Decree No. 38/2018/ND-CP dated March 11, 2018 of the Government detailing the investments in small and medium-sized start-up companies

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ATTRIBUTE

Decree No. 38/2018/ND-CP dated March 11, 2018 of the Government detailing the investments in small and medium-sized start-up companies
Issuing body: GovernmentEffective date:
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Official number:38/2018/ND-CPSigner:Nguyen Xuan Phuc
Type:DecreeExpiry date:Updating
Issuing date:11/03/2018Effect status:
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Fields:Enterprise , Investment

SUMMARY

Funding within 05 years for small and medium-sized start-up companies

The Decree No. 38/2018/ND-CP detailing the investments in small and medium-sized start-up companies issued by the Government on March 11, 2018.

In accordance with this Decree, based on the reality of local government budget, each Provincial People’s Committee shall request the People’s Council of the same level to consider designating the local financial agency to make investments in startups.

An enterprise invested by the local financial agency must be a startup that operates in priority industries or sectors; and is invested by at least one venture capital fund.

The local financial agency shall quarterly update and publish the list of invested enterprises on its website and the website of Provincial People's Committee.

Total investment made by the local financial agency in a startup as prescribed in Article 22 herein shall not exceed 30% of total investments jointly made by venture capital funds in that startup. The term of an investment with funding from local government budget shall exceed 05 years from the investment date.

This Decree takes effect on the signing date.
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Effect status: Known
TTXVN

THE GOVERNMENT

THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

No. 38/2018/ND-CP

Hanoi, March 11, 2018

DECREE

Prescribing in detail investment in innovative startup small- and medium-sized enterprises[1]

Pursuant to the June 19, 2015 Law on Organization of the Government;

Pursuant to the November 26, 2014 Law on Enterprises;

Pursuant to the November 26, 2014 Law on Investment;

Pursuant to the November 26, 2014 Law on Management and Use of State Capital Invested in Production and Business at Enterprises;

Pursuant to the June 25, 2015 Law on the State Budget;

Pursuant to the June 12, 2017 Law on Support for Small- and Medium-Sized Enterprises;

At the proposal of the Minister of Planning and Investment;

The Government promulgates the Decree prescribing in detail investment in innovative startup small- and medium-sized enterprises.

Chapter I

GENERAL PROVISIONS

Article 1. Scope and subjects of regulation

1. Scope of regulation:

This Decree guides investment in innovative startup small- and medium-sized enterprises; the establishment, management and operation of innovative startup investment funds; and the mechanism for use of local budget funds for investment in innovative startup small- and medium-sized enterprises.

2. Subjects of regulation:

a/ Investors in innovative startup small- and medium-sized enterprises as defined in Clause 1, Article 18 of the Law on Support for Small- and Medium-Sized Enterprises;

b/ Innovative startup small- and medium-sized enterprises as defined in Clause 2, Article 3 of the Law on Support for Small- and Medium-Sized Enterprises;

c/ Agencies, organizations and individuals involved in the implementation of this Decree.

Article 2. Interpretation of terms

In this Decree, the terms below are construed as follows:

1. Investment in innovative startup small- and medium-sized enterprises (below referred to as investment in innovative startups) means an investor’s pouring of capital to carry out business activities through contributing capital to establish, or purchasing shares or contributed capital amounts of, innovative startup small- and medium-sized enterprises that are not public companies.

2. Innovative startup investment fund means a fund formed from contributed capital amounts of private investors for investment in innovative startups.

3. An innovative startup investment fund’s contributed capital amount means the total value of assets contributed by investors to the fund.

4. Company managing an innovative startup investment fund means a company established in accordance with the law on enterprises and engaged in managing innovative startup investment funds.

Article 3. Investment in innovative startups

1. The investors defined in Clause 1, Article 18 of the Law on Support for Small- and Medium-Sized Enterprises may invest in innovative startups in the forms not banned by law, including:

a/ Contributing capital to establish, or purchasing shares or contributed capital amounts of, innovative startup small- and medium-sized enterprises;

b/ Establishing, or contributing capital to, innovative startup investment funds for making investment.

2. Enterprises may use their science and technology development funds for making investment in innovative startups in accordance with the Law on Technology Transfer and this Decree. State enterprises shall invest in innovative startups in accordance with the law on management and use of state capital invested in production and business at enterprises and relevant laws.

3. Investors shall take responsibility before law for ensuring that their investments are of lawful origin and do not violate Vietnamese and international laws against money laundering.

Article 4. Enterprises investing in innovative startups

1. Enterprises established under the Law on Enterprises may invest in innovative startups in accordance with this Decree.

2. When investing in innovative startups, enterprises shall additionally notify the business line of investment in innovative startups in accordance with the law on enterprise registration.

3. Business registration agencies shall examine the validity of dossiers and add the business line of investment in innovative startups in accordance with the law on enterprise registration.

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