Seoul, South Korea – The South Korean government has introduced a new "Startup Korea Special Visa" aimed at attracting promising foreign startups to the country. The Ministry of SMEs and Startups and the Ministry of Justice announced on November 6 that they will begin accepting applications for the visa from November 7 to 20 through the K-Startup Portal (www.k-startup.go.kr) and the Global Startup Center website (startup-korea.com).
The Ministry of SMEs and Startups will play a pivotal role in identifying and recommending promising foreign startups for the special visa. A committee composed of private sector experts will evaluate applicants based on factors such as business viability, innovation, potential for market entry in Korea, and contribution to the domestic economy. Successful applicants will be recommended to the Ministry of Justice for final visa approval.
Foreign entrepreneurs who have been recommended can apply for the visa at their local immigration office if they are already in Korea or at the nearest Korean embassy or consulate if they are overseas.
The first batch of Startup Korea Special Visas is expected to be issued by the end of this month following the evaluation process.
The introduction of the Startup Korea Special Visa follows the joint announcement by the Ministry of SMEs and Startups and the Ministry of Justice in July regarding plans to establish a global startup center. The center, located in Yeoksam-dong, Seoul, provides comprehensive support for foreign entrepreneurs, including consultation on residence, settlement, legal and accounting matters, visa acquisition, company registration, office space, networking opportunities, and incubation programs.
Previously, foreign entrepreneurs seeking a technology startup visa (D-8-4) had to meet stringent requirements, such as participating in the Oasis Startup Immigration Program and achieving a certain score or being selected for the K-Startup Grand Challenge Top 20.
The newly introduced Startup Korea Special Visa streamlines the visa application process by minimizing quantitative requirements and focusing on qualitative assessments conducted by a private sector evaluation committee. Successful candidates will then be recommended by the Ministry of SMEs and Startups to the Ministry of Justice for final approval.
"The Startup Korea Special Visa is part of the new immigration policy announced by the Ministry of Justice in September," said Justice Minister Park Sung-jae. "We expect this visa to enable innovative and proactive individuals to start businesses in Korea and grow into world-class companies. The Ministry of Justice will continue to implement policies to attract talented individuals who can contribute to the country's competitiveness."
Oh Young-ju, Minister of SMEs and Startups, stated, "The Ministry has been actively pursuing inbound policies to attract foreign entrepreneurs since this year. We expect the newly introduced Startup Korea Special Visa to play a significant role in attracting global startup talent and globalizing the startup ecosystem."
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