EstVCA planned course of actions during 2009/2010 include
- to build an EstVCA
corporate identity (logo, web, course of actions);
- to validate the code of
behavior;
- to statistics about
transactions in Estonia and forward them to the PEREP system;
- to recommend the
standards of VC industry (report, due diligence of portfolio, supervision);
- to initiate legislative
statements and other changes;
- to arrange events and
trainings with the intention to improve networking and collaboration among
industry participants;
- to develop a national VC
“Wikipedia” in order to enhance the use of best practice in early stage investing;
- to attract institutional
investors to make early direct investments to Estonia and elsewhere;
- to improve the
activities for developing the Estonian start-up company culture (business development,
procedures, support);
- to attract business
angels and increase awareness among potential private angel investors.
Activities and recommendations for legislative changes include:
- to decrease regulation
by the authorities in making direct investments;
- to cooperate with the
Financial Supervision Authority to prepare the basic regulation of direct
investment fund registration and their activities in Estonia;
- to implement ECVA’s
recommendations to register a fund locally;
- to regulate the
reflection of subordinated debt on balance sheets;
- to eliminate the
requirements for minimum capital for legal entities;
- to find more
appropriate solutions for taxation of employee and management share options;
- to reduce the
taxation of training costs;
- to abolish the value
added tax from accounts receivable;
- to abolish the value
added tax from the fund management service fee;
- to find more
appropriate solutions for the taxation of
carry.
Activities for start-up entities and business angels include:
- to encourage and improve
entrepreneurship education in Estonia;
- to support business
incubators development and financing, incorporating government policy making;
- to keep in touch with
international investors and introduce the region to investors and start-up entrepreneurs;
- to implement best
practices and to create and enhance the standardization of documents and
agreements;
- to support the establishment of
business angels’ syndicated funds.
