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North Jeolla Province provides KRW 20 billion of cash grant to large-scale investment companies.

■ Requirements

  • A company should sign a memorandum of understanding with the province.
  • More than 20 regular workers since the company’s investment in the province.
  • The investment should be over KRW 1 billion.
    * A foreign-invested company that has already made investment in Korea should follow the investment guides for domestic companies for its relocation, establishment and expansion.

■ Subsidies

Subsidies Requirements Benefits Maximum
Investment subsidies When moving into a foreign investment zone
75% reduction of the rent (manufacturing industry with over USD 5 million)
*A company can receive facility subsidies for large-scale investment (more than KRW 10 billion or more than 300 workers).
KRW 1 billion of investment in facilities
Within 5% of the excessive amount
KRW 5 billion
When moving into an individual site
Land purchase cost, construction cost, facility equipment cost, etc.
*KRW 10 billion at maximum for large-scale investment (more than KRW 10 billion or more than 300 workers).
Over KRW 1 billion of investment
Within 10% of the amount
KRW 5 billion
Employment subsidies When hiring 20 new regular workers who are provincial residents KRW 1 million for an extra worker per month for a period of 6 months KRW 1 billion
Education training subsidies When hiring 20 new regular workers who are provincial residents KRW 500,000 for an extra worker per month for a period of 6 months KRW 500 million

■ Requirements and benefits for designating a foreign investment zone

Site support Parts and materials industrial complex Free trade zone Individual-type
Rent free for maximum of 100 years
(rent for 50 years and renew for another 50 years)
Parts and materials: Over USD 5 million Parts and materials: Over USD 5 million
Advanced technology: Over USD 1 million
*Over USD 5 million of manufacturing industry: 75% reduction
Manufacturing industry: Over USD 30 million
Tourism industry: USD 20 million
Logistics industry: USD 30 million

  Taxes Benefits Regions
Foreign investment zone National tax Corporate tax
(Income tax)
7 years of reduction (100% exemption for the first 5 years, 50% reduction for the next 2 years) Individual-type foreign investment zone
Advanced technology
5 years of reduction (100% exemption for the first 3 years, 50% reduction for the next 2 years) Complex-type foreign investment zone
Free trade zone
Tariff Exemption for 5 years Foreign investment zone
100% exemption Free trade zone
Local tax Acquisition tax
Property tax
100% exemption for 10 years  
 
 

 

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