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Rating investment climate of the Russian Federation
II
Fitch Rating ВВ-
Investment rating of "Expert RA"
Volume of annual direct investments 239.7 bln. rub.
Employment of working population 1303,2 К
Average salary 25326 rub/month

Borrowed funds

Borrowed funds, in difference from borrowed funds, are not debt funds, i.e. are not subject to mandatory return. This is their main advantage:

AdvantagesDisadvantages
  • The usage of attracted investment resources is not limited in time;
  • on borrowed funds the loan interest the loan interest is not charged, which reduces the cost of resources and increases the income of the enterprise;
  • investment income of investors in a form of dividends in some cases turns out higher due to the lower tax rates;
  • budgetary allocations (grants and subsidies) are involved on an irrevocable and free of charge base with no obligations.
  • A new issue of shares of the joint stock company may be regarded by investors as a signal of financial distress, which in turn, could adversely affect the market price of the company's shares;
  • investors who do not have access to the monitoring and management of enterprise, carry increased risks, which leads to the limitation of the number of available means for investment.

Direct investments in the authorized (share) capital


Direct investments into the authorized (share) capital of limited liability companies or closed joint stock companies – is an increase of the amount of capital at the expense of additional contributions from the members of the society, either at the expense of attraction of new participants and their funds in the capital of a company.

Attraction of the funds of new participants to financing of investment projects - is the only way to start and develop the project with insufficient or complete absence of own funds of proponent of the project and members of the company. The price for this is assignment of a part of future income to the new participants.

Individuals involved to finance the new investment and innovation projects, are called business angels.

Business angels - are wealthy people who have money and want to invest the accumulation of them directly in any business, the incomes from which are higher than the rates of bank deposits, and thus be able to directly participate in management of this business.

Most often, business angels invest into innovative projects that promise to multifold growth of investments at a very early stage, and even when there is no project, but there is a perspective idea. But there are those who invest in industrial projects clear for them, which have high returns and quick payback but with less risk.

In Russia the Institute of Business Angels is still in its infancy. However, with the aging of entrepreneurs who started in the 90s, as well as civil servants of middle and high income, this means in more often and in larger quantities will be involved in the financing of investment and innovation projects.

The search of business angels in the Internet gives positive results: the National Association of Business Angels, the National community of Business Angels, and others.

Legal entities involved in participation in the capital of start-up companies – are the investment companies and private equity funds.

Private equity funds - financial companies that specialize on investing in long-term investment and innovation projects of companies at early stages of their activity, and receiving a share in the capital of these companies, which allows you to participate in the management of the company and the project, to influence the decisions of management team, as well as to participate in the distribution of income.

The Fund may retain it's share in the company's capital, and may sell it to the project participants or third party investors.

To the direct investment is preceded preparation of a new edition of a main document, which defines the rights and obligations of the new participants of Ltd. or CJSC - a company's charter. The company's charter establishes new amounts of share capital, new composition of the participants, the shares of new and old participants and the order of output of participants from the community and other stipulated by the Law regulations.

Private equity funds differ in the areas of investment and the sizes of projects in which they invest their means.

Examples.

Russian Direct Investment Fund (RDIF) - a subsidiary company of GC "Vnesheconombank" (100%). Only invests in major projects worth of 100 million US dollars and only in conjunction with foreign investors.

Private equity fund FC "URALSIB" - a subsidiary of Financial Corporation "URALSIB". Does not fund the projects in the following sectors of Russian economy:

  • Construction and development;
  • Manufacture and sale of tobacco, alcohol products;
  • mining and energy industries;
  • Financial institutions;
  • Consulting (financial and strategic);
  • Agriculture.

  • "Maxwell Biotech Group" invests only in high-tech medical start-ups and biotechnologies.

    "Rye, Man and Gor Securities" invests in innovative, fast-growing young companies in the following areas:

  • Internet technologies and information and telecommunications systems;
  • medical technologies and health care;
  • Industrial Technologies (construction, automotive components) and nature management (water purification system);
  • Industry nanosystems and materials;
  • Energy and energy efficiency;
  • clean technologies;
  • agro and biotechnologies;
  • aviation and space systems.

