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Investing in Korea as the Gateway to Northeast Asia KILC Gwangyang Free Economic Zone Investing in Korea as the Gateway to Northeast Asia KILC Gwangyang Free Economic Zone Authority 광양만권경제자유구역청 Korea International Logistics Council

Contents 1. Korea’s Strengths as a Logistics Hub 2. Logistics Investment Opportunities 3. Investment Contents 1. Korea’s Strengths as a Logistics Hub 2. Logistics Investment Opportunities 3. Investment Procedure 4. Foreign Investment Trends Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

1 KILC 인프라 구축- Korea’s Strengths as a Logistics Hub Gwangyang Free Economic Zone 1 KILC 인프라 구축- Korea’s Strengths as a Logistics Hub Gwangyang Free Economic Zone Authority Korea International Logistics Council 광양만권경제자유구역청

인프라 구축Geographical Location Located on the truck route connecting Europe, Asia, North America Located 인프라 구축Geographical Location Located on the truck route connecting Europe, Asia, North America Located at the center of NEA between China and Japan Starting and Ending Point of trans-continental railway Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

인프라 구축 to Accessibility - the NEA Market NEA is emerging as a major 인프라 구축 to Accessibility - the NEA Market NEA is emerging as a major economic bloc alongside EU KOREA JAPAN and North America • Second largest economy in GDP China • World’s largest manufacturing base • Fastest growing consumer market in the world -25% of World Population -20% of World GDP -30% of World Cargo Volume Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

인프라 구축Excellent Logistics Infrastructure 1. Incheon International Airport 3 rd Largest Cargo handler and 인프라 구축Excellent Logistics Infrastructure 1. Incheon International Airport 3 rd Largest Cargo handler and 10 th Largest passenger transporter in international traffic (2004) 2. Busan Port and Gwangyang Port - Busan : world’s fifth largest port, handling 11. 5 million TEU per year (2004) - Gwangyang : second largest port in Korea, optimal trans-shipment port for cargo bound for Northeast Asia 3. Land Transportation 90% of domestic transportation is handled by roads and railways which link the Eurasian and Pacific Rim economies -The high-speed Korea Train Express (KTX) network started service in 2004 connecting Seoul with Busan and Mokpo(world’s fifth high-speed). -Road length : 97, 252 km, Paved road length : 74, 640 km (paved road rate: 76. 7% as of 2003) Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

Incheon International Airport Unit : Thousand tons 24, 080 2, 130 19, 790 2003 Incheon International Airport Unit : Thousand tons 24, 080 2, 130 19, 790 2003 1, 840 2004 Passenger 2003 2004 Cargo Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

Busan Port Number of routes Americas 36 Europe 13 Asia 141 Japan 45 China Busan Port Number of routes Americas 36 Europe 13 Asia 141 Japan 45 China 23 Source : Ministry of Maritime Affairs and Fisheries Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

Gwangyang Port Number of routes Americas 8 Europe 4 Asia 39 Japan 11 China Gwangyang Port Number of routes Americas 8 Europe 4 Asia 39 Japan 11 China 15 Source : Ministry of Maritime Affairs and Fisheries Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

인프라 Investment Environment Great 구축- 1. Highly educated, highly skilled workforce 2. Huge Consumer 인프라 Investment Environment Great 구축- 1. Highly educated, highly skilled workforce 2. Huge Consumer Market 3. Strong Industrial Competitiveness 4. FDI Friendly Policies Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

2 KILC 인프라 구축- Logistics Investment Opportunities Gwangyang Free Economic Zone Authority Korea International 2 KILC 인프라 구축- Logistics Investment Opportunities Gwangyang Free Economic Zone Authority Korea International Logistics Council 광양만권경제자유구역청

Logistics Investment Opportunities 1. Free Economic Zones 2. Free Trade Zones 3. Foreign Investment Logistics Investment Opportunities 1. Free Economic Zones 2. Free Trade Zones 3. Foreign Investment Zones KILC Gwangyang Free Economic Zone Authority Korea International Logistics Council 광양만권경제자유구역청

