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Raising Capital and Investing on GISA

Raising Capital and Investing on GISA

For the company or preparatory office raising capital prior to GISA registering, the company shall post capital raising information on GISA’s webpage, and then investors can purchase through TPEx’s platform (Fund raising in process). If the capital raising process cannot be completed, the company cannot be registered on GISA.


Amount limited on capital raising through GISA

Applying companies should comply with Company Act Article 267 to reserve employees’ and original shareholders’ shares first, and the remaining shares are for the GISA capital raising. For applying preparatory offices, they should have their sponsors purchase their shares first according to Company Act Article 132, and the remaining shares are offered for GISA capital raising. Furthermore, the company (including GISA registered company) or preparatory office can only raise up to NT$30 million to add to its capital annually through GISA (not including employees’ and original shareholders’ purchasing prior to GISA registering). The above-mentioned NT$30 million limitation is not applicable for companies obtaining a recommendation letter or innovation and creativity opinion letter.


Investment amount limited to companies registered on GISA

  1. TPEX adopts practices of general investor’s annual investment amount limited to NT$150,000.
  2. The investment amount by angel investors, natural investors with assets of NT$30 million or more and with ample professional knowledge of financial products or trading experience, and original shareholders have no limitation.
    1. A professional institutional investor: A foreign or domestic bank, insurance company, bills finance company, securities firm, fund management company, government investment institution, government fund, pension fund, mutual fund, unit trust, securities investment trust company, securities investment consulting company, trust enterprise, futures commission merchant, futures service enterprise, and any other institution approved by the competent authority.
    2. A juristic person or fund that has shareholders equity exceeding NT$50 million according to a CPA audited or reviewed financial report for the latest period. The financial report of a juristic person outside of the ROC, however, need not be CPA audited or reviewed.
    3. A trust enterprise.
    4. A Venture capital enterprise.
      • Financial Consumer Protection Act does not applyInstitutional angels.
  3. Original shareholders’ purchasing prior to GISA registering is also not limited to NT$ 150,000.