Gov't to accept applications for new global startup entrepreneurial visa

SEOUL, Nov. 6 (Yonhap) -- The government said Wednesday it will begin accepting applications for a newly introduced special visa category for global startup entrepreneurs this week.

According to the Ministry of SMEs and Startups and the Ministry of Justice, the government will begin accepting applications Thursday for the Startup Korea Special Visa, or the D-8-4 (S) visa, which will be granted to foreigners with promising startup business models.

The government said the new visa category was introduced to actively attract global entrepreneurial talents amid limitations and restrictions in the existing D-8-4 startup visa system.

A SMEs ministry committee will comprehensively assess factors, such as business performance, innovation and potential for entry into the Korean market and contributions to the domestic economy, before recommending candidates for the visa to the justice ministry.

Foreign entrepreneurs who receive recommendations from the SMEs ministry can apply at the local immigration office within the country, while those abroad can visit South Korean embassies to apply for the special visa.

odissy@yna.co.kr
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