Investments e. The best ways to invest. Investing in yourself

Investments in the modern world are an integral part of economic development. In the scientific field investments are called long-term investments in business, industry, agriculture, transport and other industries to receive dividends (profit).

Investments are not always cash, as is commonly believed, these are also shares, bank deposits, securities, shares, special technological equipment, loans, cars, any property or property rights and values.

The most common concept of the term "investment" is considered to be long-term cash deposits within the country through the implementation of financial and real investments. This tangible, intangible and financial assets.

What is investing

The investment process itself is an investment, the implementation of financial transactions to obtain dividends and other financial effect. This is the process of reorganizing material resources into regular investments. Due to the constant circulation of funds between the fixed assets of the enterprise, the prerequisites for new investments are created.

The activities of any enterprise at a certain stage of development always intersect with the investment of resources in various assets, without which the enterprise cannot normally carry out its work. This activity is called investment, and the investment management process itself is called the investment management project of the organization.

To increase the level of profitability, some enterprises resort to investing temporarily idle resources and assets that also generate income, but do not participate in the main activity.

In any investment process, which is carried out to obtain the maximum return on investment, several parties are involved at once:

1. Investor - this is the entity that makes the decision to invest in a particular project. The investor is guided by information about possible dividends from investment that will be invested in business development in the chosen field of activity.
2. Customer - an individual / legal entity chosen by the head of the investment project for its implementation.
3. Investment project users - any individuals and legal entities, government agencies and civil services, foreign companies that are interested in creating investment activities.
4. The rest of the participants - banks, insurance companies, suppliers, investment intermediaries, etc.

Investments: types, features of use

In a modern economy, investments can be classified according to various criteria: according to types of property, organizational structures, equity investments and other parameters.

Based on regional affiliation, investment is distinguished within the country (internal) and outside (external).

Domestic investments are classified as follows:

1. Real.
2. Financial (portfolio).
3. Intelligent.

WITH real investment associate long-term investments aimed at obtaining some new product. These funds are invested in various manufacturing enterprises with the aim of reorganizing, rebuilding, technical re-equipment and obtaining new elements of entrepreneurial activity. With real investment, the main resources are expanded, free finance appears for expanding the business.

Among financial investments instruments such as bonds, stocks, bank deposits, securities and other assets are sold. This type of investment is called portfolio investment for a reason, because the investor forms a special financial capital (portfolio) at the expense of securities.

Under intellectual investment it is considered to be contributions to various scientific and technological developments, innovative solutions, etc.

1. Direct (investing in any tangible assets).
2. Indirect (investing funds through others).

According to the time of investment, there are short term and long-term deposits. In the first case, it means a cash flow to the material base, securities, etc. Long-term investment is considered to be financing in tangible / intangible assets, expansion of the organization's funds. Long-term investment is considered to be capital construction, reconstruction, modernization of the production and technological base, etc.

If we take into account the direction of the investor's actions, then investments can be classified as initial, diversified, for the expansion or replacement of fixed assets, reinvestment.

In addition to projects aimed at creating a new enterprise or improving the material and technical supply at an enterprise, capital investments can be the cost of promoting a certain group of goods on the market. Thereby there is an increase in sales, and an increase in commercial profits.

What is investment planning

Investment planning is an integral part of the management strategy of any enterprise. The essence of planning is to predict the most successful areas of investment. Planning is carried out for investments in land plots, construction projects, natural resources, manufacturing of technological equipment, development of a series of products, securities and other assets.

The most significant component of the planning process is the investment policy of the enterprise., with the help of which the most profitable areas of capital investment are determined. This provides an increase in production capacity, reduces the cost of production and increases the efficiency of the organization.

There are two types of planning that are most in demand:

• capital construction, expansion of functionality, infrastructure and production base;
• bank deposits.

Almost all heads of enterprises consider capital construction a priority, since this allows the best way to modernize the technical base of production, to carry out reconstruction and expand the scope of the enterprise. If there is no need for capital construction, then the most profitable investment may be to receive dividends from bank deposits. Some executives are also considering the option of buying a block of shares in a developing company, which makes it possible to direct part of its income to the development of the main production.

Investment planning should take into account any nuances of the economic activity of the enterprise: taxation, climatic zone, inflation rate, availability of a raw material base, level of market development, availability of candidates for open vacancies, etc.

Among the priority planning tasks are:

• determining the need for investment;
• drawing up a list of funding sources, forming a constructive dialogue with investors;
• drawing up the cost of sources of finance;
• calculation of financial efficiency for each type of investment (taking into account the return of borrowed funds);
• drawing up a well-designed business plan.

If you explain what an investment is in simple terms, then this is one of the most important tasks performed by any enterprise. The company's income directly depends on how profitably the company disposed of its monetary resources.

What is crowdinvesting (equity investment)

Most people would like to increase their savings, but do not know how to do it. They consider the lack of money to be the main problem. But not everyone knows about equity investing. Few have heard what the word investment means in the plan. "Crowdinvesting".

When investing in equity, even a small amount of money can generate excellent dividends. Crowdinvesting (venture capital investment) is a big income from a small amount of money.

The essence of crowdinvesting is to invest at the initial stage of development of an enterprise, business, turnover, construction, etc. Having invested at the beginning of a project, an investor could subsequently receive such dividends, which would be enough for several generations.

This type of investment is not very popular, but with the modern development of innovations, investments in "startups" look quite promising. Free funds, even in a small amount, with the right investment, will be able to show maximum results.

The investment scheme for crowdinvesting is very simple. The investor studies available projects and invests in the most promising options (acquires shares in selected projects). Therefore, securities, which at the initial stage cost a minimum, increase in price after brand promotion. So, a small amount of money brings in quite a lot of money over time.

