preface

More documents

Recommendations

Info

26 OVERVIEW OF ISRAEL’S HIGH-TECH INDUSTRY Following is an analysis of capital raised by Israeli companies in leading sectors. The data is based on IVC Research Center analyses. 3.4.1. Communications Communications is considered a major field for raising capital. However, whilst in 2000-2005 communications-related venture capital reached an average 36% out of the aggregate amounts raised, recent years have been marked by a decline in this sector's share. In 2008, 2009 and 2010, the capital raised by the communications sector reached 25%, 20% and 19% respectively, out of the aggregate amounts raised. It should be noted that the media and telecommunications market in Israel has undergone several changes over the past decade, making it both attractive and accessible to investors generally. One example is the vigorous competition evident in the multi-channel broadcasting field. 3.4.2. Software Software companies raised 12% of the overall amount of capital invested in 2010 – marking a decline compared with 23% in 2009. 3.4.3. Internet The aggregate capital raised by Israeli hi-tech companies through the Internet sector amounted to 15%-18% over the past four years, compared with 3%-5% during 2002-2006. In 2010, the amount of capital raised by the Internet sector was 18%. 3.4.4. Life Sciences The life sciences have, in recent years, evolved into a major field as far as capital recruitment is concerned. After having accounted for 16% of the capital raised in 2001, this branch of industry has subsequently developed, stabilizing over the past three years at rates of 15% - 28% of the overall capital recruitment. BDO Israel
BDO Israel DOING BUSINESS IN ISRAEL 3.5. CAPITAL RAISED BY ISRAELI HIGH-TECH COMPANIES BY STAGES The life span of a company is defined by several stages - from the earliest, known as the “seed” stage, to the last - known as the “revenue growth” stage (when a company operates as a selling entity). Considering the changes occurring over the years in capital structure, based on the various phases of a company’s life, the high-tech bubble burst almost a decade ago has undoubtedly “taught investors a lesson" by causing them to become more cautious and solid. Whilst investments during a company’s startup and very risky stage were at a high level of 41% in 2001, a gradual decline brought those rates to 28% in 2005, while investments in the intermediate and safer stage rose from 32% to 53% that same year. This trend changed in 2006, with greater amounts invested at the later stage, as the early stage investments also stepped-up at the expense of their intermediate counterparts. This indicated that the ongoing recovery in hi-tech had enhanced investors' confidence in the industry, encouraging them to take more risks. The effects of the recent global financial crisis are apparent in 2009, marked by the increase in capital raised for the less risky late stage and mid stage, in parallel with a decline in the share of investments in the early-stage companies. In 2010, the recovery from the global financial crisis continued, as reflected by an increase in the share of investments in the early-stage companies at the expense of the mid-stage ones. In 2010, 45 seed companies attracted $38 million, the smallest amount raised by such organizations since 2004. The seed share of total capital raised was just 3%, compared to an average of 7% over the previous seven-year period. Mid stage companies led capital raisings, attracting 46% of investments. The following graph illustrates the distribution of capital raised over the past ten years by stages: 27
Page 3: PREFACE This publication has been p
Page 7: 7. INVESTMENT INCENTIVES AND TRADE
Page 10 and 11: 8 THE ISRAELI ECONOMY IN 2010 The I
Page 12 and 13: 1.2.4. Fiscal Developments 10 THE I
Page 14 and 15: 12 THE ISRAELI ECONOMY IN 2010 1.2.
Page 16 and 17: 14 THE ISRAELI ECONOMY IN 2010 Comp
Page 18 and 19: 16 ISRAEL - GENERAL OVERVIEW Israel
Page 20 and 21: 2.4. ISRAEL’S CURRENCY 18 ISRAEL
Page 22 and 23: Legal holidays in 2010 and 2011 are
Page 24 and 25: 22 OVERVIEW OF ISRAEL’S HIGH-TECH
Page 32 and 33: OVERVIEW OF ISRAEL’S HIGH-TECH IN
Page 34 and 35: 32 BUSINESS STRUCTURE The Companies
Page 36 and 37: 34 BUSINESS STRUCTURE with respect
Page 38 and 39: 36 BUSINESS STRUCTURE recommendatio
Page 40 and 41: 38 BUSINESS STRUCTURE TASE regulati
Page 42 and 43: 40 BUSINESS STRUCTURE ♦ Non-profi
Page 44 and 45: 4.2.2. Prerequisites 42 BUSINESS ST
Page 46 and 47: 44 BUSINESS STRUCTURE As mentioned
Page 48 and 49: 46 BUSINESS STRUCTURE 4.3. INSURANC
Page 50 and 51: 5.1.2. Distribution of Employees 48
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 78 and 79:
76 INVESTMENT INCENTIVES AND TRADE
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
Page 104 and 105:
Page 106 and 107:
Page 108 and 109:
106 TAXATION Under the recent tax r
Page 110 and 111:
108 TAXATION (d) More than 50% of o
Page 112 and 113:
110 TAXATION 8.2.2.6. Dividends Rec
Page 114 and 115:
112 TAXATION (3) Location of fixed
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
Page 122 and 123:
120 TAXATION 8.2.4.3. Tax exemption
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
Page 128 and 129:
126 TAXATION ♦ According to the r
Page 130 and 131:
8.5. TAXATION OF TRUSTS 128 TAXATIO
Page 132 and 133:
8.6.1. Definitions: 130 ♦ Israeli
Page 134 and 135:
132 5) Certain services rendered to
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
Page 146 and 147:
11.2. KEY FIGURES FOR DECEMBER 31,
Page 148 and 149:
Example A NIS Example B NIS APPENDI
Page 150 and 151:
APPENDIX 2 Industrial enterprises m
Page 152 and 153:
Ministry of Justice 29 Tsalch Adin
Page 154 and 155:
Israel - US Binational Industrial R
Page 156 and 157:
BRAZIL Embassy of Israel S.E.S Av.
Page 158 and 159:
ECUADOR Embassy of Israel Av. La Co
Page 160 and 161:
IVORY COAST (COTE D’IVOIRE) Embas
Page 162 and 163:
PANAMA Embassy of Israel Edificio P
Page 164 and 165:
THAILAND Embassy of Israel Ocean To
Page 166 and 167:
REPUBLIC OF THE FIJI ISLANDS Embass
show all

preface

Create successful ePaper yourself

Delete template?

Save as template?