By Park Si-soo
The government has unleashed a set of measures aimed at encouraging foreigners and overseas Koreans to start their own businesses here.
The Ministry of Justice and the Small and Medium Business Administration (SMBA) are jointly pushing ahead with the measures.
Under the scheme, the government will ease visa regulations for foreign entrepreneurs (D-8 or D-10). For its part, the SMBA will provide financial support, and offer consulting and other supportive services.
The SMBA said Sunday that it had prepared a package of measures, as part of "Overall Assistance for Startup Immigration System," to lure foreigners and overseas Koreans searching for locations to establish their high-tech startups.
It has earmarked 2 billion won ($1.95 million) this year to support up to 40 startup operators, up to 50 million won each.
The administration will select beneficiaries of the program among those who apply through the website (http://startbiz.changupnet.go.kr) between May 26 and June 27. Successful applicants will benefit from eased entrepreneur visa (D-8 or D-10) regulations.
In addition, they will be given opportunities to receive relevant training or consulting from four state-run startup incubating agencies ㅡ Korea Invention Promotion Association, Seoul Business Agency, Korea Institute of Science and Technology and Gwangju Institute of Science and Technology.
The number of long-term foreign residents ㅡ defined as those living here for 90 days or longer ㅡ reached a new high of 1.012 million as of the end of April, according to the justice ministry.
Many of them are believed to be keen on starting their own businesses. So the government is stepping up efforts to have their businesses running on Korean soil, which will help create new jobs.
The latest measures to help foreigners seeking to do business here came two weeks after the justice ministry finalized its immigration policy for this year.
Under its latest policy, the ministry will ease visa regulations for foreign startup operators and renowned foreign scientists and their families. It will also make it easier for foreign investors to obtain long-term residence visas or the right of permanent residence.
On top of these, the ministry plans to name major contributors to the nation's economy "immigrant of the year," providing them with handsome rewards.
"The main purpose of these measures is to attract foreign investments and rejuvenate the economy," said Justice Minister Hwang Kyo-ahn.
Hwang promised to take steps to make the nation a better place for foreign residents to do business.
"There are three advantages to doing business in Korea: extensive high-speed Internet network, abundant human resources and people's kindness," wrote Jason Lee, a Korean American who obtained the first startup visa in January last year, in a contributed article to a local daily.
He said there are many foreigners seeking to start their own businesses here, especially tech startups.
"Many of them want to start at Silicon Valley. But I think Korea never falls behind Silicon Valley in terms of business environment," he said.
He currently runs a tech startup providing social networking services focusing on professional designers and bride or groom-to-be.
In the meantime, Seoul City launched a cooking class last week for immigrant workers who want to open Korean restaurants when they return to their native countries.
The class, co-organized by the Seoul Global Migrant Center, Seongbuk Global Migrant Center and the Korean Food Foundation, runs for 14 weeks, during which participants will learn how to make major Korean dishes and essential knowledge to start restaurant businesses.
The government has unleashed a set of measures aimed at encouraging foreigners and overseas Koreans to start their own businesses here.
The Ministry of Justice and the Small and Medium Business Administration (SMBA) are jointly pushing ahead with the measures.
Under the scheme, the government will ease visa regulations for foreign entrepreneurs (D-8 or D-10). For its part, the SMBA will provide financial support, and offer consulting and other supportive services.
The SMBA said Sunday that it had prepared a package of measures, as part of "Overall Assistance for Startup Immigration System," to lure foreigners and overseas Koreans searching for locations to establish their high-tech startups.
It has earmarked 2 billion won ($1.95 million) this year to support up to 40 startup operators, up to 50 million won each.
The administration will select beneficiaries of the program among those who apply through the website (http://startbiz.changupnet.go.kr) between May 26 and June 27. Successful applicants will benefit from eased entrepreneur visa (D-8 or D-10) regulations.
In addition, they will be given opportunities to receive relevant training or consulting from four state-run startup incubating agencies ㅡ Korea Invention Promotion Association, Seoul Business Agency, Korea Institute of Science and Technology and Gwangju Institute of Science and Technology.
The number of long-term foreign residents ㅡ defined as those living here for 90 days or longer ㅡ reached a new high of 1.012 million as of the end of April, according to the justice ministry.
Many of them are believed to be keen on starting their own businesses. So the government is stepping up efforts to have their businesses running on Korean soil, which will help create new jobs.
The latest measures to help foreigners seeking to do business here came two weeks after the justice ministry finalized its immigration policy for this year.
Under its latest policy, the ministry will ease visa regulations for foreign startup operators and renowned foreign scientists and their families. It will also make it easier for foreign investors to obtain long-term residence visas or the right of permanent residence.
On top of these, the ministry plans to name major contributors to the nation's economy "immigrant of the year," providing them with handsome rewards.
"The main purpose of these measures is to attract foreign investments and rejuvenate the economy," said Justice Minister Hwang Kyo-ahn.
Hwang promised to take steps to make the nation a better place for foreign residents to do business.
"There are three advantages to doing business in Korea: extensive high-speed Internet network, abundant human resources and people's kindness," wrote Jason Lee, a Korean American who obtained the first startup visa in January last year, in a contributed article to a local daily.
He said there are many foreigners seeking to start their own businesses here, especially tech startups.
"Many of them want to start at Silicon Valley. But I think Korea never falls behind Silicon Valley in terms of business environment," he said.
He currently runs a tech startup providing social networking services focusing on professional designers and bride or groom-to-be.
In the meantime, Seoul City launched a cooking class last week for immigrant workers who want to open Korean restaurants when they return to their native countries.
The class, co-organized by the Seoul Global Migrant Center, Seongbuk Global Migrant Center and the Korean Food Foundation, runs for 14 weeks, during which participants will learn how to make major Korean dishes and essential knowledge to start restaurant businesses.
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