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  • Seoul Provides Employment Retention Support Fund to Foreign Investment Enterprises Affected by COVID-19

  • Economy & Investment News SMG 3194

    Seoul provides support funds amounting to up to KRW 200 million to foreign investment enterprises in the fields of new industries like IT and the biomedical field that employed more than 10 individuals last year and intend to maintain employment.

    From 2005 to 2019, Seoul supported a total of 60 foreign investment enterprises in the city in the form of offering employment and training education to secure stable foreign investment and maintain employment of Korean nationals for more than three years.

    The period of application for the support funds is the month between April 22 and May 20, 2020. Any foreign investment enterprise that has invested in 8 major new growth engine industries designated by the Seoul Metropolitan Government (▶ IT convergence, ▶ digital content, ▶ green industry, ▶ business service, ▶ fashion & design, ▶ financial business, ▶ tourism & convention, and ▶ biomedical) or have been based in Seoul after signing an MOU with the Seoul Metropolitan Government can apply for the fund. For reference, the company’s investment ratio of foreign investors should be over 30% and new employment or training should have been carried out based on foreign investment within five years from the day of initial investment or increased investment.

    KRW 1 million per person will be distributed for up to six months, for enterprises with more than 10 employees among new full-time recruits. Accordingly, a company can receive up to KRW 6 million per employee. Additionally, the foreign investment enterprises that receive the support funds from Seoul for this occasion should maintain ▲ the same number of full-time workers (the number of their full-time workers of 2019) and ▲ over a 30% ratio of foreign investment for three years by December 2022.

    The foreign investment enterprises that want to apply for the support fund should pay a visit to the Investment & Business Incubation Division of the Seoul Metropolitan Government or send in an application form by post or via e-mail to the official in charge (yjcho3@seoul.go.kr). For more details, please consult the Korean website of the Seoul Metropolitan Government (seoul.go.kr) or the Seoul Metropolitan Government Ordinance on Support for Foreign Investment.

    Business Code and Business Name of 8 Major New Growth Engine Industries Designated by Seoul

