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Thanks to a change in the regulations of ScaleX, companies with a domicile outside of Chile will also be able to participate in the Santiago Stock Exchange alternative market and keep their stock ownership register in DCV Registros.
Starting today, companies registered outside of Chile may also participate in the ScaleX Santiago Venture Exchange, the startups funding market promoted by the Santiago Stock Exchange and Corfo, and that operates under the infrastructure provided by Depósito Central de Valores (DCV). This change is due to the growing interest of Chilean companies that are in an advanced stage of growth and that meet the essential requirements but that, due to their registration abroad - usually in the United States - do not have this possibility.
"From its beginning, ScaleX was intended as an open innovation model. As new ideas are born and needs that make sense to the market arise, developing mechanisms that enable other opportunities is also possible. Moreover, since its objective is to promote the growth of startups and scaleups by obtaining financing, facilitating the process is completely coherent," says José Antonio Martínez, General Manager of the Santiago Stock Exchange.
The following are the requirements for the companies that wish to participate in ScaleX:
- Hire a transfer agent that will act as the counterpart of Depósito Central de Valores (DCV) outside of Chile and
- Have a legal report that states that the market of origin does not present impediments to the eventual issuance of securities of this company in Chile.
The role of Depósito Central de Valores was vital in this process. "We have developed a solution for companies in growth stages. Through the CapTable service provided by our subsidiary DCV Registros, we contribute security, experience, and quality to this new ecosystem in full development. All of this with the same standards with which we administer more than 800 corporation shareholders' registers and investment funds investors," says Rodrigo Roblero, General Manager of DCV.
Francisco Meneses, Investment and Financing Manager of Corfo mentioned the following regarding the expansion of this market, "The announcement of Scalex is in the same line of what we promote with the Venture Capital Chile brand and our incubator Startup Chile, which is to make our country an Entrepreneurship and Innovation Hub both in the region and globally. Allowing foreign companies and startups to go public in Chile will give us an edge to generate scale and diversification to our economy."
This news and what it means for our market comes in a year marked by great milestones in the regional integration process between the Stock Exchanges of Santiago, Colombia, and Lima. It must be mentioned that from now on, the rules will be similar for all countries, which implies that the companies already growing in Peru and Colombia may issue securities in Chile and will also have access to the integrated market in the future.
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