Who confirms venture company status, and how long is it valid?

Since February 12, 2021, the system has been private-sector led: the Korea Venture Business Association, designated as the venture company confirmation institution, handles everything from receiving applications to evaluation and review, and a venture company confirmation committee made up of private-sector experts deliberates and decides on confirmations and cancellations.

The validity period of a confirmation was extended from 2 years to 3 years in that reform. Applications and confirmation status can be checked on the Venture Confirmation Management System (Venturein).