Introduction of the Startup Korea Special Visa
South Korea has officially launched the ‘Startup Korea Special Visa’ program aimed at attracting innovative entrepreneurial talent from abroad and globalizing the domestic startup ecosystem. In this article, we will provide a comprehensive overview of the Startup Korea Special Visa, including application procedures and the key features of the program.
Background of the Startup Korea Special Visa
The Startup Korea Special Visa is a joint initiative by the Ministry of SMEs and Startups (commonly known as MSS) and the Ministry of Justice. It was first announced during the “Global Startup Center Launch Ceremony” held at the end of July last year. After undergoing a formalization process, the application intake will officially begin on November 7. Previously, foreign entrepreneurs wishing to apply for the technology startup visa (D-8-4) faced complex eligibility requirements. However, the Startup Korea Special Visa significantly relaxes these conditions, focusing on evaluating innovative business potential and simplifying the visa issuance process.
Key Differences from the Existing Technology Startup Visa
The Startup Korea Special Visa sets itself apart from the existing technology startup visa program in several ways. For instance, applicants for the technology startup visa (D-8-4) had to achieve a certain score through the Overseas Startup Immigration Talent Development Program (OASIS) or be among the top 20 in the K-Startup Grand Challenge to qualify for the visa. In contrast, the Startup Korea Special Visa minimizes these quantitative requirements and allows for a more qualitative assessment. The evaluation is conducted by a private review committee that focuses on business feasibility and innovation, leading to recommendations by the MSS for final approval from the Ministry of Justice. This approach is designed to attract creative and groundbreaking startups, making it easier for international talent looking to enter the Korean market.
Application Procedure for the Startup Korea Special Visa
Applications for the Startup Korea Special Visa can be submitted online through the K-Startup Portal (www.k-startup.go.kr) and the Global Startup Center website (startup-korea.com). The application period runs from November 7 to November 20, 2024. Following this, the private review committee will assess the business viability and innovation potential for each application. Successful entrepreneurs residing in Korea can obtain their visas from the relevant immigration office, while those based overseas can acquire theirs from the South Korean embassy in their country. We anticipate that the first round of visa issuances will take place by the end of this month.
Future Prospects for the Startup Korea Special Visa
If this visa program operates successfully, we can expect an influx of foreign entrepreneurial talent eager to enter the South Korean market. This will not only enhance the globalization of the domestic industry but also promote technological innovation. Please note that this information reflects the writing period and government policies are subject to change. This article is intended for informational purposes only and should not be construed as legal advice.
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