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Types of hospitals : General Hospital, Hospital, Dental Clinic, Sanitarium (Recuperation Center) |
Relevant Laws |
- Special Act on Designation and Management of Free Economic Zones
※ Special Act on Establishment and Management of Foreign Medical Institution in Free Economic Zones and Jeju Free International City (pending)
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Establishment Body |
Foreigners, Corporation established in FEZ for medical service business Eligibility : Foreigner’s capital participation of 5 billion Korean Won (approximately US$ 5 million) or more with a foreign equity ratio of over 50% |
Establishment Procedure |
- Letter of Intent(LOI) Submission to the BJFEZ Authority
- MOU Signing(BJFEZA↔Applicant)
- Application to the Ministry of Health & Welfare for permission of the medical institution
- Deliberation and resolution by the Ministry of Health and Welfare and the Free Economic Zone Committee
- Prior Approval by the Ministry of Health & Welfare
- Construction
- Permission of opening foreign medical institution by the Ministry of Health & Welfare
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Special Regulation |
- For-profit organization: allowed
- Exemption from application of National Health Insurance System,
- Foreign medical license holders(medical doctors, dentists and pharmacists) : allowed,
- Can operate medical tourism facilities like Spa. hotels, resorts
- Tax Incentives (for investment of US$ 5million or more)
- Reduction or exemption of National Tax : Corporate & Income Tax(100% for 3years, 50% for following 2 years)
- Local Tax : Acquisition Tax, Registration Tax(100% for 15 years) Property Tax(100% for 15 years : Gyeongnam) (100% for 7 years, 50% for following 3 years : Busan)
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Incentives |
Reduction or exemption of Corporate ·Income Tax(100% for 3years, 50% for following 2 years) for investment of US$ 5million or more. |