Raising finance for Europe s small & medium-sized businesses
|
|
- Alicia Blake
- 8 years ago
- Views:
Transcription
1 Raising finance for Europe s small & medium-sized businesses Belgian and Dutch Supplement Association for Financial Markets in Europe
2 Disclaimer This guide should not be relied upon as legal, financial, regulatory or other professional advice. Users of the guide are encouraged to seek appropriate independent advice before entering into any kind of financing transaction. While the information contained in this is taken from sources believed to be reliable, AFME does not represent or warrant that it is accurate or complete and AFME and its employees and consultants shall not have any liability arising from, or relating to, the use of this guide or its contents. January 2016 Page ii
3 Introduction Introduction This document is an addition to the AFME Guide to Raising finance for Europe s small & medium-sized businesses published by AFME in September The Guide provides an overview of the financing options available and helps identify the right type of funding at any stage of an SME life, including practical tips and how to access it. This Guide is available on AFME s website ( in Dutch, English, French, German, Italian and Spanish. The document provides practical information for entrepreneurs and SMEs looking to raise finance in Belgium and the Netherlands. Page 1
4 Useful links for SMEs 1: Useful links for SMEs The list below is a non-exhaustive list of pan-european, Belgian and Dutch organisations which may be helpful to SMEs looking for loans, debt or equity funding. PAN-EUROPEAN EIB - European Investment Bank EIF - European Investment Fund EIF financial intermediaries Access to European Commission finance COSME Guide to EU funding, opportunities for research and innovation Programme for research-performing SMEs EEN - Enterprise Europe Network AFME - Association for Financial Markets in Europe ICMA - International Capital Markets Association EBF - European Banking Federation FESE - Federation of European Securities Exchanges FEE European Accountancy Association EVCA - European Venture Capital Association European Business Angels Network European Crowdfunding Network Business Angels Europe Leaseurope - European Leasing Association European Issuers Business Europe UEAPME - European Association of Craft, Small and Medium-sized Enterprises EFB - European Family Business Association CECIMO - European Association of Machine Tool Industries EBC - European Builders Confederation CECIMO - European Association of Machine Tool Industries EBC - European Builders Confederation BELGIUM Febelfin - Banking Association OECCBB Accounting Association IPCF - Accounting Association IEC-IAB- Accounting Association Business Angels Network Page 2
5 Useful links for SMEs Business Angels Association Venture Capital and Private Equity Association BCF - Belgiun Crowdfunding Association Euronext stock exchange BBA - Business Association Chambers of Commerce Enterprise Flanders Government agency Information on various finance in Belgium Ministry of Economy, Sciences and Innovation Portal SME creation Wallonia Sowalfin - Société wallonne de Financement et de Garantie des petites et moyennes Entreprises Wallonia Information on financial support in Wallonia Information on financial support in Brussels Garantees for Brussels region SMEs - Fonds Bruxellois de Garantie Société régionale d Investissement de Bruxelles (SRIB) ParticipatieMaatschappij Vlaanderen Flanders exterieurs/ NETHERLANDS Netherlands Enterprise Agency Rijksdienst voor Ondernemend Nederland RVO s loans and equity - Innovatiefonds MKB+ RVO s Guarantee - Borgstelling MKB Kredieten (BMKB) RVO s Groeifaciliteit NVB - Dutch Banking Association Business angels Association NVP - Venture Capital and Private Equity Association MKB - Entrepreneurs association IDW - Accountancy Association VNO-NCW - Business Association KVK Chambers of Commerce Dutch Venture Initiative Dutch Good growth Fund for doing business in emerging markets Qredits microcredit foundation for entrepreneurs and SMEs cofinanced by the EU Euronext - stock exchange innovatiefinanciering/innovatiefonds-mkb Page 3
6 Overview of pan-european and national SME assistance programmes 2: Overview of pan-european and national SME assistance programmes The table below sets out the SME finance support programmes provided by pan-european bodies and the Belgium and Netherlands national programmes. Additional funding has also been made available through the European Fund for Strategic Investment (EFSI). More information about the EFSI is available in Section 6 of AFME s original Guide to raising finance. Type of funding SME Profile Belgium Start Loan (Flanders, vlaanderen.be): Loan up to 100,000 for start-ups less than 4 years old Cofinancement Sowalfin: Loan of between 25,000 and 350,000 (up to 40% of total loan) Expresse micro-finance (Fonds Bruxellois de Garantie): Up to 25,000 for companies with less than 2 million in revenues Seed / Start-up Brusoc (finance.brussels): Up to 95,000 for small companies Brupart (finance.brussels): Up to 200k in the form of Microfinance (Prêt BOOSTME) for individuals and small companies less than 4 years old Waarborgregeling, Vlaanderen (Guarantee scheme Flanders): Guarantee of up to 75% of a bank loan. Up to 750,000 but could be higher for specific cases Loans Kmo-cofinanciering (Flanders, vlaanderen.be): Loan up to 350k for existing companies Expresse verte (Fonds Bruxellois de Garantie): Up to 80% guarantee on loans of maximum 250,000 for companies with green activities Expresse classique (Fonds Bruxellois de Garantie): Guarantee up to 80% for loans of between 20,000 and 50,000 Growth Brucofin (finance.brussels): Up to 2m for SMEs Equity Tax incentives Seed / Start-up Growth SRIB-GIMB (finance.brussels): Up to 5m for companies with expansion plans Brupart (finance.brussels): Up to 200k in the form of cofinancing with Prêt