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China Outbound

Investment Guide
中國境外投資指南

A fully bilingual guide published in
conjunction with | 一本全雙語指南,
合作出版的多國律師事務所包括:
Arendt & Medernach
Bezen & Partners
Bharucha & Partners
Blakes, Cassels & Graydon
Candioti Gatto Bicain & Ocantos
G Elias & Co
Homburger
P+P Pöllath + Partners
WongPartnership

2013
Fourth edition | 第四版

Transactions,
Disputes, Advice
交易, 争端, 忠告

Homburger provides high quality legal advice and
representation both domestically and internationally
in significant transactions, disputes and complex
legal matters to businesses and entrepreneurs.
Corporate | M&A
Financial Services
Litigation | Arbitration
IP | IT
Competition
Tax

Employment Law
Private Clients
Restructuring | Insolvency
White Collar | Investigations
Insurance

Homburger AG
Prime Tower
Hardstrasse 201 | CH-8005 Zurich
P.O. Box 314 | CH-8037 Zurich
T +41 43 222 10 00
F +41 43 222 15 00
www.homburger.ch
lawyers@homburger.ch

IntroductIon | 前言

IntroductIon | 前言
Editor
David Tring (david.tring@euromoneyasia.com)
+852 2842 6964
Translator
Susan Mok (susan.mok@euromoneyasia.com)
+852 2842 6924
Staff writer
Eve Yao (eve.yao@euromoneyasia.com)
+852 2842 6916

Welcome to the china outbound Investment Guide 2013.
As always, outbound investment increased considerably in the past year. At the end of 2012, chinese
companies’ outbound investment stood at $77.2 billion, up 14% from the previous year. of those
investments, $37.8 billion or 49% consisted of M&A transactions, up from 44% in 2011.
these figures propel the country into the number three spot in terms of global outbound investment
rankings, behind the uS and Japan.
the increase in Europe-bound investments, which rose 21%, is noteworthy. the uS also received a
large share of china outbound investment, up 48% from the previous year.

Production manager
Andy Alcock (andy.alcock@euromoneyasia.com)
+852 2842 6928

Some of the largest deals in 2012 included Bright Food’s acquisition of 60% of cereal maker
Weetabix, china Investment’s purchase of 10% in London’s Heathrow Airport and Sany Heavy
Industry’s takeover of Putzmeister Holding, Germany’s largest concrete pump maker.

Publisher
Peter Ollier (peter.ollier@euromoneyasia.com)
+852 2842 6941

these figures and deals show that china outbound investment is diversifying. companies are looking
to tap into new areas and also acquire well-established brands.

Published by
Asia Law & Practice
Euromoney Institutional Investor (Jersey) Ltd
27/F, 248 Queen’s Road East
Wanchai, Hong Kong
© EUROMONEY INSTITUTIONAL INVESTOR (JERSEY) LTD 2013
ISBN 978-962-936-215-7
Disclaimer
The material in this periodical does not constitute advice
and no liability is assumed in relation to it. The materials
referred to in this publication are publicly available. All information
contained herein was believed to be correct at the time of
publication in May 2013
All rights reserved
免責聲明
本期刊內容不構成意見提供,我們也不承擔與內容有關的
責任。本期刊所提及的內容屬公開信息,所有內容的準確
性截至出版時間2013年5月止。
版權所有

Directors, Euromoney Institutional Investor
(Jersey) Ltd
Peter Richard Ensor, Tony Shale, Anita Rye
Divisional director, Legal Media Group
Danny Williams
Head of marketing, Asia
Thomas Berry
CEO, Euromoney Institutional Investor, Asia
Tony Shale

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Foreign companies are also warming up to chinese investments, as they can provide the perfect
opportunity to introduce products into the mainland market.
“It is a good strategy for Western companies,” said one lawyer who worked on the Bright Food deal.
chinese people are known for their adoration of brand names and through this deal the uK outfit
could become an instant hit in china.
outbound investments are set to increase further and the deals are going to become more
complex. this is backed up by the fact that the chinese government is encouraging privately-owned
enterprises to invest outside of the country’s borders.
While state-owned enterprises (SoEs) have dominated the outbound investment so far, privatelyowned companies are ready to move. there is much that private companies can learn from SoEs, but
they need to be cautious.
the importance of due diligence and integration planning are areas private companies need to work
on. realising the significance of these issues early on will help ensure investments are successful.
thank you to all the firms who participated and I hope you find this guide useful.
歡迎閱讀《2013年中國境外投資指南》。
一如以往,中國的境外投資去年大幅增長。截至2012年底,中國企業的境外投資總額達772億美元,同比前
一年上漲14%,其中378億美元(或49%)涉及並購交易,同比2011年上漲44%。
這些數字令中國晉升至全球境外投資排名的第三位,緊隨美國及日本之後。
值得注意的是,中國到歐洲投資量上漲21%,另外,中國到美國的投資量亦佔相當比例,同比前一年上漲
48%。
2012年的最大宗交易包括光明食品收購早餐谷物維他麥公司60%的股份,中投公司收購倫敦希思羅機場10%
的股權,以及三一重工收購德國最大混凝土泵製造商普茨邁斯特公司。
這些數字及交易顯示中國的境外投資正趨向多元化,公司正尋求開拓新領域,並收購著名品牌。
外國公司也逐漸歡迎中國投資,因為交易為公司帶來將產品引進中國市場的大好機會。
一位參與光明食品交易的律師表示:“對外國公司來說,這是良好的策略。”中國人崇尚名牌,透過這項交
易,這個英國品牌可火速在中國流行。
由於中國政府鼓勵民營企業到國外投資,預計境外投資將進一步上漲,交易也會越來越複雜。
目前,境外投資主要由國有企業進行,但民營企業已準備就緒。民營企業可在國有企業身上獲益良多,但進
行交易必須謹慎。
民營企業需要注意盡職調查及整合計劃方面的工作,盡早認清這些問題的重要性可確保投資成功。
在此向所有參與編寫內容的事務所致謝,希望《指南》能成為您的幫助。

david tring | 崔大偉
Editor | 編輯

www.chinalawandpractice.com

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contEntS | 目錄

contents | 目錄
ArGEntInA | 阿根廷
A time to seize opportunities | 把握機遇的時機 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
candioti Gatto Bicain & ocantos | 康加多斯律師事務所

cAnAdA | 加拿大
Investing in net benefits to Canada | 對加拿大淨利益的投資 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Blakes, cassels & Graydon | 佈雷克律師事務所

GErMAny | 德國
M&A basics in Germany | 德國並購交易概要 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
P+P Pöllath + Partners

IndIA | 印度
Investing in India: Opportunities and pitfalls | 在印度投資:充滿機遇與陷阱 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Bharucha & Partners

LuxEMBourG | 盧森堡
Luxembourg: The gateway to Europe | 盧森堡:進入歐洲的大門 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Arendt & Medernach

nIGErIA | 尼日利亞
Commencing investment into Nigeria | 在尼日利亞開展投資 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
G Elias & co

SInGAPorE | 新加坡
Investing in Singapore: Business vehicles and M&A | 到新加坡投資:營商工具和並購 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
WongPartnership | 王律師事務所

SWItzErLAnd | 瑞士
Reliability and neutrality: Investing in Switzerland | 可靠性和中立性:在瑞士投資 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
Homburger

turKEy | 土耳其
Turkey: An economy centred on foreign investment | 土耳其:以外國投資為中心的經濟體系 . . . . . . . . . . . . . . . . . . . . . . . 79
Bezen & Partners

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China OutbOund investment Guide 2013

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向中国和阿根廷 的客户提供咨询

CANDIOTI GATTO BICAIN & OCANTOS
Cerrito 348, 5th floor
C1010AAH Buenos Aires, Argentina
Tel. +54 11 5236 9000
Fax. +54 11 5236 9001
www.cgbo.com.ar

ArGEntInA

A time to seize opportunities
by alejandro Candioti
Candioti Gatto Bicain & Ocantos

I

t can be hard to be optimistic about investment oppor- drugs market with annual sales of almost US$5 billion. There are
tunities in Argentina. For a second consecutive year, the approximately 300 pharmaceutical laboratories in Argentina, out
country’s economy has endured inflation at an annual rate of of which the eight largest companies control nearly 80% of the
25%, which gradually deteriorates the competitiveness of most pharmaceutical drugs market. Due to increasing labour costs and
economic activities. Imports of all kinds are subject to signifi- inflation, smaller laboratories are faced with the need to merge or
cant restrictions and bureaucracy, causing considerable delays sell their products. A trend of consolidation of the pharmaceutiin customs clearing, or worse, effective bans. Exchange control cal sector in Argentina has already been observed since 2010 and
restrictions imposed by the Central Bank constitute insurmount- it is expected that in a few more years, the total number of laboable obstacles for the payment of dividends or repatriation of ratories will be significantly reduced by way of mergers and asset
capital to foreign investors. Official statistics are considered unre- acquisitions.
liable and companies often resort to private consultants for more
equal treatment under law for chinese investors
accurate data.
In 2012, the Argentine government renationalised YPF, the Argentine law protects foreign investors on an equal footing with
largest oil producer of Argentina that had been sold by the gov- local businesses. The US Constitution inspired the Argentine
ernment to Spain’s Repsol in the early 1990s. Restrictions on the Constitution, which was promulgated in 1853. However, its
access to foreign currency by individuals has greatly increased drafters set the distinct goal of developing immigration policies
and more recently, during the first quarter of 2013, the govern- to settle the territory, stimulate commerce, avoid desert territories
ment imposed a three-month freeze on supermarket’s retail prices and enlarge the country. From the outset, the Argentine Constiand restricted retail.
tution declares in its preamble that it is adopted for “all men of
A slowing of the Argentine economy, combined with a the world who wish to dwell on Argentine soil”.
weakening of the global demand for commodities produced by
More specifically, Article 20 of the Constitution guarantees
Argentina are at the origin of such trade restrictions and capital equal treatment under the law to all foreigners living or carrying
controls. Various independent consultants
forecast Argentina’s GPD growth for 2013 at a
disappointing 0.9%.
In spite of this seemingly unattractive business
In September 2011, China’s Ministry of
environment, Chinese companies continue to invest in
Commerce, the Ministry of Foreign Affairs and
the National Development and Reform Com- Argentina, mainly in the oil and gas and mining sectors
mission published the Industry Guidelines for
Outbound Investment in Various Countries (对
外投资国别产业指引), which is intended to provide small and out any business in Argentina. It literally provides that: “foreignmedium-sized enterprises (SMEs) with an overview of foreign ers in the Argentine territory enjoy all the civil rights of a citizen;
investment priorities, foreign investment regulations and indus- they may engage in their industry, trade or profession, own,
trial development zones in 115 countries around the world. purchase or transfer real property, … They are not obligated to
Argentina is excluded from the industry guidelines, most likely assume citizenship, or to pay extraordinary compulsory taxes.”
because Chinese state-owned companies already dominate most
The Argentine foreign investment law No. 21, 382 of 1976 and
of the promising investment opportunities here, leaving little its implementing regulations further establishes that:
room for SME activity, according to Dereck Scissors, senior
research fellow at The Heritage Foundation, a conservative think 1) Foreign investors may invest in Argentina in any economic
tank based in Washington DC.
activity whether industrial, mining, oil and gas, agricultural,
In spite of this seemingly unattractive business environment,
commercial, financial, retail or services, without the need
Chinese companies continue to invest in Argentina, mainly in the
for any type of prior approval and under conditions equal to
oil and gas and mining sectors. Total investment in Argentina by
those applicable to Argentine investors. Only a few activities
Chinese businesses over the past 10 years surpassed US$20 billion
are excluded from this principle, like broadcasting and the
at the end of 2012.
acquisition of real estate in frontier areas. There is also no
Two areas for Chinese investors to focus on in the coming
obligation to be associated with domestic investors or any
years are the pharmaceutical industry and oil and gas exploration.
other type of restrictions or conditions.
Relative to its size, Argentina has a significant pharmaceutical 2) Foreign investors are entitled to repatriate their investments
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and to remit profits abroad at any time, subject only to the
compliance of Central Bank foreign exchange regulations.
3) The principle of equal treatment between domestic and
foreign investors is reaffirmed. Those foreign investors making
capital investments in Argentina, either for the promotion
of economic activities or the extension or improvement
of existing activities, have the same rights and obligations
conferred by the Argentine Constitution and local laws as
Argentine investors.

chinese investment protection
All guarantees available to Chinese investors under Argentine
foreign investment regulations have been reinforced and
enhanced in a treaty for the protection of bilateral investment
signed between the People’s Republic of China and the Republic
of Argentina on November 5 1992, which was subsequently
ratified by both nations and came into force on August 1 1994.
With regard to Chinese investors, the aim of the treaty is to
encourage investment in Argentina. The treaty provides Chinese
businesses with a safe environment in which to develop their
activities through several guarantees and commitments voluntarily assumed by the Republic of Argentina. These guarantees
deal both with foreign investor protection issues and dispute resolution clauses providing for international arbitration.


National treatment, which assures that the Chinese investor
shall be subject to a treatment not less favourable than that
granted to local investors, and the most favoured nation
treatment, by means of which the Argentine state shall
recognise any better treatment which was previously granted
to investors and investments from other countries.
Prompt, adequate and effective compensation in case of
nationalisation, expropriation or measures tantamount to
expropriation, regardless of the form, intent or purpose of
such measures.
Unrestricted remittance abroad of liquid assets belonging to
Chinese investors, comprising dividends and other current
profits, loans and capital repatriations.
An umbrella clause, arguably elevating the Argentine state’s
breaches of contractual rights to the level of breaches of an
international obligation under the treaty.
International arbitration for investment disputes, submitting
all controversies, which may arise between Chinese investors
and the Republic of Argentina to the jurisdiction of an ad hoc
arbitration tribunal.

Foreign exchange regulations
Argentine foreign exchange regulations discourage speculative
and flight capital by imposing a one year no-interest bearing
mandatory deposit on 30% of all inbound foreign
exchange that does not qualify as exempt from
All guarantees available to Chinese investors under
such measures, pursuant to the regulations of
Argentine foreign investment regulations have
the Central Bank of the Republic of Argentina.
Remittances of currency to be used as contribeen reinforced and enhanced in a treaty for the
butions required for direct investments in the
protection of bilateral investment
country or for the purchase of stock in domestic
companies by direct investors are exempt from
The rules and guarantees contained in the treaty may not be such restriction, and particularly:
overridden or restricted by the Argentine state through local laws
and regulations. This is because the Republic of Argentina has 1) Capitalisation of local companies representing 10% or more
signed and ratified the Vienna Convention on the Law of Treaties,
of the recipient company’s total equity;
which provides that a party may not invoke the provisions of its 2) The inflows of funds from non-residents for the purpose of
internal law as justification to avoid performance of its obligathe purchase of real estate, under certain conditions;
tions under a treaty. Furthermore, according to the Argentine 3) Income arising from loans taken out with multilateral and
constitution, treaties in force between the Republic of Argentina
bilateral credit organisations as well as official credit agencies
and a foreign nation enjoy a higher legal ranking than federal and
and;
local laws and regulations.
4) Income arising from foreign financial loans within the nonThe treaty includes the following principles relevant to
financial private sector.
Chinese investors:
These are aimed at investment in non-financial assets or
• Fair and equitable treatment, full protection and legal training for micro-enterprises or improvements to be made in
security, which require the Argentine state to provide Chinese residences and family homes. This is as long as such loans are
investors with a stable and predictable investment environ- incurred and repaid over a period of no less than two years,
ment. Government measures challenging the stability of the including capital and interest repayments.
investment environment by changing the rules and creating
Foreign exchange regulations also regulate the outbound
uncertainty, for example, may constitute a breach of the flow of funds from Argentina. Remittance of dividends or
referred to standards of treatment. This is particularly so if capital to a foreign beneficiary are subject to a double
they contradict reasonable expectations based on which authorisation by the AFIP, the Argentine tax authority, and
Chinese investors were induced to act.
depending on the amount to be transferred, by the Central
• Exclusion of arbitrary or discriminatory measures, which Bank of the Republic of Argentina. In 2012, authorisations were
prevents the Argentine state from impairing the management, seldom granted, in order to protect Argentina’s international
use and enjoyment of Chinese investments.
monetary reserves.
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ArGEntInA

Legal vehicles for investment
Chinese companies and business owners
may carry out their activity in Argentina on
a permanent basis through various means.
These include the appointment of a local
commercial representative, the setting up of
an Argentine branch, incorporation of a local
corporate entity (subsidiary), the acquisition
of equity in an existing Argentine company
and entering into a joint venture agreement
or the settling of a trust.
The main types of investment vehicle
utilised by non-resident individuals and
foreign companies are the branch and the
local commercial company, in the form of a
corporation (sociedad anónima) or a limited
liability company (sociedad de responsabilidad limitada).

AuThOR BIOGRAphy
ALEjANdRO CANdIOTI
Partner
Alejandro candioti is an international transaction lawyer based in Buenos
Aires and a partner at candioti Gatto Bicain & ocantos. He handles the
full range of corporate work, principally mergers and acquisitions and
contracts. He also advises on joint ventures, privatisations, reorganisations,
divestments, private equity and other commercial arrangements and
associated regulatory issues. Also, a significant part of his practice has
involved assisting clients in public offerings and private placements of equity and debt
securities.
While he covers the full range of business markets, much of Alejandro’s work is
concentrated in the information technology, oil and gas, and pharmaceutical industries. In
addition to representing clients on their acquisitions, disposals and restructurings he also
has wide expertise of advising on shareholder disputes.
His varied professional practice has given him the ability to advise clients across a
broad range of commercial and financing issues, providing experienced counsel and
executive judgment when needed.
Alejandro is a mentor at Endeavor, a non-profit organisation headquartered in new
york that transforms emerging markets by establishing high-impact entrepreneurship as
the leading force for economic development.
He is a member of the Advisory Board of the Argentine-chinese chamber of
commerce and is actively involved in the business and trade development activities of the
chamber.
He also writes frequently on business law issues affecting china’s inbound and
outbound investment, and operates www.leychina.com, a source of china legal and
business information in Spanish for his clients and anyone interested in china.

branch of a foreign company
Any company duly organised and existing
in accordance with the laws of the People’s
Republic of China or any other country may
set up a branch in Argentina. In principle,
it is not necessary to allocate capital to the
Argentine branch. The branch must keep
separate accounting records in Argentina and
file annual financial statements with the local
commercial companies’ supervisory authority. From a fiscal and
social security standpoint, the branch is treated under Argentine
law as an entity separated and distinct from its home office.

