Framework Conditions

By responding to the Graber motion and the Derder postulate, the Federal Council is emphasizing the attractiveness of long-term investments in start-ups at the forefront of technical progress, showing the pension funds that the high risk of the individual investment can be normalized through broad diversification by means of a fund of funds.

Start-ups that need to invest for several years before they start seeing profits are currently disadvantaged from a fiscal point of view. The legislator must offer countermeasures here:

  • Stamp duty, which hits capital-intensive start-ups particularly hard, needs to be eliminated.
  • The extreme progressive taxation for profits which arise in a concentrated manner after 8 to 12 years after a long investment period must be lifted.
  • The period for carrying forward losses for start-ups is currently 7 years, as with established companies. This needs to be extended appropriately.

Accounting rules for venture capital investments from pension funds, which prevent those in charge of pension funds from making long-term investments, must be revised:

  • Post item as a category in its own right (venture capital investment)
  • Post item at nominal values (example: obligations of insurance companies)
  • Post item in accordance with EVCA (European Venture Capital Association)