SalesCandy™ Receives Angel Tax Incentive Investee Company Accreditation
SalesCandy's Certification Letter for Angel Tax Incentive Investee Company
SalesCandy™ is very proud to announce that we are now an accredited Angel Tax Incentive Investee Company.
Equity Crowdfunding is an eligible avenue of investment for the Angel Tax Incentive (ATI). Which means, if you are an Angel Investor who are accredited by the Malaysian Business Angel Network (MBAN), Angel Tax Incentive offers you tax exemption to reduce your investment risks when you invest in SalesCandy.
But fret not, you can still invest in SalesCandy even though you're not an Angel Investor, with amount as low as RM3,971.
Angel Tax Incentive is a government approved initiative that encourages startup investments by the private sector. It is administered by the Angel Tax Incentive Office (ATIO) - a unit under Cradle Fund Sdn Bhd which comes under the purview under the Ministry of Finance (MoF).
ATI aims to reduce the risks associated with startup investments by giving back in the form of tax exemption to the investors.
To take full advantage of the tax incentive, investors will need to be accredited by the MBAN.
MBAN represents the private sector and accredits angel investors; whilst ATIO represents the public sector and provides qualification to the startups and validate the investments into these companies.
SalesCandy™ founders Stanley Chee and Jeff Chan pitching at the MBAN Angel in The City (AITC) JUNE pitch session for year 2017 on June 22nd.
For Angel investors, the investment amount is between RM5,000 to RM500,000 per annum in total. To qualify as an Angel Investor, one must be a tax resident in Malaysia who is also a High Net Worth Individual or High Income Earner - minimum Net Worth of RM3 million or gross income of minimum RM180,000 or joint annual income with one spouse of RM250,000.
For non-Angel Investors, they can still invest in SalesCandy with amount as low as RM3,971 and any amount of this multiple.
19 investors have pledged more than half a million ringgit of investment to-date, which is already 50% of our ECF fundraising target.
Update October 5th, 2017: SalesCandy has successfully raised the total target amount of RM1.5 million from 48 investors through the pitchIN Equity Crowdfunding platform.