For the enterprise that decides to raise capital online, transparency is the first condition for gaining trust from platforms and investors. The ECSP Regulations has been very insistent on this aspect, clearly establishing the Mandatory documents that crowdfunding platforms and bidding companies must produce, to which are added those established by the national regulations of Consob and the Bank of Italy.

Knowing in advance What documents are needed for an equity, lending or reward crowdfunding campaign allows you to prepare as well as possible and avoid slowdowns in approval time or appeals.

Each type of crowdfunding requires the preparation of different materials, but those for equity and lending crowdfunding overlap for a good portion, while reward crowdfunding is characterized by greater flexibility and arbitrariness.

In addition to the mandatory documentation, there are also optional documents, but these are valuable for clearly communicating the project to platforms and investors and for supporting marketing activities aimed at raising investors.

In this article we want to provide a A guide to companies that want to run a crowdfunding campaign: let's find out what documents you need to do crowdfunding and how best to organize yourself to present yourself effectively to platforms and investors.

The regulatory framework

La documentation of a crowdfunding campaign is not just a formal requirement: it is the pivot around which the transparency of the entire system revolves.

The Regulation (EU) 2020/1503, known as the European Crowdfunding Service Providers Regulation (ECSPR), introduced a single regulatory framework for equity and lending crowdfunding campaigns in all member states, which also talks about documentation and transparency.

In Italy then, supervision is entrusted to Consob, which verifies the accuracy of the information provided to investors, and to Bank of Italy, responsible for the prudential supervision of platform managers.

Operationally, ECSPR has simplified the bureaucracy: now a company that passes the selection of an authorized platform can Launch campaigns in all EU countries with a single document set.

The European regulation set a collection ceiling of 5 million euros in 12 months For the standard prospectus exemption scheme, raised to 8 million by Consob in the Italian transposition of European regulations. This threshold distinguishes crowdfunding transactions from the issuance of actual financial instruments, ensuring streamlined but still transparent procedures.

The key principle of ECSPR is the informational symmetry: Every investor, professional or retail, must receive the same basic information before committing their capital.
For this reason, bidding firms are required to draw up the Key Investment Information Sheet (KIIS), an EU-harmonized document that summarizes in a standardized way all relevant data on the offer, risks and investors' rights. It is the first true "mandatory" document required by law, which we will elaborate on later.

Finally, a clear distinction should be made between:

• regulatory documents, required by the authorities and necessary to authorize the publication of the bid;
  
• due diligence documents, required by platforms for individual project evaluation but not mandated by law.
  

The documents for platform selection

In order to do an equity or lending crowdfunding campaign, one must pass the platform selection choice. 

Each platform performs a preliminary due diligence to assess the soundness of the project, the reliability of the team, and the potential for collection.
This phase is not governed by specific regulations and varies from portal to portal, albeit with common criteria.

The authorized crowdfunding platforms operate as. quality filters: Their reputation depends on the quality of the projects proposed to investors. That is why they require a set of documents to know the company thoroughly and to estimate the risks.

Business plan and financial projections

The business plan is the main selection document, the basis on which the platform evaluates the sustainability and coherence of the project.
It must provide a complete picture of the business model, business strategy, and financial and economic structure.
Key information includes:

• Market analysis and competitive positioning;
  
• Target definition and marketing levers;
  
• Operational plan and development milestones;
  
• Economic and financial forecast (3-5 years);
  
• Capital needs and allocation of funds raised.
  

It is drafted internally by management or with the support of specialized consultants. The platform verifies its congruence and may ask for revisions or insights.
In the case of early stage startup lacking financial statements, the business plan partially replaces the accounting records.

Financial statements and accounting records

Lending and equity platforms are asking to consult the last two annual reports, in official format and, if possible, certified by an auditor.
They serve to verify:

• business continuity;
  
• Capital strength;
  
• economic performance and the ability to generate cash.

Younger societies can provide interim financial statements o projected budgets, as long as they are consistent with the projections in the business plan.
For the Innovative SMEs, moreover, the auditing of financial statements is a legal requirement and, although not mandatory for crowdfunding, is an additional guarantee for the platform and investors.

Chamber of Commerce abstract and historical view

L'chamber of commerce extract and the historical view attest to the administrative regularity and corporate composition of the enterprise.
These are official documents issued by the Chamber of Commerce and allow the platform to verify:

• The legal form;
  
• The master data of the partners and directors;
  
• any bankruptcy or prejudicial proceedings.
  

Their production is simple but essential-they are the starting point for any compliance check.

Business valuation for equity crowdfunding

For the campaigns of equity crowdfunding, the platform must know the value of the company before collection (pre-money valuation) to determine the price of the shares to be offered. The evaluation is thus used to determine how many shares will be issued and what percentage of capital will be surrendered in exchange for the investment: it is actually also used by the company itself to define the coordinates of its own capital increase, to understand how many shares can be surrendered and with what consequences, how the raising will affect the cap table and governance, what positioning will result, etc.

