{"id":402053,"date":"2024-01-19T17:07:32","date_gmt":"2024-01-19T17:07:32","guid":{"rendered":"https:\/\/seedlegals.com\/resources\/advanced-subscription-agreement\/"},"modified":"2024-01-19T17:07:32","modified_gmt":"2024-01-19T17:07:32","slug":"advanced-subscription-agreement","status":"publish","type":"post","link":"https:\/\/seedlegals.com\/ie\/resources\/advanced-subscription-agreement\/","title":{"rendered":"Advance Subscription Agreements: Money now, shares later"},"content":{"rendered":"","protected":false},"excerpt":{"rendered":"<p>Advanced Subscription Agreements allow investors to \u2018pre-pay\u2019 for shares. ASAs can be a faster, more efficient and S\/EIS-friendly way for startups to raise capital. <\/p>\n","protected":false},"author":77,"featured_media":401807,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[104],"tags":[],"event_tags":[],"class_list":["post-402053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-funding-guides-ie"],"acf":{"revision_date":"","has_sources":false,"has_custom_post_authors":true,"custom_post_authors":{"authors":[{"author":{"ID":77,"user_firstname":"Kirsty","user_lastname":"MacSween","nickname":"Kirsty MacSween","user_nicename":"kirsty","display_name":"Kirsty MacSween","user_email":"kirsty@seedlegals.com","user_url":"","user_registered":"2022-02-15 17:07:44","user_description":"","user_avatar":"<img alt='' src='https:\/\/secure.gravatar.com\/avatar\/f1916614a44124dcab268fd918605c6a506a48a45559a29792e2ed0effbc4a02?s=96&#038;d=mm&#038;r=g' srcset='https:\/\/secure.gravatar.com\/avatar\/f1916614a44124dcab268fd918605c6a506a48a45559a29792e2ed0effbc4a02?s=192&#038;d=mm&#038;r=g 2x' class='avatar avatar-96 photo' height='96' width='96' loading='lazy' decoding='async'\/>"},"role":"Writer"},{"author":{"ID":123,"user_firstname":"Gabriela","user_lastname":"Suarez","nickname":"Gabriela Suarez","user_nicename":"gabriela-suarez","display_name":"Gabriela Suarez","user_email":"wordpress41@seedlegals.com","user_url":"","user_registered":"2022-11-07 14:09:44","user_description":"","user_avatar":"<img alt='' src='https:\/\/secure.gravatar.com\/avatar\/2e759fb085dd7639d7c0902dc08993072a91fd2575a5df0fbef7bcb353408bb8?s=96&#038;d=mm&#038;r=g' srcset='https:\/\/secure.gravatar.com\/avatar\/2e759fb085dd7639d7c0902dc08993072a91fd2575a5df0fbef7bcb353408bb8?s=192&#038;d=mm&#038;r=g 2x' class='avatar avatar-96 photo' height='96' width='96' loading='lazy' decoding='async'\/>"},"role":"Expert contributor"}]},"is_expert_reviewed":true,"expert_reviewed":{"heading":"Expert reviewed","tooltip_message":"This article has been fact-checked by a SeedLegals subject matter expert.<br><br><a href=\"https:\/\/seedlegals.com\/authors-and-experts\/\" target=\"_blank\">Meet our experts<\/a> and learn more about our review process and quality assurance in our <a href=\"https:\/\/seedlegals.com\/editorial-policy\/\" target=\"_blank\">editorial policy<\/a>."},"related_posts":[{"post":false},{"post":false},{"post":false}],"post_content_width":"default","blog_layout":"default","show_author_card":false,"hero_image":401804,"post_content":[{"acf_fc_layout":"text","text":"<p>An <a href=\"https:\/\/seedlegals.com\/ie\/raise\/raise-before-a-round\/\" target=\"_blank\" rel=\"noopener\">Advance Subscription Agreement (ASA)<\/a> allows investors to \u2018pre-pay\u2019 for shares. For both founders and investors, ASAs can be a faster, more direct and more flexible way to get funds into the startup compared to a traditional \u2018priced\u2019 <a href=\"https:\/\/seedlegals.com\/ie\/raise\/raise-a-round\/\" target=\"_blank\" rel=\"noopener\">equity round<\/a>, where the startup raises funds at a predetermined valuation.<\/p>\n<p>We\u2019ve seen <a href=\"https:\/\/seedlegals.com\/resources\/seedfast-is-the-new-seed-round\/\" target=\"_blank\" rel=\"noopener\">Advance Subscription Agreements skyrocket in popularity<\/a> over the past few years on SeedLegals. In this post, we explain what they are, why they\u2019re a powerful alternative to a full round and how to use them.<\/p>\n<h3>In this post<\/h3>\n<ul>\n<li><a href=\"#asa-definition\">What is an Advance Subscription Agreement?<\/a><\/li>\n<li><a href=\"#asa-how-does-it-work\">How does an Advance Subscription Agreement work?