Australian Small Scale Offerings Board Summary
The Australian Small Scale Offerings Board (ASSOB) promotes peer-to-peer investment opportunities and venture capital that allows entrepreneurs and beginning organizations to increase their company’s development by connecting with investors. ASSSOB has raised $129,205,578.00 in funds to this date.
ASSOB can help an unlisted company receive capital raising offers up to $5 million in a 12 month period—the maximum amount allowed through personal offers under Section 708 of Australia’s Corporations Act. ASSOB promotes its ability to help with “secondary” sales of unlisted issued securities as well—which can help a company attract the right investors.
Compliance with Fundraising Laws
The Australian Small Scale Offerings Board and the platform it uses to connect starting businesses to investors meet requirements under the ASIC Class Order 02/273 and section 708 of the Corporations Act of 2001. While operating under these regulations, the starting company does not have to provide investors with a disclosure statement in some cases. If you have questions about fundraising laws in Australia, you should contact an attorney.
Things the Australian Small Scale Offerings Board Does Not Do
ASSOB does not provide loans to companies, nor does it take an equity share in the companies. Furthermore, ASSOB does not market investment opportunities to the public, and it does not provide financial advice to investors using the platform to find investment opportunities. ASSOB only provides investment opportunities to those listed under its subscription service.
Important Information for Investors
The Australian Small Scale Offerings Board makes every company seeking investments to undergo quality tests to ensure ASSOB can promote the business and offer great opportunities to investors. All of the companies listed under ASSOB are required to submit a quarterly report that includes a financial report, any changes to company details/policies, and their operations under corporate governance laws.