Commercial company
Commercial companies must have at least two shareholders or
members, which can be either corporate entities or individuals.
A minimum capital of AR$100,000 is required for corporations.
Contributions in real estate, equipment or other non-monetary
assets must be made in full at the time of subscription.
Except for specific cases provided by law, there are no nationality or residence requirements for ownership. Foreign individuals,
whether resident in Argentina or not, or foreign companies, may
hold up to 100% of the share capital. Transfers of shares of a corporation are generally unrestricted and any limitations included
in the company’s by- laws may not effectively impair the transferability of shares.
The company can be managed by a single manager or director,
or by a board. There is no nationality requirement – all of the
directors or managers may be foreigners – but in all companies
the majority of managers or directors must be domiciled in
Argentina to ensure management’s ability to perform its duties.
Other investment vehicles
Other legal vehicles that Chinese companies and businesses may
use to invest in Argentina are joint ventures and trusts.
The joint venture instrument most commonly used in
Argentina is the Unión Transitoria de Empresas (UTE). A UTE
is a contractual business arrangement between two or more
www.chinalawandpractice.com

persons, which may include foreign companies and individuals,
made for the exploitation of a particular business or commercial
endeavour. A UTE is not a legal entity separated from its parties,
but rather a contract law instrument. However, Argentine federal
and local tax and social security laws treat the UTE as distinct
taxpayers and employers. One of the key attractions of the UTE
legal regime is that it allows the allocation in different proportions of a party’s contribution obligations, share of profits and
endurance of losses. Joint ventures other than UTEs are also
permitted under the general principles of Argentine law.
Argentine taxation
The Argentine tax system may be divided into three categories:
taxes, charges and contributions. Charges and contributions are
normally lower than taxes and are intended to compensate the
state for some specific activity in the form of individualised service
to the party called taxpayer. Most taxes are levied as indirect
consumer taxes. Certain Argentine taxes, like VAT, turnover
taxes and stamp duty, are similar in form and nature to such taxes
in China, however rates tend to be higher in Argentina.
Federal taxes
1) Corporate income tax: The general rate applicable to the
taxable income of companies is 35%. Dividends distributed
up to the net taxable income are not taxed further.
Local companies, branches of foreign companies and
foreign individuals domiciled in Argentina are taxed on a
worldwide income basis. They may credit foreign income
taxes against their Argentine tax liability up to the amount of
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ArGEntInA

the increase in such liability resulting from including foreign
source income in the taxable base.
Non-resident companies without a branch or other
permanent establishment in Argentina must pay taxes only
on their Argentine sources of income and capital gains. Tax
is normally levied in the form of a final withholding tax at
various effective rates depending on the particular type of
income. These rates are calculated as the 35% on a prescribed
percentage of the gross payment.
Resident individuals in Argentina are liable for income tax
at progressive rates on their worldwide income. Rates range
from 10% to 35%. Non-resident individuals are taxed only on
Argentine-source income. Tax is levied as a final withholding
tax at various effective rates depending on the particular type
of income.
2) Value added tax: VAT is applied to the delivered cost of the
product or service at each change of hands, with a credit given
for taxes paid at earlier stages of production. Imports are
subject to tax at the same rates that apply to similar domestic
items.
The general rate for VAT is 21%, but some services and
utilities such as mobile phones, electricity, gas and water
supply have a VAT rate of 27%.
3) Import duties: The tariffs range between 0% and 35%. As a
result of the Customs Union, effective on January 1 1995,
among members of Mercosur (Argentina, Brazil, Paraguay,
Uruguay and Venezuela), most of the goods that form the

year or more, and certificates of deposit with local banks, are
exempt from this tax.
7) Tax on transfer of real estate: Real estate transactions of properties located in Argentina, owned by individual residents or
non-residents, are subject to a tax of 1.5%, only if this transaction is not subject to income tax.
Provincial and municipal taxes
1) Turnover tax: This tax is levied on each commercial transaction. No credit is given for tax paid at previous stages. Tax
rates vary between 1% and 4% depending on the type of
activity and the law of each province.
2) Stamp duty: Stamp tax is levied on public or private instruments upon formal execution. The rate varies between 0.8%
and 1.5%. Some jurisdictions have eliminated this tax for
certain transactions.
3) Tax on real estate: Provinces and municipalities tax real estate
located in their respective jurisdiction. This tax varies on each
jurisdiction.

double taxation treaties and other tax agreements
Argentina and China have not yet entered into a treaty for the
avoidance of double taxation and the prevention of fiscal evasion
with respect to taxes on income and capital. However, Argentina
is a party to double taxation treaties in force with 15 countries,
namely Australia, Belgium, Bolivia, Brazil, Canada, Denmark,
Finland, France, Germany, Italy, Netherlands, Norway, Sweden,
Switzerland and the UK.
Chinese companies and businesses investing
in
Argentina through a corporate vehicle
Argentina has various incentive programmes in place,
domiciled in any of these jurisdictions may
designed to promote and facilitate foreign investment
benefit from the lower tax rates applicable
in the country. These programmes are implemented by
under the relevant double taxation treaty (such
as income tax withholding rates reduced from
the national, provincial and municipal authorities
31.5% to 10% or 12%) provided the investment
scenario is properly structured.
tariff universe of the Mercosur are subject to the common
In 2011, a tax information exchange agreement came into
external tariff. Import duties in commerce among the force between Argentina and China. More recently, in March
members of Mercosur have been practically removed.
2013, a customs information exchange agreement was signed,
Imports in Argentina are levied by statistical tax and the which is pending ratification by both countries.
rate is 0.5% calculated on the cost, insurance and freight (CIF)
value and the payment of VAT (the rate ranges between 21% Investment incentives
and 10.5%) and income tax. A payment of a rate, usually 3%, Argentina has various incentive programmes in place, designed
shall be required to be made as a tax advance.
to promote and facilitate foreign investment in the country.
4) Tax on assets: A tax is levied on worldwide assets of Argentine These programmes are implemented by the national, procompanies. The tax rate is 1% and the payment of this tax and vincial and municipal authorities and include horizontal and
of the income tax may be mutually compensated during a sector incentives, as well as relocation, innovation, technologi10-year consecutive fiscal term.
cal development, employment, investment financing and export
5) Excise tax: This tax is levied on specific consumer goods and promotion incentives.
at different rates, including cigarettes, alcoholic beverages,
Investment incentives for capital goods and infrastructure
fuels and lubricants, wine, luxury articles and furs. The first include:
consumer or importer pays excise tax.
6) Tax on personal assets: Individuals with personal assets • Accelerated depreciation for income tax purposes and early
valued at more than AR$305,000 are subject to an annual tax
refund of VAT (Law 26360).
on personal assets ranging from 0.5 to 1.25% depending on • Reduction of import duties on capital goods from non-Merthe individual’s declared wealth. Certain types of investment,
cosur countries (Decree 1026/2012).
like stocks traded on any Argentine exchange held for one • Tax credit of 14% of the value of goods produced, to encourage
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ArGEntInA

investment in, and production of, capital goods, information
technology, telecommunications and agricultural machinery
(Decrees 379/2001, 917/2010, 362/2011).
VAT reduction of 50% in the purchase and import of finished
capital goods and IT and telecommunications products and
parts (Decrees 493/2001, 496/2001, 615/2001, 733/2001,
959/2001).

www.chinalawandpractice.com


Reduction to zero of tariffs on imported capital goods that
make up a complete and independent production line (Resolution 256/2000).
Temporary import of capital goods without being subject to
import duties, for a period of up to three years (Law 22415,
Decree 1001/1982; Customs Office Resolution 34/1998,
Decree 142/2010).

China OutbOund investment Guide 2013

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9

阿根廷

把握機遇的時機
康迪偉
康加多斯律師事務所

礦業、石油天然氣、農業、商業、金融業、零售業或是服務
根廷的投資機會難以令人樂觀。國家的經濟連續第二年忍
業,不必事先取得任何類型的批准,條件與適用於阿根廷投
受着高達25%的通脹率,大多數經濟活動的競爭力因此而
資者的條件相同。只有少數活動在此原則之外,例如廣播和
被逐漸削弱。所有物品的進口受到了嚴格限制和官僚阻撓,清
邊境地區的房地產收購。此外,無須與國內投資者建立聯繫
關大受延誤,嚴重時猶如被禁運。中央銀行實施的外匯管制對
或遵守任何其他限制或條件。
外國投資者的股息支付或資本調回構成了難以逾越的障礙。官
方統計數字被認為是不可信賴的,企業往往只能尋求私人顧問 2) 外國投資者有權隨時將其投資調回本國和隨時將利潤匯出境
外,只須遵守中央銀行外匯監管條例。
公司提供更準確的數據。
2012年,阿根廷政府再次對1990年代初賣給西班牙Repsol的阿 3) 重申國內和國外投資者平等待遇的原則。外國投資者在阿根
廷進行資本投資,無論是為推廣經濟活動,或是為擴充或改
根廷最大石油企業YPF實行國有化。個人兌換外幣的限制已被大
進現有活動,均享有阿根廷憲法和當地法律賦予阿根廷投資
大收緊,而最近在2013年的第一季度,政府還對超級市場的零售
者的同等權利和義務。
價格和受限制零售物品實施了三個月的凍結。
阿根廷經濟發展的減緩,加上全球對阿根廷商品的需求的下
降,是上述貿易限制和資本管制的根源。幾間不同的獨立顧問 對中國投資的保護
公司都預測阿根廷2013年GDP增長率將是令人失望的0.9%。
中華人民共和國與阿根廷共和國於1992年11月5日簽訂了雙邊投
2011年9月,中國商務部、外交部和國家發改委發佈了《對外 資保護條約,隨後經兩國批准並於1994年8月1日生效。該條約鞏
投資國別產業指引》,向中小企業介紹了全球115個國家的外國 固並增強了阿根廷外國投資條例下所有適用於中國投資者的保
投資優先領域、外國投資條例和產業開發區。根據華盛頓保守 證。
派智庫美國傳統基金會高級研究員史釗道(Derek Scissors)的分
對於中國投資者,該條約的目的是鼓勵他們在阿根廷投資。
析,阿根廷被排除在該指引之外,很可能是因為中國國有企業 該條約通過阿根廷共和國自願承擔的多項保證和承諾為中國企
已經支配了該國大多數有前途的投資機會,留給中小企業的發 業提供了開展其活動的安全環境。這些保證涉及對外國投資者
展空間已經很少。
保護問題和有關國際仲裁的爭議解決條款。
儘管商業環境看似如此不堪,中國公司繼續在阿根廷投資,
主要是在石油天然氣和採礦行業。截至2012年
底,中國企業以往10年在阿根廷的投資總額已
超過200億美元。
儘管商業環境看似如此不堪,中國公司繼續在阿根廷投資,主要是在
有兩個領域是中國投資者在未來幾年可以
石油天然氣和採礦行業
關注的,就是醫藥業和石油天然氣開採。相
對於阿根廷的國家大小,其醫藥市場規模相
當大,年銷售額近50億美元。阿根廷有大約300個醫藥實驗室,
阿根廷政府不得通過當地法律和法規去推翻或限制該條約
其中近80%由八家最大的公司控制。由於勞動成本和通脹不斷增 裡包含的規則和保證。這是因為阿根廷共和國已經簽署和批准
加,較小的實驗室面臨被合並或出售其產品的境地。2010年以 《維也納條約法公約》,該公約規定:任何一方不得引用國內
來,醫藥行業已出現了合並潮,預計再過幾年實驗室的總數將 法的規定作為理由,以規避履行條約規定的義務。此外,根據
在兼並和資產收購中大幅減少。
阿根廷憲法,阿根廷共和國與外國之間有效的條約比聯邦和當
地法律和法規享有更高的法律地位。
該條約包括了以下與中國投資者相關的原則:
依法平等對待中國投資者
阿根廷法律對外國投資者和本地企業一視同仁。1853年頒佈的阿
根廷憲法很受美國憲法的啟發。但是,其起草者還提出了制定 • 公正和公平待遇,全面保護和法律保障:要求阿根廷政府向
移民政策的明確目標,以鼓勵定居、刺激商業、避開沙漠地區
中國投資者提供穩定和可預見的投資環境。挑戰投資環境穩
和擴大國土。阿根廷憲法開宗明義地在其序言中宣佈,它是為
定性的政府措施,例如更改規則和製造不明朗因素,可構成
了“世界上一切希望在阿根廷國土上生活的人們”而頒佈的。
違反上述待遇標準。特別是如果這些措施有悖於中國投資者
憲法第20條更具體地保證了在阿根廷生活或經營任何業務的
被吸引採取行動時所依據的合理預期。
一切外國人在法律下享有平等待遇。它明文規定:“外籍居民 • 排除任意的或歧視性的措施:防止阿根廷政府損害中國投資
在阿根廷境內享有所有公民享有的民事權利。他們可以從事工
的管理、使用和享受。
業、商業和其他職業,可以佔有、出售和轉讓不動產…。他們 • 國民待遇:確保中國投資者享有不遜於當地投資者所享受的
不需要擁有阿根廷國籍,不需交納額外賦稅。”
待遇,以及最惠國待遇,即阿根廷政府應承認中國投資者也
阿根廷外國投資法(1976年第21, 382號法令)以及其實施條例
享有阿根廷先前給予其他國家投資者和投資的更優惠待遇。
進一步明確:
• 如果出現國有化、徵收或相當於徵收的措施,無論以什麼形
式、意圖或目的出現,都應給予迅速的、充足的和有效的補
1) 外國投資者可以在阿根廷投資任何經濟活動,無論是工業、
償。
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阿根廷

• 屬於中國投資者的流動資產可不受限制地
匯出境外,包括將股息和其他當期利潤、
貸款和資本調回本國。
• 一條總括性條款:可以說將阿根廷政府侵
犯合同權利的行為提升為違反條約下的國
際義務。
• 投資爭議的國際仲裁:中國投資者與阿根
廷共和國之間的一切爭議都提交給一個專
設的仲裁庭管轄。

外匯監管法規
根據阿根廷共和國中央銀行的條例,阿根廷外
匯監管法規對不符合豁免資格的一切匯入外匯
的30%強制實行一年無息存款,以防止投機和
資本外逃。作為對境內直接投資匯入的貨幣,
或直接投資者購買境內公司股份用的貨幣,可
免受上述限制,特別是下述情況:

作者簡歷
康迪偉
合伙人
康迪偉(Alejandro Candioti)是在布宜諾斯艾利斯執業的國際交易律師,同時
也是康加多斯律師事務所的合伙人。他處理各類型企業工作,主要包括涉
及合並、收購及合同的工作,還就合資企業、私有化、重組、撤資、私募
股本和其他商業安排以及相關的監管問題提供法律意見。此外,他執業的
一個重要部分是協助客戶進行公開售股和私人配售股本及債務證券。
雖然他的工作涉及各種業務市場,但康迪偉的大部分工作集中在信息技
術、石油和天然氣以及制藥工業。除了代表客戶進行收購、出售和重組以外,他還在就股
東爭議提供法律意見方面有廣泛的專業知識。
憑着多元化的專業執業經驗,他經常能夠就各式各樣的商業和融資事宜向客戶提供咨
詢,並且在有需要時,提供專業意見和行政決策意見。
康迪偉在一家非盈利機構Endeavor擔任導師,該機構總部設在紐約,通過培育能發揮重
要影響力的企業家,使他們作為經濟發展的主導力量,從而興起新興市場。
他是阿根廷-中國商會顧問委員會成員,積極參與商會的商貿開發活動。
他還經常撰寫文章,討論影響中國境內和境外投資的商業法問題,並開設網站
www.leychina.com,為客戶和對中國感興趣的人士提供西班牙語的中國法律和商務信息。

1) 對本地公司的注資,注資額達到收款公司
總股本10%或以上;
2) 在某些條件下,非居民為購買房地產而匯入的資金;
3) 多邊和雙邊信貸組織以及官方信貸機構提供的貸款所產生的
所得;
4) 外國金融貸款在非金融民營領域產生的所得。

這指的是對非金融資產、微型企業培訓或住房裝修的投資,只
要是在不少於兩年期間發生和償還(包括本金和利息的償還)。
外匯條例還規管從阿根廷匯出資金。匯給外國受益人的股息
或資本,達到一定金額的,須經阿根廷稅務主管機關聯邦公共
收入管理局(AFIP)以及阿根廷共和國中央銀行的雙重批准。
在2012年,當局很少給予這種批准,以保護阿根廷的外匯儲備。

合法的投資工具
中國公司和企業家可通過多種方式在阿根廷進行長期經營活
動。這包括委派地方商務代表,設立阿根廷分公司,註冊成立
當地公司法人(子公司),收購現有阿根廷公司的股權並訂立
合資協議,或設立信託。
非居民個人和外國公司採用的投資工具的主要類型是分公司
和以公司法人 (sociedad anónima) 或有限責任公司 (sociedad de responsabilidad limitada) 為形式的當地商業公司。
外國公司的分公司
根據中華人民共和國或其他國家的法律正式組建和存在的任何
公司都可在阿根廷設立分公司。原則上,阿根廷分公司不必配
備資本。分公司必須在阿根廷存備獨立的會計記錄,並向當地
商業公司監管機構報交年度財務報表。從財政和社會保障角度
來看,在阿根廷法律下,分公司被視為一個與其總公司分開獨
立的實體。
商業公司
商業公司必須具備至少兩個股東或成員,他們既可以是公司實
體,也可以是個人。公司的最低資本是AR$100,000。以房地產、
設備或其他非貨幣資產出資的,必須在認股時足額投入。
除了法律規定的具體情況以外,所有權沒有國籍或居住地的
要求。外籍個人(無論是否在阿根廷居住)或外國公司都可持
有100%的股本。公司股份的轉讓一般不受限制,而公司章程內
設定的任何限制不得在實際上削弱股份的可轉讓性。
www.chinalawandpractice.com

公司可由單一經理或董事管理,也可由董事會管理。沒有
國籍要求,所有董事和經理都可以是外國人,但是在所有公司
中,多數經理或董事必須在阿根廷居住,以確保管理層有能力
履行其職責。

其他投資工具
中國公司和企業在阿根廷投資可採用的其他合法工具是合資企
業和信託。
阿根廷最常見的合資工具是 Unión Transitoria de Empresas
(UTE)。UTE是兩個或多個人之間的合同性商業安排,可包括
外國公司和個人,訂立目的是開展某項特定的業務或商業計
劃。UTE不是一個獨立於各方的法律實體,而是一種合同法工
具。不過,阿根廷聯邦和地方稅務及社會保障法律將UTE視為
獨立的納稅人和雇主。UTE法律制度的一個主要吸引人之處在
於,它允許按不同比例分配任何一方出資義務、利潤份額和損
失分攤。根據阿根廷法律的一般原則,除UTE以外的合資企業
也是允許的。
阿根廷的稅務
阿根廷稅務制度可分為三個類別:稅收、收費和供款。收費和
供款通常低於稅收,旨在補償國家向納稅人提供個人服務的某
些具體活動。大多數稅收以間接消費稅徵收。某些阿根廷稅
收,例如增值稅、營業稅和印花稅,在形式和本質上與中國的
相應稅項相似,不過阿根廷的稅率通常較高。
聯邦稅項
1) 企業所得稅:適用於公司應納稅所得額的一般稅率為35%。
在應納稅所得額淨額之內分配的股息不再徵稅。
當地公司、外國公司分公司和居住在阿根廷的外籍個人按
全球所得的基準計稅。他們可以用外國所得稅抵扣他們在阿
根廷的稅務責任,但以應納稅基準計入國外來源所得後導致
的稅務責任增幅為限。
在阿根廷無設立分公司或其他常設機構的非居民公司,只
須就其阿根廷來源所得和財產收益納稅。征稅一般採取最終
預扣稅形式,實際稅率根據所得類別而定。這些稅率按支付
總額的一個規定百分比的35%計算。
阿根廷居民個人須就其全球所得按10%至35%的遞增稅率
2013年中國境外投資指南

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11

阿根廷

繳納所得稅。非居民個人僅就其阿根廷來源所得納稅。征稅
一般採取最終預扣稅形式,實際稅率根據所得類別而定。
2) 增值稅:增值稅適用於產品或服務每次轉手的交割成本,可
以用以前生產環節的已付稅項抵扣。進口產品按適用於國內
同類產品的稅率徵稅。
增值稅的一般稅率是21%,但某些服務和公共事業例如移
動電話、供電、供氣和供水適用27%增值稅稅率。
3) 進口關稅:關稅範圍為0%至35%。由於南方共同市場(阿根

