ANNOUNCEMENT 17 Apr 2013In April 2013, the government of Republic of Korea announced changed incentives for foreign investors entering the country.
NUMBER OF INTERVENTIONS
On 17 April 2013, the South Korean Ministry of Trade Industry and Energy introduced a new system easing the requirements for foreign investment zones.
Under the new system, the minimum required area to designate an investment zone is lowered to 82,500 square meters from 330,000 square meters previously. In an effort to pursue balanced regional development, the mini foreign investment zones will be designated only outside of the Seoul metropolitan area.
Companies investing in the new zones will receive the benefit of low rental fees, while businesses that invest USD 1 million or more in the high-technology industry will be exempt from paying rent entirely.