Skill

legalcode-venture-financing-fr

French venture financing suite covering BSPCE (Art. 163 bis G CGI; 2025 Finance Law reform), BSA (Bons de Souscription d'Actions), SAS structural flexibility (actions de préférence L228-11 to L228-19; pacte d'associés), AMF private placement rules (Art. L411-2 CMF; <150 investors; qualified investor exemption), obligations convertibles (OC/OCABSA/BSAR; Arts. L228-91–L228-106 Code de Commerce), and French Tech ecosystem instruments (BPI France; Tibi initiative; French Tech Visa). Use when a founder, investor, or counsel needs to: select BSPCE vs. BSA vs. ESOP for employee equity in a French SAS/SA; analyse BSPCE company and beneficiary eligibility after the Loi n° 2025-127 du 14 février 2025 reform; structure a French private placement under the <150 persons or qualified-investor exemption; review or draft obligations convertibles or OCABSA terms; analyse liquidation preference and anti-dilution provisions in a French SAS pacte d'associés; assess BPI France co-investment eligibility or Tibi sourcing; or compare French instruments against US SAFE/convertible note or UK ASA/SEIS structures. Also triggers on: gain de levée BSPCE 2025 flat-tax vs. income classification; BSA reclassification risk; actions de préférence liquidation waterfall; drag-along/tag-along SAS enforcement; BSPCE attribution collective decision; AMF NPAI requirements; OCABSA ratchet mechanics; BPI Prêt Amorçage Innovation eligibility; French Tech 2030 programme; SAS commissaire aux comptes threshold.