Seoul to host startup competition for foreigners

By Hong Dam-young, Park Si-soo

Seoul City will host a startup idea competition for foreign residents in the city next month.

Seoul Global Center, a comprehensive support center for expats in Seoul, is receiving applications through email (sgcbiz1@gmail.com or logmis@sba.seoul.kr). The deadline is Oct. 3.

Foreigners who have technology-based ideas can apply as individuals or teams. Having a Korean as a team member is accepted.

The center will announce a shortlist of 10 applicants and they will be given an opportunity to give a first-hand presentation about their ideas to judges on Oct. 14.

Ideas should be considered helpful to establishing tech-intensive manufacturing startups or business systems taking advantage of information and communication technology.

Required documents include an application form and team profile with photo, which should also be sent with a business plan.

The grand prize winner will receive 2 million won ($1,790), the second place 1 million won and third place 500,000 won.

Winners will be given a favorable treatment in winning a startup visa and various administration support, including consultation about tax, legal and patent affairs, from related state bodies.

For more information, visit global.seoul.go.kr or call 02-2075-4139.