SEOUL, SOUTH KOREA, May 14, 2018 — The Seoul Global Center, a support organization for international residents in Seoul, run by the Seoul Metropolitan Government and the Seoul Business Agency, is inviting foreigners who are preparing to start a business in Seoul, or startups founded in less than a year, to offer free offices and incubation programs during the second half of the year. Applications will be accepted until June 4.
This supporting program was launched in 2010, and since then a total of 160 teams have been beneficiaries. Currently there are 16 teams for the first half of 2018 – 13 teams in the Jongno center and three teams in the Gangnam center of the Seoul Global Center.
The trade business accounted for 35.3 percent (59 teams); the biggest part of the recipient startups, followed by the consulting business – 14.4 percent (24 teams). The other types of business include service, information technology, education and manufacturing. By nationality, the United States have been the largest group with 51 teams (30.4 percent), followed by China with 27 teams (16.1 percent) and Canada with 9 teams (5.4 percent). Teams from a total of 33 countries including Germany, France, Japan, Uzbekistan, Australia and the United Kingdom have been supported by this program.
The Seoul Global Center selects tenant startups by foreign residents twice a year, and the basic tenure period is six months. Those selected may extend their stay once for another six months, depending on performance evaluation of the first five months. The Center provides the selected startups with business coaching, one-on-one mentoring, and special lectures in addition to working spaces.
Beside the incubation program, the Seoul Global Center offers free business consultation on how to start a business in Seoul; professional counseling on taxation, legal affairs, foreign direct investment, customs and intellectual property rights; startup educational programs; networking events such as “biz-matching” and “biz-fare” so as to promote the entrepreneurship among foreigners living in Seoul and to improve business capabilities of foreign startups.