A special visa supports the initial settlement of foreign entrepreneurs in the Korean market. Specifically, this is the Startup Korea Special Visa.
The Korean government recently introduced this new visa system. Consequently, it actively attracts talented foreign entrepreneurs and supports their settlement in Korea. Crucially, the system eases the complex quantitative requirements of the existing Technology Startup Visa (D-8-4).
🎯Target Applicants
This visa is specifically designed for foreign individuals who wish to establish a business in Korea and expand globally. It is particularly advantageous for entrepreneurs looking to utilize Korea as a hub for entering the Asian market.
1. Utilizing Korea as an Asian Hub
Foreign startup teams aiming to expand into the Asian and global markets by leveraging Korea’s IT infrastructure, high-quality talent, and government support programs.
2. K-Startup Grand Challenge Participants
Foreigners who have previously participated in or achieved excellent results in government global startup attraction programs (e.g., K-Startup Grand Challenge) will find the visa application process easier.
3. Entrepreneurs facing difficulty meeting existing visa requirements (D-8-4)
– Entrepreneurs without specific degrees.
– Entrepreneurs in the pre-IP (Intellectual Property) stage, who have concrete prototypes or business models ready for commercialization but have not yet completed patent applications.
The visa is essentially a customized solution designed for promising foreign entrepreneurs who have faced difficulties starting a business in Korea due to visa restrictions. Although they possess innovative ideas and strong potential, many have failed to launch their ventures. The program mainly targets prospective entrepreneurs with cutting-edge technologies and creative business ideas.
1. Technology-based Entrepreneurs
Foreign experts with innovative business ideas in advanced technology sectors such as AI, Bio, FinTech, and Big Data.
2. Focus on Idea and Potential
Even if they lack rigid quantitative requirements (e.g., specific academic degrees or capital), they can easily start a business in Korea if their business plan demonstrates superior innovation and marketability.
The main goal is to identify ‘promising individuals‘ with a high potential for growth to a global level after entering the Korean market.
✅Visa Type & Characteristics
1. Visa Type
An Innovation Track of the Technology Startup Visa (D-8-4), with evaluation criteria primarily centered on innovation.
2. Business Viability and Innovation
The highest priority in the evaluation is given to the marketability and technological innovation of the business item, rather than merely the possession of a degree or Intellectual Property (IP).
3. Governing Bodies
Ministry of SMEs and Startups (MSS) and Ministry of Justice (MOJ).
The MSS leads the business viability assessment and recommends the visa issuance to the MOJ.
📑Application Requirements (Differentiating from Existing D-8-4)
Unlike the existing D-8-4 visa, which required quantitative conditions like a bachelor’s degree or IP, the Special Visa minimizes these requirements.
[Key Requirements]
1. Passing the Innovation Assessment
The applicant must pass an evaluation by a private evaluation committee appointed by the MSS.
2. Clarity of Business Plan
The specific nature, marketability, and innovation of the business item to be pursued in Korea must be recognized.
3. Relaxed Capital Requirements
Minimum capital requirements may be relaxed compared to the existing visa.
This visa prioritizes the ‘actual business potential‘ over ‘paperwork’ or ‘specs’.
🪄Application Procedure (Key Steps)
1. Submission of Business Plan
The foreign entrepreneur submits the business plan and application documents through an MSS-designated channel.
2. Review by Private Evaluation Committee
A committee of experts (VCs, accelerators, etc.) appointed by the MSS conducts an in-depth evaluation of the business’s innovation and potential.
3. MSS Recommendation
The MSS issues a ‘Visa Issuance Recommendation Letter’ to the applicants who pass the evaluation.
4. MOJ Visa Issuance
The entrepreneur applies for the visa to the relevant Immigration Office, attaching the MSS recommendation letter. The MOJ then ultimately issues the D-8-4 Special Visa.
🚀Linked Support Programs
Applicants for the Startup Korea Special Visa are often linked with other support programs.
1. K-Startup Grand Challenge Linkage
Visa issuance may be facilitated for outstanding participants in this program.
2. Global Startup Center (GSC) Utilization
The GSC provides comprehensive support necessary for settlement, including assistance with corporate establishment, administration, and residency.