South Korea Launches Special Visa Program for Foreign Startups

Sejong, South Korea—The Ministry of SMEs and Startups (MSS) and the Ministry of Justice will begin accepting applications for a new special startup visa on November 7.

The "Startup Korea Special Visa" program differs from the current D-8-4 tech startup visa by eliminating quantitative requirements in favor of qualitative assessment.

A private expert committee will evaluate applicants based on business viability, innovation potential, market entry feasibility, and economic contribution potential to South Korea.

The MSS will oversee identifying and recommending promising foreign startups for the program.

Successful candidates can obtain visas through domestic immigration offices in South Korea or Korean diplomatic missions abroad.

The initiative stems from a joint announcement made by both ministries during the Global Startup Center's opening ceremony in July 2023.

Justice Minister Park Jae said the program aligns with the country's new immigration policy, which was announced in September and aims to attract innovative talent.

MSS Minister Oh Young-ju stated the ministry has been actively promoting foreign entrepreneurship policies since this year.

Applications will be processed through two official channels: the K-Startup portal and the Global Startup Center website.

After the private committee's evaluation, the first round of successful visa applicants will be determined by the end of November.

The program aims to facilitate startup establishment in South Korea while promoting the globalization of the domestic startup ecosystem.