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

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 of Korea

• Mar. 2004: The KFSF is established.

• May 2004: The Foreign Investment Committee approves the support plan for the YISS project.

• Mar. 2005: The KFSF concludes the YISS site lease agreement with the SMG.

• Apr. 2005: The KFSF holds a groundbreaking ceremony at the YISS campus site.

• Mar. 2006: Mr. SOHN Kyung-shik, Chairman of the KCCI/SCCI assumes the KFSF BOD chair position.

• Jun. 23, 2006: The KFSF holds a completion ceremony at the YISS campus site. 

• Jul. 4, 2006: The KFSF concludes an operating agreement (OA) with the ICS.

• Aug. 16, 2006: YISS holds an opening ceremony.

• Jun. 1, 2007: YISS graduates 47 students (first ceremony).

• Feb. 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.

• Jun. 5, 2008: YISS graduates 56 students (second ceremony)

• May 27, 2009: YISS graduates 44 students (third ceremony)

• May 24, 2010: YISS graduates 49 students (fourth ceremony)

• May 28, 2011: YISS graduates 56 students (fifth ceremony)

• May 26, 2012: YISS graduates 72 Students (sixth ceremony)

Foundation Scholarship Program

On May 21st 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. The eligibility criteria include maintaining a good GPA and being a role model to other students. Based on these criteria, 7 students were rewarded as beneficiaries in 2012.