Basic investment rules

There are many cases where different enterprises with the same investment opportunities have achieved completely opposite results in their work. All this is due to the fact that each manager has his own idea of ​​investment (what it is, and which investment methods are the most effective).

Different results of investment activity are explained by ignorance of the most elementary rules of financing. Many business leaders may not know even the simplest investment rules.

From this graph you can see that at the moment the investment rating in the Russian Federation is falling

Basic rules for a profitable investment:

1. Drawing up an investment project... The investor must thoroughly study the investment potential of the enterprise. He must know how much money the company can allocate for a profitable investment. These funds can be invested only in accordance with the investment project, this money cannot be directed to any other costs.

1. Comparison of the size of the contribution with the possibilities... It is not recommended to invest the working capital of the enterprise (if these investments will greatly reduce the pace of production). You only need to invest free funds, without which the company will continue to work with the same efficiency.

1. Costs should not be comparable to profits... All costs in the enterprise must be reasonable. If they do not bring any improvements or dividends, then they were disposed of incorrectly. If the company has any additional profit, this does not mean that costs should also increase.

1. Analysis and control of the movement of investment funds... The investor must be fully aware of the possible negative consequences of improper allocation and investment of funds. There is no 100% guarantee on the investment market. Therefore, it is not recommended to dispose of investment dividends prematurely.

Foreign investment has recently declined from $ 75 billion to $ 5 billion (approximate figures)

Main investment options

There are a lot of profitable options for increasing your capital. The following areas are the most attractive for investment today:

• financing for your own business;
• financing in someone else's business;
• investing in mutual funds (mutual funds);
• investments in banking programs;
• purchase of precious metals, jewelry, antiques, bank coins;
• investments in the stock market;
• investment in real estate;
• equity investment of Internet projects;
• PAMM investment;
• structural investment of funds;
• buying cryptocurrencies;
• investment in personal development and training.

Hello! Today we'll talk about investing for beginners, because more and more people are interested in how to increase their income.

Today you will learn:

• What are the rules in the investment market;
• How to minimize risks;
• What useful tips do experienced investors give to newbies.

What is investing

Investment Is a way to generate income with a minimum expenditure of labor resources.

This form of passive income does not involve physical labor, allowing you to increase your finances at any time. Well-known economists characterize investment as a contribution to their own prosperous future, which can free them in the future from material problems.

For most people, investing is associated with a complex process, millions of turnovers, in which only large corporations participate.

The most common myths are:

• Investing is available only to wealthy entrepreneurs. Any person can become an investor and the contribution does not have a minimum threshold. Even an amount of 1000 rubles invested in the purchase of foreign currency can bring good interest over time.
• The investor must have specialized education and business experience. Rather, this type of activity requires prudence, the ability to think logically and an understanding of the processes of the economy. If you do not want to delve into the structure of financial pyramids or fluctuations in quotations, you can limit yourself to bank deposits and long-term deposits with minimal risk.
• All trades are very risky. In fact, investing has many options, all of which are at risk. But any enterprise or is also not insured against ruin, fires or man-made disasters that can bring losses to the owner.

Investing is an interesting way of earning money that has no limits. Start with small amounts and slowly move towards your goal.

Types of investments

For the work of economists, a classification of capital investments is used according to several criteria.

It depends:

1. From the chosen form of ownership: private or public. Division refers to who provided funds for projects or contributions.
2. From object: real, financial and speculative. The first involves the purchase of property rights, real estate, patents. Speculative ones are based on changes in the price of assets (fluctuations in currency quotes, the cost of precious metals). Financial means dealing with precious metals, shares or currencies.
3. From the duration of the investment: short-term (no more than a year), medium-term (no more than 5 years), for a long period (more than 5 years).
4. From the purpose of investment: direct (commercial or residential real estate), (in the construction of production or raw materials), non-financial (intellectual projects, scientific research).
5. According to the degree of risk: conservative, moderate and aggressive.

Novice investors often have a question: how to distinguish ordinary investments from financial speculations, because they have many common features. Most economists divide them according to the investment period: if it is less than one year, then we are talking about speculation.

Financial investments

For a novice private investor, financial investments are of the greatest interest. They are always aimed at obtaining material income. The objects for transactions are various types of securities, shares and shares in projects. This includes the purchase of stocks and debt securities, trade loans and bills.

Profit can be generated in two common ways:

• Payment of due interest is stable and regular;
• Income from the sale of a security at an increased price.

The novice investor himself must decide with what types of financial investments he will work. Some people prefer long-term investments and a constant stable income in a small amount. Fans of quick returns choose more risky operations with stocks and bonds.

The Beginner's Investor Dictionary

You should start working with investments by studying the basic terms and concepts that are actively used by specialists in their work.

The most common are:

• Assets- everything that can bring profit to the investor: shares of companies, various real estate, precious metals.
• Dividend- a certain part of the net income of a commercial company, which is distributed among its shareholders. The concept does not apply to the profit received in investment projects.
• Quotation- the price or the fixed rate of the asset or financial instrument at which the transaction is planned.
• Trader- a person who is actively involved in trading on the financial market, operating with investors' money.
• Stock exchange- the market for various financial assets (currency, gold or stocks). This is a legal entity that is a kind of intermediary between investors, sellers and buyers and sellers of financial assets.
• Liquidity- the term denotes the ability of a particular asset to quickly be sold on the market when needed.
• Kitchen- an investment company that does not conduct transactions in the real market, playing against its own clients.
• Aggressive investors- players who are ready to take any risk for the sake of high profits.
• Trusted manager- during the term of the transaction, manages the assets for an agreed percentage, but the funds remain with the owner.
• Deposit- a certain amount that is deposited in the bank's depository for safekeeping and can bring income in the form of interest.