<\/a><\/li>\n<li><a href=\"#asa-pros-and-cons\">Advance Subscription Agreement: pros and cons<\/a><\/li>\n<li><a href=\"#asa-vs-safe\">Difference between Advance Subscription Agreements and SAFEs<\/a><\/li>\n<li><a href=\"#asa-vs-cln\">Difference between Advance Subscription Agreements and Convertible Loan Agreements<\/a><\/li>\n<li><a href=\"#asa-seis-eis\">SEIS\/EIS compatibility rules for Advance Subscription Agreements<\/a><\/li>\n<li><a href=\"#asa-seedlegals\">How to create an Advance Subscription Agreement on SeedLegals<\/a><\/li>\n<li><a href=\"#key-takeaways\">Key takeaways<\/a><\/li>\n<li><a href=\"#talk-to-experts\">Talk to the funding experts<\/a><\/li>\n<\/ul>\n"},{"acf_fc_layout":"cta","cta":{"type":"light","subheading":"SeedFAST","heading":"The fast and easy way to create an Advance Subscription Agreement","content":"\u2713 Create, share, sign, store online<br \/>\r\n\u2713 Expert help included<br \/>\r\n\u2713 SEIS\/EIS friendly<br \/>\r\n\u2713 Internationally accepted","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":false,"gtm_form_location":false},"button":{"title":"Get started","url":"https:\/\/seedlegals.com\/raise\/raise-before-a-round\/","target":"_blank"},"image":42761}},{"acf_fc_layout":"text","text":"<h2><a id=\"asa-definition\"><\/a>What is an Advance Subscription Agreement?<\/h2>\n<p>An advance subscription agreement (ASA) is a type of funding agreement between investors and a company. Under an ASA, investors commit to providing capital to the startup immediately in exchange for the right to receive shares at a fixed point in the future.<\/p>\n<p>The terms of the agreement specify the trigger event &#8211; usually it\u2019s a new funding round. If no trigger event happens before the specified deadline &#8211; the longstop date &#8211; then the agreement converts into shares at the pre-agreed <a href=\"#longstop-valuation\">longstop valuation<\/a>.<\/p>\n"},{"acf_fc_layout":"content_highlight","highlight_type":"tip","background_colour":"blue","show_icon":true,"content":"You might already be familiar with the concept under another name: these agreements go by the name ASA, the US version is called a SAFE (Simple Agreement for Future Equity) or you might know the SeedLegals version, <br \/>\r\n<a href=\"https:\/\/seedlegals.com\/raise\/raise-before-a-round\/\" target=\u201d_blank\u201d>SeedFAST<\/a>","link":null},{"acf_fc_layout":"text","text":"<p>For companies, the benefit of an Advance Subscription Agreement is obvious. You get access to cash much earlier than you would if you were negotiating a full funding round.<\/p>\n<p>What\u2019s in it for investors? By committing earlier, they can secure their right to shares at a lower valuation than they would during a round. Plus, companies can add an extra incentive to encourage investors to commit their capital early, by offering the ASA investor a <a href=\"#asa-how-does-it-work\">discount<\/a> on the shares as a reward for coming in early.<\/p>\n"},{"acf_fc_layout":"expert_highlight","expert_highlight":{"":null,"image":{"ID":9124,"id":9124,"title":"Anthony Rose","filename":"anthony-rose-profile-photo.jpg","filesize":199649,"url":"https:\/\/seedlegals.com\/wp-content\/uploads\/2021\/07\/anthony-rose-profile-photo.jpg","link":"https:\/\/seedlegals.com\/wp-content\/uploads\/2021\/07\/anthony-rose-profile-photo.jpg","alt":"Anthony Rose","author":"59","description":"Anthony Rose","caption":"Anthony Rose","name":"e0c71cbb74f24e09b7ccfa6539c51c84","status":"inherit","uploaded_to":22998,"date":"2021-07-16 10:03:39","modified":"2023-11-14 13:26:18","menu_order":0,"mime_type":"image\/jpeg","type":"image","subtype":"jpeg","icon":"https:\/\/seedlegals.com\/wp-includes\/images\/media\/default.png","width":800,"height":800,"sizes":{"thumbnail":"https:\/\/seedlegals.com\/wp-content\/uploads\/2021\/07\/anthony-rose-profile-photo-150x150.jpg","thumbnail-width":150,"thumbnail-height":150,"medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2021\/07\/anthony-rose-profile-photo-300x300.jpg","medium-width":300,"medium-height":300,"medium_large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2021\/07\/anthony-rose-profile-photo.jpg","medium_large-width":768,"medium_large-height":768,"large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2021\/07\/anthony-rose-profile-photo.jpg","large-width":800,"large-height":800,"_themosis_media":"https:\/\/seedlegals.com\/wp-content\/uploads\/2021\/07\/anthony-rose-profile-photo-100x100.jpg","_themosis_media