BRUFIN for individuals and medium companies already implemented (together with the bank) Brustart (finance.brussels): Up to 250k for innovative companies INVESTS (Wallonia): 9 funds which provide capital risk, convertibles bonds: Nivelinvest, WapInvest, Invest Borinage Centre, Sambrinvest, Meusinvest, Ostbegieninvest, Investsud, Luxembourg Développement, Namur Invest TINA Flemish Transformation Fund: Investment funds that offers equity capital or subordinated loans (up to 20m). SRIB-GIMB (finance.brussels): Up to 5m for companies with expansion plans in form of equity or convertibles Reduced corporate income tax to SMEs with profit of less than 322,500 (24.98%). The reduced rates apply only if the company pays annual remuneration of at least 36,000 to at least one director Young innovative companies can benefit from a partial exemption on paid salaries. R&D expenses of those companies must also amount to 15 percent or more of their total costs of the previous taxable period. The exemption is fixed at 75%. National interest deduction: Belgian companies and foreign companies with a Belgian permanent establishment or real estate in Belgium may benefit from a tax deduction equal to a percentage of the risk capital. The rate of the notional interest deduction is determined each year and is linked to the 10-year government bonds. The notional interest deduction rate is capped at 3% (3.5% for small company). Win-Win loan incentive: Friend or family member who grant a Win-Win loan to a start-up company receives an annual tax discount of 2.5% on the amount of the loan. The loan can be up to 100,000 and must run over eight years. If the borrower is unable to repay the loan, the lender gets 30% of the amount owed back via a one-off tax credit. Page 4
7 Overview of pan-european and national SME assistance programmes Netherlands Innovation fund SME+ (Innovatiefonds MKB+): credit of at least 150,000 and up to 5m for high risk innovative activities to develop products, processes or services with high growth prospects. SMEs can receive funding of up to 35% of the total investment and non-smes can receive funding of up to 25% of the total investment. The project should be completed within four years. Qredits: Microcredit foundation for entrepreneurs and SMEs providing loans to start-up and existing companies which are not able to obtain a bank loan (up to 50,000). Qredits also provides SME loans of ,000 Borgstelling MKB Kredieten (Guarantee SME loans): Guarantees of up to 1m for SMEs as defined by the EU. Pan-European COSME Loan Guarantee Facility: Fund guarantees for financial intermediaries to help them provide loan and lease finance to SMEs. Structural Funds: European Regional Development Fund, European Social Fund, Cohesion Fund, Rural Development Fund, European Fisheries Fund. Eurostars-Eureka: Support for SMEs, with a focus on R&D. European Investment Fund: EIF indirectly supports SMEs through financial intermediaries. Microfinance: EIF provides bank the capacity to lend up to 25,000. EIF also provides loans, guarantees and equity through financial intermediaries. Groeifaciliteit (growth facility): Provides a guarantee of up to 50% to participating lenders on risk capital provided to businesses. Innovation fund SME+ (Innovatiefonds MKB+): seed capital to technology businesses and creative start-ups. It also provides funding for SMEs through private equity funds - Dutch Venture Initiative (DVI) in cooperation with with the EIF/EIB. Innovation box: Innovative companies may receive a tax discount on profits achieved through innovation: corporate income tax at a rate of 5%. Innovation box employee benefits: significant wage tax subsidies are available for employers with employees engaged in certain specified R&D activities for which the R&D Declaration is obtained. Income tax incentive: An increase of the profit exemption for small and medium-size businesses from 1.5% to 12%. In addition, entrepreneurs will no longer have to devote a minimum period of time to their business in order to qualify for the measure, enabling individuals to carry on a business alongside salaried employment. R&D deduction: The lump-sum deduction for an entrepreneur who performs R&D activities is 12,310 or 18,467 for the first five years of an enterprise s life. Page 5
8 The Netherlands and Belgium SME finance markets 3. The Netherlands and Belgium SME finance markets a. Business angels equity More than 250,000 business angels have invested an estimated 5.5bn in 33,430 deals throughout Europe. 1 The main sector of investment is technology (32%), followed by biotech & life sciences (10%), mobile communications (10%) and manufacturing (10%). The majority of the targeted companies (87%) are in early stages, notably startup, seed and pre-seed stages. Despite the existence of many international investment networks, cross-border investment remains marginal with 96% of the deals taking place in the investor s home nation. 2 b. Venture capital In 2014, Belgian companies received almost 1bn from venture capital and private equity funds of which 114m (12%) were invested in 110 seed companies, startups or later-stage ventures. Growth capital funds invested in 87 Belgium-based companies for 210m. In the Netherlands, venture capital funds invested 169m in 226 Dutch startups, representing 5.4% of total investments from venture capital and private equity funds ( 3.1bn). c. Other sources Alternative finance providers including peer-to-peer lending, reward-based crowdfunding, or equity crowdfunding have helped Dutch SMEs raise 78m in 2014 (+70% compared to 46m in 2013) and 2.5m in Belgium compared to 140m in Germany, 154m in France and 2.337bn in the UK. 1 Source: European Business Angel Networks, as end of It includes the reported transactions ( 554m) and the estimated non-visible market ( 5bn).These figures are not representative of the entire European market. 2 Source: European Business Angels Network (EBAN), Page 6
