how much does it cost to start a business and do private placement? We start with the registered company, sort it out step by step, and continue to go down with Mande Enterprise Service!
Company registration stage
You gave your private placement a tall name, and then started the road of private placement.
first, the registered capital. The best registered capital is 1 million yuan (of course, there are precedents in which millions of registered capital have passed the filing, but you have to be awesome to look at those core executives).
in view of the fact that the filing process of private placement managers is not too different, we only discuss securities private placement here. You will register as an administrator soon, so the paid-in capital is required to be at least 2.5 million.
then start company registration. Engraving, opening a bank account, making a logo, opening a social security provident fund account, etc., can be done for several thousand yuan. However, a sad story is that the North, Guangzhou and Shenzhen are basically not allowed to register asset management companies.
then you need to rent an office space. When the association puts on record, it is necessary to look at the photos of your office building and the front desk with logo. This cannot be faked.
suggestion: the area of office space should be above 15 square meters. Of course, the figure is not absolute, mainly depending on the matching of office space with the number of employees and development scale of the company.
in this industry, office space is very important. You think an office is enough? Think too much. You are not the Jobs of private equity, and this is not the United States. You can't start a private equity in China from the garage. As a well-known private friend said: "You can't choose a cheap office building. When your investors come and see your shabby appearance, how can you trust your funds to take care of them? "
luxury office buildings in the central area of Beijing, Guangzhou and Shenzhen are the favorite places for private equity. Take the Imperial Capital as an example. Yinglan Building and Guomao Phase III are the ultimate dreams of every private equity fund manager, preferably in Financial Street and Guomao, and they can't afford to lose.
Try not to set it outside the Fifth Ring Road (except those who do night dishes), only one more ring than the Fourth Ring Road, and the style is already thousands of miles away.
the company has been successfully registered, and there is still a long way to go. . .
private placement institution filing (manager registration) stage
After the company is registered, it starts to go to the association to be a private placement manager for filing.
There are many requirements for filing private equity funds, and we only list the items that cost money.
first, the qualifications of senior executives. According to the relevant regulations, executives engaged in private equity investment fund business must obtain fund qualification; Engaged in non-private securities investment fund business, at least 2 senior executives should obtain fund qualification. At the same time, the legal representative/executive partner (appointed representative) and the person in charge of compliance/risk control shall obtain the qualification.
Then there is the legal opinion, which can be settled at around 5, yuan, but don't save money in this step. Unfortunately, finding an unreliable law firm is another catastrophe. Time is wasted repeatedly, and time is money!
then you need a PB service provider to provide you with a series of services (transaction, custody, outsourcing), which are generally charged according to a certain proportion of the fund size, which is more worry-free.
fund-raising stage
after the successful filing, you can celebrate a little, and then enter the horrible fund-raising stage.
Of course, all private placements are short of money, but you will find that you are especially short of money, and no one will sell it to you. You can only rely on customers or local friends. You just found out that your connections and resources are terrible.
the direct selling team can't afford to hire, so they bite their teeth and find a wealth management company. The big wealth management company says no, and the small company confidently says yes, but they have to draw 3%-5% of the total raised funds.
you'd better find your own customers and invite them to dinner and tea. You can't save money. After a lap, the money spent easily exceeds the price of the imperial city of one square meter.
I can't wait to put "I'm raising money" on my body and sell it in my circle of friends. I'm sorry, you have violated the regulatory regulations. How can private placement be publicly promoted with great fanfare? The whole website has to do all kinds of risk warnings, plus all kinds of specific procedures, which is in line with the temperament of "private placement".
Company operation stage
Everything is ready, and you finally sit in front of the Bloomberg terminal in the office. However, in the coming year, you will face a series of costs. Including but not limited to:
labor cost: the biggest expense of private equity funds is labor cost. Small private placement should also have finance, risk control, traders and marketers. These are the bottom matches, and the larger ones need fund managers, researchers, development teams, as well as front desk, network maintenance, marketing and administration.
Calculate the salary expenses by yourself. Small privately-funded researchers (if any) earn more than 1, yuan a year. Fortunately, the salary level of employees with non-core functions can be controlled at the standard of migrant workers. Of course, you can also act as a fund manager, researcher and trader by yourself. Just let your cousin sit in front of the computer for a while when customers come to visit.
taxes and fees: enterprise income tax, value-added tax, etc.
Annual review fee: the company has to conduct annual review every year, and the limited partnership fund products have to find an accounting firm to issue an audit report after one year, ranging from thousands to tens of thousands;
membership fee of fund industry association: if you join asset management association of china, you will pay a membership fee of 2, yuan every year.
in addition, you have to pay: utilities, computers, office expenses and office rent every year.
to sum up, the operating cost of a low-cost private placement for one year is basically beyond 1 million yuan.
according to the rule of 2% management fee +2% performance commission in private equity industry, that 2% management fee is your only support.
after going private, I finally climbed to the commanding heights of the financial industry step by step. It seems that everything has survived, but you will find that you still can't see this magical market clearly.