  • Pangeo Capital invests in projects valued in range US$ 10-70 mln

    Venture Investment Funds

    Venture investments - investments in innovative projects with a very high level of risk. Part of the investments in some projects never returns and doesn't bring any income. But successful venture investments bring the yield from 50% - 100% to 1000% per year.

    Venture capital funds - investment companies, performing venture capital investments.

    In the Kemerovo region there is no regional venture capital fund yet. When looking for venture capital investments, should be addressed either to the Russian companies or foreign venture capital funds operating on the territory of the Russian Federation.

    In Russia, venture financing develops very one-sided: about 90% of known venture capital funds invest in IT-projects, and only about 10% - biotech and medical projects.

    List of major venture capital funds and private equity funds in Russia → (link to the page for viewing the list of major venture capital funds)

    Additional share issues (issue)

    Additional issues (issue) of shares of CJSC or JSC in its essence - is the direct attraction of financial resources into the capital of the company. Differs from a direct investment into the capital of CJSC only with mechanism, namely, registration and issuance of new shares.

    Shares of new issues are sold by the closed method (subscription) among current shareholders (CJSC), or with the help of new shareholders, members or by public offering (IPO - initial public offering on the stock market, SPO - secondary offering). Public offering is only available for open joint stock companies (JSC).

    Subscribers of company's stocks are specialized private equity funds, equity investment funds, mutual investment funds, investment companies - the so-called portfolio investors. Portfolio investors are investing not directly into the capital of a certain company, but in stocks, issued by the company, and having the market (stock exchange) assessment. Buying and selling shares of public companies the investment funds are receiving the trading income. And in case of payment of dividends by a joint stock company - investment income.

    Russian legislation protects investors (depositors) of collective investment funds, obliging them to transfer means of funds to the management companies, that know how to professionally manage a portfolio of stocks. Federal Financial Markets Service (FFMS) supervises the activity of management companies.

    Thus, the joint-stock companies when placing the issues of shares address to the management companies, which have a license of a professional participant of the stock market.

    The list of management companies FFMS

    Budget funding (subsidies, grants, programs)

    Budget financing (except for budgetary and tax credits) or budget allocations - means from the budgets of different levels (federal, regional and local), which refers to the means provided free and irrevocable basis.

    Subsidies, grants and programs, provided at no charge and irrevocable basis the Budgetary sources of financing of investment projects are the sources of means.

    Budget subsidies – payments to the legal entities (non-budgetary institutions) and entrepreneurs at the expense of state or local budgets, as well as payments of special funds. Subsidies are provided to the subjects who do not have sufficient funds for self-financing.

    The basic properties of subsidies:

    1. gratuitous, irrevocable transfer of funds

    2. targeted character

    3. The co-financing (on terms of shared financing)

    Subsidies for investment and innovation activity are provided through state (regional) and municipal non-profit funds of support of small and medium-sized businesses within the federal, regional and municipal programs:

  • subsidizing the costs in connection with the payment of interests on loan agreements;
  • subsidizing the costs in connection with the payment of lease payments;
  • subsidizing the costs in connection with the implementation of innovative project;
  • subsidizing the costs in connection with the organization and development of preschool institutions activity;
  • subsidizing the costs in connection with the production activity and provision of services to socially important directions for the city;
  • subsidizing the costs in connection with technological attachment of power receivers to the electric networks;
  • subsidizing the costs associated with the introduction of technologies and devices for energy saving;
  • subsidizing the costs in connection with the payment of rent for the use of exhibition space;
  • subsidy to start an entrepreneurial activity (grants).

    The amount of subsidy (refund) is 50% - 70% of the subsidized cost, but not more than 500-700 thousand rubles.

    The fact of spending money for subsidies must be documented. Applications of subsidies applicants are considered by a specially created commission.

    Grants - subsidies to the companies, organizations and individuals in cash or natural form for conducting of scientific or other research, development activities, training, treatment, and other purposes, accompanied by a report on their usage.

    The amount of a grant usually doesn't exceed more than 100-300 thousand. rubles, depending on the program and goals.

    The main difference of subsidies from grants: in order to get a subsidy, you must first spend the amount you want to receive. Then apply for a refund of the amount, and then get the money back. Grants are given earlier than they will be spent.

    The list of Entrepreneurship Support Funds on the territory of Kemerovo region → (link to the page for viewing the list of funds)


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