Notice of extension of operation period of innovative startup investment fund

Notice of extension of operation period of innovative startup investment fund is a legal procedure when the fund’s operating term is about to expire. The extension must be carried out in accordance with the law as well as the fund’s own regulations. The requesting entity needs to thoroughly understand the regulations or choose a reputable authorized unit to carry out the request. Follow this article by Long Phan to clearly understand this information.

When is it necessary to extend the operating period of an innovative startup investment fund?

The innovative startup investment fund needs to extend its operating time when it is about to expire. This time is specified in the Fund Charter or capital contribution contract.  However, the extension period is at least 15 days, before the fund ends its operating term as prescribed in Article 13 of Decree 38/2018/ND-CP.

Investors consider the fund’s performance to decide on extension. The extension must comply with the law and the Fund’s Charter. The extension period is approved by the General Meeting of Investors. The fund management company carries out the renewal notification procedure. The fund can be renewed multiple times if necessary.

Procedures for notice of extension of operation period of innovative startup investment fund

Procedures for notice of extension of operation period of innovative startup investment fund follow the following steps:

Step 1: Notify the extension of operation period of innovative startup investment fund to the Department of Planning and Investment where the fund’s headquarters is located.

Step 2: The Department of Planning and Investment reviews the validity of the notice and attached documents within 15 working days from the date of receipt of the notice.

Step 3: Notify extension results

• The Department of Planning and Investment sends a written notice of extension of the fund’s operating period if the application is valid.
• In case the dossier is not valid, there must be a document stating the reason and request for amendment and supplementation.

Authority to decide on renewal of innovative startup investment fund

Pursuant to the provisions of Article 13 of Decree 38/2018/ND-CP, the authority to decide on the extension of operation period of innovative startup investment fund will be from the Department of Planning and Investment where the fund is headquartered.

Documents need to be prepared for creative startup investment fund

The extension notification dossier includes many important documents specified in Clause 2, Article 13 of Decree 38/2018/ND-CP specifically regulating this dossier. The fund management company prepares 01 set of documents including:

• Notice of extension of operation period of innovative startup investment fund period as prescribed in Form No. 03 Appendix attached to Decree 38/2018/ND-CP;
• Minutes of meetings and resolutions of the fund’s General Meeting of Investors on extending the fund’s operating time, clearly stating the fund’s extended operating time;
• Details of the investment portfolio and report of the fund’s net asset value at the latest valuation date up to the date of submitting the extension application;
• Changes in investors, fund charter (if any).

Required content in the notice of extension of operation period of innovative startup investment fund

The notice of extension must comply with form 03 of Decree 38/2018/ND-CP. Content includes:

• Information about the fund and management company.
• Old and new operating hours need to be clearly stated.
• The reason for the extension needs to be explained.
• List of investors and updated capital contribution ratio.
• The financial situation and operations of the fund should be summarized.
• Commitment to comply with the law of the fund management company.

Consulting on issues of extension of operation period of innovative startup investment fund

Long Phan’s consulting services on registering the operation of creative startup investment funds with specialized and effective designs. Our scope of services includes the following items:

• Consulting on preparing documents to extend operating time.
• Instructions for filling out the application form according to the prescribed form.
• Advise and guide customers in the process of submitting and monitoring the results of renewal papers.
• Consulting on the process of organizing a compliant investor meeting.
• Representative to carry out procedures at the business registration agency.
• Answer all problems during the renewal process.

Procedures for extension of operation period of innovative startup investment fund require strict compliance with legal regulations. Customers need to prepare complete and accurate documents according to instructions. For detailed support on the renewal process, please contact Long Phan via hotline 0906735386. We are ready to advise and support customers in implementing procedures to renew innovative startup investment funds quickly and effectively.