In addition to general terms, a novice investor should know more narrow names:

• HYIP projects- specially designed investment programs that can bring great income. The overwhelming majority of investors classify them as risky financial pyramids.
• Ponzi pyramid- a structure in which investors profit from the attracted new participants. She actively worked in the early 90s, attracting people by making large profits in the shortest possible time (the notorious MMM or Hoper-Invest).
• PAMM account- a special trading account that has a module for managing the percentage distribution of finance among all participants. Its main function is to manage the total capital of several investors and the manager himself. The latter receives a fixed percentage of income, and the total amount of profit is automatically distributed among all contributors.
• PAMM capital—bills- the total amount of all investments accumulated on an open account.
• Manager's offer- a specially drawn up agreement with an investor, which stipulates the percentage (or amount) of the income received, the rules for the distribution of profits and other important provisions.
• Investment funds- specialized companies that attract money investments with their further placement on PAMM accounts, participation in exchange transactions and other projects.

This is just a minimal set of terms that will be updated as you work with investments. Additional study of online courses, which are increasingly conducted by various traders, training centers and investment companies, will be a good help.

Many wealthy entrepreneurs started with small investments of personal savings.

In their autobiographies and useful articles, they willingly share useful recommendations with beginners that can be used at the initial stage:

• Learning the basics of investing... To work in this area, it is not necessary to have an economic education and work experience on the stock exchange. But knowledge of basic terms and methods is necessary to understand the processes, it will help you independently study market news and talk with brokers in the same language. To gain knowledge, you can regularly participate in seminars, get acquainted with articles by famous investors and managers, read books on similar topics.
• We set a specific goal... After learning the important fundamentals of investing, you need to set a goal for yourself: how much income should be generated? Reaching this threshold stimulates and spurs action. It is better to break the big global goal (to make a million dollars) into several real stages.
• Choosing a style of work... There is an aggressive and conservative way of investing. Conservatives are leaner and tend to invest in low-risk assets. “Aggressors” are not afraid to take risks to get big profits. Further tactics of work, assessment of investment risks depend on the method.
• Determine the financial limit... You should start investing by calculating your own free funds. It is not worth investing large amounts borrowed at first. It is better to start with small investments that you can part with without much loss. It is necessary to allocate a certain minimum amount for the start, the loss of which will not be global for a newbie investor.
• We are looking for a broker... This is an important step that should be considered carefully. A good financial professional has many references and clients. The final result directly depends on his mobility and ingenuity.
• We assess the degree of risk... Any investment deal will have a percentage of risk. The choice of strategy is directly related to the final goals of the investor: if he wants a quick profit to buy a holiday package, he will have to pay attention to transactions with a high degree of risk. If the task is to collect additional income for retirement, you can limit yourself to working with proven financial assets (long-term bank deposits).
• Choosing a field for activity... At the initial stage, it is better to split finances and try to work with different types of investments to buy currency, stocks and deposits. After summing up the first results and making a profit, it will be easier for a novice investor to determine the direction of work.
• Diversifying investments... This is the basic rule of any investor, which is to use several instruments at the same time. For example, a good option would be to open long-term deposits, buy precious metals and participate in mutual funds, which will give profit at different times and provide the investor with a stable income.
• We revise our portfolio more often. Working with several types of financial projects at once, it is necessary to constantly monitor the price level, stock market news. Some securities go down or go up quickly, so a beginner should keep an eye on the balance of their assets.

A novice investor should remember these rules of work and actively use them in all areas: real estate and bank deposits, the foreign exchange market and mutual funds.

Basic investment methods for beginners

Analyzing the work of experienced investors, the level of their income and preferences, you can make a kind of rating of available and simple types of investment for beginners.

Bank deposits

This financial instrument is considered the most reliable and affordable, because there are bank branches even in small towns and cities. The positive features include deposit insurance up to 1.4 million rubles, which guarantees almost 100% return on the money invested. This is the answer to the question: where to invest without risk? The presence of special programs and online accounts for users makes it easier for the investor to keep track of rates and the emergence of new profitable offers.

On the negative side, there is a low interest rate on deposits, which will not bring super-profits. more suitable for long-term investments for the future, which will give a good increase to the pension or help to collect for the purchase of real estate for the family.

Securities in any form

This type of investment requires advanced economics skills. Suitable securities are stocks, bonds or bills of exchange. The choice should be reasonable and practical, based on market trends, analytical data. Alternatively, you can entrust your investments to professional market players.

Profit from securities does not have a maximum, but this type of investment does not give a 100% guarantee of its receipt. There are many cases when the shares of a little-known enterprise, after a few years, brought income dozens of times higher than the initial investment.

Acquisition of real estate

- a popular option among investors of different levels. Housing is always in demand, it can be sold on the secondary market. The main difficulty is the dependence of prices on the state of the economy in a region or country.

In the case of real estate, an investor can receive income in two ways:

• Active (its implementation);
• Passive (renting out).

Among professionals, there are whole schemes for working with real estate, which give a good profit.

For this, apartments and houses are purchased:

• At the stage of laying the foundation and before the sale of the entire residential complex, when the price is the lowest;
• At the time of the maximum decline in prices in the real estate market for economic or political reasons;
• In an uninhabited state, they carry out repairs with minimal costs and implement them with a high margin.

In recent years, the following type has been gaining popularity: an investor buys an apartment on the first floor of a building, removes it into a non-residential premises and rents it out as an office, shop or pharmacy to third parties. This is a very profitable event, because monthly rent is 3-4 times higher than payments for a residential apartment.

Investing in the Forex market (Forex)

This name is often found by active users on the Internet. Forex is an international financial market where currencies are exchanged at free prices. It is open and accessible to novice and experienced investors, individuals. There are special training programs that, on a free basis, introduce you to the rules of working in the market. If you do not want to understand the intricacies of currency transactions, you can resort to the services of trusted traders.