    Business Code and Business Name of 8 Major New Growth Engine Industries Designated by Seoul
    Category Business Code & Business Name
    1. IT Convergence 261 Semiconductor Manufacturing Company
    262 Electronic Device Component Manufacturing Company
    263 Computer and Peripheral Device Manufacturing Company
    264 Communication and Broadcasting Equipment Manufacturing Company
    265 Video and Sound Equipment Manufacturing Company
    2918 Office Machinery and Device Manufacturing Company
    58221 System Software Development and Supply Company
    58222 Application Software Development and Supply Company
    62010 Computer Programing Service
    62021 Computer System Integrated Consultation and Construction Service
    62022 Computer Facility Management
    62090 Other Information Technology and Computer-Related Service
    63111 Data Processing Company
    63120 Portal and Other Internet Information Mediation Service
    63991 Database and Online Information Supply
    63999 Other Information Services
    2. Digital Contents Industry 33402 Video Game Machine Manufacturing Company
    58211 Online and Mobile Game Software Development and Supply Company
    58219 Other Game Software Development and Supply Company
    59111 Film and Video Production Company
    59112 Animated Film and Video Production Company
    59113 Advertising Film and Video Production Company
    59114 TV Program Production Company
    59120 Film, Video, TV Program Production-Related Services
    59130 Film, Video, TV Program Distribution Company
    59201 Music and Other Audio Production Company
    60221 Program Distribution Company
    60222 Cable Broadcasting Company
    60229 Satellite and Other Broadcasting Company
    63910 News Supply Company
    73901 Management Company
    90110 Performance Facility Operation Company
    90121 Theater Company
    90122 Dance and Music Company
    90123 Other Performance Company
    90191 Performance Planning Company
    90192 Performance or Production Agency
    90199 Other Creation and Art-Related Services
    3. Green Industry 28111 Motor and Generator Manufacturing Company
    28122 Distribution Panel and Electric Automatic Control Panel Manufacturing Company
    28201 Primary Battery Manufacturing Company
    28202 Storage Battery Manufacturing Company
    28410 Bulb and Lamp Manufacturing Company
    28423 Illumination System for Exhibition and Advertisement Manufacturing Company
    35119 Other Generation Company
    29174 Gas Filter Manufacturing Company
    29175 Liquid Filter Manufacturing Company
    38110 Non-listed Waste Collection and Transport Company
    38120 Listed Waste Collection and Transport Company
    38130 Construction Waste Collection and Transport Company
    38210 Non-listed Waste Processing Company
    38220 Listed Waste Processing Company
    38230 Construction Waste Processing Company
    38301 Metal Material Recycling Company
    38302 Non-metal Material Recycling Company
    3900 Environmental Purification and Restoration Company
    41224 Waste Processing and Pollution Control Facility Construction Company
    42110 Building and Structure Dismantling Company
    46791 Recyclable Material Collection and Sales Company
    72122 Environmental Consulting and Related Engineering Services
    4. Business Services 70 R&D Company
    711 Legal Services
    712 Accounting and Taxation Related Services
    713 Advertisement Agency
    714 Market and Opinion Survey Agency
    7152 Non-financial Holding Company
    7153 Management Consultation and Public Relations Service
    72111 Architectural Design and Related Services
    72112 Urban Planning and Landscaping Services
    72121 Building and Civil Engineering Services
    72129 Other Engineering Services
    729 Other Science Technology Services
    73909 Other Professional Science and Technology Services
    857 Education Support Services
    75320 Security System Services
    5. Fashion & Design 73201 Interior Design
    73202 Product Design
    73203 Visual Design
    73209 Other Professional Design
    6. Financial Business 64121 Domestic Bank
    64122 Foreign Bank
    64131 Credit Association
    64132 Mutual Savings Bank
    64139 Other Savings Institution
    64201 Asset Management Company
    64209 Other Investment Institution
    64911 Financial Leasing
    64912 Development Credit Institution
    64913 Credit Card and Installment Financing Service
    64991 Fund Operation Company
    64992 Financial Holding Company
    64999 Other Non-classified Financial Business
    69400 Intangible Property Rights Leasing Business
    65110 Life Insurance Service
    65121 Damage Insurance Service
    65122 Surety Insurance Service
    65131 Health Insurance Service 
    65139 Industrial Accident and Other Social Security Insurance Service
    65200 Reinsurance Service
    66121 Securities Trading Mediation Services 
    66122 Futures Trading Mediation Services 
    66191 Marketable Securities Management and Storage Company
    66192 Investment Advisory Services
    66201 Damage Assessment Services
    66202 Insurance Agent and Mediation Services
    66209 Other Insurance and Pension Related Services
    7. Tourism & Convention 55111 Hotel Business
    55113 Resort Condominium Operation
    55119 Other Tourist Accommodation Operation
    752 Travel Agency and Other Travel Supporting Services
    91239 Other Water Leisure Services
    91210 Recreation and Theme Park Operation
    73902 Translation and Interpretation Services
    75992 Exhibition and Event Agency
    8. Biomedical 21101 Compounds and Antibiotics for Medical Use Manufacturing Company
    21102 Biological Agent Manufacturing Company
    21210 Finished Medicine and Medical Supplies Manufacturing Company
    21220 Oriental Medicine Manufacturing Company
    21230 Medicine and Medical Supplies for Animals Manufacturing Company
    21300 Medical Treatment Supplies and Other Medicine-Related Products Manufacturing Company
    27111 Radiation Device Manufacturing Company
    27112 Electric Diagnosis and Electrotherapy Device Manufacturing Company
    27191 Dental Appliance Manufacturing Company
    27192 Orthopedic and Deformity Treatment Apparatus Manufacturing Company
    27199 Other Medical Apparatus Manufacturing Company
    86101 General Hospital
    86102 Clinic

    ※ The business code is based on the 9th Korean Standard Industrial Classification. Companies classified as a new growth engine industry based on the revised 10th Korean Standard Industrial Classification can receive support funds as well.