-width":100,"_themosis_media-height":100,"1536x1536":"https:\/\/seedlegals.com\/wp-content\/uploads\/2021\/07\/anthony-rose-profile-photo.jpg","1536x1536-width":800,"1536x1536-height":800,"2048x2048":"https:\/\/seedlegals.com\/wp-content\/uploads\/2021\/07\/anthony-rose-profile-photo.jpg","2048x2048-width":800,"2048x2048-height":800,"themosis":"https:\/\/seedlegals.com\/wp-content\/uploads\/2021\/07\/anthony-rose-profile-photo-200x150.jpg","themosis-width":200,"themosis-height":150,"tog-small":"https:\/\/seedlegals.com\/wp-content\/uploads\/2021\/07\/anthony-rose-profile-photo-300x300.jpg","tog-small-width":300,"tog-small-height":300,"tog-medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2021\/07\/anthony-rose-profile-photo-600x600.jpg","tog-medium-width":600,"tog-medium-height":600,"tog-large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2021\/07\/anthony-rose-profile-photo.jpg","tog-large-width":800,"tog-large-height":800,"tog-huge":"https:\/\/seedlegals.com\/wp-content\/uploads\/2021\/07\/anthony-rose-profile-photo.jpg","tog-huge-width":800,"tog-huge-height":800}},"quote":"<p>Basically, a SeedFAST is an agreement that says: \u201cYou give me money now, and I\u2019ll give you shares when I do my next funding round. To incentivise you to give me the money now, I\u2019ll give you a discount, for example of 10%, compared to the valuation the investors will pay in my next round. And, if I don\u2019t do that funding round within (typically, for SEIS\/EIS compatibility) 6 months, then your investment will convert into shares at a valuation of, for example, \u00a33,000,000\u201d<\/p>\n","name":{"title":"Anthony Rose","url":"https:\/\/seedlegals.com\/resources\/author\/anthony\/","target":"_blank"},"role":"CEO & co-founder","company":{"title":"SeedLegals","url":"https:\/\/seedlegals.com\/","target":"_blank"},"linkedin":"","facebook":"","instagram":"","twitter":"","hide_image":false}},{"acf_fc_layout":"text","text":"<p><strong>Read more of Anthony&#8217;s insights<\/strong>: <a href=\"https:\/\/seedlegals.com\/resources\/how-to-pick-the-right-deal-terms-for-your-seedfast\/\" target=\"_blank\" rel=\"noopener\">How to pick the right terms for your Advance Subscription Agreement<\/a><\/p>\n<h2><a id=\"asa-how-does-it-work\"><\/a>How does an Advance Subscription Agreement work?<\/h2>\n<p>An Advance Subscription Agreement allows startups to secure funding from investors upfront even before a valuation has been set, and receive investment on a rolling basis.<\/p>\n<p>Here are the terms you\u2019ll specify in your Advance Subscription Agreement:<\/p>\n<ul>\n<li><strong>Discount<\/strong> &#8211; founders can make the deal more attractive for the investor by offering a discount (typically between 10% and 20%) on shares in the next round.<\/li>\n<li><strong>Valuation cap<\/strong> &#8211; you can set an upper limit on the valuation at which the Advance Subscription Agreement will convert into shares. If the next round valuation is higher than the cap, the agreement converts at the cap, giving the early investors a better deal than those who invest later.<\/li>\n<li><strong>Longstop date<\/strong> &#8211; this is the deadline by which the agreement must convert into shares. If you don\u2019t have a funding round before this date, then the ASA converts into shares automatically at the longstop valuation.<\/li>\n<li><strong><a id=\"longstop-valuation\"><\/a>Longstop valuation<\/strong> &#8211; this sets the price at which the ASA will convert if no trigger event happens.<\/li>\n<\/ul>\n"},{"acf_fc_layout":"expert_highlight","expert_highlight":{"":null,"image":{"ID":34792,"id":34792,"title":"Gabriela Suarez SeedLegals","filename":"Screenshot-2022-11-03-153538.png","filesize":256040,"url":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","link":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","alt":"Gabriela Suarez SeedLegals","author":"82","description":"Gabriela Suarez SeedLegals","caption":"Gabriela Suarez SeedLegals","name":"99f7296d990945ec9710a6ec12f7ec15","status":"inherit","uploaded_to":5484,"date":"2022-11-03 15:35:54","modified":"2023-11-14 