Do I need a licence as a lead?
No licence for fund management or investment brokerage, but a one-time notification to BaFin.
No. For an angel syndicate on beel, you do not need a licence for fund management or investment brokerage. Because your deals count as investment recommendations, you do, however, notify BaFin of your activity once in advance.
Why does a lead on beel not need a licence?
beel's setup has been legally reviewed. It is designed so that, as a lead, you neither manage capital nor decide for others:
- No fund, no SPV: No capital is pooled. Your co-investors hold their investments themselves, and you hold neither capital nor investments (What is an angel syndicate?).
- Everyone decides for themselves: You share deals. Each co-investor decides whether to invest and how much.
- Standardised contracts: The finder's agreement (Tippgebervereinbarung) that governs your carry and the other contracts are prepared.
What do you need to do as a lead?
- Notification to BaFin: You notify BaFin of your activity once in advance under the German Securities Trading Act (Wertpapierhandelsgesetz, WpHG), and beel provides you with the draft. You report changes to your details and the end of your activity within four weeks.
- Present deals transparently: In every deal, you disclose what your assessment is based on and whether you hold a stake in the startup yourself. The platform shows you which information and wording are appropriate.
- Confidentiality: You keep non-public information from the syndicate confidential.
You will find the individual steps under How do I start an angel syndicate?
beel points out that it does not provide legal or tax advice. This article describes beel's setup in general terms. Whether further requirements apply to you in your individual case, for example tax or trade law requirements, is best clarified with a lawyer or tax advisor.