9 The Netherlands and Belgium SME finance markets Crowdfunding platforms in the Netherlands and Belgium include: Name of the platform Country Type Costs Angel.me Belgium and Netherlands Donations and equity 6.5% success fee BoleroCrowdfunding Belgium and Netherlands Debt 6% success fee CrowdAboutNow Netherlands Debt, equity and donations Debt: 1%+2% yearly success rate Equity: 1% + 5% one time success rate Donation: 1% + 3% one time success rate Geldvoorelkaar Netherlands Debt 2-5% success fee Greencrowd Netherlands Debt, equity and donations Fee of % of financing Kickstarter Belgium and Netherlands Donations 5% one time success rate Look & Fin Belgium Debt Set-up fee of 2,000 and 4% success fee MyMicroInvest Belgium Equity and debt n/a OnePlanetCrowd Netherlands Rewards, loans and convertible loans Placement fee: success fee: 7% Seedrs Belgium Equity n/a Seeds Belgium Donations Share2Start Netherlands Debt and donations Joining fee: % success fee (min. 2,500) Donation: 3% success fee Debt: 5% success fee Symbid Netherlands Equity 5% success feev Wekomenerwel Netherlands Bonds, equity, convertible bonds Join fee: success fee: 4% Source: Dutch Impact Investors, Business Angels Europe, AFME, compilation from authors Page 7
10 The Netherlands and Belgium SME finance markets d. Public offerings and private placements through a stock exchange Both exchanges in Belgium and the Netherlands are operated by the stock exchange Euronext (Euronext Brussels and Euronext Amsterdam). Capital raised on Belgium and the Netherlands exchanges main markets (public offerings of companies of less than 500m), Country Belgium Netherlands Exchange Euronext Euronext Number of IPOs Total equity raised ( m) 1.4bn 2.8bn Median of equity raised ( m) 41.7m 257m Minimum of equity raised ( m) 250,000 23m Maximum of equity raised ( m) 203m 491m Source: Dealogic Capital raised in Europe s main Junior markets Country Belgium Netherlands France Germany Italy Spain UK Exchange Euronext Alternext Euronext Alternext Euronext Alternext Deutsche Börse Entry Market AIM Italia BME MAB AIM Number of IPOs 5 n/a Total ( m) 44 n/a 575 2, ,486 Median ( m) 6.5 n/a Minimum ( m) 5 n/a Maximum ( m) 15 n/a 37 1, Source: Dealogic, IPOs on Alternext, AIM Italia, BME MAB and AIM London Page 8
11 Stock exchange requirements for equities in Belgium and Netherlands 4. Stock exchange requirements for equities in Belgium and Netherlands The tables below show the requirements during admission and life of a listing for both equities in the junior markets (i.e. markets directed towards small and mid caps). 3 UK Italy France Belgium Netherlands Portugal Germany 3 Spain Operator LSE LSE LSE (Borsa Italiana) Euronext Deutsche Boerse BME Market Listing Advisor High Growth Segment Key Advisor required AIM AIM Italia-MAC Alternext Entry Standard Mercado Alternativo Bursatil (MAB) Admission criterea Required Required for Public Offerings Required Required Min. operating history 3 years or such shorter period n/a 2 years 1 year (exemptions possible) 3 years or such shorter period Min free-float 10% - 2.5M - 2M Financials 20% CAGR in revenues over 3 year historic period Sufficient of working capital for the next 12 months The company has to be profitable (except for Biotechs). At the discretion of the Exchange - Min Equity capital 30m ,000 - Prospectus European directives EU Prospectus for Public Offerings Information document approved by the Exchange for Private Placements Market Abuse Directive applicable Transparency Directive non applicable Reporting accounting standard National GAAP or EU IFRS or other approved GAAPs for non-eea and Channel Island issuers or national GAAP with reconciliation to one of the approved standards EEA company: IFRS or national GAAP Non EEA company: IFRS or equivalent GAAP National GAAP or IAS/IFRS IFRS, national GAAP or US GAAP Listing Fee Depends on the initial market cap(1) Depends on the initial market cap(2) Depends on the initial market cap (3) 1,500 6, % of the market value Ongoing obligations Ongoing Publications Annual financial reports are published within 6 months of the year end and half-year reports within 3 months of the reporting period end. Annual financial reports are published within 6 months of the year end and half-year reports within 3 months of the reporting period end Price sensitive information Financial reporting: Audited annual and unaudited semiannual financial statements Price sensitive information Annual financial reports: not later than 6 months after end of reporting period. Half-year reports not later than three months after end of reporting period Price sensitive information Audited annual and unaudited semiannual financial statements. Price sensitive information Annual Fee From 5,000 to 50,000 depending on market capitalisation 6,050 From 2,800 to 50,000 obtained according to the number of equities securities listed and the market capitalization of the issuer. 5,000 6,000 3 Other regional exchanges are available to raise capital: Page 9
12 Notes Page 10
13 Notes Page 11
14 Contacts Contacts Rick Watson Managing Director, Capital Markets +44 (0) Robert Fergusson Managing Director, Institutional and Corporate Relationships +44 (0) Cédric Pacheco Associate, Growth +44 (0) Page 12
15 About AFME The Association for Financial Markets in Europe (AFME) is the voice of Europe s wholesale financial markets. We represent the leading global and European banks and other significant capital market players. We believe that liquid capital markets and a well-functioning banking system are central to any successful modern economy. We advocate stable, competitive, sustainable European financial markets that support economic growth and benefit society. Focus on a wide range of market, business and prudential issues Expertise deep policy and technical skills Strong relationships with European and global policymakers Breadth broad global and European membership Pan-European organisation and perspective Global reach via the Global Financial Markets Association (GFMA) Page 13