FEZ : Free Economic Zone FTZ : Free Trade Zone Concepts of the FEZ FEZ : Free Economic Zone FTZ : Free Trade Zone Concepts of the FEZ and FTZ 인프라 구축- Free Trade Zone (FTZ) Free Economic Zone (FEZ) Industrial Park A … … PORT Distripark Industrial Park B Support Functions … … Industrial Park N Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

Locations of FEZs and FTZs 인프라 구축- Incheon FEZ Incheon International Airport Incheon Port Locations of FEZs and FTZs 인프라 구축- Incheon FEZ Incheon International Airport Incheon Port Free Economic Zone Free Trade Zone Gunsan Iksan Busan-Jinhae FEZ Gwangyang Bay Area FEZ Gwangyang Port Masan Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

Development Plans of the FEZs 인프라 구축- Incheon FEZ Songdo Yeongjong air logistics, tourism, Development Plans of the FEZs 인프라 구축- Incheon FEZ Songdo Yeongjong air logistics, tourism, IBC Cheongna Incheon IT, BT, international business leisure, int’l finance Busan-Jinhae FEZ Gwangyang FEZ Busan • NEA maritime transshipment hub • Industrial clusters for oil and steel businesses Gwangyang • maritime logistics hub • manufacturing & industrial parks, R&D Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

인프라 구축Tax Incentives Type of Tax Exemption Period Rate Local Tax 100% for 3 인프라 구축Tax Incentives Type of Tax Exemption Period Rate Local Tax 100% for 3 years Corporate tax, Income tax National Tax Tariff, Value-added Tax Requirements (minimum amount of investment) 100% for 3 years, 50% for the following 2 years Acquisition tax, Property tax, Registration tax, Aggregate land tax 100% for 3 yeas, 50% for the following 2 years (Incheon) All imported capital goods US$ 5 million for Logistics US$ 10 million for Manufacturing 100% for 7 years, 50% for the following 3 years (Busan-Jinhae) 100% for 15 years (Gwangyang) Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

Other Incentives 인프라 구축- ▶ Rental reductions for using land ▶ Financial support for Other Incentives 인프라 구축- ▶ Rental reductions for using land ▶ Financial support for establishing facilities for the convenience of foreigners Employment, 인프라 구축Labor Management ▶ Initiating unpaid weekly holidays ▶ Not applying compulsory hiring system (I. e. employing national war heroes, the disabled, and the aged) Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

3 KILC 인프라 구축- Investment Procedures Gwangyang Free Economic Zone Authority Korea International Logistics 3 KILC 인프라 구축- Investment Procedures Gwangyang Free Economic Zone Authority Korea International Logistics Council 광양만권경제자유구역청

§ Investment Procedure Investment Inquiry Defining your investment requirements Confirm foreign investment One-Stop Service § Investment Procedure Investment Inquiry Defining your investment requirements Confirm foreign investment One-Stop Service Legal procedures for corporation establishment FDI corporation established KILC Gwangyang Free Economic Zone Authority Korea International Logistics Council 광양만권경제자유구역청

인프라 구축Process for Establishing a Corporation FDI Notification Carrying-in of FDI Capital Registration of 인프라 구축Process for Establishing a Corporation FDI Notification Carrying-in of FDI Capital Registration of Incorporation FDI Company Registration Account Transfer Of Investment Capital Business Registration Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

1. FDI Notification q Notification by the foreign investor or proxy q Notification at 1. FDI Notification q Notification by the foreign investor or proxy q Notification at Korea Trade Centers at home and abroad, foreign exchange banks designated to accept notification q Required Documents : FDI notification form (provided) and documents verifying the nationality of investors (Individual investors shall submit a copy of passport) q Processing Period : On-the-Spot Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

2. Carrying-in of FDI Captial q Ways to carry in investment capital - FDI 2. Carrying-in of FDI Captial q Ways to carry in investment capital - FDI capital may be remitted to domestic banks from overseas - FDI capital may be hand-carried through the customs q After Investment capital is remitted from overseas to a foreign exchange bank in Korea, the capital shall be converted into Korean won and be deposited into a temporary account q Later, the capital will be transferred to a “share subscription account” Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

