Change from D-10 visa to academic talent F-2 visa (F-2-7) D-9 visa (D-9-5) Requirements

When applying for the F-2-7 visa by meeting the 80-point requirement as an educational talent from D-2 or D-10, most applicants apply for the visa based on employment in the E-7 (E-7-1) occupation

※ In most cases, these applicants possess a domestic master's degree or higher and meet the 80-point requirement by earning additional points from prestigious universities without income points.

In the case of the applicant A (D-10 visa holder), who also met the F-2-7 visa's 80-point requirement with a master's degree from a prestigious domestic university, A wanted to start a business rather than work in an E-7-1 occupation. Therefore, A initially requested a D-8 visa (D-8-1).

If one holds a master's degree or higher from a domestic university, there is no need to apply for a D-8 visa (D-8-1) to start a business in Korea. The D-8 visa requires the establishment of a corporation, monthly accounting fees, and limited cash flow compared to an individual business, making it less flexible.

Unless it is necessary to establish a corporation due to high revenue or tax benefits, for foreign students who simply want to start a business legally, it is more advantageous to choose the D-9-5 visa as an individual business owner, even with the same investment amount of 100 million KRW.

※ It is not mandatory for D-2 or D-10 holders to possess a domestic master's degree to apply for the D-9-5 visa. Even those with a domestic bachelor's degree can apply if they complete the Oasis program with a total score of 40 points or more.

I explained the above to A, and A agreed. We decided to proceed with the D-9-5 process. A, a Chinese national, wanted to start a travel business and a foreign patient recruitment business.

When handling the business visa (D-8/D-9) process, an unexpected obstacle may arise, which is proving the investment source, which is not related to obtain a business registration certificate from the tax office.

※ The investment source should be verified in advance before proceeding with other steps.

In the case of licensed business types, permission from the relevant authority (city/county office) is required before obtaining a business registration certificate. However, some authorities may refuse to issue a license if they question the foreigner's residence status.

For example, in the case of restaurants (food service), issues may arise when obtaining a business license. Some district offices, after inquiring with the Ministry of Justice, may state that unless the foreigner holds a D-8/D-9 visa, they cannot issue the license despite meeting other requirements.

The business license is essential to obtain the business registration certificate, and without it, it is not possible to apply for the D-8/D-9 visa. This can be problematic.

※ Recently, some district offices have addressed this issue by conditionally issuing licenses for a limited period, with the requirement to present a foreigner registration card upon visa approval. However, some offices still refuse to issue the license.

It is not just restaurants.

There are other licensed industries, including travel businesses that require a tourism business registration certificate, that may also face similar issues. The relevant authority (city/county office) may sometimes claim that the foreigner does not have the legal right to conduct business, making issuance impossible. This varies by each city/county office.

Some offices issue it without any problem, while others raise issues regarding the applicant's residence status and refuse.

I have made phone calls, sent emails, and visited in person during this process, consuming significant energy. In some cases, I managed to obtain the certificate, while in others, I had to give up because they absolutely refused.

At some point, I realized that it was unnecessary to waste energy on what was not absolutely required. I concluded that there was no need to strictly follow formal procedures.

Therefore, if an applicant wants to start a business in a licensed industry, I first contact the relevant authority to check. If it seems feasible, I proceed as planned. If not, I register the business with an industry that only requires notification (such as general wholesale, trade, or retail) and then add the licensed industry after the visa is approved.

※ Just because the industry can be registered with a simple notification does not mean choosing any unrelated industry. The industry chosen should have some relevance to the applicant’s intended business.

In the case of the applicant A, the district office (responsible for issuing the tourism business registration certificate) had previously raised issues related to residence status. Therefore, A first obtained a business registration certificate with a different industry, planning to add the tourism business category later after the visa was approved.

※ A also planned to promote Korean cosmetics through social media and sell them to Chinese customers.

Next is the source of A's investment funds.

※ Since the D-9-5 visa is also an investment visa, the source of investment funds must be proven just like the D-8 visa.

A inherited 100 million KRW from his mother B, who works as a high school teacher in China. The maximum amount an individual can remit overseas from China is 50,000 USD per year. Therefore, after signing a property donation contract, B transferred 50,000 USD to A's Chinese account, and the remaining 23,000 USD was transferred to another account of A's in Hong Kong.

Subsequently, A transferred a total of 50,000 USD in two installments of 25,000 USD from his Chinese account to a domestic virtual account (created by the bank after filing a foreign investment declaration). Additionally, the 23,000 USD from the Hong Kong account was also transferred to the domestic virtual account.

