The South Korean government has announced the opening of a Global Startup Center aimed at supporting foreign entrepreneurs looking to establish businesses in the country. This initiative marks a significant step in Korea’s efforts to attract international talent and foster a more diverse startup ecosystem.
The Global Startup Center will offer comprehensive support to foreign entrepreneurs, providing essential services needed during the early stages of startup development. These services include:
- Office space and meeting rooms
- Translation services
- Assistance with visa acquisition and company registration
- Networking opportunities
- Incubation programs
In a move to streamline the entry process for foreign entrepreneurs, the government is introducing the ‘Startup Korea Special Visa.’ Set to launch in late 2024, this visa will be granted based on the technical merit and business potential of the startup, without the traditional quantitative requirements such as educational background or intellectual property rights.
To further facilitate the discovery and recommendation of promising international startups, the government plans to designate “K-Scouts.” These will be institutions and investors with global networks, working alongside foreign embassies in Korea to actively identify startups interested in entering the Korean market.
The center will also provide a range of services to help foreign entrepreneurs settle and grow their businesses in Korea, including:
- Temporary office spaces and meeting rooms
- Interpretation and translation services
- Korean language education
- Operation of OASIS (Overall Assistance for Startup Immigration System) to support visa acquisition
- Guidance through the company establishment process
Regular networking events will be organized for foreign entrepreneurs, providing them with information about startup support programs. Additionally, the center plans to offer IR pitching education to expand investment opportunities for foreign-founded startups.