Precious metals

The purchase of items and bars made of precious metals can be called the oldest type of investment on the planet. In addition to gold, platinum, silver and palladium can bring good income. In the last decade alone, the market value of gold has grown 6 times.

Expensive metals are not subject to deformation and corrosion; they are in stable demand even during the economic crisis. In any situation, they are easy to implement and get paid.

In addition to buying scrap and jewelry, there are several other ways to invest:

• Acquisition of shares or interest in a gold mining company;
• Purchase of quality bars;
• Opening ;
• Opening a special "gold" deposit in the bank.

The last option brings profit the fastest and has the lowest risk. Interest on such a deposit can be received in any currency, just like with a regular deposit.

Mutual funds

The essence of the activity of a mutual fund (UIF) is the disposal of assets that depositors provide on the basis of an agreement. Fund experts invest them in profitable commercial projects, corporate securities, receiving interest from trust money management. Relations between the parties are regulated by a special agreement.

The positive side of investing in mutual funds:

• Professionalism of employees who are experienced investors;
• Accessibility to any individual;
• State control over mutual funds;
• No income taxation.

Participation in mutual funds brings on average 20-30% of profit, which is significantly higher than the rates on deposits of well-known banks.

Promising startups

Quite a risky way to invest for beginners. Only every 4-5 project gives a good profit, and you need to have a certain entrepreneurial flair to define it.

You can find a project for investment on special sites, or by offering your investor services to initiative friends. The choice of direction is not limited by the type of project or its geography: modern technologies do not require the presence of an investor in the team, so you can invest in domestic or foreign startups.

If you make a comparative analysis of all the listed options for a novice investor, then it will look more clearly in the table:

A novice investor should not actively engage in unfamiliar types of investment. It is better to give money to the most studied market instrument or to resort to the services of experienced traders and investment funds. Diversification across several options will increase the chances of earning high returns and reduce the risk of losses.

How to avoid investment risks?

Profit from investments is almost always accompanied by risk. The higher the expected income from the transaction or contribution, the higher it is.

There are no absolutely safe financial instruments, and even a stable bank can go bankrupt in an economic crisis.

Therefore, the task of a novice investor is to learn how to minimize their risks.

Investment experts provide some helpful tips to help a newbie avoid setbacks and get their first income:

• It is necessary to invest amounts that are not intended for the needs of the family (payment for food or housing). It is better to manage "free" finances, the loss of which will not lead to a decrease in the usual standard of living;
• Remember the diversification rule: do not invest all available funds in one project, but distribute them into several different options;
• Withdraw money and received income from the project as soon as possible, timely review the state of all investments;
• Seek the help of professionals, select traders based on reviews and recommendations;
• Do not succumb to emotions and an inner voice that will push you to rash, impulsive decisions in the hope of making quick profits. Each contribution must be considered from all sides.

Like any type of business, investing has pitfalls and secrets that are gradually revealed. The path to success runs through a series of failures and profitable deals, and the experience gained helps to better navigate further work.

Common mistakes of a novice investor

The main misconception is the need to have a large starting amount for the initial work. Many investors started out with small personal savings that came back with income. Any financier will confirm that it is better to put them into circulation than to keep them in anticipation of a "rainy day".

A novice investor can quickly lose money if he makes such mistakes:

• Do not engage in self-development and neglect learning the basics of investing... The completeness of information and the ability to analyze it are of great importance; it will help to reduce risky transactions to a minimum;
• Fear total collapse... Investing will always be accompanied by the risk of losing part of your capital. A reasonable approach and constant study of trends will help develop a professional flair, quickly navigate course fluctuations;
• Expect big income... Many investors prefer steel trades with 10-15% returns, which have minimal risk. This helps to build up capital gradually, without losing or being disappointed in the chosen activity;
• Use loans and borrowings... The loss of these amounts will lead to a large loss and the need to pay additional interest from your own money;
• Blindly trust ratings... A novice investor must constantly consider information that helps to choose the best project. But the rating should be supported by personal knowledge, analysis of the latest news of exchanges or the market;
• To be lazy... Those who want to get great returns on investment should remember that this is a type of business - for active people. You can attend trainings on, devote more time to motivation and communication with dynamic entrepreneurs, start learning foreign languages.

Investing is a serious and interesting activity that can turn passive savings into stable income. Perhaps this exciting process will appeal to novice investors who want to make it their main and favorite job.

A couple of years ago, it was difficult to imagine that by the end of 2017, the ruble deposits market would have to choose between low and very low profitability. The difference is especially noticeable for those who run out of long-term deposits opened in late 2014 - early 2015 at double-digit rates. Now the maximum profitability on ruble deposits among the top 10 Russian banks is only 7.4%.

It is not easy to find a 100% alternative to a government-insured bank deposit, and at the same time significantly more profitable. There are no risk-free investments, but there are profitable ways to invest money in the Russian investment market with minimal risk.

1. OFZ

Federal loan bonds are the closest analogue to a bank deposit that is available on the market. The entry threshold is from 1000 rubles, you can buy and sell any day. The yield at the current moment is about 8.0-8.5% per annum, taking into account the coupon yield and the revaluation of securities upward in connection with the prospect of a further reduction in the key rate of the Central Bank. The risk of default by the state is practically zero, which provides a high guarantee of return on investment. There is no income tax payment.

Probably the main reason why investors have not yet tried this type of investment is some inertia. To buy OFZs, you need to open a brokerage account, buy securities on the market on your own and think about reinvesting the coupon income. But there is nothing to be afraid of - brokers' commissions are low, and the cost of depository services is only 200 rubles per year. In addition, you can buy the so-called people's OFZs, which are sold in the branches of an authorized bank: it is easier, but the commission is higher, and there are restrictions on early withdrawal of funds.

