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98 INVESTMENT INCENTIVES AND TRADE ADVANTAGES In case of exporting technology know-how for projects sponsored by the Chief Scientist, or any other right derived from such technology for enterprises outside Israel, payment will amount to a portion of the remuneration for such know-how, set at a ratio of the total grant out of the overall investments in the project, but no less than the amount of grants provided to the company. 7.9.2. Heznek Program - The Government Seed Fund The Ministry of Industry and Commerce established this program in 2002, to encourage investments in new start-up companies. The program is based on the government matching an investment in a startup company, proportional to the capital invested by other investors. The definition of a start-up, for purposes of the program, is a company that complies with the following criteria: The company’s main activity is R&D. ♦ A company that received no funding beyond shareholders equity (except funding obtained for feasibility studies). ♦ The company has obtained parallel investment from qualified investors (see below), as defined by the program. ♦ The company was established no more than 6 months prior to the application, or its total expenditure, by that time, has not exceeded NIS1 million. A qualified investor is an entity that meets all of the following criteria: ♦ A venture capital fund, or a corporation active in venture capital, or a technological company investing in similar industries. ♦ An investor who possesses the ability and human resources to oversee the management of a start-up company. ♦ An investor with sufficient available funds. The program entitles the company to obtain a government investment of up to 50% of the capital required under the approved work program, where a qualified investor provides the other funding. The maximum investment is NIS 5 million. BDO Israel
BDO Israel DOING BUSINESS IN ISRAEL The government is entitled to receive a proportional part of the company’s shares. The investor is given an option to purchase the government’s shares any time during the first 7 years, at the initial share price, plus interest and linkage differentials. The company is bound by the stipulations of the R&D law with respect to the transfer of know-how and manufacturing rights overseas. 7.9.3. Aid to Individual Technology Entrepreneurs ♦ TNUFA- The Israel Idea Promotion Center is a non-profit Israeli, government-supported organization, dedicated to helping individual entrepreneurs successfully commercialize their new product ideas by providing seed money grants of 85% or up to NIS210,000 in addition to free legal, marketing and business-management consultations. Most of TNUFA’s budget is based on royalties from successful projects. ♦ The Ministry of Absorption also provides financial aid to immigrant entrepreneurs. 7.9.4. Technological Incubators 7.9.4.1. “Standard” Technological Incubators Technological incubators provide a supportive framework enabling entrepreneurs with innovations - veteran Israelis and immigrants alike - to develop their ideas into a commercial product, and reach the point at which they can attract capital investments from the private business sector. R&D activities conducted in technological incubators are entitled to grants of up to 85% of the approved program. The grant is limited to NIS 1,235,300 for a two-year period. The administrative board of each technological incubator is entirely financed by the government, with an annual ceiling of NIS 729,500. 99
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PREFACE This publication has been p
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7. INVESTMENT INCENTIVES AND TRADE
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8 THE ISRAELI ECONOMY IN 2010 The I
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1.2.4. Fiscal Developments 10 THE I
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12 THE ISRAELI ECONOMY IN 2010 1.2.
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14 THE ISRAELI ECONOMY IN 2010 Comp
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16 ISRAEL - GENERAL OVERVIEW Israel
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2.4. ISRAEL’S CURRENCY 18 ISRAEL
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Legal holidays in 2010 and 2011 are
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22 OVERVIEW OF ISRAEL’S HIGH-TECH
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OVERVIEW OF ISRAEL’S HIGH-TECH IN
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32 BUSINESS STRUCTURE The Companies
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34 BUSINESS STRUCTURE with respect
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36 BUSINESS STRUCTURE recommendatio
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38 BUSINESS STRUCTURE TASE regulati
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40 BUSINESS STRUCTURE ♦ Non-profi
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4.2.2. Prerequisites 42 BUSINESS ST
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44 BUSINESS STRUCTURE As mentioned
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46 BUSINESS STRUCTURE 4.3. INSURANC
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Page 52 and 53: 50 BUSINESS ENVIRONMENT As of Janua
Page 54 and 55: 5.2. ANTITRUST LAW 52 BUSINESS ENVI
Page 56 and 57: 5.3. INTERNATIONAL TRADE 54 BUSINES
Page 58 and 59: 5.4. TRADE AGREEMENTS 56 BUSINESS E
Page 60 and 61: 5.5. PROPRIETARY RIGHTS 58 BUSINESS
Page 62 and 63: 60 ACCOUNTING AND AUDITING PERSPECT
Page 76 and 77: 74 INVESTMENT INCENTIVES AND TRADE
Page 108 and 109: 106 TAXATION Under the recent tax r
Page 110 and 111: 108 TAXATION (d) More than 50% of o
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Page 116 and 117: 114 8.2.3.4. Rental Income from Out
Page 118 and 119: 116 TAXATION "Accommodating Year”
Page 120 and 121: 118 TAXATION "Privileged Securities
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Page 124 and 125: 8.3.4. Sale of Stocks 122 TAXATION
Page 126 and 127: 124 TAXATION 8.3.7.3. Setting-off C
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Page 130 and 131: 8.5. TAXATION OF TRUSTS 128 TAXATIO
Page 132 and 133: 8.6.1. Definitions: 130 ♦ Israeli
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Page 136 and 137: 8.8.6. Real Estate Companies 134 TA
Page 138 and 139: 8.10. TAX TREATIES 136 TAXATION As
Page 140 and 141: 138 Dividends % Interest % TAXATION
Page 142 and 143: 140 FOREIGN EXCHANGE CONTROL AND PR
Page 144 and 145: 10.3. ISRAEL LAND ADMINISTRATION OF
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APPENDIX 2 Industrial enterprises m
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Ministry of Justice 29 Tsalch Adin
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Israel - US Binational Industrial R
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BRAZIL Embassy of Israel S.E.S Av.
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ECUADOR Embassy of Israel Av. La Co
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IVORY COAST (COTE D’IVOIRE) Embas
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PANAMA Embassy of Israel Edificio P
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THAILAND Embassy of Israel Ocean To
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REPUBLIC OF THE FIJI ISLANDS Embass
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