Back in March we reported that the Australian Senate had passed Crowd Funding Legislation. That legislation which will come into force on 29 September 2017 was criticised for not enabling private companies to use the new regime. However at that time The Treasurer, Scott Morrison stated that work was already underway to enable Pty Ltd companies to equity crowdfund. Well Yesterday it was announced that Equity Crowd funding (or Crowd-sourced Equity Funding) would be extended to proprietary companies and that the Australian Securities and Investments Commission would be funded to the tune of $4.5M over 5 years to “implement and monitor” the changes. Read More
Every month here at Techboard we publish a ranking of Australian Startups and Young Technology Companies (see our April Ranking). One of the most significant inputs into a company’s monthly score is milestones and funding events. We collect this information in a number of ways: we use our semi-automated google news scraper, we keep track of what we hear on the grapevine (the public information) and companies report their achievements to Techboard using our Announcements platform.
Every month here at Techboard we publish a ranking of Australian Startups and Young Technology Companies (see our March Ranking). One of the most significant inputs into a company’s monthly score is milestones and achievements. We collect this information in a number of ways: we use our semi-automated google news scraper, we keep track of what we hear on the grapevine (the public information) and companies report their achievements to Techboard using our Announcements platform.
Well Federal Parliament has finally passed Australia’s first equity crowdfunding legislation.
According to Federal Treasurer, Scott Morrison in his Treasurer’s Second Reading Speech for theCorporations Amendment (Crowd-Sourced Funding) Bill 2016 “The Bill forms part of the government’s commitment to help transition the Australian economy from the mining investment boom to a more diversified economy, with broader based growth, and long-term strength and resilience.”
The new legislation enables unlisted public companies with up to $25 million in annual turnover and less than $25 million in gross assets to raise up to $5 million via equity crowdfunding platforms over a 12 month period. Retail investors will be able to invest up to $10,000 per company in a 12-month period.
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