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  • Entrepreneurs of New Growth Engine Industry Will Be Supported by SMG with “50% of Rent” for One Year

  • Economy & Investment News SMG 1302
    The Seoul Metropolitan Government (SMG) will be providing housing support to the entrepreneurs of new growth engine industries that are experiencing difficulties due to the prolonged COVID-19 pandemic.
    The “Housing Support Project for Entrepreneurs” that will be launched this year will be operated in two ways: ① “60 rooms in sharehouses” with support for 50% of rent or ② “housing voucher” with support of up to KRW 1 million per month.

    The SMG will be offering support of up to KRW 3.3 billion to a total of 236 beneficiaries in the form of 60 rooms in three sharehouses and housing vouchers for 176 individuals. Any executive and employee of a Seoul-based startup in the new growth engine industries, such as AI and biology, that was established within the past 7 years can apply for support.
    ☞ Check the list of industries that can receive Housing Support Project for Entrepreneurs.
    <① Support for 50% of Rent for Sharehouses in Yeoksam-dong, Itaewon-dong, and Huam-dong with Shared Office Spaces>
    The SMG selected Commontown as the sharehouse that will be offered to the entrepreneurs. The city has secured 60 rooms from sharehouses in three locations (Yeoksam-dong, Itaewon-dong, and Huam-dong) for a year starting in September of this year (Sep. 1, 2020-Aug. 31, 2021) and will be offering support for 50% of the rent. The sharehouses have separate bedrooms with shared kitchens, living rooms, and laundry rooms.
    As all three sharehouses in Yeoksam-dong, Itaewon-dong, and Huam-dong have bedrooms and offices that are available 24/7 in the same building, the entrepreneurs can work whenever they want. There are also lounges where they can have discussions and business meetings.

    <② 50% of Rent for Current Dwelling – Up to KRW 1 Million per Month, KRW 12 Million per Year>
    The housing voucher is the program through which entrepreneurs can receive 50% of the rent for their current dwellings in cash. The city will offer support of up to KRW 1 million per month, KRW 12 million per year.
    A real estate agency that has signed a contract with the SMG will manage the entrepreneurs selected as beneficiaries of the voucher. They must first submit their rental contract and receive checks to confirm that they are actually living in the dwellings and paying the monthly rent. For entrepreneurs who are planning to move, the agency also provides a service for searching for dwellings that meet their demands and helping them to sign a rental contract. However, the brokerage fee is the responsibility of the entrepreneurs.
    Only one CEO per startup can receive the benefit of ① living in the sharehouse for a year or ② the housing voucher of up to KRW 12 million per year, even if a startup has more than two CEOs. However, if a CEO and the employees of a startup that was established within the past 3 years apply to live in the sharehouse, up to four individuals can be the beneficiaries of the support. These types of candidates will also be chosen over the other candidates.
    Startup planners (accelerators) or venture investors will recommend the entrepreneurs to be selected to receive the benefit of the sharehouse or housing voucher. The recommending institutions will assess the startups’ performance of attracting investments, sales, and business value before recommending the CEOs. Additionally, seven members of the Final Selection Council that will be randomly drawn will check for reasons for the disqualification and the performance of candidates before deciding the final beneficiaries.
    ☞ Check the list of recommending institutions that can participate in the Housing Support Project for Entrepreneurs (click)
    If any beneficiary is involved in a sex crime or taking prohibited drugs, or is discovered to have been unlawfully selected for the project, the support for him or her will be halted immediately. The support will be halted if the startup goes out of business or moves out of Seoul, as well.

    □ If you are an entrepreneur or an official of a recommending institution with any questions about the Housing Support Project for Entrepreneurs, contact Invest Seoul or the Investment & Business Incubation Division of the SMG.

