Comments on the Development and Reform Commission of Hebei province on accelerating the development of venture capital enterprises by aggregating social funds

Comments on the Development and Reform Commission of Hebei province on accelerating the development of venture capital enterprises by aggregating social funds

(Shanfa, 2008]1040)

Regional Development and Reform Commission, counties County (city) Development and Reform Bureau:

"Interim measures for the management of venture capital Enterprises" (National Development and Reform Commission, etc. 10 Commission order 39th issued) implementation for more than two years, our province venture capital enterprises have been relatively fast development. Up to now, all over the province in the provincial Development and Reform Commission for the record of the venture capital enterprises have 11, of which 3 began to enjoy the national tax policy concessions, there are some are set up or record. The establishment and normative operation of these venture capital enterprises is playing an increasingly important role in enterprises (including construction projects), especially in SME equity financing. In order to effectively aggregate social funds and accelerate the development of venture capital enterprises in our province, according to the relevant requirements of the provincial government, the following comments are made.

First, fully understand the important significance of developing venture capital enterprises The venture capital Enterprise is the enterprise organization which is specialized in the venture investment by the way of aggregating social funds through private equity. Venture capital is the investment way that the venture investment enterprise makes the equity investment to the start-up Enterprise (unlisted Enterprise), and provides the management and Operation service, in order to develop the enterprise mature (listed) or the relative maturity, and then obtain the value-added income by the equity transfer. The development of venture capital enterprises is beneficial to widen the financing channels of enterprises, especially SMEs, to alleviate the difficulty of financing, to raise the proportion of direct financing, to reduce the financing cost of enterprises, to foster new industries, especially High-tech industries, to promote the promotion of regional industrial structure, and to foster and develop market subjects. To increase the social employment, to guide the social capital flow, so that investors enjoy the support of the growth and development of the start-up enterprises and value-added benefits. The CPC Central Committee, State Council and provincial party committee and provincial government attach great importance to the development of venture capital, and the development of venture capital and venture capital enterprises as an important content and way to improve their independent innovation ability. The National Development and Reform Commission, in conjunction with relevant departments, has developed a series of policy measures, and a social and policy environment conducive to the accelerated development of venture capital is emerging. The Departments of development and reform at all levels should attach great importance to the development of venture capital enterprises, seize the opportunity and take corresponding measures to promote the development of local venture capital.

Second, actively promote the formation of local venture capital enterprises of the regional Development and Reform Commission under the leadership of the same level of government, actively study the development of local venture capital enterprises. To rely on local enterprises or individuals with a certain financial strength, can also be absorbed outside the administrative area of social funds to participate, through the convening of symposia, seminars, training courses and other means, publicity, introduction of national and provincial support for the development of venture capital enterprises related policies to promote the formation of a number of venture capital enterprises Iron and steel, coal industry, the strength of private capital is relatively strong Tangshan, Handan, Zhangjiakou and other regional cities to strive to achieve results in the short term. The qualified Counties County development and Reform Bureau should also take corresponding measures to promote the development of local venture capital enterprises.

Third, the establishment of venture capital enterprises should hold good policies the organization of venture capital enterprises can be limited liability companies or joint stock company. According to different sources of capital, venture capital enterprises are divided into domestic venture capital enterprises and foreign invested venture capital enterprises. The domestic venture capital enterprises applying for the establishment of the Company shall register directly with the industry and commerce administrative departments according to the conditions and procedures stipulated in the company law and the interim measures for the administration of venture capital enterprises, without the need for the prior administrative approval. The application for the establishment of a foreign investment venture capital Enterprise shall be based on the regulations on the administration of foreign-invested venture capital enterprises (5 departments such as the Ministry of Foreign Trade and Economic cooperation make the 2nd 2003), first approved by the commercial department and then registered with the Industrial and Commercial Administration department.

Iv. actively cooperate with venture capital enterprises to implement the enterprise Income Tax law and its implementing regulations, it is clear that "venture capital enterprises take equity investment way to invest in unlisted medium and small-sized High-tech Enterprises for more than 2 years, according to their investment of 70% The amount of taxable income deducted from the venture capital enterprise in the year when the equity holder has been held for 2 years; "The Ministry of Finance State Administration of taxation on the promotion of venture capital enterprises to promote the development of tax policy notice" (tax [2007]31) on the Record Management department to verify the investment operation of venture capital enterprises taxable income deduction policy made specific provisions. The development and reform departments of the district and Counties counties should actively assist the provincial development and Reform Commission to do the record management and annual inspection work of the venture capital enterprises, and cooperate with the finance and taxation departments to implement the tax preferential policies to support the development of venture capital enterprises.

V. To explore the establishment of this level of government venture capital to promote the development of venture capital enterprises, in recent years, the state departments and some provinces, regional cities and development zones to arrange financial special funds, set up a policy-oriented venture capital investment guidance Fund to guide social funds to participate in the joint establishment of venture capital enterprises. Our province each district city, the provincial level above development zone and the conditional counties County in charge of the Development Reform Department, must draw lessons from the field experience and the practice, the initiative together with the Ministry of Finance door actively explores establishes this level venture capital to guide the Fund, studies the establishment management method. For enterprises and individual investors who are committed to agreeing to guide the Fund's operating rules and regulations, they should actively support and jointly set up venture capital enterprises to guide venture capital Enterprises to invest in seed and start-up enterprises.

Hebei Provincial development and Reform Commission

August 18, 2008

Release department: Hebei Province other agencies release date: August 18, 2008 implementation Date: August 18, 2008 (Local regulations)