Who is eligible to raise funds on Galaxy Crowdfunding Platform?

A company that meets the requirements in s738H of the Corporations Act to be eligible to make a CSF offer.

Meaning of eligible CSF company

(1) A company is an eligible CSF company at a particular time (the test time ) if all of the following conditions are satisfied in relation to the company at the test time:

(a) the company is a public company limited by shares, or the company is a proprietary company that:

(i) has at least 2 directors; and

(ii) meets all the other requirements (if any) prescribed by the regulations for the purposes of this subparagraph;

(b) the company's principal place of business is in Australia;

(c) a majority of the company's directors (not counting alternate directors) ordinarily reside in Australia;

(d) the company complies with the assets and turnover test (see subsection (2));

(e) neither the company, nor any related party of the company, is:

(i) a listed corporation; or

(ii) included in an official list of a financial market operated outside this jurisdiction;

(f) neither the company, nor any related party of the company, has a substantial purpose of investing in securities or interests in other entities or schemes.

The assets and turnover test

(2) The company complies with the assets and turnover test at the test time if:

(a) the value of the consolidated gross assets of the company, and of all its related parties is less than:

(i) $25 million; or

(ii) if the regulations prescribe a different amount--the prescribed amount; and

(b) the consolidated annual revenue of the company, and of all its related parties, is less than:

(i) $25 million; or

(ii) if the regulations prescribe a different amount--the prescribed amount.

 

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