On July 31st, the South Korean Ministry of SMEs and Startups (MSS) inaugurated the ‘Global Startup Center’ (GSC) at TIPS Town in Yeoksam-dong, Seoul. The GSC serves as a comprehensive support hub for foreign entrepreneurs, providing essential resources such as office space, meeting rooms, translation services, visa and corporate establishment assistance, and programs for networking and development.

The opening ceremony was attended by notable figures including MSS Minister Oh Young-Joo, Vice Minister of Justice Shim Woo-jung, ambassadors, and embassy representatives from India, Israel, Singapore, and Switzerland, along with 50 foreign entrepreneurs, totaling about 100 participants.

The event commenced with remarks from Minister Oh Young-Joo and Vice Minister Shim Woo-jung, followed by a presentation by Pankaj, CEO of TagHive, who spoke on behalf of the foreign entrepreneurs. Pankaj discussed his journey of starting a business in Korea, outlining the favorable aspects and the challenges of the Korean startup landscape.

In response to feedback from foreign entrepreneurs, the MSS is set to enhance support for inbound entrepreneurship to further globalize Korea’s startup ecosystem. This includes launching the ‘Startup Korea Special Visa,’ which will be granted based on innovation and business potential rather than traditional quantitative criteria such as education or intellectual property. This initiative, announced last year under the ‘Startup Korea Strategy,’ will be evaluated by a private committee and is expected to be fully implemented by the end of the year.

Additionally, the MSS will broaden the avenues for identifying promising international startups. Previously, the K-Startup Grand Challenge was the primary method for such discoveries, but now, institutions and investors with extensive global networks will be designated as ‘K-Scouters’ to actively scout and recommend startups aiming to enter Korea. These efforts will be supported by collaboration with foreign embassies and consulates.

Centered around the GSC, the MSS aims to provide robust support for foreign entrepreneurs establishing and growing their businesses in Korea. The center will staff multilingual experts available for continuous consultation on business as well as daily living. It will also offer specialized courses in legal, patent issues, and business Korean for foreign entrepreneurs, and provide thorough consultations and administrative support for corporate establishment.

The MSS will also host regular networking events and manage a community forum on the GSC website to foster communication and provide online and offline access to information on industry trends and various entrepreneurial support programs.

The ministry plans to hold regular IR pitching training and small investment consultation sessions to broaden funding opportunities for foreign entrepreneurs. Additionally, online and offline job fairs will be conducted biannually to help match domestic talent with foreign startup companies. Moreover, the MSS will facilitate technology cooperation and matching programs with large and medium-sized Korean companies and other domestic startups.

Minister Oh Young-Joo stated, “Inbound entrepreneurship by foreign entrepreneurs is an attraction of foreign capital and talent, and it can globalize the Korean startup ecosystem and create quality jobs. For those starting businesses in Korea, successful endeavors can lead to becoming global unicorn companies. MSS will be a solid partner in this process.”