平台将致力于为您提供与您在澳洲的投资项目相关的法律信息与服务、同时也会将与中国企业及个人投资者热切关注的产业相关澳洲新闻、最新行业规定等讯息及时传递给您。

澳大利亚政府的早期风投有限责任合伙企业（ESVCLP）项目为符合某些指定投资领域的澳大利亚的永居与非永居投资者提供了一系列的税收减免支持。

早期风险资本

虽未在立法中特别指出，根据ESVCLP项目的设定，“早期风险资本”被认为是包含在商业的计划、种子、启动和早期扩张阶段进行投资的风险资本。商业的早期阶段一般是指自开始运营起不到三年，并有处于测试或试验性生产阶段的产品或服务。在某些情况下，这样的产品或服务可以是已在小规模市售的。

早期风投有限责任合伙企业项目

ESVCLP项目的目的是通过为注册基金以及基金投资者提供税收减免从而刺激早期阶段的风险投资领域，前提是必须符合项目管理规则的注册与投资条件。

该项目的管理法规为《2002风险投资条例》（联邦）以及《1997所得税评估法》（联邦）[118-F部分]。该法规列出了关于基金在该项目中注册为早期风投有限责任合伙企业的一系列合规与评估条件。宽泛地说，有以下要求：

• 该基金是以符合ESVCLP项目为目的的新募集风投基金；

• 该基金注册于澳大利亚（或与澳大利亚有避免双重征税协定的国家）并且组织结构为有限合伙（注：有限责任合伙企业中的有限责任合伙人与公司中的股东类似，承担的责任仅限其注册的投资金额/预先协定的资金数额。）；

• 该基金的普通合伙人（管理人）为澳大利亚居民（或为与澳大利亚有避免双重征税协定的国家居民）并且有合适的风投管理专业经验。

• 该基金向投资者（有限合伙人）募集资本的规模要求为至少1千万但小于1亿澳元；

• 该基金不能是一个更大的基金的组成部分（也就是说，它必须是独立的）；

• 该基金有合适的以早期风险投资为重点的投资计划，并且该投资计划必须被澳大利亚创新署（Innovation Australia)批准；

• 该基金有合规的合伙协议；

注：合伙协议需要满足以下条件才能合规：

(a) 存续 5至15年；

(b) 被要求时合伙人须投注资金；

(c) 除非协议中有规定，否则不得增加新的合伙人；

(d) 除非协议中有规定，否则不得增加预先协定的资金数额

(e) 授予普通合伙人要求合伙人向该合伙企业投注预先协定资金的权利

(f) 包含计划书陈述拟议进行的投资活动（即为将由澳大利亚创新署批准的投资计划）。

• 该基金投资的公司主营业务不能为土地开发、银行、金融、租赁、制造业、证券、保险、投资或是建筑；

• 如果被投资企业的资产规模成长至2.5亿澳元（实际上这一金额是能实现免税的资本收益的封顶数额），风投应从中撤资。

澳大利亚政府网站business.gov.au列出了目前注册在ESVCLP项目下的满足以上所有条件的早期风投有限责任合伙企业。

税收优惠

投资注册在案的ESVCLP的主要优势为税收减免，包括以下方面：

• ESVCLP享受“过境税税收优惠“（意味着ESVCLP基本不被认为是税收实体）。”过境税税收优惠“是指只有投资者本身需要缴税，而非该基金。这通常对避免基金及基金投资者被双重征税是有利的。更进一步的是在ESVCLP项目下，投资者本身也是享受免税的（请见下一条）；

• ESVCLP的投资者（有限合伙人），无论澳洲居民或非居民，对于由合格投资带来的受益中属于自己的部分均享受税收豁免；

• 普通合伙人（管理人）有权获得基金资本额的附带收益而非利润。

当然，投资者享受的最终税收优惠范畴取决于一系列因素，投资者应该就其自身情况做专业的税务咨询。

特级投资者签证

在2014年10月14日，澳洲总理宣布了重大投资者签证计划的一些变化以及新选项“特级投资者签证“（PIV）的诞生。该项目要求申请者满足1500万澳元的”合格投资“门槛、即可在12个月