0.8%至1.5%不等。有些司法管轄地已對某些交易取消了此稅
項。
3) 房地產稅:各省市對其轄區內的房地產徵稅。各司法管轄地
有不同的稅率。

雙重征稅條約和其他稅務協定
阿根廷和中國尚未簽訂有關避免雙重徵稅、防止偷漏所得稅和
資本稅的協議。不過,阿根廷與15個國家簽訂了有效的雙重徵
稅協議,這些國家是澳大利亞、比利時、玻利
維亞、巴西、加拿大、丹麥、芬蘭、法國、德
國、意大利、荷蘭、挪威、瑞典、瑞士和英
雙邊投資保護條約鞏固並增強了阿根廷外國投資條例下所有適用於中
國。
國投資者的保證
只要投資結構恰當,中國公司和企業通過
以上述任何司法管轄地為居住地的公司工具在
阿根廷投資,都可受惠於有關雙重徵稅協議
廷、巴西、巴拉圭、烏拉圭和委內瑞拉)成員國之間的關稅 下適用的較低稅率(例如所得稅預扣稅率可由31.5%減至10%或
聯盟與1995年1月1日生效,構成南方共同市場關稅領域的大 12%)。
2011年,阿根廷與中國之間的稅收情報交換協議開始生效。
部分商品須繳付共同對外關稅。南方共同市場成員國之間的
最近,在2013年3月,兩國簽訂了海關情報交換協議,該協議正
商業進口關稅實際上已被撤銷。
阿 根 廷 的 進 口 物 品 須 繳 納 0 . 5 % 的 統 計 稅 , 按 到 岸 價 有待兩國政府批准。
(CIF)、增值稅(稅率範圍為21%和10.5%之間)和所得稅
計算。一般須按3%的稅率作為該稅項的預付款。
鼓勵投資措施
4) 資產稅:阿根廷公司的全球資產都須征稅,稅率為1%,在 阿根廷制定了各種鼓勵投資的措施,以促進和協助外商在該國
連續10年的財務年度中,此稅項和所得稅的支付都可互相補 的投資。這些措施由國家和省市地方各級當局實施,其中包括
償。
橫向的和行業性的鼓勵措施,以及遷移、創新、技術開發、就
5) 消費稅:該稅項對特定消費品按不同稅率徵收,這些消費品 業、投資融資和鼓勵出口等方面的措施。
包括香煙、酒精飲料、燃料和潤滑劑、葡萄酒、奢侈品和毛
對資本貨物和基礎設施的鼓勵投資措施包括:
皮類物品。消費稅由第一個消費者或進口商繳納。
6) 個人資產稅:個人資產估值超過AR$305,000的個人每年須 • 計徵所得稅時加速折舊和提早退還增值稅(法律26360)。
按申報財產額繳納0.5至1.25%的個人資產稅。某些類別的投 • 減低來自非南方共同市場成員國的資本貨物的進口關稅(法
資,例如持有一年或以上在阿根廷任何交易所上市交易的股
令1026/2012)。
票,以及當地銀行的存款證,則免交此稅。
• 為鼓勵對資本貨物、信息技術、電信和農業機械的投資和生
7) 房地產轉讓稅:阿根廷境內居民個人或非居民個人擁有的房
產,按產品價值的14%享受稅務抵扣額(379/2001、917/2010
地產,在交易時如果不須繳納所得稅,就須繳納1.5%的轉讓
、362/2011法令)
稅。
• 購買和進口成品資本貨物以及信息技術和電信產品和零
部件減低50%增值稅(法令493/2001、496/2001、615/2001
、733/2001、959/2001)。
省市稅項
1) 營業稅:每次商業交易都須繳納此稅。以前環節支付的稅不 • 進口形成一條完整和獨立的生產線所需的資本貨物可免徵關
予抵扣。稅率為1%至4%不等,取決於交易的類型和各省的
稅(決議256/2000)。
法律。
• 資本貨物的臨時進口免徵關稅最長三年(法律22415、法令
2) 印花稅:政府或私人文據正式簽署時須繳納印花稅。稅率為
1001/1982;海關決議34/1998、法令142/2010)。

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cAnAdA

Investing in net benefits to canada
by Calvin Goldman, Jason Gudofsky and aleksandra Petkovic
Blakes, Cassels & Graydon

F

oreign direct investment (FDI) into Canada from China,
largely from Chinese state-owned enterprises (SOEs), has
rapidly increased in recent years. In 2004, FDI from China
stood at C$113 million and in 2011, it reached C$10.9 billion.
This increase is primarily attributable to growing interest in
Canada’s natural resource sector and is highlighted by a number
of significant investments over the past few years, including, for
example, the 2011 acquisition by China Petroleum & Chemical
Corporation (Sinopec) of Canadian conventional oil and gas
producer Daylight Energy for C$2.2 billion and the 2011 acquisition by China National Offshore Oil Corporation (CNOOC) of
Alberta oil sands developer OPTI Canada for C$2.1 billion. Most
recently, on December 7 2012, the Minister of Industry approved
CNOOC’s proposed acquisition of Nexen for C$15.1 billion,
which represents the largest foreign acquisition by a Chinese
SOE. All signs point to sustained and likely increasing Chinese
foreign investment in Canada, particularly as demand for natural
resources and energy continue to increase.

Canada Foreign Investment Promotion and Protection Agreement
(FIPA), which was signed by Canada’s Minister of International
Trade and Minister for the Asia-Pacific Gateway, Ed Fast, and
China’s Minister of Commerce, Chen Deming, on September 8
2012. The FIPA is designed to confer greater protection to foreign
investors against discriminatory treatment and serves to enhance
predictability of the policy framework affecting foreign investors
and their investments. It was tabled in the Canadian Parliament
on September 26 2012 and is now awaiting ratification.
In addition, on August 15 2012, Canada and China
announced the release of a joint Economic Complementarities
Study, highlighting potential bilateral economic complementarities and prospects for growth. The study examines seven
economic sectors (including natural resources, machinery and
equipment, transportation, infrastructure, aerospace, clean technology and environmental goods and services) and reports that
its completion facilitates forming the foundation of exploratory
discussions to deepen Canadian-Chinese trade and economic
relations. It concludes that: “Canadian and Chinese governments
should continue to deepen and strengthen our bilateral trade

Increasing scrutiny of foreign investment
The increase in investment from China comes
at a time of heightened government and public
scrutiny of foreign investment. In March 2012, The current Canadian government is highly interested
the Canadian Council of Chief Executives
published a paper entitled Chinese Foreign Direct in increasing economic ties with China and expanding
Investment in Canada: Threat or Opportunity? The foreign investment in Canada
paper examines the impact on Canada of Asia’s
rising economic power. The author calls on the
federal government to depoliticise the foreign investment review and investment ties through appropriate bilateral instruments to
ensure that Chinese and Canadian citizens can continue to build
process and adopt a streamlined national security test.
While foreign investments by SOEs are closely scrutinised, a prosperous and sustainable future.”
Also, on November 11 2012, the Canadian government signed
concerns regarding foreign investment have not been limited to
SOEs. The Canadian government’s preliminary decision to deny a long-awaited double tax treaty with Hong Kong, which should
Anglo-Australian miner BHP Billiton’s proposed acquisition of facilitate trade and investment, particularly from Hong Kong into
Canada’s Potash Corporation of Saskatchewan in 2010 generated Canada. The treaty also may present new opportunities for strucsignificant controversy (BHP Billiton ultimately dropped its bid turing some investments by Chinese enterprises into Canada.
for the Canadian company) and demonstrated that the government will not hesitate to turn down transactions that it does not Foreign investment under the IcA
consider to be of net benefit to Canada.
The Investment Canada Act (ICA) is a federal statute of broad
application regulating the establishment and acquisitions of
closer economic ties
control of “Canadian businesses” by non-Canadians. Except with
The current Canadian government is highly interested in increas- respect to cultural businesses, the Investment Review Division
ing economic ties with China and expanding foreign investment of Industry Canada (Investment Canada) administers the ICA
in Canada. In February 2012, Canadian Prime Minister Stephen under the direction of the Minister of Industry. Transactions
Harper and Chinese Premier Wen Jiabao signed a series of joint involving business activities relating to Canada’s cultural heritage
initiatives, including agreements to cooperate on energy, natural or national identity, such as publishing, film, video, music and
resources, technology, innovation and agriculture. They also broadcasting, are administered by the Cultural Sector Investconcluded 18 years of negotiations toward a definitive China- ment Review of the Department of Canadian Heritage (Canadian
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Heritage) under the direction of the Minister of Canadian
Heritage. An investment subject to the ICA will be either reviewable, in which case it is subject to both a reporting obligation
and a pre-closing approval process, or else it will be notifiable, in
which case it is subject to only a post-closing reporting obligation.
All investments by non-Canadian investors involving Canadian
entities, whether reviewable or notifiable, and even those that are
neither reviewable nor notifiable, are subject to the possibility
of a national security review. The rules relating to acquisition of
“control” and whether an investor is a “Canadian” are complex
and comprehensive.
statutory framework
Generally speaking, for a transaction to be reviewable a nonCanadian investor must acquire control of a Canadian business
through a “direct acquisition” of assets or equity and the aggregate
book value of the assets being acquired, including assets situated
outside of Canada, must exceed the applicable monetary
threshold. A direct acquisition of control for the purpose of the
ICA is the acquisition of a Canadian business by virtue of the
acquisition of all or substantially all of its assets or a majority,
or in some cases, one-third or more of the voting interests of a
Canadian entity, provided that the entity directly or indirectly
qualifies as a Canadian business for the purposes of the ICA.
If the acquisition of control of an existing business by a nonCanadian is not reviewable, so either the Canadian business is
being acquired indirectly – provided that the Canadian business
is not a cultural business – or the applicable monetary threshold
is not exceeded, the transaction will be notifiable. Notification
requires the non-Canadian investor to provide limited information to Investment Canada at any time before or within 30 days
after closing the transaction.
In 2009, and again in June 2012, the government released
for public consultation proposed amendments to the Investment
Canada Regulations, which would implement amendments to the
ICA that were passed in 2009. These amendments would move
the current threshold for direct acquisitions by WTO investors

create new powers for the Minister to make what are known
as “control in fact” determinations in respect of SOE investors,
potentially bringing more transactions by SOE investors within
the purview of an ICA review.
net benefit to canada
A reviewable transaction may not be completed unless the investment has been reviewed and the responsible Minister is satisfied
that the investment is likely to be of “net benefit to Canada”. The
non-Canadian investor must make an application to Investment Canada setting out, among other things, particulars of the
proposed transaction and its post-closing plans for the Canadian
business. The ICA requires the relevant Minister to take these
factors into account, where relevant, when determining if an
investment is likely to be of net benefit to Canada:




The effect of the investment on the level and nature of
economic activity in Canada, including, the effect on employment, on resource processing, on the utilisation of parts,
components and services produced in Canada and on exports
from Canada;
The degree and significance of participation by Canadians in
the Canadian business and in any industry or industries in
Canada of which the Canadian business forms a part;
The effect of the investment on productivity, industrial efficiency, technological development, product innovation and
product variety in Canada;
The effect of the investment on competition within any
industry or industries in Canada;
The compatibility of the investment with national industrial,
economic and cultural policies, taking into consideration
industrial, economic and cultural policy objectives enunciated by the government or legislature of any province likely to
be significantly affected by the investment; and
The contribution of the investment to Canada’s ability to
compete in world markets.

Once an application has been made, there is
an initial waiting period of up to 45 days. The
Although on its face the regime seems harsh,
Minister can extend the waiting period unilaterrelatively few investments have proved to be
ally by 30 days, and the Minister and investor can
agree to any additional period.
problematic since the legislation was enacted in
Although on its face the regime seems harsh,
1985
relatively few investments have proved to be
problematic since the legislation was enacted in
(that is, investors controlled by persons who are citizens of WTO 1985. The practical negative effects are the reality of delay and
member countries) from a C$344 million book value of assets negotiation. Generally speaking, the reviews typically extend
test to a C$600 million “enterprise value” threshold, increasing beyond the initial 45 day period.
In addition, while undertakings are not mandatory under the
progressively to C$1 billion over a four-year period. The current
asset-based financial thresholds of C$5 million will still apply ICA, in practice, the Minister requires the investor to commit to
for investments in cultural businesses. The government has not binding undertakings in virtually every reviewable transaction,
in order to secure a net benefit determination. Undertakings
indicated when it will adopt the new regulations.
On April 29 2013, the government announced proposed typically govern the ongoing operation of the Canadian business
amendments to the ICA, which do not extend the new enterprise and address, among other things, employment levels in Canada,
value threshold to SOE investors, who will continue to be subject participation by Canadians on the board of directors of the
to the existing C$344-million book value of assets threshold Canadian business and in senior management positions, the
(subject to an annual adjustment). In addition, the amendments location of the head office, future capital expenditures and
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research and development in Canada by the
Canadian business and continued community
involvement. The precise scope of the undertakings and their duration are subject to
negotiation between the investor and the
Minister. According to guidelines established
by Investment Canada, these undertakings
will be reviewed by Investment Canada on a
12 to 18 month basis.

AuThOR BIOGRAphIES
CALvIN S. GOLdMAN Q.C.
Partner
calvin S. Goldman Q.c. is co-chair of Blakes competition, antitrust
and foreign investment group. He began his professional career at
Blakes in 1976, after he clerked for Justice Spence of the Supreme
court of canada. He remained with Blakes specialising in antitrust
litigation until 1986, when he was appointed to be the director (since
renamed to commissioner) of the competition Bureau in the canadian
government. He returned to private practice in 1990. cal’s practice covers all aspects
of canadian competition law, including domestic and international mergers, abuse of
dominance, cartels, civil reviewable matters and counselling on trade practices, as well as
representation in foreign investment reviews under the Investment canada Act.

state-owned enterprises
In 2007, Investment Canada released
guidelines setting out supplementary considerations to qualify the net benefit criteria
where the investor is an SOE. Pursuant to the
Investment by state-owned enterprises – Net
jASON GudOFSky
benefit assessment Guidelines (SOE GuidePartner
lines), the Minister will expect additional
undertakings from SOE investors. In parJason Gudofsky is a partner in Blakes competition, antitrust and foreign
ticular, the Minister will seek undertakings
investment group. He advises domestic and foreign firms on all aspects
pertaining to the corporate governance and
of competition law. He regularly provides strategic advice to firms
involved in merger and joint venture transactions, including providing
reporting structure of the SOE, how and to
risk assessments, navigating reviews through the canadian competition
what extent the SOE is owned and controlled
Bureau and, where appropriate, coordinating and working with economists
by a foreign state, and whether the Canadian
and foreign counsel. In addition to advising on mergers, Jason provides advice on all other
business to be acquired will have the ability
aspects of competition law, including in respect of strategic alliances, unilateral conduct,
to continue operating on a commercial basis.
cartel investigations and compliance matters. He has been involved in the negotiation of
From a governance perspective, the assesscomplex remedies and orders with the competition Bureau and before the competition
ment will include whether the SOE adheres to
tribunal in the context of both mergers and cartel investigations.
Jason advises foreign and canadian vendors under the Investment canada Act
Canadian standards of corporate governance,
and represents clients before the Investment review division of Industry canada
including its commitments to transparand the cultural Sector Investment review branch of canadian Heritage. He has
ency and disclosure, independent members
negotiated undertakings in a wide range of industries to secure “net benefit to canada”
of the board of directors, independent audit
determinations.
committees and equitable treatment of shareholders. In addition, Investment Canada
will evaluate whether the SOE adheres to
MIChAEL LAFFIN
Partner
Canadian laws and practices, as well as the
effect of the investment on the level and
Mike Laffin is a partner in Blakes energy group and chair of Blakes Asia
nature of economic activity in Canada,
region practice. He provides strategic corporate and energy advice to
including the effect on employment, procanadian and international oil and gas companies, and has extensive
duction and capital levels in Canada. From
experience negotiating, structuring, advising, and opining on all aspects
a commercial orientation perspective, the
of conventional and unconventional oil and gas matters. He has in-depth
Minister will assess whether the Canadian
knowledge of all aspects of the canadian oil sands, LnG and marketing
in canada, midstream and infrastructure issues, petroleum and natural gas joint ventures
business to be acquired will continue to have
and acquisition and divestment of assets and corporations. Mike has negotiated
the ability to operate on a commercial basis
and supervised large-scale projects related to domestic, international and offshore
with respect to: (i) where to export; (ii) where
transactions, joint ventures, take-over bids and financings. He is very involved in resource
to process; (iii) the participation of Canadians
and trade matters involving Asia.
in its operations in Canada and elsewhere;
(iv) the impact of the investment on productivity and industrial efficiency in Canada; (v) support of ongoing a shift in how investments by SOEs will be reviewed under the
innovation, research and development and; (vi) the appropriate ICA. Among various amendments to the SOE Guidelines, the
level of capital expenditures to maintain the Canadian business in government broadened the definition of what may constitute an
a globally competitive position.
SOE to include “an enterprise that is owned, controlled or influenced, directly or indirectly” by a foreign government. This new
policy statement and revised soe guidelines
definition, namely to include the term “influence”, introduces a
On December 7 2012, the Canadian government released a potentially wide expansion to what may constitute an SOE.
The proposed amendments to the ICA that were announced
Policy Statement and revised its SOE Guidelines, clarifying the
foreign investment review process in Canada and signalling on April 29 2013 expand the definition of what may constitute
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an SOE. In addition to capturing foreign governments and their
agencies, the proposed definition of an SOE also includes any
entity that is controlled or influenced, directly or indirectly,
by such a government or agency, as well as “an individual who
is acting under the direction of ” or “who is acting under the
influence of ” such a government or agency. Unlike the concept
of “control”, which is defined under the ICA, the concepts of
“influence” and “direction” are potentially quite broad. Furthermore, neither term has been judicially considered under the
ICA.
In addition, the government underscored that free market
principles and industrial efficiency will be considered in reviews
of investments by SOEs. In particular, the government will
closely examine the degree of control or influence the SOE would
likely exert over the Canadian business and on the industry and,
most importantly, the extent to which the foreign state is likely to
exercise control or influence over the SOE.
Essentially, under the revised SOE Guidelines, an SOE investor
must be able to demonstrate the following commitments, which
will need to be reflected in its undertakings with the Minister:
• The Canadian business must remain commercially oriented
such that decisions will be made on a commercial basis.
• The Canadian business must be free from political influence.
• The Canadian business will adhere to Canadian laws and
practices, including free market principles.
• The investor will adopt standards and practices to promote
sound corporate governance and transparency.
• The investment will lead to positive contributions on the productivity and industrial efficiency of the Canadian business.
The government also announced that foreign state control
of Canadian oil sands has reached a point at which further such
state control generally would not be of net benefit to Canada

The Minister may refer the transaction to the Governor in
Council (the executive branch of the Canadian federal government) for review. The Governor in Council then may take any
measures considered advisable to protect national security
including: (1) blocking the transaction (where the investment
has not been implemented), (2) authorising the transaction on
the basis of written undertakings or other terms and conditions,
or (3) ordering a divestiture of the Canadian business (where the
investment has been implemented).
The term “national security” is not defined in the ICA and
there has been some concern that the national security provisions of the ICA would not be limited to acquisitions affecting
only national defence, but possibly capture economic, infrastructural, environmental (e.g., natural resources) or other notions of
“national security”.
The Minister has 45 days, plus a notice period, after receiving
notice of the investment (or after implementation of the investment, if an application for review or notification is not required or,
in the case of a notification, filed in advance) to initiate national
security review. The proposed amendments to the ICA that were
announced on April 29 2013 also extend the time period during
which the Minister must make a net benefit determination in connection with an investment undergoing a national security review
by 25 days, and introduce additional flexibility for the Minister
and an investor to agree to an even longer timeline for concurrent reviews. According to the government’s policy statement of
December 7 2012, the government will only use the new flexibility under the national security review timelines in “exceptional
circumstances”.
We are aware of only one transaction since the new regime
came into force where an investment was terminated owing to a
national security review – George Forrest International Afrique’s
proposed acquisition of Forsys Metals and its uranium assets
in Namibia. The nature of the Minister’s concerns has not been
disclosed publicly and the review, like the transaction, was never completed.

