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Startup visa opens for applications on Thursday

Published: 06 Nov. 2024, 17:55 Updated: 06 Nov. 2024, 20:46

This file photo provided by the Ministry of SMEs and Startups shows SMEs Minister Oh Young-ju (4th from L) at the opening ceremony for the Global Startup Center in southern Seoul on July 31, 2024. (PHOTO NOT FOR SAL [YONHAP]

The government said on Wednesday it will begin accepting applications for a newly introduced special visa category for global startup entrepreneurs this week.

According to the Ministry of SMEs and Startups and the Ministry of Justice, the government will begin accepting applications Thursday for the Startup Korea Special Visa, or the D-8-4 (S) visa, which will be granted to foreigners with promising startup business models.

The government said the new visa category was introduced to actively attract global entrepreneurial talent amid limitations and restrictions in the existing D-8-4 startup visa system.

An SMEs ministry committee will comprehensively assess factors, such as business performance, innovation and potential for entry into the Korean market and contributions to the domestic economy, before recommending candidates for the visa to the Justice Ministry.

Foreign entrepreneurs who receive recommendations from the SMEs Ministry can apply at the local immigration office within the country, while those abroad can visit Korean embassies to apply for the special visa.

Yonhap