period: January 1, 2017 to December 31, 2017
▶ Eligibility and Requirements
Foreign investment projects attracted by the SMG or foreign-invested
enterprises that invest in new growth industries designated by the SMG
⊙ Eight new growth industries: IT
convergence, digital content, green industry, business services, fashion &
design, finance, tourism and conventions, biomedical
to receive support
- New recruitment and training should take
place within five years of the date of foreign-invested enterprise registration
or within five years of the date of an increase in investment.
- Companies whose total number of
regular employees increased by more than 10 from the previous year (2016)
through new recruitment in 2017 (or, companies whose total number of regular
employees is more than 10 for those newly founded in 2017) ※ Applies only to Korean nationals employed as of the date of
employee: A person who provides labor to a company for the purpose of a wage
and who meets one of the following (except for non-regular workers, as specified
in Article 2, Paragraph 1 of「Act on the Protection,
etc. of Fixed-term and Part-time Workers」, who have
signed labor contracts of less than 1 year, or short-term laborers as specified
in Article 2, Paragraph 1, Clause 8 of Labor Standards
1. Average number of
persons earning wages from the most recent one year stated on the income tax
withholding report, which was submitted to the local tax office in accordance
with Article 185, Paragraph 1 of 「Enforcement Decree of the
Income Tax Act」.
2. Average number of
persons from the most recent one year with certified records of employer
contribution and employee contribution in accordance with Article 3, Paragraph
1, Clause 11 and 12 of「National Pension Act」 (excluding
individually insured persons in accordance with Article 9 of the same act).
3. Average number of
persons from the most recent one year with certified records of insurance
contributions in accordance with Article 69 of National Health
Insurance Act」 (excluding individually insured
persons in accordance with Article 6 of the same act).
- As of the application date, a corporation with a
foreign investment ratio of over 30 percent
shares (stocks) of foreign companies held by Korean nationals and corporations.
- Companies that
completed education and training at qualified job training institutions,
as per the Vocational Education and Training Promotion Act, for new
employees hired in 2017.
▶ Subsidy amount
to KRW 400 million per company (Maximum KRW 200 million for employment subsidy
Maximum KRW 200 million for education and training subsidy)
each employee exceeding 10 newly hired employees: up to KRW 1 million per employee
for up to six months.
subsidy budget: KRW 350 million
⊙ Even if the number of applicants exceeds the
budget amount, the provided support must remain within the budgetary limit.
○ Period: March 7 to May 4, 2018
○ Method: In person or via regular mail or email (valid
if postmarked by deadline)
○ Submitting location: Investment Promotion Division,
Economic Planning Headquarters, Seoul Metropolitan Government
02-2133-5356 (manager in charge of subsidy)
- Address: Investment Promotion Division, 7th
floor, 21 Mugyo-ro, Jung-gu, Seoul 04520 (Mugyo-dong, The Exchange Seoul
○ Documents to be submitted
copy of application for subsidy (Appendix Attached Form No. 2)
copy of regular employment status report (Appendix Attached Form No. 3)
- A certified copy
of company registry
- A printed copy of
certificate of foreign-invested enterprise registration
copy of employment insurance certificate (printout from www.ei.go.kr on the date of application)
copy of business employment information status (submitted in 2 types:
employment status and retired employees) (Printout for each employment
condition type (employed/employment terminated) from Business Establishment
> Browse Information > Browse Employment Information Status (20103)
from total.kcomwel.or.kr on the
date of application
copy of proof of 4 social insurance subscriptions and a list of businesses
subscribed to 4 social insurances (printout from www.4insure.or.kr on the date of
printed copy of income tax withholding report (Jan. - Dec 2016, Jan. - Dec
printed copy of list of employees (Jan. - Dec. 2016, Jan. - Dec. 2017)
⊙ Date of start of employment, gender, name and citizenship
status (Korean/foreign national) need to be specified.
printed copy of foreign investment declaration (within the last five years) and
proof of deposit of funds
copy of financial statements of foreign-invested enterprise
introductory letter (including results of investments from foreigners in the
past 5 years and future investment plans (up to 2022)
copy of proof of building usage right (rental agreement, etc.)
copy of proof of training details and payment for education and training
- Personal details
of the applicant
‧ Foreign nationals: Certificate of domestic residence, phone
number (mobile, etc.), alien registration number
‧ Domestic nationals: Resident registration registry
(abstract), phone number (mobile, etc.)
documents may be requested if necessary.
▶ Fulfillment of conditions
separate account to receive and spend the subsidy should be set up, and be used
only for personnel expenses (employee
salary, bonus, welfare expenses, etc.).
○ For the first three years
including the year in which a subsidy is applied for, a company receiving the
subsidy shall maintain the number of regular employees and more than 30% of
foreign investments as the previous year of subsidy application (2017).
the case one of the following occurs, the entirety or portion of a subsidy that
has been decided to be issued may be cancelled and, according to this
cancellation, the subsidy is to be rescinded.
- If the above
mentioned conditions for subsidy support are violated;
- If a subsidy is
received through a false registration or other illegal means; or
- Relocation of
business place to other cities or provinces.
○ For further inquiries, please contact an officer at the
Investment Promotion Division of the SMG. (☏02-2133-5356,
※ Attachment: 1. A copy of standard
classification of new growth industries
A copy of subsidy support application, A copy of regular employment status