{"id":71201,"date":"2025-07-31T20:28:44","date_gmt":"2025-07-31T11:28:44","guid":{"rendered":"https:\/\/monolith.law\/vi\/?p=71201"},"modified":"2025-09-28T15:17:41","modified_gmt":"2025-09-28T06:17:41","slug":"startup-investment-jkiss","status":"publish","type":"post","link":"https:\/\/monolith.law\/vi\/general-corporate\/startup-investment-jkiss","title":{"rendered":"T\u1ed5ng quan v\u1ec1 J-KISS trong \u0111\u1ea7u t\u01b0 startup t\u1ea1i Nh\u1eadt B\u1ea3n v\u00e0 s\u1ef1 kh\u00e1c bi\u1ec7t so v\u1edbi SAFE v\u00e0 Ghi ch\u00fa chuy\u1ec3n \u0111\u1ed5i"},"content":{"rendered":"\n<p>H\u1ec7 sinh th\u00e1i kh\u1edfi nghi\u1ec7p c\u1ee7a Nh\u1eadt B\u1ea3n trong nh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ea1nh m\u1ebd v\u00e0 thu h\u00fat s\u1ef1 ch\u00fa \u00fd c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 qu\u1ed1c t\u1ebf. Trong b\u1ed1i c\u1ea3nh s\u00f4i \u0111\u1ed9ng n\u00e0y, &#8220;J-KISS&#8221; \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ed9ng r\u00e3i nh\u01b0 m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n quan tr\u1ecdng \u0111\u1ec3 c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p giai \u0111o\u1ea1n seed c\u00f3 th\u1ec3 huy \u0111\u1ed9ng v\u1ed1n m\u1ed9t c\u00e1ch nhanh ch\u00f3ng v\u00e0 hi\u1ec7u qu\u1ea3. J-KISS l\u00e0 vi\u1ebft t\u1eaft c\u1ee7a &#8220;Keep It Simple Security&#8221;, v\u00e0 nh\u01b0 t\u00ean g\u1ecdi c\u1ee7a n\u00f3, m\u1ee5c ti\u00eau l\u00e0 \u0111\u01a1n gi\u1ea3n h\u00f3a qu\u00e1 tr\u00ecnh huy \u0111\u1ed9ng v\u1ed1n v\u00e0 ti\u1ebfn h\u00e0nh n\u00f3 m\u1ed9t c\u00e1ch nhanh ch\u00f3ng. \u0110\u00e2y l\u00e0 m\u1ed9t m\u1eabu h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 ph\u00f9 h\u1ee3p v\u1edbi quy \u0111\u1ecbnh ph\u00e1p lu\u1eadt t\u1ea1i Nh\u1eadt B\u1ea3n, d\u1ef1a tr\u00ean ki\u1ebfn th\u1ee9c t\u1eeb Silicon Valley c\u1ee7a Hoa K\u1ef3, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c kh\u00e1i ni\u1ec7m v\u1ec1 ch\u1ee9ng kho\u00e1n chuy\u1ec3n \u0111\u1ed5i nh\u01b0 &#8220;SAFE (Simple Agreement for Future Equity)&#8221; v\u00e0 &#8220;Convertible Note&#8221;, v\u00e0 \u0111\u01b0\u1ee3c ph\u00e1t tri\u1ec3n b\u1edfi Coral Capital (t\u00ean c\u0169: 500 Startups Japan).<\/p>\n\n\n\n<p>L\u00fd do J-KISS \u0111\u01b0\u1ee3c coi tr\u1ecdng trong \u0111\u1ea7u t\u01b0 kh\u1edfi nghi\u1ec7p t\u1ea1i Nh\u1eadt B\u1ea3n l\u00e0 do t\u00ednh chu\u1ea9n m\u1ef1c c\u1ee7a n\u00f3 gi\u00fap gi\u1ea3m chi ph\u00ed giao d\u1ecbch v\u00e0 s\u1ef1 linh ho\u1ea1t cho ph\u00e9p ho\u00e3n vi\u1ec7c \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb doanh nghi\u1ec7p. \u0110i\u1ec1u n\u00e0y ph\u00f9 h\u1ee3p v\u1edbi nh\u1eefng l\u1ee3i \u00edch ch\u00ednh m\u00e0 SAFE v\u00e0 Convertible Note mang l\u1ea1i. Trong vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n th\u00f4ng qua ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu truy\u1ec1n th\u1ed1ng, vi\u1ec7c \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb doanh nghi\u1ec7p giai \u0111o\u1ea1n \u0111\u1ea7u th\u01b0\u1eddng kh\u00f3 kh\u0103n v\u00e0 \u0111\u00f2i h\u1ecfi nhi\u1ec1u th\u1eddi gian c\u0169ng nh\u01b0 chi ph\u00ed cho c\u00e1c cu\u1ed9c \u0111\u00e0m ph\u00e1n ph\u1ee9c t\u1ea1p. J-KISS gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 n\u00e0y b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng h\u00ecnh th\u1ee9c &#8220;quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi&#8221; s\u1ebd \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i d\u1ef1a tr\u00ean \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb doanh nghi\u1ec7p trong t\u01b0\u01a1ng lai. Nh\u1edd v\u1eady, c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp c\u00f3 th\u1ec3 t\u1eadp trung v\u00e0o vi\u1ec7c ph\u00e1t tri\u1ec3n kinh doanh, v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 nh\u1eadn \u0111\u01b0\u1ee3c \u0111\u1ed9ng l\u1ef1c \u0111\u1ea7u t\u01b0 t\u1eeb giai \u0111o\u1ea1n s\u1edbm.<\/p>\n\n\n\n<p>B\u00e0i vi\u1ebft n\u00e0y s\u1ebd gi\u1ea3i th\u00edch chi ti\u1ebft v\u1ec1 b\u1ea3n ch\u1ea5t ph\u00e1p l\u00fd c\u1ee7a J-KISS, c\u00e1c \u0111i\u1ec1u kho\u1ea3n h\u1ee3p \u0111\u1ed3ng ch\u00ednh, quy tr\u00ecnh ph\u00e1t h\u00e0nh, v\u00e0 so s\u00e1nh v\u1edbi c\u00e1c ph\u01b0\u01a1ng ti\u1ec7n huy \u0111\u1ed9ng v\u1ed1n t\u01b0\u01a1ng t\u1ef1 \u1edf n\u01b0\u1edbc ngo\u00e0i. D\u1ef1a tr\u00ean lu\u1eadt ph\u00e1p c\u1ee7a Nh\u1eadt B\u1ea3n v\u00e0 tr\u00edch d\u1eabn c\u1ee5 th\u1ec3 c\u00e1c \u0111i\u1ec1u lu\u1eadt, ch\u00fang t\u00f4i s\u1ebd l\u00e0m r\u00f5 c\u00e1ch J-KISS ho\u1ea1t \u0111\u1ed9ng d\u01b0\u1edbi h\u1ec7 th\u1ed1ng ph\u00e1p lu\u1eadt Nh\u1eadt B\u1ea3n.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/startup-investment-jkiss\/#Tinh_chat_phap_ly_cua_J-KISS_va_so_sanh_voi_chung_khoan_chuyen_doi_o_nuoc_ngoai\" title=\"T\u00ednh ch\u1ea5t ph\u00e1p l\u00fd c\u1ee7a J-KISS v\u00e0 so s\u00e1nh v\u1edbi ch\u1ee9ng kho\u00e1n chuy\u1ec3n \u0111\u1ed5i \u1edf n\u01b0\u1edbc ngo\u00e0i\">T\u00ednh ch\u1ea5t ph\u00e1p l\u00fd c\u1ee7a J-KISS v\u00e0 so s\u00e1nh v\u1edbi ch\u1ee9ng kho\u00e1n chuy\u1ec3n \u0111\u1ed5i \u1edf n\u01b0\u1edbc ngo\u00e0i<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/startup-investment-jkiss\/#Cac_dieu_khoan_chinh_cua_J-KISS_va_y_nghia_phap_ly_cua_chung_theo_Luat_Nhat_Ban\" title=\"C\u00e1c \u0111i\u1ec1u kho\u1ea3n ch\u00ednh c\u1ee7a J-KISS v\u00e0 \u00fd ngh\u0129a ph\u00e1p l\u00fd c\u1ee7a ch\u00fang theo Lu\u1eadt Nh\u1eadt B\u1ea3n\">C\u00e1c \u0111i\u1ec1u kho\u1ea3n ch\u00ednh c\u1ee7a J-KISS v\u00e0 \u00fd ngh\u0129a ph\u00e1p l\u00fd c\u1ee7a ch\u00fang theo Lu\u1eadt Nh\u1eadt B\u1ea3n<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/startup-investment-jkiss\/#Quy_trinh_Phat_hanh_J-KISS_va_Cac_Quy_dinh_Phap_luat_Lien_quan_cua_Nhat_Ban\" title=\"Quy tr\u00ecnh Ph\u00e1t h\u00e0nh J-KISS v\u00e0 C\u00e1c Quy \u0111\u1ecbnh Ph\u00e1p lu\u1eadt Li\u00ean quan c\u1ee7a Nh\u1eadt B\u1ea3n\">Quy tr\u00ecnh Ph\u00e1t h\u00e0nh J-KISS v\u00e0 C\u00e1c Quy \u0111\u1ecbnh Ph\u00e1p lu\u1eadt Li\u00ean quan c\u1ee7a Nh\u1eadt B\u1ea3n<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/startup-investment-jkiss\/#So_sanh_J-KISS_SAFE_va_Convertible_Note_duoi_he_thong_phap_luat_Nhat_Ban\" title=\"So