16 London Office 39th Floor 25 Canada Square London, E14 5LQ United Kingdom Switchboard: +44 (0) Brussels Office Rue de la Loi, Brussels Belgium Switchboard: +32 (0) Press enquiries David Waller +44 (0) Rebecca Hansford +44 (0) Membership +44 (0) Follow AFME on Association for Financial Markets in Europe
Statistics Compendium EBAN 2014. 5.5b
Statistics Compendium EBAN 2014 5.5b The Statistics Compendium is Europe s most extensive annual research on the activity of business angels and business angel networks. It provides information on the
More informationwww.pwc.com/mn/capital-markets
www.pwc.com/mn/capital-markets Listing in London A guide to premium and standard listings of equity and flotation on AIM Capital Markets About this brochure This brochure summarises the different London
More informationRestoring Financing and Growth To Europe s SMEs. Jeffrey Anderson Senior Director for European Affairs (formerly)
Restoring Financing and Growth To Europe s SMEs Jeffrey Anderson Senior Director for European Affairs (formerly) 1. Introduction & Report Focus 2. SMEs in Europe 3. Main Findings 4. Four sets of Impediments
More informationInvestor survey of fixed income liquidity 2013
Investor survey of fixed income liquidity 2013 Association for Financial Markets in Europe Sponsored by: About AFME The Association for Financial Markets in Europe (AFME) is the voice of Europe s wholesale
More informationAlain Schmitt Directorate General for Enterprise October 14 th, 2014
Alain Schmitt Directorate General for Enterprise October 14 th, 2014 I. Facts and figures about innovation in France II. Startup financing III. Entrepreneurship culture and ecosystems Worldwide ranking
More informationAccess to finance for. SMEs. István NÉMETH European Commission DG for Internal Market, Industry, Entrepreneurship and SMEs
Access to finance for SMEs István NÉMETH European Commission DG for Internal Market, Industry, Entrepreneurship and SMEs Why EU intervention needed? EU financial instruments for SMEs Building on success
More informationOSC EXEMPT MARKET REVIEW OSC NOTICE 45-712 APPENDIX C CAPITAL RAISING IN CANADA AND THE ONTARIO EXEMPT MARKET
OSC EXEMPT MARKET REVIEW OSC NOTICE 45-712 APPENDIX C CAPITAL RAISING IN CANADA AND THE ONTARIO EXEMPT MARKET 1 1. Introduction As a securities regulator, the Ontario Securities Commission is committed
More informationAlternative Finance for SMEs and Mid-Market Companies Brussels Presentation
Alternative Finance for SMEs and Mid-Market Companies Brussels Presentation 27th November, 2013 Agenda Introduction Backdrop: bank lending to companies in Germany, France, UK, Italy and Spain Policymakers
More informationHow To Understand And Understand The Euro Zone Micro To Medium Enterprise
22 November 2012, Madrid 1. Introduction on EIF Introduction on EIF 2 / 21 Introduction on EIF EIF at a Glance 1. Introduction on EIF EU specialised institution for SMEs, risk financing Venture Capital
More informationRaising finance for Europe s small & medium-sized businesses
Raising finance for Europe s small & medium-sized businesses A practical guide to obtaining loan, bond and equity funding Association for Financial Markets in Europe www.afme.eu Disclaimer This guide should
More informationRecent policy approaches to SME finance
Recent policy approaches to SME finance Dr. Helmut Kraemer-Eis Head of Research & Market Analysis European Investment Fund 07 July 2014 Rome The European Investment Fund (EIF) at a glance 1994 founded
More informationSupporting Innovation in Slovenia. Ljubljana, 12 June 2015
Supporting Innovation in Slovenia Ljubljana, 12 June 2015 Welcome addresses: Sabina Koleša Director General, Ministry of Economic Development and Technology Sibil Svilan President and Member of the Management
More informationSME support under COSME and the Enterprise Europe Netzwerk
SME support under COSME and the Enterprise Europe Netzwerk Gunnar Matthiesen European Commission - Executive Agency for Small and Medium-sized Enterprises ERRIN FINNOWATER & SME Financing Day COSME & the
More informationHow liquidity impacts growth
How liquidity impacts growth Moderator Rick Watson, Managing Director, Head of Capital Markets, AFME Panellists Nick Burge, Managing Director, Head of Strategic Liquidity, Lloyds Bank Matthew Cairns, Senior
More informationEuropean Union SME policies. Ulla Hudina
European Union SME policies Ulla Hudina EU Finance Day for SMEs, Athens, 20th January 2009 Supporting SMEs SMEs backbone of EU economy: important players in all value chains; 23 million SMEs (99 % of all
More informationEUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE
EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE Access to finance is key to business development. Investment and innovation are not possible without adequate financing. A difficulty in getting finance
More informationInnovation and PPP financing: The European Investment Fund
Innovation and PPP financing: The European Investment Fund Dr. Helmut Kraemer-Eis Head of Research & Market Analysis European Investment Fund UNECE - 12 February 2014 Geneva What is the EIF? As part of
More informationSmarter Business Guide to the European Investment Bank
Smarter Business Guide to the European Investment Bank Ireland s membership of the European Union (EU) has been a key factor in its recent development. Our membership will play a vital role in helping
More informationListing Debt in London
Listing Debt in London 1 London, the world s financial centre The London Stock Exchange Group operates at the heart of the world s financial centre Internationally focused open market culture Leading global
More informationMail: fisma-cmu-survey@ec.europa.eu
Mail: fisma-cmu-survey@ec.europa.eu R e f e r e n c e n u m b e r 15/10.711/PK/HdB S u b j e c t Response to the Green Paper on the European Capital Markets Union T h e H a g u e May 13, 2015 T e l e p