2. Corporate bonds

They offer higher yields than government debt. The total income from investments in corporate securities may amount to 9-10% per annum. Subject to a number of conditions, the investor's profit is exempted from personal income tax: the privilege applies to corporate bonds of Russian issuers issued from January 1, 2017, with a yield of no more than +5 p.p. from the key rate of the Central Bank.

The rest of the conditions are the same as with OFZ, except for one thing: the state does not guarantee the return of funds. You should be very careful when choosing bonds, especially subordinated issues, carefully read their terms and conditions and follow each corporate history in which you have invested. So this tool can only be recommended to owners of capital who are sophisticated in investments. The rest are better off considering other options.

3. mutual funds

Buying shares of bond mutual funds allows you to get rid of the headache associated with the choice of securities for investment, portfolio diversification, reinvestment of coupon payments and income received from bond redemption. For this, however, the investor pays with profitability: the fund manager will take up to 2% of the value of net assets for his services and about 3% of the value of the share - for entering and exiting it.

Managers often "draw" beautiful profitability charts on their website without taking into account these commissions. If we remove the aforementioned costs, then the profitability graph of a mutual fund may be completely different: on average, investments through mutual funds will deprive you of up to 5 p.p. from income per year with an investment horizon of up to 10 years. Nevertheless, if there is no experience in working with financial assets yet, mutual funds are a good option. It is important to check the reputation of the management company and give preference to players with good ratings. It is not without reason that the volumes of their assets have been hitting all records for almost a year against the background of falling rates on bank deposits.

4. Real estate

For decades, investing in real estate has been considered a reliable and profitable way to save money in Russia. But today only commercial real estate falls under this definition. Self-investment in such properties is, in fact, an investment in a new business that requires constant and close attention.

However, for those who are looking for passive income like banking, it makes sense to invest in real estate through a specialized real estate crowdfunding platform. Here, as in the case of mutual funds, the asset management company undertakes to work with the asset. The total yield can reach 20%, where the rental income from the lease of objects is slightly higher than 10% per annum, the rest is income from the revaluation of the fund's property and the indexation of rental income.

It is better to invest in overseas real estate through REIT funds (or eREIT funds that create foreign crowdinvesting platforms), whose shares are traded on the stock exchange. Here, managers pay at least 90% of all income from rent and resale of objects to the owners of shares. In addition, a large number of objects can be located in one REIT fund, which reduces risks, but does not always work for the quality and profitability of investments. REIT and eREIT are low-risk instruments, but you also need to treat them with caution, taking into account currency risks. For example, over the past two years, investments in REITs have brought losses to Russian investors in terms of rubles.

5. Structural products

Of course, this is a high-risk tool, despite the assurances of sellers to the contrary. But with a sound approach, you can also consider it as an alternative to the contribution. There are two main types of structured products - with 100% protection and participation ratio, and with partial or conditional capital protection. In the first case, sellers often offer such a product under the guise of a deposit, promising to fully return the invested funds and even a small income under any circumstances.

At the same time, part of the funds is invested in the underlying exchange asset - oil, gold, stocks, bonds - and the investor's profitability depends on the change in its value. The other part of the funds ensures the return of the investor's investments - the issuer of the structured product, as a rule, buys an option to sell the underlying asset with the exercise value equal to the investor's investment.

With a significant increase in the price of the underlying asset, the investor receives an income that exceeds the deposit rate. Another thing is products with conditional protection, where the issuer promises a guaranteed income if certain conditions are met. If these conditions are not met - say, the price of some market asset does not reach the target level, the investor loses a significant part of his investments. Here you need to be very savvy to understand the investment conditions. In addition, you need to understand that by buying a structured product, you are actually buying the obligations of the company or the bank that offers it to you. The issue of trust in the issuer of the product plays a very important role.

6. Dividend shares

Another investment option is investing in stocks that bring dividend income. They cannot be a full-fledged alternative to a deposit, since the degree of risk here is still much higher than in state-guaranteed deposits. Nevertheless, this is a very interesting story, here you can earn much more than on a deposit or bonds, especially if you guess with the time of entry into securities during a market correction.

Another thing is that there are few companies that pay high dividends in Russia. An investor must be confident in the issuers whose shares he buys, and also count on a long-term investment. Even with an investment horizon of 3 years, such investments may not be very profitable, but in the long term, the chances of success increase significantly.

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Lawyer-entrepreneur, company founder NewLawyers. Has a higher legal education, is a candidate of legal sciences. More than 10 years worked in the company Ernst & Young, where he was involved in supporting M&A transactions, restructuring and preparing business for the arrival of investors, representing the interests of investors and startups during negotiations. Launched a service together with partners NewLawyers.Lite, which helps small and medium-sized companies to save on legal services while maintaining a high level of legal protection of the business.

What is important for any investor

There is no single algorithm that all investors are guided by when deciding whether to invest in a particular project. It largely depends on who the investor is and what his strategy is.

Nevertheless, there are a number of fairly general requirements that any investor is guided by. Among other things, he needs to understand what exactly he is investing in, and for this he needs to know exactly:

• what is your product and its audience;
• what is your business;
• what are the financial flows in this business;
• how this business is organized;
• what are its main risks;
• what are its prospects - market and financial.

Due diligence

To get answers to all these questions, the investor conducts the so-called due diligence. In an ideal world, due diligence is a fairly detailed study, which reflects key information about a potential investment: from key financial indicators to information about who and how owns and operates a business.

The author had to work on projects where due diligence reports reached several hundred pages in small print. However, due diligence has its own specifics in relation to startups.

So, a very common feature of startups is the lack of full-fledged reporting. As a result, financial specialists will not be able to accurately calculate certain indicators that may be necessary for making an investment decision. We are talking, for example, about such indicators as EBITDA, NPV, ROI, etc.

