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These documents were developed for use in a Series A funding series. They provide for a significant investment, entirely or partially made by fund investors. You don`t lend yourself to seed investment and you`ll find more information on helping entrepreneurs in this area in the drop-down tab on the right. We have also created a „Back to Back Agreement“ for lenders and consultants, which can be used as part of this confidentiality agreement for the standard form. The BVCA`s standard documents were established to be used in a Series A funding cycle. They provide for a significant investment, entirely or partially made by fund investors. The BVCA believes that standard documents are not appropriate for use in an initial funding cycle. These towers are usually documented with shorter form documents, which are either replaced or updated for a Series A round. Our goal is simple: to promote sectoral legal documentation in the UK, so that investors and entrepreneurs can focus on deal-specific topics. This will inevitably save time and money and follow the precedent in the United States.

We encourage all parties to use these documents as a starting point for their investments. In October 2014, the BVCA published a revised version of its leaflet model, the subscription and shareholder pact as well as the statutes, as well as accounting information on the handling of preferred shares (as a loan or equity in the company`s accounts). In September 2015, the statutes were amended to amend the Companies Act 2006 with respect to the legal requirements for companies to buy back derintendants. Practical law also established project notes regarding model status and the subscription and shareholder contract. These are an excellent and advantageous complement to the suite of documents. Stock classification: Accounting standards (including international and UK accounting standards) define the principles for presenting financial instruments as liabilities or equity. Companies should review the terms and rights attached to shares (including preferred shares) to determine the classification and presentation of these instruments in an entity`s financial statements. Depending on the facts or circumstances, certain types of shares could be classified as liabilities according to accounting standards. Companies should consult with their auditors before concluding the articles if they want to ensure that preferred shares are treated as equity in the company`s financial statements.

However, when selecting a suite for a start-up financing round, the following factors should be taken into account: the reference contract and the shareholder contract were drawn up for the signing as a front-line contract, thus avoiding the formalities of execution necessary to carry out the acts. This approach is generally supported by Counsel`s opinion (available here) with the caveat that specific legal advice should always be obtained for each situation. Disclaimer: neither the BVCA nor a member of its committees or working groups take responsibility for the content of the documents or the consequences of their use and that it is essential to obtain legal advice before the use of the documents. These documents serve only as a starting point and should be adapted to your specific legal and business requirements. None of the documents should be construed as legal advice for certain facts or circumstances. BVCA thanks Susanna Stanfield (JAG Shaw Baker), John Heard (Abingworth), Sally Roberts (Accel), Jon Tilley (Practical Law), Andrew Wigfall and David Strong (both Marriott Harrison) for their continued support throughout this project. We remain grateful to former contributors: Simon Walker (formerly Taylor Wessing), Alastair Breward (formerly Amadeus) and Steve Parkinson (formerly EY). In 2017, limited changes were made to the statutes and the reference agreement and to shareholders, including those that meet the requirements of the PSC register and the