South Korea Launches ‘Startup Korea Special Visa’ for Foreign Entrepreneurs and Startups

In a significant move to bolster its startup ecosystem, South Korea has launched the ‘Startup Korea Special Visa’ program, designed to attract foreign entrepreneurs and global startups. This initiative, introduced by the Ministry of SMEs and Startups (MSS) and the Ministry of Justice, aims to simplify the entry of innovative talent into South Korea by providing a new, flexible visa pathway that assesses applicants on qualitative criteria. Applications open on November 7, 2024. The Startup Korea Special Visa differs from the existing D-8-4 tech startup visa, which mandates quantitative benchmarks like participation in the OASIS immigration talent program or selection in the K-Startup Grand Challenge. Instead, the new visa will focus on evaluating applicants based on their business viability, innovation potential, market entry feasibility, and projected economic impact. This approach is expected to make South Korea an attractive destination for entrepreneurs from around the world, contributing to the country’s goal of becoming a leading global startup hub. To facilitate this process, a private expert committee will conduct evaluations. Promising foreign startups will be identified and recommended by the MSS, while…