Establishing a Fishery Association Corporation or Fishery Company Corporation — Fisher Requirements and Non-Fisher Investment Limits Compared

Procedure

1. 1. Choosing the form based on the business plan

   If fishers will produce and sell jointly, a fishery association corporation fits. If you are considering outside investment, an equity structure, and expansion into processing and distribution, a fishery company corporation fits. A fishery company corporation can be established as a partnership company, limited partnership company, limited liability company, stock company or limited company.

2. 2. Checking member and investment requirements

   A fishery association corporation must have 5 or more fishers or fishery producers' organizations as members. A person who is not a fisher may invest as an associate member in accordance with the articles of incorporation, but has no voting rights at the general meeting. In a fishery company corporation, non-fishers may also invest, subject to limits such as up to 90% of the total investment amount, and there is no minimum capital requirement.

3. 3. Drafting the articles of incorporation and holding the inaugural general meeting

   Set out the business purposes, method of investment, composition of officers and method of profit distribution in the articles of incorporation and adopt them by resolution at the inaugural general meeting. Organize the minutes, the investment details and the documents on the appointment of officers together.

4. 4. Report of establishment, incorporation registration and business registration

   Pay in the investments and file a report of establishment with the city, county or district (si/gun/gu) office having jurisdiction over the principal office and receive a report confirmation certificate. Within 14 days from its date of issuance, file for incorporation registration with the report confirmation certificate attached. Then complete business registration at the competent tax office. Establishing the corporation alone does not give an aquaculture license or permit, so obtain any fishery licenses and permits you need separately.

5. 5. Fishery business entity registration

   After establishment, register the corporation as a fishery business entity. In practice this procedure is necessary for tax-free fuel, participation in government support programs and various licenses and permits.

Required documents

• Articles of incorporation
• Minutes of the inaugural general meeting
• Report of establishment filed with the city, county or district (si/gun/gu) office (the report confirmation certificate is attached at incorporation registration)
• List of members (investors) and investment details
• Documents confirming that members are fishers (such as confirmation of fishery business entity registration)
• Officers' letters of acceptance of office and copies of identification
• Business plan

Fees

The registration and license tax for incorporation registration and the registration costs are separate. In the industry, administrative agents' service fees range from several hundred thousand won to the 1,000,000 won range and vary with the number of members, the investment structure and the scope of designing the articles of incorporation. We will advise you after a consultation based on the members and the business plan.

See fees and official charges for this service →

Legal basis and review date

• Act on Fostering and Supporting Agricultural and Fisheries Business Entities, Article 16
• Act on Fostering and Supporting Agricultural and Fisheries Business Entities, Article 17
• Act on Fostering and Supporting Agricultural and Fisheries Business Entities, Article 19
• Act on Fostering and Supporting Agricultural and Fisheries Business Entities, Article 19-3
• Enforcement Decree of the Act on Fostering and Supporting Agricultural and Fisheries Business Entities, Article 18
• Act on Fostering and Supporting Agricultural and Fisheries Business Entities, Article 4

Checked against the statutes on 2026-09-30

Statutes and public notices change, so each case needs to be checked individually. Statute titles are given in English for reference. The Korean statutes are the authoritative text.

Check these first

• For a fishery association corporation, set out a plan for withdrawal and replacement of members in the articles of incorporation in advance so that the number of members does not fall below 5.

Frequently asked questions