Page 942 - B2B All Year Round Vol.8

Development
Investments

and Business

Benefits

Jeju operates a unique scheme that differs from that of other local governments based on the
special act of Jeju. To ensure that domestic and foreign companies settle in Jeju in a stable
manner, we provide tax relief and funding as well as a variety of investment benefits to help them
carry out their business.

Simplifying various legal licensing procedures for Benefits of the Investment Promotion District Internationalization
implementing development projects
• The only region in Korea that provides tax relief
If a person who intends to implement a development for both foreign nationals and Korean nationals
project receives approval for the implementation of the • Offers various tax benefits and applies special
development project through voluntary consultation, exemptions of state-owned property
declaration, etc., he/she will be deemed to have
• Offers differentiated support benefits to foster Service
obtained permission, approval, designation, approval,
core industries of Jeju
etc. under the relevant laws, such as the Grassland Act
and the Mountainous Districts Management Act and
the development procedure will be simplified Benefits for Areas of Foreign Investment
• Provides administrative and financial support
Support for the Relocation of Enterprises in the Seoul and convenience services to promote foreign
Metropolitan Area to the Province investment
• Offers tax benefits for national taxes (corporate taxes • Foreign investment zones are classified into
and income taxes) and local taxes (acquisition taxes, complex and individual types, to offer various
tax benefits and schemes
registration taxes, and property taxes)
• Provides funds under the Special Act on Balanced • 100% exemption from local taxes for foreign-
National Development invested areas over five years and 85%
reduction over 10 years
• Provides fund for business establishment and
enhancing competitiveness • Enhances support such as leasing national and
public property, reducing rent, and designating
project managers
Improvement of the Medical Environment for
Internationalization (Jeju Special Act and Health
and Medical Special Ordinance for Jeju Special Self- Real Estate Investment Immigration Scheme Support
Governing Province) • Residential visa (F2) issued to a person who
• Allows the opening of foreign medical institutions purchases a recreational facility worth more
than 500 million won.
• Allows doctors and pharmacists who own foreign
Eligible to apply for permanent residency (F5)
certificates to work in medical institutions and
after five years
pharmacies owned by foreign nationals
• Provides compulsory education and medical
• Allows foreign medical institutions to engage in the
insurance benefits equivalent to locals
introduction and recommendation of attracting
patients • Admission to international schools in the Jeju
Global Education City allowed
Improvement of Immigration Control Scheme for
Foreign Nationals
• Allows visa-free entry for 180 countries for tourism or
transit purposes
• Extends the period of stay for professionals related to
the development of Jeju International Free City up to
Industry
five years (re-extension available)
Benefits of the Special Ship Registration Zone
Benefits of exemption from acquisition tax, property
tax, joint facility tax, local education tax and special
tax for rural development, excluding registration
tax, for ships that have ports in Jeju as their ports of
registration, and certain foreign ships
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