14:39:29","menu_order":0,"mime_type":"image\/png","type":"image","subtype":"png","icon":"https:\/\/seedlegals.com\/wp-includes\/images\/media\/default.png","width":370,"height":384,"sizes":{"thumbnail":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538-150x150.png","thumbnail-width":150,"thumbnail-height":150,"medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538-289x300.png","medium-width":289,"medium-height":300,"medium_large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","medium_large-width":370,"medium_large-height":384,"large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","large-width":370,"large-height":384,"_themosis_media":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538-100x100.png","_themosis_media-width":100,"_themosis_media-height":100,"1536x1536":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","1536x1536-width":370,"1536x1536-height":384,"2048x2048":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","2048x2048-width":370,"2048x2048-height":384,"themosis":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538-200x150.png","themosis-width":200,"themosis-height":150,"tog-small":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538-300x311.png","tog-small-width":300,"tog-small-height":311,"tog-medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","tog-medium-width":370,"tog-medium-height":384,"tog-large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","tog-large-width":370,"tog-large-height":384,"tog-huge":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","tog-huge-width":370,"tog-huge-height":384}},"quote":"<p>Discounts and caps are investor-friendly provisions &#8211; a founder doesn&#8217;t have to offer them straight away, or even at all. But they can be used to sweeten the deal and get an investor across the line.<\/p>\n<p>They&#8217;re also commonly used for foreign investors who can\u2019t benefit from <a href=\"#asa-seis-eis\">SEIS\/EIS tax relief<\/a>, so they get a discount instead.<\/p>\n","name":{"title":"Gabriela Suarez","url":"https:\/\/seedlegals.com\/resources\/author\/gabriela-suarez\/","target":"_blank"},"role":"Agile Funding Expert","company":{"title":"SeedLegals","url":"https:\/\/seedlegals.com","target":"_blank"},"linkedin":{"title":"","url":"https:\/\/www.linkedin.com\/in\/gmsuarez\/","target":""},"facebook":"","instagram":"","twitter":"","hide_image":false}},{"acf_fc_layout":"cta","cta":{"type":"purple","subheading":"SeedLegals Termometer","heading":"What's 'normal' for early-stage deals?","content":"Dig deep into the data from 2,000+ funding rounds completed on SeedLegals and exclusive insights into the key terms that founders and investors negotiate.","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":false,"gtm_form_location":false},"button":{"title":"Analyse terms","url":"https:\/\/seedlegals.com\/termometer\/","target":"_blank"},"image":2085}},{"acf_fc_layout":"text","text":"<h2><a id=\"asa-pros-and-cons\"><\/a>Advance Subscription Agreement: pros and cons<\/h2>\n<h3>Pros<\/h3>\n<ul>\n<li><strong>Fast to negotiate and complete<\/strong> &#8211; Instead of rounding up all the investors to fill up a funding round, agreeing a valuation with them and then doing all the legal paperwork, ASAs allow you to raise when the opportunity arises. You can defer the valuation discussion and the complex legal documents (<a href=\"https:\/\/seedlegals.com\/resources\/uk-term-sheet-explained\/\" target=\"_blank\" rel=\"noopener\">Term Sheet<\/a>, <a href=\"https:\/\/help.seedlegals.com\/en\/2302038-can-seedlegals-produce-me-a-shareholders-agreement-before-my-round\" target=\"_blank\" rel=\"noopener\">Shareholders Agreement<\/a>, <a href=\"https:\/\/seedlegals.com\/resources\/why-your-model-articles-need-amending\/\" target=\"_blank\" rel=\"noopener\">Articles of Association<\/a>) until later.<\/li>\n<li><strong>Locks in capital before a round<\/strong> &#8211; With an ASA, you can secure cash upfront while you work through the rest of your funding round.<\/li>\n<li><strong>Use early cash to grow your valuation<\/strong> &#8211; you can use an ASA tactically. Take the cash you\u2019ve raised via the ASA, invest in business activities that allow you to grow your valuation, so you can raise a full round at a higher valuation.