s\u00e1nh J-KISS, SAFE v\u00e0 Convertible Note d\u01b0\u1edbi h\u1ec7 th\u1ed1ng ph\u00e1p lu\u1eadt Nh\u1eadt B\u1ea3n\">So s\u00e1nh J-KISS, SAFE v\u00e0 Convertible Note d\u01b0\u1edbi h\u1ec7 th\u1ed1ng ph\u00e1p lu\u1eadt Nh\u1eadt B\u1ea3n<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/startup-investment-jkiss\/#Uu_va_nhuoc_diem_cua_J-KISS_cung_cac_diem_luu_y_trong_thuc_tien\" title=\"\u01afu v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a J-KISS, c\u00f9ng c\u00e1c \u0111i\u1ec3m l\u01b0u \u00fd trong th\u1ef1c ti\u1ec5n\">\u01afu v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a J-KISS, c\u00f9ng c\u00e1c \u0111i\u1ec3m l\u01b0u \u00fd trong th\u1ef1c ti\u1ec5n<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/startup-investment-jkiss\/#Loi_ich_doi_voi_cac_nha_sang_lap\" title=\"L\u1ee3i \u00edch \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp\">L\u1ee3i \u00edch \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/startup-investment-jkiss\/#Loi_ich_doi_voi_nha_dau_tu\" title=\"L\u1ee3i \u00edch \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0\">L\u1ee3i \u00edch \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/startup-investment-jkiss\/#Nhung_diem_luu_y_va_nhuoc_diem_trong_thuc_tien\" title=\"Nh\u1eefng \u0111i\u1ec3m l\u01b0u \u00fd v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m trong th\u1ef1c ti\u1ec5n\">Nh\u1eefng \u0111i\u1ec3m l\u01b0u \u00fd v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m trong th\u1ef1c ti\u1ec5n<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/startup-investment-jkiss\/#Tong_ket\" title=\"T\u1ed5ng k\u1ebft\">T\u1ed5ng k\u1ebft<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tinh_chat_phap_ly_cua_J-KISS_va_so_sanh_voi_chung_khoan_chuyen_doi_o_nuoc_ngoai\"><\/span>T\u00ednh ch\u1ea5t ph\u00e1p l\u00fd c\u1ee7a J-KISS v\u00e0 so s\u00e1nh v\u1edbi ch\u1ee9ng kho\u00e1n chuy\u1ec3n \u0111\u1ed5i \u1edf n\u01b0\u1edbc ngo\u00e0i<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>J-KISS \u0111\u01b0\u1ee3c \u0111\u1ecbnh v\u1ecb trong h\u1ec7 th\u1ed1ng ph\u00e1p lu\u1eadt Nh\u1eadt B\u1ea3n nh\u01b0 l\u00e0 &#8220;quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi&#8221;. \u0110i\u1ec1u 2, kho\u1ea3n 21 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n (Japanese Companies Act) \u0111\u1ecbnh ngh\u0129a &#8220;quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi&#8221; l\u00e0 &#8220;quy\u1ec1n \u0111\u01b0\u1ee3c nh\u1eadn c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty c\u1ed5 ph\u1ea7n khi th\u1ef1c hi\u1ec7n quy\u1ec1n n\u00e0y&#8221;. \u0110\u1ecbnh ngh\u0129a n\u00e0y r\u00f5 r\u00e0ng ch\u1ec9 ra r\u1eb1ng J-KISS l\u00e0 quy\u1ec1n l\u1ee3i \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c c\u1ed5 phi\u1ebfu trong t\u01b0\u01a1ng lai, ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u00e0 c\u1ed5 phi\u1ebfu th\u1ef1c t\u1ebf t\u1ea1i th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i. Nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u1ea3 ti\u1ec1n cho c\u00f4ng ty ph\u00e1t h\u00e0nh \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi n\u00e0y.<\/p>\n\n\n\n<p>T\u00ednh ch\u1ea5t ph\u00e1p l\u00fd n\u00e0y c\u00f3 nhi\u1ec1u \u0111i\u1ec3m chung v\u1edbi &#8220;SAFE (Simple Agreement for Future Equity)&#8221; c\u1ee7a Hoa K\u1ef3. SAFE c\u0169ng \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf nh\u01b0 m\u1ed9t &#8220;th\u1ecfa thu\u1eadn \u0111\u01a1n gi\u1ea3n cho c\u1ed5 phi\u1ebfu t\u01b0\u01a1ng lai&#8221; ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u00e0 n\u1ee3, kh\u00f4ng c\u00f3 kh\u00e1i ni\u1ec7m v\u1ec1 l\u00e3i su\u1ea5t hay ng\u00e0y \u0111\u00e1o h\u1ea1n. Nh\u1edd \u0111\u00f3, c\u00e1c startup c\u00f3 th\u1ec3 huy \u0111\u1ed9ng v\u1ed1n m\u00e0 kh\u00f4ng ph\u1ea3i ch\u1ecbu tr\u00e1ch nhi\u1ec7m tr\u1ea3 n\u1ee3 hay g\u00e1nh l\u00e3i, v\u00e0 nh\u00e0 s\u00e1ng l\u1eadp c\u00f3 th\u1ec3 ho\u00e3n vi\u1ec7c th\u1ea3o lu\u1eadn v\u1ec1 \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p.<\/p>\n\n\n\n<p>Ng\u01b0\u1ee3c l\u1ea1i, &#8220;Convertible Notes (tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i c\u00f3 k\u00e8m quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi)&#8221; th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong giai \u0111o\u1ea1n g\u1ecdi v\u1ed1n h\u1ea1t gi\u1ed1ng c\u00f3 t\u00ednh ch\u1ea5t c\u1ee7a tr\u00e1i phi\u1ebfu, do \u0111\u00f3 tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a c\u00f4ng ty ph\u00e1t h\u00e0nh \u0111\u01b0\u1ee3c ghi nh\u1eadn l\u00e0 &#8220;n\u1ee3&#8221;. \u0110i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 l\u00e0m cho t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c c\u00f4ng ty startup tr\u1edf n\u00ean t\u1ed3i t\u1ec7 h\u01a1n trong m\u1eaft ng\u01b0\u1eddi quan s\u00e1t. Tuy nhi\u00ean, v\u00ec J-KISS c\u00f3 h\u00ecnh th\u1ee9c &#8220;quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi&#8221;, s\u1ed1 ti\u1ec1n m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00f3ng g\u00f3p s\u1ebd \u0111\u01b0\u1ee3c ghi nh\u1eadn trong ph\u1ea7n &#8220;v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu&#8221; tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n. \u0110i\u1ec3m n\u00e0y t\u01b0\u01a1ng t\u1ef1 nh\u01b0 SAFE, gi\u00fap th\u1ec3 hi\u1ec7n s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty m\u1ed9t c\u00e1ch t\u00edch c\u1ef1c \u0111\u1ed1i v\u1edbi b\u00ean ngo\u00e0i. Vi\u1ec7c J-KISS \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf nh\u01b0 l\u00e0 &#8220;quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi&#8221; v\u00e0 s\u1ed1 ti\u1ec1n \u0111\u00f3ng g\u00f3p \u0111\u01b0\u1ee3c ghi nh\u1eadn l\u00e0 &#8220;v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu&#8221; l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a s\u1ef1 s\u00e1ng t\u1ea1o ph\u00e1p l\u00fd m\u00e0 h\u1ec7 th\u1ed1ng ph\u00e1p lu\u1eadt Nh\u1eadt B\u1ea3n \u0111\u00e3 th\u1ef1c hi\u1ec7n \u0111\u1ec3 gi\u1ea3i quy\u1ebft c\u00e1c v\u1ea5n \u0111\u1ec1 th\u1ef1c ti\u1ec5n trong vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n c\u1ee7a c\u00e1c startup, \u0111\u1eb7c bi\u1ec7t l\u00e0 v\u1ea5n \u0111\u1ec1 x\u1ea5u \u0111i tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n do ghi nh\u1eadn n\u1ee3. \u0110i\u1ec1u n\u00e0y kh\u00f4ng ch\u1ec9 l\u00e0 ph\u00e2n lo\u1ea1i ph\u00e1p l\u00fd m\u00e0 c\u00f2n th\u1ec3 hi\u1ec7n \u00fd \u0111\u1ecbnh ch\u00ednh s\u00e1ch v\u00e0 s\u1ef1 th\u00edch \u1ee9ng v\u1edbi nhu c\u1ea7u th\u1ecb tr\u01b0\u1eddng, ch\u1ee9ng t\u1ecf th\u1ecb tr\u01b0\u1eddng ph\u00e1p l\u00fd Nh\u1eadt B\u1ea3n \u0111ang t\u00edch c\u1ef1c \u0111\u00f3ng g\u00f3p v\u00e0o s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a h\u1ec7 sinh th\u00e1i startup, v\u00e0 \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i, \u0111\u00e2y l\u00e0 d\u1ea5u hi\u1ec7u t\u00edch c\u1ef1c cho th\u1ea5y m\u00f4i tr\u01b0\u1eddng ph\u00e1p l\u00fd c\u1ee7a Nh\u1eadt B\u1ea3n \u0111ang ti\u1ebfn tri\u1ec3n.