Support for capital invested Companies

Government Support

Cash Support
A certain percentage of the investment is provided as financial assistance, following a review by the Foreign Investment Committee under MOTIE, based on whether the enterprise is classified under the new growth engine industry as well as the impact of technology transfers, scale of job creation, impact on the local and national economies, etc.
Lease Support
Foreign-invested companies can lease land for up to 100 years, with rent cuts.

Support from Local Governments

Support from Local Governments Category Jeollabuk-do Municipal government(si·gun)
Category Jeollabuk-do Municipal government(si·gun)
Regular investment Cash Up to KRW 5 billion Up to KRW 5 billion
Land Up to 50% of the officially assessed land price Up to 30% of the officially assessed land price
Large investment Cash Up to 10 billion Up to 10 billion
Land Up to 50% of the officially assessed land price Up to 30% of the officially assessed land price
Factory infrastructure Up to KRW 3 billion for the industrial complex, KRW 5 billion for individual enterprises (access roads, electricity, gas, and wastewater facilities) -
Factory investment Up to KRW 5 billion(factory construction costs and machinery/equipment installation costs) -

Tax Deductions & Exemptions

Tax Deductions & Exemptions Deduction or exemption period and rate
Category Deduction or exemption period and rate
Corporate tax, income tax Exemption for 5 years and 50% deduction for the following 2 years (Exemption for 3 years and 50% deduction for the following 2 years)
Local tax Exemption for 7 years and 50% deduction for the following 3 years
Tariff Exemption for 5 years

* Eligibility criteria (investment): At least USD 30 million for manufacturing businesses (USD 10 million), USD 20 million f or tourism businesses (USD 10 million), USD 10 million for distribution businesses (USD 5 million), and USD 2 million f or R&D facilities (USD 1 million)

Other Support

In case of hiring more than 20 full-time employees, a monthly employment subsidy of KRW 1.5 million/person and a monthly education and training subsidy of KRW 1 million/person will be provided for up to 6 months.

Other Support Other Support,Jeollabuk-do,si·gun
Category Jeollabuk-do si·gun
Employment subsidy Up to KRW 1 billion Up to KRW 200 million
Education and training subsidy Up to KRW 500 million Up to KRW 200 million