unj,
The definition of sophisticated investor under the corporations act is:
An annual income exceeding $250,000 pa
OR
Net worth exceeding $2.5 Million.
You must also have an accountant's certificate to that effect.
Basically, this means you can be offered, and accept investment opportunities, without the need for an entity to prepare a comprehensive prospectus. It allows for companies to raise funds without fuss, and it works well as long as they have the confidence of the investors.
Even with that certificate, you may actually be very un-sophisticated though.
cap raising, page-17
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