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Start-up Visa to be Given to Foreigners

The Korean government held the 13th meeting of the Foreign Policy Committee last Friday to finalize its 2013 plan for foreign policy.

According to the plan, the Korean government will introduce a start-up visa and technological entrepreneurship programs for foreigners to encourage start-ups.

The name of the corporate investment or D-8 visa will be changed to the corporate investment-start up visa, and it will be granted to foreigners who hold a bachelor’s degree or a master’s degree in science and engineering earned in Korea or hold intellectual property rights and have started a company in related fields.

The technological start-up program for foreigners supports 70 percent of the start-up costs, such as sample products, marketing and patent application, up to KRW 50 million for companies founded by foreigners only or jointly established by foreigners and Koreans.

Also, the government will ease the requirements for multiple citizenships for young entrepreneurs in the field of creative economy. The age when they can recover their Korean citizenship will be lowered from 65 in phases.

Foreigners of Korean descendent can be granted an F-4 visa if they have worked in manufacturing, farming and the stock raising and fishing industries, where manpower is short, for more than six months and obtained a technician certificate in Korea.

The Korean government will attract 500 talented workers from overseas by 2017 with a focus on the International Science and Business Belt and foreign education agencies to free economic zones.

Also, tourists with high purchasing power will be given a card to be provided with preferential services such as a simplified visa process, multiple visas and exclusive immigration clearance counters to attract more tourists to Korea.

Jung Hong-won, the Prime Minister of Korea, noted that Korea’s foreign policy needs to be aligned with the creative economy as advanced countries such as the United States and England are turning their eyes to a talented workforce from overseas to solve economic depression.

Source Text

Source: Yonhap News (May 24, 2013)

** This article was translated from the Korean.

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