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  • Subsidy Support for Foreign-Invested Enterprises in 2015

  • Economy & Investment News SMG 3401


    In accordance with Article 14 of the Foreign Investment Promotion Act (FIPA), Article 20 of the FIPA Enforcement Decree, Article 15 and 16 of the Seoul Metropolitan Government (SMG) Ordinance on Support for Foreign Investment, the Investment Promotion Division of the Seoul Metropolitan Government hereby offers additional notification of the plan, outlined below, to provide subsidies for employment, education, and training for foreign invested enterprises in Seoul Metropolitan City in 2015. Eligible companies are kindly requested to submit subsidy applications in accordance with the following:

    ■ Eligible Period: January 1, 2014 ~ December 31, 2014

    ■ Eligibility and Conditions

    ○ Eligibility: Foreign investment projects attracted by the SMG or foreign-invested enterprises that invest in new growth industries designated by the SMG

    ※ Eight new growth industries: IT convergence, digital content, green industry, business services, fashion, design, finance, tourism and conventions, biomedical

    ○ Conditions for support

    • – New employment and training should take place within five years of the date of foreign-invested enterprise registration or additional investment.
    • – Through new recruitment in 2014, the total number of employees must have increased by more than 10 persons over the preceding year.
    • ※ Number of regular employees: average number of employees who are listed in the Income Tax Withdrawal Report submitted to the tax office, as per Article 185 (1) of the Enforcement Decree of the Income Tax Act, for the most recent three months (Oct ~ Dec of 2013; Oct ~ Dec of 2014)

      • – As of the application date, a corporation with a foreign investment ratio of over 30 percent (excluding shares (stocks) of foreign companies held by Korean nationals and corporations)
      • Regular employees refers to domestic nationals in employment as of the date of application.
      • – Newly-hired employees who completed education and training at qualified job training institutions, as per the Vocational Education and Training Promotion Act, are eligible for the education and training subsidy.

      ■ Subsidy amount

      ○ Up to KRW 200 million per corporation (employment subsidy, education and training subsidy)

      • – For each employee exceeding 10 newly hired employees: up to KRW 1 million per employee for up to six months

      ○ Total subsidy budget: KRW 258 million

      ▶ For information on Application and others, please go to : http://investseoul.com