Giri\u015fim Sermayesi Yat\u0131r\u0131m Fonu (GSYF), T\u00fcrkiye’nin risk sermayesi<\/a> i\u00e7in d\u00fczenlenmi\u015f yat\u0131r\u0131m arac\u0131d\u0131r; SPK<\/a> taraf\u0131ndan belirli tebli\u011f h\u00fck\u00fcmleri kapsam\u0131nda denetlenir. GSYF’ler uluslararas\u0131 VC fonlar\u0131n\u0131n ekonomik yap\u0131s\u0131n\u0131 T\u00fcrk d\u00fczenleyici \u00e7er\u00e7evesi ve \u00f6nemli vergi avantajlar\u0131yla birle\u015ftirir, onlar\u0131 T\u00fcrkiye’de kurumsal olarak y\u00f6netilen VC sermayesi i\u00e7in standart ara\u00e7 haline getirir.<\/p>\n Bir GSYF, s\u00f6zle\u015fmesel olarak organize edilmi\u015f bir yat\u0131r\u0131m arac\u0131 (birim g\u00fcven yap\u0131s\u0131na benzer) olarak bir portf\u00f6y y\u00f6netim firmas\u0131 (kurucu<\/a>, “founder\/manager”) taraf\u0131ndan kurulur. Anahtar kat\u0131l\u0131mc\u0131lar: kurucu (y\u00f6neten firma\u2014sermaye yeterlilik gereksinimleri olan SPK lisansl\u0131 portf\u00f6y y\u00f6netim firmas\u0131 olmal\u0131d\u0131r), kat\u0131l\u0131mc\u0131 (kat\u0131l\u0131mc\u0131lar\/yat\u0131r\u0131mc\u0131lar\u2014hem kurumsal hem de y\u00fcksek net de\u011ferli bireysel nitelikli yat\u0131r\u0131mc\u0131lar), saklay\u0131c\u0131 (SPK taraf\u0131ndan lisansl\u0131 bir banka veya \u00f6zelle\u015fmi\u015f saklay\u0131c\u0131). Fon, Fon \u0130\u00e7t\u00fcz\u00fc\u011f\u00fc ve \u0130hra\u00e7 Belgesi kapsam\u0131nda yap\u0131land\u0131r\u0131l\u0131r.<\/p>\n GSYF’ler, T\u00fcrk risk sermayesi yat\u0131r\u0131m\u0131na sermaye y\u00f6nlendirmek i\u00e7in tasarlanm\u0131\u015f belirli yat\u0131r\u0131m k\u0131s\u0131tlamalar\u0131yla kar\u015f\u0131 kar\u015f\u0131ya kal\u0131r: fon varl\u0131klar\u0131n\u0131n asgari %80’i nitelikli T\u00fcrk “giri\u015fim \u015firketlerine” (b\u00fcy\u00fckl\u00fck, ya\u015f ve operasyonel kriterlere g\u00f6re tan\u0131mlanm\u0131\u015f risk \u015firketleri) yat\u0131r\u0131lmal\u0131d\u0131r, tek bir yat\u0131r\u0131lan kurulu\u015fta maksimum %25 konsantrasyon, yat\u0131r\u0131mlar birincil ihra\u00e7larda olmal\u0131d\u0131r (ikincil de\u011fil) ve di\u011fer \u00e7e\u015fitli portf\u00f6y \u00e7e\u015fitlendirme kurallar\u0131. Yabanc\u0131 yat\u0131r\u0131mlar s\u0131n\u0131rl\u0131d\u0131r (tipik olarak fon varl\u0131klar\u0131n\u0131n %20’sine kadar), GSYF’leri \u00f6ncelikle T\u00fcrkiye odakl\u0131 tutar.<\/p>\n GSYF benimsemesinin ana s\u00fcr\u00fcc\u00fcs\u00fc \u00f6nemli vergi avantaj\u0131d\u0131r: nitelikli T\u00fcrk yat\u0131r\u0131mc\u0131lara GSYF da\u011f\u0131t\u0131mlar\u0131 tipik olarak gelir vergisinden muaft\u0131r (gelir vergisi yasas\u0131ndaki belirli ko\u015fullar alt\u0131nda), kurumsal ve HNW yat\u0131r\u0131mc\u0131lar\u0131n do\u011frudan yat\u0131r\u0131mdan daha verimli bir \u015fekilde VC getirilerine eri\u015fmesine izin verir. Belirli tutma d\u00f6nemi ko\u015fullar\u0131 alt\u0131nda GSYF \u00e7\u0131k\u0131\u015f<\/a> sermaye kazan\u00e7lar\u0131 da muaft\u0131r. Altta yatan portf\u00f6y \u015firketlerinin Ar-Ge ve teknoloji yat\u0131r\u0131m te\u015fvikleriyle birle\u015ftirildi\u011finde, GSYF yap\u0131lar\u0131 T\u00fcrk yat\u0131r\u0131mc\u0131lar i\u00e7in son derece vergi verimli olabilir. B\u00fcy\u00fck GSYF’ler aras\u0131nda Aksoy Ventures, Hedef Portf\u00f6y, Albaraka Portf\u00f6y ve di\u011fer bir\u00e7o\u011fu taraf\u0131ndan y\u00f6netilenler yer al\u0131r. GSYF’ler 2010’lar\u0131n ba\u015f\u0131nda 1B TL’den azken bug\u00fcn T\u00fcrk kurumsal VC sermayesinin \u00f6nemli bir k\u0131sm\u0131na b\u00fcy\u00fcd\u00fc.<\/p>\n","protected":false},"excerpt":{"rendered":" TLDR: Giri\u015fim Sermayesi Yat\u0131r\u0131m Fonu (GSYF), T\u00fcrkiye’nin risk sermayesi i\u00e7in d\u00fczenlenmi\u015f yat\u0131r\u0131m arac\u0131d\u0131r; SPK taraf\u0131ndan belirli tebli\u011f h\u00fck\u00fcmleri kapsam\u0131nda denetlenir. GSYF’ler uluslararas\u0131 VC fonlar\u0131n\u0131n ekonomik yap\u0131s\u0131n\u0131 T\u00fcrk d\u00fczenleyici \u00e7er\u00e7evesi ve \u00f6nemli vergi avantajlar\u0131yla birle\u015ftirir, onlar\u0131 T\u00fcrkiye’de kurumsal olarak y\u00f6netilen VC sermayesi i\u00e7in standart ara\u00e7 haline getirir. GSYF Yap\u0131s\u0131 Bir GSYF, s\u00f6zle\u015fmesel olarak organize edilmi\u015f bir […]<\/p>\n","protected":false},"author":4,"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"categories":[],"class_list":["post-12634","term","type-term","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/term"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=12634"}],"version-history":[{"count":1,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12634\/revisions"}],"predecessor-version":[{"id":12883,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12634\/revisions\/12883"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=12634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=12634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}GSYF Yap\u0131s\u0131<\/h3>\n
Yat\u0131r\u0131m \u00c7er\u00e7evesi ve K\u0131s\u0131tlamalar\u0131<\/h3>\n
Vergi Avantajlar\u0131 ve Son Reformlar<\/h3>\n