For the case of a first-class constrained system with equivariant mome
ntum map, we study the conditions under which the double process of re
ducing to the constraint surface and dividing out by the group of gaug
e transformations G is equivalent to the single process of dividing ou
t the initial phase space by the complexification G(C) of G. For the p
articular case of a phase space action that is the lift of a configura
tion space action, conditions are found under which, in finite dimensi
ons, the physical phase space of a gauge system with first-class const
raints is diffeomorphic to a manifold imbedded in the physical configu
ration space of the complexified gauge system. Similar conditions are
shown to hold for the infinite-dimensional example of Yang-Mills theor
ies. As a physical application we discuss the adequateness of using ho
lomorphic Wilson loop variables as (generalized) global coordinates on
the physical phase space of Yang-Mills theory.