Korean Start-up Visa: First Visa Issued to Korean American Entrepreneur

A Korean government news portal announced that the first “Start-up Visa” has been issued to Jason Lee of J.J. Lee Company. Ignoring the fact that he, most likely, qualified, for an Ethnic-Korean visa (F-4), the entrepreneur obtained the visa, apparently, with few issues. We are unsure how difficult it will be for other entrepreneurs to obtain this visa.The major requirements for the visa are:
1.  Intellectual Property registered in Korea (yes registered in Korea-overseas is not good enough);
2.  A Korean company; and a
3.  University degree.

We suggest, also, having a business plan. We are not sure how this visa is more beneficial than the D-8 Investment visa. We assume the, only, advantage (since little information exists) is that you do not need the KRW 100,000,000 capitalization (Foreign-capital invested company).

We will update the reader when more information is known.

Other articles that may be of interest:

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Sean Hayes is co-chair of the Korea Practice Team at IPG Legal. He is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty. He assists clients in their contentious, non-contentious and business developments needs in Korea and China. He has, recently, been ranked as one of only two non-Korean attorneys as a Top Attorney working in Korea by AsiaLaw.

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