Good News for VR Startups in South Korea – Funds + Tax Benefits

Are you VR Startup in South Korea? We have great news for you!

Yes, the South Korean government has recently announced the package to support the virtual reality (VR) industry. The package includes direct financial support plus tax benefits for the small and medium businesses working on VR gadgets or VR content.

According to recent news published by yonhapnews.co.kr, the South Korean government will create special funds of 40 million won (Equal to US $34.5 million) from which, half will be provided this year and remaining 20 million won in 2017. The funds will be provided to small, medium sized businesses working on VR gadgets and VR content.

Here is the news curated from the original source:

The Ministry of Strategy and Finance, the Ministry of Science, ICT and Future Planning, the Ministry of Trade, Industry and Energy and the Ministry of Culture, Sports and Tourism all vowed close cooperation in the VR campaign.

Many agree that VR will be one of next big things in technological innovation and the change of daily life.

South Korea, an ICT powerhouse, has some competitive edge in hardware but the country’s platform and content development is still in a nascent stage.

The government plans to expand its VR-related support to the construction, education and medical service fields beyond gaming and theme parks.

It will also promote Digital Media City (DMC), a high-tech complex in western Seoul, as a strategic base for the VR industry.

The “Seoul VR Festival” will be held in the DMC in October.

The government plans to use the 2018 PyeongChang Winter Olympics as an opportunity to publicize South Korea’s VR technology.

Such sports as ski jumping and snowboarding will be filmed by 360-degree virtual-reality cameras and broadcast live on headsets.

This news will definitely encourage startup working on VR technology and we may see more of such news from the other countries as well.

What are you views on this news?