It is a technical document, prepared by an expert (accountant, auditor, or financial analyst) according to one of many possible methods.

It is not required by law, but it is always in demand by equity crowdfunding platforms. In lending, it can be replaced by a credit analysis or internal rating.

Creditworthiness analysis and rating for lending crowdfunding

In lending crowdfunding, the main objective of the platform is to estimate the credit risk Of the enterprise applying for funding.
Therefore, in addition to financial statements and economic information, documents and reports are required to assess the company's ability to repay the capital received with interest.

Platforms can perform these analyses in two ways:

1. Internal evaluation (credit scoring) - The platform develops its own scoring model based on quantitative (equity, debt, cash flow, payment performance) and qualitative (company history, industry, governance) indicators.
   The outcome is expressed as. risk class or rating (from "A" to "E," for example), which also determines the interest rate To be applied to the loan.
   
2. External evaluation - Some platforms use specialized companies or databases to obtain a certified credit report.
   This document contains:
   
   • reliability score (rating);
     
   • liquidity, solvency and profitability ratios;
     
   • Estimated probability of default (default rate).
     

The transparency of these analyses is crucial: Regulation (EU) 2020/1503 requires platforms to make public the risk assessment method and to allow investors to consult the criteria applied.

For businesses, providing clear financial statements, up-to-date tax returns, and additional information (e.g., list of major customers or outstanding contracts) can significantly improve risk assessment and Reduce the interest rate of the loan.

Corporate charter for equity crowdfunding

Lo bylaws is critical to the campaigns of equity crowdfunding, as it regulates the rights and duties of members.
The platform verifies the presence of specific clauses for the entry of new crowd investors, such as:

• tag along (right of co-sale),
  
• drag along (obligation of joint sale),
  
• special quotas o participatory financial instruments (PFI),
• distinction between type A quotas and type B quotas (voting and non-voting) and/or other types.
  

If the statute does not provide for them, it will be necessary to amend it at a notary, with corresponding resolution of the shareholders' meeting and filing with the Registrar of Companies.

Other supporting documents for due diligence

Some platforms, especially for large transactions, may require additional attachments:

• cadastral surveys or real estate documentation, if the transaction involves real estate assets;
  
• commercial contracts or letters of intent with partners and customers;
  
• certifications (e.g., ISO, environmental or safety);
  
• ESG report.
  

These documents are not mandatory, but they help to strengthen the Overall credibility of the project And they can make a difference in selection.

Documents for launching an equity or lending crowdfunding campaign

Having passed the selection stage, the company that has received platform approval enters the official campaign preparation process.

The ECSP regulation and Consob regulations establish some Mandatory documents to be attached to each equity or lending crowdfunding campaign that is posted on a platform, to ensure transparency to investors and to protect the platform from administrative or civil liability.

Key Investment Information Sheet (KIIS)

The KIIS is the main disclosure document required by the ECSP Regulations.
It is a standardized card summarizing the essential information about the bid and the bidding company, prepared in accordance with the model in Annex I of the Regulation itself.

The KIIS must be clear, concise and understandable even by non-professional investors. It must contain at least:

• The identification data of the bidding company and the platform;
  
• The description of the funded activity and project;
  
• The main risks associated with the investment;
  
• The economic conditions (minimum target, maximum target, quotas or interest rate);
  
• The rights and obligations of the investor;
  
• expected fees and costs;
  
• The duration and mode of exit or repayment.
  

It is the equivalent of a "simplified" prospectus, specifically for crowdfunding.
Its drafting is the responsibility of to the bidding company, but the platform has an obligation to verify its correctness and consistency.
In practice, platforms provide a pre-filled template with the items required by ECSP regulations and assist the company in drafting.

A copy of the KIIS must be made available to each investor at least four days in advance Of underwriting.

Legal and contractual documents

In addition to the KIIS, the platform must be able to publish all the contract documents governing the relationship between the investor and the bidding firm.

In the case of equity crowdfunding, are generally required:

• resolution to capital increase e notarized;
  
• updated bylaws, with possible modifications for the entry of new members;
  
• unit subscription contract And, if provided, shareholders' agreements or regulations PFI (Participatory Financial Instruments).
  

In lending crowdfunding, however, are needed:

• loan agreement establishing the amount, rate, duration and collateral;
  
• any sureties o collateral (e.g., mortgages or pledges);
  
• documentation of the payment service That manages the flow of money.
  

These documents are binding and must be in written and digital form, signed with a qualified electronic signature (FEQ) or in a manner recognized as equivalent in all EU member states.

