Un système de structuration, au service des entrepreneurs.

Structurer les financements des entrepreneurs.

Au-delà de l’investissement, c’est plusieurs sources de financement à articuler. Une crédibilité technologique à installer. Les bons acteurs à mobiliser, au bon moment. Nous orchestrons le tout, pour aligner l’intérêt des startups et celui des financeurs.

Equity.

Investir et compléter le tour.

Nous investissons via nos véhicules nanoVC dans les startups early-stage tech/deeptech. Flag devient partie prenante et mobilise ses partenaires/investisseurs : une communauté de 2000 business angels et un réseau de fonds d’investissement européens.

Financements.

Mobiliser
le non dilutif

Post levée nous conjuguons le meilleur du non dilutif public et privé : Bpifrance, Régions, France 2030, banques, revenue-based financing. Pour maximiser le cash disponible sans diluer davantage le capital.

Fiscalité.

Financer la R&D par le crédit d'impôt

Nous construisons et sécurisons les dossiers CIR, CII, CIJV, IP Box et les statuts JEI,JEII, JEIR. Un levier annuel, qui s’active indépendamment des levées pour financer la recherche et maintenir l’avance technologique.

DAF part time.

Piloter
la croissance

Nous pilotons la trésorerie, le prévisionnel et le reporting en temps réel. La fonction finance d’une scale-up, sans le coût d’un recrutement. Pour rester focus sur l’exécution avec la visibilité financière qui rassure les investisseurs.

About.

Plus qu’un VC.

Au-delà du ticket, Flag intervient sur les trois  fronts du financement pour structurer la résilience  des projets dès l’amorçage :

l’articulation entre equity et financement  non dilutif,
la crédibilité technologique,
l’interfaçage avec les bons  acteurs de l’écosystème.

Une position unique ancrée dans dix ans  de structuration du seed français.

F.A.Q.

The CIR is not subject to systematic control by the tax authorities. However, there has been a notable increase in the number of requests for information on the CIR/CII. Controls are becoming increasingly rigorous regarding the scientific and financial justifications to be provided, as well as any necessary adjustments.

In this context, it is essential to have a well-structured CIR process and a personalized approach to secure your R&D investments. Flag accompanies you on this journey and helps you to effectively manage your risk.

If you declare your CIR at the time of your closing, it will be immediately offset against your IS (Corporate Income Tax). If you do not pay enough IS, which is often the case for startups in the growth phase, you can request an immediate refund. It usually takes between 2 and 6 months to obtain the tax credit.

If you make a retroactive request, it can also take a few months because the administration often conducts checks before releasing the funds. However, please note that these delays are averages among our clients. There are significant differences in processing times between different SIE (tax offices for businesses).

It is entirely possible to include the expenses related to salaried executives or self-employed workers (TNS) in the expenditure base of the CIR.

Like for other resources, the amount is calculated regarding the time proportion spent on the work.

Caution, for executives or founders to be considered in the CIR, they must be directly remunerated by the company or as part of personnel provision. Dividends or stock options are not taken into account.

Yes, as long as you're a French-registered company conducting R&D activities in France—even if the work is done on behalf of the foreign parent company—you can claim CIR/CII.

For example, one could imagine Google being eligible to declare CIR if it conducts research activities in France through a local subsidiary.

Technically, no. You can file the CERFA forms related to CIR/CII along with your tax return and still receive the credit.

However, up to three years after submission (the French tax statute of limitations), you may be audited by an expert from the Ministry of Research. They will review your cost calculations and the eligibility of your R&D work. In this case, you must provide a highly detailed technical report describing: the R&D work carried out, the teams and resources involved, the state of the art at the beginning of the project, the uncertainties tackled and the methodology used, these audits have become significantly more frequent in recent years.

It is therefore highly recommended to prepare a technical file for each CIR declaration, to anticipate any requests from the authorities and avoid penalties. For retroactive CIR/CII claims, administrative requests are nearly systematic—and skipping the technical file is simply not an option.

An innovative project introduces something new—or significantly improves and optimizes a product, service, or process. Importantly, innovation is not limited to technology.

It can also occur in other areas, such as:

Service innovation (e.g., the creation of low-cost airlines)
Marketing innovation (e.g., the shift to online purchasing)
Organizational innovation (e.g., the Taylorist work model)
Social innovation (e.g., the model developed by Emmaüs)

Many French companies only seek public innovation funding when their internal budget runs out, which is often too late.

Due to a general lack of awareness of available support schemes, startups and SMEs frequently assume they're not eligible and miss valuable opportunities.

However, public funding for innovation is abundant. Agencies such as Bpifrance, ADEME, regional governments, the EU, and sector-specific bodies (CNM, CNC, etc.) are actively seeking promising projects to support—across all development phases, including market launch and international growth.

Our experts at Flag work daily with public and private funders. We’re here to help you: select the right programs, build strong applications, submit them at the right time. So you can focus on growing your innovation, without missing out on the resources you deserve.

One of the first things that a bank or an actor like Bpifrance will look at is your gearing ratio, also known as "debt-to-equity ratio".

This ratio is determined by dividing net debt by equity according to the following formula:

Endettement net / Capitaux propres = X%.

Net debt encompasses the entire financial indebtedness situation, including the amounts of medium and long-term (MLT) and short-term (ST) borrowings, adjusted for any cash surpluses:

Emprunts MLT + crédits CT − excédents financiers = endettement net.

When cash surpluses exceed borrowings, it's referred to as negative net debt or net financial surplus.

Equity consists of capital contributions as well as the cumulative undistributed results, including reserves, retained earnings (in the French presentation), and the current year's earnings.

Is it a bit technical? Contact Flag. We can quickly tell you where your gearing stands compared to the current practices of various lending institutions.