Venture Capital 2025

TAIWAN

China

Taipei

Taiwan

Law and Practice Contributed by: Lihuei Mao (Grace), Dennis Yu and Christina Chiang Lee and Li, Attorneys-at-Law

Contents 1. Trends p.567

1.1 VC Market p.567 1.2 Key Trends p.567 1.3 Key Industries p.567 2. Venture Capital Funds p.568

2.1 Fund Structure p.568 2.2 Fund Economics p.568 2.3 Fund Regulation p.568 2.4 Particularities p.569 3. Investments in Venture Capital Portfolio Companies p.569 3.1 Due Diligence p.569 3.2 Process p.570 3.3 Investment Structure p.570 3.4 Documentation p.571

3.5 Investor Safeguards p.571 3.6 Corporate Governance p.572 3.7 Contractual Protection p.572 4. Government Inducements p.572 4.1 Subsidy Programmes p.572 4.2 Tax Treatment p.573 4.3 Government Endorsement p.574 5. Employment Incentives p.574 5.1 General p.574 5.2 Securities p.575 5.3 Taxation of Instruments p.575 5.4 Implementation p.575 6. Exits p.575 6.1 Investor Exit Rights p.575 6.2 IPO Exits p.576 6.3 Pre-IPO Liquidity p.577 7. Regulation p.577 7.1 Securities Offerings p.577 7.2 Restrictions p.577

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