<\/li>\n<li><strong>SEIS\/EIS compatible<\/strong> &#8211; as long as the investment complies with certain <a href=\"#asa-seis-eis\">restrictions<\/a><\/li>\n<\/ul>\n"},{"acf_fc_layout":"content_highlight","highlight_type":"tip","background_colour":"blue","show_icon":true,"content":"<b>3 fundraising strategies using ASAs<\/b> <br \/>\r\nHere\u2019s how to use Advance Subscription Agreements tactically to raise faster - and at a higher valuation:<br \/>\r\n<a href=\"https:\/\/seedlegals.com\/resources\/startup-funding-strategies\/#startup-funding-strategies\" target=\u201d_blank\u201d>3 agile fundraising strategies<\/a>","link":null},{"acf_fc_layout":"text","text":"<h3>Cons<\/h3>\n<ul>\n<li>Restrictions on terms and investor rights for <a href=\"#asa-seis-eis\">SEIS\/EIS compatibility<\/a><\/li>\n<li>Risk-shy investors might prefer the added protection of a <a href=\"#asa-vs-cln\">convertible loan<\/a> instead or the additional investor protection rights that are negotiated in a Shareholders Agreement in a funding round<\/li>\n<li>You need a separate agreement with each individual investor. If you\u2019re raising from multiple investors, this could drastically increase your legal costs. With <a href=\"https:\/\/seedlegals.com\/resources\/raise-faster-with-seedlegals-flex\/\" target=\"_blank\" rel=\"noopener\">SeedLegals Flex<\/a> you can fix all your fundraising costs for the year &#8211; that means unlimited SeedFASTs (along with all the other funding options).<\/li>\n<\/ul>\n"},{"acf_fc_layout":"expert_highlight","expert_highlight":{"":null,"image":{"ID":34792,"id":34792,"title":"Gabriela Suarez SeedLegals","filename":"Screenshot-2022-11-03-153538.png","filesize":256040,"url":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","link":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","alt":"Gabriela Suarez SeedLegals","author":"82","description":"Gabriela Suarez SeedLegals","caption":"Gabriela Suarez SeedLegals","name":"99f7296d990945ec9710a6ec12f7ec15","status":"inherit","uploaded_to":5484,"date":"2022-11-03 15:35:54","modified":"2023-11-14 14:39:29","menu_order":0,"mime_type":"image\/png","type":"image","subtype":"png","icon":"https:\/\/seedlegals.com\/wp-includes\/images\/media\/default.png","width":370,"height":384,"sizes":{"thumbnail":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538-150x150.png","thumbnail-width":150,"thumbnail-height":150,"medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538-289x300.png","medium-width":289,"medium-height":300,"medium_large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","medium_large-width":370,"medium_large-height":384,"large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","large-width":370,"large-height":384,"_themosis_media":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538-100x100.png","_themosis_media-width":100,"_themosis_media-height":100,"1536x1536":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","1536x1536-width":370,"1536x1536-height":384,"2048x2048":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","2048x2048-width":370,"2048x2048-height":384,"themosis":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538-200x150.png","themosis-width":200,"themosis-height":150,"tog-small":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538-300x311.png","tog-small-width":300,"tog-small-height":311,"tog-medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","tog-medium-width":370,"tog-medium-height":384,"tog-large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","tog-large-width":370,"tog-large-height":384,"tog-huge":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","tog-huge-width":370,"tog-huge-height":384}},"quote":"<p>Keep a careful eye on the amount of equity you\u2019ll be giving away when the ASA converts. Because the idea of instant fundraising is so powerful, some founders can overlook this part of the equation, and later be surprised to find they\u2019re obligated to give more equity than they originally intended when they set up the ASA.<\/p>\n<p>We recommend having a firm idea as to what valuation you want your ASA to convert at. This will help you to calculate how much equity your proposed investments will give away, and help you set a clearly defined longstop valuation for your ASA.<\/p>\n","name":{"title":"Gabriela Suarez","url":"https:\/\/seedlegals.com\/resources\/author\/gabriela-suarez\/","target":"_blank"},"role":"Agile Funding Expert","company":{"title":"SeedLegals","url":"https:\/\/seedlegals.com\/","target":"_blank"},"linkedin":{"title":"","url":"https:\/\/www.linkedin.com\/in\/gmsuarez\/","target":""},"facebook":"","instagram":"","twitter":"","hide_image":false}},{"acf_fc_layout":"text","text":"<h2><a id=\"asa-vs-safe\"><\/a>Difference between Advance Subscription Agreements and SAFEs<\/h2>\n<p>In the US, the standard pre-funding round agreement is Y Combinator\u2019s SAFE (Simple Agreement for Future Equity).