<\/p>\n\n\n\n<p>Ngo\u00e0i ra, m\u1ed9t \u0111\u1eb7c \u0111i\u1ec3m n\u1ed5i b\u1eadt c\u1ee7a J-KISS l\u00e0 vi\u1ec7c m\u1eabu h\u1ee3p \u0111\u1ed3ng chu\u1ea9n \u0111\u00e3 \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 c\u00f4ng khai. \u0110i\u1ec1u n\u00e0y gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 c\u00e1c c\u00f4ng ty startup c\u00f3 th\u1ec3 gi\u1ea3m \u0111\u00e1ng k\u1ec3 th\u1eddi gian v\u00e0 chi ph\u00ed lu\u1eadt s\u01b0 cho vi\u1ec7c th\u01b0\u01a1ng l\u01b0\u1ee3ng v\u00e0 s\u1eeda \u0111\u1ed5i h\u1ee3p \u0111\u1ed3ng ri\u00eang l\u1ebb, t\u1eeb \u0111\u00f3 th\u1ef1c hi\u1ec7n huy \u0111\u1ed9ng v\u1ed1n m\u1ed9t c\u00e1ch nhanh ch\u00f3ng. S\u1ef1 \u0111\u1ecbnh chu\u1ea9n n\u00e0y mang l\u1ea1i l\u1ee3i \u00edch t\u01b0\u01a1ng t\u1ef1 nh\u01b0 m\u1eabu h\u1ee3p \u0111\u1ed3ng SAFE do Y Combinator c\u00f4ng b\u1ed1, t\u0103ng c\u01b0\u1eddng kh\u1ea3 n\u0103ng d\u1ef1 \u0111o\u00e1n c\u1ee7a giao d\u1ecbch v\u00e0 cung c\u1ea5p m\u00f4i tr\u01b0\u1eddng cho c\u00e1c startup giai \u0111o\u1ea1n \u0111\u1ea7u t\u1eadp trung v\u00e0o kinh doanh c\u1ee7a m\u00ecnh.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cac_dieu_khoan_chinh_cua_J-KISS_va_y_nghia_phap_ly_cua_chung_theo_Luat_Nhat_Ban\"><\/span>C\u00e1c \u0111i\u1ec1u kho\u1ea3n ch\u00ednh c\u1ee7a J-KISS v\u00e0 \u00fd ngh\u0129a ph\u00e1p l\u00fd c\u1ee7a ch\u00fang theo Lu\u1eadt Nh\u1eadt B\u1ea3n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>J-KISS, m\u1eb7c d\u00f9 c\u00f3 t\u00ednh chu\u1ea9n m\u1ef1c, nh\u01b0ng h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 v\u1eabn bao g\u1ed3m m\u1ed9t s\u1ed1 \u0111i\u1ec1u kho\u1ea3n quan tr\u1ecdng, l\u00e0m r\u00f5 m\u1ed1i quan h\u1ec7 quy\u1ec1n l\u1ee3i v\u00e0 ngh\u0129a v\u1ee5 gi\u1eefa nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 c\u00f4ng ty ph\u00e1t h\u00e0nh. Vi\u1ec7c hi\u1ec3u r\u00f5 nh\u1eefng \u0111i\u1ec1u kho\u1ea3n n\u00e0y l\u00e0 c\u1ea7n thi\u1ebft khi s\u1eed d\u1ee5ng J-KISS \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n.<\/p>\n\n\n\n<p>J-KISS l\u00e0 quy\u1ec1n ch\u1ecdn mua c\u1ed5 phi\u1ebfu m\u1edbi, do \u0111\u00f3, c\u00e1c \u0111i\u1ec1u kho\u1ea3n nh\u01b0 gi\u00e1 tr\u1ecb th\u1ef1c hi\u1ec7n quy\u1ec1n ch\u1ecdn v\u00e0 \u0111i\u1ec1u ki\u1ec7n th\u1ef1c hi\u1ec7n \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh trong &#8220;\u0111i\u1ec1u kho\u1ea3n ph\u00e1t h\u00e0nh&#8221;. Th\u00f4ng th\u01b0\u1eddng, nh\u1eefng \u0111i\u1ec1u kho\u1ea3n n\u00e0y \u0111\u01b0\u1ee3c \u0111\u00ednh k\u00e8m nh\u01b0 m\u1ed9t ph\u1ee5 l\u1ee5c c\u1ee7a h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0. C\u00e1c \u0111i\u1ec1u ki\u1ec7n chuy\u1ec3n \u0111\u1ed5i c\u1ee7a J-KISS ch\u1ee7 y\u1ebfu d\u1ef1a tr\u00ean c\u00e1c k\u1ecbch b\u1ea3n sau.<\/p>\n\n\n\n<p>Nguy\u00ean nh\u00e2n chuy\u1ec3n \u0111\u1ed5i ph\u1ed5 bi\u1ebfn nh\u1ea5t l\u00e0 &#8220;s\u1ef1 ki\u1ec7n huy \u0111\u1ed9ng v\u1ed1n h\u1ee3p l\u1ec7 (v\u00f2ng g\u1ecdi v\u1ed1n ti\u1ebfp theo)&#8221;. J-KISS s\u1ebd \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu trong v\u00f2ng g\u1ecdi v\u1ed1n ti\u1ebfp theo (nh\u01b0 Series A). Gi\u00e1 chuy\u1ec3n \u0111\u1ed5i t\u1ea1i th\u1eddi \u0111i\u1ec3m n\u00e0y th\u01b0\u1eddng d\u1ef1a tr\u00ean &#8220;gi\u1edbi h\u1ea1n \u0111\u1ecbnh gi\u00e1 (Valuation Cap)&#8221; ho\u1eb7c &#8220;t\u1ef7 l\u1ec7 gi\u1ea3m gi\u00e1 (Discount Rate)&#8221; t\u00f9y theo \u0111i\u1ec1u ki\u1ec7n n\u00e0o c\u00f3 l\u1ee3i h\u01a1n. Gi\u1edbi h\u1ea1n \u0111\u1ecbnh gi\u00e1 l\u00e0 c\u01a1 ch\u1ebf \u0111\u1eb7t gi\u1edbi h\u1ea1n tr\u00ean cho gi\u00e1 tr\u1ecb doanh nghi\u1ec7p khi nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u1ec3n \u0111\u1ed5i c\u1ed5 phi\u1ebfu, cho ph\u00e9p h\u1ecd mua c\u1ed5 phi\u1ebfu v\u1edbi gi\u00e1 c\u00f3 l\u1ee3i ngay c\u1ea3 khi gi\u00e1 tr\u1ecb doanh nghi\u1ec7p v\u01b0\u1ee3t qua gi\u1edbi h\u1ea1n. T\u1ef7 l\u1ec7 gi\u1ea3m gi\u00e1 \u00e1p d\u1ee5ng m\u1ed9t t\u1ef7 l\u1ec7 gi\u1ea3m gi\u00e1 nh\u1ea5t \u0111\u1ecbnh (v\u00ed d\u1ee5 20%) \u0111\u1ed1i v\u1edbi gi\u00e1 c\u1ed5 phi\u1ebfu trong v\u00f2ng g\u1ecdi v\u1ed1n ti\u1ebfp theo, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1edbm c\u00f3 \u0111\u01b0\u1ee3c c\u1ed5 phi\u1ebfu v\u1edbi gi\u00e1 c\u00f3 l\u1ee3i. Nh\u1eefng kh\u00e1i ni\u1ec7m v\u1ec1 gi\u1edbi h\u1ea1n \u0111\u1ecbnh gi\u00e1 v\u00e0 t\u1ef7 l\u1ec7 gi\u1ea3m gi\u00e1 l\u00e0 c\u01a1 ch\u1ebf b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong SAFE v\u00e0 convertible notes, v\u00e0 J-KISS c\u0169ng k\u1ebf th\u1eeba nh\u1eefng th\u1ef1c ti\u1ec5n qu\u1ed1c t\u1ebf n\u00e0y. \u0110\u1eb7c bi\u1ec7t, J-KISS 2.0 \u0111\u00e3 \u00e1p d\u1ee5ng gi\u1edbi h\u1ea1n \u0111\u1ecbnh gi\u00e1 sau khi huy \u0111\u1ed9ng v\u1ed1n theo s\u1eeda \u0111\u1ed5i SAFE n\u0103m 2018, th\u1ec3 hi\u1ec7n s\u1ef1 th\u00edch nghi v\u1edbi xu h\u01b0\u1edbng qu\u1ed1c t\u1ebf.