Application Criteria for Investment Subsidies

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Application Criteria for Investment Subsidies

Jeolla Bukdo(North Jeolla Province) Application Criteria for Investment Subsidies

Common criteria

① Companies that sign a preliminary MOU with Jeollabuk-do (prior to investment)
② ompanies that have maintained their business for 3 years or longer (large-scale investments are excluded)
③ Investments of over KRW 1 billion (over KRW 100 million for IT, CT, R&D companies, carbon enterprises, and reshoring companies)

※ Excluded business types (Article 3 of the Enforcement Regulations on Attracting Companies and Investment, hereinafter referred to as “Enforcement Regulations”): butchery (excluding butchery and meat processing), ready-mixed concrete, asphalt concrete, asphalt, blocks, cement, concrete pipes, tobacco stemming and re-drying, recycled materials, storage and processing, frozen foods, grain polishing, prepackaged meals, unrefined and herbal liquors, general lumbering, printing, organic fertilizers, sheet glass processing, ceramics, limestone, plastics, roof tiles, stone products, non-metallic minerals, cast-iron pipes, structural metal products, nonferrous metal smelting, metal doors, metal tanks, hand tools, general hardware manufacturing, pollution, explosion and fire hazard businesses, other business types for review

Detailed Criteria

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Classification		Eligibility	Subsidies		Limit
Korean companies	Establishment or relocation (headquarters, research institute, factory)	(Headquarters, factory) 10 or more full-time employees, investments over KRW 1 billion (Research institutes) 5 or more full-time researchers, investments over KRW 1 billion (Collective relocation) 5 full-time employees per each company or more than 10 full-time employees in total, investments over KRW 1 billion (IT, CT, R&D companies, carbon enterprises, and reshoring companies) 5 or more full-time employees, investments over KRW 100 million	Up to 10% of the investments of over KRW 1 billion ※ (Up to 10% of investments over KRW 100 million for IT, CT, R&D companies, carbon enterprises, financial institutions and reshoring companies)		KRW 8bln
		※ Priority support: additional support for a company involved in locally specialized key industries that moves into special zones ‣ 2% for individual move-ins / 5% for collective move-ins of 20 or more companies ※ A businesses incorporated less than 3 years shall make investments over KRW 3 billion into the provincial districts			KRW 8bln
	Producer service businesses	10 or more full-time employees ※ (provided that the company receives pre-approval from the Committee prior to signing an investment contract)	Up to 5% of the investments of over KRW 1 billion		KRW 1bln
	Producer service businesses	※ 50% of annual office space rents (up to KRW 100 million) for 5 years shall be covered ※ A businesses incorporated less than 3 years shall make investments over KRW 3 billion into the provincial districts			KRW 1bln
	Pre-existing companies located within the provincial district (new establishment or expansion)	(new establishment) Investment in new locations ▸ 10 or more full-time employees, investments of over KRW 10 billion(5 or more full-time employees for research institutes, carbon enterprises, financial institutions, and reshoring companies)	Within 10% of investments over KRW 1 billion		KRW 8bln
		- (expansion) Investment in new locations ▸ investments of over KRW 1 billion & 10 or more full-time employees (5 or more full-time employees for research institutes, carbon enterprises, financial institutions, and reshoring companies)	Up to 10% of investments over KRW 1 billion (excluding land purchases)		KRW 8bln
	Large-scale investment (including newly incorporated entities)	investments of over KRW 100 billion, or 300 or more full-time employees investments of over KRW 200 billion, or 500 or more full-time employees investments of over KRW 300 billion, or 100 or more full-time employees	Up to 10% of investments over KRW 1 billion		KRW 10bln KRW 20bln KRW 30bln
		Subsidies provided to encourage employee resettlement (for employees who reside within the provincial district for 1 year or longer since his or her resettlement, application shall be made within 3 years from the start date of factory operation)	1 year x KRW 100,000 / person ※ investments over KRW 10 billion & 10 or more full-time employees in case for partnering companies		KRW 1.2mln per person
		※ companies eligible to receive subsidies to pay off the construction costs for factory infrastructure (duplicate application with investment subsidies prohibited) ‣ entry roads, electricity, gas, wastewater, ground reinforcement work	Up to 30% of investments	Individual locations	KRW 5bln
			Up to 30% of investments	Industrial Agricultural Complex	KRW 5bln
Additional subsidies provided for foreign-invested companies		Subsidies for site locations	Leasing (sales) price gap - up to 50% of standard prices		Within budget limits(10 years)
		Application of provisions on investment by domestic companies	Up to 10% of investments over KRW 1 billion		KRW 8 bln
		Local Tax exemptions, special cases for common property, support programs to improve living environment for foreign residents, etc.	quod vide: Ordinance on property purchase tax deduction / common property acquisition
Reshoring Companies		「Reshoring companies belong to the Article 9 of the National Financial Funding Standards for Local Government's Attraction of Reshoring Companies (by MOTIE)」	Business establishment, relocation : within 5% (10% for specialized complex) Collective relocation : within 1% High-tech industries, research institutes : within 10% Relocation of headquarters' of large business : within 30% ※ additional (duplicable) support to existing subsidies (only temporarily until December 31, 2025)		KRW 5 bln KRW 500 mln KRW 8 bln KRW 30 bln
Companies investing in Tourism Industry		investments over KRW 10 billion & 20 or more full-time employees Tourist accommodation business as prescribed in the Article 3 of 「Tourism Promotion Act」, and International conference business, Class-II resort complex business(excluding golf course from Specialized resort business), General amusement complex business and company's training institute as prescribed in the Article 2 of 「Enforcement Decree of the Tourim Promotion Act」	up to 10% of facility investment, investment amount (however, excluded when acquiring a site or building at an existing place of business)		KRW 2bln
		(large-scale) over KRW 100 bln or 200 or more full-time employees ( However, when a single business operator invests in two or more businesses located at a single place of business, the investments in each business shall be added up)	up to 10% of investment amount (however, excluded when acquiring a site or building at an existing place of business)		KRW 10 bln
		※ financial support for tourism infrastructure is available(entry roads, electricity, gas, wastewater) - Eligible for application after deliberation by the Tourism Committee	within 30% of investment in infrastructure, up to KRW 3 bln		KRW 10 bln

※ This material is for reference only. Detailed provisions conform to the original Korean version of the Jeollabuk-do Ordinance on Attracting Companies and Investment, and the Jeollabuk-do Enforcement Regulations on Attracting Companies and Investment.

Application Procedures for Investment Subsidies

※ Support for investment in tourism businesses is provided after it passes through a deliberation process by the Jeollabuk-do Tourism Industry Investment Promotion Committee (Department of Culture, Sports and Tourism).