Hello everyone! Here is a good news for those who are willing to invest in Korea. (and also for the those who have invested already!)
According to the FSC and FSS, foreign investors will receive the improved services for their convenience;
1. Immigration procedure will be shortened through a upgraded system of issuing FIEX Card.
|What is a FIEX Card?The Financial Services Commission(FSC), the Ministry of Justice and the Fn Hub Korea(the Center) of the Financial Supervisory Service have agreed to issue the “Financial Investor Express Card” with an aim to increase the number of foreign executives of foreign financial institutions eligible for fast-track immigration lanes.
Source: FSC’s Press Release (2010. 01. 13)
-The Existing System:
Receive Applications of Issuance (FSS) → Inspection from a separate committee → FIEX Card Issued → ≪Takes long time≫
-The Improved System:
FIEX Card Issued if objective standards met the requirements
→ Strengthen the function of the Post Management
|Objective Standards:1) One should belong to foreign finance company (business fund above 7 billion won)
2) One should possess D-7 or F-5 visa
3) One who is either a branch manager or a sub-manager /
One who was recommended by a branch manager
4) One who never violated Immigration Control Law
※ Expected Effects: Users’ convenience will be enhanced by the shorter period of issuing FIEX card
(avg. 21days → max. 10days)
2. More investors are allowed to issue the FIEX Card by extending the range of the applicants.
-The Existing System:
Only branch managers and sub-managers are able to issue the card regardless of their contribution to Korean economy
-The improved System:
*Employees recommended by their branch manager (depending on the size of the business fund) are now able to issue the card.
*One who possesses F-5 visa is included as well!
Standard of the Business Fund
Number of Employees to Recommend
above 150billion won ∼ below 200billion won
above 200billion won ∼ below 300billion won
above 300billion won ∼ below 400billion won
|above 400billion won||
※Expected Effects: Increased number of foreign investors
35 people (Bank 32, Insurance 3) → 54 people (Bank 49, Insurance 5)
3. Simplify the process of re-issuance when changing the passport number
-The Existing System: If the passport number is changed due to any loss, the passport holder should follow the whole issuance procedure once again.
-The Improved System: The issuance procedure can be skipped if one is able to submit the documents that can prove his passport number is changed only with all others things remaining the same.
※Expected Effects: Period of reissuance will be shortened
(avg. 21 days → Issued Immediately!!!)
Can you recognize a big difference? 🙂
I hope this change will make a contribution to Korea’s economy by providing the foreign investors with easier access!
I’ll come back with another good news! TC 😀