Fundo de investimento em participações - FIP como instrumento de estímulo à inovação

• Ano de defesa: 2019
• Autor(a) principal: Estela Sucasas dos Santos
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Federal de Minas Gerais
• Palavras-chave em Português: Inovações tecnologicas; Fundos de investimento Brasil; Direito empresarial; Investidores (Finanças)
• Link de acesso: https://hdl.handle.net/1843/DIRS-BEKKCL

Based on normative exegesis, bibliographic review and data collected from the website of the Brazilian Security and Exchange Commission (CVM), the Private Equity Funds FIPs were investigated as potential instruments to stimulate innovation in companies, in compliance with theconstitutional provisions and Law no. 10,973/2004. For this purpose, an analysis of the constitution and legal nature of the funds was made. It was concluded that the funds contain an objective aspect, related to the equity formed by the contribution of the investors, and another subjective, since they are subjects of rights and duties, although they are not juridical persons. Among the investors, and between them and the fund, it has been identified that there are legal links, reflecting the functioning of the fund and the civil liability of the investors. It has been found that two of the five categories of FIPs can invest in limited partnerships, which may be relevant to Startups in this situation. There is also a category intended to provide resources in innovative companies, which is the "Intensive Economic Production in Research, Development and Innovation - FIP PD&I". Three legal modulations were analyzed for the FIPs to invest in corporate companies, namely, the acquisition of equity interest, the investment as an angel investor and the acquisition of securitiesoffered through the crowdfunding electronic platform. As a benefit granted to the investors, regarding the incidence of Income Tax - IR, it was identified that, unlike other types of funds, there is not half-year advance of said tax, the "quota eater. Thus, the IR is only charged when the redemption, amortization or sale of quotas is made, at the rate of 15%, ensuring that the resources remain in the fund for reinvestment. Another advantage in PD&I FIPs is the non-impact of the IR on profits on the redemption, amortization or sale of quotas, by natural person investors. As for development actions, it has been seen that FIPs may have as investors development banks, development agencies and other individuals whose budget is notably made up of resources of public origin.