IFEZ
The Incheon Free Economic Zone (IFEZ), located in Incheon, South Korea is a Korean Free Economic Zone that consists of the three regions of Songdo, Cheongna, and the island of Yeongjong and has a total area of 51,739 acres (209.38 km2). The goal of the IFEZ is to transform these three areas into hubs for logistics, international business, leisure, and tourism for the Northeast Asian region. Incheon's Free Economic Zone was officially designated by the Korean government in August 2003. IFEZ is planned to be a self-contained living and business district featuring air and sea transportation, a logistics complex, an international business center, financial services, residences, schools and hospitals, and shopping and entertainment centres.
The Incheon Free Economic Zone (IFEZ) was established with the intent of its becoming one of the future top three economic zones in the world. There are three stages to achieve the goal: the Infrastructure Development Stage, the Project Development stage, and the Project Completion stage. The time period for the Infrastructure Development stage was from 2003 to 2009, and the time period for the Project Development stage was from 2010 to 2014. The final stage is expected to be completed by 2020. The first stage is for building infrastructures, and the second stage is for "expanding the infrastructure for education, health, and leisure, and attracting domestic and international businesses" The final stage is to realize the goal of the project of building a top three economic zone in the world.
In order to attract many domestic and international businesses, three types of incentives are given: tax reductions, estate support, and subsidies. No taxes are levied on corporate and individual income for few years. The regional government does not impose the acquisition tax over 15 years and the property tax over 10 years. After 10 years of operation without any property tax levied, the business entities are imposed only 50% of the property taxes for three years. The period of corporate and individual income tax levied by the national government varies by the size and the types of the business moving into the district. For companies renting an office, at least 50% of rent reduction can be given to companies falls in the following criteria: "foreign investment rate between $5-10 million", "Average daily employment of 100-200 people", "Greater than 50% of production as exports, procurement of national parts and raw materials between 50-75%", and "Between 50-75% of production as exports" If a business entity has more than 30% of foreign investment, employers and employees of the organization can claim following benefits: the location subsidies, the facility subsidies, the education subsidies, the employment subsidies, the promotion result compensation, the business transfer subsidies, and the funding subsidies.
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