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Korea Foreign Schools Foundation

Founding Objective

Founding Objective

The Korea Foreign Schools Foundation is a nonprofit organization whose objectives are to establish and operate foreign schools in order to foster talents and improve the educational environment so as to contribute to attracting foreign direct investments.

The board of the foundation is made up of representatives of the national government, the Seoul metropolitan government, three major economic organizations, the Korea Chamber of Commerce & Industry, the Korea International Trade Association and the Federation of Korean Industries, along with the American Chamber of Commerce in Korea.

YISS was established by the Korea Foreign Schools Foundation in 2006. The project was initiated by financial contributions from the national government and business organizations. KFSF leased the land for the campus from the Seoul Metropolitan Government and provided the school facilities. We are most grateful to these government and business organizations who have transformed our vision into reality.

KFSF and YISS

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.

History

  • 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 commencent 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 commencent ceremony honors 56 students.
  • May 27, 2009:  Third YISS commencent ceremony honors 44 students.
  • May 24, 2010:  Fourth YISS commencent ceremony honors 49 students.
  • May 28, 2011:  Fifth YISS commencent ceremony honors 56 students.
  • May 26, 2012:  Sixth YISS commencent ceremony honors 72 students.
  • June 1, 2013:  Mr. Yongmaan Park, Chairman of the KCCI/SCCI assumes the KFSF BOD chair position.
  • June 1, 2013:  Seventh YISS commencement ceremony honors 80 graduates.
  • May 31, 2014:  Eighth YISS commencement ceremony honors 80 graduates. 

 

Enhancing the facilities and Expansion

The Foundation is planning to expand 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.

Foundation Scholarship Program

Foundation Scholarship Program

On May 21, 2008, the Board of Directors decided to launch the Foundation Scholarship Program. Since then, the Foundation has awarded the scholarship to several graduates every year.

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