Quasi-Investment Advisory Business Report in Korea — Pre-Report Training, 5-Year Validity, No Two-Way Chat with Paying Members

Procedure

1. 1. Check whether the report applies

   Only advice given one-way to many people, without assuming an individual investor, counts as a quasi-investment advisory business. Under the 2024 amendment, if paying customers can exchange opinions online in connection with that advice, it is treated as an investment advisory business, so a report alone does not cover paid chat rooms with questions and answers or one-to-one Q&A.

2. 2. Check disqualifications

   A report may be rejected if the applicant (including executives of a corporation) was sentenced to a fine or heavier punishment for violating financial laws, the Door-to-Door Sales Act or the Electronic Commerce Consumer Protection Act and 5 years have not passed since the sentence was completed or exempted. The same applies within 1 year after reporting closure of the business and within 5 years after an ex officio cancellation.

3. 3. Complete the Korea Financial Investment Association training

   The individual applicant or the representative of a corporation attends in-person group training run by the Korea Financial Investment Association. The training must be completed within 1 year before the report date, and the Association issues a certificate showing the completion date. A report from a person who has not completed the training may be rejected.

4. 4. Prepare and submit the report

   The report is prepared on the form set by the Governor of the Financial Supervisory Service and submitted with the training certificate. The Governor of the Financial Supervisory Service receives and accepts reports under authority delegated by the Financial Services Commission. Advertisements must state that individual investment consultation and fund management are not available, that losses of principal belong to the investor, and that the business is not a licensed financial investment business, so channel descriptions are revised at the same time.

5. 5. Change reports and 5-year renewal

   Closure, a change of name or location, or a change of representative or executives must be reported within 2 weeks. To continue after the 5-year validity period, apply for renewal between 3 months and 1 month before the expiry date. If a closure is reported to the tax office or the business registration is cancelled, the report may be cancelled ex officio.

Required documents

• Quasi-investment advisory business report (form set by the Governor of the Financial Supervisory Service)
• Korea Financial Investment Association training certificate (completed within 1 year before filing)
• Copy of business registration certificate
• Corporation: certificate of corporate registration, list of representative and executives
• Business method materials (operation of publications or channels, fee payment method)
• Advertising copy (including the 3 mandatory notices)
• Letter of authorization (when filed by an agent)

Fees

Industry range of several hundred thousand to several million won · Quoted after consultation depending on whether it is a new report, renewal or change report and how much review of the business method is needed. Government fees are separate.

See fees and official charges for this service →

Legal basis and review date

• Financial Investment Services and Capital Markets Act Article 7
• Financial Investment Services and Capital Markets Act Article 101
• Financial Investment Services and Capital Markets Act Article 101-2
• Financial Investment Services and Capital Markets Act Article 101-3
• Financial Investment Services and Capital Markets Act Article 445
• Financial Investment Services and Capital Markets Act Article 446
• Financial Investment Services and Capital Markets Act Article 449
• Enforcement Decree of the Financial Investment Services and Capital Markets Act Article 102
• Enforcement Decree of the Financial Investment Services and Capital Markets Act Article 387
• Regulation on Financial Investment Business Article 4-80
• Regulation on Financial Investment Business Article 4-80-2

Checked against the statutes on 2026-10-06

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

• Operating a quasi-investment advisory business without a report, or filing a false report, is punishable by up to 1 year in prison or a fine of up to 30,000,000 won.
• Advertising that suggests loss compensation or guaranteed profit, or presents unrealized returns, is subject to an administrative fine of up to 100,000,000 won, and receiving another administrative fine or penalty surcharge within 5 years can lead to ex officio cancellation of the report.

Frequently asked questions