South Korea Launches Global Startup Center for Foreign Entrepreneurs

Seoul, South Korea—The Ministry of SMEs and Startups launched a Global Startup Center in Seoul on Wednesday, according to a government press release. 

The center aims to support foreign entrepreneurs setting up businesses in the country.

The center in TIPS Town in Seoul's Yeoksam-dong will provide office space, meeting rooms, translation services, and assistance with visa acquisition and company establishment. 

It will also offer networking and incubation programs for foreign startup founders.

Minister Oh Youngju of the MSS stated that foreign startups in Korea represent foreign investment and talent acquisition, potentially globalizing the Korean startup ecosystem and creating quality jobs.

The government plans to introduce a "Startup Korea Special Visa" by the end of 2024. 

This visa will be issued based on innovation and business potential rather than quantitative requirements like academic background or intellectual property rights.

A private assessment committee will evaluate this visa, shifting from public-sector assessments.

The MSS is also expanding its efforts to discover promising overseas startups. 

It plans to designate institutions and investors with global networks as "K-Scouters" to seek out potential South Korean market entrants actively.

Furthermore, the ministry is establishing cooperative relationships with foreign embassies in South Korea and South Korean embassies abroad to identify and recommend startups interested in entering the Korean market.

However, the South Korean government did not provide specific targets for the number of startups or entrepreneurs it aims to attract, nor did it outline any budget allocations for the center and its programs.