Global Startup Center Opens... "Attracting Promising Overseas Startups"

Opening Ceremony at Tipstown, Yeoksam-dong, Seoul

The 'Global Startup Center,' which provides one-stop support for foreign entrepreneurs to start and settle businesses in Korea, has opened its doors.

The Ministry of SMEs and Startups announced on the 31st that it held the opening ceremony of the Global Startup Center at Tipstown in Yeoksam-dong, Seoul. The Global Startup Center supports foreigners with office space and meeting rooms needed in the early stages of startups, translation and interpretation services, visa acquisition and corporate establishment, networking, and incubation programs.

The opening ceremony was attended by about 100 people, including Oh Young-joo, Minister of SMEs and Startups, Shim Woo-jung, Vice Minister of Justice, ambassadors from four countries including India, Israel, Singapore, and Switzerland, representatives from 12 embassies, and 50 foreign entrepreneurs.

Reflecting the opinions of foreign entrepreneurs, the Ministry of SMEs and Startups plans to actively expand support to increase inbound startups (foreign entrepreneurs starting businesses in Korea) and globalize the Korean startup ecosystem.

First, the startup visa will be revamped with the introduction of the 'Startup Korea Special Visa.' This concretizes the startup visa improvement plan announced in last year's Startup Korea promotion strategy. Visas will be issued based solely on innovation and business potential without quantitative requirements such as academic background or intellectual property rights. The evaluation of innovation and business potential will be conducted by a private evaluation committee rather than a public one, and after detailed operational plans are prepared, it is scheduled to be fully implemented from the end of 2024.

The channels for discovering promising overseas startups will also be significantly expanded. Until now, the K-Startup Grand Challenge was the only discovery channel, but institutions and investors with global networks will be designated as 'K-Scouters' to actively carry out discovery activities. Cooperation will also be established with overseas diplomatic missions and foreign embassies in Korea to recommend startups wishing to enter Korea, and the Ministry of SMEs and Startups will support their domestic inflow and settlement.

The newly opened Global Startup Center will actively support the settlement and growth of foreign entrepreneurs in Korea. Experts fluent in foreign languages will be stationed to provide ongoing consultations not only on startups but also on residence and daily life, and legal, patent, and business Korean language education programs for foreign entrepreneurs will also be operated.

Additionally, programs to support foreign entrepreneurs in obtaining visas will be operated, providing professional assistance for acquiring startup visas and extending stay periods. Regarding corporate establishment, close consultations will be provided through professionals such as judicial scriveners, and administrative procedures necessary for corporate establishment will be supported in an integrated manner. Regular events such as IR pitching training and small-scale investment consultations will be held to expand investment attraction opportunities for foreign entrepreneurs. Matching programs for technology cooperation with large and medium-sized enterprises and domestic startups will also be operated.

Minister Oh Young-joo said, “Foreign entrepreneurs starting businesses in Korea is itself foreign investment attraction and talent acquisition, and it can globalize the Korean startup ecosystem and create quality jobs.” To foreign entrepreneurs, Minister Oh also said, “If you start a business and succeed in Korea, you can become a global unicorn company,” adding, “The Ministry of SMEs and Startups will be a reliable partner throughout that process.”

This content was produced with the assistance of AI translation services.