The Seoul Metropolitan Government said Friday that it is scheduled to accept new applicants for a program that offers office space for foreign financial firms at affordable prices in Yeouido, a financial hub in the city.

The municipal government plans to run the Seoul International Financial Office on the 16th floor of the One IFC building. Eligible applicants include foreign or South Korean financial institutions, and finance-related international organizations or nonprofit corporations entering Seoul.

Tenants can use the space for two years and can extend their contracts for up to three additional years after an evaluation process. The offices come in different sizes, some suited to independent entrepreneurs and others capable of accommodating 10 employees or more. Tenants are responsible for 30 percent of the original rent and maintenance fees.

Seoul City Hall will hold the second round of applications online from Oct. 12-15. The first round took place in August for tenants moving in later this year.

The office space program is part of the Seoul city government’s efforts to support foreign businesses here and highlight Yeouido’s role as a financial center.

Alongside plans for the Seoul International Financial Office, Seoul plans to add a city air terminal and create an administrative support center for visas. 

By Son Ji-hyoung (consnow@heraldcorp.com)