NEWS & REPORTS
See Your Schedule
Ko - production in Busan
- KOFIC News
- Regulation Changes on “2016 KOFIC Location Incentive”
- by HA Jung-min / Mar 17, 2016
- The Total Budget Has Increased to 2.5 Times
Regulations have changed on 2016 KOFIC Location Incentive, a Koran Film Council (KOFIC) project to fund foreign films and videos. Upon these changes, foreign films to shoot in Korea may have as much as 25% of production cost that is spent in Korea reimbursed in cash. The total budget for foreign films has gone up to KRW 2.42 billion (approx. USD 2.4 million), 2.5 times compared to last year, for providing opportunities to much more producers.Here are the changed regulations: the funding limit is up to KRW 2 billion (approx. USD 2 million) per film. The Korean branch of the foreign film or video producer and investing corporation are not eligible to apply, and the performance fee for the lead actor may not be more than 30% of the entire personnel expenses applied for reimbursement.Eligible works to apply for this program are feature films longer than 70 mins of running time, TV series and documentaries made by foreign producers, where more than 80% of the net production cost is of foreign capital. They also need to be approved by KOFIC’s Review Committee, based on the possible contribution to Korean film industry and tourism, and also on the participation portion of foreign producers.Once selected, 25% of the production cost can be reimbursed when shot for more than 10 days in Korea and more than KRW 2 billion is spent. When shot for more than 3 days in Korea and KRW 100 million to 2 billion (approx. USD 100,000 to 2 million) is spent, 20% of the production cost can be reimbursed.So far, the films and videos funded by this KOFIC Location Incentive project include The Avengers: Age of Ultron, a TV show America’s Next Top Model and Sense 8, a Netflix drama. For further details, you may visit KOFIC’s homepage (http://www.koreanfilm.or.kr/jsp/coProduction/locIncentive.jsp) or call 82-51-720-4800.
- Any copying, republication or redistribution of KOFIC's content is prohibited without prior consent of KOFIC.