3. Registration of Incorporation q Types of Business Establishment - By promotion : the 3. Registration of Incorporation q Types of Business Establishment - By promotion : the promoters subscribe for all shares issued at the time of establishment - By public offering : the promoters subscribe for part of the shares issued at the time of incorporation and the remaining shares publicly offered q Categories of companies as stipulated in the Commercial Law - Unlimited partnership company - Limited Liability company - Corporation ← the most commonly selected form Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

Registration of Incorporation q Procedures for Incorporation • Organizing Promoters • Holding inaugural meeting Registration of Incorporation q Procedures for Incorporation • Organizing Promoters • Holding inaugural meeting of promoters and preparing minutes • Preparing and notarizing the articles of incorporation • Deciding matters concerning the issuance of shares • Subscription of shares by promoters of company (for incorporation through promotion) / Subscription of shares by promoters; joining of shareholders; and distribution of shares (for incorporation through subscription) • Capital contribution • Reporting the inspection on the incorporation process by directors and auditors • Inaugural general meeting (not inquired in incorporation through promotion) • Meeting of the board of directors • Registration of incorporation • Notification of incorporation and business registration Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

Registration of Incorporation q Place of registration : Commercial Registry Office, Local District Court Registration of Incorporation q Place of registration : Commercial Registry Office, Local District Court q Period of registration - By promotion : within 2 weeks after completing the inspection on incorporation process - By public offering : within 2 weeks after closing the inaugural general meeting q Pre-registration decisions - Organizing promoters - Checking up similar trade names Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

Registration of Incorporation q Documents required for registration Prepared by applicant Assistance 1. Foreign Registration of Incorporation q Documents required for registration Prepared by applicant Assistance 1. Foreign investment notification form 6. Urban rail bond 7. Supreme Court revenue stamp 8. Registration tax receipt; issued by the ward office exercising jurisdiction over the head office 9. Seal of each officer and promoter 10. Corporate Statue : notarized 11. Share subscription certificate 12. Application for shares 13. Organization report 14. Consent to shortening the inaugural meeting period 15. Minutes of the inaugural meeting : notarized 16. Minutes of the board of directors’ meeting : notarized 17. Common seal notification and application for common seal card 18. Register of shareholders 19. Consent to issuance of shares 2. Power of attorney ▶If applied for by the representative director: The representative director must be the appointee in all powers of attorney ▶If applied for by a judicial scrivener: The scrivener must be the appointee in the powers of attorney regardless of promoters or officers 3. Acceptance of appointment of officer ▶Korean nationals : Each acceptance must be sealed, to which a seal impression certificate and a resident registration certificate must be attached. ▶Foreign nationals : Each acceptance must be signed to which an original copy of signature notarization and a photocopy of the passport must be attached. 4. Custody certificate of paid-in capital 5. Common seal of the company Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

Registration of Incorporation q Business establishing expenses Items to be paid Registration Tax : Registration of Incorporation q Business establishing expenses Items to be paid Registration Tax : 0. 4% of the paid-in capital (3 times as much if the company is to locate in a large city) Approximate amount (Korean won) 600, 000 Local education tax : 20% of the registration tax 120, 000 Purchase of urban rail bond : 0. 1% of the paid-in capital 50, 000 Supreme Court revenue stamp (registration application fee) Notarization fee (Corporate Statute, etc. ) 15, 000 150, 000 Total 935, 000 ※ Approximate cost of establishing a corporation(with the capital of 50 million won) Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

4. Notification of Incorporation and Business Registration q Place of Notification / Registration - 4. Notification of Incorporation and Business Registration q Place of Notification / Registration - the competent tax office which has jurisdiction over the company headquarter q Notification / Registration Period - within 20 days from business commencement for business registration - within 2 months from the date on which incorporation registration was made for notification of incorporation q Required Documents • Application form (available at tax office) • Articles of incorporation • Copy of business permit (if the business requires a permission from the government authority) • Copy of lease contract • Notification of designating a tax manager (in case where a company representative is a foreign national and where there is no resident employee to received document delivery) • Copy of FDI notification • Certificate of foreign currency exchange Gwangyang Free Economic Zone Authority • Certificate of foreigner registration (where a representative of company is not a resident of Korea) 광양만권경제자유구역청

