“D-8-4S Visa: Korea’s Invitation for Innovative Entrepreneurs!”
On November 6, the Ministry of Justice announced the Startup Korea Special Visa (D-8-4S), opening a pathway for global entrepreneurs to pursue their dreams more easily in Korea. This visa is a follow-up measure to the establishment of the Global Startup Center in July and offers various benefits to foreign entrepreneurs for settlement and business support.
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Global Startup Center & D-8-4S Background
Located in Yeoksam-dong, Seoul, the Global Startup Center is a comprehensive support hub for foreign entrepreneurs. It provides assistance with settlement, legal and accounting advice, visa issuance, company registration, office space, networking opportunities, and startup development programs.
The Korean government introduced the D-8-4S Special Visa to globalize the startup ecosystem and enhance its competitiveness. The previous startup visa system had limitations in attracting foreign entrepreneurial talent, prompting the creation of this new visa program for more proactive recruitment.
Changes to the Technology Startup (D-8-4) Visa
The traditional Technology Startup (D-8-4) Visa required foreign entrepreneurs to meet stringent conditions. Applicants had to fulfill at least one of the following requirements:
- Achieve a score of 80 or higher in the OASIS program, including at least one mandatory item
- Possess or apply for intellectual property rights, secure investment funding, etc.
- Be selected in the K-Startup Grand Challenge TOP 20
- Be chosen for a government startup support program (funding of at least 30 million KRW)
The OASIS (Overall Assistance for Startup Immigration System) program offers nine standardized training courses necessary for startup preparation, such as intellectual property acquisition and company establishment. It also provides points needed for visa issuance.
The newly introduced Startup Korea Special Visa (D-8-4S) simplifies the application process by minimizing quantitative requirements:
- The private evaluation committee assesses the business potential and innovation.
- Based on the evaluation results, the Ministry of SMEs and Startups issues a recommendation letter.
- Applicants submit the recommendation letter for a final review by the Ministry of Justice to receive the visa.
This system removes previous barriers, allowing more foreign entrepreneurs to seize business opportunities in Korea.
How to Apply for the Startup Korea Special Visa
The application process for the Startup Korea Special Visa consists of the following steps:
Visa Issuance Procedure
Application and Submission
- Required documents: Application form, business plan
- Submission channels: K-Startup Portal, GSC website
Evaluation
- Details: Assessment of business potential and innovation
- Conducted by: Private evaluation committee
Recommendation
- Result: Issuance of a special visa recommendation letter
- Issued by: Ministry of SMEs and Startups
Visa Application
- How to apply: Visit an immigration office or a Korean consulate abroad
- Eligible applicants: Recommended foreign nationals
Final Issuance
- Responsible authority: Ministry of Justice
The Startup Korea Special Visa is designed to identify and recommend promising foreign startups. The Ministry of SMEs and Startups plays a critical role in the process, supported by a private evaluation committee. This committee evaluates various aspects of the applicant’s business, including innovation, market potential in Korea, and contribution to the domestic economy, before recommending the visa to the Ministry of Justice.
Recommended applicants can apply for the visa based on their residency status:
- For those residing in Korea: Visit the immigration office.
- For those residing abroad: Submit the recommendation letter to the Korean Embassy or Consulate in their country.
The 2024 application period for the Startup Korea Special Visa runs from November 7 (Tuesday) to November 20 (Wednesday). Applications can be submitted through the K-Startup Portal (www.k-startup.go.kr) or the Global Startup Center website (startup-korea.com). The application period for the following year will be announced later.
결론
Today, we introduced the Startup Korea Special Visa (D-8-4S).
Regarding this initiative, the Minister of Justice stated, “The Startup Korea Special Visa is part of the new immigration policy announced in September. It aims to foster innovative and proactive talent capable of starting businesses in Korea and growing into globally competitive enterprises. The Ministry of Justice will continue implementing policies to attract outstanding talent, which is crucial for strengthening Korea’s competitiveness.”
The D-8-4S Visa provides foreign graduates of Korean universities and talented individuals from overseas startups with opportunities to receive a visa without the need for significant capital or formal education credentials. If you are interested in applying for this visa, we encourage you to consult with HELP PLUS Administrative Attorney’s office for expert guidance. Thank you.
HELP PLUS Administrative Attorney is the KoreaAgain‘s official VISA partner.
Contact HELP PLUS Administrative Attorney for more details of the VISA.
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