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Application Criteria for Investment Subsidies

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Jeolla Bukdo(North Jeolla Province) Application Criteria for Investment Subsidies

Common criteria
  • ① Companies that sign a preliminary MOU with Jeollabuk-do (prior to investment)
  • ② ompanies that have maintained their business for 3 years or longer (large-scale investments are excluded)
  • ③ Investments of over KRW 1 billion (over KRW 100 million for IT, CT, R&D companies, carbon enterprises, and reshoring companies)
※ Excluded business types (Article 3 of the Enforcement Regulations on Attracting Companies and Investment, hereinafter referred to as “Enforcement Regulations”): butchery (excluding butchery and meat processing), ready-mixed concrete, asphalt concrete, asphalt, blocks, cement, concrete pipes, tobacco stemming and re-drying, recycled materials, storage and processing, frozen foods, grain polishing, prepackaged meals, unrefined and herbal liquors, general lumbering, printing, organic fertilizers, sheet glass processing, ceramics, limestone, plastics, roof tiles, stone products, non-metallic minerals, cast-iron pipes, structural metal products, nonferrous metal smelting, metal doors, metal tanks, hand tools, general hardware manufacturing, pollution, explosion and fire hazard businesses, other business types for review
Detailed Criteria
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Classification Eligibility Subsidies Limit
Korean companies Establishment or relocation
(headquarters, research institute, factory)
  • (Headquarters, factory) 10 or more full-time employees, investments over KRW 1 billion
  • (Research institutes) 5 or more full-time researchers, investments over KRW 1 billion
  • (Collective relocation) 5 full-time employees per each company or more than 10 full-time employees in total, investments over KRW 1 billion
  • (IT, CT, R&D companies, carbon enterprises, and reshoring companies) 5 or more full-time employees, investments over KRW 100 million
Up to 10% of the investments of over KRW 1 billion
※ (Up to 10% of investments over KRW 100 million for IT, CT, R&D companies, carbon enterprises, financial institutions and reshoring companies)
KRW 8bln
※ Priority support: additional support for a company involved in locally specialized key industries that moves into special zones

‣ 2% for individual move-ins / 5% for collective move-ins of 20 or more companies
※ A businesses incorporated less than 3 years shall make investments over KRW 3 billion into the provincial districts
Producer service businesses
10 or more full-time employees
※ (provided that the company receives pre-approval from the Committee prior to signing an investment contract)
Up to 5% of the investments of over KRW 1 billion KRW 1bln
※ 50% of annual office space rents (up to KRW 100 million) for 5 years shall be covered

