- Ukukhethwa kwesakhiwo esisemthethweni kuthinta intela, ukufinyelela ekutshalweni kwezimali, kanye nokusebenza kahle kokuphuma kwamabhizinisi amasha aseLatin America.
- Amamodeli afana neDelaware C Corp, LLC kanye neCayman holdings kufanele ahlolwe ngokuya ngemakethe eqondiwe kanye nezingozi zentela ephindwe kabili.
- Izinhlangano zasendaweni (i-SAS, i-SpA, i-SA, i-S. de RL, i-SAC) zinikeza ukuguquguquka kanye nokuvikelwa, futhi kufanele zihlanganiswe nenkampani ephethe amazwe efanele.
- Iseluleko esihle sezomthetho nesentela esigxile ekuthengiselaneni kwe-VC kanye nokuhwebelana kwamanye amazwe sigwema amaphutha abizayo futhi sisiza ekukhuleni.
Ukuqala inkampani entsha eLatin America kuyinselele ngokwanele ngaphandle kokwengeza isakhiwo sezomthetho esikhethiwe siba yisithiyoKodwa-ke, yilokhu kanye okwenzekayo kubasunguli abaningi: bathatheka yizitayela, bakopishe lokho abakubona kwezinye izinkampani, futhi bagcina benezakhiwo zezinkampani ezikhuphula intela, zenze kube nzima ukutshalwa kwezimali, noma zenze ukuthengisa kwesikhathi esizayo ngemibandela emihle kube nzima kakhulu.
Ukuqonda ngokugcwele Izakhiwo zomthetho zezinkampani ezintsha zaseLatin America Akuyona into yokunethezeka uma inkampani inkulu; kuyisinqumo esihlakaniphile okumele senziwe kusukela ekuqaleni, ngengqondo epholile, uma ucabangela uhlobo lwabatshalizimali ofuna ukubaheha, amazwe lapho uzosebenza khona, kanye nemiphumela yentela endaweni ngayinye. Izinketho ezivame kakhulu, amaphutha aphindaphindwayo esifundeni, kanye nezinye izindlela ezisetshenziswa yizinkampani ezintsha eziqoqa imali yamazwe ngamazwe namuhla zichazwe ngokuningiliziwe.
Kungani ukukhetha isakhiwo sezomthetho esifanele kubaluleke kangaka?
Kumongo we Latin Americalapho isimo sezepolitiki, sezenhlalo kanye nesezimali sishintsha njalo, sine- isakhiwo sezomthetho esiqinile, esiguquguqukayo nesicatshangelwe kahle Kwenza umehluko phakathi kokukwazi ukukhuphula izinga kanye nokubhajwa emithethweni ebucayi, ukubhekana nezintela ezingalindelekile, kanye nokubhekana nabalingani abanganelisekile. Ukwenza isinqumo esibi ngesikhathi sokufakwa kungavimba imijikelezo yokutshalwa kwezimali, kube nzima izinqubo ze-M&A, noma kubeke engcupheni ukuqhubeka kwebhizinisi.
Inkinga akuyona nje inkolelo-mbono: izinkampani eziningi esifundeni sezikhokhele izigidi zamaRandi ngentela e-United StatesNaphezu kokungabi namakhasimende lapho, bachithe imali eningi kubameli nakubagcini bezimali bezama ukuhlehlisa i-C Corp eyakhiwe kabi noma ukusingatha izakhiwo zenkampani. Konke lokhu kungenxa yokuthi ekuqaleni babenelisekile "ukwenza lokho okwenziwa yiwo wonke umuntu" ngaphandle kokuhlola ukuthi isimo sibathinte kanjani. intela kabili phakathi kwe-US nezwe labo lokudabuka.
Isakhiwo senkampani siphinde sithonye ngqo ukufinyelela emalini: izimali ezivela imali yokuthengisa Bavame ukukhetha amamodeli abawaziyo nabawajwayele, njenge- I-Delaware C Corp noma izinhlelo zohlobo lwe-“Cayman sandwich”, kuyilapho ezinye izimoto, njenge- Delaware LLCLokhu kuphakamisa ukukhathazeka kwabanye abatshalizimali bezikhungo. Ukukhetha isakhiwo esingavamile endaweni yakho noma esingenabungane kuma-VC kungamane kuholele ezinkingeni. nquma ukungatshali imali.
