Before you read further, please ensure you are familiar with Crowdfunding for Australian Proprietary Companies — What You Need to Know.
Below is an overview of the legal activities and gatekeeper processes that must be completed prior to your investment offer going live on Birchal.
It is recommended that you start the process of compiling this information as soon as possible, so starting your raise is not delayed - we recommend to begin this process at least 1 week into your EOI Campaign.
For specific examples and instructions on the requirements below, please head to your company profile on the Birchal dashboard to view your "Final Week" & "Background Checks" checklists. Instructions below:
Otherwise, below is an overview of core activities your company needs to undertake to ensure all areas are completed by the time your offer goes live. This includes:
Director/Senior Management Checks
Section 1: Legal Documents
Companies need to prepare and submit to Birchal for review:
A Company Constitution (prepared by your lawyer).
Examples for the above can be found in your Birchal checklists and Resource Centre. For any questions relating to items in the documents, please contact your campaign manager.
Section 2: Directors & Senior Manager's Checks
Legislation regulating your equity crowdfunding (CSF) offer requires that we (Birchal) check each director and senior manager of the company making the offer.
These checks require ALL directors and senior managers from the company making the offer to supply us with the following items before the offer is opened to the public:
A Certified copy of their photo ID
A National police check (completed in the last 12 months)
Disclosure of legal or disciplinary actions to the Birchal Team
Declaration & Consent to publish the Offer Document
For more information on the above, please see our Gatekeeper Process: CSF Compliance for Directors and Senior Managers
Providing the above information can take some time, particularly for companies that have several directors and senior managers.
Pro Tip: Once you have made a copy of your checklist, share the document with your campaign manger!
The Declaration and Consent form that your team are required to complete will be sent to your directors and senior managers by the Birchal team once the final offer document has been approved.
Section 3: Rewards
Many companies choose to offer rewards with their investment offer - this information is outlined in the subscription agreement available when the offer document is live. More information on rewards can be found here.