Immigration process for investors to be shortened

More foreign investors are expected to enjoy a shortened immigration process from Monday, as the financial authorities in cooperation with the justice ministry plan to expand the scope of beneficiaries of the finance investor express card system.

Financial Hub Korea (Fn Hub Korea) said they have revised the system to allow more overseas investors to enjoy a shorter and streamlined procedure from July. Fn Hub Korea is a special center established under the Financial Supervisory Service (FSS)

“It is expected that the immigration process will become more efficient and convenient for an increasing number of foreign executives and employees of foreign financial firms with faster card issuance,” an official from Fn Hub Korea said. “This will help increase investment and improve Korea’s global standing as a financial center.”

The express card system was originally launched in February 2010 to shorten the immigration process for executives and employees of foreign financial companies in Korea. Those who have the express card are allowed to use an express lane for expedited immigration procedures.

But the improved card system has expanded the scope based on branch offices’ contribution to the Korean economy.

Previously, the express card was granted only to heads and deputy heads of branch offices with an operation fund of 7 billion won or more, but the new system has expanded this to include employees recommended by heads of branch offices when its funds are in excess of 150 billion won.

All applicants should hold a D-7 (supervisory intra-company transfer) visa or an F-5 (permanent residency) visa and have no record of violating the Immigration Law.

The new system also cuts short the review process for those who qualify. Under the previous system, all applications had to go through the Financial Services Commission’s (FSC) review process after documents were submitted to Fn Hub Korea to verify their qualifications.

Fn Hub Korea expects the issuance period of the express card to be cut to 10 days from 21 days on average, making the process more convenient and efficient for applicants. Under the new system, foreigners belonging to 19 additional categories have also become eligible for the express card, pushing the number to 54. <The Korea Times/Kim Tae-jong>

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