Events on the Korean Peninsula have generated lots of news lately – most of it negative – but that shouldn’t deter producers from going to its southern half to take advantage of stunning locations, a bustling megalopolis (Seoul), and a high-tech society boasting lightning-fast broadband connectivity and highly trained crews – not to mention generous incentives for producers.
Plus, South Korea is the site of the Busan International Film Festival – Asia’s most prestigious – which takes place annually in early October and gathers filmmakers, executives and fans from around the world.
The country’s cash rebate ranges from 20% to 25% on qualified spend, depending on a few factors.
To receive 25%, producers must shoot a minimum of 10 days in South Korea and spend a minimum of 2 billion South Korean won, or about $1.75 million.
The 20% incentive is available to producers who shoot a minimum of three days in South Korea and spend a minimum of $100 million South Korean won, or approximately $87,000.
All projects receiving the incentive must receive approval from the Korean Film Council, a unit of Ministry of Culture, Sports and Tourism that promotes and supports Korean films in Korea and abroad, and also funds education and training programs.
Projects that have recently shot in South Korea include “Okja” (2017), “Colossal” (2016), “Star Trek Beyond” (2016), TV series “Dramaworld (began in 2016), TV series “Sense8” (began in 2016) and “Avengers: Age of Ultron” (2015).
|20%-25%||Cash rebate on qualified spending|
|25%||Rebate for 10-shooting-day minimum/$1.75m minimum spend|
|20%||Rebate for 3-shooting-day minimum/$87k minimum spend|
|Information courtesy of EP Financial Solutions, a production incentive consulting and financial services company.|