Individual Investment Association Registration — 100,000,000 won Capital, 49 Members, 5-Year Term

Procedure

1. 1. Check the formation requirements

   Registration requires total contributions of at least 100,000,000 won, units of at least 1,000,000 won, no more than 49 members and a term of at least 5 years. Contributions made in US dollars are converted into won as of the registration date. Members may pay their full contribution at once or in installments as the association agreement provides.

2. 2. Check managing partner qualifications and disqualifications

   The managing partner bears unlimited liability for the association's debts and must hold at least 3% of total contributions. An individual managing partner must be a registered professional individual investor, have at least 5 years as a managing partner, have 2 years of investment review or 3 years of investment-related work at a venture investment company or similar entity, or have completed a course designated by the Minister of SMEs and Startups. Minors, persons within 5 years of completing a prison sentence, and persons with overdue debts of more than 10,000,000 won past due for 3 months or more, among others, cannot serve.

3. 3. Submit the formation plan and prepare formation

   A formation plan including the member recruitment plan and investment plan is submitted before registration. Membership may be solicited only through private placement under the Financial Investment Services and Capital Markets Act. The association agreement is drafted, a unique number certificate is obtained, and an account in the association's name is opened to receive contributions.

4. 4. File for registration within 14 days of the formation meeting

   The managing partner files the registration application within 14 days of the formation meeting with the agreement, member list, meeting minutes, proof of contributions, account balance certificate and unique number certificate. The balance certificate must be issued 2 days before the filing date. Once registered, a certified copy of the registration ledger is issued.

5. 5. Amendment registration, financial reports and investment duty

   Changes to the agreement, name or office location, managing partner, members' contributions and units, or term must be registered within 14 days. A financial statement with an auditor's opinion is submitted within 3 months after each fiscal year, and associations with total contributions of 200,000,000 won or less within 3 years of formation may submit fund management data instead. By 5 years after registration, at least 50% of contributions must be invested in startups and venture companies.

Required documents

• Formation plan (including member recruitment and investment plans, submitted before registration)
• Individual investment association registration application
• Copy of the association agreement and member list
• Copy of the formation meeting minutes
• Proof of each member's contribution amount and payment
• Balance certificate for the account in the association's name (issued 2 days before filing)
• Copy of the unique number certificate
• Letter of authorization (when filed by an agent)

Fees

Industry range from several hundred thousand won to several million won · Quoted after consultation depending on the number of members, whether the managing partner is an individual or a company, the scope of drafting the agreement and formation plan, and whether amendment registration is included. Government fees are separate.

See fees and official charges for this service →

Legal basis and review date

• Venture Investment Promotion Act Article 2
• Venture Investment Promotion Act Article 12
• Venture Investment Promotion Act Article 13
• Venture Investment Promotion Act Article 16
• Venture Investment Promotion Act Article 22
• Venture Investment Promotion Act Article 76
• Venture Investment Promotion Act Article 80
• Enforcement Decree of the Venture Investment Promotion Act Article 6
• Enforcement Decree of the Venture Investment Promotion Act Article 7
• Enforcement Decree of the Venture Investment Promotion Act Article 10
• Enforcement Decree of the Venture Investment Promotion Act Article 48
• Enforcement Rule of the Venture Investment Promotion Act Article 5
• Enforcement Rule of the Venture Investment Promotion Act Article 6
• Enforcement Rule of the Venture Investment Promotion Act Article 9
• Restriction of Special Taxation Act Article 16

Checked against the statutes on 2026-10-07

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

• Failing to file or falsely filing an amendment registration is subject to a fine for negligence of up to 30,000,000 won, and the same applies to failing to submit or falsely submitting financial statements.
• Registration obtained by fraud must be cancelled, and soliciting members other than by private placement or breaching the investment duty may lead to cancellation or suspension of business for up to 6 months.

Frequently asked questions