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Major Projects

Project Overview

Project Overview
Location 897, Unbuk-dong, Jung-gu, Incheon
Area 2,711,000 ㎡
Project Period 2003–2018
Number of Housing Units 53,553

Project Timeline

  • August 2003 Made an announcement on the designation of an Incheon Free Economic Zone
  • August 2005 Obtained approval on the revision of the Development Plan (Implementer: IMCD)
  • October 2006 Made an announcement on the revision of the Implementation Plan
  • June 2008 Obtained approval on the revision of the Development and Implementation Plans (Implementers: IMCD & MCDC)
  • December 2011 Completed the first phase of the project
  • December 2016 Completed the second phase of the project
  • June 2018 Completed the third phase of the project

Project Co-implementer

Relevant Laws and Regulations

More information on relevant laws and regulations can be found on the website of the Ministry of Government Legislation.www.moleg.go.kr/main.html
  • Special Act on Designation and Management of Free Economic Zones

Development Objectives

  • IMCD aims to develop an urban city that integrates tourism with business between Korea and China, turn Incheon into a Northeast Asian hub by attracting large-scale investments from overseas Chinese, and revitalize the local economy.

Tax Deduction for Foreign-Invested Companies

Tax Deduction for Foreign-Invested Companies
Target Tax Type Deduction Period and Rate (The Rate of Return on Foreign Investment) Requirements (Such as Minimum Investment Amount)
Foreign Companies in Incheon Free Economic Zones National Taxes Corporate and Income Taxes 100% deductible for five years and 50% for two years
  • Manufacturing: USD 30 million or more
  • Tourism: USD 20 million or more
  • Logistics: USD 10 million or more
  • R&D: USD 2 million or more (10 people with a master’s degree for three years)
100% deductible for three years and 50% for two years
  • Manufacturing: USD 10 million or more)
  • Tourism: USD 10 million or more)
  • Logistics: USD 5 million or more)
  • Medical Institution: USD 5 million or more)
  • R&D: USD 1 million or more (10 people with a master’s degree for three years))
Tariff Exemptible for three years

Imported capital goods

Local Taxes Municipal Taxes Acquisition and Registration Taxes 100% deductible for 15 years
  • Manufacturing: USD 10 million or more
  • Tourism: USD 10 million or more
  • Logistics: USD 5 million or more
  • Medical Institution: USD 5 million or more
  • R&D: USD 1 million or more (10 people with a master’s degree for three years)
County Taxes Property Tax 100% deductible for 10 years and 50% for three years
Development Project Implementers in Incheon Free Economic Zones National Taxes Corporate and Income Taxes 100% deductible for three years and 50% for two years

Foreign investment: USD 30 million or more; foreign investment ratio: more than 50%; total R&D cost: USD 0.5 billion or more

Tariff Exemptible for three years

Imported capital goods

Local Taxes Municipal Taxes Acquisition and Registration Taxes 100% deductible for 15 years

Foreign investment: USD 30 million or more; foreign investment ratio more than 50%; total R&D cost: USD 0.5 billion or more

County Tax Property Tax 100% deductible for 10 years and 50% for three years
42, Inju-daero 914beon-gil, Namdong-gu, Incheon (21591), KOREA

Tel +82-32-260-5000  |  E-mail webmaster@idtc.co.kr

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