GWANGJU < invest Korea

According to Yonhap News,

(GWANGJU=Yonhap News) Gwangju special R&D zone announced October 25 that it designated three companies in the zone as high-tech enterprises. The R&D zone dubbed as Gwangju Innopolis is operated by the INNOPOLIS Foundation, an affiliated organization of the Ministry of Science, ICT, and Future Planning.

Selected companies will receive tax benefits and extra credits for participation in projects carried out in the special R&D zone. As part of the tax break, corporate tax will be exempted for three years and reduced by half for subsequent two years. Property tax will be lifted for seven years and cut by half for following three years.

Companies in the special R&D zone that develop advanced technology or produce high-tech products notified by the Ministry of Trade, Industry and Energy through technology transferred from public research institutes are eligible for high-tech enterprises. Companies that own patent rights can become candidates as well. Sales generated from high-tech products should account for more than 30% of total sales revenue and research and development ratio should exceed 5%.

shchon@yna.co.kr

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