VENTURE CAPITAL ACT 2002

PART 3 - REGISTRATION OF ELIGIBLE VENTURE CAPITAL INVESTORS  

Division 21 - Registration of eligible venture capital investors  

Operative provisions  

SECTION 21-5   REGISTRATION AS ELIGIBLE VENTURE CAPITAL INVESTORS  

21-5(1)  


An *entity may apply to *Innovation and Science Australia, in the *form approved by Innovation and Science Australia, for registration under this Part as an *eligible venture capital investor.

21-5(2)  


An application must be given to *Innovation and Science Australia within 30 days after the applicant enters into the contract to acquire its first *eligible venture capital investment after the commencement of this Act.

21-5(3)  
An application must be in writing, and must include the following information:


(a) the applicant ' s current residency status;


(b) details of the facts that qualify the applicant as a *tax-exempt foreign resident;


(c) the address of the applicant ' s registered office;


(d) the name and address of the first *company or unit trust in which the applicant has invested or proposes to invest and the industry in which the company or unit trust operates;


(e) the amount of the investment and the date on which it was or is to be made;


(f) details of any other investments that the applicant holds in the company or unit trust that are not *eligible venture capital investments.

21-5(4)  


*Innovation and Science Australia must register the applicant under this Part if Innovation and Science Australia is satisfied that the information has been provided.

21-5(5)  


If *Innovation and Science Australia registers an applicant under this Part, Innovation and Science Australia must notify the applicant within 60 days after the application was made.

21-5(6)  


If *Innovation and Science Australia does not register an applicant under this Part, Innovation and Science Australia must:


(a) notify the applicant within 60 days after the application was made; and


(b) provide reasons for the decision.




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