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SINGAPORE – Start-ups and venture capitalists will find it easier to draw a contract.
The Singapore Venture Capital and Private Equity Association (SVCA) stage financing.
Chief Justice Sundaresh Menon, who launched the Venture Capital Investment Model Agreements (VIMA) on Tuesday (Oct. 23), said the initiative "Complements our national efforts to foster the growth and vibrancy of the venture capital eco-system in Singapore".
He said he expected the model agreements will play a key role in the adoption of Singapore's venture capital industry for early-stage financing transactions, as they will be governed by the law here. Any disputes that arise will also be resolved in Singapore.
The initiative comes as a venture capital venture into Southeast Asia totaled US $ 2.7 billion last year, and $ 3.2 billion in the first eight months of this year, according to the SVCA.
It was conceived by Mr Gregory Tan, Managing Director of Legal and Regulatory Affairs of Temasek Holdings and a member of the SAL Promotion of Singapore Law Committee, which was inspired by a similar initiative in the United States, said CJ Menon.
Mr, Allen & Gledhill, and Clifford Chance in consultation with stakeholders, including more than 30 venture capitalists, domestic and international law firms and Singapore agencies, "to ensure that the model agreements reflect market consensus and can genuinely be said to be neutral, "said Mr Menon.
PatSnap Jeffrey Tiong, Founder and Chief Executive of Software Company, said, "The simpler, faster, and more efficient cost of doing business.
The model agreements, which currently includes legal documents for pre-Series A and A Rounds of Financing, can be downloaded from Singapore Law Watch and the SVCA's website.
They will be needed when they are needed by the venture capital industry, said the SAL.
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