KFSF and YISS
The foreign expatriate community’s need for a new foreign school was addressed at a task force meeting organized by the Ministry of Commerce, Industry and Energy (MOCIE) in May 2003 as an effort to improve the education environment of foreign resident families in Korea.
The Yongsan International School of Seoul (YISS) project was initiated with the December 2003 decision of the Foreign Investor Committee. The Ministry of Knowledge Economy (MKE), the Seoul Metropolitan Government (SMG) and the Seoul Chamber of Commerce and Industry (SCCI) were designated to lead the effort to establish a new foreign school in Seoul.
▪The YISS project was pursued under Article 14 of the Foreign Investment Promotion Act and Article 15 of the Financial Support Standard for the Regional Autonomous Governments’ Activities relating to the investment by foreigners into Korea.
▪In June 2006, the Foundation selected a school operator through a bid announcement. By following a fair review of the selection committee, ICS was selected as the school operator.
- May 2003: Establishment of new foreign schools is proposed at a taskforce meeting to improve the investment environment for foreign residents in Korea
- March 2004: The KFSF is established.
- May 2004: The Foreign Investment Committee approves the plan for the YISS project.
- March 2005: The KFSF concludes the YISS site lease agreement with the SMG.
- April 2005: The KFSF holds a groundbreaking ceremony at the YISS campus site.
- March 2006: Mr. Kyung-shik Sohn, Chairman of the KCCI/SCCI assumes the KFSF BOD chair position.
- June 23, 2006: The KFSF holds a completion ceremony at the YISS campus site.
- July 4, 2006: The KFSF concludes an operating agreement (OA) with the ICS.
- August 16, 2006: YISS holds an opening ceremony.
- June 1, 2007: First YISS commencement ceremony honors 47 graduates.
- February 22, 2008: The government amends the Enforcement Decrees of the Corporate Income Tax Act and the Value-Added Tax Act to relieve the KFSF of relevant tax burdens.
- June 5, 2008: Second YISS commencement ceremony honors 56 students.
- May 27, 2009: Third YISS commencement ceremony honors 44 students.
- May 24, 2010: Fourth YISS commencement ceremony honors 49 students.
- May 28, 2011: Fifth YISS commencement ceremony honors 56 students.
- May 26, 2012: Sixth YISS commencement ceremony honors 72 students.
- June 1, 2013: Seventh YISS commencement ceremony honors 64 graduates.
- September 27, 2013: Mr. Yongmaan Park, Chairman of the KCCI/SCCI, assumes the KFSF BOD chair position.
- May 31, 2014: Eighth YISS commencement ceremony honors 80 graduates.
Enhancing the facilities and Expansion
The Foundation expanded its buildings and facilities in order to further develop and improve the school. More enhanced facilities and expanded buildings will enable the YISS to offer more classes and broaden the curriculum, thus greatly increasing the competitiveness of the school.