    ○ Investment & Business Incubation Division of the SMG: +82-2-2133-4768
    – Overall affairs related to the Housing Support Project for Entrepreneurs, sharehouses, housing vouchers for Korean entrepreneurs
    ○ Invest Seoul of the Seoul Business Agency: +82-2-6361-4124
    – Receipt of recommendation forms for the Housing Support Project for Entrepreneurs, housing voucher for non-Korean entrepreneurs
    Download the Introduction to the Housing Support Project for Entrepreneurs (in English)

    Industries that can support entrepreneurs’ housing (Technology Start-up Industries)

    Industries that can support entrepreneurs’ housing (Technology Start-up Industries)
    Manufacturing sector (25 mid-class categories) Knowledge-intensive service sector (15 mid-class categories)
    Large Category Medium Category Industry Large Category Medium Category Industry
    manufacturing(C) (C) 10 Grocery manufacturing business Information and telecommunications(J) (J) 58 Publishing business
    (C) 11 Beverage manufacturing business (J) 59 Video and audio recording production and distribution business
    (C) 12 Tabaco manufacturing business (J) 60 Broadcasting business
    (C) 13 Textile product manufacturing industry excluding clothing (J) 61 Postal and telecommunications business
    (C) 14 Clothing, clothing accessories, and fur product manufacturing business (J) 62 Computer programming, system integration and management business
    (C) 15 Leather, bag, and footwear manufacturing business (J) 63 Information service business
    (C) 16 Wood and wooden product manufacturing business excluding furniture Advanced science and technology, and technical service business (M) (M) 70 Research and business
    (C) 17 Pulp, paper, and paper product manufacturing business (M) 71 Information service business
    (C) 18 Printing and recording media reproduction business (M) 72 Construction technology, engineering, and other science and technology services
    (C) 19 Coal, briquettes and petroleum refinery manufacturing (M) 73 Other professional, scientific, and technical services
    (C) 20 Chemical and chemical product manufacturing; excluding drugs Business facilities management, business support and rental service business (N) (N) 75 Business support service
    (C) 21 Medical substance and pharmaceutical manufacturing business
    (C) 22 Rubber and plastic product manufacturing and education service business Education service business (P) (P) 85 Education service
    (C) 23 Non-metallic mineral product manufacturing business Health and Social Welfare Service (Q) (Q) 86 Healthcare business
    (C) 24 Primary metal manufacturing business
    (C) 25 Metalworking products manufacturing business excluding machinery and furniture (Q) 87 Social welfare service
    (C) 26 Electronic component, computer, image, audio and communication equipment manufacturing Arts, sports, and leisure-related service business
    (R) 90 Creative, artistic and leisure-related service business
    (C) 27 Medical, precision, and optical instrument and watch manufacturing
    (C) 28 Electric equipment manufacturing
    (C) 29 Other machinery and equipment manufacturing
    (C) 30 Automobile and trailer manufacturing
    (C) 31 Other transportation equipment manufacturing business
    (C) 32 Furniture manufacturing
    (C) 33 Other product manufacturing
    (C) 34 Industrial machinery and equipment repair business

    Start-up Support Facilities (commissioned organizations) in Seoul(the recommenders)