Documentary Consistency

L'Article 27 of the ECSPR Regulations stipulates that platforms and bidding companies must ensure the Consistency between information documentation and promotional materials Spread online or offline.
This means that any advertising content-website, post, newsletter or video-must be aligned with the data in the KIIS and must not contain misleading, incomplete or biased information.

For this reason, platforms require prior production and approval:

• a risk disclosure document (clear description of investment risks);
  
• a register of promotional materials approved, which will be kept for at least five years;
  
• any "short" versions Of KIIS for synthetic communication, provided they are authorized.
  

The platform conducts a formal check on these materials before publishing the campaign and maintains the responsibility for ongoing supervision even after startup.

The documentation for reward crowdfunding

The reward crowdfunding does not fall within the scope of the European Regulation, as it does not involve financial investment or the issuance of equity or debt instruments.
However, even in the absence of a specific regulatory framework, a reward campaign must comply with certain Rules of transparency and consumer protection, mainly established by the Consumer Code (Legislative Decree 206/2005) and Legislative Decree 70/2003 on electronic commerce.

Project and product description 

The basic document of a reward campaign is the project sheet, published on the platform. It represents the information reference point for potential supporters and must contain:

• Description of the product or service that is the subject of the campaign;
  
• Purpose of collection (development, production, distribution, etc.);
  
• specification of the reward offered for each contribution level;
  
• Estimated time of delivery or release;
  
• Payment methods and company contact channels.
  

Unlike equity and lending, there is no standard template imposed for this form, but platforms provide common formats to ensure clarity and comparability between projects.

A frequent mistake is to confuse the narrative description (project storytelling) with the contractual documentation: the former is to engage, the latter to inform. They must be consistent but distinct.

Terms of contract and protection of supporters

Although reward crowdfunding is not a form of investment, the company still enters into a contractual agreement with supporters: in exchange for payment, promises to provide a good or experience.
Therefore, the platform and the enterprise must ensure:

• transparency in the conditions of sale: price, timing, delivery method, handling of contingencies;
  
• withdrawal policies Compliant with the Consumer Code;
  
• information on privacy and data processing (GDPR);
  
• change management To the project or rewards being campaigned.
  

Many platforms provide a standard participation contract or a pre-filled disclosure, which the company can supplement with its own specifications.
In the case of physical products, it is good practice to attach data sheets or certifications (CE, material compliance, environmental labels) to avoid post-campaign disputes.

Ancillary tax and documentary aspects

Although it is an often overlooked aspect, reward crowdfunding also generates tax obligations.
The funds raised are considered revenue for all intents and purposes for the enterprise (not donations), and must be documented through invoice or receipt issued to the supporter in accordance with current VAT regulations.
In addition, for some products (food, cosmetics, electronics, etc.), it is necessary to attach authorizations or certifications of compliance Before the distribution of rewards.

To avoid mistakes, it is advisable:

• coordinate with the accountant already in the design phase of the campaign;
  
• define a contribution tracking system;
  
• set up a record of shipments or deliveries For possible verification.

Summary table: the documents you need for each type of crowdfunding

Document	Equity Crowdfunding	Lending Crowdfunding	Reward Crowdfunding
Business plan	✅ Obbligatorio per selezione	✅ Obbligatorio per selezione	✅ Facoltativo ma utile a presentare il progetto
Business valuation (pre-money)	✅ Obbligatoria di fatto	❌ Non richiesta	❌ Non prevista
Financial statements and accounting records	✅ Ultimi 2 esercizi o forecast	✅ Ultimi 2 esercizi o report creditizi	⚪ Facoltativi (solo se richiesti dalla piattaforma)
Creditworthiness analysis/rating	❌	✅ Obbligatoria (interna o esterna)	❌
Articles of incorporation and chamber of commerce visas	✅ Obbligatori	✅ Obbligatori	⚪ Facoltativi
Key Investment Information Sheet (KIIS)	✅ Obbligatorio (art. 23 ECSPR)	✅ Obbligatorio (art. 23 ECSPR)	❌
Investment/loan contract	✅ Obbligatorio	✅ Obbligatorio	✅ Contratto di vendita o fornitura del reward
Capital increase resolution/notarial minutes	✅ Obbligatorio	❌	❌
Risk disclosure/marketing	✅ Obbligatoria (art. 27 ECSPR)	✅ Obbligatoria (art. 27 ECSPR)	⚪ Consigliata (per trasparenza)
Letters of intent/partner agreements	⚪ Facoltativi ma strategici	⚪ Facoltativi ma strategici	⚪ Facoltativi
ESG report / sustainability policy	⚪ Consigliati/Se rilevanti	⚪ Consigliati/Se rilevanti	⚪ Consigliati/Se rilevanti
Product Certifications/Compliance	⚪ Se rilevanti	⚪ Se rilevanti	✅ Se reward fisico e prodotto regolamentato
Billing/receipts for supporters	❌	❌	✅ Obbligatoria