Foreigners with status of stay for employment must report occupation and annual income
9 Dec 20
REPUBLIC OF KOREA
IMPACT – MEDIUM
What is the change? South Korea’s immigration authority now requires occupation and annual income information for foreigners with status of stay for employment.
What does the change mean? Those whose status with Intra-Company Transfer (D-7), Corporate/Foreign Investor (D-8), International Trade (D-9), Professor (E-1) through Maritime Crew (E-10), Resident (F-2), Overseas Korean (F-4), Marriage Migrant (F-6) and Work and Visit (H-2) status are now required to report their occupation and annual income when filing applications with the immigration authority.
- Implementation time frame: The change took effect Dec. 1.
- Visas/permits affected: Intra-Company Transfer (D-7), Corporate/Foreign Investor (D-8), International Trade (D-9), Professor (E-1) through Maritime Crew (E-10), Resident (F-2), Overseas Korean (F-4), Marriage Migrant (F-6) and Work and Visit (H-2) status.
- Who is affected: Foreigners with status of stay for employment; F4 visa holders can report their occupation only when they file the registration application.
- Next steps: The report forms named “Occupation and Annual Income” and “Certificate of Income Amount issued by tax authority,” will now be required when the applications are filed. However, for E type visa holders, the “Employment Contract” is required if there is no income when filing the Alien Registration.
Additional Information: Affected foreigners can report their occupation and annual income information when they file for or the following: Alien Registration, Extension of Sojourn Status, Change of Sojourn Status, Engage in Activities not covered by the Status of Sojourn, Change or Addition of Workplace or Granting Status of Sojourn. After a foreigner with a status of stay for employment makes an initial report of annual income, if there is any change in the below annual income levels, another report needs to be submitted.
|Annual Income Levels|
|None||KRW 30,000,000 – 40,000,000|
|Less than KRW 10,000,000||KRW 40,000,000 – 50,000,000|
|KRW 10,000,000 – 20,000,000||More than KRW 50,000,000|
|KRW 20,000,000 – 30,000,000|
Analysis & Comments: The change means that affected employers and employees will need to fulfil an extra requirement in order to maintain their immigration states. Employers may wish to consult with Deloitte to receive guidance on how to complete the reporting properly.
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