Korea offers financial support for foreign-founded startups

Attendees at the Global Startup Center Opening Ceremony held at in Gangnam-gu Seoul on January 31 2024 Courtesy of the Ministry of SMEs and Startups — Attendees pose for a photo at the opening ceremony for the Global Startup Center in Seoul on July 31, 2024. Courtesy of the Ministry of SMEs and Startups

SEOUL, August 12 (AJU PRESS) - The Ministry of SMEs and Startups is seeking applications for a program to support foreign-founded startups in the country.

Applications will be accepted Aug. 12-Sept. 6 and eligible startups include those in planning or early stages. Selected companies can receive up to 60 million won ($43,956) to support business model innovation and product development, the ministry said.

The Global Startup Center will manage the process. GSC serves as a comprehensive support center for foreign entrepreneurs, offering office space, meeting rooms, translation and interpretation services, and supporting visa acquisition and corporate establishment and networking.

Starting at the end of August, visa experts from the Ministry of Justice handle startup visas at GSC. The SMEs ministry staff will work with the Justice Ministry to improve business visa regulations and procedures.

Kim Joo-heon jhkim123@ajunews.com

Korea offers financial support for foreign-founded startups

Related