The South Korean government is launching a comprehensive initiative to identify, settle, and foster foreign entrepreneurs starting businesses in the country. This move aims to globalize South Korea’s startup ecosystem by encouraging domestic startups to expand abroad and attracting foreign entrepreneurs to establish businesses in South Korea.
The Ministry of SMEs and Startups announced on July 31 the introduction of the “Startup Korea Special Visa,” which will be implemented by the end of the year. This new visa represents an overhaul of the current startup visa granted to foreigners with promising business models.
This initiative follows last year’s “Startup Korea Promotion Strategy,” which outlined improvements to the startup visa process. The new visa focuses on innovation and business potential rather than quantitative criteria such as educational background or intellectual property. Evaluations for the visa will be handled by a private committee instead of public authorities. The ministry plans to finalize detailed implementation measures and launch the program by year-end.
To further support foreign entrepreneurs in obtaining visas, the ministry will operate the Overall Assistance for Startup Immigration System (OASIS) program. This program will provide specialized assistance for obtaining startup visas and extending stay periods. For establishing corporations, the program will offer close consultations through legal professionals and comprehensive administrative support for necessary procedures.
Additionally, the newly opened Global Startup Center in TIPS Town, Yeoksam-dong, Gangnam-gu, Seoul, will play a central role in supporting the settlement and growth of foreign entrepreneurs. The center will provide essential early-stage startup resources such as office space and meeting rooms, as well as translation services, visa acquisition assistance, corporation establishment support, and networking and development programs.
To help foreign entrepreneurs attract investment, the center will regularly hold investor relations training and small-scale investor consultations. It will also organize online and offline job fairs at least twice a year to facilitate talent matching between foreign startups and skilled domestic workers. Additionally, the center will run matching programs for technical cooperation between large, medium-sized companies, and domestic startups.
