Proprietary company changes – are you still “large”?

From 1 July 2019, changes to the regime governing reporting obligations of Australian proprietary companies will come into effect with the thresholds that determine when a company is a “large” proprietary company to be doubled. For Australian proprietary companies, the Corporations Act 2001 (Cth) (Corporations Act) generally imposes less onerous financial reporting obligations than those […]

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Legal snapshot: Australian capital raising exemptions

Companies seeking to raise capital in Australia through an offer of securities should familiarise themselves with the prospectus requirements and exemptions to those requirements in Chapter 6D of the Corporations Act 2001 (Cth) (the Corporations Act) before undertaking any fundraising activities. Generally, an offer of “securities” in Australia will require the preparation of a disclosure […]

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Is it all in the name? Fundraising with SAFE notes

A relatively recent development in the world of fundraising for start-ups has been the use of “SAFE” (Simple Agreement for Future Equity) instruments. Y-Combinator, a seed funding platform based in Silicon Valley, claims to have developed it as a (potentially) standardised instrument and as an alternative to convertible notes, which can save companies and investors […]

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