Yes. Study (D-2) and Job Seeking (D-10) status holders who have earned a master's degree or higher from a Korean university (including expected graduates) can apply to change to Trade and Business (D-9) status if they invest at least one hundred million won, complete business registration under the Value-Added Tax Act, and intend to run a company or a for-profit business in Korea. Up to fifty million won of the investment may come from funds raised in Korea, but the rest must be foreign capital brought in under the foreign exchange rules.
This guide is for international students who have graduated, or are about to graduate, from a Korean graduate school and want to start a sole proprietorship, and for graduates preparing a business on Job Seeking (D-10) status. Many give up early because the general standard for foreign sole proprietors is three hundred million won in foreign capital, but holders of Korean degrees have a separate standard.
Key Summary
- Who: Study (D-2) or Job Seeking (D-10) holders with a master's degree or higher from a Korean university (including expected graduates)
- Invest at least one hundred million won, register the business, and run a company or for-profit business in Korea
- Funds raised in Korea count only up to fifty million won; the rest must be foreign capital under the foreign exchange rules
- Holders of a Korean bachelor's degree (including expected graduates) are also allowed if they earn a total of 30 or more credits in the Overall Assistance for Start-up Immigration System (OASIS-1 to 8)
- Funds formed in Korea are added up using the applicant's own balance certificate or records of how the capital was used
- Short-term leases (under 6 months), residential-only leases and online-only premises are in principle not accepted as business premises
- The maximum D-9 stay granted at one time is 2 years
1. Why one hundred million won instead of three hundred million?
For a change of status to D-9 as a foreign sole proprietor, the standard for a new business is a sole proprietor who has brought in at least three hundred million won of foreign capital under the Foreign Exchange Transactions Act and Regulations and completed business registration, or a sole proprietor who has invested at least three hundred million won under the Foreign Investment Promotion Act and received an investment enterprise registration certificate.
The same list contains a separate standard for holders of Korean degrees. Study (D-2) and Job Seeking (D-10) holders with a master's degree or higher from a Korean university (including expected graduates) need to invest at least one hundred million won. In the document rules this type is called the student trade and business operator (D-9-5).
| Type | Investment | Nature of funds |
|---|---|---|
| General new sole proprietor | Three hundred million won or more | Foreign capital brought in under the foreign exchange rules |
| D-2 or D-10 holder with a Korean master's degree or higher | One hundred million won or more | Up to fifty million won of domestic funds accepted; the rest foreign capital |
| Holder of a Korean bachelor's degree (including expected graduates) | Allowed as an exception to the master's requirement (details to be checked case by case) | When 30 or more credits are earned in OASIS-1 to 8 |
2. How much money earned in Korea counts?
Of the one hundred million won, up to fifty million won of funds raised in Korea is accepted. The rest must be foreign capital under the Foreign Exchange Transactions Act and Regulations. For example, even if more than fifty million won has been saved in a Korean bank account, only fifty million won of it counts as domestic funds, and the remainder must be covered by foreign capital formally brought in from abroad.
Funds formed in Korea are added up using the applicant's own balance certificate or records of how the capital was used. The part brought in from abroad is proved with remittance confirmations, foreign exchange purchase certificates, customs declarations, export declarations from the customs of the country concerned, and similar documents. How money sent by family or money held in someone else's account will be treated needs to be checked case by case.
3. Can bachelor's graduates apply?
Holders of a Korean bachelor's degree (including expected graduates) are allowed if they have earned a total of 30 or more credits in the Overall Assistance for Start-up Immigration System (OASIS-1 to 8). An expected bachelor's graduate should therefore plan OASIS courses before graduation. Where applicable, an OASIS completion certificate is filed.
Both the master's and bachelor's routes include expected graduates, so a person can qualify before the degree is formally conferred. How expected graduation is proved needs to be checked case by case.
4. Which documents are filed?
For the change of status as a foreign sole proprietor, the documents are:
- Application form and passport
- Copy of business registration, business license (where applicable), investment enterprise registration certificate (if held)
- Original and copy of the joint business agreement (where applicable)
- Proof of the joint business partner's annual income (where applicable)
- Proof of bringing in business funds (remittance confirmation, foreign exchange purchase certificate, customs declaration, export declaration from the customs of the country concerned, etc.)
- Proof of how the capital was used (purchase receipts, office interior costs, Korean bank account statements, etc.)
- OASIS completion certificate (where applicable)
- Proof of residence (lease, proof of monthly rent payments, etc.)
- Proof that the business premises exist (lease, photos of the premises, office space and signboard, etc.)
5. What kind of premises are required?
The existence of business premises is proved with a lease and photos of the premises, office space and signboard. Short-term leases (under 6 months), residential-only leases and online-only premises are in principle not accepted; they are allowed only exceptionally where unavoidable because of the nature of the business (for example, a warehouse lease). If the plan is to use a studio apartment near campus as the business address, or to run only an online store, check this rule first.
6. What is reviewed at extension?
The maximum D-9 stay granted at one time is 2 years. When foreign sole proprietors and former international students running a business extend their stay, they must show that the business is operating normally, with an income amount certificate, tax payment certificate, certificate of tax payment facts and similar documents. The certificates must be issued within 30 days, and additional documents may be requested if tax payments are low or absent. Where applicable, proof of having continuously employed Korean nationals for 6 months or more (withholding tax or employment insurance records, etc.) is also filed.
7. Common problems
- Filling the one hundred million won only with money in a Korean account, exceeding the fifty-million-won domestic cap
- Not keeping remittance and currency exchange records for money brought in from abroad
- A bachelor's graduate whose OASIS credits fall short of 30
- Filing a residential studio or a lease of less than 6 months as the business premises
- Not organizing records of how the capital was used (purchases, interior work, etc.) after investing
8. How A-One Certified Administrative Agent can help
We check the degree and status requirements and whether the OASIS credits are met, and review the mix of domestic funds and foreign capital, the remittance and capital use records, and the premises documents. The immigration office decides each case, so no result can be promised, and we do not handle litigation or court representation (outside the scope of an administrative scrivener).
Frequently Asked Questions
I finished a master's in Korea. Can all one hundred million won come from my part-time earnings in Korea?
Funds raised in Korea are accepted only up to fifty million won. The rest must be foreign capital under the Foreign Exchange Transactions Act and Regulations.
Can I apply before graduating?
Both the master's-or-higher and bachelor's routes include expected graduates. How expected graduation is proved needs to be checked case by case.
What extra condition applies to bachelor's graduates?
They are allowed if they have earned a total of 30 or more credits in the Overall Assistance for Start-up Immigration System (OASIS-1 to 8).
Can I run an online store from home?
Residential-only leases and online-only premises are in principle not accepted as business premises, and are allowed only exceptionally where unavoidable because of the nature of the business.
How long a stay can be granted at one time?
The maximum D-9 stay granted at one time is 2 years.
Related Guides
- D-8 Investment Visa Guide
- D-8-4 points system documents and the OASIS certificate
- Proving investment fund inflow: remittance and customs documents
Consultation
에이원 행정사사무소 (A-One Certified Administrative Agent) is an administrative office that supports document preparation and filing with the authorities. Fees vary by case and are explained during a consultation. Phone 02-309-3107 · Contact: https://investkorea.co.kr/en/contact