<\/p>\n\n\n\n<p>Ti\u1ebfp theo, &#8220;s\u1ef1 ki\u1ec7n mua l\u1ea1i (M&amp;A)&#8221; c\u0169ng c\u00f3 th\u1ec3 l\u00e0 \u0111i\u1ec1u ki\u1ec7n chuy\u1ec3n \u0111\u1ed5i. N\u1ebfu c\u00f3 s\u1ef1 ki\u1ec7n M&amp;A x\u1ea3y ra \u0111\u1ed1i v\u1edbi c\u00f4ng ty ph\u00e1t h\u00e0nh trong khi J-KISS v\u1eabn l\u00e0 quy\u1ec1n ch\u1ecdn mua c\u1ed5 phi\u1ebfu m\u1edbi, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 l\u1ef1a ch\u1ecdn th\u1ef1c hi\u1ec7n J-KISS \u0111\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu ho\u1eb7c kh\u00f4ng th\u1ef1c hi\u1ec7n J-KISS v\u00e0 y\u00eau c\u1ea7u c\u00f4ng ty mua l\u1ea1i. Trong m\u1eabu J-KISS, c\u00f3 th\u1ec3 quy \u0111\u1ecbnh vi\u1ec7c b\u1ed3i th\u01b0\u1eddng ti\u1ec1n t\u1ec7 g\u1ea5p \u0111\u00f4i s\u1ed1 ti\u1ec1n \u0111\u1ea7u t\u01b0 ho\u1eb7c chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu th\u01b0\u1eddng d\u1ef1a tr\u00ean gi\u1edbi h\u1ea1n \u0111\u1ecbnh gi\u00e1. \u0110i\u1ec1u n\u00e0y t\u01b0\u01a1ng t\u1ef1 v\u1edbi c\u00e1c \u0111i\u1ec1u kho\u1ea3n b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 trong tr\u01b0\u1eddng h\u1ee3p mua l\u1ea1i \u0111\u01b0\u1ee3c th\u1ea5y trong SAFE v\u00e0 KISS (ch\u1ee9ng kho\u00e1n chuy\u1ec3n \u0111\u1ed5i do 500 Startups c\u1ee7a M\u1ef9 ph\u00e1t tri\u1ec3n).<\/p>\n\n\n\n<p>Cu\u1ed1i c\u00f9ng, c\u00f3 k\u1ecbch b\u1ea3n &#8220;kh\u00f4ng x\u1ea3y ra s\u1ef1 ki\u1ec7n huy \u0111\u1ed9ng v\u1ed1n h\u1ee3p l\u1ec7 ho\u1eb7c mua l\u1ea1i trong m\u1ed9t kho\u1ea3ng th\u1eddi gian nh\u1ea5t \u0111\u1ecbnh&#8221;. N\u1ebfu kh\u00f4ng c\u00f3 s\u1ef1 ki\u1ec7n huy \u0111\u1ed9ng v\u1ed1n h\u1ee3p l\u1ec7 ho\u1eb7c mua l\u1ea1i x\u1ea3y ra trong th\u1eddi h\u1ea1n chuy\u1ec3n \u0111\u1ed5i (th\u01b0\u1eddng l\u00e0 kho\u1ea3ng 18 th\u00e1ng), J-KISS c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu th\u01b0\u1eddng. &#8220;Th\u1eddi h\u1ea1n chuy\u1ec3n \u0111\u1ed5i&#8221; n\u00e0y, kh\u00e1c v\u1edbi SAFE kh\u00f4ng c\u00f3 l\u00e3i su\u1ea5t hay ng\u00e0y \u0111\u00e1o h\u1ea1n, c\u00f3 ch\u1ee9c n\u0103ng t\u01b0\u01a1ng t\u1ef1 nh\u01b0 ng\u00e0y \u0111\u00e1o h\u1ea1n c\u1ee7a convertible notes. \u0110i\u1ec1u n\u00e0y ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t ph\u1ea7n c\u1ee7a c\u01a1 ch\u1ebf b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0. C\u00e1c \u0111i\u1ec1u kho\u1ea3n h\u1ee3p \u0111\u1ed3ng c\u1ee7a J-KISS, \u0111\u1eb7c bi\u1ec7t l\u00e0 gi\u1edbi h\u1ea1n \u0111\u1ecbnh gi\u00e1 v\u00e0 t\u1ef7 l\u1ec7 gi\u1ea3m gi\u00e1, c\u0169ng nh\u01b0 vi\u1ec7c t\u00edch h\u1ee3p quy\u1ec1n l\u1ee3i c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u00ednh, cung c\u1ea5p m\u1ed9t s\u1ef1 c\u00e2n b\u1eb1ng tinh t\u1ebf gi\u1eefa vi\u1ec7c h\u01b0\u1edfng l\u1ee3i t\u1eeb &#8220;vi\u1ec7c tr\u00ec ho\u00e3n \u0111\u1ecbnh gi\u00e1&#8221; c\u1ee7a startup v\u00e0 vi\u1ec7c cung c\u1ea5p b\u1ea3o v\u1ec7 c\u1ee5 th\u1ec3 v\u00e0 \u0111\u1ed9ng l\u1ef1c cho nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1edbm \u0111\u1ed1i m\u1eb7t v\u1edbi r\u1ee7i ro cao. \u0110i\u1ec1u n\u00e0y kh\u00f4ng ch\u1ec9 \u0111\u01a1n gi\u1ea3n l\u00e0 s\u1ef1 \u0111\u01a1n gi\u1ea3n h\u00f3a, m\u00e0 c\u00f2n l\u00e0 thi\u1ebft k\u1ebf d\u1ef1a tr\u00ean s\u1ef1 ph\u00e2n ph\u1ed1i r\u1ee7i ro v\u00e0 l\u1ee3i nhu\u1eadn ph\u00f9 h\u1ee3p v\u1edbi th\u1ef1c t\u1ebf \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng \u0111\u1ea7u t\u01b0 startup c\u1ee7a Nh\u1eadt B\u1ea3n \u0111ang theo k\u1ecbp c\u00e1c th\u1ef1c ti\u1ec5n t\u1ed1t nh\u1ea5t c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ed1n m\u1ea1o hi\u1ec3m qu\u1ed1c t\u1ebf.<\/p>\n\n\n\n<p>H\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 J-KISS bao g\u1ed3m c\u00e1c \u0111i\u1ec1u kho\u1ea3n m\u00e0 c\u1ea3 c\u00f4ng ty ph\u00e1t h\u00e0nh v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ec1u kh\u1eb3ng \u0111\u1ecbnh v\u00e0 b\u1ea3o \u0111\u1ea3m v\u1ec1 nh\u1eefng s\u1ef1 th\u1eadt c\u1ee5 th\u1ec3. C\u00f4ng ty ph\u00e1t h\u00e0nh, v\u00ed d\u1ee5, b\u1ea3o \u0111\u1ea3m v\u1ec1 vi\u1ec7c th\u00e0nh l\u1eadp v\u00e0 t\u1ed3n t\u1ea1i h\u1ee3p ph\u00e1p, quy\u1ec1n ph\u00e1t h\u00e0nh quy\u1ec1n ch\u1ecdn mua c\u1ed5 phi\u1ebfu m\u1edbi, tu\u00e2n th\u1ee7 ph\u00e1p lu\u1eadt, s\u1edf h\u1eefng quy\u1ec1n s\u1edf h\u1eefu tr\u00ed tu\u1ec7, v\u00e0 kh\u00f4ng c\u00f3 quan h\u1ec7 v\u1edbi c\u00e1c th\u1ebf l\u1ef1c x\u00e3 h\u1ed9i \u0111en. Nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ea3o \u0111\u1ea3m v\u1ec1 kh\u1ea3 n\u0103ng ph\u00e1n \u0111o\u00e1n c\u1ee7a m\u00ecnh, kinh nghi\u1ec7m \u0111\u1ea7u t\u01b0, v\u00e0 kh\u00f4ng c\u00f3 quan h\u1ec7 v\u1edbi c\u00e1c th\u1ebf l\u1ef1c x\u00e3 h\u1ed9i \u0111en. Nh\u1eefng kh\u1eb3ng \u0111\u1ecbnh v\u00e0 b\u1ea3o \u0111\u1ea3m n\u00e0y r\u1ea5t quan tr\u1ecdng \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o \u0111\u1ed9 tin c\u1eady c\u1ee7a giao d\u1ecbch v\u00e0 ph\u00f2ng ng\u1eeba tranh ch\u1ea5p trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n<p>Trong m\u1eabu J-KISS, nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ef1c hi\u1ec7n \u0111\u1ea7u t\u01b0 v\u1edbi s\u1ed1 ti\u1ec1n nh\u1ea5t \u0111\u1ecbnh \u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a l\u00e0 &#8220;nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u00ednh&#8221; v\u00e0 \u0111\u01b0\u1ee3c c\u1ea5p quy\u1ec1n \u0111\u1eb7c bi\u1ec7t. \u0110i\u1ec1u n\u00e0y bao g\u1ed3m quy\u1ec1n y\u00eau c\u1ea7u th\u00f4ng tin, cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u00ednh y\u00eau c\u1ea7u th\u00f4ng tin v\u1ec1 b\u00e1o c\u00e1o t\u00e0i ch\u00ednh v\u00e0 ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a c\u00f4ng ty. \u0110i\u1ec1u n\u00e0y \u0111\u1ea3m b\u1ea3o quy\u1ec1n truy c\u1eadp v\u00e0o th\u00f4ng tin quan tr\u1ecdng cho vi\u1ec7c \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 li\u00ean t\u1ee5c. M\u1ed9t quy\u1ec1n kh\u00e1c l\u00e0 quy\u1ec1n \u01b0u ti\u00ean mua c\u1ed5 phi\u1ebfu, cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u00ednh c\u00f3 quy\u1ec1n \u01b0u ti\u00ean mua c\u1ed5 phi\u1ebfu m\u1edbi \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh trong v\u00f2ng g\u1ecdi v\u1ed1n ti\u1ebfp theo. \u0110i\u1ec1u n\u00e0y gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u0103n ch\u1eb7n vi\u1ec7c pha lo\u00e3ng t\u1ef7 l\u1ec7 s\u1edf h\u1eefu do v\u00f2ng g\u1ecdi v\u1ed1n ti\u1ebfp theo g\u00e2y ra. Nh\u1eefng \u0111i\u1ec1u kho\u1ea3n b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00e0y th\u01b0\u1eddng kh\u00f4ng c\u00f3 trong SAFE ti\u00eau chu\u1ea9n nh\u01b0ng c\u00f3 th\u1ec3 th\u1ea5y trong KISS v\u00e0 convertible notes, cho th\u1ea5y J-KISS \u0111\u1eb7t n\u1eb7ng v\u1ea5n \u0111\u1ec1 b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<p>C\u00f3 th\u1ec3 c\u00f3 quy \u0111\u1ecbnh v\u1ec1 vi\u1ec7c c\u00f4ng ty ph\u00e1t h\u00e0nh b\u1ed3i th\u01b0\u1eddng cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1c chi ph\u00ed ph\u00e1p l\u00fd h\u1ee3p l\u00fd v\u00e0 c\u00e1c chi ph\u00ed li\u00ean quan \u0111\u1ebfn ph\u00e1p lu\u1eadt m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i ch\u1ecbu li\u00ean quan \u0111\u1ebfn vi\u1ec7c ph\u00e1t h\u00e0nh J-KISS. Ngo\u00e0i ra, c\u0169ng c\u00f3 quy \u0111\u1ecbnh v\u1ec1 ngh\u0129a v\u1ee5 b\u1ed3i th\u01b0\u1eddng thi\u1ec7t h\u1ea1i n\u1ebfu c\u00f4ng ty ph\u00e1t h\u00e0nh vi ph\u1ea1m h\u1ee3p \u0111\u1ed3ng ho\u1eb7c vi ph\u1ea1m c\u00e1c \u0111i\u1ec1u kho\u1ea3n kh\u1eb3ng \u0111\u1ecbnh v\u00e0 b\u1ea3o \u0111\u1ea3m.