More informationOverview of the EIB Group Financial Instruments for SMEs
Overview of the EIB Group Financial Instruments for SMEs Lublin, 22 June 2015 Tomasz Kozlowski Head of Innovation & Alternative Financing Programmes European Investment Fund European Investment Bank Group
More informationPublic consultation on Building a Capital Markets Union
Case Id: 6793f8c7-c6ef-45dd-8987-665fe5775337 Date: 13/05/2015 23:30:38 Public consultation on Building a Capital Markets Union Fields marked with * are mandatory. Introduction The purpose of the Green
More informationSupporting Innovation in Portugal. Lisbon, 27 February 2015
Supporting Innovation in Portugal Lisbon, 27 February 2015 Welcome addresses: Birthe Bruhn-Léon Director for Lending in Iberia, EIB José Carlos Caldeira President, National Agency of Innovation (ANI) João
More informationInvestment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank
Investment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank 24 March 2014 Outline EU and Croatia key challenges The Investment
More informationFinancial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility)
Financial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility) M. D hooge Financial instruments for Innovations, Research and Development 30 November 2009, Prague
More informationSalvatore Zecchini Chairman OECD Working Party on SMEs and Entrepreneurship
FOSTERING SMEs AND ENTREPRENEURSHIP FINANCING AFTER THE CRISIS Confindustria - OECD MiSE - Roma 7th July 2014 Salvatore Zecchini Chairman OECD Working Party on SMEs and Entrepreneurship 1 Six years after
More informationBelgium in international tax planning
Belgium in international tax planning Presented by Bernard Peeters and Mieke Van Zandweghe, tax division at Tiberghien Belgium has improved its tax climate considerably in recent years. This may be illustrated
More informationMicrofinance within the EU banking industry: policy and practice
Microfinance within the EU banking industry: policy and practice This report has been written by the European Banking Federation s Working Group of experts in the financing of Small and Medium-sized Enterprises
More informationBritish Business Bank
British Business Bank Peter Wilson CEO British Business Bank Investments ABFA Annual Conference 3 June 2015 Contents Overview of the British Business Bank Rationale Business Model Aims Programmes Impact
More informationNote of the Commission services on Financial Engineering in the 2007-2013 programming period DOC COCOF/07/0018/01-EN FINAL
1 Note of the Commission services on Financial Engineering in the 2007-2013 programming period DOC COCOF/07/0018/01-EN FINAL 16 July 2007 Final version Note of the Commission services on Financial Engineering
More informationPublic consultation on Building a Capital Markets Union COM/2015/63 green paper
Public consultation on Building a Capital Markets Union COM/2015/63 green paper Jelena Soskic European Policy Advisor jso@danskerhverv.dk phone: +32 486 03 04 53 The Danish Chamber of Commerce welcomes
More informationEuropean Investment Fund
EPMF: European actions to promote social entrepreneurship European Investment Fund Palma de Mallorca 22 April 2013 This presentation was prepared by EIF. The information included in this presentation is
More informationBusiness Angels in Europe today. Aleksandar Cabrilo EBAN
Business Angels in Europe today Aleksandar Cabrilo EBAN About EBAN Not for profit organization based in Brussels Created in 1999 by Eurada with the support of European Commission Members in 35 countries
More informationSupporting Innovation in Turkey. Istanbul, 16 April 2015
Supporting Innovation in Turkey Istanbul, 16 April 2015 Welcome addresses: Cansen Basaran Symes President, Turkish Industry and Business Association (TÜSİAD) Pim van Ballekom Vice-President, European Investment
More informationEuropean Investment Fund Activity
European Investment Fund Activity Annual commitments 2006-2009 3540 3040 2540 2040 1540 1040 540 40 Equity Guarantees The EIF is Europe s leading developer of risk financing for entrepreneurship and innovation.
More informationEU Social Investment Financial instruments in support of social entrepreneurship and impact investment
EU Social Investment Financial instruments in support of social entrepreneurship and impact investment Serge PATOU, Policy Officer DG ECFIN, Financing for Innovation, Competitiveness and Employment European
More informationERASMUS FOR YOUNG ENTREPRENEURS : A NEW EXCHANGE PROGRAMME
PRESS DOSSIER INDEX PRESS DOSSIER...1 INDEX...2 ERASMUS FOR YOUNG ENTREPRENEURS : A NEW EXCHANGE PROGRAMME...3 WHO CAN PARTICIPATE?...5 WHAT BENEFITS AND FOR WHOM?...6 HOW DOES IT WORK? STRUCTURE AND IMPLEMENTATION...7
More informationPrivate and public financing for the acquisition of SMEs
16.15 > 17.30 Workshop 4 Private and public financing for the acquisition of SMEs Moderator : Maurice Olivier CEO, BlueOcean Ventures Switzerland 16.15 > 17.30 Workshop 4 Private and public financing for
More informationTax Year 2013 - Income 2012
L UNION FAIT LA FORCE - EENDRACHT MAAKT MACHT Federal Public Service FINANCE NOTIONAL INTEREST DEDUCTION: an innovative Belgian tax incentive Tax Year 2013 - Income 2012 www.invest.belgium.be 2 Content
More informationwww.pwc.com IPO Watch Europe Survey Q1 2012
www.pwc.com IPO Watch Europe Survey Q1 2012 Contents European IPO activity by value and volume 3 IPO offering value 4 IPO volume 5 Top five 6 by sector and value 7 US activity 8 Offering value of by month
More informationwww.pwc.com IPO Watch Europe Survey Q2 2011
www.pwc.com IPO Watch Europe Survey Q2 2011 Table of contents Page European IPO activity by value and volume 3 IPO offering value 4 IPO volume and average offering value 5 by market 6 Top five 7 US and
More informationEU-CELAC Business Summit eucelac-bizsummit2015.eu. Wednesday 10 th June 2015, 14:30-16:30 Concept Note for Workshop 3