    Start-up Support Facilities (commissioned organizations) in Seoul(the recommenders)
    The name of Facility address
    서울창업허브 공덕
    Seoul Startup Hub Gongdeok
    서울특별시 마포구 백범로31길 21
    21 Baekbeom-ro 31-gil, Mapo-gu, Seoul
    서울창업허브 성수
    Seoul Startup Hub Seongsu
    서울특별시 성동구 성수이로22길 37(성수동2가 77-43) 성수IT종합센터
    37, Seongsui-ro 22-gil, Seongdong-gu, Seoul
    Seoul Startup Growth Center
    서울특별시 성북구 화랑로14길 5
    5, Hwarang-ro 14-gil, Seongbuk-gu, Seoul
    Invest Seoul Center
    서울특별시 종로구 종로 38
    38, Jong-ro, Jongno-gu, Seoul
    Seoul BioHub
    서울특별시 동대문구 회기로 117-3
    117-3, Hoegi-ro, Dongdaemun-gu, Seoul
    AI YangjaeHub
    서울특별시 서초구 태봉로 114, 한국교원단체총연합회 1∙5∙6∙8층
    1∙5∙6∙8FL, 114, Taebong-ro, Seocho-gu, Seoul
    Social Venture Hub
    서울특별시 강남구 선릉로93길 40(역삼동 704-45), 나라키움 역삼A빌딩 3~4층
    3~4FL, 40, Seolleung-ro 93-gil, Gangnam-gu, Seoul
    Seoul Startup Didimteo
    서울특별시 노원구 동일로174길 27
    27, Dongil-ro 174-gil, Nowon-gu, Seoul
    Youth Business Incubation Center
    서울특별시 서대문구 연세로2다길 11-3
    11-3, Yonsei-ro 2da-gil, Seodaemun-gu, Seoul
    Seoul Food Tech Startup Center
    서울특별시 송파구 양재대로 932 가락몰 1관, 2관 3층
    932, Yangjae-daero, Songpa-gu, Seoul
    세운 메이커스큐브
    Sewoon Makers Cube
    서울특별시 종로구 청계천로 159 세운메이커스큐브 세운-서303호
    159, Cheonggyecheon-ro, Jongno-gu, Seoul
    Seoul Design Incubating Center
    서울특별시 마포구 신촌로2길 19
    19, Sinchon-ro 2-gil, Mapo-gu, Seoul
    Seoul Global Startup Center
    서울특별시 용산구 청파로 109, 나진전자월드 14동 3층
    3FL, 14Dong, 109, Cheongpa-ro, Yongsan-gu, Seoul
    Seoul Fintech Lab
    서울특별시 영등포구 의사당대로 83 서울특별시여의도 위워크 4, 5, 6, 8층
    4, 5, 6, 8FL, 83, Uisadang-daero, Yeongdeungpo-gu, Seoul
    Seoul Game Contents Center
    서울특별시 마포구 매봉산로 31 에스플렉스센터
    S-PLEX CENTER, 31, Maebongsan-ro, Mapo-gu, Seoul
    서울 파트너스하우스
    Seoul Partners House
    서울특별시 용산구 한남대로 138 (한남동)
    138, Hannam-daero, Yongsan-gu, Seoul
    Seoul Eastern Women`s Development Center
    서울특별시 광진구 아차산로30길 36 (자양동)
    36, Achasan-ro 30-gil, Gwangjin-gu, Seoul
    Seoul Women`s Startup Plaza
    서울특별시 강남구 남부순환로 지하 2814 도곡역사 내 대합실 지하 2,3층
    B2, B3FL, 2814, Nambusunhwan-ro, Gangnam-gu, Seoul
    서울여성공예센터(더 아리움)
    Seoul Craft Center(The arium)
    서울특별시 노원구 동일로 174길 27
    27, Dongil-ro 174-gil, Nowon-gu, Seoul
    Seoul Southern Women`s Development Center
    서울특별시 금천구 독산로50길 23
    23, Doksan-ro 50-gil, Geumcheon-gu, Seoul
    Seoul Northern Women`s Development Center
    서울특별시 노원구 동일로207길 50 (중계동)
    50, Dongil-ro 207-gil, Nowon-gu, Seoul
    Seoul Central Womens Development Center
    서울특별시 마포구 토정로35길 17
    17, Tojeong-ro 35-gil, Mapo-gu, Seoul
    창업카페 천호점
    Seoul Start-up Café in Cheonho
    서울특별시 강동구 천호대로 1057 2층 강동구 청년해냄센터
    2FL, 1057, Cheonho-daero, Gangdong-gu, Seoul
    창업카페 충무로점
    Seoul Start-up Café in Chungmu-ro
    서울특별시 중구 퇴계로 265
    265, Toegye-ro, Jung-gu, Seoul
    Seoul Blockchain Center
    서울특별시 마포구 마포대로 78
    78, Mapo-daero, Mapo-gu, Seoul