Ngaphezu kwalokho, isakhiwo esiklanywe kabi siba buhlungu kakhulu uma sekuyisikhathi sokuphuma. Isibonelo esivamile yileso sezinkampani ezintsha, ngemuva kweminyaka eminingi zisebenza eLatin America, ezithola ukuthi ukuthengisa kukhiqiza imithwalo yentela ephindwe kabili noma kathathu ngoba inkampani engumzali isendaweni engafanele, okuphoqa inkampani ephethe, inkampani engaphansi kwayo, kanye nabalingani ngabanye ukuthi bakhokhe intela emazweni abo okuhlala kuwo intela.
Ngakho-ke, esikhundleni samaphepha ayimpoqo, ukukhetha isakhiwo sezomthetho kufanele kubhekwe njengento ingxenye ebalulekile yesu lokukhulaKubeka izimo zesikhathi esizayo, ukungena kwabalingani abasha, ukwanda kwezinye izimakethe kanye nekhono lokuvala imisebenzi yangaphandle ngaphandle kokuba uMgcinimafa athathe ingxenye engalingani yenani elidalwe.
Amamodeli aphesheya asetshenziswa kakhulu yizinkampani ezintsha zaseLatin America
Eminyakeni yamuva nje iqembu elincane lihlangene izakhiwo zomthetho zomhlaba wonke eziphindaphindayo ezinkampanini ezintsha zaseLatin America ezifisa ukukhulisa imali yomhlaba wonke noma ukuthengiswa ezinkampanini zakwamanye amazwe. Akuzona zonke ezifeza injongo efanayo, futhi azinawo umthelela ofanayo wentela, ngakho-ke kubalulekile ukuhlukanisa ngokucacile lokho okunikelwa yilowo nalowo.
I-Delaware C Corp: Izinga lama-VC, ngokunyatheliswa okuhle
La I-Delaware C Corp Sekuyisakhiwo esithandwayo sezimali eziningi ze-venture capital, ikakhulukazi lezo ezise-United States. Emehlweni e-VCs, inikeza ukucaca kwemithetho, ukuguquguquka kokukhipha amasheya, izinketho zesitoko kanye nezilinganiso ezilandelanayo, kanye nohlaka lwezomthetho lwenkampani olufakazelwe kahle lokuthengiselana kwe-M&A kanye neminikelo yokuqala yomphakathi.
Kumsunguli waseLatin America, ukusungula i-C Corp eDelaware kungaba kuhle kakhulu uma umgomo uwukuthi, esikhathini esiphakathi noma eside, thola inkampani yase-US noma uma ufuna ukusebenza kakhulu emakethe yase-US. Ngaphezu kwalokho, izinkampani eziningi ezisheshisayo kanye nezimali zase-US zikhululekile ukutshala imali kulezi zinhlobo zezinhlangano kuphela futhi zidinga lokhu ngqo njengesimo sokungena etafuleni lokugcina.
Inkinga ukuthi konke ekunikezayo, ikhokhisa futhi. Njengoba kuyinkampani engaphansi kwayo intela yengeniso yenkampani e-United StatesNgokuvamile cishe u-21%, uma umsebenzi oyinhloko wenkampani entsha useLatin America, noma uma ku-M&A umthengi efuna kuphela ukuthola izinkampani ezingaphansi kwale ndawo, i-C Corp ibhekene nomthwalo wentela osindayo ezinzuzweni ezinkulu. Lokhu kungaphezu kwentela ewela kubalingani (abasunguli, izingelosi zebhizinisi, njll.) emazweni abahlala kuwo.
Ngaphezu kwalokho, i I-C Corp ayiyona into eguquguqukayoUma isidaliwe, ayikwazi ukuguqulwa kalula ibe yi-LLC, futhi ukuyihlela kabusha kamuva kuhilela izindleko ezinkulu zomthetho, ukuxoxisana kabusha ngezinkontileka zokutshalwa kwezimali, ukubukeza izinhlelo zezinketho zempahla (ama-ESOP), ukudlulisa ithebula lokugcina, kanye nokukhipha kabusha ama-safe noma amanothi aguqulwayo. Abasunguli abaningi bayazithatha kancane lezi zindleko kuze kube sekwephuze kakhulu.
