SASKATCHEWAN APPROVES EQUITY CROWDFUNDING (DEC 6, 2013)!!

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FCAA (Saskatchewan) | Press Release | December 6, 2013

FCAA-Saskatchewan Approve Equity Crowdfunding on Dec 6, 2013

From left: Dale Zak (entrepreneur, One Story); Dave Wild (FCAA Chair and CEO); and Gordon Wyant (Minister responsible for FCAA).

 

Participants in Friday morning's FCAA announcement of equity crowdfunding exemptions for Saskatchewan prepare for their roles.

Saskatchewan is the first province in Canada to allow companies to raise capital from unaccredited investors over the Internet via a specific equity crowdfunding exemption.

Photo: Suzanne Paschall, NCFA Ambassador, Saskatchewan

 

 

Starting today, Financial and Consumer Affairs Authority (FCAA) will allow small businesses and start-ups in Saskatchewan to sell stakes in their companies to residents of the province through the Saskatchewan Equity Crowdfunding Exemption.

The government’s Plan for Growth: Vision 2020 and Beyond highlights the importance of helping Saskatchewan small businesses and start-ups meet the challenges of growth.

“Small businesses play a central role in our economy,” Minister responsible for FCAA Gordon Wyant said. “Our government’s goal is to make sure that Saskatchewan continues to be one of the best places in Canada to start and grow a small business through competitive taxes, a continued reduction of red tape, measures to address the province’s labour shortage, and now through an additional source of funding.”

Related: NCFA Canada response to FCAA consultation on equity crowdfunding (general order 45-925)

“We know that the current rules for selling a stake in a company can be expensive, complicated and time consuming for small businesses or start-ups,” FCAA Chair and CEO Dave Wild said. “Equity crowdfunding will help fill the fundraising gap for these businesses so that they can compete in our market. This is also an opportunity for Saskatchewan people to invest in Saskatchewan businesses – it’s a unique opportunity to help grow our provincial economy.”

Protecting the public interest is at the top of FCAA’s priorities. In addition to other precautions, the Equity Crowdfunding Exemption limits the amount of money individual investors can risk and how much individual companies can raise.

To learn more about equity crowdfunding, visit www.fcaa.gov.sk.ca/SKEC.

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For more information, contact:

Daniela Machuca
Financial and Consumer Affairs Authority
Regina
Phone: 306-798-4160
Email: daniela.machuca@gov.sk.ca

Source: FCAA Press Release

Links:
FCAA Summary of comments and responses on Saskatchewan Equity Crowdfunding Exemption

Event Video (Dec 6, 2013):  Saskatchewan approves Equity Crowdfunding Exemption

Saskatchewan Crowdfunding Rules and Forms as of December 6, 2013

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The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada crowdfunding hub providing education, advocacy and networking opportunities in the rapidly evolving crowdfunding industry. NCFA Canada is a community-based, membership-driven entity that was formed at the grass roots level to fill a national need in the market place. Join our growing network of industry stakeholders, fundraisers and investors. Increase your organization’s profile and gain access to a dynamic group of industry front runners. Learn more eBrochure | Prezi or contact us at casano@ncfacanada.org.

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14 Responses to SASKATCHEWAN APPROVES EQUITY CROWDFUNDING (DEC 6, 2013)!!

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