FOREIGNER’S INVESTMENT PROCEDURE IN KOREA
1. Foreign Direct Investment Notification
2.Remittance of Investment Funds
3.Registration of Incorporation )notification
4.Acquisition of Authorization and Permission
5.Notification of Incorporation and Business Registration
6.Opening a Corporate Account
7.Registration of Foreign Invested Company
INVESTMENT VISA (D8 VISA) PREPARATION DOCUMENT
All documents may be added or subtracted depending on the industry and investment amount.
● Integrated application form.
● Passport. 1 passport photo
●Tuberculosis screening table (countries with high risk of tuberculosis).
●Copy of foreign investment company certificate,
●Copy of business registration certificate.
●Certificate of all corporate registration details within 3 months.
●Original copy of the statement of shareholder changes.
●Copy of proof of residence.
●Copy of office rental agreement.
●Copy of corporate bankbook and corporate bankbook transaction details.
●Photos of business premises. (View of business premises, office space, signage photos, etc.)
●Documents from the country of nationality related to business experience in the relevant industry or field (if necessary)
●Documents proving the introduction of investment funds (permission (report) for foreign currency export from the relevant country’s customs office or related bank).
●Foreign currency remittance transaction statement (if remitted) or customs declaration form (if carried in carry-on).
●Foreign currency purchase certificate.
●Documents proving business performance (export performance, etc.) (if existing performance exists.
●Certification of value-added tax base, details of use of investment funds and supporting documents
●(Receipts for product purchases, office interior decoration costs, domestic bank account deposit/withdrawal statements, etc.).
●Foreign occupation and annual income amount report
| Industries excluded from foreign investment |
| postal business central bank development financial institution ※ Korea Development Bank, Korea Export-Import Bank under special law personal deduction business Business deduction business alchemy Financial market management business Other financial support service industries ※ Foreign investment is allowed in other financial support service industries other than financial product exchange services such as bill clearing business. legislative body Central highest executive body Fiscal and economic policy administration Other general public administration Government Agency General Auxiliary Administration educational administration Culture and Tourism Administration environmental administration Health and Welfare Administration Other social service management administration labor administration Agriculture, Forestry and Fisheries Administration Construction and Transportation Administration Postal and Telecommunications Administration Other industrial promotion administration foreign affairs administration defense administration court Prosecution prison institution ※ As the 「Act on the Installation and Operation of Private Prisons, etc.」 went into effect in July 2001, foreign investment is possible in private prisons. police fire station Other judicial and public order administration Social Security Administration Early childhood education institutions elementary school middle School regular high school Commercial and information industry specialized high school Industrial specialized high school Other specialized high schools junior college university Graduate school special school Social education facilities ※ Foreign investment is permitted in cases where the facility is aimed at adults as a lifelong education facility (in the form of distance education, attached to workplaces, civil society organizations, schools, and media institutions, or related to knowledge and human resource development projects) rather than for the purpose of recognizing academic ability or awarding degrees. Other unclassified educational institutions ※ Among other unclassified educational institutions, foreign investment is permitted in academies stipulated in the Act on Establishment and Operation of Academies and Extracurricular Lessons. performing artist non-performing artist industry body expert body Union buddhist group christian organization catholic organization ethno-religious group other religious groups political group environmental movement group Other civil movement organizations Other associations and organizations Foreign diplomatic missions in Korea Other international and foreign organizations |
| Restricted industries and acceptance criteria for foreign investment |
| Industry name | Permission criteria |
| Growing grains and other food crops | Allowed except for rice and barley cultivation |
| beef cattle breeding industry | Allowed when the foreign investment ratio is less than 50% |
| Other basic inorganic chemical manufacturing | Permitted except for the manufacturing and supply business of nuclear power generation fuel. |
| Other non-ferrous metal smelting, refining and alloy manufacturing | Same as the acceptance criteria for other basic inorganic chemical substances manufacturing industry |
| nuclear power industry | Un Opened |
| hydroelectric power industry | The total of power generation facilities purchased by foreigners from Korea Electric Power Corporation must not exceed 30% of the total power generation facilities in Korea. ※ Applies only to purchases from KEPCO (including subsidiaries) Allowed only in the following cases: |
| thermal power generation | Same |
| solar power industry | Same |
| Other power generation | Same |
| Transmission and distribution industry | Allowed only in the following cases: Foreign investment ratio must be less than 50% Foreign investors’ ownership of voting stocks, etc. must be lower than that of domestic first shareholders. ※ The electricity sales business only applies to the electricity sales business under the Electricity Business Act. |
| electricity sales business | Same |
| Radioactive waste collection, transportation and processing business | Pursuant to Article 9 of the Radioactive Waste Management Act Allowed except for radioactive waste management projects |
| meat wholesaler | Allowed when the foreign investment ratio is less than 50% |
| Inner port passenger transportation industry | Allowed: Passenger or cargo transportation between South and North Korea It must be a joint venture with a Korean shipping company. Foreign investment ratio must be less than 50% |
| Inner port cargo transportation industry | Same as the acceptance criteria for inner port passenger transportation business |