I-Delaware LLC: ukuguquguquka nokusebenza kahle kwentela, kodwa akukho ukuthandwa okuningi ngama-VC
La Delaware LLC Yinkampani enesibopho esilinganiselwe enesakhiwo sentela "esidlulayo", okusho ukuthi inkampani ngokwayo ayikhokhi intela enzuzweni yayo; kunalokho, umthwalo wentela udluliselwa ngqo kubalingani. Lokhu kungaba isebenza kahle kakhulu ezimweni zokuphumaikakhulukazi uma umthengi enquma ukugcina izinkampani ezingaphansi kweLatin America hhayi inkampani ephethe i-US.
Kulolu hlobo lwesakhiwo, imali etholwe ngokuthengisa ingase ingakhiqizi intela ngaphakathi kwe-LLC uqobo futhi ikhokhiswa intela kuphela ezingeni le- abalingani noma inkampani ephetheNgaphezu kwalokho, uma umnikazi we-LLC eyinhlangano esendaweni efana neCayman Islands, engase ikhululwe ezinteleni ezithile, umphumela wabasunguli kanye nabatshalizimali muhle kakhulu kune-C Corp evamile.
Enye inzuzo efanele ukuthi i-LLC ivumela ukuguqulwa okulandelayo kube yi-C CorpUma inkampani yase-US esikhathini esizayo ifuna ukuthenga inkampani entsha futhi idinga ukuthi inkampani ephethe ibe yi-C Corp, kungenzeka ukuguqula i-LLC ibe yi-C Corp, okunikeza umsunguli ithuba lokugwema ukuzibophezela kusukela osukwini lokuqala kuya kokukhetha okungabizi kakhulu kwentela.
Kodwa-ke, inkinga ukuthi abatshalizimali abaningi bezikhungo abazithandi i-LLC. Ngenxa yokuthi ziyimoto lapho inzuzo nokulahlekelwa kudluliselwa khona ezitatimendeni zezimali zabalingani, Ezinye izimali azithandi ukudalulwa kulolo hlaka, noma banezinqubo zangaphakathi ezenzelwe ukutshala imali kuphela ku-C Corps. Ngaphezu kwalokho, uma uhlela ukusebenza ngokuzikhandla e-US, i-LLC ingase ingabi inketho engcono kakhulu ngokombono wokusebenza kanye nentela.
Izimpahla ezitholakala eziQhingini zaseCayman kanye nenhlanganisela ye-“Cayman sandwich”
Kuhlelo lokuqalisa oluhlanganisa imijikelezo emikhulu nabatshalizimali bomhlaba wonke, ukusetshenziswa kwe Inkampani Ekhululiwe eCayman njengenkampani ephethe amazwe ngamazwe. Yinkampani yaseCayman Islands, uma iklanywe kahle, enganikeza indawo yentela encintisana kakhulu futhi ingathathi hlangothi emehlweni abatshalizimali abavela emazweni amaningi.
Icala elibonisa indlela yokulinganisa izinto esifundeni yilelo elibizwa ngokuthi "Isandwich yaseCayman"Inkampani Ekhululiwe ihlelwe eCayman Islands njengenkampani engumzali, ngaphansi kwayo kube yi-LLC eDelaware, bese ekugcineni, Izinkampani ezingaphansi kweLatin America ezisebenzayoLo mklamo wavela, ngokwengxenye, njengokusabela kokuhlangenwe nakho okubi ne-C Corps eqondile, lapho ukuphuma kwadala khona izikweletu ezinkulu zentela kubasunguli kanye nabatshalizimali bokuqala.
Umqondo ngemuva kwesangweji laseCayman unezinhlangothi eziningi: ngakolunye uhlangothi, iqinisekisa abalawuli kanye nabalingani bendawo Emazweni lapho kubhekwa khona ngokusola ukuthi inkampani engumzali wenkampani esebenzayo isekelwe ngqo eziQhingini zaseCayman; ngakolunye uhlangothi, igxila imisebenzi yokuthenga enhlanganweni eyodwa (i-LLC noma inkampani ephethe), okwenza kube lula ukuhlolisisa nokunciphisa ubunzima bezomthetho lapho izinkampani eziningana ezingaphansi kwenkampani zithengiswa ngesikhathi esisodwa.
