Minister of SMEs and Startups Oh Youngju (fourth from left) on July 31 poses for photos with others at the opening ceremony of the Global Startup Center at TIPS (Tech Incubator Program for Startups in Korea) Town in Seoul's Gangnam-gu District. (Ministry of SMEs and Startups)

By Kim Hyelin

The newly opened Global Startup Center in Seoul seeks to help expats launch businesses and settle in the country.

The Ministry of SMEs and Startups on July 31 held the opening ceremony for the center at TIPS (Tech Incubator Program for Startups in Korea) Town in Seoul's Gangnam-gu District.

This comprehensive support facility for foreign entrepreneurs provides things needed early after business launch like office space and meeting rooms, interpretation and translation services, assistance in getting visas and setting up a corporation, and networking and incubation programs. 

Minister of SMEs and Startups Oh Youngju and Vice Minister of Justice Shim Woo Jung attended the ceremony along with staff from 12 embassies in Seoul including the ambassadors from India, Israel, Singapore and Switzerland, as well as expat entrepreneurs.

In line with the opening, support will be expanded for expat entrepreneurs to launch startups and globalize the related domestic ecosystem.

The first step is to revise the startup visa to launch a "startup Korea special visa," which is issued to those assessed to have innovation and business potential without quantitative requirements like academic background or intellectual property rights. The visa will be offered late this year after operating measures are set.

By building cooperative relations with foreign embassies in Seoul and those of Korea overseas to find and recommend startups wishing to enter the Korean market, the government can help the setup and settlement of such businesses in the nation.

The center will have permanent staff fluent in foreign languages to provide consultations for expats not just for starting a business but also for housing and living in the country. It will also run training in laws, patents and Korean-language courses for business.

"Expats who launch businesses in the country can attract foreign capital and talent," Minister Oh said. "This will enable the globalization of the domestic startup ecosystem and create quality jobs."

kimhyelin211@korea.kr