Provision of Subsidies
- Subsidies from National Fund (Ministry of Industry, Trade & Energy Announcement 2018-172 / subsidy within the budget)
- City fund available: within the budget as specified in Naju City’s Ordinance Promoting Investment
Provision of Subsidies
| Category |
Type of Support |
Available Subsidy |
| Big Corporation |
Mid-Sized Business |
SME |
| Moving from Seoul metropolitan region or returning to South Korea |
Subsidizing site acquisition |
NA |
Max 20% of invested fund |
Max 40% of invested fund |
| Facility investment |
Max 11% of invested fund |
Max 19% of invested fund |
Max 24% of invested fund |
| Creation or expansion |
Facility investment |
Max 11% of invested fund |
Max 19% of invested fund |
Max 24% of invested fund |
Exemption and/or Reduction of Taxes
Restriction of Special Taxation Act, Restriction of Special Local Taxation Act
Exemption and/or Reduction of Taxes
| Category |
Available Subsidy |
| Startup SME or SME venture |
- 50% reduction of corporate tax, income tax for 5 years
- 75% reduction in acquisition tax until Dec. 31, 2020
- Property tax exempted for 3 years / 50% reduction for 2 years
|
| SME moving from the overconcentration suppression zones in Seoul metropolitan region (a company moving out of Seoul metropolitan region) |
- Corporate tax: 100% for 7 years and 50% reduction for 3 years thereafter
- Acquisition tax exempted until Dec. 31, 2021; 100% reduction of property tax for 5 years, and 50% reduction for 3 years thereafter
|
| When buying factory land for factory creation (innovation industrial complex) (tax exemption and/or reduction for industrial complex etc.) |
- 75% reduction of acquisition tax until Dec. 31, 2019
- 75% reduction of property tax for 5 years from the first applicable date
|
Supports according as Innovation Industrial Complex is designated as “Local SME Special Support District”
- Tax benefits : 50% reduction of corporate tax (income tax) for 5 years
- Loans : preferential loans from Local SME Nurturing Fund and from policy funds
- Public purchase: products may be put to limited competitive bids and private contracts
- Preferential treatment with credit guarantee, technology development, consulting provided etc.
