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The Korea National Food Cluster, Promising Mutual Growth,Ask Away!

Recently, there has been a sharp rise in the number of food corporations knocking on the Korea National Food Cluster’s door. Domestic corporations such as Harim Foods, Joun Health, WonKwang Pharm, and AZ System as well as 6 foreign corporations, including Hampton Grains (US), Gold of Prague (Czech), andQiaomama (China) have completed their foreign investment reports, which is welcome news. Interested in the Korea National Food Cluster but have yet to knock on its doors? Then pay attention to this post’s ‘Land Allocation Information and Various Incentives!’ In particular, the 100% local tax exemption period will conclude at the end of 2015, so those planning on land allocation contracts should hurry and finish them within this year~

Target Land

The land to be allocated is 139 plots in Wanggung-myeon, Iksan-si, Jeollabuk-do, Korea with total area of 948,000m². Among the 1st allocation targets, 28 plots are for manufacturing groceries and 11 plots are for relevant industries. The remaining 100 plots will be allocated in order after 2015. The price is KRW 154,715 per m², and was calculated based on total project cost after completion of constructing industrial complex. The land will be used for food manufacturing, beverage manufacturing, and relevant industries, and the project implementer is LH Jeonbuk HQ, while the project period is from 2008 to 2016.

 

Process and Necessary Documents

[Land Allocation Process]

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[Necessary Documents for Applying to Move-in]

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[Necessary Documents for Signing Contract]

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Application Qualification and Method & Incentives

Application Qualification

Those who meet the standard of industry for moving-in and the qualification of moving-in based on Article 2, Section 1, Paragraph 8 of the 「Industrial Cluster Development and Factory Establishment Act」 and Article 6 of the Enforcement Decree of the same Act

Reduction of National and Local Tax (National Tax: Article 63 and 63-2 of Restriction of Special Taxation Act / Local Tax: Articles 78, 79, and 80 of Restriction of Special Local Taxation Act)

When moving from overpopulation constraint district   in the capital area

When moving from other areas

100% exemption from corporate   and income tax for the 5 years, 50% reduction for following 2 years*

100% acquisition tax exemption, 100% property tax exemption for 5 years, 50% reduction* for 3 years

* Limited to cases of transfers from overpopulation constraint districts   in the capital area to non-overpopulation constraint districts

100% acquisition tax exemption,   100% property tax exemption* for 5 years

* Only when land   allocation contract is signed in 2015, and only for properties acquired   within the year of 2017

 

[Jeollabuk-do and Iksan-si Major Investment Incentives]

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The preconditions for investment incentives for  Jeollabuk-do and Iksan-si are as follows. First, there must be preemptive  efforts to attract investment including signing MOU between corporations and  local governments, etc. and second, incentives only apply corporations that  have continued business in Korea for over 3 years.

(* Data Source: Ordinance for corporation and investment attraction of Jeollabuk-do / Enforcement Rule of Ordinance for corporation and investment attraction of Jeollabuk-do / Ordinance for investment attraction and promotion of Iksan-si / Enforcement Rule of Ordinance for investment attraction and promotion of Iksan-si)

[How to Apply]

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Organization of Investment Deliberations Committee*: Less than 11 people including Chairman (deputy mayor) and deputy chairman (Ordinance for investment attraction and promotion of Iksan-si)

* City council member, board member of institute related to investment attraction, lawyer / chartered public accountant / professor in related field, related public official, investment attraction expert

151022-영문

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