These recent transactions demonstrate that the review
process under the ICA is grounded not only in legal
considerations but also in political and economic
considerations. The investor’s advisory team needs to
reflect this dynamic
and, going forward, acquisitions of control of Canadian oil sands
businesses by SOEs will satisfy the net benefit test only under
exceptional circumstances. Outside of the oil sands, there are no
sector-specific restrictions on acquisitions of control by SOEs,
although all reviewable investments by SOEs will be scrutinised
closely.
national security review
As of March 2009, the Minister also may review any investment,
regardless of size, where the Minister has reasonable grounds
to believe that the investment could be “injurious to national
security”. In doing so, the Minister may require that the investor
provide any additional information considered necessary for the
review.
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enhanced transparency and
enforcement
On June 29 2012, amendments to the ICA that
are designed to increase transparency of the
review process came into force. In particular,
the amendments allow the Minister to provide
public notice of his decision to approve a reviewable transaction
or reject it on the grounds that it does not constitute a net benefit
to Canada, as well as reasons for any such provisional decision. In
addition, the amendments allow the Minister to accept security
from a foreign investor to ensure compliance with the investor’s
undertakings.
If an investor fails to honour its undertakings, the ICA allows
the Minister to demand that the investor comply with the undertakings or justify any non-compliance. Where the investor does
not fulfil the demand, the Minister can agree to new undertakings by the investor, or else bring an application to a superior
court for a range of remedies, including divestiture, an order
requiring compliance and a penalty of up to C$10,000 per day for
each breach.
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In recognition of the potentially lengthy and costly litigation process, on May 25 2012, the government issued Mediation
Guidelines, introducing a formal mediation process as an alternative to litigation where the Minister believes that an investor
has failed to comply with its commitments. The guidelines
allow the Minister and the investor to enter into an agreement
to mediate if both parties believe that mediation may assist in
resolving a dispute relating to compliance with undertakings. The
Minister then may either accept new undertakings as a result of
the mediation process, or demand that the investor comply with
its prior commitments or justify non-compliance. If the investor
fails to act in accordance with the Minister’s demand, the Minister
still may initiate court proceedings. Taken together, these changes
reflect a shift towards greater transparency and more effective
enforcement under the ICA.
going forward
All non-Canadian investors need to take into account the goingforward costs of adhering to undertakings when negotiating
agreements that are subject to approval under the ICA and factor
these costs into the economics of the transaction. Vendors also
may negotiate participation rights in a transaction agreement
to ensure that SOE investors make appropriate commitments to
secure ICA approval.
Investors that propose to acquire interests in Canadian businesses involved in sensitive areas, such as uranium extraction,
technology, or possibly critical infrastructure, may face scrutiny
under the national security review provisions of the ICA, even if
those interests are not controlling ones.
In addition, and as demonstrated by recent high-profile
transactions (including BHP Billiton’s proposed acquisition of
Potash Corporation and LSE’s proposed acquisition of TMX),

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other stakeholders can play an influential role in the net benefit
determination under the ICA. These recent transactions demonstrate that the review process under the ICA is grounded not
only in legal considerations but also in political and economic
considerations. The investor’s advisory team needs to reflect this
dynamic.
Additional considerations for soe investors
The political concerns over SOE investment in Canada and
elsewhere have been the result of a perceived lack of transparency
of SOE motivations and doubts as to their accountability
standards, adherence to corporate and international norms and
anti-corruption protections. Concerns about SOE investment
continue to persist in the media and some SOEs might be
discouraged from investing in Canada due to the perception that
the regulatory approval process will be challenging and complex.
Investment Canada should be expected to continue to insist
that Chinese SOE investors commit to transparent corporate governance and a commercial orientation for the Canadian business
for so long as they hold a controlling interest in a Canadian
business, in addition to the standard undertakings related to
employment, capital expenditures and other undertakings, often
required of investors.
Nevertheless, as recent experience shows, these concerns
can be overcome. A well-planned government relations and
communications strategy, coordinated by counsel working closely
with the non-Canadian investor, can mitigate the likelihood of
a transaction being derailed for political reasons. Indeed, the
importance of a well-developed strategic approach to obtaining
appropriate approvals cannot be underestimated, both when
promoting the transaction and negotiating undertakings, and
securing Ministerial approval.

China OutbOund investment Guide 2013

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19

加拿大

對加拿大淨利益的投資
高凱文、古傑 和 馬樂飛
佈雷克律師事務所

年來,中國(主要是中國國有企業(SOE))對加拿大的
外商直接投資 (FDI) 急劇增長,從 2004 年的 1.13 億加元
增長到了 2011 年的 109 億加元,導致此等增長的首要原因是投
資者對加拿大自然資源領域日益濃厚的興趣。過去幾年來的幾
筆重大投資突顯了中國對加拿大 FDI 的增長,例如中國石油化
工股份有限公司(中石化)於 2011 年以 22 億加元收購加拿大
常規油氣生產商Daylight Energy以及中國海洋石油總公司(中
海油)於 2011 年以 21 億加元收購阿爾伯塔省油砂開發商 OPTI
Canada。最近,加拿大工業部長于 2012 年 12 月 7 日批准了中海
油擬以 151 億美元收購 Nexen Inc.的交易,該筆交易是迄今為止
中國國有企業規模最大的海外收購。各種跡象均表明中國對加
拿大的外商投資態勢將持續,並可能進一步增加。隨著能源需
求的繼續增長,這種趨勢將日益突出。

大及中國政府應通過雙邊手段繼續深化和加強雙邊貿易與投資
關係,以確保兩國人民能繼續建設繁榮富強、可持續發展的未
來。”
加拿大政府還於 2012 年 11 月 11 日與香港簽訂了期待已久的
避免雙重徵稅方面的協定。該協定將促進雙方的貿易與投資,
特別是香港對加拿大的投資,還可能為中國企業對加拿大的某
些投資提供新的機遇。

ICA 項下的外商投資
《加拿大投資法》(Investment Canada Act,“ICA”) 是一部
廣泛適用於規範非加拿大人設立加拿大企業或收購加拿大企業
控制權的聯邦法律。除涉及文化企業的交易外,加拿大工業部
投資審查局(Investment Review Division of Industry Canada,也
稱加拿大投資局-Investment Canada)在工業部長的指導下負責
實施 ICA。若交易涉及與加拿大文化遺產或國民認同相關的商
業活動(例如出版、電影、視頻、音樂及廣播等業務),則由
加拿大文化遺產部(Department of Canadian Heritage,“文化遺
產部”)文化產業投資審查局 (Cultural Sector Investment Review)
在文化遺產部部長的指導下管理。適用ICA的投資要麼需通過審
查,要麼需申報。若需審查,則必須同時履行報告義務以及交
割前審批程序,若需申報,則只需履行交割後的報告義務。無
論是需通過審查還是需經申報,非加拿大投資者的所有涉及加

對外商投資日益強化的審查
來自中國的投資增長發生於政府及公眾對外商投資的審查強化
之際。2012 年 3 月,加拿大首席執行官協會 (the Canadian Council of Chief Executives) 公佈了一份名為《中國對加拿大的外商直
接投資:威脅還是機遇?》(Chinese Foreign Direct Investment in
Canada: Threat or Opportunity?) 的報告,審視亞洲不斷崛起的經
濟對加拿大的影響。作者呼籲聯邦政府不要將外商投資審查程
序政治化,並制定合理的國家安全審查標準。
SOE的投資受到嚴格的審查,但外商投資
方面的擔憂不限於SOE。加拿大政府於 2010
年否決英澳礦業公司必和必拓 (BHP Billiton)
本屆加拿大政府對加強與中國的經濟聯繫以及擴大外商對加拿大投資
擬收購加拿大鉀肥公司 (Potash Corporation of
頗為關注
Saskatchewan) 的交易的初步決定引起了廣泛
的爭議(必和必拓最終撤消了其對該加拿大公
司的收購要約),並表明政府將毫不猶豫地否
決其認為不會給加拿大帶來淨利益的交易。
拿大實體的投資均可能須經國家安全審查,甚至既不需要通過
審查也無需申報的交易也是如此。與“控制權”收購及判定投
資者是否為“加拿大人”的相關規則十分龐雜。
更緊密的經濟聯繫
本屆加拿大政府對加強與中國的經濟聯繫以及擴大外商對加拿
大投資頗為關注。2012 年 2 月,加拿大總理哈珀 (Stephen Harp- 法律框架
er) 與中國總理溫家寶簽訂了一系列雙邊協議,其中包括能源、 一般而言,只有當非加拿大投資者通過“直接收購”資產或股
自然資源、高科技、創新及農業方面的合作協議。雙方還結束 權收購加拿大企業的控制權,並且被收購的資產(包括位於加
了歷時18年的的談判旨在達成最終的《中加外商投資促進與保 拿大以外的資產)的賬面價值超過適用的金額門檻時,交易才
護協定》(FIPA),並由加拿大國際貿易部長兼亞太門戶部長 需經審查。ICA規定,“直接收購控制權”是指通過收購加拿
艾德•法斯特(Ed Fast)及中國商務部長陳德銘於2012年9月8日 大企業的全部或實質上全部資產,或收購加拿大實體(只要此
簽訂了此協定。FIPA 的目的在於在避免歧視性待遇方面為外國 等實體直接或間接符合ICA規定的加拿大企業的構成條件)有表
投資者提供更好的保護,並提高影響外國投資者及其投資的政 決權的多數權益(或者,在某些情形下三分之一以上的權益即
策框架的可預測性。中加FIPA已於2012年9月26日提交加拿大國 可)的方式收購該企業。
如非加拿大投資者收購現有加拿大企業控制權的交易無需審
會,目前正等待國會批准。
查(即加拿大企業不是文化企業並被間接收購,或者交易未超
此外,加拿大與中國於 2012 年 8 月 15 日發佈了中加經濟互
補性聯合研究報告 (Economic Complementarities Study),強調 過適用的金額門檻),則此等交易必須申報。申報要求非加拿
潛在的雙邊經濟互補性及增長前景。該研究報告探討了七個經 大投資者在交易交割前或交割後30日內的任何時間向投資審核處
濟領域(包括自然資源、機械設備、交通運輸、基礎設施、航 提供有限的信息。
政府於 2009 年發佈了《加拿大投資法條例》(Investment
空、清潔技術及環保產品與服務),並表示此等研究的完成為
探討加中經貿關係的深化奠定了基礎。報告的結論是,“加拿 Canada Regulations)修訂提案的徵求公眾意見稿,並於 2012 年
20

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2013年中國境外投資指南

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加拿大

再次發佈了此等修訂。這些修訂將實施 2009
年通過的對 ICA 的修訂。此等對 ICA 的修訂
將 WTO 投資者(即由 WTO 成員國的公民控
制的投資者)的直接收購的審查門檻標準從
目前的3.44億加元的賬面價值的資產標準提
高至6億加元(將在四年的期限內逐漸升至10
億加元)的“企業價值”標準。目前以資產
為基礎的500萬加元的金額門檻將繼續適用于
文化產業的投資。政府尚未說明其何時將採
用新條例。
2013年4月29日,政府宣佈了對ICA的修正
案,該修正案沒有將新的企業價值門檻延伸
適用於SOE投資者,後者將繼續適用目前的
3.44億加元資產賬面價值(將逐年調整)的
門檻。此外,該修正案使部長具有新的權力
對SOE投資者作出所謂“事實上的控制”的
認定,這可能使更多的SOE投資者的交易被
納入ICA審查的管轄範圍。

加拿大淨受益
對於需通過審查的交易而言,除非投資已經
過審查,並且負責的部長滿意地認為投資很
可能“對加拿大淨受益”,則不得進行交
易的交割。非加拿大投資者必須向加拿大投
資局提交一份申請,列明擬議的交易詳情以
及投資者為加拿大企業制定的交割後計劃
等。ICA要求負責的部長在決定某項投資是
否很可能使加拿大淨受益時考慮下列相應因
素:

• 投資對加拿大經濟活動水平及性質的影

作者簡歷
高凱文 (御用大律師)
合伙人
高凱文御用大律師是佈雷克競爭法、反壟斷法與外商投資團隊聯合主席。
他於 1976 年在佈雷克開始其職業生涯,此前他曾擔任加拿大最高法院
Spence 法官的書記官。高律師在佈雷克專注於反壟斷訴訟直至 1986 年。
該年內,他被任命為加拿大政府競爭局 (Competition Bureau) 局長(後來
改稱“專員”)。1990 年,他重新進入私營法律服務部門。高律師的執業
活動涉及加拿大競爭法的所有領域,包括國內及國際並購、濫用市場支配
地位、卡特爾、民事復核事項、貿易慣例咨詢以及《加拿大投資法》(Investment Canada
Act) 項下外商投資審查程序中的代理。

古傑
合伙人
古傑是佈雷克競爭法、反壟斷法與外商投資團隊合伙人。他就競爭法的所有
方面為國內外企業提供法律服務。他經常為涉及合並及合營交易的企業提供
戰略咨詢,包括協助客戶開展風險評估、通過加拿大競爭局 (Competition
Bureau) 的審查以及在必要時與經濟學家及外國律師開展協調和協作。除提
供合並法律服務以外,古律師的法律服務還涵蓋競爭法的所有其他領域,包
括戰略聯盟、單邊行為、卡特爾調查及合規事務。他曾在合並及卡特爾調查
過程中就複雜的救濟及命令開展與競爭局的談判,並在競爭法庭 (Competition Tribunal) 代
表客戶。
在根據《加拿大投資法》(Investment Canada Act) 及相關指引(包括與外國國有企業在
加拿大的投資相關的指引)為外國投資者及加拿大賣方提供法律服務方面,古律師也十分
活躍。他曾為各行各業的交易商討承諾事項,以取得加拿大淨利益認定。

馬樂飛
合伙人
馬樂飛是佈雷克能源團隊合伙人及亞洲區負責人。他為加拿大及國際油氣公

響,包括對就業、資源加工、加拿大生產
司提供公司及能源方面的戰略法律服務,且在就所有傳統及非傳統油氣事務
的部件、元件及服務的使用以及加拿大出
提供談判、結構設計、咨詢服務及法律意見方面具有豐富的經驗。對於加拿
口的影響;
大油砂、液化天然氣 (LNG) 及其加拿大營銷、中游及基礎設施事務、石油
及天然氣合營及資產與公司收購與剝離,馬律師有着全面、深入的認識。馬
• 加拿大人在該加拿大企業中(以及在該
律師曾參與大型國內、國際及離岸交易、合營、要約收購及融資項目的談判
加拿大企業所在的一個或多個加拿大產業
以及交易執行的監督。他還廣泛參與涉及亞洲的資源及貿易事務。
中)的參與程度及重要性;
• 投資對加拿大生產率、行業效率、技術進
步、產品創新及產品多樣性的影響;
• 投資對一個或多個行業內的競爭的影響;
• 該投資與國家產業、經濟及文化政策的兼容性,要考慮到投 限取決於投資者與部長之間的談判。根據加拿大投資局制定的指
資對任何省的政府或立法機關所公佈的產業、經濟及文化政 引,該局將以 12 至 18 個月為週期評估此等承諾的履行。
策目標可能產生的重大影響;
• 投資對加拿大在全球市場的競爭能力的貢獻。
國有企業
2007年,加拿大投資局發佈指引,列明瞭進一步界定適用於國
申請提交後,將有最多達45天的初始等待期。部長可單方面 有企業 (SOE)投資者的“淨利益”標準的補充考慮因素。
將等待期延長30天,此外,部長和投資者還可協商確定任何進一 根據《國有企業投資 – 淨利益評估指引》(Investment by
state-owned enterprises – Net benefit assessment Guidelines,“
步的延期。
儘管制度上看起來似乎很苛刻,但自1985年頒行《加拿大投 《SOE指引》”),部長將要求SOE投資者作出更多的承諾。
資法》以來,少有投資被認定為存在問題。實踐中的負面影響 特別是,部長將尋求SOE的公司治理及報告結構、外國政府如
是,它的確導致了延誤和協商。一般而言,審查會超過其45天的 何以及在何等程度上擁有及控制該SOE、以及被收購的加拿大
企業是否能繼續在商業運營等方面作出承諾。在治理方面,評
初始期限。
此外,雖然 ICA 並未強制性地要求投資者作出承諾,但在實 估的內容包括SOE是否遵守加拿大的公司治理標準,包括透明
踐中,部長幾乎會在每筆須經審查的交易中要求投資者作出有約 度與披露、獨立董事、獨立審計委員會以及公平對待股東方
束力的承諾以取得淨利益認定。承諾通常涵蓋加拿大企業的日常 面的承諾。此外,加拿大投資局還將評估SOE是否遵守加拿大
運營並明確其在加拿大的雇傭水平、加拿大人對加拿大企業董 法律及慣例,以及投資對加拿大經濟活動水平和性質的影響,
事會的參與及在高管層的任職、總部地點、未來在加拿大的資本 包括對加拿大就業、生產及資本水平的影響。從商業取向的
支出及研發活動、持續的社區參與等問題。承諾的具體範圍及期 角度而言,部長將從以下方面評估被收購的加拿大企業是否
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21

加拿大

能繼續在商業運營:(i) 向何處出口;(ii) 在何處加工;(iii) 加
拿大人對加拿大及國外運營的參與;(iv) 投資對加拿大生產
率及行業效率的影響;(v) 對創新及研發的持續支持;(vi) 旨
在保持加拿大企業全球競爭地位的適當的資本支出水平。

或申報,或事先已申報的話)45天(外加通知期)內啟動國家安
全審查。2013年4月29日發佈的ICA修正案還將部長必須對接受國
家安全審查的投資作出淨利益認定的期限延長了25日,並為部長
與投資者提供了額外的靈活性就同時進行的審查商定更長的期
限。根據政府2012年12月7日的政策聲明,政府只會在“例外情
況”下運用國家安全審查期限的新靈活性。
據我們所知,自新制度生效以來僅有一項交易因國家安全審
查而被終止,即George Forrest International Afrique 擬收購Forsys
Metals及其納米比亞鈾資產的交易。部長所關切的問題的性質尚
未公開披露,並且審查(與交易一樣)一直未完成。

