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Incentives

Subsidies

Description	Support target	Support limit	Details of support
Foreign invested enterprise	Enterprise foreign investment percentage is over 30%	50% of investment amount	Subsidies for location, facilities, employment, education and training
Enterprises relocating from the Seoul metropolitan area	Enterprises which had been established for 3 years or more in the Seoul metropolitan area and have 30 employees or more	10 billion KRW	Subsidies for location, facilities, employment, education and training
Employment subsidy for local enterprises	Manufacturing businesses within the province that have been established for at least 3 years and are planning to increase employment with new investment	100 persons	Maximum 7.2 million KRW per person (600,000 KRW x 12 months)
Subsidy for investment for business foundation	Enterprise established between 2007 and 2009, with facility investment of 500 million KRW or more, or new employees of 5 persons or more	1.5 billion KRW	15% of costs of buildings and facilities, Invest Jeollanam-do
Investment enterprises within the province	Enterprise with investment of 2 billion KRW or more or new employees of 20 persons or more	5 billion KRW	Subsidies for location, facilities, employment, education and training
Support for basic facilities: support for installation of roads, and gas and water facilities

Reduction and exemption of taxes

Description	Corporate taxes	Income taxes	Acquisition taxes, registration taxes	Property Tax
Foreign invested enterprise	Exemption for 5 years, thereafter 50% for 2 years		Exemption for 15 years	100% exemption for 5 years, thereafter 50% exemption for 2 years (extendable for 15 more years according to provisions to be determined in municipal and county ordinances)
Enterprises relocating from the Seoul metropolitan area	Exemption for 5 years, thereafter 50% for 2 years		Exempted	100% exemption for 5 years, thereafter 50% for 2 years
Small or medium size start-up venture	50% exemption for 4 years		Exemption for 2 years	50% exemption for 5 years

Support funds and financial support for small and medium businesses

Description	Kind of fund	Details of the support
Funding available from the provincial government	Funding for strengthening of business foundation and competitiveness	Funding available from the provincial government Funding for strengthening of business foundation and competitiveness Small and medium size manufacturing firms Up to 1 billion KRW per firm (facility fund : operation = 8 : 2), investment inducement and transfer, up to 1.5 billion KRW for a scale-up project of target enterprises Facility fund: deferment for 3 years and repayment for 5 years, operating cost: deferment for one year and repayment for 2 years Annual interest rate of 5.09% (variable)
	Venture Capital	Small and medium startup ventures, small and medium enterprises having promising technologies Up to 500 million KRW per firm (facility fund : operation = 4 : 1), investment inducement and transfer, up to 700 million KRW for a scale-up project of target enterprises Facility fund: deferment for 2 years and repayment for 3 years, operating cost: deferment for one year and repayment for 2 years Annual interest rate of 3.0% (fixed rate)
	Fund for restructuring of a small and medium size distribution business	Provincial small and medium size wholesale and retail businesses Up to 500 million KRW per firm (facility fund : operation = 4 : 1) Facility fund: deferment for 3 years and repayment for 5 years, operating cost: deferment for one year and repayment for 2 years Annual interest rate of 5.09% (variable)
Cooperation loan by banks	Management stabilization fund	Provincial small and medium manufacturing businesses, tourist hotels, accommodation firms for foreigners designated by the province, passenger car transportation firms, knowledge-based service firms, service firms related to manufacturing businesses Up to 200 million KRW per firm (up to 50% on the basis of sales amount), - Up to 300 million KRW for especially promising firms, firms induced to invest, innovative businesses, women -owned businesses, startups, and firms employing handicapped persons Repayment in lump sum after 2 year deferment Bank interest rate is determined upon agreement with a bank. The interest rate of the secondary supplement fund is 2.0%.
Cooperation loan by banks	Business foundation fund for small merchants and manufacturers	Ventures established for less than 2 years, startups including small manufacturing businesses and processing businesses, persons having undergone education for starting up a business at the Small Merchants and Manufacturer Support Center Enterprises established for less than 5 years having undergone consulting at the Small Merchants and Manufacturer Support Center (except wine shop businesses and solar power generation companies) Up to 200 million KRW per firm - Up to 300 million KRW for firms induced to invest and/or relocate Repayment in lump sum after deferment for 2 years Bank interest rate is determined upon agreement with a bank. The interest rate of the secondary supplement fund is 2.0%.