Seoul to offer assistance to foreign startups

By Kim Se-jeong

A new startup support center has opened to attract foreign residents who have good ideas for new businesses, the Seoul Metropolitan Government (SMG) announced Monday.

The Seoul Global Startup Center will open within Yongsan Electronics Market in August, the SMG said.

It will select 40 teams and provide each of them with a free space at the center, as well as mentoring and visa services and assistance in legal, accounting, patent and business registration processes.

“We will support anyone with a good idea,” a city official said. “We expect the economy of Seoul to be stimulated via a growing number of startup companies founded by foreigners.”

Applicant teams should have at least one foreign member to be eligible. A team with only Korean members can apply but should submit their business plan targeting a foreign market. Those currently not residing in Korea can also apply, but a business plan in Seoul is required.

The application deadline is July 29. The city will select 60 teams initially for a one-month workshop, from which the final 40 teams will be chosen.

The city government will host an information session about the center on July 9.

For more information, visit www.seoulgsc.com or call (02) 2133-5506 or (02) 718-1170.