Introduction of the Startup Korea Special Visa: A Gateway for International Entrepreneurs
The South Korean government has launched a new visa initiative called the Startup Korea Special Visa to revamp the entrepreneurial landscape in the country and actively attract promising startups from abroad. This special visa aims to minimize quantitative requirements, allowing foreign entrepreneurs interested in starting a business in Korea to obtain a visa based on their creativity and innovation. In this article, we’ll dive deep into the details of the Startup Korea Special Visa program.
Overview and Background of the Startup Korea Special Visa
The Startup Korea Special Visa is a new program rolled out by the government. In July, during the inauguration of the Global Startup Center located in the heart of Seoul, officials unveiled the plans for this visa and outlined its objectives and direction. The Global Startup Center is designed to offer a variety of support services to foreign entrepreneurs, including guidance on residency and settlement, legal and accounting assistance, visa application support, and help with business establishment—all crucial services needed for foreign entrepreneurs to thrive.
Previously, under the existing technology startup (D-8-4) visa system, foreign entrepreneurs were required to meet strict criteria, such as being selected in the top 20 of government-supported programs like the K-Startup Grand Challenge, to qualify for a visa. This meant they had to accumulate a certain score through the startup immigration talent training program known as OASIS. In contrast, the Startup Korea Special Visa significantly reduces these quantitative requirements and introduces an evaluation system that prioritizes innovation and creativity, paving the way for a more flexible visa approval process.
Limitations of the OASIS Program and Existing Visa Systems
The previous OASIS (Overall Assistance for Startup Immigration System) program offered essential resources like acquiring intellectual property rights, establishing a corporation, and undergoing foundational training. However, the stringent scoring criteria made it somewhat challenging, creating significant barriers to entry for prospective entrepreneurs.
To tackle these limitations, the Startup Korea Special Visa was introduced. This program aims to identify and endorse innovative, high-potential startups from abroad, contributing to the enhancement of the domestic economy and startup ecosystem.
Key Features and Benefits of the Startup Korea Special Visa
The Startup Korea Special Visa focuses on scouting and attracting innovative foreign startups. A panel of private sector experts will comprehensively evaluate the business viability, innovation, potential for entering the Korean market, and contributions to the domestic economy of foreign entrepreneurs applying for the visa.
Entrepreneurs who succeed in this evaluation will undergo an immigration review by the Ministry of Justice, ultimately leading to visa issuance. By incorporating the expertise of private professionals into this evaluation framework, the pathway for even more innovative and promising startups to establish themselves in Korea has been broadened.
Application Process for the Startup Korea Special Visa
The application process for the Startup Korea Special Visa unfolds in two main stages.
- Recommendation Stage: The first stage involves recommendations from the Ministry of SMEs and Startups, where private experts select entrepreneurs exhibiting high business viability and innovation.
- Visa Application: Selected entrepreneurs currently residing in Korea can apply for their visa by visiting the Immigration and Foreign Affairs Office. Those living abroad should contact a South Korean embassy or consulate in their country to apply.
Applications will be accepted from November 7 to November 20, 2023, with the first wave of special visa recipients expected to be announced by the end of the month.
How to Apply for the Startup Korea Special Visa
Interested entrepreneurs can apply for the Startup Korea Special Visa through the K-Startup Portal (www.k-startup.go.kr) and the Global Startup Center website (startup-korea.com). Applications will be open from November 7 to November 20, 2023. After a thorough evaluation and recommendation process, the first recipients of this special visa will be revealed at the end of the month.
This Startup Korea Special Visa represents a significant opportunity for foreign entrepreneurs dreaming of launching their ventures in South Korea.
Note: This information is accurate as of the time of writing; government policies may change over time. This article provides general information and does not constitute legal interpretation or judgment.
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