后迅速获得永居身份。澳洲政府准备在今年宣布此签证的最终框架。重要的是，在ESVCLP项目下进行的投资将可能被认为是PIV计划要求下为满足1500万投资门槛而进行的合格投资。

总结

由于其有限的责任、免税的收入与资金收益、投资的多元化以及专业的管理，ESVCLP对于想在澳洲对早期阶段商业进行投资的投资者可能会成为极具吸引力的机会。在该计划下的投资也可能被认为是满足PIV计划的1500万澳元门槛投资额的合格投资，当然这还取决于澳洲政府进一步的政策发布。ESVCLP对于其范围内的早期阶段商业的投资形态也提供了一定的灵活性，其投资类型包括 借款、可转换债券、股票、期权、信托单位及更多其他形式。

由于对ESVCLP的投资很有可能被纳入PIV计划的合格投资范畴，ESVCLP项目很可能会受到更大的关注。该选择看起来非常适合此类投资者：有一定的投机性，但仍然倾向选择由具备风险资本市场丰富经验和良好声誉的基金管理人来管理的较为保守的投资。

*该文章只提供有关信息的总体描述，若您想了解ESVCLP项目是否符合您的具体目的，您需要在会计、税收和法律方面寻求适合自身情况的专业咨询与服务。

作者：豪力合伙人Jeremy Loeliger、豪力律师Benjamin Hunt

注：针对本文中提到的PIV”特级投资者签证”，下一期中我们将为您回顾包括该政策在内的SIV”重大投资者签证”在2014年年底的政策更新。

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【专业干货——助您成功投资澳洲业务】

欲查阅之前我们发布的如下【在澳经商基本法律法规】主题系列以及与您生意相关的其他资讯，请进入订阅号点击右上角按钮，选择“查看历史消息”：

· 在澳大利亚成立公司须知

· 澳大利亚相关背景，例如包括澳大利亚政府制度、法律制度、企业结构

· 其他常见领域法律与规定，例如技术与知识产权保护、反垄断和消费者保护法、合同法、公开接管、电子商务、商业移民和雇主担保签证、房地产、环境法等

· 专业信息与见解，如对外商投资的监管要求等

（原创文章，欢迎转发，谢谢关注！未经授权，严禁转载！）

Tax concessions for investments in venture capital aimed to promote Australianstart-ups

The Australian Government’s Early Stage Venture Capital Limited Partnerships (ESVCLP) program offers a range of tax concessions to investors resident and non-resident investors in certain qualifying investments.

Early Stage Venture Capital

While not specifically addressed in the legislation, in the context of the ESVCLP program, “early stage venture capital” is considered to be a description of venture capital that includes investment in businesses at the pre-seed, seed, start-up, and early expansion stage of their development. Normally, early stage businesses have been in operation for less than three years and have a product or service in testing or pilot production. In some cases, the product or service may be commercially available on a small scale.

The ESVCLP program

The ESVCLP program is aimed at stimulating Australia’s early stage venture capital sector by providing for generous tax concessions for registered funds, and investors in those funds, if they meet the registration and investment criteria set out in the program’s governing legislation.

