'Welcome, Is This Your First Time Starting a Business in Korea?'... Recruiting Companies for Foreign Entrepreneur Commercialization Support Program

Support for Commercialization Funding, Global Startup Center (GSC) Linked Program
Deployment of Ministry of Justice Visa Specialists at Global Startup Center

The Ministry of SMEs and Startups announced on the 11th that it is recruiting companies to participate in the '2024 Foreign Entrepreneur Commercialization Support Project.' This announcement aims to promote domestic startups by foreign entrepreneurs with technological capabilities, targeting startups established in Korea by foreigners. Selected companies will receive up to 60 million KRW in commercialization funds for business model (BM) innovation and product/service advancement within Korea.

Although the Ministry of SMEs and Startups has operated various support projects according to the growth stages of startup companies, participation by foreign entrepreneurs has been low due to lack of information and language barriers. This foreign entrepreneur commercialization support project will conduct all procedures, from announcement to application and selection evaluation, entirely in English, and the business plan submission format has been significantly reduced from 15 pages to 6 pages to increase participation by foreign entrepreneurs.

Additionally, during the selection evaluation process, the feasibility of foreign entrepreneurs settling in Korea and their contribution to the domestic economy will be closely examined to ensure that startup support leads to the revitalization of the domestic startup ecosystem and job creation. This project will be conducted at the Global Startup Center (GSC), which opened at the end of July, from application to selection and operation. The GSC serves as a comprehensive support center for foreign entrepreneurs, providing office space and meeting rooms, translation and interpretation services, visa acquisition and corporate establishment support, networking, and incubation programs.

In particular, starting from the end of August, the dedicated quota system for collaboration will be utilized, with dedicated visa personnel from the Ministry of Justice stationed on-site to professionally support the issuance and extension of startup visas for foreign entrepreneurs. Conversely, personnel from the Ministry of SMEs and Startups will be dispatched to the Ministry of Justice to promote improvements in the startup visa system.

Jo Kyung-won, Director of Startup Policy at the Ministry of SMEs and Startups, stated, "We will further activate inbound startups (domestic startups by foreign entrepreneurs) to globalize and strengthen the competitiveness of our startup ecosystem," adding, "We hope this support project will serve as a stepping stone for innovative foreign startup companies to take an interest in the domestic startup ecosystem and grow in Korea."