Codemy, an educational blockchain corporation, received an accreditation certificate on October 12 from the Ministry of Science and ICT of Korea.
Receiving the accreditation certificate means that the R&D activities were carried out effectively to achieve a governmental recognition of goals pursued by startups or SMEs.
According to the Korea Industrial Technology Association(KOITA), the organization under the Ministry of Science and ICT that approved and issued the certificate, its mission is to foster a company's R&D organization that meets specific requirements as an independent research organization within the company by accrediting the company-affiliated research institute.
In addition, the government intends to promote corporate R&D by allocating support benefits to accredited research institutes and departments in accordance with their level of R&D activities.
According to the Korea Industrial Technology Association, corporate research institutes benefit from tax deductions for research and human resources development expenses as well as investments in business assets used for research and testing purposes. In other words, the sum of the basic deduction amount and the additional deduction amount is deducted from the income tax (income tax on business income) or corporate tax in the tax year in which the investment is made. Additionally, the research institute will receive partial reductions in acquisition and registration taxes for the real estate it acquires.
The company-affiliated research institute also receives labor cost subsidies when hiring unemployed young adults. In addition, special military service exemptions are guaranteed for young researchers.
Co-CEOs Byung Kee Park and Jung-hyeon Hwang of Codemy said, “This is an important step in securing funds, securing financial resources, and expanding research. We will do our best to accomplish what we have to do.”
Reported by Joshua Park, stationed in Los Angels, California