# Venture financing fr > Source: https://legalcode.md/skills/legalcode-venture-financing-fr | [HTML version](https://legalcode.md/skills/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… 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. This skill analyses French venture financing end-to-end — from selecting the right employee equity instrument to structuring private placements, reviewing convertible instruments, and leveraging French Tech ecosystem programmes. **Covers:** - BSPCE eligibility, grant mechanics, and 2025 tax reform (Loi n° 2025-127 du 14 février 2025) - BSA analysis: use cases, tax treatment, and reclassification risk - SAS structural flexibility: actions de préférence, liquidation preferences, anti-dilution, drag-along/tag-along, and pacte d'associés architecture - AMF private placement exemptions under Art. L411-2 CMF and EU Prospectus Regulation 2017/1129 (<150 investors; qualified investor route) - Obligations convertibles (OC), OCABSA, and BSAR: structure, conversion mechanics, and liquidation waterfall - French Tech ecosystem: BPI France instruments (PAI, PTZ, CAP Innovation), Tibi initiative, French Tech Visa, and France 2030 **Does not:** - Provide legal, tax, or investment advice or replace qualified counsel - Perform a full term sheet analysis — route to `legalcode-term-sheet-analysis` - Draft definitive documents (statuts, pacte d'associés, OC instrument) - Cover listed-company securities regulation in depth (AMF full prospectus regime) - Substitute for BOFiP advance ruling on BSPCE eligibility or AMF pre-clearance **Relationship to other skills:** | Task | Use This Skill | Route To | |------|---------------|---------| | French employee equity analysis | ✅ This ... ## Jurisdictions France --- *Legalcode -- legalcode.md*