Kodwa-ke, akuzona zonke izinzuzo. Kwamanye amazwe aseLatin America, iziQhingi zaseCayman ziyabhekwa indawo yokusebenzela engeyona eyokubambisana noma indawo yokukhokha intelaLokhu kubangela izibopho ezithile ezisemthethweni, ukugodla, noma izilawuli ezengeziwe. Ngaphezu kwalokho, kungase kube khona okuncane ingozi yedumela Lokhu kubaluleke kakhulu lapho kusetshenzwa namabhange, abaphakeli, noma abahloli bamabhuku abangajwayelene nalezi zinhlobo zezakhiwo, okwenza kube kubalulekile ukuba nabeluleki abangazichaza futhi bazibhale phansi ngendlela efanele.
Imiphakathi e-United Kingdom njengendlela ehlukile engavamile
Enye inketho ebonakala, nakuba ingavamile, yi- izinkampani ezifakwe e-United KingdomLezi zinhlobo zezinhlangano zingasebenza njengezinkampani eziphethe amazwe ngamazwe, kodwa zinezici ezithile ezingahambisani njalo nokulindelwe yi-VCs kanye neqiniso lokusebenza kwezinkampani ezintsha zaseLatin America.
E-United Kingdom, i- Amarekhodi abaninimasheya asesidlangalaleniLokhu kuyinto engabakhangi abatshalizimali nabasunguli abathile, ikakhulukazi uma befuna ukugcina ubumfihlo mayelana nokubamba kwabo. Ngaphezu kwalokho, kunezindleko eziphindaphindayo njengezimali zokubala zonyaka (ezingaba cishe u-$2.000) kanye nentela yengeniso. ukudluliselwa kwamasheya, ngokuvamile cishe u-0,5%, okunganciphisa ukukhanga kokuthengiselana ngokunyakaza okukhulu kwamasheya.
Ngenxa yalezi zizathu, nangenxa yobunzima bokulawulwa kwazo uma kuqhathaniswa nezinye izindlela, izinkampani eziphethe e-United Kingdom zivame ukungabi zivamile njengezakhiwo eziseDelaware noma eCayman Islands uma kukhulunywa ngezinkampani ezintsha zaseLatin America ezifuna imali yokuqalisa yamazwe ngamazwe.
Izakhiwo zasendaweni emazweni amakhulu aseLatin America
Ngaphandle kwenkampani ephethe amazwe ngamazwe, noma iyiphi inkampani entsha esebenza esifundeni kumele yazi futhi isebenzise ithuba izakhiwo zamabhizinisi endawo ezenzelwe osomabhizinisiEzimweni eziningi, lezi zakhiwo zenza kube lula ukuhlanganiswa ngokushesha, zivikele izimpahla zabalingani, futhi zihlangana kahle nezinhlelo zokutshala imali ezilandelayo.
I-Argentina: Inkampani Yesitoko Esilula (i-SAS)
E-Argentina, i- Inkampani Yesitoko Esilula (i-SAS) Izibeke njengesakhiwo senkampani esithandwayo samaphrojekthi amasha. Ivumela inkampani ukuthi yakhiwe nge umlingani oyedwa, okwenza kube lula kakhulu izinyathelo zokuqala kulabo abaqala njengabasunguli ngabanye noma abaneqembu elincane.
I-SAS ivelele ngemiphumela yayo Izinqubo ezisheshayo neziguquguqukayoLokhu kulungele izinkampani ezintsha ezidinga ukuqala ngemali encane kodwa ezinesifiso sokukhula ngokushesha. Isibonelo esaziwayo ohlelweni lwe-ecosystem yase-Argentina yi-Ualá, inkampani ye-fintech eyayithembele kulolu hlobo lwesakhiwo ezigabeni zayo zokuqala ukuze ikwazi ukuqhubekela phambili ngaphandle kwengqalasizinda enzima.
I-Chile: Inkampani Yomphakathi Elinganiselwe (i-SpA)
EChile, i- I-SpA (Sociedad por Acciones) Sekuyimodeli ekhethwayo yezinkampani ezintsha ezifana ne-Global 66 noma i-NotCo ezisaqala ukusebenza. Lesi sakhiwo sibavumela ukuthi umuntu oyedwa ungumnikazi wesabeloInikeza inkululeko enkulu yokulawula ubudlelwano phakathi kwabalingani futhi ikhuthaza ukungena kwabatshalizimali abasha ngokukhushulwa kwemali.
