Foreign start-up entrepreneurs to have wider visa access

The government plans to give certified foreign entrepreneurs looking to set up a company in Korea wider leeway to receive a visa, as part of efforts to stimulate foreign investment, the Justice Ministry said on Sunday.

According to the proposed revision to the enforcement decree of the Immigration Control Act, an “entrepreneurship visa” will be granted as part of the corporate investment visa (D-8) to foreigners who hold at least a bachelor’s degree, have earned an intellectual property right and have established a company in the related field.

The permanent residency visa (F-5) will be given to those who have contributed to Korean industry and job creation by attracting more than 300 million won ($263,000) in investment and employing more than two Koreans.

Those looking to set up a business with an intellectual patent will be first given the employment visa (D-10) and will later be allowed to receive the entrepreneurship visa.

The ministry will also extend eligibility for the long-term residence visa (F-2) from individual investors to executives and shareholders of investor companies.

The ministry, meanwhile, said it will toughen the visa screening process for certain immigrants as part of the measures to prevent social problems derived from ill-fated international marriages.

For instance, the ministry will examine the applicant’s command of elementary Korean language in order to see if the basic level of communication between spouses is possible.

Koreans who invite a future spouse from a different country will be assessed of his or her income and residence to ensure their ability to sustain stable living conditions.

It will also review Korean spouses’ marriage history, checking if they invited more than two foreign spouses in the past five years.

Other measures included obligating foreign applicants for the nonprofessional employment visa (E-9) to submit their criminal history and physical check-up records.

The Justice Ministry will gather public opinion through its website before submitting the revision to the National Assembly for review.

By Lee Hyun-jeong (rene@heraldcorp.com)