Office of Investments and Commercial Regulations, Ministry of Industry
Great Kingdom of Asadal
In virtue of a royal decree signed into law by His Grand Majesty, this Office opens procedures for foreign companies, corporations, commercial organizations, and private entities to access to the advantages and special regulations granted in the Special Economic Regions.
Those special economic regions are Sanwon-Neolbeun, Hayattangam-I, and West Yeogaehanam Region.
Next, we provide the characteristics of the Special Economic Regions for the interests of investors:
Taxation
It is provided a 5 to 10 year corporate tax holiday for business operating in priority sectors (mining, agriculture, renewable energy). For industrial, construction and other investment a flat tax of 10% is established (half of the national average). Once the tax holiday period is finished same rate will be offered to those business operating in priority sectors.
Lower personal income taxation will be offered for professionals relocating to the special economic regions as well.
Import and Custom Duties
Exemptions on import duties for machinery, equipment, and raw materials used in the special economic regions is established. Companies setting up manufacturing units can import capital equipment duty-free. Equally, zero export duties for goods exclusively produced within the special economic regions is established.
Additional Tax Credits and Subsidies
Tax credits or infrastructure development credits to be offered to companies that invest in local infrastructures, such as building roads, housing, schools, and hospitals. Tax credits will also be granted for investments in renewable energy and social development projects. The approval of those tax credits and subsidies would be managed by the Ministry of Industry with the cooperation of the local authorities.
Special Fund for Employment
Companies will be granted additional tax credits and more favourable labour conditions if they hire local skilled workers through the Integration Program established by the Special Fund for Employment, which management was granted to the Construction and Development Corporation. Under this program, the Construction and Development Corporation will provide workers under a special labour contract signed between the Corporation and the interested investment company.
Additional Information About the Special Economic Regions Established
Sanwon-Neolbeun
Located in an area with close to a million population and excellent communications. The region contain several developed urban centers and an expanding private airport.
Hayattangam-I
Hayattangam-I is located in a rural agree with fertile lands and mining resources. Sanwon-Neolbeun and Hayattangam-I are connected with a road and a railway in development.
West Yeogaehanam Region
West Yeogaehanam Region is located in a self-sufficient area between several high altitude valleys and a population close to 3 million people. The area is rich in mining resources and an expanding agriculture industry.
The are includes good communications with road and railway access to an international airport and direct access to the borders with Lijiang and Iwi.
Those interested can communicate directly with the
Office of Investments and Commercial Regulations for direct communication and further information.
