Korea Eases Entry Barrier for Foreign Universities and Schools
As reported today in the Korea Times, foreign higher-learning institutions are required to have a certain amount of seed money to set up branches in South Korea. A foreign university needs to have 10 billion won to set up a branch here, while a graduate school should have 4 billion won and schools providing two-year master’s programs should have 7 billion won.
The Cabinet approved a ministry plan Tuesday to remove the seed money rule, which has drawn complaints from foreign institutions seeking to enter the Korean market, in a bid to attract more foreign schools. “Foreign institutions don’t have to secure the seed money if they plan branches in free economic zones and on Jeju Island,” a ministry official said. “The removal is in line with the government’s efforts to attract more foreign schools. We plan to offer more benefits to them.”