<\/p>\n<p>The broad principles are the same. But because the YC SAFE template is written for US law and uses US terminology (fair enough), if you use a YC SAFE this could cause complications for your company further down the line because:<\/p>\n<ul>\n<li>it\u2019s Delaware law (not UK law)<\/li>\n<li>it contains various SEC and tax commitments that you don\u2019t want<\/li>\n<li>it talks about Common Stock, Series Seed Stock and other terminology that just doesn\u2019t apply in the UK. Your investor will be getting Ordinary or Preferred Shares, not Common Stock<\/li>\n<li>YC SAFEs don\u2019t have the concept of a longstop date, but to make the investment compatible with the <a href=\"#asa-seis-eis\">SEIS\/EIS tax relief schemes<\/a> you need to specify that the investment converts within six months. To avoid problems with some investments converting and others not, you\u2019ll most likely want all your ASA investments to have a longstop date too.<\/li>\n<li>Nevertheless, if you\u2019re raising from US investors, they might insist on using a SAFE. In that case, you can use the <a href=\"https:\/\/seedlegals.com\/resources\/seedlegals-english-law-version-of-yc-safe-for-raising-from-us-investors\/\" target=\"_blank\" rel=\"noopener\">SeedLegals English law version of a YC SAFE<\/a> to keep both parties happy.<\/li>\n<\/ul>\n<p>We created this agreement to be as familiar as possible to a US investor who\u2019s used to the actual YC SAFE template. We intentionally limited the changes to only the things needed to make it work for English law and UK companies.<\/p>\n"},{"acf_fc_layout":"content_highlight","highlight_type":"tip","background_colour":"blue","show_icon":true,"content":"<b>Raising from US investors?<\/b> <br \/>\r\nSeedFAST or YC SAFE? Raise in pounds or dollars? Find the answers here \ud83d\udc47 <br \/>\r\n<a href=\"https:\/\/seedlegals.com\/resources\/seedlegals-english-law-version-of-yc-safe-for-raising-from-us-investors\/\" target=\u201d_blank\u201d>SeedLegals English law version of YC SAFE for raising from US investors<\/a>","link":""},{"acf_fc_layout":"text","text":"<h2><a id=\"asa-vs-cln\"><\/a>Difference between Advance Subscription Agreements and Convertible Loan Agreements<\/h2>\n<p>Advance Subscription Agreements used to be relatively uncommon in the UK. Before SeedFASTs came along and changed the game, founders who wanted to raise before a funding round were limited to <a href=\"https:\/\/seedlegals.com\/resources\/what-really-is-a-convertible-loan-note-cln\/\" target=\"_blank\" rel=\"noopener\">convertible loan agreements<\/a>.<\/p>\n<p>As the name suggests, the convertible loan agreement functions like a loan. The investment gives investors debt in your company, which is either converted into shares at the next funding round or at the longstop date or is paid back (often with interest).<\/p>\n<p>Convertible debt allows investors to hedge their bets and therefore might appeal to most risk-averse investors. For founders, they\u2019re often a less beneficial way to raise because:<\/p>\n<ul>\n<li>Depending on the terms, they can come with <strong>interest payments<\/strong><\/li>\n<li>They\u2019re <strong>not SEIS\/EIS compatible<\/strong>, which might rule out UK investors for whom SEIS\/EIS tax relief is a prerequisite for investing.<\/li>\n<\/ul>\n"},{"acf_fc_layout":"cta","cta":{"type":"light","subheading":"Take multiple investments","heading":"Save with SeedLegals Flex","content":"Mix and match SeedFASTs, SeedNOTEs, Instant Investment and funding rounds for one fixed fee. Each Flex purchase is valid for 18 months!","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":false,"gtm_form_location":false},"button":{"title":"Flex my fundraise","url":"https:\/\/seedlegals.com\/resources\/raise-faster-with-seedlegals-flex\/","target":"_blank"},"image":398546}},{"acf_fc_layout":"text","text":"<h2><a id=\"asa-seis-eis\"><\/a>SEIS\/EIS compatibility rules for Advance Subscription Agreements<\/h2>\n<p>UK legals around funding rounds are very similar to Ireland so <a href=\"https:\/\/seedlegals.com\/ie\/resources\/seis-ireland\/\" target=\"_blank\" rel=\"noopener\">Irish startups can often meet the criteria for EIS and SEIS advance assurance<\/a> from HMRC.