The Ministry of Justice (MOJ) announced last Sunday the revision of the Enforcement Decree of the Immigration Control Act, which includes granting startup visas to foreign talents to facilitate foreign investment to Korea.
According to the Act, when foreigners who have a bachelor’s degree and intellectual property rights establish a corporation in a related industry, they are given startup visas, a type of D-8 visa.
Those who enter Korea with startup visas and have contributed to job creation by attracting investment of more than KRW 300 million and hiring more than two Koreans will be given F-5 visas.
The Korean government will grant D-10 visas to foreigners who have intellectual property rights and are willing to start a business. It will also give startup visas if they meet the stipulated requirements.
With the revision, executives and stakeholders of a corporate investor will be able to receive F-2 visas whereas the MOJ previously granted F-2 visas to private investors.
To prevent social issues including failed international marriages, the MOJ will revise the enforcement regulations of the Immigration Control Act to have more strict evaluation criteria for some immigrants before they receive visas.
According to the revision, foreigners who wish to receive marriage visas have to prove to a consul that the couple has the ability to communicate with basic Korean language skills.
Koreans who also apply for an immigrant visa for a spouse must prove their income and housing for a stable life. Whether they applied for the visa for another individual more than twice in five years will also be checked.
Foreigners who apply for E-9 visas, which do not fall under the category of professional work, need to submit a criminal record check and medical checkup results.
The MOJ plans to receive feedback on the Act through its internet homepage at www.moj.go.kr and submit the revised Act to the National Assembly.
[Reference] InvestKorea, Investment News (July 3, 2013)
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