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Main Incentives

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Jeollabuk-do provides KRW 30 billion of cash grants to large scale investors.

Requirements
  • A company shall sign a memorandum of understanding for the investment deal with the provincial authorities.
  • A company that has invested in the provincial district shall hire more than 10 full-time employees.(Provided that the company falls into the industry category of R&D, ICT, carbon business or reshoring company shall hire more than 5 full-time employees.)
  • The investments shall exceed KRW 1 billion. (In the event of investments made by a company that falls into the industry category of R&D, ICT, carbon business or reshoring company, the value shall go above KRW 100 million.)
    ※ Provided that a foreign-invested company that has already made investments in Korea plans to transfer its business, newly set up or build out its production facilities into the district shall comply with the provisions stipulated in the statutory guidelines for the investment incentives applicable to businesses in Korea.
Types of investment incentives
Types Rent assistance Investment incentives Incentive caps
Investment subsidies
Business relocation in FIZ
75% reduction in rents (for a company that makes over USD 5 million worth of investments
*100% reduction in rents (for a company whose business involves in high-technology and makes over USD 1 million worth of investments or for a company whose business involves in parts and materials and makes over USD 5 million worth of investments)
Within 10% of investments
that exceed KRW 1 billion
KRW 8 billion
Large scale investments
A company that invests over KRW 100 billion or hires more than 100 full-time workers
KRW 10 billion
Business relocation in property owned or leased by each private entity
Rents or differences between net land value and site value
- Within 50% for normal price of land for sale
(within 10 years for lease)
A company that invests over KRW 200 billion
or hires more than 500 full-time workers
KRW 20 billion
A company that invests over KRW 300 billion or hires more than 1,000 full-time workers KRW 30 billion
Employment subsidies When hiring 20 local residents as full-time employees to work with KRW 1 million for an extra worker per month
for a period of 6 months
KRW 1 billion
HR training subsidies When hiring 20 local residents
as full-time employees to work with
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
외국인 투자지역 지정 조건 및 혜택 표로 입지지원,부품소재공단,자유무역지역,개별형 정보 제공
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
Manufacturing industry: Over USD 5 million -75% reduction
Manufacturing industry: Over USD 30 million
Tourism industry: USD 20 million
Logistics industry: USD 30 million
외국인 투자지역 지정 조건 및 혜택 표로 대상,조세종류,지원내용,해당지역 정보 제공
Target Type of Tax Contents of Support Area
Foreign investment zone National tax Corporate tax
(Income tax)
7 years of reduction (100% exemption for the first 5 year period, 50% reduction for the next 2 year period) in Gunsan city
50% reduction for 4 years Gimje Horizon Industrial Complex
Jeongeup High-Tech Science Industrial Complex
Tariff Exemption for 5 years Foreign Investment Zone (FIZ)
100% exemption Free Trade Zone (FTZ)
Local tax Acquisition tax
Property tax
100% exemption for 15 years