※ A businesses incorporated less than 3 years shall make investments over KRW 3 billion into the provincial districts
Pre-existing companies located within the provincial district
(new establishment or expansion)
(new establishment) Investment in new locations
▸ 10 or more full-time employees, investments of over KRW 10 billion(5 or more full-time employees for research institutes, carbon enterprises, financial institutions, and reshoring companies)
Within 10% of investments over KRW 1 billion KRW 8bln
- (expansion) Investment in new locations
▸ investments of over KRW 1 billion & 10 or more full-time employees (5 or more full-time employees for research institutes, carbon enterprises, financial institutions, and reshoring companies)
Up to 10% of investments over KRW 1 billion
(excluding land purchases)
KRW 8bln
Large-scale investment
(including newly incorporated entities)
  • investments of over KRW 100 billion, or 300 or more full-time employees
  • investments of over KRW 200 billion, or 500 or more full-time employees
  • investments of over KRW 300 billion, or 100 or more full-time employees
Up to 10% of investments over KRW 1 billion KRW 10bln
KRW 20bln
KRW 30bln
Subsidies provided to encourage employee resettlement (for employees who reside within the provincial district for 1 year or longer since his or her resettlement, application shall be made within 3 years from the start date of factory operation) 1 year x KRW 100,000 / person
※ investments over KRW 10 billion & 10 or more full-time employees in case for partnering companies
KRW 1.2mln per person
※ companies eligible to receive subsidies to pay off the construction costs for factory infrastructure (duplicate application with investment subsidies prohibited)
‣ entry roads, electricity, gas, wastewater, ground reinforcement work
Up to 30% of investments Individual locations KRW 5bln
Industrial Agricultural Complex
Additional subsidies provided for foreign-invested companies
Subsidies for site locations
Leasing (sales) price gap - up to 50% of standard prices Within budget limits(10 years)
Application of provisions on investment by domestic companies
Up to 10% of investments over KRW 1 billion KRW 8 bln
Local Tax exemptions, special cases for common property, support programs to improve living environment for foreign residents, etc. quod vide: Ordinance on property purchase tax deduction / common property acquisition
Reshoring Companies
「Reshoring companies belong to the Article 9 of the National Financial Funding Standards for Local Government's Attraction of Reshoring Companies (by MOTIE)」 Business establishment, relocation : within 5% (10% for specialized complex)
Collective relocation : within 1%
High-tech industries, research institutes : within 10%
Relocation of headquarters' of large business : within 30%
※ additional (duplicable) support to existing subsidies
(only temporarily until December 31, 2025)
KRW 5 bln
KRW 500 mln
KRW 8 bln
KRW 30 bln
Companies investing in Tourism Industry
investments over KRW 10 billion & 20 or more full-time employees
Tourist accommodation business as prescribed in the Article 3 of 「Tourism Promotion Act」, and International conference business, Class-II resort complex business(excluding golf course from Specialized resort business), General amusement complex business and company's training institute as prescribed in the Article 2 of 「Enforcement Decree of the Tourim Promotion Act」
up to 10% of facility investment, investment amount
(however, excluded when acquiring a site or building at an existing place of business)
KRW 2bln
(large-scale) over KRW 100 bln or 200 or more full-time employees
( However, when a single business operator invests in two or more businesses located at a single place of business, the investments in each business shall be added up)
up to 10% of investment amount
(however, excluded when acquiring a site or building at an existing place of business)
KRW 10 bln
※ financial support for tourism infrastructure is available(entry roads, electricity, gas, wastewater)
- Eligible for application after deliberation by the Tourism Committee
within 30% of investment in infrastructure, up to KRW 3 bln
※ This material is for reference only. Detailed provisions conform to the original Korean version of the Jeollabuk-do Ordinance on Attracting Companies and Investment, and the Jeollabuk-do Enforcement Regulations on Attracting Companies and Investment.

Application Procedures for Investment Subsidies

Please refer to the information below
  1. Investment MoU signing
    province, (city, county) company
  2. Move-in contract (factory establishment) signing
    city, county
    • Industrial complex move-in contract (industrial complex)
    • Factory establishment report (individual location)
    • Factory establishment business plan, etc.
  3. Move-in contract (factory establishment) approval
    management agency
    • Move-in eligibility criteria, and business value review and evaluation
  4. Land sale contract signing
    Korea Land and Housing Corporation (LH)
    • Business license copy
    • Corporate body register certified copy
    • Deposit 10% (total cost)
  5. Factory construction approval
    city, county
    • Construction approval application
    • Documents as stipulated in the Enforcement Regulations of the Construction Act
  6. Interim inspection application and use inspection
    construction company
    • Drawings and specifications
    • Construction supervision report
  7. Factory establishment completion declaration, factory registration
    city, county
    • Factory establishment completion report
    • Final building completion inspection, machinery and equipment installation
  8. Investment subsidy application
    province (separate for cities, counties)
    • Investment subsidy application (attached)
    • Investment business plan, factory registration certificate from previous location
    • Tax invoice, contract, and other documentary evidence
  9. Application review and on-site inspection
    province (separate for cities, counties)
    • Confirmation of machinery and equipment, building installation, and other forms of investment
  10. Investment subsidy evaluation
    experts
    • Certified accountant evaluation
  11. Investment Deliberation Committee deliberates, makes decision
    province (separate for cities, counties)
    • Deliberates, makes decision on application
    • eligibility, application criteria, etc.
  12. Investment subsidy issuance
    province (separate for cities, counties)
    • Subsidy deposit in corporate account
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※ Support for investment in tourism businesses is provided after it passes through a deliberation process by the Jeollabuk-do Tourism Industry Investment Promotion Committee (Department of Culture, Sports and Tourism).