Minister of SMEs and Startups Oh Youngju on July 31 speaks at the opening ceremony of the Global Startup Center at TIPS (Tech Incubator Program for Startups in Korea) Town in Seoul's Gangnam-gu District. (Ministry of SMEs and Startups)
By Charles Audouin
A new visa for foreign entrepreneurs will help them settle in the country.
The Ministry of SMEs and Startups said it will begin on Nov. 7 to recruit applicants for the "Startup Korea" visa.
The visa was made official after the startup body and the Ministry of Justice in July this year jointly announced a plan to that effect at the opening ceremony of the Global Startup Center in Seoul's Gangnam-gu District.
In the past, those seeking a tech startup visa needed to accumulate a certain score in a program to train talented foreign workers, rank within the top 20 of the K-Startup Grand Challenge, a government startup support program, or get selected for a public project to back startups.
The new visa is a major upgrade from the D-8-4 (technological startup) in streamlining the visa issuance process. The SME body recommends applicants for the visa per immigration regulations, and the Ministry of Justice grants approval based on assessments of business feasibility and innovation of the candidates by a private evaluation committee.
If a recommended foreign entrepreneur resides in the country, he or she can apply for the visa by submitting recommendation letter to that effect at an immigration office. Those outside the country can do the same at a Korean embassy or consular office overseas.
Those interested in applying for the new visa can do so on the websites of K-Startup Portal (www.k-startup.go.kr) or the Global Startup Center (startup-korea.com). The deadline is Nov. 20.
