(Provincial Expenditure) Local Investment Promotion Subsidy
- Execution of MOU
City·County
- Submission of project plan and discussion on execution of MOU
- Not the subject of investment subsidy before execution of MOU
- Completion of land purchase & investment
Enterprise
- Land purchase agreement, construction design and commencement
- Factory construction registration, etc.
- Application for investment subsidy (within 3 months after commencement of
investment)
Province
- Evidentiary documents including investment subsidy application
- Data review & site survey
Deliberation by the investment deliberation committee of Jeonbuk State Province
(Professional advisory group)- Check on investment details and assessment by the certified public accountant.
- Deliberation on feasibility, including qualification and criteria for subsidy
- Payment of investment subsidy
Province
- Payment of subsidy to a successful applicant
- Follow-up Management (5 years)
Province
- 5 years from the date of notice on the subsidy settlement
Business categories excluded from subsidies
- Business categories excluded (from national expenditure) : Objective proof of manufacturing business and approval by the committee including real estate, construction, consumptive services, non-store and marine transportation brokerage, video viewing, news provision, blockchain crypto asset-related industries (investment business) when construction, wholesale or retail business is registered for direct manufacture and sales)
- Business categories excluded (from provincial expenditure) : Slaughterhouse (except meat processing), ready-mixed concrete, asphalt concrete, asphalt, concrete block, cement, concrete pipe, tobacco reconstituted products, recycling materials, frozen food, grain milling, lunchbox, distillery and distilled beverage, general lumber, printing, organic fertilizer, plate glass processing, pottery, lime, plastic, roof tiles, scrap metal, non-metallic minerals, ductile iron pipe, non-ferrous metal smelting, structural metal products, metal doors, metal tanks, hand tool & general hardware manufacturing, pollution, explosive and fire hazard businesses, and other regulated industries
Additional support (national expenditure)
- Additional support depending on the number of new employees: 1%-10% added per the number of employees and business scale
- Additional support for local specific businesses: 3% for big enterprises, 5% for medium enterprises, 10% for small enterprises.
- Addition of 2%: sophistication of business structure, energy-specialized business, free economic zone, materials, parts and equipment, high-tech investment zone, and hydrogen-specialized business