<\/p>\n<p>For the Advance Subscription Agreement investment in your company to be eligible for <a href=\"https:\/\/seedlegals.com\/ie\/start\/seis-eis\/\" target=\"_blank\" rel=\"noopener\">SEIS\/EIS tax relief<\/a>, it must:<\/p>\n<ul>\n<li>Have a longstop date of no more than six months<\/li>\n<li>Convert into Ordinary Shares<\/li>\n<\/ul>\n<p>The investment must also follow the other <a href=\"https:\/\/seedlegals.com\/resources\/seis-rules-investors\/\" target=\"_blank\" rel=\"noopener\">SEIS\/EIS investor rules<\/a> and <a href=\"https:\/\/seedlegals.com\/resources\/what-is-seis-eis-an-essential-read-for-uk-startups\/#company-eligibility\" target=\"_blank\" rel=\"noopener\">company rules<\/a>.<\/p>\n<p>The requirement that sometimes causes confusion is the <a href=\"https:\/\/help.seedlegals.com\/en\/2142732-how-to-check-you-meet-the-seis-eis-gross-assets-requirement\" target=\"_blank\" rel=\"noopener\">gross assets test<\/a>. When you issue the ASA shares, your company can\u2019t have more than \u00a3350,000 (SEIS) or \u00a315 million (EIS) in gross assets. The rule applies to the date you issue the shares, not the date on which you sign the Advance Subscription Agreement.<\/p>\n"},{"acf_fc_layout":"expert_highlight","expert_highlight":{"":null,"image":{"ID":34792,"id":34792,"title":"Gabriela Suarez SeedLegals","filename":"Screenshot-2022-11-03-153538.png","filesize":256040,"url":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","link":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","alt":"Gabriela Suarez SeedLegals","author":"82","description":"Gabriela Suarez SeedLegals","caption":"Gabriela Suarez SeedLegals","name":"99f7296d990945ec9710a6ec12f7ec15","status":"inherit","uploaded_to":5484,"date":"2022-11-03 15:35:54","modified":"2023-11-14 14:39:29","menu_order":0,"mime_type":"image\/png","type":"image","subtype":"png","icon":"https:\/\/seedlegals.com\/wp-includes\/images\/media\/default.png","width":370,"height":384,"sizes":{"thumbnail":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538-150x150.png","thumbnail-width":150,"thumbnail-height":150,"medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538-289x300.png","medium-width":289,"medium-height":300,"medium_large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","medium_large-width":370,"medium_large-height":384,"large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","large-width":370,"large-height":384,"_themosis_media":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538-100x100.png","_themosis_media-width":100,"_themosis_media-height":100,"1536x1536":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","1536x1536-width":370,"1536x1536-height":384,"2048x2048":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","2048x2048-width":370,"2048x2048-height":384,"themosis":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538-200x150.png","themosis-width":200,"themosis-height":150,"tog-small":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538-300x311.png","tog-small-width":300,"tog-small-height":311,"tog-medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","tog-medium-width":370,"tog-medium-height":384,"tog-large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","tog-large-width":370,"tog-large-height":384,"tog-huge":"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Screenshot-2022-11-03-153538.png","tog-huge-width":370,"tog-huge-height":384}},"quote":"<p>SeedFASTs (the SeedLegals ASA) are fully S\/EIS compatible and we make sure your agreement stays compliant no matter what terms you set. For example, if you\u2019re raising SEIS and EIS funds simultaneously, our platform cleverly issues the shares in the necessary order so that you stay S\/EIS-compliant. Our team is on hand to explain anything you need, including the rules about the gross assets test.<\/p>\n<p>The most important rules to remember are that the shares need to be issued within six months of both the agreement being signed and the funds received, so your ASA needs to convert within that time. Remember to take this into account when you plan your fundraising.