In this situation, consultants do not always seek to verify the acquired business. Quite often, they try to draw up quasi-reporting on the basis of scattered information received from the management of a startup, which will allow them to at least approximately estimate the values ​​of these indicators.

Another feature of startups is the relatively small amount of money that is required from an investor. In this case, it makes no sense to do a detailed analysis (and hire expensive lawyers for this). Therefore, quite often due diligence is not carried out at all or is very limited. In the second case, lawyers tend to focus on the most key issues: who owns the business and key assets, whether they have legal defects, etc.

Structuring

One of the most common problems identified during the due diligence of a startup is the opaque and risky legal structure of the business in which it is planned to invest.

Yes, a business registered in the IP format using the patent taxation system is tax efficient. However, you cannot buy a share in an individual entrepreneur and it is extremely problematic to protect the interests of an investor with such a structure. That is why one of the first tasks of owners planning to attract an external investor is the correct structuring of their business, i.e. its preparation for the entry of the investor.

During structuring, a legal separation of the business takes place. Key assets and contracts are transferred to a separate legal entity (or legal entities), trademarks are registered, personnel are transferred, etc. At the same time, assets and operations that are not directly related to it (for example, personal assets of the owners) are removed from the business perimeter.

Agreement of intent

An agreement of intent allows the parties to agree on their intentions and requirements for their future deal at an earlier stage of negotiations, as well as in the most general form to agree on its key parameters, conditions and stages.

In practice, an agreement of intent is used when the upcoming transaction is not so easy from the point of view of its implementation. For example, the need for such an agreement may arise if the business needs restructuring or the investor plans to conduct due diligence (albeit limited).

The peculiarity of such an agreement is that it, as a rule, is not binding. Nevertheless, a certain obligation of a psychological nature is nevertheless created in this case. It may be more problematic for a participant in a future transaction to exit it without any adequate explanation, if he has already, in general, expressed his consent to it.

Negotiation

Be careful and careful when signing your letter of intent. A properly written agreement can be of great help in future negotiations on the parameters of the deal with an investor. At the same time, if you have already agreed with certain conditions in the letter of intent, then justifying a significant change in the negotiating position can be problematic.

A well-developed agreement of intent can significantly strengthen your position, and a document that you did not delve into properly can significantly weaken them.

There is one more important point to consider when entering into negotiations with an investor. The fact is that Russian law requires the parties to participate in the negotiations in good faith. This means a ban on:

entering into negotiations or their continuation with a deliberate lack of intention to reach an agreement with the other party;

provision of incomplete or inaccurate information, including omission of circumstances that must be brought to the attention of the other party;

sudden and unjustified termination of negotiations for the conclusion of an agreement under circumstances in which the other party to the negotiations could not reasonably expect it.

If these rules are violated, the investor gets the opportunity to recover the losses caused to him from the owners and / or management of the startup.

Investment formats

There are many ways an investor can invest in a startup.

Perhaps the main and most obvious way is this is a contribution to the authorized capital of a legal entity... When using this method, the most important problem is solved - investments go directly to the business. At the same time, the investor receives a legally registered share, which provides him with the necessary level of comfort.

This method is also of interest for tax reasons. So, with the subsequent sale of the share, the investor will be able to reduce his income by the amount of his contribution. As a result, the amount of tax payable can be significantly reduced.

However, there are also disadvantages to the contribution to the authorized capital. For example, in case of bankruptcy of a company, the investor will be able to get his money back only after settlements with all creditors, which is quite unlikely. Also, when using this option, you cannot quickly share income with the investor. This becomes possible with a decrease in the authorized capital, which is a relatively time-consuming procedure. In addition, dividends can be distributed, but for this, at least, there must be profit - so that there is something to distribute.

Alternative financing option works in the opposite way - through a loan... The investor does not receive a share in the business, however, he can quickly extract his part of the income from it, regardless of the profitability of the startup. In addition, in the event of bankruptcy of a startup, the investor falls into the so-called third line of creditors, which somewhat increases his chances of a return on investment.

An intermediate option could be combined financing when the investor's funds are provided partially in the form of a contribution to the authorized capital, partially in the form of a loan. This allows you to ensure a reasonable balance of his interests: on the one hand, the investor legally secures his participation in the business, and on the other hand, he gets the necessary flexibility in terms of obtaining his share in the profit and protecting his interests in bankruptcy.

Another financing option, combining a contribution to the authorized capital and a loan, is the so-called mezzanine financing... In this case, the investor provides the startup with borrowed funds, and also receives an option (right) to buy out a certain share in the business. As a result, if the startup is successful, it gets the opportunity to buy out part of the business at a low price. If the startup does not meet expectations, then the investor retains the right to a return on his investment made in the form of a loan.

Life after

The appearance of an external investor in the company is not only money for business development, but also new obligations for the owners and management of a startup. The investor, quite obviously, wants to control how his money is spent, and ideally - to influence key management decisions.

Depending on which investment option is agreed between the owners and the investor, these tasks are resolved in different ways.

If we are talking about a contribution to the authorized capital, then amendments are made to the charter of a legal entity, which fixes certain powers of a minority participant (investor). If we are talking about a loan, then control powers are assigned to the investor, as the lender.

Recently, agreements on the exercise of participant's rights (for LLC) or shareholder agreements (for JSC) have become increasingly popular. These agreements allow for more flexible adjustment of management in the company, as well as provide for their own rules / conditions for the disposal of shares / shares of participants to third parties.

These agreements came to us from English law and were quite actively used in medium and large transactions. After their appearance in Russian law, they became available to small companies.

