Busan is good

Rules eased to encourage foreigners to set up hospitals

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Not only foreigners but also corporations set up by foreign investors can establish hospitals in free economic zones in Korea.

And foreigners investing more than $500 million in the tourism sector will also be allowed to create and run casinos exclusively for foreign residents in Korea.

Besides, free economic zone authorities in Incheon, Busan, Jinhae and Gwangyang will have the option of becoming a special autonomous unit.

The Ministry of Finance and Economy made public a revision bill on the designation and operation of free economic zones on July 23 in a bid to enable foreigners easily set up hospitals and casinos in the zones.

The bill will be submitted to the National Assembly later this year after taking due procedures.

The bill also stipulates that foreign-invested hospitals incorporated in the country can be exempt from corporate and income taxes up to 100 percent for three years.

The ministry said the bill was intended to accommodate opinions raised by foreign companies, local autonomous governments, relevant agencies, and private-sector experts as well as to strengthen potentials of providing one-stop service to foreign investors.

The source of news : Korea.net  July 27, 2006