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Support provided by the Seoul Metropolitan Government

Subsidy support is available for incoming financial institutions

Those applicable for support
  • Domestic and foreign financial institutions newly moving to the financial center of Seoul (Yeouido)

    A domestic financial institution is a financial institution that falls under Article 2, Subparagraph 2 of the 「Act on the Creation and Development of Financial Centers」 such as banks, financial investment companies, insurance companies, mutual savings banks, credit cooperatives, financial businesses, or financial affairs prescribed by the Presidential Decree etc.

    foreign financial institution is a financial institution that falls under Article 2, Subparagraph 3 of the 「Act on the Creation and Development of Financial Centers」 and is an entity that is established in accordance with foreign laws and conducts financial business in a foreign country.

  • Domestic and foreign financial institutions that intend to establish a temporary office, for the establishment of a domestic financial institution or the establishment/relocation of a regional headquarters or branch of a foreign financial institution in the financial center of Seoul (Yeouido)
Application requirements
Application requirements, Division, Domestic and foreign financial institutions, Temporary offices of domestic and foreign financial institutions
Division Domestic and foreign financial institutions Temporary offices of domestic and foreign financial institutions
Common criteria Application deadline Within 5 years from the date of registration or from the point of obtaining a permission from a financial supervisory authority, the Financial Services Commission, in accordance with relevant laws and regulations Within 5 years from the date of receiving permission to open a temporary office and apply for registration, authorization, permission, etc. for the establishment of a financial institution from the financial supervisory authority
Terms of employment Must have 10 or more regular employees as of the end of the month prior to the date of application Must have more than 2 full-time Korean employees as of the end of the month preceding the date of application
Individual criteria Funds for new employment
Education and training funds		 Criteria for calculating the number of applicants
Calculated based on the number of regular employees beyond the number of 10 full-time employees (for every 1 additional employee) Calculation is based on the number of regular employees beyond the number of 2 full-time employees (for every 1 additional employee)
Funding criteria

Funds for new employment : Cases of new employment of Korean nationals

Education and training funds : When training is conducted after hiring a new Korean national
Funds business facility installations Installation funds support criteria
Funds and incidental expenses necessary to install, purchase, or lease business facilities other than land or buildings, or to import and install existing business facilities from foreign countries
Others Application period - Up to 1 year
Support amount and limit
  • Support budget: Within KRW 150,000 thousand (depending on the budget)
Support amount and limit, Item, Support content, Application limit
Item Support content Application limit
Funds for business facility installation

Less than 10/100 of the necessary funds for the funds for business facility installation, etc.

※ Regional headquarters of exchanges and foreign financial institutions are limited to 25/100 per institution. 		Within KRW 1 billion per institution (within KRW 2.5 billion for exchanges and regional headquarters)
Funds for new employment Up to KRW 500,000 per month for up to 6 months per new hire Within KRW 200 million per institution
Education and training funds Up to KRW 500,000 per month for up to 6 months per person in education and training Within KRW 60 million per institution
  • Local governments may provide employment subsidies and education and training subsidies in consideration of the size of employment and the effect on the regional economic development.

Employment subsidy support for foreign financial institutions

Employment subsidy support for foreign financial institutions, Support target, Application requirements, Support amount
Support target
  • Foreign corporations investing in Seoul's 8 new growth engine industries

    IT convergence

    Green industry

    Bio

    Finance

    Business service

    Digital content

    Fashion design

    Tourism, convention

  • Foreign companies secured through MOU signing with the Seoul Metropolitan Government
Application requirements
  • Foreign investments should be 30% or more
  • New employment or education and training is within 5 years from the date of initial investment or increased investment
  • The increase in the number of regular employees due to the attraction of foreign investment in the previous year exceeds 5 people
  • In the case of education and training subsidies, new hires and training are to be conducted at the vocational education and training institutions in accordance with the [Vocational Education and Training Promotion Act].
Support amount
  • Support for up to KRW 1 million per person per month for more than 5 Koreans for up to 6 months (up to KRW 200 million per company)

Foreigner investment zone

  • Foreigner investment zones are areas designated and announced by the Mayor/ Governor in accordance with the [Foreign Investment Promotion Act] to promote foreign investments.
  • For foreign investment zone types operated by Seoul, there are service-types and individual-types, and each type has different designation requirements, occupancy types, and investment incentives, etc.
  • Service type

    Areas designated for lease or transfer to foreign investment companies in service fields with high added value, such as finance and R&D (including buildings)

  • Individual type

    The region designated for foreign investment is chosen after deliberation and care in order to attract large-scale investments that exceed a certain limit

Service type, Target for support, Application requirements, Support provided
Service type
Target for support R&D Hiring of 5 or more research personnel
Finance and insurance Hiring of more than 15 people
Knowledge service industry
Cultural industry
Tourism (excluding casinos)
Application requirements
  • Foreign investment to exceed 30%
  • Investing more than the total subsidy for building rental
  • Additionally, investment of at least 100% of the land or value corresponding to the leased area
Support provided
  • Amount limit : Up to 50% of the standard rent (the standard rent does not include a rental deposit)
  • Support period : Within the period of the tenancy contract, up to 5 years. Can be renewed only once within the same period
  • Application method : Rent paid on a yearly basis will be paid in support, post-settlement
Individual type, Business targeting tenant companies, Application requirements, Support provided
Individual type
Business targeting tenant companies
  • Manufacturing industry
  • New growth engine industry technology business
  • Knowledge service industry
    (computer programming, system integration and management)
  • Information service industry
    (data processing, hosting and related industries)
 USD $30 million or more
  • Tourism industry
  • Industry support services (excluding logistics)
  • International conference facilities
  • Performance halls, sports industry promotion facilities, museums and art galleries
 USD 20 million or more
  • Complex logistics terminal business
  • Establishment of a joint delivery center
  • Social infrastructure creation project
 USD 10 million or more
R&D facilities for conducting industrial support service business or business involving high technology USD 2 million or more
A facility with 10 or more full-time research personnel with 3 or more years of research experience, with a master's degree or higher qualifications in the relevant field
Application requirements New/renewed factory or business establishment
Support provided
  • Rent : In case of public property, a possible reduction of up to 100%
  • Acquisition tax and property tax reduction

    - 100% of (amount eligible for deduction) for 5 years from the date of business commencement + 50% for 2 years thereafter.

  • Exemption from customs duties, individual consumption tax, and value added tax

    - Among the capital goods 1 and 2 below are necessary for tax reduction/exemption business, capital goods introduced in accordance with foreign investment notification by acquisition of newly issued stocks are exempted under the 'Restriction of Special Local Taxation Act'

1. Capital goods introduced by a foreign investment company as an external or domestic means of payment for investment by foreign investors 2. Capital Goods Introduced by Foreign Investors