Seoul City to Provide Up to 200 Million KRW Support for New Hires by Foreign Companies Investing in Finance and Content Sectors

Maximum Support of Up to 6 Million KRW Per Employee

Seoul City announced on the 13th that it will provide employment subsidies of up to 200 million KRW per company when foreign-invested companies in Seoul’s eight new growth engine industries, such as digital content and finance, hire new personnel. Only companies that hire more than five new employees in the new industry sector during 2022 and maintain employment until 2025 are eligible to apply.

Interested companies can apply for employment and training subsidies for one month until the 12th of next month. Eligible applicants are foreign-invested companies that have invested in Seoul’s eight new growth engine industries (▶IT Convergence ▶Digital Content ▶Green Industry ▶Business Services ▶Fashion & Design ▶Finance ▶Tourism & Convention ▶Biomedical) or foreign-invested companies that have entered Seoul after signing a Memorandum of Understanding (MOU) with Seoul City. Startups established within seven years and new applicants will be given preference.

However, applicant companies must have a foreign investment ratio of at least 30% and must have conducted new employment or training within five years from the date of initial investment or additional investment.

Employment subsidies can be applied for only for the number of new regular employees exceeding five. Training subsidies are provided if training is conducted at a vocational training institution under the “Vocational Education and Training Promotion Act” after new employment. Both subsidies provide up to 1 million KRW per person for a maximum of six months.

Companies that have both newly hired and conducted training can receive a combined subsidy of up to 6 million KRW per employee, within a total limit of 200 million KRW. Foreign-invested companies receiving subsidies this time must maintain the number of regular employees at the time of subsidy application (the number of regular employees in 2022) and a foreign investment ratio of at least 30% for three years until 2025.

Kim Ki-hyun, Director of New Industry Policy at Seoul City, said, “Creating an environment favorable for corporate investment is the most certain way to create quality jobs,” and added, “We will create a corporate-friendly investment environment where foreign-invested companies want to work.”