Used Car Trade Korea D8 Visa Issuance Case

2025-08-12BY Immikorea

최종 업데이트: 2025년 8월 12일

Inquiry Details

Mr. A, a Chinese national who studied abroad in the United States, consulted our administrative office to start a rental car business and used car trading business in Korea. Although in his early thirties, he already had experience and a global network from studying in the U.S., operating a used car business in China, and running a real estate investment company in Dubai.

Please check if the industry is restricted for foreign investment

Although he wanted to operate a rental car business in Korea, the rental car industry is designated as a restricted sector for foreign investment, meaning a foreign national cannot serve as a representative director or board member. Therefore, we decided to establish a separate legal entity with a Korean national as the representative for the rental car business, and for the used car trade, we agreed to establish a foreign-invested corporation.

In most industries eligible for D-8 visas, restricted sectors for foreign investment are extremely rare. However, if there are concerns about national security or the industry may adversely affect the domestic economy, such industries can be restricted for foreign investment. Without checking whether your business falls into these restricted categories, you may not be able to proceed and could face unnecessary setbacks—so it’s essential to confirm this in advance.

Three Core Requirements for D-8 Visa Review (Fund Transfer / Source of Funds / Investment Authenticity)

The process of establishing a foreign-invested company in Korea for a D-8 visa involves complex procedures and documentation, which can take a long time. However, these procedural steps can be handled gradually; the most critical stage is the visa review itself. If the visa application is denied, the company formation process completed beforehand could become meaningless, leading to a loss of time and money. Therefore, the visa process should always be considered from the very beginning of company formation.

The three most important factors in the visa review are: fund transfer, the source of funds, and proof of genuine investment.

In Mr. A’s case, he transferred his investment capital of 300 million KRW from his Dubai business operations, clearly documented the source of funds, and was able to obtain approval without difficulty by providing evidence of his business experience, Chinese business track record, and corporate dividend receipts as a representative.