South Korea has officially introduced the Startup Korea Special Visa, a strategic initiative aimed at attracting talented global entrepreneurs to the country. This new visa, announced by the Ministry of SMEs and Startups and the Ministry of Justice, is designed to enhance South Korea’s startup ecosystem and foster innovation. The visa application window is open from November 7-20, with the first batch of recipients expected to be revealed by the end of the month.

Previously, obtaining a Technology Startup (D-8-4) visa required applicants to meet certain conditions, including participating in the Startup Immigration Talent Development Program (OASIS), being selected in the top 20 of the K-Startup Grand Challenge, or being chosen for government startup support projects. The OASIS program offered standardized education to prospective entrepreneurs, including guidance on acquiring intellectual property rights and establishing corporations. Points accumulated through this program could then be used to apply for the D-8-4 visa.

However, the new Startup Korea Special Visa offers a more streamlined process with significantly reduced quantitative requirements. The introduction of this special visa reflects a shift in South Korea’s approach to attracting global talent by focusing more on the qualitative aspects of a startup's potential, such as its innovation and economic contribution, rather than solely on a set of numerical criteria. This innovation is expected to make the visa application process more accessible to a wider range of international entrepreneurs.

The issuance of the Startup Korea Special Visa will follow a two-step process. First, the Ministry of SMEs and Startups will identify promising overseas startups and recommend them for consideration. A private evaluation committee will then assess the potential of these startups, focusing on business innovation and their potential contribution to the economy. After the evaluation, the Ministry of Justice will review the recommendations and issue the visa according to immigration laws.

Minister of Justice, Park Sung-jae, highlighted the importance of this new visa in a recent statement, emphasizing that the initiative is part of a broader immigration policy aimed at boosting the country’s competitiveness. He stated, "We hope that talented individuals with innovation and proactiveness will start businesses in Korea and grow into leading companies worldwide." Similarly, Minister of SMEs and Startups, Oh Young-joo, expressed optimism that the special visa would play a key role in attracting entrepreneurial talent to South Korea, helping to globalize the country's startup ecosystem.

Entrepreneurs wishing to apply for the Startup Korea Special Visa can submit their applications through the K-Startup portal and the Global Startup Center website. After the application period closes, the evaluation committee will review the submissions and recommend qualified applicants. Foreign entrepreneurs who are recommended will then be able to apply for the visa by submitting the recommendation letter either to the local immigration office if residing in Korea or to the Republic of Korea embassy or consulate if living abroad.

The introduction of this visa is a key part of South Korea’s ongoing efforts to strengthen its global startup ecosystem. By focusing on the potential of entrepreneurial ventures rather than traditional application requirements, the Startup Korea Special Visa aligns with South Korea’s broader economic strategy, which emphasizes innovation, technology, and the nurturing of global competitiveness. The hope is that this new visa will not only attract foreign entrepreneurs but also position South Korea as a global leader in fostering startup innovation.

BUSINESSKOREA