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Certification of Venture Businesses

Certification of Venture Businesses

  • The certification of Venture Business refers to a process by which it is assessed whether a firm satisfies all the requirements to be a Venture Business pursuant to the rules and regulations set by related law - 'Act on Special Measures for the Promotion of Venture Businesses'.
  • The act designates KOTEC as one of the main institutions that conducts the technology assessment and awards the certificate of Venture Business to eligible companies. KOTEC has been running the website(www.venturein.or.kr) in which a good portion of the certification process is conducted online including filing of application and notification of the assessment results.
  • There are four types of Venture Businesses and KOTEC involves in the certification of three types of them. The diagram below shows types, requirements and procedure of KOTEC's Venture Business certification.

Types of Venture Businesses and Requirements

Types of Venture Businesses and Requirements
Types Requirement
KOTEC-guaranteed Company
  • The amount of guarantee should be KRW 80 million or higher(For the companies less than a year old, the amount requirement is loosened to KRW 40 million)
  • The percentage of the guarantee amount against the company's total equity is 5% or higher(This requirement doesn't apply to those companies with less than a year of business operation or with guarantee amount of KRW 1 billion or more)
  • The technological competence and commercial viability should be evaluated as excellent
R&D Company
  • Company should run a research institute and the amount of R&D expenditure should be KRW 50 million or higher
  • The R&D expenditure of four preceding quarters should be 5 to 10% or higher of the total sales of the same period (This requirement doesn't apply to those companies with less than three years of busniess operation or without any sales records)
  • The commercial viability should be evaluated as excellent
To-be Venture Business
  • Would-be entrepreneurs preparing to found a corporation or to register a business
  • The technological competence and commercial viability should be evaluated as excellent

Certification Procedure

  1. 01

    Certification Application

    Via www.venturein.or.kr

  2. 02

    Application Acceptance

    KOTEC's Technology Appraisal Center

  3. 03

    On-site Audit & Technology Assessment

    KOTEC's evaluators

  4. 04

    Notification of Assessment Results & Awading of Certificate

    Via www.venturein.or.kr

  5. 05

    Disclosure of Information

    Via www.wenturein.or.kr