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JEONBUK STATE

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Investment Subsidy of Jeonbuk State

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Targets

Targets : Corporations
  • 1. Manufacturing
  • 2. IT & CT
  • 3. Manufacturer services
  • 4. R&D

Subsidy

  • [Investment subsidy] Up to 10% of the amount exceeding an investment of 1 Billion KRW, with a maximum limit of 8 Billion KRW.
  • [Subsidy limit for Large scale investment] - Up to 10 Billion KRW for an investment of over 100 Billion KRW/Up to 20 Billion KRW for an investment of over 200 Billion KRW/ Up to 30 Billion KRW for an investment of over 300 Billion KRW.
  • [Employment Subsidy] In case of employment of over 20 new full time workers living in Jeonbuk State, 1 Million KRW per month per person exceeding 20.
  • [Education and Training Subsidy] 300,000 KRW per month for training and education for up to 6 months.
    • (However, subsidies are not available for any enterprises receiving other funds for the same purposes from the Province government or Jeonbuk State, including employment incentive).
  • * Maximum subsidy: Up to 1 Billion KRW for employment subsidies, up to 500 Million KRW for education and training subsidies.

Qualifications

Qualifications
Category work
experience		 New employment Investment amount Investment method Support Contents
New Construction/Expansion Less than 3 years, over 10 employees Over 3 Billion KRW
  • ① New construction or the change of purposes of an existing building
  • ② Purchase of an abandoned building
  • ③ Maintenance of an existing business place in Jeonbuk State and new investment
  • ④ Increase of floorage of an existing business place
  • Payment of subsidies in accordance with the investment subsidy calculation method below
  • Investment acceptance range.
More than 3 years over 10 employees Over 1 Billion KRW

Additional support

  • Additional support per district:
    • ① Eastern district (Muju, Jinan, Jangsu, Imsil, Sunchang, Namwon)- 5% added
    • ② Development promotion district (Gimje, Jeongeup, Gochang, Buan)- 1% added
  • Additional support per business category: One hundred Million KRW for IT, CT, R&D, carbon or financing enterprises or enterprises returning to Jeonbuk State (1 Billion KRW for other business categories) Original ratio is calculated with the excess amount.

Investment subsidy calculation method(Table 3, Enforcement Rules, Ordinance on Promotion of Enterprise and Investment Attraction of Jeonbuk State)

Calculation Criteria (Subsidy = Subsidy applied to investment + Subsidy applied to employment)

  • * Investment subsidy = [{Investment – 1 Billion KRW(deduction)} x Subsidy ratio] x 0.7
  • * Subsidy applied to employment = [{Investment – Investment(1-Coefficient of Employment)}- 1 Billion KRW (deduction) x Subsidy ratio] x 0.4
  • ※ Coefficient of employment = No. of employees (persons)/Investment (Hundred Million KRW)
  • ※ 1 Billion KRW (deduction), One Hundred Million KRW for IT, CT, R&D, carbon or financing enterprises or enterprises returned to Jeonbuk State, 1 Billion KRW for others.
  • ※ Subsidy ratio: Basically 10%, 15% for eastern district, 11% for development promotion district
Investment Subsidy Calculation Example
(Example) Investment of 10 Billion KRW, 30 employees, subsidy ratio 10% = 620 Million KRW
Investment: [(100-10)×0.1]×0.6 540 Billion KRW.
Employment (100-100<1-0.3>)-10)×0.1×0.4 =80 Million KRW