Working Party on Latin America and the Caribbean (COLAC) m.d. : 90/15 source : EEAS for : Information date : 29-04 - 2015 EU-CELAC Business Summit eucelac-bizsummit2015.eu Wednesday 10 th June 2015, 14:30-16:30
More informationFUNDING SNAPSHOT 2013
FUNDING SNAPSHOT 2013 Case Study How do I raise more finance for my business? Until recently the big banks were the first stop for businesses wanting to borrow money, but the marketplace is changing. Alternative
More informationwww.pwc.com IPO Watch Europe Survey Q1 2011
www.pwc.com IPO Watch Europe Survey Q1 2011 Table of contents Page European IPO activity by value and volume 3 IPO offering value 4 IPO volume 5 IPOs by market 6 Top five IPOs 7 US and Russia 8 Offering
More informationFORM 31-103F1 Calculation of Excess Working Capital. Firm Name. Capital Calculation (as at with comparative figures as at )
FORM 31-103F1 Calculation of Excess Working Capital Firm Name Capital Calculation (as at with comparative figures as at ) Component Current period Prior period 1. Current assets 2. Less current assets
More informationTopic Overview. Strategies and Management E4: Resources Management Sources of Financing
Resources for the TEKLA curriculum at Junior Secondary Topic 7 Sources of Financing Strategies and Management Extension Learning Element Module E4 Resources Management Topic Level Duration Topic Overview
More informationForm 31-103F1 Calculation of Excess Working Capital. Capital Calculation (as at with comparative figures as at )
Form 31-103F1 Calculation of Excess Working Capital Firm Name Capital Calculation (as at with comparative figures as at ) Component Current period Prior period 1. Current assets 2. Less current assets
More informationEU constraints on recent and expected tax changes in Belgium
EU constraints on recent and expected tax changes in Belgium D. Garabedian Madrid, 31 May 2014 Brussels London - www.liedekerke.com Overview Notional interest deduction (NID) Fairness tax Hybrid loans
More informationSURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat
SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS OECD Secretariat Methodological issues The information collected concerns all forms of quantitative portfolio restrictions applied to pension funds in OECD
More informationFinancial Instruments for RDI and Growth 2014-2020 (specific focus on COSME and Horizon 2020)
Financial Instruments for RDI and Growth 2014-2020 (specific focus on COSME and Horizon 2020) Jean-David MALO European Commission - DG Research and Innovation Head of Unit RTD C-03 Financial Engineering
More informationLSEG response to the European Commission s Green Paper on the long-term financing of the European economy
Think Small First LSEG Response to the long-term financing Green Paper LSEG response to the European Commission s Green Paper on the long-term financing of the European economy EXECUTIVE SUMMARY: The London
More informationTHE ITALIAN POLICY FOR INNOVATIVE ENTREPRENEURSHIP @CORBETTAMATTIA ITALIAN MINISTRY OF ECONOMIC DEVELOPMENT MINISTER S TECHNICAL SECRETARIAT INNOVATIVE STARTUP ESTABLISHED FOR NO LONGER THAN 60 MONTHS
More informationWhat you always wanted to know, and never dare to ask about European Funding!
What you always wanted to know, and never dare to ask about European Funding! WBII Women Business Initiative International Carlton Hotel, Den Haag 26 th June 2014 Severina Scarnecchia - EU Government Affairs
More informationFacts & Figures Luxembourg Economy
Luxembourg Economy ECONOMY Population 549 7 1-Jan-14 Women 274 6 Luxembourgers 3 8 (54.72%) Foreigners 248 9 (45.28%) of which Portuguese 9 8 Italians 18 8 French 37 1 Belgians 18 1 Germans 12 7 British
More informationEU-CELAC Business Summit eucelac-bizsummit2015.eu. Wednesday 10 th June 2015, 14:30-16:30 Concept Note for Workshop 3
EU-CELAC Business Summit eucelac-bizsummit2015.eu Wednesday 10 th June 2015, 14:30-16:30 Concept Note for Workshop 3 Access to finance and financial instruments The important role of Small and Medium-sized
More informationHow To Support A Business In Europe
Support for Research, Development and Innovation Introduction: «Financial instruments for SMEs and larger companies provided by the European Union and the European Investment Bank» Seminar on «Financial
More informationVOX CEPR's Policy Portal
VOX CEPR's Policy Portal Research-based policy analysis and commentary from leading economists European SMEs struggle to raise equity capital Rick Watson 02 November 2015 Small and medium-sized European
More informationList of provisions for consumer protection
List of provisions for consumer protection Type of provision Lending platforms Equity and/or Debt platforms Maximum amount of investment for 40.000 Euro 20.000 Euro consumers on the platform Maximum frequency
More informationcontribution to the Green Paper "Building a Capital Markets Union" (CMU)
Securities and Markets Stakeholder Group Date: 12 May 2015 ESMA/2015/SMSG/017 PART II - Comments on the Quick Wins contribution to the Green Paper "Building a Capital Markets Union" (CMU) The Green Paper
More informationCOSME Financial Instruments for SMEs
COSME Financial Instruments for SMEs Stockholm, 4 February 2015 Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW) Unit F3: SME Access to Finance Astrid Bartels (Policy
More informationBusiness Funding Guide January 2013
Business Funding Guide January 2013 Identifying sources of funding for business is a complex and time-consuming process. We appreciate that the eligibility criteria, company size, sector, location, and
More informationTHE ITALIAN STARTUP AGENDA
THE ITALIAN STARTUP AGENDA POLICIES AND STRATEGIES FOR STARTUPS STEFANO FIRPO ITALIAN MINISTRY OF ECONOMIC DEVELOPMENT, HEAD OF THE MINISTER S TECHNICAL SECRETARIAT LAST UPDATE: 10 FEBRUARY 2015 #RESTARTITALIA
More informationSection A Introduction This section asks for information that aims to identify the independence and ownership situation of your business.
