Startup visas for foreign entrepreneurs
- Division
- Office of the Admini
- Date
- 2013.06.04
- Writer
- Admin
- File
-
visa.jpg [177.75 KB]
![visa.jpg [177.75 KB]](/common/board/Download.do?bcIdx=41554&cbIdx=244&streFileNm=20130604101828145.jpg){kind=link}
- Headline
- As early as the second half of this year, the government will introduce a ‘startup visa’ system for foreigners that start companies using good technology or intellectual property rights, and will actively help them to create jobs as part of the creative economy with its ‘Technology Startup & Growth Program,’ which is a separate program.
As early as the second half of this year, the government will introduce a ‘startup visa’ system for foreigners that start companies using good technology or intellectual property rights, and will actively help them to create jobs as part of the creative economy with its ‘Technology Startup & Growth Program,’ which is a separate program.
The Ministry of Justice and the Small and Medium Business Administration (SMBA) gave a briefing on the ‘Measures to Promote Technology Startup by Foreigners’ at the Foreigner Policy Committee held on May 24. These measures are part of the ‘Immigration Policy for a Creative Economy,’ following up the ‘Measures for the Venture Startup Capital Ecosystem’ announced on May 15.
The new ‘startup visa’ system is to help talented foreigners to start businesses and create new jobs in our country. It has modified the startup visa system in advanced countries like the U.S. and Canada to accommodate our situations. Unlike theirs, which only provide residential status for entrepreneurs, it will be connected with the economic policies of the government, like its commercialization aid, to provide a new form of job creation.
<Other countries: Startup visas and support for technology startups by foreigners>
(U.S.) ‘Startup Act 3.0’ bill
? Visas for foreign students, who start businesses, with advanced degrees in science, technology, engineering, or mathematics from U.S. universities and at least five years of experience in such fields
? Visas for foreign entrepreneurs that raise at least $100,000 for their venture
? According to the Kaufman Foundation, if the bill passes, it will create 1.6 million jobs over the next ten years.
(Canada) Permanent residency for talented foreign entrepreneurs (April 2013)
(Chile) One-year visa, seed funding of $40,000, and residential space for a foreign startup in Chile (2011)
According to SMBA, 44.8% of foreign students in Korea want to start a company in the country. 67% of such students are studying science and engineering and want to start a company in the technology industries like the electrical and electronics industries or the information and telecommunication industries.*
* From a ‘startup demand survey’ on foreign students in Korea (Korea Institute of Startup and Entrepreneurship Development, 2011)
Hence, SMBA hopes, this startup visa system will increase technology startups by foreign entrepreneurs and students who are attracted to the Korean market, will provide a new opportunity for job creation, and will contribute to the creation of added value significantly.
The Ministry of Justice and the Small and Medium Business Administration (SMBA) gave a briefing on the ‘Measures to Promote Technology Startup by Foreigners’ at the Foreigner Policy Committee held on May 24. These measures are part of the ‘Immigration Policy for a Creative Economy,’ following up the ‘Measures for the Venture Startup Capital Ecosystem’ announced on May 15.
The new ‘startup visa’ system is to help talented foreigners to start businesses and create new jobs in our country. It has modified the startup visa system in advanced countries like the U.S. and Canada to accommodate our situations. Unlike theirs, which only provide residential status for entrepreneurs, it will be connected with the economic policies of the government, like its commercialization aid, to provide a new form of job creation.
<Other countries: Startup visas and support for technology startups by foreigners>
(U.S.) ‘Startup Act 3.0’ bill
? Visas for foreign students, who start businesses, with advanced degrees in science, technology, engineering, or mathematics from U.S. universities and at least five years of experience in such fields
? Visas for foreign entrepreneurs that raise at least $100,000 for their venture
? According to the Kaufman Foundation, if the bill passes, it will create 1.6 million jobs over the next ten years.
(Canada) Permanent residency for talented foreign entrepreneurs (April 2013)
(Chile) One-year visa, seed funding of $40,000, and residential space for a foreign startup in Chile (2011)
According to SMBA, 44.8% of foreign students in Korea want to start a company in the country. 67% of such students are studying science and engineering and want to start a company in the technology industries like the electrical and electronics industries or the information and telecommunication industries.*
* From a ‘startup demand survey’ on foreign students in Korea (Korea Institute of Startup and Entrepreneurship Development, 2011)
Hence, SMBA hopes, this startup visa system will increase technology startups by foreign entrepreneurs and students who are attracted to the Korean market, will provide a new opportunity for job creation, and will contribute to the creation of added value significantly.