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Seoul Metropolitan Government to Subsidize Financial Institutions Newl…

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Writer Invest Seoul Day17-08-23 13:27 View359

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Seoul Metropolitan Government to Subsidize Financial Institutions Newly Establishing in or Relocating to Yeouido

 


Seoul Metropolitan Government announced on the 13th that the city will be providing subsidies to financial institutions newly establishing or relocating to Yeouido for building business facilities, new employment, and education and training, in a bid to attract domestic and foreign financial institutions to the Yeouido district.

The city government’s new subsidization plan was implemented with the aim of strengthening the existing cluster of financial institutions in Yeouido in order to enhance the district’s capacity as a financial hub. The legal basis for the subsidy is the ‘Seoul Metropolitan Government Ordinance on Promotion of Financial Industry,’ which was enacted in June 2015.

The city government's subsidization plan for financial instittuions were first started in 2016, with total subsidies of KRW 139 million for the first financial year, and plans to expand the number of recipients as a result of secure a budget of KRW 205 million in this year. ​

According to the announcement, the subsidy will be provided to institutions newly established in or relocated to Yeouido, which employ at least ten regular Korean employees.

Domestic financial institutions and foreign financial institutions that have relocated their regional headquarters or branch to Yeouido or have established a new regional headquarters or branch in Yeouido no more than 5 years prior to the date of announcement will be eligible to apply for the subsidy.

​※ Condistion of Subsidization

 Classification

 Demestic · Foreign Financial Institutions
(Newly Established Corporation)

 Foreign Financial Isntitutions
(Regional Headquarters or Branch)

 Entry Type

Newly established a corporation no more than 
5 years prior to the date of announcement  

Newly established or relocated their regional
headquarters or branch no more than 5 years
prior to the date of announcement 

 Conditions of Employment

 Employ at least then regular Korean employees by at the end of June, 2017

 

Institutions meeting the requirements will receive a subsidy of up to 10% of the total installation costs spent on computing equipment and office fixtures. If an employee of the institution is willing to study in a graduate school of business or finance, a subsidy of KRW 500,000 per employee will be provided for up to six months.

 Classification

 Standard and Method

 Limits

 Equipment Installation
Subsidy

 ○ Subsidy up to 10% of the total installation costs
spend on computing equipment and office fixtures

​* Regional Headquarters or branch of foreign
financial institutions will be up to 25/100 per
institution

No more than KRW 1 billion per institution
(Regional headquarters or branch will be no more
than KRW 2.5 billion) 

 New Employment
Subsidy

○ An employment subsidy of KRW 500,000 per new
employees, to a maximum of 6 months
(50/100 of monthly payment per person) 

 No more than KRW 200 million per institution

 Employee Training
Subsidy

 ○ A subsidy of KRW 500,000 per 1 training
employee, to a mzximum of 6 months
(50/100 of total training cost per person)

 No more than KRW 60 million per institution

 

 Also, an employment subsidy of KRW 500,000 per new employee, to a maximum of KRW 3,000,000, will be provided to credit unions located in Seoul that grant loans to social enterprises or social cooperatives.

The deadline for the application is the 21st of this month. The city government’s ‘Working Committee on Subsidy Deliberation’ will perform a thorough deliberation on the applications, after which the subsidies will be distributed in the following month.'

Dae-ho Kim, Head of the Investment Promotion Division of Seoul metropolitan Government, said SMG expect to strengthen the Financial Centers in Yeouido and create virtuous cycle that can lead to job creation, ​and "will continously monitoring our support companies for the fficacy of subsidiztion plan and we will expand our support policies for enterprises so that competitive corporations can build a stronghold in Yeouido."

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