Agricultural & fishery corporations
Preparation of establishment reports for fishery cooperative corporations and fisheries companies and fisheries business-entity registration documents
Fishery association corporations (yeongeo johap beobin) and fishery company corporations (eoeop hoesa beobin) are both fisheries corporations based on the Act on Fostering and Supporting Agricultural and Fisheries Business Entities. A fishery association corporation is established by 5 or more fishers for joint production and sales. A fishery company corporation can accept investment from non-fishers and outside capital and carry on management, processing and distribution as an enterprise. Decide the business plan first, then choose the corporate form.
Procedure
- Notification Difficulty Low
You submit the statutory report form and required documents. Once the documents are in order the report is accepted; for some reports the authority checks the contents before accepting it.
- Registration Difficulty Medium
The authority checks whether the statutory registration requirements, such as facilities, staff and capital, are met before issuing a registration certificate. Registration can be refused if the requirements are not met.
We prepare and submit the articles of incorporation, general meeting documents, and establishment report for English cooperative corporations and fishing companies. If you need to register a fishing business after establishing a corporation, we will also prepare the relevant application documents.
Scope & fee
- Establishment report documents (by entity type)
- We will prepare and submit 5 pages of articles of incorporation, 5 pages of minutes of the founding general meeting, and investment and establishment reports for 1 corporation. Information on fishermen, investment, and usage rights is provided, but registration, fishing license, and management registration are separate.
- New fisheries business registration after establishment only
- We will prepare and submit a fishing business registration form for 1 corporation that has actually started fishing after establishment. Proof of incorporation, management performance, and usage rights are provided, but reporting of establishment, preparation of articles of incorporation, and registration are not included.
- Establishment report and fisheries business registration after operations begin
- We will prepare 5 pages of articles of incorporation, 5 pages of general meeting minutes, investment documents, and establishment report for 1 corporation. After establishment, once you start fishing and have proof, we will also process the registration of your business. Registration, business commencement, and fishing license are separate.
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. 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. 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. 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. 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. Our office fee starts from the amount shown above and may vary depending on the number of members, the investment structure and the scope of designing the articles of incorporation; we will give you an exact quote after reviewing your documents.
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
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
How do a fishery association corporation and a fishery company corporation differ?
Can a person who is not a fisher be the representative of a fishery company corporation?
How much can non-fishers invest in a fishery company corporation?
Can the corporation start aquaculture right after it is established?
Is fishery business entity registration mandatory after establishment?
Contact us
Hwang Yunsang Administrative Office in Songdo, Incheon prepares and submits administrative documents and explains the procedure. If your situation is similar, send us a message.
📍 2697, 26F POSCO Tower-Songdo, 165 Convensia-daero, Yeonsu-gu, Incheon, Republic of Korea · 📞 010-3374-2687 · 🌐 hwangadmin.com
This guide is general information based on public sources. Requirements, documents and deadlines differ by case and by the competent agency, so please confirm them before you proceed.