However, just like all industries, the God of Fortune always favors those who are willing to work hard. There are always some lucky people who achieve many times a year, and everyone may stand at the top of the pyramid.
after entering the private equity market, your own story has just begun?
Pre-planning for the filing of private fund managers
The pre-planning for the filing of private fund managers' qualifications mainly focuses on the pre-establishment of institutions to be applied for or the pre-rectification of existing institutions. Here, I will list one, two and three hard conditions that I know.
1. Name of the institution
According to the audit requirements of the association, the name of the applicant institution should include the words "fund management", "investment management", "asset management", "equity investment" and "venture capital" which are closely related to the business attributes of private fund managers. Therefore, the name of the applicant institution must contain the words "fund management", "investment management", "asset management", "equity investment" and "venture capital" or words with similar meanings, because the association lists them, which means that they are recognized. Of course, now all over the country, industrial and commercial registration is strictly enforcing such words, so "investment consultation" is exempted, and the association will not recognize it. It is useless for you to understand and explain it yourself.
2. Scope of business
The content requirements of the scope of business are consistent with those of the organization name, so I won't repeat them here. However, due to the limited scope of business allowed by the industrial and commercial departments, it is not good to give full play to everyone's imagination and writing level here. From a practical point of view, "entrusted asset management" can be recognized by the association, and the business scope of the industrial and commercial departments is relatively relaxed, so it can be tried.
As for the business scope of "investment consulting" which belongs to the seller's business category, there is no need to consider it. The Association does not encourage such business scope to exist.
in addition, according to the professional management requirements of the association, it is suggested to delete other irrelevant business scopes except those related to private equity fund management, such as "industrial investment" and "advertising planning". The professional requirement of the association is to let institutions do nothing but private fund management.
in a word, specialization is the basis for the association to check its business scope.
Special reminder: If the organization is established, if it is publicized through WeChat official account or the Internet, please pay attention to the content of the external publicity business, and avoid crossing the border. The Association has strict requirements on the public opinion of the organization's network.
3. Shareholders and actual controllers
The Association has no explicit restrictions on the requirements of shareholders, but if you have a foreign-related status, you should pay attention to it. After all, this is a matter that the Association explicitly requires to be verified. Since I have never actually met high-level overseas people, it is not easy to discuss anything here.
shareholders involved in private lending, private financing, fund-raising business, micro-financing, micro-lending, P2P/P2B, crowdfunding, factoring, guarantee, real estate development, trading platform and other businesses should avoid it as much as possible. This also applies to the actual controller, even if it is only a little bit of shareholding, even if it does not belong to the criteria for identifying related parties of the association.
don't take chances, because when you put on record for examination, the association requires shareholders to penetrate into natural persons or state-owned institutions, and you can't hide many traces.
the actual controller must be there. If it is not, it will be confirmed by means of board seats, voting rights and agreement.
4. Registered capital and paid-in capital
Now the company is subscribed, so it's okay for me to suggest more registered capital, which is also related to the future management scale of the organization. It's okay to be bigger. If you really want to be cautious, I also suggest not less than RMB 1 million. Although this association has no explicit provisions, it still has an internal audit line.
As for the paid-in capital, we can't pay nothing. My suggestion is more than RMB 2.5 million, which can also be regarded as an internal line. Of course, more is definitely better. At the same time, it is reminded that it is best to leave the money in the account for the daily use of the institution after the payment is completed, because it is necessary to check the situation in place when reporting in the future.
5. Organizational structure and senior management
It is my personal opinion to mention this issue here. After all, senior management is not easy to find, so it must be planned first, and temporary adjustment will delay things.
there must be full-time risk control personnel and senior management positions. Needless to say, it is best to have a certain experience now, and it is recommended to be full-time (buy social security as soon as possible). The same is true for the legal representative. It is recommended to have a professional resume and be full-time. Otherwise, when applying for qualification filing, the association may think that the practical experience of institutional operation is insufficient, and then ask for instructions on how to operate the fund normally.
as for other senior executives (chairman/executive director, general manager, supervisor, vice president, chief financial officer, and director of investment department), it is suggested that they should be qualified as much as possible and be full-time. If they really don't have the qualification, then don't set up the senior executive position so early. This may also be required to be rectified by the association. Don't be embarrassed to replace it after rectification.
6. Office space and office equipment
It is not a big problem that the registered address is inconsistent with the actual office address, as long as there are sufficient and real reasons. However, the actual office address must have a certain scale and be independent, and it is not suitable to work with other institutions; Office equipment must be basically complete. At the time of declaration, you will be required to upload real photos to prove it (the front photo of the company LOGO and the internal photo of the actual office space will be taken at the office front desk).
In a blink of an eye, this year is the fourth year that the CSRC has conducted inspections on private equity funds. Judging from the scope and content of the inspection, it can be said that it is more and more comprehensive and detailed. Whether at the macro or micro level, the private equity industry will face more and more strict supervision.
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