SWITZERLAND Law and Practice Contributed by: Marion Bähler, Ramona Wyss, Florian Gunz Niedermann, Fabienne Limacher and Urs Hofer Walder Wyss Ltd
Germany
France
Bern
Switzerland
Italy
Contents 1. Trends p.544
1.1 VC Market p.544 1.2 Key Trends p.544 1.3 Key Industries p.544 2. Venture Capital Funds p.545
2.1 Fund Structure p.545 2.2 Fund Economics p.546 2.3 Fund Regulation p.547 2.4 Particularities p.547 3. Investments in Venture Capital Portfolio Companies p.547 3.1 Due Diligence p.547 3.2 Process p.547 3.3 Investment Structure p.547 3.4 Documentation p.548
3.5 Investor Safeguards p.548 3.6 Corporate Governance p.549 3.7 Contractual Protection p.549 4. Government Inducements p.549 4.1 Subsidy Programmes p.549 4.2 Tax Treatment p.549 4.3 Government Endorsement p.551 5. Employment Incentives p.551 5.1 General p.551 5.2 Securities p.551 5.3 Taxation of Instruments p.552 5.4 Implementation p.552 6. Exits p.553 6.1 Investor Exit Rights p.553 6.2 IPO Exits p.554 6.3 Pre-IPO Liquidity p.554 7. Regulation p.554 7.1 Securities Offerings p.554 7.2 Restrictions p.555
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