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Incentives for the Osong High-Tech Medical Complex

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Incentives for the Osong High-Tech Medical Complex

Regulatory exceptions

  • Exceptions in the use, beneficial ownership, leasing and sale of property owned by central and local governments
    • A no-bid contract is allowed for the use, beneficial ownership, leasing and sale of property owned by the central and a local government.
  • Exceptions relating to the Immigration Control Act
    • The maximum length of stay is extended to five years in order to facilitate the attraction of top talent overseas.
  • Exceptions relating to the Medical Service Act
    • Foreign physicians and dentists are allowed to practice in order to attract talented clinical physicians.
  • Exceptions relating to the National Health Insurance Act
    • The application of medical technologies to clinical research subjects for medical research and development purposes is covered by the national health insurance.
  • Exceptions relating to for the Pharmaceutical Affairs Act
    • The manufacturing license and import license under the Pharmaceutical Affairs Act are deemed to have been obtained if the Korea Food & Drug Administration grants a product approval and an import approval for a pharmaceutical.
  • Exceptions relating to the Medical Devices Act
    • The manufacturing license and import license under the Medical Devices Act are deemed to have been obtained if the Korea Food & Drug Administration grants a manufactured product approval and an import approval for a medical device.
  • Exceptions relating to the Patent Act
    • Patent applications relating to medical research and development within a high-tech medical complex are examined earlier than other patent applications.

Financial assistance (within budgetary constraints)

  • Assistance for site purchase cost
    • Research and development organizations : provided with assistance within budgetary constraints
    • Key infrastructural medical research and development support agencies : possibly on a gratis basis
      ※ Site price (site preparation cost): 156 thousand won/㎡
    • Employment and training grants
      • Employment grants: up to 500,000 won per month for a period not exceeding six months for every person in excess of twenty new jobs for residents of the province, provided at the time of employment
      • Training grants: up to 500,000 won per month for a period not exceeding six months for every person in excess of twenty new jobs for residents of the province, provided if training is offered upon the employment of such residents

Tax relief

  • National taxes
    • Relief from corporate and personal income taxes (effective Jan. 1, 2012; for businesses occupying lots in the zone no later than Dec. 31, 2013)
      ※ 100% for the first three years and 50% for the next two years
  • Municipal taxes
    • Relief from acquisition and property taxes, subject to occupancy requirements (the Restriction of Special Local Taxation Act is applicable)
      • Four-year colleges and universities : full relief
      • Medical corporations (hospitals) : full relief(through '13)
      • Corporate research institutions : full relief(through '14)
      • New SMEs and venture capital funded startups (if founded no later than '14) : full relief from the acquisition tax and 50% relief from the property tax for five years