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Paths to Building a Business in Korea

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Paths to Building a Business in Korea

Most people never seriously consider starting a company.

Starting one in a foreign country like Korea? That sounds even crazier.

And when you first step into the founder’s journey, it’s easy to feel like you’re the only person who has no idea what they’re doing.

You’re not.

Thousands of founders have already gone through some version of this journey. That includes figuring out visas, incorporation, hiring, funding, and everything else that comes with building a business in Korea.

The path is rarely as straightforward as it looks from the outside.

So let’s look at a few common founder journeys and see how they can unfold.


Disclaimer: The following are fictional scenarios based on common founder journeys in Korea, for illustration purposes only. No real names are used.


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Scenario 1: Graduate Students to Founders

Sanjay (age 28) and Rajesh (age 27) are both from India. They studied together at a university in Korea, freshly graduated with Masters in Computer Engineering. Sanjay developed a consumer vehicle diagnostic system and has filed for the IP/Patent under his name. Rajesh didn’t develop that from the beginning, but is assisting Sanjay with building a pre-startup.

Upon graduation, they both transited to the D-10-2 (Startup Preparation Visa).

A Founder’s Agreement was signed, contracting that upon incorporation, Sanjay will receive 60% of the founding shares and Rajesh will receive 40%.


So what are some of the next steps they can take, to apply for D-8-4 (Technology Startup Visa)?

OASIS modules → They must each earn at least 60 points.

Company Incorporation → Required before D-8-4 application.

Patent → It was filed earlier under Sanjay’s name alone and approved. Rajesh may need to use OASIS-6/9 as his Mandatory Item instead.

TOPIK / KIIP Level → Sanjay already has a TOPIK Level 5 result, valid for two years. Rajesh is not so confident with TOPIK exam, so he is taking KIIP class at Level 5 and will take the KIIP exam soon.


Worth noting on their D-10-2 renewal…

Sanjay (D-10-2)

Total cap: 3 years

Renews every 1 year

Qualifies for this because he holds a registered, approved patent, that's one of the criteria for the 3-year tier

Rajesh (D-10-2)

Total cap: 1 year

Renews every 6 months

He's on the lower tier because he has no IP in his own name. His likely required item (OASIS-6/9, gov't startup support beneficiary) only qualifies him for the 1-year cap, not the 3-year one.


⚠️ As you can see from this scenario, visa approval is on an individual basis, not as a startup / team / company. Founders are often caught off-guard! You should always check with HiKorea website or call 1345 (Immigration Contact Center for Foreigners) for your individual visa situation. Plan your application for D-8-4 visa around the shortest visa runway in the team.


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Scenario 2: The Lone Wolf Adventurer with no Degree

Liam is Canadian, age 36. Attended college in Toronto years ago but never completed a degree. He's been working for over 16 years, including at least 8 years of dedicated game development, and has built a career as a digital nomad taking freelance contracts from game studios worldwide. He's a prolific, established game developer, but has no formal degree, no Korean university background, and no filed IP. He wants to found a startup in Korea that will bridge the gaming industry in Canada and Korea.


So what are some of the next steps he can take, to apply for D-8-4(S) (Startup Korea Special Visa)?

Academic Requirement / OASIS Points → Waived entirely under this track. D-8-4(S) minimizes quantitative requirements like academic background, and academic qualifications and OASIS scores of the applicant are not required. This is the core reason the track fits Liam, the standard D-8-4 door is closed to him without a degree, but D-8-4(S) doesn't ask for one.


Recommendation Letter (Private Evaluation Committee) → This replaces points and patents as the gating requirement. A committee of private experts evaluates the startup's business viability and innovation, and the Ministry of SMEs and Startups (중소벤처기업부) issues a recommendation letter to those selected. Liam's 8+ years of shipped game development work and his track record with studios worldwide is the evidence base he'd lean on here.


Company Incorporation → Unlike standard D-8-4, this track allows issuance even before a Korean corporation exists. He can apply and receive the visa first, then must complete incorporation within 6 months of entry. This matters for Liam since he's coming from outside Korea as a digital nomad, not converting from an existing D-2/D-10-2 status.


Business Plan / Portfolio Evidence → Since the committee is assessing business viability and innovation qualitatively, Liam needs a strong pitch deck and supporting portfolio. Prior shipped titles, revenue or user metrics from past freelance projects, and a clear articulation of what's novel about the new venture (versus just "another game studio") will matter more here than anywhere else in his application.


⚠️ As you can see from this scenario, D-8-4(S) solves Liam's degree problem, but it trades a clear points formula for a subjective committee review with a limited track record. For non-traditional founders without a degree or Korean academic background, this may be the only realistic door into a startup visa.


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Scenario 3: The Serial Entrepreneur

Olivia is Argentinian, aged 32. She studied in Korea on a D-4 (language training visa) a few years ago, then returned to Argentina and built a successful e-commerce company importing Korean beauty and K-pop goods for four years, still running today under her sister's management. She now wants to flip the model, establishing her own company in Korea that partners with newly launched Korean beauty brands and exports directly to Argentina for margin.


So what are some of the next steps she can take, to apply for D-8-1 (Corporate Investment Visa)?

Investment amount → KRW 100 million or more, wired from overseas into the Korean corporation.

Share ownership → Must hold 10%+ voting shares, or shares plus a formal executive dispatch/appointment contract.

Source of funds → Must be traceable as her own legitimately earned money. Since her capital sits in the Argentinian company under her sister's management, this is her key document to prepare.

Corporate registration → New Korean corporation required, funds wired to a temporary account, then converted post-incorporation.

Business premises → Office lease agreement required (waived for investments of KRW 300 million+).


Worth noting on her D-8-1 timeline…

  • Initial stay: 1–5 years, scaled to investment size (smaller investments typically get 1 year)
  • Extensions reviewed on business performance, not credentials
  • Her D-4 background and K-beauty experience help the narrative but aren't a formal eligibility factor


⚠️ As you can see from this scenario, D-8-1 trades credentials for capital. No degree, no patent, no committee review, but fund-sourcing and business substance carry all the weight instead.



Every person’s path to building a business in Korea is different

From the fictional scenarios above, you may have gained a better idea of the differences between D-8-4, D-8-4(S) and D-8-1 visa. Nonetheless, visa approval is strictly based on each individual’s circumstances, background, nationality, etc.


Instead of assuming that you may share the exact same path with any of the scenarios above, take action today and start checking your own eligibility.


At VizaBridge, we are happy to help guide you along your unique path. Reach out to us today HERE.

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