Ukuguquguquka kwe-SpA, ikakhulukazi maqondana ukudluliswa kwamasheya kanye nesakhiwo sobunikazi bamasheyaLokhu kwenza kube mnandi kakhulu kumaqembu asungulayo angakafuni inani elikhulu labalingani, kodwa futhi angafuni ukuvalelwa lapho sekufika isikhathi somjikelezo wembewu noma wembewu yangaphambi kokuhlwanyela.
I-Colombia: Inkampani Yesitoko Esilula (i-SAS)
EColombia, i- SAS Cishe kuyindinganiso ohlelweni lokuhweba. Izinkampani ezintsha ezikhula ngokushesha njengeRappi zithembele kulesi sibalo, esihlanganisa ukuvikelwa kwempahla kwabalingani ngemithethonqubo eguquguqukayo yokufaka utshalomali lwangaphandle kanye nokulungisa ithebula lokugcina njengoba inkampani ikhula.
Enye yezimfanelo zayo ezinkulu ukuthi kwenza kube lula ukungena kwabalingani abasha ngaphandle kokudinga ukwakha kabusha inkampani kusukela ekuqaleni, ngokuvumela izivumelwano zabanikazi bamasheya, ukukhishwa kwezigaba ezahlukene zamasheya kanye nokuphathwa kwesimanje uma kuqhathaniswa nezakhiwo eziqinile.
IMexico: SA kanye ne-S. de RL kuye ngohlobo lwephrojekthi
EMexico, izinkampani ezintsha zivame ukubhekana nezinketho ezimbili eziyinhloko: I-Public Limited Company (SA) futhi i Inkampani Enesibopho Esilinganiselwe (S. de RL)Ukukhetha kuncike kakhulu ngobukhulu bephrojekthi nokuthi ngabe kulindeleke yini ukuthi kutshalwe imali ezikhungweni.
I-SA iwusizo kakhulu uma ufuna ukukhipha amasheya nokuheha izimali zokutshalwa kwezimalinjengoba izinkampani ezihamba phambili njengeKavak zenze. Kuyisakhiwo esihambisana kakhulu nomhlaba wezimali zokuqalisa ibhizinisi, esikwazisa ukucaca kwamasheya kanye nokulula kokuthola imali.
Ngakolunye uhlangothi, i-S. de RL ifanelana kangcono ne- amaphrojekthi amancane noma agxile emndeninilapho umgomo ungekhona nje ukuphakamisa izingxoxo ezinkulu kodwa ukugcina iqembu elincane nelizinzile labalingani. Nakuba kungase kungabi kuhle kuma-VC, kunikeza ubulula kanye nokuvikelwa okuhle kwesibopho esilinganiselwe.
I-Peru: I-Closed Corporation (SAC)
EPeru, i- I-Closed Corporation (SAC) Kuyifomula esetshenziswa kabanzi yizinkampani ezintsha ezisakhula ezihlose ukuletha abatshalizimali ababalulekile ngaphandle kokulahlekelwa ukulawula inkampani. Isibonelo esihle yinkampani ye-fintech i-Culqi, eyakhetha ukuthi lesi sakhiwo siphathe ukungena kwabanikazi bamasheya ngendlela ehlelekile.
I-SAC ivumela ukuhlanganisa abalingani abasha ngenkathi kugcinwa inani elilinganiselwe ngokusungula imithetho ecacile yokudluliselwa kwamasheya kanye nokulawula abanikazi bamasheya. Lokhu kwenza kube kuhle kumaphrojekthi adinga imali kodwa angafuni ukusabalala ngokweqile kwamasheya noma ukuvezwa emphakathini kwezinkampani ezithengiswa esidlangalaleni.
Indaba eyiqiniso: izindleko zesakhiwo esibi endaweni yokuphuma
Isibonelo esichazayo kakhulu ohlelweni lwe-ecosystem lwaseLatin America yileso se- Iqembu eliqalayo lase-Argentina emkhakheni we-fintech okwagcina kukhokhe kakhulu ngokwamukela ngaphandle kokungabaza isakhiwo esicelwe yi-accelerator. Le nkampani yayikhethelwe uhlelo lapho yayizothola khona Uxhaso lwemali oluyi-$15.000kodwa ngenxa yalokho kwakudingeka bakhe i- I-Delaware C Corp njengenkampani engumzali, ngaphezu kwenkampani yayo yase-Argentina kanye nenye inkampani engaphansi eMexico.
