[Gyeonggi] Hwaseong-si Designated 'Venture Enterprise Promotion Zone' in Dongtan area

Hwaseong City said the Dongtan area has been designated as a "venture company promotion zone" by the Ministry of SMEs and Startups.

If designated as a venture promotion district, acquisition tax and property tax of venture companies in the district will be reduced by up to 50%, and development charges will be exempted.

In order to be designated as a venture promotion district, at least 10% of SMEs in the region must be venture companies and meet the requirements of universities, research institutes, and infrastructure.

As of December last year, Hwaseong City had a total of 1,677 venture companies, and 433 venture companies in Yeongcheon-dong, Banggyo-dong, Osan-dong, Seokwoo-dong, and Bongdam-eup, which were designated as Hwaseong Dongtan Technopole Venture Promotion District.

Among all SMEs, venture companies account for 18.7%.

After designating a venture promotion zone, Hwaseong City plans to expand the 70 billion won Startup Venture Investment Fund to 200 billion won, establish a small and medium-sized business support center, and expand a start-up incubation center.

Hwaseong Mayor Chung Myung-geun said, "We will create a high-tech cluster innovation district model by combining urban strategic industries and venture districts for the first time in the country," adding, "We will foster the Dongtan area as a mecca for venture companies."