Investment Incentives
- Business Environment
- Investment Incentives
Site Location Support
- Supported qualification: A company whose foreign direct investment (FDI) ratio is over 30% or whose majority shareholder is a foreign investor
- Support information (up to 50 years)
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* Foreign investment zones: Designated to attract foreign investmentSite Location Support - Location, Eligibility (FDI),Amount of Reduction Location Eligibility (FDI) Amount of Reduction Complex-type foreigninvestment zones Industry support services and high-technology business (more than US$1million), parts and materials (US$5 million or more) 100% Manufacturing business (US$5 million or more) 75% Individual foreigninvestment zones Manufacturing business (US$30 million or more), tourism (US$20 million or more), logistics (US$10 million or more), R&D (US$2 million or more) 100% Industrial complexes(national, general, agro-industrial complex, etc.) Industry support services and high-technology business (more than US$1 million) or manufacturing business (US$5 million or more) 50% - Complex-type foreign investment zones: Areas of national or general industrial complexes that are designated for lease or sale; designed to attract small and medium-sized foreign-invested companies, and practically leased to foreign-invested companies
- Individual foreign investment zones: Designated as units of foreign-invested companies' establishment; the region, timing, and incentives preferred by foreign investors are generally reflected in the designation; designed to attract investment from large foreign-invested companies - * Eligibility (FDI): Manufacturing (more than US$30 million), tourism industry (more than US$20 million), logistics (more than US$10 million), R&D (more than US$2 million)
Tax Support
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| Type | Eligibility (FDI) | Reduction Content | Remarks |
|---|---|---|---|
| Corporate tax(income tax) | Industry support services and high-technology business Individual foreign investment zone | 100% for 5 years and 50% for 2 years thereafter | *The reduction limit is determined based on the accumulated foreign investment and no. of employees. |
| Complex-type foreign investment zones (manufacturing more than US$10 million, logistics US$5 million or more) | 100% for 3 years 50% for 2 years thereafter | ||
| Local taxes(acquisition tax, property taxes) | Industry support services and high- technology business Individual foreign investment zone | Up to 15 years (in accordance with the province, city, and county ordinance) | |
| Complex-type foreign investment zones (manufacturing more than US$10 million, logistics US$5 million or more) | |||
| Tariffs, etc. | Industry support services and high-technology business Individual foreign investment zone | Customs duty exemption, individual consumption tax and VAT for 5 years | * Counted from the date of investment notification |
| Complex-type foreign investment zones | 5-year customs duty exemption |
Cash Grant
- In cases where the foreign investment satisfies certain conditions, Yeongcheon city provides cash grants for the construction of a new factory, etc. In the process, Yeongcheon city takes into account whether the relevant foreign investment accompanies high technology, the effect of technology transfer, the size of job creation, whether the foreign investment overlaps with a domestic investment, the propriety of the location in which the foreign investment is made, etc. * To be determined by the Foreign Investment Committee considering the technology transfer effect, created employment scale, etc.
- Qualification: 30% or more foreign direct investment (FDI) ratio
- Details: Employment, education and training subsidy, land purchase/lease, construction, basic-facilities installation, purchase of capital goods and research equipment, etc.