<\/p>\n","name":{"title":"Gabriela Suarez","url":"https:\/\/seedlegals.com\/resources\/author\/gabriela-suarez\/","target":"_blank"},"role":"Agile Funding Expert","company":{"title":"SeedLegals","url":"https:\/\/seedlegals.com\/","target":"_blank"},"linkedin":{"title":"","url":"https:\/\/www.linkedin.com\/in\/gmsuarez\/","target":""},"facebook":"","instagram":"","twitter":"","hide_image":false}},{"acf_fc_layout":"text","text":"<p>When the investor comes to claim their SEIS\/EIS tax relief, they\u2019ll need to know which date and tax year applies to their investment.<\/p>\n<p>The date that an investor\u2019s SEIS\/EIS investment is deemed to have been made is the <strong>day that they were issued their shares<\/strong>, not the day they signed the Advance Subscription Agreement. This means that the tax year in which the SEIS\/EIS benefit is given is the tax year when the funding round took place, not the tax year in which the SeedFAST investment was made.<\/p>\n<p>The good news is that HMRC allows investors to backdate their SEIS\/EIS claim to the previous tax year. There are full details on <a href=\"https:\/\/www.gov.uk\/government\/publications\/seed-enterprise-investment-scheme-income-tax-and-capital-gains-tax-reliefs-hs393-self-assessment-helpsheet\" target=\"_blank\" rel=\"noopener\">HMRC\u2019s guide to self assessment and SEIS\/EIS<\/a>.<\/p>\n<p>So if your investors make investments in your company via an Advance Subscription Agreement today, even if it only converts into shares in the next tax year, they\u2019ll be able to retrospectively claim their SEIS\/EIS tax deduction then, for this tax year.<\/p>\n<p><strong>Read more<\/strong>: <a href=\"https:\/\/seedlegals.com\/resources\/seis-compliance\/\" target=\"_blank\" rel=\"noopener\">SEIS Compliance &#8211; how to make sure your investors get their tax relief<\/a><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><a id=\"asa-seedlegals\"><\/a>How to create an Advance Subscription Agreement on SeedLegals<\/h2>\n<p>On SeedLegals we\u2019ve made it super simple and quick to create an Advance Subscription Agreement. It\u2019s called SeedFAST and with it you can:<\/p>\n<ul>\n<li>Quickly build your agreement based on a template written by our lawyers<\/li>\n<li>Customise the agreement to suit your situation<\/li>\n<li>Follow clear step-by-step guidance<\/li>\n<li>Get expert help whenever you need it<\/li>\n<li>Sign, share and store it online<\/li>\n<\/ul>\n<p>It takes just minutes to <a href=\"https:\/\/seedlegals.com\/ie\/raise\/raise-before-a-round\/\" target=\"_blank\" rel=\"noopener\">create your SeedFAST Advance Subscription Agreement on SeedLegals<\/a>. And it\u2019s fully integrated with our online signing process, digital cap table, share certificates and board management tools.<\/p>\n<p>Need more than one SeedFAST? On SeedLegals you can <a href=\"https:\/\/seedlegals.com\/resources\/in-case-you-missed-it-december-2023\/#reuse-terms-seedfast\" target=\"_blank\" rel=\"noopener\">duplicate terms from previous SeedFASTs<\/a> to save time and effort when you\u2019re raising from multiple investors.<\/p>\n<h2><a id=\"key-takeaways\"><\/a>Key takeaways<\/h2>\n<ul>\n<li>Advance Subscription Agreements (ASAs) allows startups to raise cash ahead of a funding round<\/li>\n<li>ASAs are a significantly faster way for companies to raise cash compared to a traditional equity round<\/li>\n<li>Unlike convertible loan agreements, ASAs are eligible for SEIS\/EIS tax relief<\/li>\n<li>With the SeedLegals SeedFAST, you can create, sign and share your agreement in just a few minutes<\/li>\n<\/ul>\n<h2><a id=\"talk-to-experts\"><\/a>Talk to the funding experts<\/h2>\n<p>Need help figuring out your funding strategy? Or how SeedFASTs could fit into your fundraising? Use the form below to choose a time for a free call with a SeedLegals funding strategist.<\/p>\n<p><!-- Start of Meetings Embed Script --><\/p>\n<div class=\"meetings-iframe-container\" data-src=\"https:\/\/meetings.hubspot.com\/sl\/uk-account-execs?embed=true\"><\/div>\n<p><script type=\"text\/javascript\" src=\"https:\/\/static.hsappstatic.net\/MeetingsEmbed\/ex\/MeetingsEmbedCode.js\"><\/script><br \/>\n<!-- End of Meetings Embed Script --><\/p>\n"}]},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Advance Subscription Agreement | Faster funding | SeedLegals<\/title>\n<meta name=\"description\" content=\"Advance Subscription Agreements allow investors to \u2018pre-pay\u2019 for shares. 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