政策聲明及經修訂的《SOE 指引》
2012年12月7日,加拿大聯邦政府發佈了一項政策聲明並修訂了
其《SOE 指引》,就加拿大的外商投資審查程序作出了澄清並發
出了改變ICA項下SOE投資審查方式的信號。在對《SOE指引》
的各項修訂中,政府拓寬了SOE的定義,使之包括外國政府“直
接或間接擁有、控制或影響的企業”。此等新定義(即在定義
中包含“影響”一詞)使得 SOE 的範圍可能被大大拓寬。
透明度的提高與執法的強化
2013年4月29日宣佈的ICA修正案擴大了SOE的定義。除了包 2012年6月29日,旨在提高審查程序透明度的ICA修訂生效。特別
含了外國政府及其代理機構在內,擬議的SOE定義還包括了受 是,此等修訂允許部長公告其批准須經審查的交易的決定,或
上述政府或代理機構直接或間接控制或影響的任何實體,以及 以其將不會使加拿大淨受益為由拒絕批准交易的決定,以及任
在上述政府或代理機構的“指示下行事的個
人”或在上述政府或代理機構的“影響下行事
的個人”。與ICA下定義的“控制”的概念不
儘管制度上看起來似乎很苛刻,但自1985 年頒行《加拿大投資法》
同,“影響”和“指示”的概念有可能很廣
以來,少有投資被認定為存在問題
泛。而且,這兩個用語也都未在ICA下經法院
解釋過。
此外,政府強調在審查SOE投資時將考慮
自由市場規則及行業效率。特別是,政府將密切關注SOE將對加 何此等臨時決定的理由。此外,修訂還允許部長接受外國投資
拿大企業及其所在行業發揮的控制或影響的程度,以及最為重 者提供的擔保,以確保投資者遵守其承諾。
要的外國政府可能控制或影響SOE的程度。
若投資者未履行其承諾,ICA允許部長要求遵守其承諾或糾正
根據經修訂的《SOE指引》,SOE投資者必須能夠表明下述承 任何不合規情形。若投資者未滿足此等要求,部長可同意由投
諾,並將其體現在投資者對部長的承諾之中:
資者作出新的承諾,否則可向高等法院申請一系列補救措施,
包括剝離、要求遵守承諾的命令、以及針對每項違反課以最高
• 加拿大企業必須保持其商業取向,從而在商業基礎上作出決 可達每日1萬加元的罰款。
意識到訴訟程序可能耗費時日且費用高昂,政府於2012年5月
策。
25日發佈了《調解指引》(Mediation Guidelines),在部長認為
• 加拿大企業必須不受政治影響。
投資者違反了其承諾的情況下,可以採用正式的調解程序,作
• 加拿大企業將遵守加拿大法律和慣例,包括自由市場原則。
• 投資者將採用標準與慣例,以促進良好的公司治理及透明 為訴訟的替代性選擇。若部長和投資者雙方均認為調解可能有
助於解決與承諾遵守相關的爭議,則雙方可根據此等指引簽訂
度。
調解協議。隨後,部長可根據調解程序的結果接受新的承諾,
• 投資將對加拿大企業的生產率及行業效率作出積極貢獻。
或要求投資者遵守其此前的承諾或糾正違反行為。若投資者未
政府還宣佈,外國對加拿大油砂的控制已達到了一定的程 遵照部長的要求行事,部長仍可提起法院訴訟。綜合來看,這
度,以致於進一步的外國控制一般而言將不會給加拿大帶來淨 些修訂體現了向ICA項下更高透明度和更有效執法的轉變。
利益。換句話說,SOE對加拿大油砂企業控制權的收購將僅在例
外情形下才會滿足淨利益標準。雖然SOE的所有需審查投資均將 前瞻
被仔細審核,但除油砂外,沒有特別限制 SOE 收購其他行業企 在洽談需根據ICA取得審批的協議的過程中,所有非加拿大投資
業的控制權。
者均應考慮遵守承諾的成本,並將此等成本納入交易的經濟評
估內。服務商也可通過談判在交易協議中訂入參與權條款,以
確保國有企業投資者為取得ICA審批而作出適當的承諾。
國家安全審查
擬收購涉足鈾礦開採、高科技(或許還包括關鍵性基礎設
從2009年3月起,部長若有合理的依據認為某項投資可能“危
害國家安全”,也可對其進行審查,無論投資的規模如何。為 施)等敏感領域的加拿大企業權益的投資者可能面臨ICA國家安
此,部長可要求投資者提供為開展此等審查而被視為必需的任 全審查條款規定的審查,即使擬收購的並非控制性權益亦是如
此。
何額外的信息。
此外,最近的一些備受矚目的交易(包括必和必拓擬收購加
部長可將交易提交給院督(Governor in Council,加拿大聯邦
政府的行政分支)審查。院督可隨即採取任何被視為可取的措 拿大鉀肥公司以及倫敦證券交易所擬收購多倫多證券交易所的
施以保護國家安全,其中包括:(1)阻止該交易(若交易尚未 交易)表明,其他利益相關者能對 ICA 項下的淨利益判定發揮
實施的話),(2)基於書面承諾或其他條件批准交易,或(3) 重要的影響。最近的這些交易表明ICA項下的審查程序所依據的
不僅包括法定考慮因素,而且還包括政治和經濟考慮因素。投
命令剝離加拿大企業(若交易已實施的話)。
ICA 並未對“國家安全”一詞進行界定,一直存在的一種擔 資者的顧問團隊需要仔細考慮此等規律。
憂是,ICA的國家安全條款的適用不會被僅僅限定於影響國防的
收購,還可能會涉及經濟、基礎設施、環境(例如自然資源) SOE 投資者的額外考慮因素
或“國家安全”的其他內涵。
由於公眾認為SOE的行為動機缺乏透明度,並對其問責標準、遵
部長可在收到申報後(或投資實施後,若投資無需申請審查 守公司及國際準則的能力以及反腐敗能力存在疑慮,SOE投資在
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加拿大

加拿大及其他國家引起了政治上的擔憂。對SOE投資的擔憂持續
不斷地見諸媒體。一些SOE可能會認為監管審批流程困難重重且
情況複雜,其投資於加拿大的積極性也可能會因此而受到挫傷。
除了通常要求投資者作出的與雇傭、資本支出等事項相關的
標準承諾以外,加拿大投資局預期將繼續堅持要求中國SOE投資
者承諾在其持有加拿大企業控制性權益期間保持此等企業的透
明公司治理和商業取向。

www.chinalawandpractice.com

但是,最近的經驗表明,這些擔憂是可以克服的。只要法
律顧問能與非加拿大投資者緊密協作,協調執行良好的政府關
係及公眾溝通戰略,即可降低交易因政治因素而流產的風險。
事實上,在促成交易、洽談承諾及取得部長審批的過程中,投
資者絕不能低估良好的策略方法對於取得相關審批而言的重要
性。

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m&A basics in germany
by Jens hörmann and Otto haberstock
p+p pöllath + partners

G

ermany has the largest economy in Europe and is one
the world’s leading exporters of merchandise, with
exports accounting for more than one-third of the
national output. The economy in Germany is regulated by a legal
framework that is highly efficient, cost-effective and predictable,
with statutory law, instead of case law, providing a high-level of
legal certainty. The World Economic Forum’s Global Competitiveness Report 2012-2013 gave Germany a top-ranking in the
category of efficiency of legal framework.
Foreign investment has peaked since the financial crisis in
2008 and 2009. This is because of Germany’s businesses having
shown remarkable strength, even during the Euro crisis. As
the majority of large German businesses are privately-held,
sometimes by founders or their families, the sale of these businesses triggers a search for the best possible successor.
In particular, Chinese investors have shown an unprecedented
interest in owning German-based businesses. This is mainly in
the traditional automotive and machinery industries, resulting
in some quite prominent and successful takeovers. But the challenges for Asian and especially Chinese participants in auction
sales can prove rather intense.

large degree of the parties’ legal relations can be based on existing
statutory German law, by which the relevant Codes provide
adequate solutions for many situations that typically occur.
For the most part, this also applies to sale and purchase agreements (SPA) in the acquisition of shares, although in recent years
the influence of Anglo-Saxon legal culture has been considerable.
However, comparatively short German-style documents continue
to prevail in many equity-financed transactions and in transactions involving medium-sized German companies.
These short German SPAs are possible since many key areas of
corporate and contract law are already covered by comprehensive
statutory laws. On issues like remedies for violation of warranties
and the calculation of damages caused by contributory negligence and delay, in general it is possible to rely on statutory law.
Consequently, the wording of the contracts sometimes gives little
guidance on practical handling issues since it is to be understood
within the context of statutory law and general legal principles.
The universal structure of German law SPAs is similar to
standards used elsewhere. Core elements of the SPA are, as in
many other jurisdictions, the purchase price and respective

share deal versus asset deal
The wording of the contracts sometimes give little
When investing in German companies, investors
guidance on practical handling issues since it is to be
can choose to buy shares in a certain target
company or its assets. Typically, share deals are understood within the context of statutory law and
seen more often. This is because asset deals are general legal principles
more complicated, as any asset to be transferred
must be specified in the agreement. In addition,
the transfer of ongoing commercial agreements with suppliers adjustment procedures. Since the subprime difficulties in 2007,
and customers from the seller to the purchaser usually requires net financial debt and working capital adjustments as of the
consent of the other contractual party. This can sometimes lead closing date, have again become more frequent. So-called locked
to the contractual party trying to renegotiate the terms and con- box mechanisms or agreements that provide for a fixed purchase
ditions of the concerned agreement. From a seller’s perspective, a price that is determined based on past figures and not subject
to adjustments are still used. A second major part of an SPA
share deal is generally favourable from a tax perspective.
Situations may occur though where it is better to buy assets, concerns representations and warranties, which are comparable
for example, if the target company has filed for insolvency or if to those in other jurisdictions.
A major deviation from Anglo-Saxon SPAs is the distinction
the purchaser only wants to buy a certain business unit by way of
spin-off. An asset deal may also be advantageous for the purchaser between the sale and the transfer of shares (or assets), which are
described as two separate transactions. The sale constitutes only
from a tax perspective due to a possible step-up.
If the transaction is structured as an asset deal, the employees the obligation to transfer the share while the transfer constitutes
of the business unit concerned are automatically transferred to the actual transfer of ownership (in rem). The transfer is usually
the purchaser by operation of law. However, each employee is subject to the closing conditions, like antitrust clearance and
payment of the purchase price.
allowed to object to the transfer.
Another German peculiarity is that any German law
sale and purchase agreements
agreement involving the transfer of private limited liability shares
Commercial agreements under German law are substantially or real property must be notarised. This means that the SPA itself
shorter than Anglo-Saxon-type agreements. This is because a and any ancillary agreement and all annexes (other than lists
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and tables to which an exception applies) must be read aloud
by or in front of a notary. German notary fees are governed by a
mandatory non-negotiable fee schedule and are calculated on the
basis of the transaction value. They range from €10 to an approximate maximum of €55,000. The maximum usually applies to a
transaction value of €60 million or more. These fees are customarily borne by the purchaser.
types of business organisation
Private limited liability company (Gmbh)
The form of a GmbH is the most frequently used corporation form in Germany. The foundation of a GmbH, as well as
the transfer of shares, requires notarisation by a public notary.
Provided that the nominal share capital is fully paid in after the
foundation of a GmbH and is not repaid, the shareholders of
a GmbH are in general not personally liable for the company’s
debts. The German Limited Liability Company Act provides for
capital maintenance rules pursuant to which it is generally prohibited to repay the nominal share capital to shareholders.
The corporate bodies of a GmbH consist of the management
and the shareholder assembly. Under German law, the managing
directors may be appointed and removed relatively easily by
the shareholders at any time they wish. In addition, to the two
mandatory bodies, the shareholders of a GmbH can opt to
implement an advisory board or a supervisory board. If a certain
number of employees are exceeded (500), mandatory labour law
requires setting up a supervisory board. The occupation and
competences of the supervisory board depend on the number of
employees (500/2000).

on the powers of representation (internally in relation to the
company) may be imposed, for example, the rules of procedure of
the management board.
The members of the supervisory board are elected by the shareholders’ meeting unless employee representatives are required by
mandatory law (depending on the number of employees).
The minimum stated share capital of an AG amounts to
€50,000, whereby the minimum nominal amount per share is €1.
In contrast to the law governing the GmbH, the sale and transfer
of shares in an AG does not require a specific form, hence notarisation is also not required. However, according to the articles of
association, the transfer of registered shares, as opposed to bearer
shares, may be subject to the consent of the AG.
Any actions with respect to the shares in a listed AG must
comply with insider law, the violation of which regularly constitutes a criminal offence.
Partnerships
Different types of partnerships can be seen in Germany, with
the limited partnership most common, in particular a GmbH as
general partner, so-called GmbH & Co. KG.

regulatory framework
Foreign investment approvals
In addition to antitrust law, if applicable, the acquisition of
companies with offices or places of business in Germany by
investors with their seats or management outside the EU or
European Free Trade Area is partly restricted.
Since 2009, each direct or indirect acquisition of at least 25%
of the voting rights of a German company by an acquirer may
in theory be reviewed by the German Ministry of
Economics (GMoE). The Ministry will review the
Another German peculiarity is that any German law
transaction within three months from signing,
publication of the decision to make a takeover
agreement involving the transfer of private limited
bid, or the publication that control was obtained.
liability shares or real property must be notarised
If the GMoE requests the delivery of documents
relating to the acquisition, it has an additional
stock corporation (aG)
two months to issue orders or prohibit the acquisition in case it
In addition to the GmbH, the second major type of German endangers the public order or security of the Federal Republic of
corporate entity is the AG. The shares in an AG may be, but do Germany.
In case of the acquisition of a German company that manunot have to be, publicly listed. In fact, most of the German AGs
are not listed but are privately held by a smaller number of share- factures or develops military weapons, cryptographic systems or
other defence-related goods, the transaction must be announced
holders, like a large family.
The legal regime that applies to an AG is considerably stricter to the GMoE as well.
Since generally, the investment climate in Germany continues
than to a GmbH. As a rule of thumb, the articles of association
of an AG may only contain provisions that deviate from those to be very friendly to foreign investment and the regulation is
contained in the German Stock Corporation Act, if this is mainly targeted to the very few businesses relevant to national
expressly permitted. In contrast, the articles of association of a security, it has in practice never proven to be an obstacle in the
GmbH may contain any provision, unless such provision is pro- vast majority of transactions which will not be subject to any
hibited under the German Limited Liability Company Act. This review.
means the flexibility in structuring an AG is quite limited – in
Public financial control
particular with respect to its corporate governance.
The three mandatory corporate bodies of an AG are the man- When acquiring publicly traded shares in German companies,
agement board, the supervisory board and the shareholders’ investors are subject to various regulatory requirements under
meeting. A major difference to a GmbH is that the manage- German takeover laws.
ment board is not subject to instructions from the shareholders’
When acquiring or selling shares in companies admitted
meeting or the supervisory board. However, certain restrictions for trading on a regulated market and in so doing exceeding
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or falling below certain thresholds in
AuThOR BIOGRAphIES
voting rights (namely 3%, 5%, 10%, 15%,
20%, 25%, 30%, 50% or 75%) any investor
jENS höRMANN
must notify the company and the German
Partner
financial supervisory authority (Bundesanstalt für Dienstleistungsaufsicht or BaFin)
Jens is a partner with P+P in Munich and specialises in M&A and private
without undue delay and at the latest, within
equity. In particular, he focuses on private equity transactions, joint
ventures as well as capital markets law. Jens studied law in Konstanz,
four trading days. A similar obligation also
Germany.
applies to warrants or financial instruments
that give an unconditional right to acquire
shares in such companies. Voting rights may
generally not be exercised if the notification
OTTO hABERSTOCk
requirement has not been complied with. The
Partner
suspension may last for six months if the notiotto is a partner with P+P in Munich. He focuses on M&A, private equity
fication was omitted due to gross negligence
and venture capital transactions, as well as general corporate law and has
or wilful misconduct.
advised private equity funds, corporations, entrepreneurs and management
Any purchaser of listed shares up to or
teams on many buy-out, investment, IPo or similar transactions. He is
exceeding the threshold of 10% must disclose
admitted to the bars in Munich and new york.
the objective of the purchase and the source of
financing to the issuer within 20 trading days.
Public tender offers are exempt from this disclosure, as well as purchases by investment companies regulated once the 30% control threshold has been met, the bidder must
under the UCITS directive. The issuer is then required to publish immediately publish the decision or announce that the control
threshold has been met. As a rule, the bidder then has a period
such disclosed information to the public.
When acquiring shares in AGs not listed on a regulated of four weeks to prepare an offer document containing the full
market and which exceed a threshold of more than 25% of the terms of the offer and to submit the document to BaFin for veriregistered share capital, the purchaser must notify the company fication. Upon approval of the document by BaFin, the bidder
must immediately publish the offer. The acceptance period that
and the company has to publish this notification.
No similar notification requirements apply to purchases of starts with the publication may not generally be less than four
weeks and not more than 10 weeks. In certain cases, the accepshares or interest in companies of other legal types like GmbHs.
tance period extends by operation of law.
tender offer
For both voluntary and mandatory offers, the consideration
to
be
offered to all other shareholders must at least be equal to the
If shares in the relevant company are admitted for trading on
a regulated market, public tender offers can be made by way of higher of:
two main types of offers, namely voluntary offers and mandatory
offers. Voluntary offers aimed at the acquisition of control over a • the highest consideration that the bidder (or certain persons
related to or acting together with) has granted or promised
company are called takeover offers. As opposed to a mandatory
to pay for the acquisition of shares, during a period of six
offer which must be made to all outside shareholders upon the
months preceding publication of the offer document; or
acquisition of control in any way, other than by a takeover bid. For
example, control can be gained through an off-market purchase
of shares (block sale), purchases from the stock exchange, sub- • the weighted average domestic stock market prices of the
shares during the three month period preceding publication
scription in a capital increase, or a merger.
of the bidder’s decision to make a takeover offer or of the
Control is established by directly or indirectly holding 30% or
bidder’s attainment of the 30% threshold.
more of the voting rights in the target AG. To determine whether
the 30% threshold has been met, the voting rights directly held
The consideration may be adjusted to a higher price if the
by a shareholder and certain voting rights imputed to it must be
combined. For example, voting rights that are owned by a subsid- bidder (or certain persons related to or acting together with)
iary, or by a third party for the account of the shareholder, shall acquires further shares. This can either be during the acceptance
be deemed as voting rights of the relevant shareholder. In par- period or, by way of an off-market transaction, within one year
ticular, the voting rights of a third party with whom a shareholder after the lapse of the acceptance period and for a consideration
coordinates its conduct with respect to the AG are imputed to exceeding the value of the consideration specified in the offer. An
the shareholder (acting in concert). Coordination between the exception exists for the acquisition of shares in connection with a
shareholder and a third party shall be deemed to exist in cases in statutory obligation to grant compensation to shareholders of the
which they agree on the exercise of voting rights or otherwise act target company.
Takeover offers and mandatory offers basically follow the
together with the purpose of affecting permanent and significant
same legal regime. An important deviation, however, is that
changes to the company’s business approach.
Once the bidder has decided to make a takeover offer or a mandatory offer may not be made subject to conditions
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precedent, whereas for voluntary offers, conditions precedent
are generally permissible. In practice, voluntary offers may
sometimes be subject to the achievement of certain acceptance
thresholds in order to ensure that a certain percentage of voting
rights is obtained.
Based on the fact that a mandatory offer cannot be made
subject to conditions precedent, an attempt is often made and it is
possible, to structure the transaction in order to have a voluntary
offer rather than a mandatory offer. This may be achieved by a
combination of a private transaction comprising 30% or more of
the voting rights together with a voluntary offer.

out of the process simply because the next mandatory offer is not
delivered on time.
For bidders from countries like China, providing for a strict
system of governmental approvals for foreign investment or
currency exports, it has sometimes proven quite difficult to
obtain the respective consents and documentation within the
strict timeframe provided by the auction procedure. Since many
European sellers do consider such governmental approvals a
serious threat to the successful completion of a sale to a Chinese
investor, it is advisable to have a comprehensive overview of all
such approval requirements, a clear path on how to work through
the respective requirements and to show a high level of transpar-

private m&A procedures
The private acquisition of a company or its
business is generally not subject to regulations
Time is of the essence and a bidder may be taken out
in respect of the procedure or the conditions.
Individual contractual freedom applies here, of the process simply because the next mandatory
within the general limits of public policy and fair offer is not delivered on time
dealing.
Many businesses are being sold by way of an
auction process, typically organised by one of the domestic or ency to the sellers. This helps them understand what results can
international investment banks or M&A advisory firms. In order reasonably be expected in a certain timeframe. Many successful
to create a high level of competition and transaction security Chinese investments in Germany have already helped establish
for the seller, these auction processes follow a relatively strict an understanding for these specific items and are proof that all
schedule of different stages of due diligence and initial and con- such governmental requirements can be dealt with in a satisfacfirmatory offers. Time is of the essence and a bidder may be taken tory manner.

