Greek
venture capital companies (VCC) qualify for special
fiscal incentives provided they have the following characteristics:
The VCC has a minimum paid-up capital. The VCC is
a PLC whose shares are freely transferable and quoted
on the Greek stock exchange.
The VCC invests in private companies which are not
quoted on the stock exchange, and the VCC carries
out its investment through the holding of shares in
the target company or alternatively through the holding
of bonds which can be converted into shares in the
target company.
VCC
pay the following corporate income tax rates:
A 20% (at the time of writing) rate of corporate income
tax on profits distributed to shareholders.
No corporate income tax on corporate profits which
are not distributed to shareholders but are retained
within the company for reinvestment.
A venture
capital fund in the Greek legal sense is a closed-end
fund operating in line with the provisions of Law 2992/2002.
Such funds are managed by dedicated VC fund management
firms. Fund capital is preferably invested in companies
active in key "new economy" sectors such as telecommunications,
IT, e-commerce, biotechnology, new materials, and in
companies whose competitive advantage is founded on
the application of technology.
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