Interim measures for the management of venture capital support funds of Shanxi development and Reform Commission

Interim measures for the management of venture capital support funds of Shanxi development and Reform Commission

&http://www.aliyun.com/zixun/aggregation/37954.html ">nbsp; Dispatch Date: 2010-1-8

The first is to give full play to the driving and guiding role of government funds, we can effectively guide the social funds to the venture capital enterprises, promote the formation of investment capitals, and improve the role of entrepreneurial investment in promoting independent innovation, industrial upgrading and small and medium-sized enterprises to grow stronger and increase social employment, according to the "interim measures for the management of venture capital Enterprises" (Ten Ministries Decree 39th) and other regulations and the relevant national policies, combined with our provincial practice, the formulation of these measures.

The second province venture capital support funds, refers to the annual from the Provincial Coal Sustainable Development Fund to raise funds to support the development of venture capital enterprises. Its purpose is to promote the development of entrepreneurial investment enterprises, to guide social funds into the field of venture capital and encourage them to increase investment in small and medium-sized enterprises. Support funds themselves do not directly engaged in venture capital business, not to profit for the purpose.

Provincial venture capital support funds at the beginning of each year by the provincial venture capital Enterprise Record Management Department (Provincial Development and Reform Commission, the same below) proposed annual funds use plan, included in the provincial Fixed assets Investment plan management.

The record management Department of the provincial venture capital enterprise exercises the decision-making management responsibility to the provincial venture capital support fund, and according to the Jin letter [2009]130 "The Coal Sustainable Development Fund which will support the transformation of the enterprise, as the Government to guide the funds and authorize the provincial Development and Reform Commission to fulfill the responsibility of the investors"

The fourth province venture capital supports the object, is according to "The Venture capital Enterprise management Interim measures" The procedure record, establishes in the Shanxi Province administrative Region each kind of venture capital enterprise.

Fifth Province venture capital supporting funds in accordance with the "Government guidance, market operation, scientific decision-making, risk prevention" principle of investment operation. Not used in areas where the market is already fully competitive. Mode of operation for equity participation, that is, supporting funds through equity participation to venture capital enterprises to invest, to attract more social investment in the field of entrepreneurship.

(a) the highest proportion of fund-holding participation does not exceed 15% of the paid-in capital (or contribution) of the venture capital enterprise, and cannot become the largest shareholder.

(ii) Support funds do not pay dividends within three years, three to five years only enjoy 80% of the dividend, five years or more to enjoy the normal dividend.

(iii) The ownership of funds formed in support of investment is not transferable within three years. Three years later, other shareholders or investors can buy it at any time.

(iv) venture capital enterprises applying for supporting funds shall make clear the following matters in their Articles of incorporation or limited partnership agreement:

1. The venture capital enterprises that support the equity participation should invest at least 30% of the funds in the early start-up enterprises or the High-tech industries such as the Government's key support and encouragement. 2. The term of holding capital equity participation is generally not more than 7 years; 3. When a venture capital enterprise takes up liquidation, the creditor's creditor's rights are discharged according to the legal procedure, The remaining property first liquidate the supporting funds.

Sixth province venture capital Enterprise Record Management Department organizes the government related department, the venture capital profession self-discipline organization representative and the social expert to set up the Appraisal Committee, carries on the independent appraisal to the supporting fund support plan.

Seventh Province venture capital Support Fund appraisal decision-making procedure:

(a) application. The venture capital institution applying for supporting funds shall submit the application report according to the management procedure stipulated in the record management of the venture capital Enterprises in Shanxi Province (Jin 2006]771). Where the provincial administration for Industry and Commerce is registered, the filing management department of the provincial venture capital Enterprise shall submit an application report; In the city administration for Industry and commerce registration, to the city's venture capital Enterprise Record Management Department to submit the application report, by the city venture capital Enterprise Record Management Department reported to the provincial venture capital Enterprise record

(b) Review. Provincial venture capital Enterprise Record Management Department of the application report for the first instance, and submitted to the Review Committee to support the funding program evaluation demonstration.

(iii) Policy-making and implementation. The record management Department of the provincial venture capital enterprise determines the object and scale of supporting funds and organizes the implementation according to the evaluation results. Provincial Coal Fund Collection Office is responsible for supporting the day-to-day management and operation of funds.

Eighth the equity venture capital Enterprise shall carry out investment business in accordance with relevant regulations, if there is a violation, the management institution orders to correct the invalid, and the policy-making department has the right to withdraw the supporting funds.

Nineth the measures are implemented from the date of dispatch.