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德國

德國並購交易概要
Jens Hörmann 和 otto Haberstock
p+p pöllath + partners

國是歐洲最大的經濟體,世界主要的商品出口國之一,出
口佔國民產出超過三分之一。規範德國經濟的法律制度採
用成文法而不是案例法,法律確定性水平高,從而效率高,成
本低,可推斷性強。世界經濟論壇的2012-2013年度全球競爭力
報告在法律制度的效率這一個項目上給予德國最高排名。
自2008年和2009年金融危機以來,外國投資已達到高峰。這
是因為德國企業即使在歐元危機期間依然表現出強大的韌力。
由於德國大多數企業都屬私營,有時還是創立者或其家族擁
有,這些企業的出售引發經營者竭力尋找最佳的繼任人。
中國投資者對擁有德國企業,特別是傳統的汽車和機械工
業,尤其表現出前所未有的興趣,促成了一些頗為引人注目的
成功收購。但是,對於亞洲參與者,尤其是中國參與者,拍賣
銷售中的挑戰可以是相當激烈。

另一主要部分涉及陳述和保證,這個部分與其他司法管轄地的
類似。
與盎格魯-薩克森式買賣協議的一個主要不同之處是對股票
(或資產)出售與轉讓的區別,將兩者視作不同的交易。出售
僅構成轉讓股份的義務,而轉讓構成所有權的實際轉移(對
物)。轉讓一般有成交條件,例如通過反壟斷審查和支付買價。
德國的另一獨特之處是,凡涉及私營有限公司股份或房地產
轉讓的德國法協議都必須經過公證。也就是說,買賣協議本身
以及任何附加協議和附件(除清單和表格屬於例外)都必須由
公證人或在公證人面前大聲宣讀一次。德國的公證費有不可商
議的法定收費標準,按交易價值計算,收費從10歐元至大約最
高55,000歐元。最高收費一般適用於價值6千萬歐元或以上的交
易。公證費習慣上由買方承擔。

股份交易與資產交易的比較
商業組織形式
投資者向德國公司投資,可選擇購買目標公司的股份或資產。 私營有限責任公司(GmbH)
一般而言,股份交易較為常見。由於任何資產的轉讓都必須通 私營有限責任公司是在德國最常用的公司形式。私營有限責任
過協議規定,因而資產交易比較複雜。此外,賣方向買方轉讓 公司的成立以及股份轉讓都需要經過公證。如果名義股本在公
與供應商和客戶正在執行中的商業協議,一般需要有關合約方 司成立之後已全額支付且沒有償還,則公司的股東一般不對公
的同意。這有時會導致有關合約方試圖重新談判有關協議的條 司債務承擔個人責任。德國的《私營有限責任公司法》規定了
款。從賣方角度看來,股份交易在稅務上通常比較有利。
資本維護規則,根據該規則,名義股本一般是禁止償還予股東
有時也會出現購買資產比較有利的情況。例如,如果目標公 的。
司已申請破產,或者買方只想通過分拆的手段
來購買其某個業務部門。在稅務上,由於有可
能提高資產計稅基礎,資產交易可能也對買方
合同文字有時在實際處理問題時沒有多大指導作用,因為這些文字需
有利。
要在成文法和一般法律原則的語境裡理解
如果交易以資產交易形式進行,根據法律
規定,有關企業單位的員工自動轉為買方的員
工。不過,每個員工都可反對被轉移。
私營有限責任公司的公司架構由管理層和股東大會組成。根
據德國法律,股東可隨時相對容易地任免執行董事。除了兩個
買賣協議
德國法律下的商業協議比盎格魯-薩克森式協議要大為簡短。這 法定的機構以外,私營有限責任公司的股東可選擇成立咨詢委
是因為協議各方的法律關係在很大程度上能夠以現行的德國成 員會或監事會。如果公司員工超過一定人數(500),勞動法強
文法為依據,而其中有關的法典對通常出現的很多情況已作出 制要求設立監事會。監事會的席位組成和權力取決於員工人數
(500/2000)。
足夠的解決規定。
儘管近幾年盎格魯-薩克森法律文化的影響相當大,在很大程
度上,簡短的形式也適用於股份收購交易中的買賣協議(SPA) 股份公司(AG)
。不過,在很多股權融資交易和涉及中型德國公司的交易中, 除有限責任公司外,德國另一種主要的公司形式是股份公司。
相對簡短的德國式文件繼續佔主流。
股份公司的股份可以上市,但不是必須上市。實際上,大多數
德國式買賣協議之所以簡短,是由於完備的成文法已涵蓋 德國股份公司是不上市的,而由例如大家族那樣的少數股東私
公司法和合同法的很多關鍵領域。在違反保證的救濟和有過失 人擁有。
疏忽及延誤所致損害賠償的計算這類問題上,一般可以依賴成
適用於股份公司的法律制度比適用於私營有限責任公司的法
文法。因此,合同文字有時在實際處理問題時沒有多大指導作 律制度嚴格得多。作為一條經驗法則,股份公司的章程只可在
用,因為這些文字需要在成文法和一般法律原則的語境裡理解。 明確許可的情況下,才能夠載入偏離德國《股份公司法》規定
德國法買賣協議的通用結構與其他地方採用的標準類似。在 的條款。與此相反,有限責任公司的章程可包含任何條款,除
很多其他司法管轄地,買賣協議的核心成分是買價和有關的調 非該條款是德國《有限責任公司法》禁止的。這表明,建構股
整程序。自2007年次貸危機以來,成交日之前對淨財務債務和流 份公司的靈活性非常有限,特別是在公司治理方面。
動資金的調整再次變得更為頻繁。根據以往數字鎖定買價不再
股份公司的三個法定機構是管理委員會、監事會和股東大
調整的所謂“上鎖盒子”機制或協議仍然在使用。買賣協議的 會。與有限責任公司的一個重大不同是管理委員會不必聽命於
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2013年中國境外投資指南

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29

德國

而且交易導致其投票權超過或低於某一特定
比例界線(即3%、5%、10%、15%、20%
、25%、30%、50%或70%),投資者必須通
jENS höRMANN
知公司和德國金融監管部門(金融監管委員
合伙人
會,簡稱BaFin),不得無故拖延,而且最遲
不得超過4個交易日內通知。類似的義務也適
Jens是P+P慕尼黑辦事處的合伙人,業務專長是並購和私募股權交易。他
尤其專注於私募股權交易、合資交易及資本市場法律。Jens是在德國康斯
用於認股證或賦予投資者無條件權利購買上
坦茨學習法律的。
市公司股票的金融工具。如果投資者未能遵
行上述通知要求,一般不能行使投票權。因
嚴重疏忽或有意行為不當而不作出通知的,
可被暫停行使權利達六個月。
購買上市股票達到或超過10%界線的任
OTTO hABERSTOCk
何購買者必須在20個交易日內向發行人披露
合伙人
購股目的和資金來源。公開要約收購及受
Otto是P+P慕尼黑辦事處的合伙人。他專注於並購、私募股權、風險投資交
UCITS指令監管的投資公司進行的收購可免
易及一般公司法律,曾在很多管理層收購、投資、股票上市或類似交易中
於作出此披露。發行人則須向公眾發佈上述
擔任私募基金、公司、企業家和管理層的法律顧問。他是慕尼黑和紐約的
披露信息。
註冊律師。
購買股份公司非上市股份時,如果超過註
冊股本25%界線的,購買者必須通知公司,
而公司必須公佈該通知。
購買其他法律形式的公司的股份或股權,
例如私營有限責任公司,並沒有類似通知要求。
股東大會或監事會。但是,可以對其代表權(在內部有關公司
的事務)設定某些限制,例如管理委員會的議事規則。
監事會成員由股東大會選舉產生,除非法律強制要求選派員 要約
工代表(取決於員工人數)。
如果有關公司的股票獲准在受監管市場買賣,公開要約可以採
股份公司的最低股本為5萬歐元,每股最低面值1歐元。與 用的方式主要有兩種,即自願要約和強制要約。旨在取得公司
規範有限責任公司的法律相反,股份公司的股份出售和轉讓不 控制權的自願要約稱為“收購要約”。與此相反,如果以非收
需要特別的形式,因而也不需要公證。然而,與不記名股份不 購要約方式取得控制權,例如,通過場外交易購買股份(大宗
同,根據公司章程,註冊股份的轉讓可能需經股份公司的同意。 買賣)、在交易所購股、認購增資或兼並取得控制權,這時就
有關上市股份公司股份的任何行為都必須遵守內幕交易法, 必須向所有外部股東提出強制要約。
違反該法律通常構成刑事犯罪。
控制權是通過直接或間接持有目標股份公司的30%或更多
投票權而實現的。在確定是否達到30%這個界線時,股東直接
持有的投票權與歸屬於它的某些投票權必須合並計算。例如,
合伙公司
在德國可以看到不同形式的合伙公司,最常見的是有限責任合伙 由某個子公司或第三方為該股東持有的投票權應視為該股東的
公司,特別是以一個有限責任公司作為普通合伙人的合伙公司, 投票權。特別是在有關股份公司事宜上與該股東協調行動的第
三方,其所持的投票權亦歸屬於該(一致行動的)股東。如果
即所謂私營有限責任公司有限合伙公司(GmbH & Co. KG)。
股東與第三方對投票權的行使有約定,或為了對公司的經營方
法作出永久和重大改變而共同行動,則它們之間可視為存在協
監管制度
調。
外國投資審批
一旦要約人已決定提出收購要約,或已達到30%控制權界
除了反壟斷法以外,如果公司所在地或管理地在歐盟或歐洲自
由貿易區以外的投資者要收購辦公場所或經營地在德國的公 線,要約人必須立即發佈其決定或宣佈已達到控制權界線。按
規定,要約人隨後有四個星期的時間準備一份包含要約全部條
司,可能適用部分限制。
自2009年以來,收購者直接或間接收購德國公司至少25% 款的文件,並將該文件提交BaFin核查。文件獲得BaFin批准後,
投票權的每筆交易,理論上都要經德國經濟部(GMoE)審 要約人必須立即公布要約。隨之開始的接受期一般不得少於四
查。GMoE在交易簽訂、發佈收購決定或發佈取得控制權之日後 個星期,但不得長於十個星期。在某些情況下,接受期會因法
三個月內審查交易。如果GMoE要求提交有關的收購文件,它還 律規定而延長。
無論是自願要約還是強制要約,向所有其他股東提出的對價
有額外兩個月來發佈命令,或在交易會危及德國聯邦共和國的
必須至少等於下述兩者之中的較高者:
公共秩序或安全的情況下禁止交易。
如果收購製造或開發軍用武器、加密系統或其他國防有關產
品的德國公司,交易也必須向GMoE聲明。
• 要約人(或其關聯人或一致行動人)在公布要約文件之前六
由於德國的投資環境對外國投資依然非常友好,監管制度主
個月期間為收購股份而曾經支付或承諾支付的最高對價;
要針對涉及國家安全的少數個別行業,因此,在無需任何審查
的絕大多數交易中,實際上從來沒有造成障礙。
• 有關股份在要約人公布其收購要約決定或達到30%控制權界
線之前三個月期間的國內股市加權平均市價。
公共財政控制
投資者在收購德國上市公司股份時,須符合德國收購法律的各
如果要約人(或其關聯人或一致行動人)在接受期期間購
種監管要求。
買了更多有關股份,或在接受期之後的一年期間通過場外交易
任何投資者收購或出售獲准在受監管市場交易的公司股份, 購買了更多有關股份,而且支付的對價超過了要約中規定的價

作者簡歷

30

<<

2013年中國境外投資指南

www.chinalawandpractice.com

德國

格,則對價可上調至更高價格。出於法律義務為賠償目標公司
股東而進行的股份購買屬於例外。
收購要約和強制要約基本上都須遵守同樣的法律規定。一個
重要的不同點是,強制要約不得設置先決條件,而自願要約則
一般可以設置先決條件。在實踐上,自願要約有時以達到某個
接受界線為條件,以確保能夠取得一定比例的投票權。
由於強制要約不得設置先決條件,要約人往往會試圖並且實
際能做到將交易設定為自願要約而不是強制要
約。通過將一項涉及30%以上投票權的非公開
交易與自願要約組合,便可以做到。

素,投標人可因為未按時提交下一個強制要約而被排除在拍賣
程序以外。
對於來自中國這些國家的投標者而言,由於對外投資或貨幣
匯出的政府審批制度嚴格,要在拍賣程序嚴格規定的時間框架
內取得有關的許可和文件有時會非常困難。因為很多歐洲買方
的確認為此類政府審批是對與中國投資者成功完成銷售交易構
成了嚴重威脅,所以,最好要全面考慮到所有此類審批要求,

時間是關鍵要素,投標人可因為未按時提交下一個強制要約而被排除
在拍賣程序以外

非公開並購程序
非公開收購一家公司或其業務一般不受程序或
條件方面的監管。在公共政策和公平交易的一
般限制下,可享有個人締約自由。
很多企業是通過拍賣程序出售的,這種拍賣程序一般由國
內或國際投資銀行或兼並顧問公司組織。為賣方締造高水平的
競爭和交易安全,這種拍賣程序遵循一套相對嚴格的、分階段
進行盡職調查、初步要約和確認要約的進程表。時間是關鍵要

www.chinalawandpractice.com

要對如何通過此類審批有一個清晰的路線圖,要對賣方展現出
高度的透明度。這有助於他們理解在一定的時間框架內可合理
預期取得些什麼結果。中國很多在德國的成功投資項目已經促
進了對這些具體問題的諒解,並證明所有此類政府要求都能夠
得到滿意的處理。

2013年中國境外投資指南

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31

Bharucha & Partners was founded in March 2008 on immutable principles of professional ethics and excellence.
M. P. Bharucha , Alka Bharucha , Justin Bharucha and Vivek A. Vashi are the founding partners of the firm.
Within a span of 3 years the firm has grown to 3 offices in 2 cities with 7 partners and 38 associates. Our expertise in
corporate and commercial practice with mergers and acquisitions, banking and finance, litigation, arbitration,
capital markets and financial regulation is well recognized and we count leading international and Indian corporate
houses, banks, financial institutions and funds amongst our clients.
We advise clients on domestic as well as cross-border mergers and acquisitions having advised both buy and sell
sides on transactions structured as private arrangements or bidding processes involving listed and unlisted
corporates in diverse industries.
Bharucha & Partners offers a blend of rich
experience, creativity and the energy of youth.
Each partner has a proven track record of handling
complex commercial transactions or disputes. Each
associate has been individually groomed or
selected as sharing the qualities and vision of the
partners. Some of our most recent accolades are:

• Mergers & Acquisitions
• Corporate Restructuring
• Joint Ventures
• Private Equity
• Banking
• Structured Finance
• Projects and Project finance
• Capital Markets

“ Highly recommended firm in
corporate / M& A ”

• Litigation
• International and Domestic Arbitration
• Intellectual Property
• Telecoms

Chambers Asia- Pacific
Asia’s Leading Lawyers for
Business - 2011

• Information Technology
• Real Estate
• Employment Laws
• Financial Regulation

Email: sr.partner@bharucha.in
www.bharucha.in

Cecil Court, 4th floor,
M. K. Bhushan Marg
Colaba
Mumbai 400 039. India
Tel: +91 22 2289 9300
Fax: +91 22 2282 3900
Hague Building,
9, S.S. Ram Gulam Marg
Ballard Estate,
Mumbai 400 001. India
Tel: +91 22 6132 3900
Fax: +91 22 6633 3900
Enkay House,
4/48 Malcha Marg S. C.
Diplomatic Enclave,
New Delhi 110 021. India
Tel: +91 11 45939300
Fax: +91 11 4593 9399

IndIA

Investing in India: opportunities and pitfalls
by Justin bharucha and donnie dominic George
Bharucha & partners

d

uring the last decade, China has emerged as India’s opened in each zone of the country. India is divided into four
largest trading partner, with US$75 billion in bilateral zones, namely north, south, east and west.
A foreign investor may also open a project office if it has
trade for the financial year ended March 31 2012 and
secured a contract from an Indian company to carry out a
US$40 billion trade deficit in China’s favour.
Paradoxically, Chinese foreign direct investment in India project in India, provided that execution of the project meets
is comparatively small at US$239 million from April 2000 to the prescribed criteria. This is an office at the project site and is
November 2012, especially when compared to investments made appropriate if the business in India is limited to executing infraby other Asian countries. For example, Japan invested US$13 structure projects. A project office cannot conduct marketing
activities nor engage in any other business development.
billion during the same period.
Opportunities exist to correct this imbalance. With the
changing environment and labour demographic in China, there investing in a company
are considerable incentives for manufacturers to set up centres in A foreign investor may also enter India by directly investing into
India, with reduced labour costs. India also estimates to spend an existing company or by incorporating a new company, effecUS$1 trillion on infrastructure development over the next five tively foreign direct investment.
years, creating many avenues for Chinese companies to invest in
The World Bank Group in its Doing Business Report 2013
and increase trade with India. The two countries are also working ranked India 173 out of 185 economies in respect of ease of
together to ensure greater Chinese investment in India to correct starting a business. As the ranking suggests, the process of
the trade deficit.
incorporating a company can be cumbersome. This is particuSome Chinese companies have already established an India larly true in cases where the company is incorporated with only
presence and are looking to capitalise on the opportunities the foreign investors. For this reason, companies are often incorpocountry has to offer. Huawei, the Chinese telecom
equipment maker, will invest US$2 billion in
India over the next four years, which includes India also estimates to spend uS$1 trillion on
setting up an R&D centre. Chinese companies
infrastructure development over the next five years,
are already implementing highway projects worth
over US$2.5 billion and this is set to increase creating many avenues for Chinese companies to
three-fold over the next few years.
invest in and increase trade with India
Chinese investments in India are treated
the same as investments from other countries.
In sectors like power, telecommunications and infrastructure, rated by Indian nationals and subsequently transferred to foreign
which have implications on national security, foreign investment investors. The transfer can be made at par so that it is tax neutral
is subject to a higher degree of scrutiny and this applies equally for all parties concerned.
to any Chinese investment in these sectors. A lot of historical
adverse perception on Chinese investment falls into this space, Foreign direct investment
but opportunities subsist and have increased.
Foreign direct investment (FDI) is administered by the RBI and
the Indian government. The government acts through various
establishing an India presence
departments including the Department of Industrial Policy and
Foreign investors can establish an Indian presence by setting up Promotion (DIPP), which formulates policy on foreign direct
a branch office or incorporating a company. The decision will be investment (FDI Policy). The FDI Policy prescribes inter alia the
percentage of investment possible in each sector, specific conbased on the specifics of the proposed business in India.
ditions to which the foreign investment is subject and whether
branch or liaison office
prior government approval is required. This is referred to as the
A branch or liaison office can be opened in India only with prior approval route or when not applicable the automatic route, which
approval from the Reserve Bank of India (RBI), unless it is estab- applies equally to external commercial borrowings.
Foreign investment up to 100% of the Indian company is
lished in a special economic zone to carry out manufacturing
or service activities. It is not possible to carry on a fully-fledged permitted in many sectors and in sectors where foreign investbusiness with a branch office, as only certain activities prescribed ment is capped, like telecommunications and insurance, prior
by the RBI are permitted. Also, only one branch office can be permission of the FIPB is required to invest in excess of that cap.
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33

IndIA

Only in a few sectors like lottery business, gambling and betting,
real estate business or construction of farm houses, manufacturing of cigars, cheroots, cigarillos and cigarettes, is foreign
investment completely prohibited.
FDI may be effected only through: (i) vanilla equity shares;
(ii) compulsorily convertible preference shares; and (iii) compulsorily convertible debentures. The principle is that FDI must
be effected through equity or instruments which mandatorily
convert to equity at a conversion ratio which is established at the
time of issue. In each case, the subscription or secondary acquisition of such instruments must be effected in accordance with
applicable pricing guidelines, which stipulate a floor price when
a foreign investor is the acquirer and a cap on the sale consideration when the foreign investor is selling to an Indian entity.
FDI can be effected through a wholly-owned subsidiary or
joint venture. Joint ventures and wholly-owned subsidiaries
have met with varying degrees of success. Much depends on the
requirements of the business and in a joint venture, each party’s
intent to genuinely cooperate. The advantages and disadvantages
of each model are similar to those obtained in other jurisdictions
and impose restrictions on foreign exchange transactions. The
differences relate to matters of process and procedure with issues
like enforcement. The foreign investor must make the choice
based on specifics of the investment. However, in sectors where
foreign investment up to 100% of the Indian company is prohibited, setting up a joint venture is the only option.
Financial investment
A foreign investor can also choose to establish a presence in India
through financial investments. Foreign institutional investors
(FIIs) and foreign venture capital investors (FVCIs) are permitted
to make financial investments in India subject to applicable rules
and regulations.

outside India and which meets the criteria prescribed by the
Securities and Exchange Board of India (SEBI) and is registered
with it.
The SEBI is the securities market watchdog and regulates the
functioning of FIIs. It also prescribes the criteria which an entity
must fulfil in order to be registered as an FII with the SEBI.
The Portfolio Investment Scheme permits FIIs to purchase
shares and convertible debentures on a recognised stock exchange
through a registered broker. An FII can hold up to 10% of the
paid-up equity capital or paid-up value of each series of convertible debentures issued by an Indian company subject to an overall
cap of 24% on all FII holdings. However, the overall cap of 24%
can be increased up to the sectoral cap prescribed by the FDI
Policy in certain circumstances.
Foreign venture capital investors
Considering the FDI Policy, FVCIs looking to invest must be
registered with the SEBI. As with FIIs, the SEBI prescribes the eligibility criteria for FVCIs and only those entities which match the
prescribed criteria will be granted registration.
An SEBI registered FVCI is permitted to invest in: (i) an
Indian venture capital undertaking; (ii) a domestic venture capital
fund which is registered with the SEBI; (iii) in equity, equity
linked instruments, debt, debt instruments and debentures issued
by an Indian venture capital undertaking or venture capital fund
and in units of schemes and, or, funds set up by a venture capital
fund; and (iv) securities listed on a recognised stock exchange.
FVCI’s are also permitted to make foreign direct investments into
Indian companies.
FVCI investment differs from FDI in that there are certain
exemptions and tax benefits available to FVCIs. However, the
FVCI route is not suitable for strategic investment.

