ULSAN < invest Korea

Ulju County announced last Saturday that a revised ordinance on corporate activity facilitation and trade promotion, which provide subsidies to companies which invest the region, will come into effect.

The revised ordinance includes subsidies to help companies with land purchase, rent, plant or research facility and infrastructure development. Those will be provided within 10 percent (up to KRW 2 billion) of a company’s investment.

When headquarters of a company relocates to Ulju and the number of its full-time employees exceeds 20, the county will provide subsidies of KRW 500,000 per a number of people exceeding 20 (up to KRW 500 million).

For a company which hires more than 20 local residents as full-time employees, it can also receive wage subsidies up to KRW 100 million (KRW 500,000 per person) within six months of employment.

Ulju county also established a new article which gives training subsidies up to KRW 100 million (KRW 500,000 per person within six months of employment) for a company that provide trainings to hire new full-time employees more than 20.

Ulju will receive applications from companies that wish to invest from next month, and subsidies will be provided next year.

** This article was translated from the Korean.