Seoul to expand support for foreign startups

By Park Ji-won

The government plans to expand support for foreign startups in a bid to attract more foreign investment and reinvigorate the economy, the Ministry of Justice said Friday. A detailed plan is scheduled to come out in the second half.

Under the new plan, the government will ease rules on visa issuance for foreigners seeking to start a company here. Those with bachelor’s degree in natural science and engineering or intellectual property rights will be allowed to get a startup visa, which is now reserved for those confirmed to set up a venture firm here.

In addition, the government will introduce an entrepreneur assistant program that will subsidize 70 percent of costs, or up to 50 million won ($44,373), for the establishment of a new venture in the area of natural sciences or engineering.

The ministry said that it will select 10 companies to implement the new program.

The latest move to attract foreign talent is aimed at supporting President Park Geun-hye’s initiative for the so-called creative economy by creating new business opportunities through convergence among industries.