Yeosu Gwangyang Port Authority

Gwangyang port hinterland is designated as 'Port Free Trade Zone' and tenants may eligible for below tax incentives.

• ① Foreign goods FTZ　carry-in report : duty exemption
• ② Domestic goods FTZ carry-in report : duty drawback
• ③ Domestic goods carry-out from FTZ to overseas (considered as export) : duty drawback
• ④ Foreign goods FTZ carry-in : payment of duty

Only for case② and case③ above

• The term "foreign investment company" means a domestic or foreign corporation established by 'foreign investment' by Article 2(1)4 of 'Foreign investment promotion act'.
• The amount of one foreigner's investment(acquisition cost of stock or shares) should be KRW100,000,000 or more.
• AND one of the forementioned foreign investor should have 10% or more of 'voting stock' or 'equity investment' of a 'Korean company(including a company to be established)' or a company owned by Korean nation.
• A company which wants to apply for the foreign investment company incentive should submit a copy of 'Certificate of Registration of a Foreign-Invested Enterprise'

• Acquisition tax and property tax shall be exempted for both domestic and foreign companies by Jeollanamdo provincial tax exemption regulations.
• 50% of property tax shall be exempted for first 5 years for all tenants.
• Local tax shall be exempted for both domestic and foreign companies.