Lending to an Indian company
Indian companies are also permitted to access offshore funds by
way of external commercial borrowings (ECBs). ECBs are heavily
regulated and the specifics of each ECB will determine whether
the permission of the RBI is required.
Companies eligible to raise ECBs can do
AuThOR BIOGRAphIES
so only from internationally recognised
sources like international banks, international
juSTIN BhARuChA ANd dONNIE dOMINIC GEORGE
capital markets, multilateral financial instiPartner and Associate
tutions, export credit agencies, suppliers of
equipment, foreign collaborators and foreign
Justin Bharucha is a partner and donnie dominic George
equity holders.
is an associate at Bharucha & Partners. Justin and donnie
Under the automatic route, the maximum
advise on transaction mandates principally relating to
amount
of an ECB is US$750 million, but for
mergers and acquisitions where foreign investors (strategic
hotels,
hospitals
and software companies, the
as well as financial investors like private equity firms) are
involved and also financing mandates including external
limit is US$200 million in a financial year.
commercial borrowings.
To raise amounts greater than the limits pretheir practice also includes corporate restructuring, corporate compliance, regulatory
scribed under the automatic route, eligible
compliance, telecommunications, structured finance, employment laws, corporate criminal
borrowers will have to approach the RBI
litigation, power and real estate.
under the approval route.
Justin and donnie have worked extensively on mandates involving chinese clients
ECBs can only be raised for a permitted
– illustratively, advising reliance communications with respect to external commercial
end-use
which must be specified upfront.
borrowings availed from china development Bank and Industrial and commercial Bank of
china.
Permitted uses include import of capital
goods, funding new plant and machinery,

Foreign institutional investors
FIIs are permitted to invest in the capital of a company incorporated in India under the Portfolio Investment Scheme. According
to Indian law, an FII is an entity established or incorporated

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IndIA

or modernising and expanding an existing plant, creating real
physical assets in the hotel, hospital, and software businesses, and
most importantly, funding infrastructure projects.
ECBs cannot be raised for investment in the real estate sector
nor for working capital, general corporate finance or repayment
of existing Indian rupee-denominated credit facilities.
Chinese banks hold a significant ECB portfolio. For example,
China Development Bank has advanced facilities for over US$2
billion to Reliance Communications.

Indian Revenue assessed the value of each share at INR183/- and
accordingly raised a claim which is presently being challenged.
Employee legislation in India is cumbersome and compliance
is a big issue, especially for labour intensive businesses engaged in
manufacturing or infrastructure. Labour in India is highly politicised, which complicates matters further and low mobility of
labour and difficulties in relocating facilities are common issues.
Nonetheless, a concerted effort to streamline existing labour
laws is underway and hopefully the changes will become apparent
in the near future.
Environment protection is an increasingly important issue
and every foreign investor must ensure that the Indian company
in question complies with applicable law. This is increasingly
important in the Indian context as inadequate compliance can
have adverse consequences.

complying with Indian law
Companies in India are regulated by both the Central (federal)
and the State (provincial) governments.
Over the past few years, foreign investors in India have been
affected by the aggressive positions taken by the Indian Revenue.
The issue first arose with Vodafone’s acquisition
of the company that is today Vodafone India.
This US$11.2 billion transaction was structured Companies are often incorporated by Indian
offshore, where the vendor and the purchaser
nationals and subsequently transferred to foreign
were both foreign investors. However, the Indian
Revenue sought to assess the transaction to investors
income tax in India. When this levy was rejected
by the Supreme Court of India, the Indian
India offers tremendous opportunities for foreign investors
Revenue persuaded the government to amend the Income Tax
Act to assess such transaction to tax with retrospective effect from and is actively seeking foreign investment in areas where Chinese
businesses hold a market-leading advantage. However, the impor1962, when the present act was brought on the statute book.
Since then, the Indian Revenue has consistently signalled tance of carefully structuring an investment to be tax efficient and
its aggressive position, most recently by raising a claim of US$1 compliant with Indian law cannot be over emphasised. Chinese
billion with respect to an equity infusion in Shell India by Shell investment into India should ensure that these issues are considGas in 2008. Shell Gas invested INR10/- per share while the ered at inception before actually remitting capital to India.

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35

印度

在印度投資:充滿機遇與陷阱
Justin Bharucha 和 donnie dominic George
Bharucha & partners

過去的十年中,中國已經成為印度最大的貿易伙伴,截
至2012年3月31日的財政年度,雙邊貿易總額達到750億美
元,印度對中國的貿易逆差達400億美元。
奇怪的是,在2000年4月至2012年11月期間,中國在印度的外
國直接投資為2.39億美元,這是相對較少的,特別是與其他亞洲
國家的投資額相比。例如,日本在同一時期投資了130億美元。
機遇的出現打破了這種不平衡局面。鑒于中國國內不斷變
化的形勢及其勞動人口結構,政府出臺了相當多的措施,鼓勵
那些製造商在印度設立中心機構,降低勞動成本。在未來五年
里,印度預計會花費1萬億美元在基礎設施的發展上,這將為
中國企業創造許多投資途徑,並增加其與印度的貿易往來。這
兩個國家也正在共同努力,以確保中國進一步加大在印度的投
資,扭轉貿易逆差。
有些中國公司已經在印度占據了一席之位,並希望充分利用
國內所提供的機會。中國電信設備製造商華為將在未來四年在
印度投資20億美元,其中包括設立一家研發中心。中國企業正在
實施的高速公路項目總值超過25億美元,而這個金額在未來的幾
年里將增加三倍。
印度政府對于中國的投資與其他國家的投資均一視同仁。在
如電力、電信和基礎設施這些對國家安全有影響的行業,外國
投資會受到更嚴格的審查,對于中國在這些行業中的投資也一
樣。過去人們針對中國在該領域的投資有很多負面的看法,但
機遇不斷涌現,並且增多了。

在印度占據一席之位
外國投資者可以通過設立分支機構或注冊成立公司在印度占據
一席之位。這將根據外國投資者在印度的業務計劃的具體情況
來決定。

過程可能很繁瑣。特別是由外國投資者獨自注冊公司的情況。
出于這個原因,那些公司往往是由印度國民注冊成立,並隨後
轉讓給外國投資者。轉讓可以以平價進行,因此對有關各方來
說,並沒有產生稅收。

外國直接投資
外國直接投資 (FDI) 是由印度儲備銀行和印度政府管理。政府
通過各部門進行管理,包括產業政策與推廣司 (DIPP),負責制
定對外國直接投資政策。外國直接投資政策中對各個方面作了
規定,尤其是每一個行業可投資的比例,對外商投資的特定條
件,以及是否需要事先獲得政府批准。這就是所謂的審批通道
或當自動通道不適用時的情形,它同樣適用于海外商業借貸。
在許多行業裡,印度公司中的外商投資所占比例最高可達
100%,而在對外商投資比例設置上限的行業,像電信和保險
業,需要事先獲得外國投資推廣局 (FIPB) 的許可才能越過上限
進行投資。只有在少數行業如彩票業、賭博和博彩業、房地產
業或農場建設、雪茄、方頭雪茄煙、小雪茄煙和香煙的生產,
是完全禁止外商投資的。
外國直接投資只能通過以下途徑實現: (一) 普通股、 (二) 強
制可轉換優先股及 (三) 強制可轉換債券。其原則是,外國直接投
資必須通過普通股或以發行時的轉換率強制轉換為普通股的金
融產品來實現。在那些情況下,認購或二次收購該金融產品必
須按照適用的定價準則進行,在該準則中,當外國投資者為收
購方時,它會規定一個底價,以及當外國投資者向印度企業進
行出售時,會對銷售價設置上限。
外國直接投資可通過全資子公司或合資企業進行。合資企業
和全資子公司獲得的成功程度各有不同。這在很大程度上取決
于業務的要求,以及合資企業中,各方真誠合作的意願。每種

分支機構或聯絡辦事處
只有獲得印度儲備銀行 (RBI) 的事先批准,才
在未來五年中,印度預計會花費1萬億美元在基礎設施的發展上,這
能在印度開設分支機構或聯絡辦事處,除非
將為中國企業創造許多投資途徑,並增加其與印度的貿易往來
將其設立在特別經濟區,以開展生產或服務業
務。分支機構無法開展全面的業務,因為只
有印度儲備銀行規定的某些經營活動是被允許
的。此外,在該國的每個地區只能開設一家分支機構。印度分 模式的優點和缺點和在其他司法管轄區的相近,並對外匯交易
施加限制。差异在于過程和程序,如執行等問題。外國投資者
四個區域,即北部、南部、東部和西部。
如果外國投資者和一家印度公司已簽訂合同要在印度開展 必須根據投資的具體細節進行選擇。然而,某些行業禁止外商
項目,而項目的執行符合規定條件,那麼便可以設立項目辦公 投資在印度公司中達100%,因此成立合資企業是唯一的選擇。
室。辦公室須設于項目所在地,並且其在印度的業務僅限于執
行基礎設施項目。項目辦公室不能進行營銷活動,或從事任何 金融投資
其他業務發展。
外國投資者也可以選擇通過金融投資在印度占據一席之位。在
印度,允許外國機構投資者 (FIIs) 和外國風險資本投資者 (FVCIs)
根據適用的規則及條例進行金融投資。
投資一家公司
外國投資者可以通過直接投資現有的公司或注冊成立一家新的
公司,以有效的外國直接投資進入印度市場。
外國機構投資者
世界銀行集團 (World Bank Group) 在其《2013年營商環境報 外國機構投資者根據組合投資方案 (Portfolio Investment Scheme)
告》 (Doing Business Report 2013) 的營商便利度排名中,印度在 允許對在印度注冊成立的公司的資本進行投資。根據印度法
185個經濟體里排在第173位。排名顯示,注冊成立一家公司的 律,外國機構投資者是在印度以外地區成立或注冊的實體,且
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印度

符合印度證券交易委員會 (SEBI) 規定的標
準,並經其注冊。
印度證券交易委員會是證券市場的監管部
門,並管理外國機構投資者的運作。此外,
它還規定了一個實體在印度證券交易委員會
注冊成為外國機構投資者所要達到的要求。
組合投資方案允許外國機構投資者,通
過注冊經紀人在認可的證券交易所買入股份
及可轉換債券。外國機構投資者最多可持有
10%的實繳股本或由印度公司發行的一期可
轉換債券的實繳價值,以24%作為外國機構
投資者總持股量的整體上限。然而,在某些
情況下,該24%的整體上限可以增至外國直
接投資政策規定的行業上限。

作者簡歷
juSTIN BhARuChA 和 dONNIE dOMINIC GEORGE
合伙人和律師
Justin Bharucha和Donnie Dominic George是Bharucha &
Partners律師事務所的合伙人和律師。Justin和Donnie負責
為交易事務提供咨詢,主要是有關兼並和收購,其中涉及外
國投資者 (戰略及金融投資者,如私募股權投資公司) ,還負
責融資方面的工作,包括海外商業借款。
他們的執業範圍還包括企業重組、企業合規、法規遵
從、電信、結構性融資、勞動法、企業刑事訴訟、電力和房地產。
Justin和Donnie從事過眾多與中國客戶有關的工作,例如為Reliance Communications
就其從中國國家開發銀行和中國工商銀行獲得的海外商業借款提供咨詢。

外國風險資本投資者
根據外國直接投資政策,欲進行投資的外國風險資本投資者必
須在印度證券交易委員會注冊。正如外國機構投資者一樣,印
度證券交易委員會規定了外國風險資本投資者的資格標準,只
有符合規定標準的實體才能予以注冊。
在印度證券交易委員會注冊的外國風險資本投資者獲准投資
于: (一) 印度風險資本企業、 (二) 在印度證券交易委員會注冊的
國內風險投資基金、 (三) 由印度的風險資本企業或風險資本基金
發行的股票,股票掛鉤工具、債務、債務工具及債券,還有方

對于房地產行業投資及營運資金,一般企業融資或以印度
盧比計價的現有信貸款項的償還,均無法進行海外商業借款籌
集。
中國銀行擁有大量的海外商業借款組合。例如,中國國家開
發銀行發放了超過20億美元貸款給Reliance Communications。

遵守印度法律
印度公司由中央 (聯邦) 和邦 (省級) 政府監管。
在過去的幾年中,印度稅務局 (Indian Revenue) 采取咄咄逼人
的態度,國內的外國投資者一直深受影響。問
題首先出現在Vodafone收購現在是Vodafone印
度的公司一事。這筆112億美元的交易在海外
那些公司往往是由印度國民注冊成立,並隨後轉讓給外國投資者
促成,賣方與買方均為外國投資者。然而,印
度稅務局認為交易在印度需交納所得稅。該要
案單位或風險資本基金設立的基金及 (四) 在認可的證券交易所 求遭到印度最高法院駁回,印度稅務局說服政府修改《所得稅
上市的證券。外國風險資本投資者也獲准對印度公司進行外國 法》 (Income Tax Act) 對此類交易徵收稅金,追溯效力至1962年
直接投資。
(現行法案寫入法規的時間) 。
外國風險資本投資者的投資與外國直接投資不一樣,外國風
從那時起,印度稅務局一直表現得咄咄逼人,最近一次在
險資本投資者有一定的免稅額和稅收優惠。然而,外國風險資 2008年,它就殼牌天然氣 (Shell Gas) 向殼牌印度 (Shell India) 注
本投資者通道不適合進行戰略投資。
資問題,索賠10億美元。殼牌天然氣投資每股INR10/-,而印度
稅務局評估每股為INR183/-,並因此提出了索賠,目前該項索賠
正受到質疑。
向印度公司貸款
印度的勞工法很繁瑣,特別是涉及生產或基礎設施的勞動力
印度公司也獲准通過海外商業借款的方式 (ECBs) 獲得境外資
金。海外商業借款受到嚴格監管,並且每一筆海外商業借款的 密集型企業,條例的遵從是一個很大的問題。印度的勞動力被
高度政治化,這進一步使事態變得複雜,並且勞動力的低流動
具體細則將決定是否需要印度儲備銀行的批准。
符合條件籌集海外商業借款的公司只能通過國際認可的來源 性和重新部署的困難是常見的問題。
儘管如此,大家正齊心協力對現行的勞動法進行簡化,希望
進行,如國際銀行、國際資本市場、多邊金融機構、出口信貸
在不久的將來會有明顯的變化。
機構、設備供應者、外國合作者和外國股權持有人。
環境保護是一個日益重要的問題,每一名外國投資者必須確
根據自動通道,海外商業借款的最高額度為7.5億美元,但
對于酒店、醫院和軟件公司,其一個財政年度的限額是兩億美 保有關的印度公司遵守適用的法律。這在印度的投資環境中越
元。要籌集比自動通道規定的限額更高的金額,符合條件的借 來越重要,因為未能妥善遵守的話可能會帶來不良的後果。
印度為外國投資者提供了巨大的機遇,並在中國企業擁有市
款人將必須根據審批通道向印度儲備銀行申請。
海外商業借款只有在允許的最終用途下才能進行,而且必須 場領先優勢的領域積極尋求外商投資。然而,一項投資需經過
事先說明。允許的用途包括進口資本貨物,為新廠房及機器提 謹慎策劃,以便能節稅及符合印度法律,這是極為重要的。中
供資金,或升級和擴大現有廠房,在酒店、醫院和軟件企業新 國企業在印度投資時應在做出實際行動前對這些問題進行全面
考慮。
增真正的實物資產,最重要的是,為基礎設施項目提供資金。

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2013年中國境外投資指南

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the leading business
law firm
in Luxembourg

Hong Kong Representative Office
Suites 1601 - 1603, 16th Floor, Jardine House
1 Connaught Place, Central, Hong Kong
Tel: (852) 2801 5808

more than 290 legal experts offering solutions to the most
challenging legal issues across all areas of Luxembourg
business law

LuxEMBourG

Luxembourg: the gateway to europe
by stéphane Karolczuk
Arendt & Medernach

L

uxembourg is a rather small country surrounded by
Belgium, France and Germany. At the heart of Europe,
Luxembourg has taken advantage of its position to rapidly
develop into a major European financial centre, thanks to its
flexible and secure legal and regulatory environment, an interesting tax regime – including a broad network of double taxation
treaties – and an international, specialised and multilingual
workforce.
Over the years, these features have attracted more than
140 international banks – including Bank of China (BOC) and
Industrial and Commercial Bank of China (ICBC), which have
settled around the centre of the 1000-year-old former fortress.
Fund sponsors, including China Asset Management Company
and other well-known Chinese asset managers, have also been
attracted by Luxembourg investment funds and have created
more than 3,800 investment funds, representing approximately
€2,359 billion (US$3,188 billion) to distribute their strategies to
European investors. Luxembourg is the first location for investment funds distributed on a cross-border basis. See figure 1 for
the number of funds resident in Luxembourg and assets under
management. In addition, a number of multinational companies,
including Huawei and SAIC, have decided to use Luxembourg as
their gateway to Europe and its single market.

This article aims at introducing the reader to the main opportunities available to Chinese investors and entrepreneurs to
structure their global or European strategies using Luxembourg.
It will summarise why Luxembourg is selected for its products,
services and legal solutions and why it is increasingly considered by Chinese companies, fund sponsors, service providers and
legal advisers as part of their plans to develop or invest outside
mainland China, access new markets, in particular the European
market and reach new investors on a global basis.
ucIts – the best solution for retail funds
Undertaking for Collective Investment in Transferable Securities
(UCITS) is the retail fund vehicle distributed on a pan-European
basis, using a European passport. Most Luxembourg UCITS are
set up by foreign sponsors in order to be marketed to European
investors and on a worldwide basis. See figure 2 for an overview of
the origin of promoters of Luxembourg funds.
Unlike local fund structures or funds setup in offshore centres
like the Cayman Islands or the British Virgin Islands (BVI),
Luxembourg UCITS are widely accepted by a large number of
investors and distributors not only in Europe, but also in the
Middle East, South America and Asia, where they represent a significant portion of funds distributed.

Figure 1: Funds resident in Luxembourg and assets under management

(Source: ALFI/cSSF 2013)

€ billions

No. of funds/units

16000

Funds

Units

3000

Net assets

14000
2500
12000
2000

10000
8000

1500

6000
1000
4000
500

2000

0

0
‘90

‘91 ‘92 ‘93 ‘94 ‘95 ‘96 ‘97 ‘98 ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 Feb ‘13

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China OutbOund investment Guide 2013

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39

LuxEMBourG

Figure 2: Origin of promoters of Luxembourg funds
(Source: ALFI/cSSF 2013)
Sweden 1.9%
Luxembourg 2%

region. Furthermore, they are eligible investments in the PRC
under the Qualified Domestic Institutional Investor (QDII)
scheme.