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INVESTMENT AND CONSTRUCTION ACTIVITIES. SHARED PARTICIPATION IN CONSTRUCTION

INVESTING TO CREATE YOUR OWN REAL ESTATE CASH UNDER THE INVESTMENT CONTRACT (TARGETED FINANCING)

Capital construction involves investment. If the construction is not carried out on its own and the investor only allocates funds for its implementation, then such subjects of investment activity arise as a customer (customer-developer), a contractor (general contractor). An investment agreement is concluded between the investor and the customer, according to which the investor provides financial support for the construction process, and the customer performs organizational and technical functions. We will talk about the intricacies of targeted investment under construction contracts in this article.

Subjects of investment activity on the basis of clause 1 of article 4 of the Federal Law of February 25, 1999 No. 39-FZ "On investment activities in the Russian Federation carried out in the form of capital investments" (hereinafter - Law No. 39-FZ) are investors, customers, contractors , users of capital investments and others.

Investors are understood as persons making capital investments in accordance with the legislation of the Russian Federation, and investors can be individuals and legal entities that do not have the status of a legal entity, associations of legal entities created on the basis of an agreement on joint activities, state bodies, local governments, as well as foreign business entities (paragraph 2 of Article 4 of Law No. 39-FZ).

Customers in the framework of capital construction can also be individuals and legal entities, who, in accordance with the agreement, the investor is entrusted with the implementation of the investment project. Investors themselves can be customers. A customer who does not combine the functions of an investor is endowed with the rights of ownership, use and disposal of capital investments for the period and within the powers established by the contract (paragraph 3 of Article 4 of Law No. 39-FZ).

An investment agreement is concluded between the investor and the customer. The complexity of the legal regulation of relations between the subjects of investment activity lies in the fact that the investment agreement is not singled out by the civil legislation of the Russian Federation as a separate type of agreement. The theory of civil law classifies investment contracts as mixed contracts, which means that they are subject to civil law only to the extent that these relations are enshrined in a specific investment contract.

The lack of legal regulation of investment contracts determines the variety of forms of relationships between the subjects of investment activities. Thus, an investment agreement may stipulate that the investor pays for the services of the customer and at the same time independently pays for construction work and services of contractors and other organizations; or the investment agreement may provide for the transfer of the necessary funds to the customer to ensure the construction process.

In the second case, the concept of targeted financing in construction arises. The accounting of funds financed for construction will depend on the purpose for which the property is being built. It should be borne in mind that in accordance with paragraph 2 of Article 4 of Law No. 39-FZ, the organization has the right to invest both its own and borrowed funds.

When building real estate objects, investors often resort to borrowing money. The accounting of expenses for servicing loans and borrowings is regulated by the Accounting Regulations "Accounting for expenses for loans and borrowings" (PBU 15/2008), approved by Order of the Ministry of Finance of the Russian Federation dated 06.10.2008 No. 107n (hereinafter - PBU 15/2008). In this case, the accounting procedure for these expenses will depend on what is being built by the investor - an object recognized as an investment asset or an object not recognized as such. If the object under construction is recognized as an investment asset, then interest on loans and credits will increase the initial value of the property.

Recall that according to clause 7 of PBU 15/2008, an investment asset is understood as an object of property, the preparation of which for the intended use requires a long time and significant costs for the acquisition, construction and (or) manufacture. Investment assets include, in particular, construction in progress, which will subsequently be accepted for accounting by the borrower and (or) the customer (investor) as fixed assets or other non-current assets.

In other words, if construction is carried out with the aim of further resale of the object, then this object will not be recognized as an investment asset, since after the completion of construction it will be recorded as finished goods on account 43 "Finished goods", and not on account 01 "Fixed assets "or 03" Profitable investments in tangible assets "as an item of fixed assets.

Note!

The initial cost of an object recognized as an investment asset includes only interest for the use of borrowed funds. Additional expenses on loans and borrowings do not increase its initial cost and are recorded as other expenses in the investor's accounting. Additional costs are amounts paid for information and consulting services, for the examination of a loan agreement or credit agreement, other costs directly related to obtaining loans (credits).

It should be noted that in tax accounting, interest on loans and borrowings is not subject to inclusion in the initial cost of fixed assets.

The rules for the formation of the initial cost of fixed assets for tax accounting purposes are established by the provisions of Article 257 of the Tax Code of the Russian Federation. Interest on debt obligations of a taxpayer (investor organization) is included in non-operating expenses on the basis of paragraph 2 of Article 265 of the Tax Code of the Russian Federation. A similar position is given in the Letter of the Ministry of Finance of the Russian Federation dated 03.02.2009 No. 03-03-06 / 1/37.

In the investor's accounting, the transfer of funds to the customer for the construction of the facility is reflected in the accounting entry:

Debit 76 "Settlements with different debtors and creditors" Credit 51 "Current accounts".

The customer accepts the specified funds and takes them into account as part of targeted financing with accounting entries:

Debit 51 "Settlement accounts" Credit 76 "Settlements with various debtors and creditors";

Debit 76 "Settlements with different debtors and creditors" Credit 86 "Target financing".

Funds of targeted financing can be directly reflected by correspondence on the debit of account 51 "Settlement accounts" and the credit of account 86 "Target financing", bypassing account 76 "Settlements with different debtors and creditors". Meanwhile, the reflection of the investor's debt under the investment agreement by the amount of targeted financing allows the customer to better control the financing process and is expedient for management accounting.

In the tax accounting of the customer, the funds received from the investor are recognized as targeted and are not subject to corporate income tax in accordance with the provisions of Article 251 of the Tax Code of the Russian Federation, in accordance with subparagraph 14 of paragraph 1 of which, for the purpose of taxation of profits, income in the form of property received by the taxpayer within the framework of targeted financing. In this case, targeted financing means property received by the taxpayer and used by him for the purpose determined by the organization (individual) - the source of targeted financing.