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Quy_trinh_Phat_hanh_J-KISS_va_Cac_Quy_dinh_Phap_luat_Lien_quan_cua_Nhat_Ban\"><\/span>Quy tr\u00ecnh Ph\u00e1t h\u00e0nh J-KISS v\u00e0 C\u00e1c Quy \u0111\u1ecbnh Ph\u00e1p lu\u1eadt Li\u00ean quan c\u1ee7a Nh\u1eadt B\u1ea3n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>J-KISS l\u00e0 quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi d\u1ef1a tr\u00ean Lu\u1eadt C\u00f4ng ty c\u1ee7a Nh\u1eadt B\u1ea3n, do \u0111\u00f3 vi\u1ec7c ph\u00e1t h\u00e0nh n\u00f3 c\u1ea7n tu\u00e2n th\u1ee7 nghi\u00eam ng\u1eb7t theo c\u00e1c th\u1ee7 t\u1ee5c \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0, m\u1eb7c d\u00f9 J-KISS nh\u1ea5n m\u1ea1nh v\u00e0o s\u1ef1 &#8220;\u0111\u01a1n gi\u1ea3n&#8221; trong vi\u1ec7c \u0111\u00e0m ph\u00e1n h\u1ee3p \u0111\u1ed3ng, c\u00e1c th\u1ee7 t\u1ee5c ph\u00e1p l\u00fd v\u1eabn gi\u1eef vai tr\u00f2 quan tr\u1ecdng. Th\u1ef1c t\u1ebf l\u00e0 J-KISS, d\u00f9 c\u00f3 kh\u1ea9u hi\u1ec7u &#8220;Keep It Simple&#8221;, v\u1eabn c\u1ea7n tu\u00e2n theo c\u00e1c th\u1ee7 t\u1ee5c ph\u00e1t h\u00e0nh nghi\u00eam ng\u1eb7t theo Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n (nh\u01b0 quy\u1ebft \u0111\u1ecbnh c\u1ee7a \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng, \u0111\u0103ng k\u00fd, v.v.) ph\u1ea3n \u00e1nh r\u00f5 n\u00e9t \u0111\u1eb7c tr\u01b0ng c\u1ee7a h\u1ec7 th\u1ed1ng ph\u00e1p lu\u1eadt Nh\u1eadt B\u1ea3n, n\u01a1i m\u00e0 c\u00e1c y\u00eau c\u1ea7u h\u00ecnh th\u1ee9c \u0111\u01b0\u1ee3c \u0111\u1eb7t l\u00ean h\u00e0ng \u0111\u1ea7u. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y s\u1ef1 c\u1ea7n thi\u1ebft ph\u1ea3i c\u00e2n nh\u1eafc gi\u1eefa linh ho\u1ea1t trong h\u1ee3p \u0111\u1ed3ng v\u00e0 s\u1ef1 ch\u1eafc ch\u1eafn ph\u00e1p l\u00fd, \u0111\u1ed3ng th\u1eddi \u0111\u00f2i h\u1ecfi nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i ph\u1ea3i th\u00edch nghi v\u1edbi &#8220;t\u1ea7m quan tr\u1ecdng c\u1ee7a vi\u1ec7c tu\u00e2n th\u1ee7 h\u00ecnh th\u1ee9c&#8221; trong v\u0103n h\u00f3a kinh doanh c\u1ee7a Nh\u1eadt B\u1ea3n.<\/p>\n\n\n\n<p>Quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi ki\u1ec3u J-KISS l\u00e0 quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu c\u00f3 tr\u1ea3 ti\u1ec1n, do \u0111\u00f3 vi\u1ec7c ph\u00e1t h\u00e0nh n\u00f3 ph\u1ea3i tu\u00e2n theo c\u00e1c th\u1ee7 t\u1ee5c li\u00ean quan \u0111\u1ebfn &#8220;ph\u00e1t h\u00e0nh quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi c\u00f3 thu ti\u1ec1n&#8221; t\u1eeb \u0110i\u1ec1u 238 \u0111\u1ebfn \u0110i\u1ec1u 247 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n. C\u00e1c th\u1ee7 t\u1ee5c n\u00e0y ch\u1ee7 y\u1ebfu bao g\u1ed3m c\u00e1c b\u01b0\u1edbc sau:<\/p>\n\n\n\n<p>\u0110\u1ec3 ph\u00e1t h\u00e0nh quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi, c\u1ea7n ph\u1ea3i quy\u1ebft \u0111\u1ecbnh c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn vi\u1ec7c m\u1eddi g\u1ecdi. \u0110\u1ed1i v\u1edbi c\u00f4ng ty c\u00f3 h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb, c\u00e1c v\u1ea5n \u0111\u1ec1 m\u1eddi g\u1ecdi \u0111\u01b0\u1ee3c quy\u1ebft \u0111\u1ecbnh th\u00f4ng qua ngh\u1ecb quy\u1ebft c\u1ee7a h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb (theo \u0110i\u1ec1u 240 kho\u1ea3n 1 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n) ho\u1eb7c quy\u1ebft \u0111\u1ecbnh c\u1ee7a c\u00e1c gi\u00e1m \u0111\u1ed1c (theo \u0110i\u1ec1u 238 kho\u1ea3n 2 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n). \u0110\u1ed1i v\u1edbi c\u00f4ng ty kh\u00f4ng c\u00f3 h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb, c\u00e1c v\u1ea5n \u0111\u1ec1 m\u1eddi g\u1ecdi \u0111\u01b0\u1ee3c quy\u1ebft \u0111\u1ecbnh th\u00f4ng qua quy\u1ebft \u0111\u1ecbnh c\u1ee7a c\u00e1c gi\u00e1m \u0111\u1ed1c. Sau \u0111\u00f3, nguy\u00ean t\u1eafc chung l\u00e0 c\u1ea7n c\u00f3 ngh\u1ecb quy\u1ebft \u0111\u1eb7c bi\u1ec7t t\u1ea1i \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng (theo \u0110i\u1ec1u 309 kho\u1ea3n 2 s\u1ed1 9 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n). Tuy nhi\u00ean, n\u1ebfu c\u00f3 quy \u0111\u1ecbnh trong \u0111i\u1ec1u l\u1ec7 c\u00f4ng ty ho\u1eb7c c\u00f3 s\u1ef1 \u0111\u1ed3ng \u00fd c\u1ee7a t\u1ea5t c\u1ea3 c\u1ed5 \u0111\u00f4ng, c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng quy\u1ebft \u0111\u1ecbnh \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng gi\u1ea3 \u0111\u1ecbnh theo \u0110i\u1ec1u 319 kho\u1ea3n 1 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n. T\u1ea1i ngh\u1ecb quy\u1ebft \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng n\u00e0y, c\u00e1c \u0111i\u1ec1u ki\u1ec7n ch\u00ednh nh\u01b0 t\u1ed5ng s\u1ed1 quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi v\u00e0 gi\u00e1 tr\u1ecb quy\u1ec1n ch\u1ecdn s\u1ebd \u0111\u01b0\u1ee3c quy\u1ebft \u0111\u1ecbnh.<\/p>\n\n\n\n<p>Sau ngh\u1ecb quy\u1ebft c\u1ee7a \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng ho\u1eb7c sau khi quy\u1ebft \u0111\u1ecbnh c\u00e1c v\u1ea5n \u0111\u1ec1 m\u1eddi g\u1ecdi, c\u00f4ng ty ph\u00e1t h\u00e0nh s\u1ebd k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0. D\u1ef1a tr\u00ean h\u1ee3p \u0111\u1ed3ng n\u00e0y, nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd n\u1ed9p ti\u1ec1n v\u00e0o t\u00e0i kho\u1ea3n ng\u00e2n h\u00e0ng \u0111\u01b0\u1ee3c ch\u1ec9 \u0111\u1ecbnh l\u00e0 n\u01a1i x\u1eed l\u00fd thanh to\u00e1n ti\u1ec1n mua quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi. Ng\u00e0y n\u1ed9p ti\u1ec1n th\u01b0\u1eddng \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh c\u00f9ng ng\u00e0y v\u1edbi ng\u00e0y ph\u00e2n ph\u1ed1i.