Hwaum Law Office successfully completed the entire legal process for establishing and registering a Personal Investment Association and making an investment in a portfolio company.
Our services included establishing the portfolio company through our online corporate registration service, “Cello,” obtaining approval for the Personal Investment Association formation plan, issuing the association’s unique identification certificate, opening the association’s bank account, preparing and filing all necessary documents for registration of the Personal Investment Association, handling the registration process, and providing legal advice throughout the entire capital contribution process.
When a portfolio company does not yet exist, a corporation must first be established. Hwaum Law Office operates “Cello,” an online corporate establishment service, enabling us to complete the incorporation process quickly and efficiently.
To establish a Personal Investment Association and make an investment, a managing general partner must first be designated. The managing general partner must then register with the Venture Investment Comprehensive Information System and submit a formation plan for approval by the Ministry of SMEs and Startups, as described above.
Hwaum Law Office provides guidance on these procedures, assists with the preparation and submission of the formation plan, and offers legal advisory services throughout the process.
Once the formation plan has been approved by the Ministry of SMEs and Startups, a bank account must be opened to receive capital contributions from the association members. To open the account, the approval notice for the formation plan and the required documents must be submitted to the relevant tax office to obtain a unique identification number.
After obtaining the unique identification number and opening a bank account, the Personal Investment Association must establish its operating agreement and hold an inaugural general meeting. Once the association members have made their capital contributions, all required documents must be prepared and submitted to the Ministry of SMEs and Startups to apply for registration of the Personal Investment Association. The Ministry will then review the application and, upon approval, complete the registration.
Only after all requirements have been satisfied, the Personal Investment Association has been established, and the association has been registered with the Ministry of SMEs and Startups can it begin investing in venture companies and other eligible businesses.
Drawing on our experience and expertise gained through our “Cello” corporate registration service, as well as our extensive experience providing legal advisory services to startups and venture companies, Hwaeum Law Office provides comprehensive, one-stop legal services for all matters relating to Personal Investment Associations.
Our services cover the entire process, from the establishment of the portfolio company—the first step before forming a Personal Investment Association—to approval of the association’s formation plan, issuance of its unique identification number, opening of a bank account, registration of the Personal Investment Association, and transfer of investment funds. We also provide legal advice throughout each stage of the process.
If you have any questions regarding Personal Investment Associations or related legal services, please feel free to contact us at the information below at any time.
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E-mail jk.jung@hwaumlaw.com Tel. 02-522-0413
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