Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 21.5

             (1)  An * entity may apply to * Innovation Australia, in the * form approved by Innovation Australia, for registration under this Part as an * eligible venture capital investor.

             (2)  An application must be given to * Innovation Australia within 30 days after the applicant enters into the contract to acquire its first * eligible venture capital investment after the commencement of this Act.

             (3)  An application must be in writing, and must include the following information:

                     (a)  the applicant's current residency status;

                     (b)  details of the facts that qualify the applicant as a * tax‑exempt foreign resident;

                     (c)  the address of the applicant's registered office;

                     (d)  the name and address of the first * company or unit trust in which the applicant has invested or proposes to invest and the industry in which the company or unit trust operates;

                     (e)  the amount of the investment and the date on which it was or is to be made;

                      (f)  details of any other investments that the applicant holds in the company or unit trust that are not * eligible venture capital investments.

             (4)  * Innovation Australia must register the applicant under this Part if Innovation Australia is satisfied that the information has been provided.

             (5)  If * Innovation Australia registers an applicant under this Part, Innovation Australia must notify the applicant within 60 days after the application was made.

             (6)  If * Innovation Australia does not register an applicant under this Part, Innovation Australia must:

                     (a)  notify the applicant within 60 days after the application was made; and

                     (b)  provide reasons for the decision.