Access to Finance Purpose of this survey Access to finance is crucial to business success and an important factor for economic growth in Europe following the economic crisis in 2007. The purpose of this
More informationTHE ITALIAN STARTUP AGENDA
THE ITALIAN STARTUP AGENDA POLICIES AND STRATEGIES FOR INNOVATION ITALIAN MINISTRY OF ECONOMIC DEVELOPMENT DG FOR INDUSTRIAL POLICY, COMPETITIVENESS AND SMES MINISTER S TECHNICAL SECRETARIAT 26 TH MAY
More informationTREETOP ASSET MANAGEMENT S.A. REGULATORY INFORMATION
TREETOP ASSET MANAGEMENT S.A. REGULATORY INFORMATION THE COMPANY TREETOP ASSET MANAGEMENT S.A. LEGAL FORM TreeTop Asset Management S.A. is a limited company under Luxembourg Law with its registered office
More informationCOSME 2014-2020. Vilmos Budavari European Commission DG Enterprise and Industry, Unit D.3 Financing SMEs
COSME 2014-2020 SEMINARIO FINANCIACIÓN INTELIGENTE PARA PYMES: INSTRUMENTOS NACIONALES Y FONDOS EUROPEOS EN EL NUEVO MARCO 2014-2020 Gran Canaria, 24 de Marzo 2014 Vilmos Budavari European Commission DG
More informationEIB Financing tools for e-health and other ICT based innovation
EIB Financing tools for e-health and other ICT based innovation Harald Gruber Conference on Accelerating Uptake of Innovation for active and healthy ageing across Europe Brussels, 9-10 December 2015 European
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES
COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 29.6.2006 COM(2006) 349 final COMMUNICATION FROM THE COMMISSION TO THE COUNCIL, THE EUROPEAN PARLIAMENT, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND
More informationForm 31-103F1 Calculation of Excess Working Capital. Firm Name. Capital Calculation (as at with comparative figures as at )
Form 31-103F1 Calculation of Excess Working Capital Firm Name Capital Calculation (as at with comparative figures as at ) Component Current period Prior period 1. Current assets 2. Less current assets
More informationSection A: Introduction
Section A: Introduction A1 Was this business a subsidiary of another business in 2014? Yes No A2 If you are a subsidiary, what is the name of your current parent business? A3 Did your business generate
More informationMiFID II: Impact on company financing in Belgium
MiFID II: Impact on company financing in Belgium Jean-Paul SERVAIS Chairman FSMA Chair ESMA Investor Protection & Intermediaries Standing Committee 25 April 2014 Overview 1. Timeline for MiFID II 2. MiFID
More informationGuide to Public and Private Funding
Guide to Public and Private Funding Introduction to public and private funding Key Public Funding Opportunities Key Private Funding Opportunities Which funding opportunity is right for my business? Do
More informationIPOs, Venture Capital and High- Growth Start-ups
IPOs, Venture Capital and High- Growth Start-ups European Commission DG Enterprise and Industry Workshop IPOs exits on high-growth stock markets in the EU Improving opportunities for IPOs Dr. Jürgen Schaaf
More informationInnovFin SME Guarantee & COSME Loan Guarantee. Workshop Warsaw, 6 November 2014
InnovFin SME Guarantee & COSME Loan Guarantee Workshop Warsaw, 6 November 2014 EIF at a Glance EU specialised institution for SMEs risk financing Debt - Structuring and Guaranteeing portfolios of SME loans/leases
More informationBetter Business Finance
Better Business Finance Alternative sources of finance There are a wide range of financial products now available to help businesses access the investment needed to grow and thrive. This factsheet explains
More informationQuestions marked with an asterisk * require an answer to be given.
