Suwon Venture Startup Center Tenants Get 'Half Taxes' for 5 Years

Suwon City will strengthen its support functions to make the Venture Startup Support Center, which opened in April, a driving force for the growth and development of promising venture companies.

The Suwon Venture Startup Support Center, which opened on April 15 this year, is located on floors 4 through 10 of the Kia Building at 564 Gyeongsu-ro, Ingye-dong, Paldal-gu, and can accommodate a total of 25 companies.

Currently, around 20 technology and knowledge-intensive venture companies in fields such as electricity, electronics, semiconductors, information and communications, precision equipment, and software are operating in the center.

The city will provide tenants with high-speed internet communication networks, various convenience facilities, affordable rent, and a 50% reduction in income tax and corporate tax for five years.

The city also plans to prepare support measures for management and finance, including technology and management consulting, tax and legal advisory support, industry information, policy financing from Gyeonggi Province and Suwon City, venture funds, promotion of tenant companies, and support for participation in venture-related exhibitions and trade shows.

The city plans to hold an evaluation and analysis report meeting on the operational performance of the Venture Startup Support Center by June next year.

Yun Geon-mo, head of the Business Support Division, said, "The Suwon City Venture Startup Support Center will serve as a stepping stone to lead advanced technology in collaboration with universities' startup incubation facilities in the region and develop promising venture companies."