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ACAFI Explores Tax Proposal to Boost Venture Capital Market (en español)

June 20, 2017
Chile Venture Capital ACAFI LAVCA Public Policy

Currently, corporations receive tax benefits when developing internally new products and services (R&D Law). However, venture capital funds and corporations do not receive any tax benefits when acquiring startups that have developed new products and services.

(Economia y Negocios) Un claro foco de potenciamiento en el mercado de venture capital (VC) o capital de riesgo se han impuesto en la Asociación Chilena de Administradoras de Fondos de Inversión (Acafi).

Justamente para hacer que este mercado despegue con mayor fuerza, en la Acafi ficharon recientemente a Cristóbal Silva como nuevo director del gremio, quien es especialista en fondos de venture capital y fundador de la firma dedicada a esta área, Fen Ventures.

Silva ejemplifica que México hace cinco años tenía menos de diez fondos de VC, y hoy tiene 45. Ilustra que hoy Chile puede seguir perfectamente esos pasos y detalla que actualmente nuestro país tiene entre 12 y 15 fondos de VC, que totalizan alrededor de US$ 300 millones administrados. “Hay potencial para tener una industria de más de US$ 500 millones a 2020”, sostiene.

El ejecutivo proyecta que es probable que de aquí a 2018 aparezcan ocho o diez nuevos fondos de VC en Chile, “todos con un rango de entre US$ 6 millones y US$ 20 millones. Son fondos que están dedicados a invertir en empresas tecnológicas en etapas tempranas”.

La hoja de ruta

La Acafi está trabajando en varios proyectos para potenciar los fondos de capital de riesgo. El primero y más inmediato es la estandarización de los documentos legales, como una forma de ayudar a la industria para que los procesos sean más eficientes. “Es un punto de partida desde lo legal para que el proceso de inversión sea más rápido y con menos costos. Se está empujando para que los abogados que trabajan tanto para los fondos como para los emprendedores partan de un estándar básico legal y así el espectro de discusión sea más acotado. En este proyecto están participando alrededor de 15 actores, entre ellos estudios de abogados y asesores legales”, detalla Silva.

Pero el proyecto que la Acafi está estudiando y que podría ser más disruptivo es el de explorar una propuesta de incentivos tributarios para presentársela en algún momento a las autoridades.

“Estamos trabajando un proyecto para igualar las condiciones de la gente que compra empresas start up a los que desarrollan I+D de forma interna. Hoy si eres una empresa grande y quieres desarrollar un nuevo producto o servicio, tienes dos opciones: o compras a alguien que lo tenga, o lo desarrollas internamente. Si se desarrolla internamente, existe la ‘Ley I+D’, donde se obtiene una devolución de impuestos del gasto que se hizo al desarrollarlo internamente. En cambio, si tú compras una start up para desarrollar el mismo producto o servicio, no te devuelven impuestos. Entonces, este mismo beneficio tributario que fomenta la innovación y el desarrollo genera una competencia desleal a la gente que lo hizo a modo de emprendimiento y que no es una gran empresa. Esto se podría equiparar, de forma que cuando una empresa grande se compre una start up , se le devuelva el impuesto como si lo hubiera hecho como desarrollo interno”, desmenuza Silva.

ACAFI Explores Tax Proposal to Boost Venture Capital Market (en español) was last modified: August 29th, 2017 by Editor
AcafiAcquisitionsChileCorporationsR&D LawStart-upsTax BenefitsTaxesVenture Capital
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