Abasunguli bahlangabezana nesidingo, basungula i-C Corp, bathola uxhaso, futhi baqeda uhlelo. Ngemva kwesikhathi esithile, inkampani yaseYurophu yaba nesithakazelo sokuthenga inkampani entsha. Ngesikhathi sonyaka we-2017, inkampani yaseYurophu yaqala ukufuna inkampani entsha. ukunakekela ngaphambi kokungenela isivumelwanoLowo mthengi wathola ukuthi inkampani engumzali ise-United States futhi wanquma ukuthi ukhetha ukuthenga ngqo izinkampani ezingaphansi e-Argentina naseMexicongakho-ke inkokhelo yale ntengiselwano yenziwa ngenxa ye-C Corp.
Uma ukuthengiselana kwenzeka phakathi Inkampani yaseYurophu kanye ne-C CorpInzuzo etholakale yayingaphansi kwentela yengeniso kanye neyezabelo e-US, futhi kamuva yayingaphansi kwentela yomuntu siqu yabalingani (abasunguli kanye nabatshalizimali abayizingelosi) emazweni abo okuhlala kuwo intela. Umthelela wentela ophelele udlule. Amadola ka-600.000, inani elikhulu kakhulu lentengiselwano ye-M&A engaba yizigidi ezimbili zamaRandi.
Leli cala laba yisibonelo esivame ukucashunwa ngabameli abadumile abangochwepheshe bezinkampani ezintsha kanye nezimali zokuqalisa, abasebenzise lokhu ukuze ukukholisa izimali ezifana neKaszek Ventures ukwamukela izakhiwo ezihlukile lapho kutshalwa imali ezinkampanini zaseMexico kanye nalezo ezivela kwamanye amazwe esifundeni, kugwenywe ukuphinda leso "siphetho esibulalayo" kumaphrojekthi amasha.
Uma umtshali-zimali edinga inkampani yangaphandle
Empeleni, uma umtshali-zimali engowakwamanye amazwe, impendulo evamile yokuthi kufanele kudalwe yini [igama lenkampani/uhlelo lokutshala imali] iwukudala [igama lenkampani/uhlelo lokutshala imali]. umphakathi waphesheya Kulungile. Ama-VC amaningi aphesheya awakhululeki ukutshala imali ezindaweni zasendaweni ezingajwayelekile, ikakhulukazi eLatin America, lapho ebona khona izingozi eziphezulu ezihlobene... Ukungazinzi kwezepolitiki, ezenhlalo kanye nezomnotho.
Into yokuqala ukukhetha kahle. indawo kanye nohlobo lwenkampani ezosebenza njengenkampani engumzali. Izinketho ezivame kakhulu nezamukelwa kabanzi zezimali ze-venture capital yiDelaware neWyoming e-United States, ngaphezu kwezakhiwo zaseCayman kuye ngohlobo loxhaso kanye nomtshali-zimali. Ake sithi umtshali-zimali ungowaseMelika, esinye sezimo ezivame kakhulu: kulesi simo, izakhiwo ze-C Corp kanye ne-LLC zisebenza kakhulu.
Uma ukhetha imodeli I-C Corp (i-Delaware) + inkampani yesiLatiniLokhu kuphumela esakhiweni esihambisana kakhulu nesimiso se-US. Silungele labo abafisa ukusebenza e-US noma ukuthengwa yi-C Corp, futhi sinikeza uhlaka olukhululekile lwe-VCs. Kodwa-ke, ngokubuyisela, sithwala ingozi yomthwalo omkhulu wentela kanye... intela ephindwe kabili emcimbini wokuphumangoba i-C Corp ikhokha intela enzuzweni bese abalingani bakhokha intela enzuzweni kanye nenzuzo enkulu emazweni abahlala kuwo.
Ngokuphambene nalokho, imodeli I-LLC (i-Delaware) + i-Latino Society Kusebenza kahle uma inkampani ephethe izosebenza ngokuyinhloko njengendlela yokuthola imali kubatshalizimali bese iyidlulisela enkampanini engaphansi e-Latin America. Iyaguquguquka (okuvumela ukuguqulwa ibe yi-C Corp kamuva) futhi isakhiwo sayo sokudlulisa imali sivimbela i-LLC ngokwayo ekukhokheni intela yengeniso ekuthengisweni kwezinkampani ezingaphansi, okungaba yinzuzo kakhulu emisebenzini ye-M&A yesikhathi esizayo.
