By Song Baleun and Kim Hwaya

The Ministry of Justice on May 1 relaxed visa requirements for foreign investors and tech entrepreneurs to attract more talent from overseas.

"The visa system as it is now is poses obstacles to attracting foreign talent," the ministry said. "Through this alleviation of visa regulations, we expect to boost the domestic economy by improving the conditions for foreign investment and tech startups in Korea."

In addition to the existing rule of one visa for each KRW 100 million in foreign investment, the ministry said more visas for foreign staff can be issued according to each entity’s hiring practices and tax payments. Employment of three domestic staff for more than six months earns another visa, as does an annual tax payment of KRW 100 million or combined sales of KRW 1 billion.

Additionally, the minimum foreign investment to qualify for a business investment visa (D-8) was reduced from KRW 500 million to KRW 300 million.

Obtaining a technical business startup visa (D-10-2) also got easier. Foreign nationals who receive high grades in training at the Global Startup Immigration Center and get a recommendation from the center are exempt from the minimum educational requirement of a bachelor’s degree.

brightsong@korea.kr