ARGENTINA
Brazil
Paraguay
Chile
Uruguay
Buenos Aires
Argentina
Law and Practice Contributed by: Manuel Tanoira, Lucía Rivas O’Connor, Luis Merello Bas and Dolores Nazar TCA Tanoira Cassagne
Contents 1. Trends p.20
1.1 VC Market p.20 1.2 Key Trends p.20 1.3 Key Industries p.20 2. Venture Capital Funds p.21
2.1 Fund Structure p.21 2.2 Fund Economics p.21 2.3 Fund Regulation p.22 2.4 Particularities p.22 3. Investments in Venture Capital Portfolio Companies p.23 3.1 Due Diligence p.23 3.2 Process p.23 3.3 Investment Structure p.23 3.4 Documentation p.24 3.5 Investor Safeguards p.25
3.6 Corporate Governance p.26 3.7 Contractual Protection p.26 4. Government Inducements p.27 4.1 Subsidy Programmes p.27 4.2 Tax Treatment p.28 4.3 Government Endorsement p.29 5. Employment Incentives p.29 5.1 General p.29 5.2 Securities p.30 5.3 Taxation of Instruments p.30 5.4 Implementation p.31 6. Exits p.31 6.1 Investor Exit Rights p.31 6.2 IPO Exits p.31 6.3 Pre-IPO Liquidity p.32 7. Regulation p.32 7.1 Securities Offerings p.32 7.2 Restrictions p.33
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