Enye indlela yesithathu esetshenziswe yizimali eziningi ngemva kokuhlangenwe nakho okungekuhle yinhlanganisela Inkampani Ekhululiwe (Cayman) + LLC (Delaware) + inkampani yesiLatiniLesi sakhiwo senzelwe abatshalizimali abangakhululekile ukutshala imali ngqo ku-LLC kodwa abafuna ukugwema izinkinga zentela ze-C Corp uma inkampani entsha ingeke isebenze e-United States. Futhi kuyindlela enhle uma usesigabeni esikhulu sembewu noma ku-Series A nangale kwalokho, unesabelomali esanele sokumboza izindleko zokusungula inkampani ephethe amazwe ngamazwe kusukela ekuqaleni.
Ukugcina izinkampani ezingaphansi kwe-akhawunti yakho eLatin America noma usebenza uvela kwamanye amazwe kuphela?
Kwamabhizinisi amasha anemakethe eyinhloko esifundeni, impendulo evamile inguyebo. Kunconywa ukuthi kube nezinkampani ezisebenzayo noma izinkampani ezingaphansi kwazo eLatin AmericaUma unabasebenzi, abaphakeli, izinkontileka zesevisi, kanye nabasebenzisi kula mazwe, kubalulekile ukuba nezinhlangano zasendaweni ezisayina izinkontileka, ziphathe umholo, futhi zihambisane nezibopho zentela, zokushintshana, kanye nezabasebenzi zendawo ngayinye.
Noma kunjalo, kunezinhlobo zebhizinisi ezisekelwe kubuchwepheshe—njengezinye Amaphrojekthi e-SaaS noma e-Web3– abakhetha ukusebenza enkampanini yangaphandle (isibonelo, e-US noma eCayman Islands), ngenkathi bekhonza abasebenzisi eLatin America. Kulezi zimo, isihluthulelo ukwakheka kwezezimali nokulawula okuhle ukuze izinkokhelo zokusebenzisa ubuchwepheshe kanye nobudlelwano nabalingani bahloniphe imithetho yezwe ngalinye, bagweme izinto ezingase zenzeke neziphathimandla zentela noma zabasebenzi.
Ngokuvamile, isakhiwo esinconywayo ukuba sibe ne- inkampani yamazwe ngamazwe ephethwe kahle (iDelaware, iCayman, njll.) kanti ngaphansi kwayo kunezinkampani zasendaweni ezisebenza nsuku zonke. Ngale ndlela, inkampani ephethe isebenza njengesithuthi sokungena kwemali kanye nokuthengiswa kwesikhathi esizayo, kuyilapho izinkampani ezingaphansi kwayo ziphatha imisebenzi yasendaweni, izinkontileka, kanye nezibopho.
Amaphutha ajwayelekile omsunguli kanye nendlela yokuwagwema
Phakathi kokwehluleka okuvame kakhulu esifundeni, okulandelayo kuyagqama, ukuqala ngakho: hhayi ukuhlaziya ngokuningiliziwe umthelela wezezimali wezwe ngalinye abahilelekile kulesi sakhiwo. Abasunguli abaningi bagxila kuphela ekulula kokufakwa noma kulokho umtshali-zimali akucelayo kubo, futhi badebeselela izindaba ezifana nokugodla intela, izivumelwano zokugwema intela ephindwe kabili, noma izindleko zangempela zokubuyisela inzuzo ezweni.
Esinye isikhubekiso esiphindaphindayo yileso ukukopisha izakhiwo ezivela kwezinye izinkampani ezintsha Ngaphandle kokucabangela ubuzwe babalingani, ukuthi imakethe eqondiwe ikuphi ngempela, ukuthi yiluphi uhlobo lwesu lokuphuma olulandelwayo, noma ukuthi uhlelo luwukusebenza ngokomzimba e-US noma ukusebenzisa inkampani ephethe njengethuluzi lokutshala imali. Okusebenza enkampanini ye-fintech yaseMexico kungase kungasebenzi enkampanini ye-healthtech yasePeru noma enkampanini ye-proptech yaseColombia.
Ngaphezu kwalokho ukuthambekela kokwenza ngaphandle Abameli bentela abanolwazi kwezentengiselwano zebhizinisi kanye nokuthengiselana kwamanye amazweUkuzama ukonga iseluleko ekuqaleni kungaba kubi kakhulu kamuva, lapho kufanele wenze ushintsho oluyinkimbinkimbi lwenkampani, ubhale kabusha izinkontileka zokutshalwa kwezimali, noma uxoxisane ngezimali esezivele zikhona.
