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Incentives for Foreign Financial Institutions

Foreign Financial Organizations
Types Targets Description
Establishment of HQ
Regional HQ
Establishment
of Branch
Relocation of HQ
Regional HQ within Korea
Relocation of Branch
within Korea
(OverseasBusan) (Other Regions in KoreaBusan)
Corporate Tax1)
Income Tax1)
Financial institution with an
investment of over 2 billion KRW
and more than 10 regular workers
100% tax exemption for 3 years from the first tax year
when the first income is made, 50% for the next 2 years
Not applicable
Property Tax1) 2) 100% tax exemption for 3 years from the first date
when tax liability is formed
Not applicable
Acquisition Tax1) 3) 100% tax exemption for acquired property within 15 years
from establishment date of business
Not applicable
Entrance
Subsidy4)
Financial institution which estab -
lishes Regional Headquarters
managing more than 3 countries,
or Headquarters
Up to 50% of the expenses to
purchase land or buildings or
rent(Up to 5 billion Won per
institution)
Not applicable Up to 50% of the expenses to
purchase land or buildings or
rent(Up to 5 billion Won per
institution)
Not applicable
Employment
Subsidy4)
Financial institution with more
than 10 regular workers for the
last 3 months
Up to 600,000 Won per new employee after movement to BIFC
(for up to 6 months, up to 200 million Won per institution)
Education/
Training Subsidy4)
Financial institution with training
for more than 1 month to recruit
more than 10 Korean employees
Up to 600,000 Won for education/training per new employee after movement to BIFC
(for up to 6 months, up to 200 million Won per institution)
Business Facility
Installation Subsidy4)
Financial institution with more
than 10 regular Korean
employees
Up to 10% of the expenses required for installation of business facilities
(up to 1 billion Won per institution)

Incentives for Domestic Financial Insitutions

Domestic financial institutions
Types Targets Description
Establishment of the HQ Establishment of Local
HQ or Branch
Relocation of HQ Relocation of Local
HQ or Branch
(Other Regions in KoreaBusan)
Corporate Tax1)
Income Tax1)
Financial institution with an
investment of over 2 billion KRW
and more than 10 regular
workers
100% tax exemption for 3 years from the first tax year
when the first income is made, 50% for the next 2 years
Not applicable
Property Tax1) 2) 100% tax exemption for 3 years from the first date
when tax liability is formed
Not applicable
Acquisition Tax1) 3) 100% tax exemption for acquired property within 15 years
from establishment date of business
Not applicable
Entrance
Subsidy4)
Head quaters that have more
than 10 regular workers
Up to 50% of the expenses to
purchase land or buildings or
rent(Up to 5 billion Won per
institution)
Not applicable Up to 50% of the expenses to
purchase land or buildings or
rent(Up to 5 billion Won per
institution)
Not applicable
Employment
Subsidy4)
Financial institution with more
than 10 regular workers for the
last 3 months
Up to 600,000 Won per new employee after movement to BIFC
(for up to 6 months, up to 200 million Won per institution)
Education/
Training Subsidy4)
Financial institution with training
for more than 1 month to recruit
more than 10 Korean employees
Up to 600,000 Won for education/training per new employee after movement to BIFC
(for up to 6 months, up to 200 million Won per institution)
Business Facility
Installation Subsidy4)
Financial institution with more
than 10 regular Korean
employees
Up to 10% of the expenses required for installation of business facilities
(up to 1 billion Won per institution)

※ Applicable Act

1) 21 of Article 121 of the Restriction of Special Taxation Act and 26 of Article 116 of the enforcement ordinance

2) 1 of Article 7 of Busan Metropolitan City Nam-gu Tax Exemption Ordinance (according to clause 3, 21 of article 121 of the
    Restriction of Special Taxation Act)

3) 2 of Article 12 of Busan Metropolitan City Tax Exemption Ordinance (according to clause 3, 21 of article 121 of the Restriction of
    Special Taxation Act)

4) Ordinance of the Busan Metropolitan City Financial Industry Cultivation (Article 5, 6, 7, 8, 12)

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