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Support for Resident Institutions

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Regulations and exemptions

규제특례-관련법, 규제완화(특례) 내용
Related laws Regulations and exemptions (special cases)
Medical Service Act
  • Allows foreign medical professionals to engage in medical R&D at the medical institutions of Medivalley
National Health Insurance Act
  • In cases in which the medical institutions of Medivalley perform treatments (pharmaceuticals, medical devices, and/or medical technology) on human test subjects for the purpose of medical research and development, medical care benefits shall be provided.
Pharmaceutical Affairs Act &
Medical Devices Act/td>
  • Licensing acquisition for pharmaceuticals and medical devices that do not meet production facility requirements
  • Simplified import declaration procedures for pharmaceuticals and medical devices intended for R&D use
  • Application of international rules for the manufacture and import of pharmaceuticals and medical devices
Bioethics and Safety Act
  • A subcommittee under the National Bioethics Deliberation Committee dedicated to bioethics and related safety matters is installed.
  • Institutions within Medivalley jointly defer to the Institutional Bioethics Deliberation Committee.
Immigration Act
  • Extension of length of stay for foreign researcher (2 years -> 5 years)
Patent Act
  • Priority screening of patent applications originating from Medivalley

* Related laws are currently under revision.

Tax support

세제지원- 세제구분, 지원내용
Tax category support details
Research institutes attached
to local companies		 National tax Income tax 100% exemption for three years, 50% reduction for two additional years
Local tax Acquisition tax Exemptions
Property tax 100% exemption for ten years, 50% reduction for three additional years
Foreign-invested,
non-profit corporations
or research institutes		 National tax Corporate income tax, corporate tax 100% exemption for five years, 50% reduction for two additional years Preferential application of the foreign investment ratio
Customs duties, special consumption tax, VAT 100% exemption for five years
Local tax Acquisition tax Exemptions
※’Farming and Fishing Village’ Special Tax (20% of acquisition tax) will be imposed.
Property tax 100% exemption for 15 years

* Related laws for the taxation of research institutes attached to domestic companies are currently under revision.
* Eligibility and level of support vary depending on the type and scale of the resident institutions and the revision of all related regulations.

Financial support

재정지원- Support category, Support details
Support category Support details
Research institutes attached
to domestic companies		 Subsidies for residents and investors Up to 50% of the total investment
Employment subsidies Support of KRW 500,000 per month per person for the hiring of additional personnel exceeding the 20 regular employees (10 for research institutes attached to companies) for up to six months
Education
subsidies		 Support of KRW 500,000 per month per person for education after the hiring of additional personnel exceeding the 20 regular employees (10 for research institutes attached to companies) for up to six months
외국인투자 비영리법인 또는 기업부설연구소 등 Subsidies for residents and investors Up to 50% of the total investment
Employment subsidies Support of KRW 1,000,000 per month per person for the hiring of additional personnel exceeding the 20 regular employees (10 employees for R&D sector) for up to six months
Education
subsidies		 Support of KRW 1,000,000 per month per person for education after the hiring of additional personnel exceeding the 20 regular employees (10 employees for R&D sector) for up to six months
Cash grants For companies whose foreign investment ratio is over 30%, a certain percentage of the FDI amount will be paid in the form of a cash grant.

* Support eligibility and details may vary depending on the type and scale of the resident institution and the revision of all related regulations.

Other forms of support

  • Access to 400 domestic and foreign researchers and infrastructure
  • Administrative support for large government R&D projects
  • Exploration of new product markets in cooperation with regional medical consultative bodies