Introduction of 'Startup Korea Special Visa' to Attract Promising Overseas Startups
Visa Issuance Based on Business Feasibility and Innovation Evaluation
The Ministry of SMEs and Startups announced that it will establish a Startup Korea Special Visa in collaboration with the Ministry of Justice and begin recruiting candidates for selection starting from the 7th. The Startup Korea Special Visa was officially institutionalized this time after the Ministry of SMEs and Startups and the Ministry of Justice jointly announced the introduction plan at the opening ceremony of the Global Startup Center at the end of July and prepared operational measures.
Until now, to obtain a technology startup (D-8-4) visa, applicants had to participate in the startup immigration talent development program (OASIS) and achieve a certain score or be selected as one of the 'K-Startup Grand Challenge TOP 20' or be chosen as a candidate for government startup support projects.
The newly established Startup Korea Special Visa minimizes quantitative requirements and issues visas through a process where the Ministry of SMEs and Startups recommends applicants after a business feasibility and innovation evaluation by a private evaluation committee, followed by screening under the Immigration Control Act, with the Ministry of Justice issuing the visa finally. This innovatively improves the visa issuance requirements, differentiating it from the existing technology startup visa.
The Ministry of SMEs and Startups is responsible for discovering and recommending promising overseas startups, which is the core of the Startup Korea Special Visa system. An evaluation committee composed mainly of private experts comprehensively assesses the business performance, innovation, potential for entry into Korea, and contribution to the domestic economy of overseas startups and recommends the issuance of special visas to the Ministry of Justice.
Foreign entrepreneurs who receive recommendations can apply for visa issuance by submitting the special visa recommendation letter to the local immigration and foreigner office when staying in Korea, or by visiting the Korean embassy (consulate) in the respective country when abroad.
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Oh Young-joo, Minister of the Ministry of SMEs and Startups, said, "The Ministry of SMEs and Startups has been actively promoting policies to revitalize domestic startups by foreign entrepreneurs since this year. The newly introduced Startup Korea Special Visa is expected to greatly contribute to attracting overseas startup talent and globalizing the startup ecosystem."
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