of 1.1% and 3.5%). A registration tax between 0.02% and 5% is charged on the activity of registry of the creation, modifications, or lapse of property ownership rights or other titles and incorporation with the relevant authorities.
With most of the passports, there is no need for a visa to stay up to 90 days in South Korea. However, it is a must for the traveler to have a passport valid for 6 months outside of the stay, a back and forth ticket and enough money for the duration of the stay. There may be a requirement of a visa in case the travel to South Korea is for reasons apart from basic business meetings.
After registering a company, if you would like to physically stay and do business in Korea, you will need to apply for your visa. D-8 visa will allow foreign investors to stay in Korea while running the business under the foreign-invested company. Application for the visa should be made 30 to 90 days before your travel to South Korea. The validity of the Visa starts from the date of issue. The validity of the issued visa is decided by the Embassy/Consulate and may not be the same as shown in the advertisement.
Korea is one of the top-rated countries in the world, in terms of its power supply, water resources and telecommunications network. Electricity is consistently available, at nominal charges, on the other hand, water to be used for manufacturing purposes is also easily available from local sources in the majority of the cases. The whole country is well-connected with mobile broadband services that can be availed in just a day via wired or wireless service provisioning.
The Government of Korea aggressively safeguards intellectual
property rights with its consistent endeavors in the direction. It has also
made the patent examination process highly efficient, with regular examinations
at much shorter intervals, as compared to those in other developed countries.
This blend of sturdy IPR security and swift patent services is another reason for
Korea’s safe and secure investment environment for foreign investors that makes
it Business in Korea
For more information about doing business in Korea, contact us. We are specialized in Korea company incorporation, tax & accounting, visa, corporate bank accounts, etc.
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. With us at your service, you are just a click away to make things easier for your Korean immigration. Contact us to know more.read more