Gyeongnam Province Expands Startup Employment Subsidy from 300 Million to 600 Million KRW

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Woo-kwon] Gyeongsangnam-do announced on the 21st that it will expand the '2020 Startup Company New Employment Subsidy Support Project' to alleviate financial difficulties of startup companies in the province struggling due to the novel coronavirus infection (COVID-19).

Gyeongnam Province plans to secure a total of 600 million KRW (with 50% borne by city and county governments), doubling the original budget of 300 million KRW with an additional supplementary budget of 300 million KRW, and will provide support until the funds are exhausted. Accordingly, the number of beneficiaries can be increased more than twice from the original minimum of 100 to 200.

This project targets small and medium-sized manufacturing startups in the province that have been established for less than seven years, which have completed new investments and created new employment despite difficult economic conditions, to promote new employment creation and corporate investment activation. The support provides a subsidy of 500,000 KRW per month per applicant for up to six months, totaling a maximum of 3 million KRW for labor costs, and up to 10 people per company can be supported.

The scope of recognized new investments includes ▲construction costs of non-residential buildings such as factories, commercial buildings, and offices (including purchase and lease costs, excluding monthly rent) ▲installation costs of civil engineering structures such as roads, ports, water supply and sewage, electricity, communication, and electrical facilities ▲purchase costs of machinery and equipment such as research equipment and software ▲purchase costs of intellectual property rights, etc.

Companies with 1 to 49 employees must have made new investments of at least 50 million KRW, companies with 50 to 149 employees at least 150 million KRW, and companies with 150 to 299 employees at least 300 million KRW, and must have at least one new hire. Applications can be submitted by visiting or sending registered mail to the department in charge of the city or county where the business is located, with required documents such as the subsidy application form and a copy of the business registration certificate.

This content was produced with the assistance of AI translation services.