<\/p>\n\n\n\n<p>C\u00f4ng ty ph\u00e1t h\u00e0nh quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi c\u1ea7n n\u1ed9p \u0111\u01a1n \u0111\u0103ng k\u00fd li\u00ean quan \u0111\u1ebfn vi\u1ec7c ph\u00e1t h\u00e0nh quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi t\u1edbi S\u1edf T\u01b0 ph\u00e1p Nh\u1eadt B\u1ea3n trong v\u00f2ng 2 tu\u1ea7n k\u1ec3 t\u1eeb ng\u00e0y ph\u00e2n ph\u1ed1i. Vi\u1ec7c \u0111\u0103ng k\u00fd n\u00e0y \u0111\u01b0\u1ee3c y\u00eau c\u1ea7u theo \u0110i\u1ec1u 915 kho\u1ea3n 1 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n. \u0110\u01a1n \u0111\u0103ng k\u00fd c\u1ea7n k\u00e8m theo c\u00e1c t\u00e0i li\u1ec7u nh\u01b0 bi\u00ean b\u1ea3n \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng, danh s\u00e1ch c\u1ed5 \u0111\u00f4ng, t\u00e0i li\u1ec7u ch\u1ee9ng minh vi\u1ec7c n\u1ed9p ti\u1ec1n (n\u1ebfu ng\u00e0y n\u1ed9p ti\u1ec1n sau ng\u00e0y ph\u00e2n ph\u1ed1i), v.v.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"So_sanh_J-KISS_SAFE_va_Convertible_Note_duoi_he_thong_phap_luat_Nhat_Ban\"><\/span>So s\u00e1nh J-KISS, SAFE v\u00e0 Convertible Note d\u01b0\u1edbi h\u1ec7 th\u1ed1ng ph\u00e1p lu\u1eadt Nh\u1eadt B\u1ea3n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>J-KISS \u0111\u01b0\u1ee3c ph\u00e1t tri\u1ec3n d\u1ef1a tr\u00ean c\u1ea3m h\u1ee9ng t\u1eeb c\u00e1c ph\u01b0\u01a1ng ti\u1ec7n g\u1ecdi v\u1ed1n nh\u01b0 &#8220;SAFE (Simple Agreement for Future Equity)&#8221; v\u00e0 &#8220;Convertible Note&#8221; ra \u0111\u1eddi t\u1ea1i Thung l\u0169ng Silicon c\u1ee7a M\u1ef9, \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh cho ph\u00f9 h\u1ee3p v\u1edbi h\u1ec7 th\u1ed1ng ph\u00e1p lu\u1eadt Nh\u1eadt B\u1ea3n. Vi\u1ec7c hi\u1ec3u r\u00f5 \u0111i\u1ec3m t\u01b0\u01a1ng \u0111\u1ed3ng v\u00e0 kh\u00e1c bi\u1ec7t gi\u1eefa ch\u00fang l\u00e0 r\u1ea5t quan tr\u1ecdng \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 qu\u1ed1c t\u1ebf trong vi\u1ec7c n\u1eafm b\u1eaft \u0111\u1eb7c t\u00ednh c\u1ee7a J-KISS. Th\u1ef1c t\u1ebf l\u00e0 J-KISS \u0111\u00e3 k\u1ebft h\u1ee3p c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a SAFE v\u00e0 Convertible Note m\u1ed9t c\u00e1ch &#8220;hybrid&#8221; v\u00e0 \u0111\u1eb7c bi\u1ec7t l\u00e0 vi\u1ec7c nhanh ch\u00f3ng c\u1eadp nh\u1eadt xu h\u01b0\u1edbng m\u1edbi nh\u1ea5t c\u1ee7a SAFE (\u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb sau \u0111\u1ea7u t\u01b0) trong J-KISS 2.0, cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng \u0111\u1ea7u t\u01b0 startup t\u1ea1i Nh\u1eadt B\u1ea3n r\u1ea5t nh\u1ea1y c\u1ea3m v\u1edbi xu h\u01b0\u1edbng qu\u1ed1c t\u1ebf v\u00e0 t\u00edch c\u1ef1c &#8220;b\u1eaft k\u1ecbp&#8221; v\u00e0 &#8220;t\u1ed1i \u01b0u h\u00f3a&#8221;. \u0110i\u1ec1u n\u00e0y kh\u00f4ng ch\u1ec9 l\u00e0 s\u1ef1 m\u00f4 ph\u1ecfng m\u00e0 c\u00f2n l\u00e0 &#8220;s\u1ef1 ti\u1ebfn h\u00f3a&#8221; ph\u00f9 h\u1ee3p v\u1edbi b\u1ed1i c\u1ea3nh ph\u00e1p l\u00fd v\u00e0 th\u1ecb tr\u01b0\u1eddng c\u1ee7a Nh\u1eadt B\u1ea3n, v\u00e0 \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i, J-KISS \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n \u0111\u1ea7u t\u01b0 \u0111\u00e1ng tin c\u1eady, \u0111\u00e3 \u0111\u01b0\u1ee3c &#8220;t\u00f9y ch\u1ec9nh&#8221; \u0111\u1ec3 ph\u00f9 h\u1ee3p v\u1edbi \u0111\u1eb7c th\u00f9 c\u1ee7a Nh\u1eadt B\u1ea3n sau khi hi\u1ec3u r\u00f5 d\u00f2ng ch\u1ea3y \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m to\u00e0n c\u1ea7u.<\/p>\n\n\n\n<p>D\u01b0\u1edbi \u0111\u00e2y l\u00e0 b\u1ea3ng so s\u00e1nh ch\u00ednh gi\u1eefa J-KISS, SAFE v\u00e0 Convertible Note.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><td>Y\u1ebfu t\u1ed1<\/td><td>J-KISS<\/td><td>SAFE<\/td><td>Convertible Note<\/td><\/tr><\/thead><tbody><tr><td>T\u00ednh ch\u1ea5t ph\u00e1p l\u00fd<\/td><td>Quy\u1ec1n \u0111\u1eb7t c\u1ecdc c\u1ed5 phi\u1ebfu m\u1edbi theo Lu\u1eadt C\u00f4ng ty c\u1ee7a Nh\u1eadt B\u1ea3n<\/td><td>Th\u1ecfa thu\u1eadn \u0111\u01a1n gi\u1ea3n cho c\u1ed5 phi\u1ebfu t\u01b0\u01a1ng lai (kh\u00f4ng ph\u1ea3i n\u1ee3)<\/td><td>N\u1ee3 (kho\u1ea3n vay)<\/td><\/tr><tr><td>T\u00ednh ch\u1ea5t n\u1ee3<\/td><td>Kh\u00f4ng<\/td><td>Kh\u00f4ng<\/td><td>C\u00f3<\/td><\/tr><tr><td>C\u00f3 t\u00ednh l\u00e3i su\u1ea5t hay kh\u00f4ng<\/td><td>Kh\u00f4ng<\/td><td>Kh\u00f4ng<\/td><td>C\u00f3<\/td><\/tr><tr><td>C\u00f3 ng\u00e0y \u0111\u00e1o h\u1ea1n hay kh\u00f4ng<\/td><td>Kh\u00f4ng (tuy nhi\u00ean c\u00f3 th\u1eddi h\u1ea1n chuy\u1ec3n \u0111\u1ed5i)<\/td><td>Kh\u00f4ng<\/td><td>C\u00f3<\/td><\/tr><tr><td>X\u1eed l\u00fd k\u1ebf to\u00e1n (ph\u00eda c\u00f4ng ty ph\u00e1t h\u00e0nh)<\/td><td>Ghi v\u00e0o v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/td><td>Ghi v\u00e0o v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/td><td>Ghi v\u00e0o n\u1ee3<\/td><\/tr><tr><td>C\u00f3 gi\u1edbi h\u1ea1n \u0111\u1ecbnh gi\u00e1 v\u00e0 t\u1ef7 l\u1ec7 gi\u1ea3m gi\u00e1 hay kh\u00f4ng<\/td><td>C\u00f3<\/td><td>C\u00f3<\/td><td>C\u00f3<\/td><\/tr><tr><td>C\u00f3 h\u1ee3p \u0111\u1ed3ng m\u1eabu hay kh\u00f4ng<\/td><td>C\u00f3 (\u0111\u01b0\u1ee3c Coral Capital c\u00f4ng b\u1ed1)<\/td><td>C\u00f3 (\u0111\u01b0\u1ee3c Y Combinator c\u00f4ng b\u1ed1)<\/td><td>Kh\u00f4ng (t\u00ednh c\u00e1 nh\u00e2n cao)<\/td><\/tr><tr><td>\u0110\u1ed1i t\u01b0\u1ee3ng ch\u00ednh ph\u00e1t tri\u1ec3n<\/td><td>Coral Capital (t\u00ean c\u0169: 500 Startups Japan)<\/td><td>Y Combinator<\/td><td>Kh\u00f4ng (s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh th\u00f4ng th\u01b0\u1eddng)<\/td><\/tr><tr><td>M\u1ee9c \u0111\u1ed9 ho\u00e0n thi\u1ec7n c\u00e1c \u0111i\u1ec1u kho\u1ea3n b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0<\/td><td>T\u01b0\u01a1ng \u0111\u1ed1i ho\u00e0n thi\u1ec7n (quy\u1ec1n y\u00eau c\u1ea7u th\u00f4ng tin, quy\u1ec1n \u01b0u ti\u00ean mua c\u1ed5 ph\u1ea7n, v.v.)<\/td><td>H\u1ea1n ch\u1ebf theo ti\u00eau chu\u1ea9n (c\u00f3 th\u1ec3 b\u1ed5 sung qua th\u01b0 ph\u1ee5)<\/td><td>T\u01b0\u01a1ng \u0111\u1ed1i ho\u00e0n thi\u1ec7n (l\u00e3i su\u1ea5t, ng\u00e0y \u0111\u00e1o h\u1ea1n, v.v.)