The Financial Services Commission (FSC), the Ministry of Justice and the Fn Hub Korea (the Center) of the Financial Supervisory Service have agreed to issue the "Financial Investor Express Card" with an aim to increase the number of foreign executives of foreign financial institutions eligible for fast-track immigration lanes.
Also, the Center has published the "Visa & Immigration Guide for Foreign Employees of Financial Institutions" to help meet foreign employees' needs related to immigration and visa issues.
Financial Investor Express Card
With the introduction of the Financial Investor Express Card, foreign executives of a Korean branch of a foreign financial firm will become eligible to use fast-track immigration lanes.
So far, only the executives of a Korean subsidiary of a foreign-invested enterprise and the holders of the Investor Express Card1 have been permitted to use the fast track.
However, to reflect the contribution of branches of foreign financial firms to the Korean economy and to help attract foreign investment, the three organizations have decided to expand the benefits of fast-track immigration lanes.
The Financial Investor Express Card will be issued to deputy general managers or higher executives, holding a supervisory intra-company transfer (D-7) visa, of a Korean branch with an operation fund of KRW 7 billion or more.
The FSC and the Center will complete the preparations by the end of January 2010 and begin to accept applications and issue the card from February. (Please call Financial Hub Korea at +822-3145-7171 for inquiries)
The introduction of the card is expected to improve conveniences of foreign investors and promote foreign investment in the financial industry.
Visa & Immigration Guide for Foreign Employees of Financial Institutions
To make a better living environment for foreigners, the Center, with the cooperation of the Ministry of Justice, has been providing foreign employees of financial institutions and their families with supporting services for visa and immigration issues2 since January 2009.
The Center provides assistance to facilitate prompt visa issuance by accompanying visa applicants to the Immigration Office and resolve their immigration and visa issues.
The "Visa & Immigration Guide for Foreign Employees of Financial Institutions" written both in Korean and English has been published as part of the Center's services to help foreign employees of financial institutions handle their visa and immigration issues more easily.
The first part of the guidebook covers the definition of visa, visa issuance procedure, foreigners' stay in Korea, and provides samples of various forms related to visa and foreigners' stay and registration.
The second part provides information on the Center's support services for immigration and visa issues, and explains the support process and examples of support provided.
The Center will distribute the guidebook to financial institutions and actively promote details of its services for immigration and visa issues, while continuing its effort in cooperation with related organizations to strengthen services to improve foreigners' living environments.
*Please refer to the attached PDF for details.