Ekugcineni, abasunguli abaningi bayawuthatha kancane umsebenzi izindleko zokufuduka usuka esakhiweni esibi lapho inkampani entsha isivele iqoqe imali. Akuyona nje indaba yokushintsha izindawo: kuhilela ukuphinda ama-SAFE, amanothi aguqulwayo, izinhlelo zokufaka imali, ama-ESOP, izivumelwano zabanikazi bamasheya, kanye nethebula lonke lentengo, kanye nezimali ezihambisanayo, ezindaweni eziningi ngasikhathi sinye.
Izincomo ezisebenzayo zabasunguli esifundeni
Ngaphambi kokukhetha isakhiwo, kubalulekile ukuhlala phansi uhlole ngokuthula imakethe eqondiwe, ukwakheka kwethimba elisungule, kanye nokubikezela kwamazwe ngamazweIphrojekthi ehlose ukukhula ezweni elilodwa noma amabili kuphela ayifani nephrojekthi ehlose ukusebenza kusukela osukwini lokuqala kulo lonke izwekazi noma ithengiswe enkampanini enkulu yezobuchwepheshe yase-US.
Futhi kubalulekile ukuthembela ku- izinkampani zomthetho kanye nabeluleki abajwayelene neqiniso laseLatin America futhi abajwayele ukusebenza nama-VC. Izinkampani ezikhethekile ezifana neGunderson Dettmer, i-Accelerate Legal, i-Phylo Legal, i-Algorítmica MX kanye nezinye izitudiyo zezitolo ezinkulu esifundeni zithuthukise izindlela ezivumelaniswe nesivinini sezinkampani ezintsha, zihlanganisa ukubikezela intela, isakhiwo senkampani kanye nokusekelwa emizuliswaneni yokuxhasa ngezimali.
Kufanele kukhunjulwe ukuthi Akuwona wonke ama-startup okudingeka abe yi-Delaware C CorpEziningi zingasebenza kahle ngamamodeli ahlanganisiwe, izakhiwo zeCayman, i-US holdings nge-LLCs, noma inhlanganisela nezinkampani zasendaweni ezilula, uma nje kucatshangelwe imijikelezo yesikhathi esizayo, izivumelwano zentela ephindwe kabili, kanye nethuba lomcimbi wokushintshana kwemali.
Ngaphezu kwalokho, kungcono ukubhala phansi kusukela ekuqaleni izivumelwano phakathi kwabalingani, impahla yobuhlakani kanye nezindlela zokungena kubatshalizimali (ama-SAFE, amanothi aguqulwayo, njll.), futhi ulungiselele igumbi ledatha yezomthetho kusenesikhathi ukuze kutholakale ukuthi izinqubo zokuhlolisisa ziyadingeka nini. Lokhu kuhlolisisa akugcini nje ngokusindisa isikhathi kamuva, kodwa futhi kungandisa inani elibonwa yizimali, ezivame ukukhokhela izinkampani ezinengozi ephansi yezomthetho.
Ekugcineni, isakhiwo sezomthetho kufanele sibhekwe njenge- injini yokukhula hhayi njengesithiyoUma iklanywe kahle, ivumela ukuzivumelanisa nezimo ngokushesha nezigaba ezintsha, ukungena kwabalingani abangochwepheshe, kanye nokwanda kwamanye amazwe; ihlelwe kabi, iba umthwalo osindayo ophoqa imali namandla ukuthi kusetshenziswe kabusha lokho obekungenziwa kahle kusukela ekuqaleni.
Ukuthatha ukwakheka kwezakhiwo zomthetho zezinkampani ezintsha zaseLatin America ngokungathi sína kusukela ezigabeni zokuqala akugcini nje ngokugwema izimanga zentela kanye nezingxabano phakathi kwabalingani, kodwa futhi kwandisa izinketho zokufinyelela imali yamazwe ngamazwe, ukuvala amathuba okuphuma anenzuzo, kanye nokusinda ohlelweni oluncintisanayo njengesifunda; ekugcineni, labo abaya phambili futhi bakhe isakhiwo sezomthetho esihlakaniphile yibo abangagxila kulokho okubaluleke ngempela: ukukhulisa ibhizinisi ngaphandle kokuba izici zomthetho zibe ugibe olungalindelekile.
