Seoul Subsidizes Foreign-Invested Startups with Up to KRW 50 Million Each

The Seoul Metropolitan Government (SMG) is providing employment support for the growth of startups and the cultivation of global unicorns (unlisted companies with business valuation of more than KRW 1 trillion).

The SMG is also subsidizing foreign-invested startups in the field of new industries (e.g. IT, biotechnology) with up to KRW 50 million each if they’ve hired more than five new employees last year with prospective employee retention.

Eligible recipients of the subsidy are either foreign-invested companies that invested in new growth-driving industries designated by the SMG or foreign-invested companies that expanded their operations to Seoul based on an MOU with the SMG.

As it is predicted that more startups will face the crisis of bankruptcy due to the financial difficulties caused by the prolonged COVID-19 pandemic, the SMG eased its eligibility conditions by reducing the number of additional employment from 10 to 5 so that fledgling startups can apply and receive the subsidy.
Details, including precautions, are available on the SMG website.

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