 |
Daum Communications’ headquarters on Jejudo Island |
A number of tech companies have moved to Jejudo Island on for its pleasant working environment and various tax incentives in recent years.
The influx of high-tech companies to the island is transforming it from an agricultural and services-based economy into a center for information technology and manufacturing. Over 100 information and bio technology companies, including Daum Communications, Nexon, ESTsoft and Moneual have already relocated to Jejudo Island.
Daum Communications, the nation’s second-largest Web portal company, moved its headquarters to the island in March 2012. Over 1,000 of its 2,500 staff now work there.
“We decided to relocate the main office to the island to improve the employees’ creativity and communications in an advanced business environment and to respond to the rapid growth of the company,” a company spokesperson said.
As Daum Communications is located in Jeju Science Park, the company is exempt from corporate tax for three years according to the Special Taxation Act. For the two years that follow, it will benefit from a 50 percent reduction in corporate tax. This means the company can save around 85 billion won ($81 million) over five years, according to the tech firm.
NXC, the holding company of the nation’s largest game company, Nexon, also moved into Jejudo Island, along with its subsidiaries, NXCL, Nexon Networks and the Nexon Computer Museum.
Early next year, Neople, a Nexon subsidiary that developed online game Dungeon Fighter, will also move its headquarters to Jeju,
“We decided to move into Jejudo Island, which has a wonderful natural environment, in a bid to provide the best working environment for developers, who require a high level of creativity,” said Lee In, CEO of Neople.
“A lot has changed after moving into the Island. Employees are doing more leisure activities such as riding, playing golf or gardening after work or on weekends, which was not easy in Seoul,” a Nexon employee said.
ESTsoft, a local application software development company, also set up its research and development center on Jejudo Island last October. Currently, around 30 researchers are working at the center.
The company said employees at its headquarters also take turns visiting the campus to experience the working environment for two weeks.
“This is part of our program to help employees adjust to the island. We are planning to expand the campus to accommodate more than 100 researchers down the road,” the company spokesperson said.
By Shin Ji-hye (
shinjh@heraldcorp.com)
