Page 13 - The Portugal News - Online Issue
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Business                                      The Portugal News • 19 Jan 2018 13
                                                                         News


      Fund bets on Portuguese


      tech startups


      Indico Capital Partners, a venture capital
      company based in Portugal, has launched a
      €46 million fund to invest in technology
      companies in Spain and Portugal with
      global promise.

        In a statement, Indico Capital  funds, educational and research
      Partners claimed that it was “the  institutions, private fund
      first independent and private  management entities,
      Portuguese venture capital fund  entrepreneurs and local and
                                                                 The taxman is to be advised whenever a person has more than 50,000 euros in their bank account.
                                                                 The taxman is to be advised whenever a person has more than 50,000 euros in their bank account.
                                                                 The taxman is to be advised whenever a person has more than 50,000 euros in their bank account.
                                                                 The taxman is to be advised whenever a person has more than 50,000 euros in their bank account.
      focussed on investing in the  international tech executives.   The taxman is to be advised whenever a person has more than 50,000 euros in their bank account.
      early stages of                The fund is to invest between
      technological startups,  and  €150,000 and €5 million per  Bill approved to oblige banks to inform
      headquartered in Lisbon, one of  company during its 10-year life
      the technological centres on the  span.
      rise in Europe.”               “The target companies of the  tax office of €50,000 accounts
        The new fund aims to “identify,  fund’s portfolio aim to become
      invest and provide capital for the  global leaders in their category,”  Portugal’s parliament has approved legislation that obliges banks to let the tax
                                                                 Portugal’s parliament has approved legislation that obliges banks to let the tax
                                                                 Portugal’s parliament has approved legislation that obliges banks to let the tax
                                                                 Portugal’s parliament has approved legislation that obliges banks to let the tax
                                                                 Portugal’s parliament has approved legislation that obliges banks to let the tax
      most promising Iberian startups,  the company said, adding that
                                                                 authorities known when bank accounts have a balance of more than  50,000.50,000.
                                                                 authorities known when bank accounts have a balance of more than
                                                                 authorities known when bank accounts have a balance of more than €€ €€ €50,000.50,000.
                                                                 authorities known when bank accounts have a balance of more than  50,000.
      particularly those based in  “Indico’s first investments have  authorities known when bank accounts have a balance of more than
      Portugal” and will direct    already been completed and will  The bill passed due to the votes  coordinator of the BE, Catarina  also stressed that the legislation
      investments to companies that  be announced shortly.”      in favour of the governing   Martins, and the prime minister,  did not foresee “exchange of
      operate in areas such as SaaS  Indico’s management team    Socialist Party (PS), the Left Bloc  António Costa, the president  information with third parties,
      (Software as a Service), B2B  consists of Stephan Morais (a  (BE) and the Communist Party  issued a statement in which he  national or foreign, private or
      (business-to-business), artificial  former executive director of  (PCP). The opposition Social  recalled that he had vetoed a  public”.
      intelligence (AI), fintech and  Caixa Capital, a unit of state bank  Democratic Party (PSD) voted  government statute on the  He described the measure as
      cybersecurity, as well as in  Caixa Geral de Depósitos),   against while the People’s Party  subject in 2016 due to the  of “extreme importance for
      marketplaces and B2C digital  Ricardo Torgal (former       (CDS-PP) abstained.          “particularly serious situation  combating fraud and tax
      platforms.                   investment manager at Caixa     If promulgated by the      experienced by the banking   evasion” by giving the tax
        The €46 million, the company  Capital) and Cristina Fonseca  president, the law would oblige  sector”.             authority an “additional element”
      said, comes from more than a  (co-founder and shareholder  banks to communicate to the tax  The following day the    to ascertain whether there is
      score of institutional and   of Talkdesk).                 and customs authority, by every  government approved the  evidence of illicit practices on the
      individual investors based in  The new fund, Morais said, “is  31 July, information on accounts  proposal to lift bank secrecy on  part of some taxpayers. It would
      eight different countries, with the  a milestone for the Portuguese  that, on 31 December of the  the deposit accounts of citizens  thus serve “as a disincentive to
      European Investment Fund (EIF)  ecosystem” and “will continue to  previous year, contained more  residing in Portugal with a  concealment and have an
      being Indico’s the largest.   support the most promising   than €50,000.                balance exceeding €50,000.   important preventive function,”
        Among the investors are the  Portuguese technology startups,  In 2016, the current president,  In a press conference, the  he argued.
      Financial Development        but now with a larger and     Marcelo Rebelo de Sousa,     finance minister, Mário Centeno,  However, the legislation spent
      Institution (IFD), through   independent stable investment  vetoed a similar bill.      made clear that the tax authority  eight months working its way
      Portugal Tech, as well as Draper  platform supported by a global  On 9 May last year, after the  would have access to the  through parliament, and only
      Esprit, one of the world’s largest  and diversified investor base.”  subject of banking secrecy was  balance but not to information on  emerged from the committee
      venture capital funds, pension                  TPN/Lusa   raised in a debate by the    movements in the accounts. He  stage last Friday.                TPN/Lusa
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