GERMANY Law and Practice Contributed by: Carsten Berrar, Florian Späth and Heiko Blaut Sullivan & Cromwell LLP
Berlin
Poland
Germany
Czech Republic
France
Slovakia
Austria
Contents 1. Trends p.212
1.1 VC Market p.212 1.2 Key Trends p.213 1.3 Key Industries p.213 2. Venture Capital Funds p.214
2.1 Fund Structure p.214 2.2 Fund Economics p.214 2.3 Fund Regulation p.215 2.4 Particularities p.215 3. Investments in Venture Capital Portfolio Companies p.216 3.1 Due Diligence p.216 3.2 Process p.217 3.3 Investment Structure p.218 3.4 Documentation p.218
3.5 Investor Safeguards p.219 3.6 Corporate Governance p.220 3.7 Contractual Protection p.220 4. Government Inducements p.221 4.1 Subsidy Programmes p.221 4.2 Tax Treatment p.222 4.3 Government Endorsement p.223 5. Employment Incentives p.225 5.1 General p.225 5.2 Securities p.226 5.3 Taxation of Instruments p.226 5.4 Implementation p.228 6. Exits p.229 6.1 Investor Exit Rights p.229 6.2 IPO Exits p.230 6.3 Pre-IPO Liquidity p.231 7. Regulation p.232 7.1 Securities Offerings p.232 7.2 Restrictions p.232
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