5. Account Transfer of Investment Capital After procedures for the registration of incorporation and 5. Account Transfer of Investment Capital After procedures for the registration of incorporation and business registration, the remitted capital, which is deposited in a temporary account, will be transferred to the company account. Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

6. FDI Company Registration q Registration Period Within 30 days from the date on 6. FDI Company Registration q Registration Period Within 30 days from the date on which the payment required was completed q Place Institution where the FDI notification was filed q Required Documents • Application form for FDI company registration • Certificate of exchange / deposit of foreign currency • Transcript of incorporation registration ※A certificate of FDI notification shall be issued on the spot, and this certificate is required in following cases: - When making an overseas remittance of the profits made by an FDI company - When making an application for D-8 visa Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

4 KILC 인프라 구축- Foreign Investment Trends Gwangyang Free Economic Zone Authority Korea International 4 KILC 인프라 구축- Foreign Investment Trends Gwangyang Free Economic Zone Authority Korea International Logistics Council 광양만권경제자유구역청

인프라 구축Foreign Investment by Country unit : USD 1 million Source : Ministry of 인프라 구축Foreign Investment by Country unit : USD 1 million Source : Ministry of Commerce, Industry and Energy Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

인프라 구축Foreign Investment Proportion by Country (2004) Source : Ministry of Commerce, Industry and 인프라 구축Foreign Investment Proportion by Country (2004) Source : Ministry of Commerce, Industry and Energy Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

인프라 구축FDI Amount by Year and Accumulated FDI Gwangyang Free Economic Zone Authority Source 인프라 구축FDI Amount by Year and Accumulated FDI Gwangyang Free Economic Zone Authority Source : Ministry of Commerce, Industry and Energy 광양만권경제자유구역청

인프라 구축Current Status of Foreign Investment in the FEZs q As of June 2005, 인프라 구축Current Status of Foreign Investment in the FEZs q As of June 2005, investment MOUs of over $18. 9 billion established Investor Incheon Business Agreed Investment amount Investment Project Gale(US) FEZ developer $12. 7 billion -Songdo International Business District Development -Convention center(05. 5) AMEC(UK) Engineering, FEZ developer Second Incheon bridge $1. 2 billion IIA IBC-2 $2 billion -Second Incheon bridge construction (09’) - IIA IBC-II development(04. 4 MOU) Pyne(US) Port facilities $1. 5 billion Songdo New Port Construction DHL(US) LSP $ 20 million IIA freight terminal construction TNT(Neth erlands) LSP IIA freight terminal construction $ 10 million Source: Ministry of Finance. Gwangyang Free Economic Zone Authority and Economics 광양만권경제자유구역청

Major Foreign Investment in the FEZs Investor Gwangyang Agreed Investment Project Dubai port Int’l( Major Foreign Investment in the FEZs Investor Gwangyang Agreed Investment Project Dubai port Int’l( UAE) Port facilities $300 million -Busan New Port phase 1 development Renault. Samsung (France) Busan Jinhae Business Automobile $600 million -Engine manufacturing plant Hutcheson (HK) Port facilities $100 million -Gwangyang Port operation TBA -MOU to construct logistics center in Gwangyang port(04’. 10) Mitchui(JP)) Logistics Source: Ministry of Finance and Economics Gwangyang Free Economic Zone Authority 광양만권경제자유구역청

Conclusion 1. Strong Economy 2. Excellent Location as a Logistics Hub 3. Ideal investment Conclusion 1. Strong Economy 2. Excellent Location as a Logistics Hub 3. Ideal investment Spots 4. Attractive Incentives 5. FDI Friendly Environment Korea, the Ticket for 광양만권경제자유구역청 Your Success Gwangyang Free Economic Zone Authority

Contact Us … Korea International Logistics Council (KILC) Korea International Trade Association (KITA) Republic Contact Us … Korea International Logistics Council (KILC) Korea International Trade Association (KITA) Republic of Korea Tel: +82 -2 -6000 -5451~8 Fax: +82 -2 -6000 -5460 http: //kita. kilc. org KILC Gwangyang Free Economic Zone Authority Korea International Logistics Council 광양만권경제자유구역청