South Korea has introduced a new visa to make it easier for foreign entrepreneurs to launch startups in the country. The “Startup Korea” visa will start accepting applications on November 7. Minister of SMEs and Startups Oh Youngju announced the new visa at the opening of the Global Startup Center in Seoul.
The center is a joint effort between the Ministry of SMEs and Startups and the Ministry of Justice. Prior to this, obtaining a visa required foreign entrepreneurs to go through a talent training program, rank in the top 20 of a government startup challenge, or be selected for a public startup support project. The new visa simplifies these steps, building on the previous D-8-4 technological visa.
To apply, the SME ministry will recommend candidates based on immigration rules. The Ministry of Justice will then evaluate the innovation potential of each candidate through a private committee.
Easing startup funding for entrepreneurs
The simplified application process is designed to make it easier for foreigners to launch startups in South Korea. Those within Korea can apply at immigration offices with a recommendation letter, while those outside the country can apply at Korean embassies or consulates. More information and applications are available on the K-Startup Portal or Center websites.
The deadline to apply is November 20. The Startup Korea visa is part of South Korea’s plan to attract global entrepreneurial talent. By focusing more on business potential and innovation rather than strict requirements, the country hopes to create a more vibrant and globally connected startup ecosystem.
“The Startup Korea Special Visa is part of the new immigration policy announced by the Ministry of Justice in September this year,” said Minister of Justice Park Sung-jae. “Through this, we hope that talented individuals with innovation and proactiveness will start businesses in Korea and grow into leading companies worldwide.”
Minister Oh Young-joo added, “We expect the newly introduced Startup Korea Special Visa to greatly contribute to attracting global entrepreneurial talent and globalizing the startup ecosystem.”
This new visa aligns with South Korea’s broader economic strategy of using innovation and technology to boost the country’s competitiveness on the global stage.