The program is governed by the Venture Capital Act 2002 (Cth) and the Income Tax Assessment Act 1997 (Cth) [Subdivision 118-F]. The legislation sets out a number of eligibility and assessment criteria for a fund to be registered as an ESVCLP under the program. Broadly, the criteria require that:

• the fund be a new venture capital fund established for the purpose of the ESVCLP program;

• the fund be established in Australia (or a country with which Australia has a double tax agreement) and structured as a limited partnership (Nb. Limited partners in a Limited Partnership are a bit like shareholders in a corporation; enjoying limited liability and only being liable to the extent of their registered investment/committed capital.);

• the general partner (manager) of the fund be resident in Australia (or a country with which Australia has a double tax agreement) and have access to appropriate venture capital management expertise;

• the fund have capital commitments of at least A$10 million and no more than A$100 million from its investors (limited partners);

• the fund not form part of a larger fund (i.e. it must be stand alone);

• the fund have an appropriate investment plan with a focus on making early stage venture capital investments, and the investment plan be approved by Innovation Australia;

• the fund have an eligible partnership agreement;

  
  

Nb. To be eligible, the partnership agreement must:

(a) remain in existence for between 5 and 15 years;

(b) require partners to contribute capital when required;

(c) prohibit the addition of new partners except as provided for in the agreement;

(d) prohibit increases in committed capital except as provided for in the agreement;

(e) confer on a general partner the right to require partners to contribute their committed capital to the partnership; and

(f) include a plan which outlines its intended investment activities (i.e. the investment plan to be approved by Innovation Australia).

• the fund cannot invest in businesses where the predominant activity is property development, banking, financing, leasing, manufacturing, securitisation, insurance, making investments or construction; and

• the fund must divest an investee once the business has grown to $250m in assets (so in effect the capital gains that you can realise free of tax are capped).

The Australian Government website business.gov.au contains a list of ESVCLP’s that meet all of the above criteria and are currently registered under the ESVCLP program.

Taxation benefits

The key benefits of investment in a registered ESVCLP are the tax concession afforded, including:

• the ESVCLP receives “flow-through tax treatment” (meaning the ESVCLP is essentially considered a non-entity for taxation purposes). Flow-through tax treatment means that only the investors themselves are taxed, rather than the fund. This is usually beneficial for avoiding double taxation of the fund and the investors in the fund; however under the ESVCLP program, the investors themselves are also exempt from taxation (see next point below);

• investors (limited partners) in the ESVCLP, both resident and non-resident, are exempt from tax on their share of profits (including income and capital gains) made by the ESVCLP derived from eligible investments; and

• the general partner (manager) is entitled to claim their carried interest in the fund on capital account rather than revenue.

Of course, the extent of the eventual tax benefit to an investor depends upon a number of factors and investors should seek professional tax advice specific to their circumstances.

Premium Investor Visa

On 14 October 2014, the Prime Minister announced changes to the Significant Investor Visa scheme and the creation of a new Premium Investor Visa (PIV) option. The PIV is expected to offer a 12 month pathway to permanent residency for investors meeting a $15 million threshold in “complying investments”. The Government is set to announce the final framework for the PIV this year. Significantly, it seems likely that investments under the ESVCLP program will be considered a complying investment under the PIV scheme for the purposes of meeting the $15 million threshold.

Conclusion

ESVCLPs may represent an attractive investment opportunity for those interested in making early stage investments in Australia, with limited liability, tax-free income and capital gains, investment diversification and professional management. Subject to further announcements by the Australian Government, investment in ESVCLPs may also be considered a complying investment under the PIV scheme for the purposes of meeting the $15 million threshold. ESVCLPs also offer flexibility in the type of investments that can be made in the underlying early-stage business, with ESVCLPs able to invest in debt, convertible notes, shares, options, units in a trust, and more.

With the probable inclusion of ESVCLP investment in the PIV scheme, renewed interest in the ESVCLP program is likely to occur. The offering would seemingly suit investors who have an appetite for somewhat speculative investment, but who still favour a largely passive investment managed by a reputable fund manager experienced in the venture capital market.

*The information in this article is general in nature and you should seek professional accounting, tax and legal advice specific to your circumstances when considering the suitability of the ESVCLP program for your individual purposes.

Authors: Jeremy Loeliger (partner) and Benjamin Hunt (lawyer)

In relation to the Premium Investor Visa(PIV) mentioned above, we will recap the recent announcement of changes to investor visa program by federal government in late 2014 in the next post for you.

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