Qualification

• Manufacturing, IT, quarantine/immunity industry, or knowledge of service industry in accordance with Industrial Development Act that have been operating businesses abroad for more than 2 years.
• The actual owner of an overseas business place is Korean corporation (individual).

※ Requirements: An overseas business place shall meet one of the following conditions: ① Liquidation, ② Transfer, or ③ Production reduction (reduction of sales by 25%). In addition, an overseas business shall implement one of the following: new construction or expansion of domestic business in the same business category in accordance with the subcategory of Korean Standard Industrial Classification, purchase (lease) of a factory or investment in manufacturing facility on idle space in an existing factory.

Subsidy

Law related to support for enterprises operating businesses abroad and returning to Korea

• Up to 60 Billion KRW per enterprise (up to 30 Billion KRW per business place) * based on the sum of investment subsidy plus the relocation subsidy.
• Investment subsidy {Site subsidy (land purchase price, however, rent is not included)+Facility subsidy} x Subsidy ratio
  • * Subsidy ratio
    • ① Subsidy ratio per relocation district (11%-44%, 24% for general districts in Jeonbuk State)
    • ② Rate of increase or decrease for the number of employees (subsidy ratio*0.7)P~+6%P
    • ③ Addition ratio for investment (1%-4%P)
    • ④ Addition ratio for specific business (2%-5%P)
    • ⑤ Addition ratio for strategic investment (5%P)
• Relocation subsidy: Up to 400 Million KRW for the relocation of business facilities from abroad.

(Provincial Expenditure Additional support) Ordinance on Enterprise and Investment Attraction Promotion of Jeonbuk State

• In case of establishment or relocation of a business place: 5% of facility investment (10% for moving into the exclusive complex)/ with the limit of 5 Billion KRW.
• Relocation for grouping: 1% of facility investment (with the limit of 500 Million KRW per investment case)
• High-tech businesses, research institutes: 10% of facility investment/with the limit of 8 Billion KRW
• Relocation with the head office of a big enterprise: 30% of facility investment/ with the limit of 30 Billion KRW
• Consulting support or equipment movement for closing the business places abroad: 20% of costs required to move equipment and consulting. (Up to 400 Million KRW per investment case)