Kyunggi Government to Support Promising Venture Business

The Kyunggi government announced on March 30 that it will set up 'Kyunggi Angel Club', a gathering of professional investors interested in venture business. The purpose of the group is to bolster promising new enterprises and general companies beginning in April.
Province will launch the Angel Club on April 8, appointing businessmen, lawyers and accountants to found the club, including Lim chang yul, the governor of Kyunggi Province.
The Angel Club will be assigned the task of developing venture businesses in the province by offering start up capital and manegerial assistance to qualified applicants. The Kyungggi government plans to open a commodities exhibition and venture businesses fair. In addition it will run the Angel Mart, in which established businesses will take part.
The government will offer income tax exemptions to Investors provided they don't take over the venture company or withdraw their investment before the initial 5 year start up period. Late investors, who inject capital into a qualified firm before three years has expired from start up will also apply for a tax exemption.
Jangsoo Seo;jsbee@joongang.co.kr