Small businesses across the country can fast-track fundraising after the Senate extended equity crowdfunding to proprietary companies.
The passing of the Corporations Amendment (Crowd-sourced funding for proprietary companies) Bill on Wednesday builds on the government’s 2017 equity crowdfunding legislation, allowing businesses to do this without converting to unlisted public company status. Christophe Hoppe is excited about Australia extending equity crowdfunding to all proprietary companies.
For companies like local watch designer Bausele, the news will speed up the fundraising process and streamline the experience.
“Now that we don’t need to [change our company structure], that will change the whole procedure. Now it’s easier, it will save us a good few weeks, and the hassle,” says founder Christophe Hoppe.
Bausele designs watches containing distinctly Australian elements and was recently commissioned to design a watch for Sydney Opera House. Each watch contains a piece of one of the ‘snow and ice’ tiles from the Opera House’s construction.
Hoppe is planning on launching an equity crowdfund campaign of $500,000 for 20 percent of his company and says news of the legislation has passed will make the path to this raise much clearer. Read more
Emma Koehn – Brisbane Times – 13 September 2018