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According to Yonhap News,
(JEJU=Yonhap News) District to nurture venture firms has been additionally designated in Jeju, which in turn is expected to facilitate business startup.
Jeju Island announced on December 15 that it has designated 4.5 square kilometers in Jeju Science Park, which is built by the Jeju Free International Development Center (JDC), as the Jeju Venture Business Promotion Zone.
Along with Jeju Science Park, a number of educational and research institutes including Jeju National University, Jeju International University, Jeju Technopark, and Korea Polytechnic Jeju Campus are situated in the designated area. 126 leading companies and institutions are located in Jeju Science Park alone.
By designating the area, where is serving as the center of ICT and BT in Jeju, as a district for fostering venture firms and providing various tax incentives, it is expected to lead to sales increase and job creation in the island.
Venture firms in the designated district are provided with various benefits including acquisition and property tax exemption for real property acquired for business purposes. In addition, preferential conditions apply to them when executing projects to support small and medium-sized enterprises.
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Source: Yonhap News (Dec. 15, 2016)