<\/td><\/tr><tr><td>Qu\u1ed1c gia\/Khu v\u1ef1c \u00e1p d\u1ee5ng<\/td><td>Nh\u1eadt B\u1ea3n<\/td><td>Ch\u1ee7 y\u1ebfu l\u00e0 M\u1ef9 (\u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ed9ng r\u00e3i qu\u1ed1c t\u1ebf)<\/td><td>Ch\u1ee7 y\u1ebfu l\u00e0 M\u1ef9 (\u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ed9ng r\u00e3i qu\u1ed1c t\u1ebf)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Uu_va_nhuoc_diem_cua_J-KISS_cung_cac_diem_luu_y_trong_thuc_tien\"><\/span>\u01afu v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a J-KISS, c\u00f9ng c\u00e1c \u0111i\u1ec3m l\u01b0u \u00fd trong th\u1ef1c ti\u1ec5n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>J-KISS mang l\u1ea1i nhi\u1ec1u l\u1ee3i \u00edch trong h\u1ec7 sinh th\u00e1i startup c\u1ee7a Nh\u1eadt B\u1ea3n, nh\u01b0ng khi s\u1eed d\u1ee5ng c\u0169ng c\u1ea7n l\u01b0u \u00fd m\u1ed9t s\u1ed1 \u0111i\u1ec3m quan tr\u1ecdng.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Loi_ich_doi_voi_cac_nha_sang_lap\"><\/span>L\u1ee3i \u00edch \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c startup \u1edf giai \u0111o\u1ea1n seed, vi\u1ec7c \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p l\u00e0 m\u1ed9t th\u00e1ch th\u1ee9c, nh\u01b0ng J-KISS cho ph\u00e9p ho\u00e3n vi\u1ec7c \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb c\u1ee5 th\u1ec3 c\u1ee7a doanh nghi\u1ec7p v\u00e0 quy\u1ebft \u0111\u1ecbnh \u0111i\u1ec1u ki\u1ec7n \u0111\u1ea7u t\u01b0 cho \u0111\u1ebfn v\u00f2ng g\u1ecdi v\u1ed1n ti\u1ebfp theo. \u0110i\u1ec1u n\u00e0y t\u01b0\u01a1ng \u0111\u1ed3ng v\u1edbi nh\u1eefng l\u1ee3i \u00edch ch\u00ednh m\u00e0 SAFE v\u00e0 convertible notes mang l\u1ea1i. Nh\u1edd \u0111\u00f3, c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp c\u00f3 th\u1ec3 tr\u00e1nh \u0111\u01b0\u1ee3c r\u1ee7i ro pha lo\u00e3ng c\u1ed5 ph\u1ea7n v\u1edbi gi\u00e1 tr\u1ecb doanh nghi\u1ec7p th\u1ea5p v\u00e0 t\u1eadp trung v\u00e0o vi\u1ec7c ph\u00e1t tri\u1ec3n kinh doanh. L\u1ee3i \u00edch &#8220;ho\u00e3n \u0111\u1ecbnh gi\u00e1&#8221; c\u1ee7a J-KISS l\u00e0 gi\u1ea3i ph\u00e1p th\u1ef1c ti\u1ec5n v\u00e0 ph\u00f9 h\u1ee3p v\u1edbi th\u1ecb tr\u01b0\u1eddng cho v\u1ea5n \u0111\u1ec1 &#8220;\u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p non tr\u1ebb&#8221; c\u1ee7a c\u00e1c startup giai \u0111o\u1ea1n seed. Tuy nhi\u00ean, \u0111i k\u00e8m v\u1edbi l\u1ee3i \u00edch n\u00e0y l\u00e0 r\u1ee7i ro &#8220;pha lo\u00e3ng kh\u00f4ng l\u01b0\u1eddng tr\u01b0\u1edbc \u0111\u01b0\u1ee3c&#8221; trong t\u01b0\u01a1ng lai, \u00e1m ch\u1ec9 s\u1ef1 c\u00e2n nh\u1eafc gi\u1eefa &#8220;s\u1ef1 \u0111\u01a1n gi\u1ea3n&#8221; v\u00e0 &#8220;kh\u1ea3 n\u0103ng d\u1ef1 \u0111o\u00e1n ho\u00e0n to\u00e0n&#8221;. S\u1ef1 c\u00e2n nh\u1eafc n\u00e0y cung c\u1ea5p b\u00e0i h\u1ecdc quan tr\u1ecdng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i v\u00e0 nh\u00e0 s\u00e1ng l\u1eadp v\u1ec1 vi\u1ec7c c\u1ea7n xem x\u00e9t kh\u00f4ng ch\u1ec9 l\u1ee3i \u00edch ng\u1eafn h\u1ea1n m\u00e0 c\u00f2n c\u1ea3 \u1ea3nh h\u01b0\u1edfng l\u00e2u d\u00e0i \u0111\u1ebfn c\u1ea5u tr\u00fac v\u1ed1n.<\/p>\n\n\n\n<p>Vi\u1ec7c s\u1eed d\u1ee5ng m\u1eabu h\u1ee3p \u0111\u1ed3ng chu\u1ea9n h\u00f3a gi\u00fap gi\u1ea3m \u0111\u00e1ng k\u1ec3 th\u1eddi gian v\u00e0 chi ph\u00ed cho \u0111\u00e0m ph\u00e1n h\u1ee3p \u0111\u1ed3ng ri\u00eang l\u1ebb, ph\u00ed lu\u1eadt s\u01b0 v\u00e0 c\u00f4ng s\u1ee9c \u0111i\u1ec1u ch\u1ec9nh, t\u1eeb \u0111\u00f3 t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho vi\u1ec7c g\u1ecdi v\u1ed1n nhanh ch\u00f3ng. \u0110i\u1ec1u n\u00e0y r\u1ea5t quan tr\u1ecdng \u0111\u1ed1i v\u1edbi c\u00e1c startup th\u01b0\u1eddng xuy\u00ean g\u1eb7p kh\u00f3 kh\u0103n v\u1ec1 ngu\u1ed3n v\u1ed1n. Kh\u00e1c v\u1edbi convertible bonds, s\u1ed1 ti\u1ec1n \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c ghi nh\u1eadn l\u00e0m t\u00e0i s\u1ea3n r\u00f2ng, gi\u00fap b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n kh\u00f4ng b\u1ecb x\u1ea5u \u0111i v\u00e0 d\u1ec5 d\u00e0ng duy tr\u00ec uy t\u00edn v\u1edbi b\u00ean ngo\u00e0i.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Loi_ich_doi_voi_nha_dau_tu\"><\/span>L\u1ee3i \u00edch \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V\u1edbi vi\u1ec7c thi\u1ebft l\u1eadp gi\u1edbi h\u1ea1n \u0111\u1ecbnh gi\u00e1 v\u00e0 t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u, nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1edbm c\u00f3 th\u1ec3 nh\u1eadn \u0111\u01b0\u1ee3c \u0111\u1ed9ng l\u1ef1c \u0111\u1ec3 mua c\u1ed5 ph\u1ea7n v\u1edbi gi\u00e1 c\u00f3 l\u1ee3i trong t\u01b0\u01a1ng lai. T\u00f9y ch\u1ecdn ho\u00e0n ti\u1ec1n khi mua l\u1ea1i ho\u1eb7c th\u1eddi h\u1ea1n chuy\u1ec3n \u0111\u1ed5i \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c b\u1ea3o v\u1ec7 trong tr\u01b0\u1eddng h\u1ee3p x\u1ea5u nh\u1ea5t (nh\u01b0 M&amp;A do thi\u1ebfu v\u1ed1n). H\u01a1n n\u1eefa, do kh\u00f4ng c\u1ea7n ph\u1ea3i th\u1ef1c hi\u1ec7n due diligence ph\u1ee9c t\u1ea1p hay \u0111\u00e0m ph\u00e1n, quy tr\u00ecnh \u0111\u1ea7u t\u01b0 tr\u1edf n\u00ean \u0111\u01a1n gi\u1ea3n h\u01a1n.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nhung_diem_luu_y_va_nhuoc_diem_trong_thuc_tien\"><\/span>Nh\u1eefng \u0111i\u1ec3m l\u01b0u \u00fd v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m trong th\u1ef1c ti\u1ec5n<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>J-KISS ho\u00e3n vi\u1ec7c \u0111\u1ecbnh gi\u00e1, nh\u01b0ng n\u1ebfu gi\u00e1 tr\u1ecb doanh nghi\u1ec7p t\u0103ng \u0111\u00e1ng k\u1ec3 trong v\u00f2ng g\u1ecdi v\u1ed1n t\u01b0\u01a1ng lai, t\u1ef7 l\u1ec7 s\u1edf h\u1eefu c\u1ee7a nh\u00e0 s\u00e1ng l\u1eadp c\u00f3 th\u1ec3 b\u1ecb pha lo\u00e3ng nhi\u1ec1u h\u01a1n d\u1ef1 ki\u1ebfn do gi\u00e1 chuy\u1ec3n \u0111\u1ed5i c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1edbm b\u1ecb gi\u1edbi h\u1ea1n. \u0110i\u1ec1u n\u00e0y c\u0169ng c\u1ea7n \u0111\u01b0\u1ee3c xem x\u00e9t v\u1edbi SAFE v\u00e0 convertible notes. \u0110i\u1ec1u ki\u1ec7n chuy\u1ec3n \u0111\u1ed5i c\u1ee7a J-KISS d\u1ef1a tr\u00ean nhi\u1ec1u k\u1ecbch b\u1ea3n nh\u01b0 g\u1ecdi v\u1ed1n \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n, mua l\u1ea1i, th\u1eddi h\u1ea1n chuy\u1ec3n \u0111\u1ed5i, v\u00e0 vi\u1ec7c t\u00ednh to\u00e1n hay hi\u1ec3u c\u00e1c \u0111i\u1ec1u ki\u1ec7n n\u00e0y c\u00f3 th\u1ec3 ph\u1ee9c t\u1ea1p. \u0110\u1eb7c bi\u1ec7t, vi\u1ec7c thi\u1ebft l\u1eadp gi\u1edbi h\u1ea1n \u0111\u1ecbnh gi\u00e1 th\u01b0\u1eddng l\u00e0 t\u00e2m \u0111i\u1ec3m c\u1ee7a \u0111\u00e0m ph\u00e1n trong th\u1ef1c ti\u1ec5n. Trong khi c\u00e1c ch\u1ee9ng kho\u00e1n chuy\u1ec3n \u0111\u1ed5i nh\u01b0 SAFE \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ed9ng r\u00e3i \u1edf M\u1ef9, t\u1ea1i Nh\u1eadt B\u1ea3n, nh\u1eadn th\u1ee9c v\u1ec1 J-KISS v\u1eabn ch\u01b0a \u0111\u1ee7.