D-8-4 (Technology Startup) Visa and D-10-2 (Job Search and Startup Preparation) Visa: Usage and Connections
D-8-4 (Technology Startup) Visa and D-10-2 (Job Search and Startup Preparation) Visa: Usage and Connections
Introduction: The Importance of Visas Supporting Foreigners’ Startups and Employment in Korea
Korea operates various visa programs to enable foreigners to contribute to the national economy through startups or employment, helping activate the innovation ecosystem. Among these, the D-8-4 (Technology Startup) Visa and D-10-2 (Job Search and Startup Preparation) Visa are essential for foreign entrepreneurs and job seekers. This guide provides a detailed look at these two visas, their applications, and their interconnection.
D-8-4 Visa: Starting Technology-Based Businesses
What is the D-8-4 (Technology Startup) Visa?
The D-8-4 Visa is designed to support foreigners in establishing innovative technology-based startups in Korea. It is closely linked with government startup support policies and focuses on attracting foreign talent for technology-driven businesses.
Key Features
- Eligibility: Participants of the K-Startup Grand Challenge, beneficiaries of government startup support programs, and foreigners aiming to establish technology-based startups.
- Duration: Initially granted for up to two years, with possible extensions.
- Requirements:
- Submission of a business plan highlighting the startup’s technology and market potential.
- Proof of initial capital and funding sources.
- Preferences:
- Participation in government programs.
- Possession of a Venture Certification or preliminary venture enterprise confirmation.
Required Documents
- Business plan and startup idea presentation.
- Preliminary venture enterprise confirmation (if applicable).
- Proof of investment capital (e.g., bank deposit statements).
- Relevant experience and technical certifications.
Extension and Management
The D-8-4 Visa is initially granted for two years. Extensions are based on operational achievements, tax records, and the growth potential of the startup.
D-10-2 Visa: The First Step for Startups and Job Searches
What is the D-10-2 (Job Search and Startup Preparation) Visa?
The D-10-2 Visa allows foreigners to prepare for startups or seek employment in Korea. It supports the initial preparation and exploration phase for technology-driven ventures or job opportunities.
Key Features
- Eligibility: Foreigners validating their startup ideas or actively seeking employment in specific job sectors.
- Duration: Granted for 6 months to 1 year, with possible extensions.
- Requirements:
- Evidence of startup preparation or concrete job search activities.
- Submission of a detailed plan for extensions.
Required Documents
- Startup or job search plan.
- Certificates proving technical expertise and work experience.
- Financial stability documentation (e.g., bank statements, guarantor statements).
Utilization
- Used to concretize business ideas during the early stages of startup preparation.
- Allows transition to work visas (e.g., D-8, E-7) after successful job placement or startup establishment.
Connection Between D-8-4 and D-10-2 Visas
Transitioning from D-10-2 to D-8-4
The D-10-2 Visa serves as a preparatory stage for the D-8-4 Visa. Foreigners can use the D-10-2 Visa to develop a business plan, conduct market research, and validate their technology before transitioning to the D-8-4 Visa for formal startup activities.
Steps for Transition
- D-10-2 Stage:
- Develop business ideas.
- Draft a business plan and conduct market analysis.
- Prepare technology-related documentation and secure investment capital.
- D-8-4 Application Stage:
- Submit the finalized business plan.
- Undergo evaluation focusing on technological innovation and market feasibility.
Key Evaluation Points
- Performance during the D-10-2 Visa period.
- Innovation and market feasibility of the startup technology.
- Stability and planned use of investment capital.
OASIS Program: Support System for Foreign Entrepreneurs
What is the OASIS Program?
The OASIS (Overall Assistance for Startup Immigration System) Program supports foreign entrepreneurs in Korea by offering a range of resources to ensure a stable and successful startup journey. This program is closely tied to the D-8-4 Visa and provides practical assistance during the early stages of entrepreneurship.
Key Support Areas
- Startup Education: Training on Korea’s startup environment, regulations, taxes, and finance.
- Mentorship: Access to startup experts for consultation and networking opportunities.
- Startup Space Support: Provision of workspaces like incubators.
- Administrative Assistance: Help with visa issuance, company registration, and business setup procedures.
Relationship Between OASIS and D-8-4
The training and mentorship provided by the OASIS Program enhance the completeness of business plans required for D-8-4 Visa applications. Participation in OASIS also serves as a strong indicator of startup potential during the visa evaluation process.
Success Stories
Case 1: Foreign Entrepreneur Achieving Success Through Technology Startups
Mr. A utilized the D-10-2 Visa to refine his startup idea and conduct market validation. Later, he transitioned to the D-8-4 Visa and established an AI-powered data analytics startup. With initial funding from a government support program, his business became a success.
Case 2: Early Preparation Using D-10-2
Ms. B leveraged the D-10-2 Visa to verify the market viability of her technology-based product and prepare a business plan. She later applied for the D-8-4 Visa and launched her startup, eventually securing funding from domestic and international investors to scale her business.
Conclusion
The D-8-4 and D-10-2 Visas are crucial tools for facilitating startups and job searches for foreigners in Korea. Combined with the OASIS Program, these visas enable a structured and supported approach to achieving entrepreneurial success. By strengthening initial preparation with the D-10-2 Visa and transitioning to the D-8-4 Visa for full-scale startup activities, foreign entrepreneurs can turn their ideas into reality.
For foreigners seeking to start a business or find employment in Korea, these visas and the OASIS Program offer invaluable opportunities to thrive.
