What is the application process for Resident Startups?
We have a 2-Step process for selecting startups to become Residents. First, you submit an Online Application website. We use expert judges to evaluate all the online applications and choose selected teams for an In-Person Presentation at our center. You present your Business and answer questions to our judges live. Then, we select up to qualified teams to be a part of the Resident Startup program.
What requirements are there to be selected as a Resident Startup?
– Teams should have a ratio of at least 33% Foreign Residents of Korea in the management team or co-founding team. Teams with a Foreigner as the assigned representative of a registered Korean business are exempt from this ration.
– Your business should be less than 3 years from the date of establishment based on last date of application. (Less than 3 years old)
– At least one member of the team must meet the qualification to establish a corporation (or individual business) in Korea
– Those who do not fall under the following exclusion criteria (team)
– Founder (team) who is not paid national tax or local tax
– Founders (teams) who are supported by the government (central and local)
– Ineligible foreigners (tourist visa, illegal stay, etc.)
※ If the criteria for future eligibility related exemption is confirmed, contract will be canceled including moving in
Do I need to write a business plan?
No, you don’t need to write a plan to be selected. All the information from your application, as well as an in-person presentation and interview will be enough to understand you and your business. However, we do ask the Resident Startups we select to provide a Business Development plan based on the Seed Funding we will provide. This will help us determine your development needs and the level of resources needed.
Do I have to have my business registered?
No, we are looking for teams and people at various stages of development. If you have a good idea, we can help take care of setting up the registration and fine details.
What is “Access” and “Resident” Membership? What is the difference between them?
We welcome all foreigners interested in startups to be a part of our center, whether you are still coming up with an idea or you’re a seasoned pro with many experiences. The “Access” Membership allows any individual to come to our center, work, interact, and take part in basic educational programs, all for FREE. The application can be completed immediately and you’re in. The “Resident” Membership is our intensive incubation program for startup teams, where we provide Private Office Space, Seed Funding, Mentoring, and more focused Educational programs and events for your team. The Resident Membership Period is about 1 year and 40 Resident Members are selected per batch.
Why does the program only help foreigners or teams with a foreigner?
There are many government programs, grants, and competitions in Korea to help startups and small enterprises. However, a vast majority of these programs are not available to foreigners and even if they were open to foreigners, they operate almost exclusively in the Korean language. The City of Seoul sees the benefits and job creation that innovative foreigners can bring and wants to provide assistance to them as well.
Are you looking for high-tech startups or companies?
We are looking for good ideas and business models in all sectors. We believe that innovative companies are not limited to technology-based startups and welcome all ideas to the center.
I need funding. How much funding do you provide?
Seoul Global Startup Center provides Resident Members up to 20 Million Won of Seed Funding based on an evaluation of your business stage and operational progress.
Do I have to make money or show progress by end of the program?
We look at things differently than most programs. We understand the cycle of Startups and how difficult it can be to show progress purely through numbers alone. We will look at each participant individually and organically determine their progress. Our goal is to help you grow through highs and lows of business development.
Do I need to be in the office for a certain amount of time every week?
Yes, we have office occupancy requirements of at least 3-days a week. We give you free office space 24/7 and we do expect that you will participate in the overall environment of the center. The success and the future of the program is dependent upon that participation. Those teams that do not commit themselves to the program will be warned and may be asked to leave the program in extreme cases.
Seoul Global Startup Center is a startup incubation center supporting foreign entrepreneurs in Korea to begin their startup journey in Seoul.
3F : 24/7
4F : 9AM-6PM
Staff operating time : 9AM-6PM
3F,Electronic World Building, Hangangro 3-ga, 1-1 Yongsan-gu, Seoul, South Korea 04370