<\/p>\n\n\n\n<p>J-KISS l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n h\u1eefu \u00edch v\u00e0 hi\u1ec7u qu\u1ea3 cho vi\u1ec7c g\u1ecdi v\u1ed1n nhanh ch\u00f3ng v\u00e0 linh ho\u1ea1t, \u0111\u1eb7c bi\u1ec7t \u0111\u1ed1i v\u1edbi c\u00e1c startup giai \u0111o\u1ea1n seed. Tuy nhi\u00ean, vi\u1ec7c hi\u1ec3u r\u00f5 t\u00ednh ch\u1ea5t c\u1ee7a n\u00f3 v\u00e0 xem x\u00e9t \u0111\u1ebfn \u1ea3nh h\u01b0\u1edfng l\u00e2u d\u00e0i khi s\u1eed d\u1ee5ng l\u00e0 \u0111i\u1ec1u c\u1ef1c k\u1ef3 quan tr\u1ecdng.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tong_ket\"><\/span>T\u1ed5ng k\u1ebft<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>B\u00e0i vi\u1ebft n\u00e0y \u0111\u00e3 gi\u1ea3i th\u00edch r\u1eb1ng J-KISS l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n h\u1eefu \u00edch cho c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p \u1edf Nh\u1eadt B\u1ea3n \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n m\u1ed9t c\u00e1ch nhanh ch\u00f3ng v\u00e0 hi\u1ec7u qu\u1ea3 trong giai \u0111o\u1ea1n seed. T\u00ednh ch\u1ea5t ph\u00e1p l\u00fd c\u1ee7a &#8220;quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi&#8221;, m\u1eabu h\u1ee3p \u0111\u1ed3ng ti\u00eau chu\u1ea9n h\u00f3a, c\u00f9ng v\u1edbi c\u01a1 ch\u1ebf b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 gi\u1edbi h\u1ea1n \u0111\u1ecbnh gi\u00e1 v\u00e0 t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u, \u0111\u1ec1u l\u00e0 bi\u1ec3u t\u01b0\u1ee3ng cho s\u1ef1 tr\u01b0\u1edfng th\u00e0nh v\u00e0 qu\u1ed1c t\u1ebf h\u00f3a c\u1ee7a h\u1ec7 sinh th\u00e1i kh\u1edfi nghi\u1ec7p t\u1ea1i Nh\u1eadt B\u1ea3n. So s\u00e1nh v\u1edbi c\u00e1c lo\u1ea1i ch\u1ee9ng kho\u00e1n chuy\u1ec3n \u0111\u1ed5i nh\u01b0 SAFE hay Convertible Note \u1edf n\u01b0\u1edbc ngo\u00e0i, J-KISS cung c\u1ea5p nh\u1eefng l\u1ee3i \u00edch \u0111\u1ed9c \u0111\u00e1o ph\u00f9 h\u1ee3p v\u1edbi h\u1ec7 th\u1ed1ng ph\u00e1p lu\u1eadt v\u00e0 th\u1ef1c ti\u1ec5n th\u1ecb tr\u01b0\u1eddng c\u1ee7a Nh\u1eadt B\u1ea3n, tr\u1edf th\u00e0nh l\u1ef1a ch\u1ecdn h\u1ea5p d\u1eabn cho c\u1ea3 doanh nh\u00e2n v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, vi\u1ec7c s\u1eed d\u1ee5ng J-KISS \u0111\u00f2i h\u1ecfi s\u1ef1 tu\u00e2n th\u1ee7 nghi\u00eam ng\u1eb7t c\u00e1c th\u1ee7 t\u1ee5c ph\u00e1t h\u00e0nh d\u1ef1a tr\u00ean Lu\u1eadt C\u00f4ng ty c\u1ee7a Nh\u1eadt B\u1ea3n, s\u1ef1 hi\u1ec3u bi\u1ebft v\u1ec1 c\u00e1c \u0111i\u1ec1u ki\u1ec7n chuy\u1ec3n \u0111\u1ed5i ph\u1ee9c t\u1ea1p, v\u00e0 ki\u1ebfn th\u1ee9c chuy\u00ean m\u00f4n \u0111\u1ec3 d\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u1ea5u tr\u00fac v\u1ed1n trong t\u01b0\u01a1ng lai. \u0110\u1eb7c bi\u1ec7t \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i v\u00e0 c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p c\u00f3 qu\u1ed1c t\u1ecbch n\u01b0\u1edbc ngo\u00e0i mong mu\u1ed1n m\u1edf r\u1ed9ng kinh doanh t\u1ea1i Nh\u1eadt B\u1ea3n, vi\u1ec7c hi\u1ec3u bi\u1ebft s\u00e2u s\u1eafc v\u1ec1 c\u00e1c chi ti\u1ebft c\u1ee7a th\u1ef1c ti\u1ec5n ph\u00e1p l\u00fd v\u00e0 k\u1ebf to\u00e1n t\u1ea1i Nh\u1eadt B\u1ea3n l\u00e0 ch\u00eca kh\u00f3a cho s\u1ef1 th\u00e0nh c\u00f4ng.<\/p>\n\n\n\n<p>V\u0103n ph\u00f2ng lu\u1eadt s\u01b0 Monolith c\u00f3 nhi\u1ec1u kinh nghi\u1ec7m trong vi\u1ec7c h\u1ed7 tr\u1ee3 c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p trong n\u01b0\u1edbc v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 trong v\u00e0 ngo\u00e0i Nh\u1eadt B\u1ea3n li\u00ean quan \u0111\u1ebfn J-KISS. V\u0103n ph\u00f2ng ch\u00fang t\u00f4i c\u00f3 c\u00e1c lu\u1eadt s\u01b0 c\u00f3 ch\u1ee9ng ch\u1ec9 h\u00e0nh ngh\u1ec1 t\u1ea1i Nh\u1eadt B\u1ea3n c\u0169ng nh\u01b0 ch\u1ee9ng ch\u1ec9 c\u1ee7a n\u01b0\u1edbc ngo\u00e0i, v\u00e0 c\u00f3 th\u1ec3 cung c\u1ea5p d\u1ecbch v\u1ee5 ph\u00e1p l\u00fd li\u1ec1n m\u1ea1ch b\u1eb1ng c\u1ea3 ti\u1ebfng Nh\u1eadt v\u00e0 ti\u1ebfng Anh. T\u1eeb \u0111\u00e0m ph\u00e1n h\u1ee3p \u0111\u1ed3ng J-KISS, th\u1ee7 t\u1ee5c ph\u00e1t h\u00e0nh ph\u1ee9c t\u1ea1p, \u0111\u0103ng k\u00fd \u1ee9ng d\u1ee5ng, cho \u0111\u1ebfn chi\u1ebfn l\u01b0\u1ee3c huy \u0111\u1ed9ng v\u1ed1n trong t\u01b0\u01a1ng lai, ch\u00fang t\u00f4i h\u1ed7 tr\u1ee3 kh\u00e1ch h\u00e0ng \u1edf m\u1ecdi giai \u0111o\u1ea1n m\u1ed9t c\u00e1ch m\u1ea1nh m\u1ebd.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>H\u1ec7 sinh th\u00e1i kh\u1edfi nghi\u1ec7p c\u1ee7a Nh\u1eadt B\u1ea3n trong nh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ea1nh m\u1ebd v\u00e0 thu h\u00fat s\u1ef1 ch\u00fa \u00fd c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 qu\u1ed1c t\u1ebf. Trong b\u1ed1i c\u1ea3nh s\u00f4i \u0111\u1ed9ng n\u00e0y, &#8220;J-KISS&#8221; \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ed9ng  [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":71334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,85],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/71201"}],"collection":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/comments?post=71201"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/71201\/revisions"}],"predecessor-version":[{"id":71335,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/71201\/revisions\/71335"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media\/71334"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media?parent=71201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/categories?post=71201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/tags?post=71201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}