In this case, A did not go back to China for remittance after the foreign investment declaration. This was because online banking made it possible.

※ If there are no spouses or minor children, it is not necessarily required to return to the home country for remitting investment funds. Depending on the country and circumstances, it may or may not be necessary to return to the home country for remittance (in most advanced countries such as the US and Europe, remittance via online banking is possible).

Hong Kong generally allows free overseas remittance, while China restricts overseas personal investment and requires selecting a remittance purpose. However, there is no option for "investment" itself. There are options like travel, study abroad, living expenses, etc., but no "investment" option.

Here’s how to remit money from China.

There is no special method. Since you must select a category to proceed with the remittance, choose any category like "living expenses." In the "memo" section, which is used to state the actual reason for remittance, either leave it blank or write "Transfer to own account." This way, it will be recognized as investment funds.

If you specify "investment purpose," the remittance will be restricted in China. If you write anything unrelated to investment, like living expenses or study abroad, the bank that filed the foreign investment declaration will not recognize it as investment funds.

In this case, A, who holds a master's degree from a domestic university, had a score of 80 points or more for the F-2-7 visa. Therefore, instead of applying for the D-9-5 visa, he directly applied for the F-2-7 visa and received approval.

Below is the relevant information about F-2-7 visa eligibility for academic talents as stated in the guidelines.

F-2 Visa (F-2-7) Academic Talent Eligibility

- A legally residing foreigner who has obtained a master's degree or higher through a regular program in Korea (regardless of holding a D-2 visa) and is employed or confirmed to be employed in a job corresponding to visa categories ranging from Professor (E-1) to Professional (E-7-1) or from Reporting (D-5) to Trade Management (D-9) within 5 years of obtaining the degree.

Below is the list of documents submitted by applicant A when applying for the F-2-7 visa.

F-2 Visa (F-2-7) Status Change Submission Documents ※ D-9-5 Requirements

1. Integrated application form (photo taken within 6 months attached), original and copy of passport, original and copy of foreign registration card

2. Copy of business registration certificate, copy of foreign investment company registration certificate

3. Proof of residence - lease contract, etc.

4. Proof of business existence - office lease contract, office exterior, signage, interior photos, etc.

5. Proof of investment fund introduction

① In case of remittance: remittance confirmation, foreign exchange purchase certificate

※ The remitter and recipient on the remittance confirmation must be the same as the investor

② In case of hand-carry: foreign exchange declaration (for investment), foreign exchange purchase certificate

※ The declarant on the foreign exchange declaration must be the same as the investor who filed the foreign investment declaration

※ If a spouse or minor child sends the money as an agent, attach a statement of reasons for proxy remittance, a specialized document issued by the local bank, and proof of relationship (such as a marriage certificate)

6. Proof of capital usage

① Copy of applicant’s domestic personal KRW account (business account) bankbook and transaction statement, office purchase receipts, etc.

※ In the case of a business lease contract, it is possible to make a preliminary contract first and then pay the deposit with investment funds later (in this case, the landlord's account number on the lease contract must match the applicant's personal/business account transaction statement, and the transfer amount must match the deposit amount stated in the lease contract)

7.Proof of investment fund source

① Official documents that can confirm the donated content (translated and notarized in Korean or English with Apostille)

※ In China, no personal income tax is levied on non-reimbursed gifts (including cash/real estate) between family members. Therefore, it is not possible to issue a tax payment statement. However, it is possible to conclude an agreement to transfer property without compensation, which must be notarized and submitted with English translation and Apostille.

② Mother’s Chinese bank account transaction statement and confirmation of remittance to daughter's Hong Kong bank

③ Daughter’s Chinese bank account transaction statement and confirmation of remittance from China to Korea

④ Daughter’s Hong Kong bank account transaction statement and confirmation of remittance from Hong Kong to Korea

⑤ Copy of the applicant’s domestic personal KRW account (business account) bankbook and transaction statement

7.Proof of relationship between mother and daughter

※ Proof of kinship (translated and notarized in Korean or English with Apostille)

8. Business plan for the intended business (detailed by step)

9. OASIS program completion certificate (if applicable) and degree certificate

Additional documents for F-2-7 visa application

① Certificate of criminal record (Apostille required)

-Original issued by the Chinese police station (with QR code) must also be attached

② Degree certificate

③ TOPIK score certificate

④ Foreign employment declaration form

⑤ Score sheet indicating the applicant’s applicable points