In this case, the customer should organize separate accounting for targeted financing and other receipts. In the absence of separate accounting, targeted financing funds are subject to inclusion in the tax base from the date of their actual receipt and are reflected in non-operating income (paragraph 14 of Article 250 of the Tax Code of the Russian Federation). The date of recognition of income in the form of property (including funds) specified in paragraph 14 of Article 250 of the Tax Code of the Russian Federation, when applying the accrual method, is the date when the recipient of funds actually used them for other purposes or violated the conditions on which they were provided ( subparagraph 9 of paragraph 4 of Article 271 of the Tax Code of the Russian Federation).

At the same time, according to the Letter of the Federal Tax Service of the Russian Federation for the city of Moscow dated 11.12.2006, No. 22-19-I / 0564, the tax authorities indicate that in order to ensure separate accounting of targeted funds, it is necessary to register in the investment agreement not only the amount of investment, but also the amount and types of construction costs, as well as the timing of costs.

Please note that if the targeted funds are not used for their intended purpose, not in full, but only partially, then the tax authorities insist on including the entire volume of targeted financing in the tax base. In the author's opinion, the position of the tax authorities is unlawful, since tax legislation does not establish requirements for the inclusion of the entire volume of targeted financing in the tax base. Therefore, if an organization is faced with the need to use earmarked funds for other purposes, it should organize separate accounting of earmarked funds used for their intended purpose and earmarked funds used for other purposes. In this case, only a part of targeted financing can be included in the tax base for income tax.

The customer's expenses incurred from targeted financing are not taken into account for tax purposes of his profits. This is indicated by the provisions of Article 270 of the Tax Code of the Russian Federation.

In the accounting of the investor organization, funds sent as targeted financing to the customer will not be subject to VAT. Recall that subparagraph 4 of paragraph 3 of Article 39 of the Tax Code of the Russian Federation establishes that the transfer of property, if such a transfer is of an investment nature, is not recognized as the sale of goods, works or services.

For tax accounting purposes, the transfer of funds from the investor to the customer is equal to investment contributions and is not subject to VAT on the basis of paragraph 2 of Article 146 of the Tax Code of the Russian Federation.

It should be borne in mind that the concept of investment and investment activity is given in Law No. 39-FZ. So, investments include cash, securities, other property, including property rights, other rights that have a monetary value, invested in objects of entrepreneurial and (or) other activities in order to make a profit and (or) achieve another useful effect. At the same time, capital investments are understood as investments in fixed assets.

The fact that the investor's funds transferred to the customer under the investment agreement are not subject to VAT is also evidenced by judicial practice. In particular, this position of the courts is contained in the Ruling of the Supreme Arbitration Court of the Russian Federation dated May 23, 2008 No. 4609/08, the Resolution of the FAS of the East Siberian District of December 14, 2007 in case No. A33-5631 / 07-F02-9138 / 07.

At the expense of the investor's earmarked funds, the customer attracts contractors for construction, and also purchases all the necessary services and materials to ensure the construction process. In this case, the amounts of input VAT presented to the customer by third parties are subject to transfer to the investor. The customer draws up a consolidated invoice, in which he indicates the purchased works and services with the allocated amounts of incoming tax in separate items. The specified document is drawn up in two copies, one copy is handed over to the investor, the other remains with the customer. Copies of invoices and settlement documents are attached to the consolidated invoice, indicating that the customer has paid for works and services to third parties.

Do not forget that only the positions of the purchased goods, works and services are indicated in the consolidated invoice. A separate invoice is issued for the amount of the customer's remuneration.

Note!

The investor's right to deduction does not depend on whether the investor has a turnover in a particular tax period on the credit of account 68 "Calculations for taxes and fees" subaccount "Calculations for VAT". A similar position is confirmed by the Resolution of the Federal Antimonopoly Service of the Moscow District of March 17, 2009 in case No. KA-A41 / 1603-09.

It should also be noted that the investor has the right to deduct the amount of input VAT even before the completion of the construction of the facility. For this, it is necessary that the costs incurred should be taken into account on account 08 "Investments in non-current assets". In the Letter of the Ministry of Finance of the Russian Federation dated February 19, 2007 No. 03-07-10 / 06, it is noted that if the construction contract concluded between the customer and the contractor and the contract between the customer and the investor provides for the delivery of the results of the construction stages of the facility, performed by the contractor organization, then preparation of invoices by the customer is possible in a manner similar to the above, within five days after the transfer to the investor's balance of these results on the completed stages of construction of the facility.

However, the tax authorities may disagree with this position. Consequently, the taxpayer will have to defend his innocence in court. An example of defending the position of a taxpayer is the Resolution of the Federal Antimonopoly Service of the Moscow District of 08.04.2009 in case No. KA-A40 / 2579-09.

When drawing up an investment agreement and determining the amount of targeted financing, it is important for an investor to determine the procedure for settlements directly with the customer himself. According to the author, the amount of the customer's remuneration in the contract should be distinguished separately. This will allow avoiding difficulties and problems when calculating VAT by the customer. Then the customer's remuneration, which is transferred simultaneously with the targeted financing for the construction, will be a prepayment for the customer's services. The customer should calculate VAT from the amount of the specified prepayment and issue an invoice to the investor.

If the customer's remuneration is not specified in the investment agreement, this does not mean that the customer does not have an obligation to calculate VAT on the amount of his remuneration. In this case, according to experts, the customer should, in his accounting policy for tax purposes, determine the procedure for calculating VAT payable to the budget with subsequent adjustment of the tax liability.

In practice, the volume of targeted financing may not be fully spent, therefore, so-called savings may occur. The investment agreement should provide for the order of disposal of these funds. If the specified savings are a reward or part of the customer's remuneration, then the customer will need to pay VAT from its value. If the contract stipulates that the balance of targeted financing is returned to the investor, then at the end of the construction process, the customer should transfer the remaining funds to the account of the investor organization.

Bazarova A.S.