Toelichting: Dit is een kopie van online vragenlijst. Alle vragen zijn hieronder opgenomen. Bij het invullen van de online vragenlijst vervallen bepaalde vragen op basis van eerder gegeven antwoorden (zou
More informationForm 31-103F1 Calculation of Excess Working Capital. Firm Name. Capital Calculation (as at with comparative figures as at ) period
Yukon Securities Office Ministerial Order Enacting Rule: 2009/07 Instrument Initially Effective in Yukon: September 28, 2009 Form 3-03F Calculation of Excess Working Capital Firm Name Capital Calculation
More informationTAX INCENTIVES FOR R&D ACTIVITIES
STRENGTH THROUGH UNITY Federal Public Service FINANCE TAX INCENTIVES FOR R&D ACTIVITIES Tax year 2016 - Income year 2015 10 reasons to invest in R & D in Belgium 1. Patent income deduction A deduction
More informationCORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS
1. INTRODUCTION CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1.1 This note, prepared on behalf of the Company Law Committee of the City of London Law Society ( CLLS ), relates to BIS request for
More informationUnited Kingdom: Alternative Investment Market ( AIM ) - IPO Overview
United Kingdom: Alternative Investment Market ( AIM ) - IPO Overview 1 Regulatory Background 1.1 Overview of Regulatory Requirements The requirements for listing on the AIM are found in the rules of the
More informationThe future of PPP Financing
Sumitomo Mitsui Banking Corporation Europe Limited EPEC Private Sector Forum- Financing Future Infrastructure The future of PPP Financing 6th June 2012 Sumitomo Mitsui Banking Corporation SMBC is a global
More informationBrown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX
Summary Prospectus October 30, 2015 Brown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX Before you invest, you may
More informationListing of Shares on the Luxembourg Stock Exchange
Listing of Shares on the Luxembourg Stock Exchange The firm in brief Elvinger, Hoss & Prussen, leaders in their fields since 1964, has broad experience of working on all kinds of capital market transactions
More information5. Funding Available for IP-Rich Businesses
20 IP Finance Toolkit 5. Funding Available for IP-Rich Businesses Introduction As the Banking on IP? report notes; SMEs first port of call for finance is often a bank. Figures quoted in the report show
More informationTAX OUTLOOK IN EUROPE BUSINESS ANGELS PERSPECTIVE
EUROPE angels fiscal tax EBAN angels tax incentives FISCAL angels tax incentives tax tax fiscal EUROPE EBA TAX TAX OUTLOOK IN EUROPE BUSINESS ANGELS PERSPECTIVE 2012 CENTIVES angels EUROPE tax fiscal tax
More informationOwnership transfer Critical Tax Issues. Johan Fall, Anders Ydstedt March, 2010
Ownership transfer Critical Tax Issues Johan Fall, Anders Ydstedt March, 2010 Ownership transfer Critical Tax Issues 1 Ownership transfer Critical Tax Issues INTRODUCTION In tough economic times family
More informationSMALL AND MEDIUM-SIZED ENTERPRISES' ACCESS TO FINANCE
EUROPEAN SEMESTER THEMATIC FICHE SMALL AND MEDIUM-SIZED ENTERPRISES' ACCESS TO FINANCE Thematic fiches are supporting background documents prepared by the services of the Commission in the context of the
More informationItalian Equity Markets
Italian Equity Markets Liquidity, transparency, efficiency Borsa Italiana s Equity Markets MTA is the leading Italian Equity Market dedicated to mid and large size companies which meet the highest international
More informationLecture 18 SOURCES OF FINANCE AND GOVERNMENT POLICIES
Lecture 18 SOURCES OF FINANCE AND GOVERNMENT POLICIES Learning Objectives Sources of finance for small and medium-sized businesses. Types of financial assistance Finance is needed throughout a company
More information45 th IAFEI World Congress
45 th IAFEI World Congress Raffaele Jerusalmi CEO Borsa Italiana Director Capital Markets LSEG Milan, 15 October 2015 # of Companies* By # of Companies LONDON STOCK EXCHANGE HUB OF INTERNATIONAL BUSINESSES
More informationEUROPEAN COMMISSION CONSULTATION ON THE FUTURE OF EUROPEAN COMPANY LAW
14/05/12 EUROPEAN COMMISSION CONSULTATION ON THE FUTURE OF EUROPEAN COMPANY LAW London Stock Exchange Group s additional responses to the consultation on the future of European company law. The London
More informationThe Bermuda Stock Exchange
The Bermuda Stock Exchange Foreword This Memorandum has been prepared for the assistance of anyone who requires information about the Bermuda Stock Exchange. It deals in broad terms with the Bermuda Stock
More informationExecutive summary of the new Italian legislation on start-ups
Executive summary of the new Italian legislation on start-ups 29 th January 2014 Italian Ministry of Economic Development Minister s Technical Secretariat The steps Italy has taken in order to become the
More informationManchester City Council Report for Information. Overview and Scrutiny Business Start Up Task and Finish Group 1 February 2012
Manchester City Council Report for Information Report To: Subject: Report of: Overview and Scrutiny Business Start Up Task and Finish Group 1 February 2012 Access to Finance for Start Up Businesses Interim
More informationasset based lending supporting private equity
asset based lending supporting private equity ABN AMRO Commercial Finance is a leading cross-border asset based lender, operating in the Netherlands, UK, Germany, France and Belgium. We offer a range of
More informationSignificant reduction in net loss
press release 12 May 2015 Royal Imtech publishes first quarter 2015 results Significant reduction in net loss Order intake in Q1 at a satisfactorily level of 912 million Revenue 3% down excluding Germany
More informationPress release Brussels/Utrecht, 17 November 2009 Q3 2009 trading update
Press release Brussels/Utrecht, 17 November 2009 Q3 2009 trading update Total gross inflow first nine months stable at EUR 11.4 billion Insurance net profit year-to-date of EUR 371 million Group net profit
More informationCOMMUNICATIONS COMMITTEE
EUROPEAN COMMISSION Directorate-General Information Society Communications Services Implementation/Committees Brussels, 4 December 2002 DG INFSO/A2 COCOM02-10 final COMMUNICATIONS COMMITTEE Working Document
More informationPromoting Economic and Social Cohesion in Europe
Promoting Economic and Social Cohesion in Europe The EIB helps to deliver growth, jobs and cohesion in Europe by supporting the implementation of EU regional policy. Through a mixture of loans and advisory
More informationSources of Funds: Equity and Debt
Sources of Funds: Equity and Debt The Secrets to Successful Financing 1. Choosing the right sources of capital is a decision that will influence a company for a lifetime. 2. The money is out there; the
More information