The Tragedy (and Triumph) of EMI Options: Why We Keep Saying the Same Thing

Let’s be honest: EMI options are boring.

There, I said it.

And yet, somehow, we just can’t stop talking about them. Every month brings another webinar, another LinkedIn post, another article (guilty as charged). All covering the same greatest hits:

• Qualifying conditions
• Working time requirements
• Disqualifying events
• Dodgy paperwork
• Dubious valuations
• That one time someone forgot to file the ERS notification

Sound familiar? Of course it does.

A Loop of Endless Repetition

If you’ve ever sat through an EMI presentation, you already know the format. It starts with a joke about EMI being a “no-brainer for tech start-ups” (groan). Then comes a slide titled “Common Pitfalls” – and a grave warning about paperwork. We nod along. We’ve seen it before. We’ll see it again.

And we’ll all pretend it’s new information.

Why Won’t EMI Die?

Because it works.

Despite predictions of its demise at every Budget, EMI survives. It’s bulletproof. Reform-proof. Scandal-proof. It’s been around longer than most of the startups it supports.

And that’s the problem. Reliability isn’t sexy. EMI isn’t the next big thing. It’s the old faithful. The Honda Civic of tax-efficient incentives. A little dull… but incredibly effective.

So Why Do We Keep Talking About It?

Because people still keep messing it up.

Even now, someone is:

• Granting EMI options to a consultant
• Using a valuation from last year
• Missing the filing deadline
• Accidentally disqualifying an employee
• Asking if they can use EMI shares in a US subsidiary

So we keep reminding people. Not because it’s new. But because it’s still going wrong.

The Triumph in the Tragedy

Yes, EMI is boring. But it’s boring because it’s brilliant. It unlocks huge value. It helps early-stage companies attract talent. It’s survived every tax policy change thrown at it.

And it delivers. Clean exits. Low tax. Happy founders. Motivated employees.

So the next time you’re tempted to roll your eyes at yet another EMI update, remember:

📣 Someone still hasn’t complied with their EMI reporting obligations.

Be kind. Repeat yourself.