Others 6%

non-ucIts regulated funds
Luxembourg offers a wide array of vehicles for investment in asset
Belgium 5%
classes or the implementation of strategies which are not eligible
for UCITS (for example, hedge funds, real estate, funds of funds,
France 7.2%
and private equity strategies). Regulated structures include Specialised Investment Funds (SIFs), investment companies in risk
Italy 7.8%
capital (SICARs) and, to a lesser extent, Undertakings for Collective Investment (UCIs).
A SIF is a regulated vehicle dedicated to institutional, profesGermany 15.8%
sional and other sophisticated investors, such as a high net worth
UK 14.1%
individual (HNWI).
This investment vehicle provides a flexible framework to
Switzerland 14.8%
diverse investment types and strategies like hedge funds-, real
estate funds- and private equity funds-like strategies, while at the
UCITS are subject to a harmonised legal framework and same time ensuring a cost and time efficient fund set up.
SIFs are not subject to quantitative investment restrictions
benefit from a European passport, which makes those funds
freely marketable throughout the European Union (EU) from and such flexibility allows them to combine investments in
Luxembourg and subject to a simplified notification procedure. private equity with other strategies, for example investments in
Outside of the EU, Luxembourg UCITS need to be registered with listed companies or derivatives.
Risk diversification must be ensured at all times (following
local regulators for public distribution, but are recognised and
the initial portfolio build-up phase), and not more than 30% of
therefore often benefit from a fast track registration procedure.
Pursuant to UCITS rules, UCITS funds may only invest, the SIFs assets or commitments may be invested in securities of
subject to specific conditions, in certain eligible assets. In addition the same type issued by the same issuer.
SIFs may invest up to 100% of their net assets in a diversified
to restrictions applicable to the eligible assets into which they can
invest, UCITS are also subject to certain liquidity and diversifica- portfolio of A-shares, up to 100% of their net assets in a diversified portfolio of Dim Sum bonds and they may also invest up to
tion requirements.
100% of their net assets in one single Hong Kong
domiciled RQFII fund, subject to certain condiOne important question Chinese companies should
tions. This flexibility, together with the European
consider is whether a new investment should be
passport that will be available to AIFMD
compliant alternative investment fund managers
made directly from China or whether it would be
(AIFMs) (see below), will create unprecedented
more efficient to use Luxembourg as an entry point to
opportunities for Chinese asset managers to
Europe
access the European market.
The SICAR has a similar investor profile
Asset managers having a greater China focus may consider to the SIF, catering exclusively to well-informed investors. It is
using UCITS to gain exposure to Chinese assets directly through specifically designed for private equity, as it aims at directly or
the Qualified Foreign Institutional Investor (QFII) scheme, indirectly contributing assets to entities in view of their launch,
subject to certain limitations. Or indirectly using financial development or listing on a stock exchange, without being subject
derivative instruments, or by investing in offshore renminbi to the risk-spreading requirements applicable to SIFs.
(CNH) denominated securities (like Dim Sum bonds listed on
a stock exchange or traded over-the-counter in Hong Kong) or the Alternative Investment Fund managers directive
Hong Kong domiciled Renminbi Qualified Foreign Institutional (AIFmd)
Investor (RQFII) funds. With the relaxation of the QFII rules in Certain of the investment vehicles referred to above (other than
the People’s Republic of China (PRC), possibly the opening of the UCITS) will in the near future be impacted by an important
RQFII scheme to structures other than Hong Kong domiciled European regulation, called the AIFMD. The goal of the AIFMD
funds, and the expected free convertibility of renminbi, one is to further strengthen investor protection by setting higher
may expect that in the short term future, UCITS will have even standards for transparency, valuation, appropriate risk and
better access to Chinese products, making it even easier for asset liquidity management, as well as the disclosure and management
managers from that part of the world to market their products to of conflicts of interests among fund decision-makers.
European, Middle-Eastern, South American and Asian retail and
The possibility to distribute offshore funds to EU investors
institutional investors.
will be greatly impacted by the AIFMD as: (i) private placement
Luxembourg UCITS are distributed in the entire Asia Pacific exemptions will be restricted or even abolished in certain
Netherlands 2%

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China OutbOund investment Guide 2013

US 23.4%

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LuxEMBourG

jurisdictions and (ii) funds will have to comply with certain
requirements, which will be technically and legally challenging
for traditional offshore funds such as Cayman Islands funds or
BVI funds.
AIFMs will receive a passport allowing for pan-European
marketing of investment vehicles complying with the AIFMD.
This passport will create unprecedented opportunities for Chinese
asset managers to access the European market. It is expected that
Luxembourg will take advantage of its expertise in UCITS funds
and its existing fund servicing infrastructure to service new AIFs
and AIFMs under the AIFMD and thus strengthen its reputation
as the gateway to Europe.
tax aspects
Besides investment funds, Luxembourg is widely used as a
middle jurisdiction for tax optimisation purposes. One important
question Chinese companies should consider is whether a new
investment should be made directly from China or whether it
would be more efficient to use Luxembourg as an entry point to
Europe. The use of Luxembourg as a holding company location
may offer substantial tax advantages to Chinese companies
making outbound investments. Luxembourg has long been recognised as a prime location for setting up holding companies. The
well-known société de participations financières (SOPARFI) refers
to ordinary, unregulated, fully-taxable Luxembourg resident
companies whose main activity is the holding of shares benefiting
from the participation exemption.
From a tax perspective, a SOPARFI is subject to the common
tax system in Luxembourg. Since SOPARFIs are tax residents
subject to corporate income taxes, they benefit from Luxembourg’s double tax treaty network, as well as from the European
Directives, including the EU Parent-Subsidiary Directive.
The main advantages of using a Luxembourg SOPARFI as an
intermediate holding company may be summarised as follows:

Luxembourg has entered into 64 comprehensive double tax treaties based on the
OECD model tax convention on income
and capital in order to avoid or reduce the
domestic withholding taxes and the risks
of double taxation.
In the Asian market, Luxembourg is
actively building relationships with 11
double tax treaties entered into with various
Asian countries or regions (including the
PRC, the Hong Kong Special Administrative Region, India, Indonesia, Japan,
Malaysia, Mongolia, Singapore, South
Korea, Thailand and Vietnam).
By virtue of the European Directives (the
EU Parent-Subsidiary Directive relative to
dividend payments and the EU Interest
and Royalty Directive), dividend, interest
and royalty payments made by an EU
company to a Luxembourg SOPARFI are
fully exempt from domestic withholding
tax, under certain conditions.

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There are no or only low taxes upon exit and repatriation of
proceeds to investors. Luxembourg does not levy withholding
tax on liquidation proceeds or on interest paid by a Luxembourg SOPARFI to its corporation shareholders. Profits
distributed to corporation shareholders are generally exempt
from dividend withholding tax under Luxembourg law
(subject to certain conditions) and the tax treaty concluded
between Luxembourg and Hong Kong.
Luxembourg SOPARFIs can benefit from the participation
exemption, which fully exempts dividend income, liquidation
proceeds and capital gains realised on the disposal of shares
to the extent that certain conditions are fulfilled. Qualified
shareholdings in eligible subsidiaries are also exempt from
net worth tax and losses realised on the disposal of shares and
are always deductible. In comparison with foreign participation exemption regimes, the Luxembourg regime is generally
acknowledged to have less stringent conditions.
Luxembourg domestic tax laws further provide for an attractive intellectual property (IP) regime with exemptions of up
to 80% on the income and gains generated by IP rights and
no withholding tax on royalty payments whatever the beneficiary of the income may be.
There is no capital duty on capital contributions and no controlled foreign corporation rules in Luxembourg.

A Double Tax Treaty (DTT) between Hong Kong and Luxembourg allows a tax efficient repatriation of profits and cash from
Europe, via Luxembourg, to Hong Kong and China, without
incurring additional tax costs.
One of the main benefits of the DTT is the possibility for a
Luxembourg company to distribute dividends to the Hong Kong
parent company free of withholding tax. In particular, provided
that the Hong Kong company holds at least 10% of the share
capital in the Luxembourg company or has invested at least €1.2
million in the acquisition of shares in the Luxembourg company,

AuThOR BIOGRAphy
STéphANE kAROLCzuk
Head of Hong Kong office
Stéphane Karolczuk is head of Arendt & Medernach’s representative
office in Hong Kong, where he advises clients based in the Asia Pacific
region regarding their Luxembourg legal and regulatory questions.
As a senior associate of the investment funds practice, Stéphane
also advises international clients on all issues relating to investment
funds, such as the structuring, registration, marketing, public offering and
listing of Luxembourg and foreign investment funds. He also advises and assists clients
in relation to the selection and setting-up of investment structures, drafting of contractual
and marketing documentation, and liaises with the Luxembourg financial regulator, the
commission de Surveillance du Secteur Financier (cSSF) and the Luxembourg Stock
Exchange in relation to such matters.
From September 2007 to January 2009, Stéphane was seconded to Arendt &
Medernach’s representative office in new york in view of developing an investment
management helpdesk advising uS clients in relation to Luxembourg investment funds
questions. He has been permanently based in Hong Kong since September 2009.
Stéphane graduated from the university of Brussels (Belgium) and the university of
Ghent (Belgium). He is admitted to practice in Hong Kong as registered foreign lawyer, as
well as in Luxembourg and Brussels.

China OutbOund investment Guide 2013

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41

LuxEMBourG

Figure 3: Country of origin of
Luxembourg banks
Andorra 2
Qatar 3
Portugal 3
Israel 3
Brazil 3

Others 11
Germany 37

Netherlands 4
China 4
Luxembourg 5
Japan 5
US 6

France 14

Belgium 6
Sweden 8

Switzerland 11
UK 8

and EMIs to conduct business on the basis of their Luxembourg
authorisation within other EEA countries (Member States of the
European Union as well as contracting parties to the European
Economic Area Agreement) via a branch or on a cross-border
basis provided that the credit institution or EMI has complied
with a notification procedure, the European passport.
Foreign banks may establish themselves in Luxembourg by
setting up a branch or a subsidiary. A dual establishment setup
with one subsidiary and one branch in Luxembourg enables
non-EEA banks to benefit from two advantages linked to the
characteristics of, and the rules applicable to, subsidiaries and
branches:
-

Italy 9

a subsidiary authorised as a credit institution may benefit
from the European passport and can thus freely conduct
business activities in other EEA countries (whereas a branch
of a non-European bank is not allowed to do so);
the branch allows financing to be directly sourced from the
credit institution in the home country. The subsidiary in Luxembourg therefore does not necessarily need to be highly
capitalised since all financing may pass through the branch.

the Luxembourg dividend withholding tax rate on dividends
repatriated to the Hong Kong parent company is reduced to
zero percent. In other cases, the dividend withholding tax is 10%
pursuant to the DTT.

-

credit institutions and electronic money institutions
By establishing themselves in Luxembourg, foreign banks
or credit institutions can benefit from an access point to the
European market using the European passport, as well as provide
their local clients with a portal dedicated to European investments (see figure 3).
Two Chinese banks are currently established in the territory
of Luxembourg, namely BOC and ICBC.
Under Luxembourg law, credit institutions are all-purpose
banks (universal bank principle). This means that they can
provide all the traditional banking services like acceptance of
deposits and other repayable funds, lending activities, issuance of
electronic money, all investment and other financial services such
as management of assets, investment advice, or other services
falling within the scope of the law on the financial sector.

Both credit institutions and EMIs are subject to a largely
similar authorisation process. The authorisation is granted by the
Minister of Finance upon written application, after due examination by the Luxembourg regulatory authority, the CSSF. In
practice, the authorisation of the Minister of Finance may be
obtained within a short time period. From a tax perspective, a
low effective tax rate may be achieved with an appropriate tax
planning.

other advantages of Luxembourg
Luxembourg is a prime location for setting-up holding, financing,
leasing, IP and trading intermediary vehicles. It has also developed
an export-driven industry and enjoys a high level of cross-border
trade, investment and employment.
Luxembourg’s competitiveness and flexibility have already
attracted recognised multinational companies
like Amazon, Arcelor Mittal, China Airlines,
A double Tax Treaty between hong kong and
Dupont de Nemours, Ferrero, Procter & Gamble,
Luxembourg allows a tax efficient repatriation of
SES, Skype, iTunes, Huawei and SAIC.
In addition, many key international logistics
profits and cash from Europe, via Luxembourg, to
providers
are located in Luxembourg, like Kuehne
hong kong and China, without incurring additional
+ Nagel and Panalpina. The Luxembourg governtax costs
ment has in fact notably developed a logistics
hub, offering efficient access to cargo railways and
For foreign banks wishing to issue electronic money for highway connections throughout Europe, from the North Sea to
online payments, for example of goods or services, the lighter the Mediterranean Sea. Luxembourg has also recently announced
regime applicable to electronic money institutions (EMIs) may the creation of a free trade zone near the airport.
Considering the advantages available to HNWIs with regard
be an option. A specific authorisation is nonetheless required for
mortgage banks. For the purpose of this article, the regime appli- to the structuring of their global wealth or the European portion
thereof, from an asset protection, diversification and estate
cable to mortgage banks will not be further discussed.
Luxembourg rules regarding credit institutions and EMIs planning perspectives, Luxembourg offers well-tested structures
derive from European rules laying out a global framework that are tax efficient and at least tax neutral. The SOPARFI and
for financial services throughout Europe. This harmonised the SIF, in particular, do provide for a number of advantages to
framework allows, in particular, Luxembourg credit institutions structure Chinese HNWI’s assets, from Hong Kong or Singapore,
(for example the Luxembourg subsidiary of a Chinese bank) for example.
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China OutbOund investment Guide 2013

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LuxEMBourG

Similarly, the Family Wealth Management Company (SPF) is
an investment company dedicated to the management of private
wealth for individuals and intermediary vehicles acting exclusively for the management of the private assets of an individual or
a group of individuals.
Life insurance products are also used to transfer ownership
of the assets underlying the policy to the insurance company.
Insurance products benefit from tax advantages, a favourable tax
treatment and from broad international tax recognition.
For listings, the Luxembourg Stock Exchange (LuxSE) is today
the principal centre for the listing of international securities. It
currently lists around 45,000 securities, out of which 30,000
bonds represent 42% of the total international bonds listed on

www.chinalawandpractice.com

EU markets. This makes LuxSE the first listing venue for international bonds.
Over the years, the Luxembourg finance industry has
developed a broad range of financial products, services and legal
solutions for banks, financial service providers, fund sponsors and
multinational companies. This has resulted in them often selecting
Luxembourg as their gateway to Europe and intensively using
Luxembourg investment vehicles to reach investors worldwide.
With the opening of the Chinese economy, opportunities are
becoming more available to Chinese companies or fund sponsors
wishing to structure outbound investments of Chinese capital
– or set up investment structures marketable to the rest of the
world.

China OutbOund investment Guide 2013

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43

盧森堡

盧森堡:進入歐洲的大門
stéphane Karolczuk
Arendt & Medernach

森堡,一個被比利時、法國和德國包圍着的小小國家,利
用其歐洲心臟位置的優勢,已迅速發展成為歐洲主要金融
中心之一。這要歸功於其靈活且安全的法律和監管環境、吸引
的稅務制度——其中包括其廣泛的雙重徵稅條約網絡——以及國
際化多語種專業勞動力。
多年來,盧森堡的這些特點吸引了包括中國銀行和中國工商
銀行在內的一百四十多家國際銀行來到它有千年歷史的城堡周
圍落戶。基金髮起人,包括中國資產管理公司及其他著名的中
國資產管理企業,也被盧森堡的投資基金所吸引,設立了資金
總額約23590億歐元(31880億美元)的3800多個投資基金,將
其投資策略分銷給歐洲投資者。盧森堡是投資基金進行跨國分
銷的首選地。設在盧森堡的基金數目及管理資產規模見圖1。此
外,包括華為和上汽在內的很多跨國公司已決定把盧森堡作為
進入歐洲及其單一市場的大門。
本文旨在向讀者介紹中國投資者和企業家可以利用盧森堡制
定其全球或歐洲策略的主要機會,並將總結為甚麼要選擇盧森
堡的產品、服務和法律解決方案,為甚麼越來越多中國公司、
基金髮起人、服務提供人和法律顧問將盧森堡納入其規劃之
中,以向中國大陸境外發展、投資、開拓新市場(特別是歐洲
市場),乃至在全球範圍爭取新投資者。

UCITS – 零售基金的最佳解決方案
可轉讓證券集體投資計劃(UCITS)是利用歐洲通行證在全歐洲
進行分銷的零售基金工具。大多數盧森堡UCITS是外國發起人設

立的,目的是向歐洲以至全球投資者推銷。圖2是盧森堡基金髮
起人所屬國概況。
盧森堡的UCITS與本地設立的或設在開曼群島或英屬維爾京
群島這類離岸中心的基金不同,不僅在歐洲,而且在中東、南
美和亞洲都普遍被大量投資者和分銷商所接受,這些地區分銷
的基金當中有相當大部分是盧森堡的UCITS。
UCITS由一套統一的法律制度監管,可享受歐盟通行證,後
者只須遵守一套簡單的申報程序,便可經盧森堡自由向全歐盟
推銷基金。在歐盟以外,盧森堡的UCITS需要經當地監管機構註
冊之後才能公開分銷,不過這些被公認基金往往可享有快速註
冊程序的優惠。
根據UCITS的規則,UCITS基金只可投資於合資格的資產,且
要符合特定條件。除了其投資的合資格資產所適用的限制條件
以外,UCITS還須符合若干流動性和分散投資規定。
着重大中華地區的資產管理人可考慮通過合格境外機構投資
者(QFII)制度利用UCITS直接投資中國資產,雖然有若干限
制。或者間接使用金融衍生工具,投資於離岸人民幣計價證券
(例如在香港交易所上市或場外交易的點心債券)或設在香港
的人民幣合格境外機構投資者(RQFII)基金。隨着中國放寬
QFII規則,還可能將RQFII計劃擴展到香港基金以外的其他投資
結構,以及期待中的人民幣自由兌換,可以預期在不遠的將來
UCITS將有更多方便投資中國產品的機會,使那地的資產管理人
能更容易地向不僅歐洲,並且中東、南美和亞洲零售和機構投
資者推銷其產品。

圖1:設在盧森堡的基金數目及管理資產規模 (資料來源:ALFI/CSSF 2013)
ਥ‫ټ‬௰Ͻᅕ൴

Ɋყᅩʏ

16000

ਥ‫ټ‬

௰Ͻ

૱༅ଐ

3000

14000
2500
12000
2000

10000
8000

1500

6000
1000
4000
500

2000

0

0
‘90

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2013年中國境外投資指南

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盧森堡

圖2:盧森堡基金髮起人所屬國家 (資料來源:ALFI/CSSF 2013)
๥԰
ያ౲ః

ԯˢ
޻ਝ

୩ᙬ
ˈСࣂ
ؒਝ
෮ɣС

ᄨਝ
ߜਝ
๥ɡ

盧森堡的UCITS在全亞太地區都有分銷。此外,在中國的合
格境內機構投資者制度下,這些基金屬於可投資項目。

消,(ii)基金將必須遵守的某些要求對於傳統的離岸基金如開曼群
島基金或英屬維爾京群島基金而言將有技術和法律上的難度。
AIFM將獲得一個可在泛歐洲推銷符合AIFMD的投資工具的通
行證。該通行證將為中國資產管理人創造史無前例的進入歐洲
市場的機會。預期盧森堡將利用其在UCITS基金方面的專長及其
現有的基金服務基礎設施來為AIFMD下的新AIF和AIFM提供服
務,從而加強其歐洲門戶的地位。

稅務方面
除了投資基金,盧森堡還廣泛地被用作稅務優化的中間地區。
中國企業應當考慮的一個重要問題是,新的投資是否應該直接
從中國進行,或是利用盧森堡作為歐洲入門點更有效益。將盧
森堡作為控股公司所在地,對於開展對外投資的中國企業可能
有很大的稅務優惠。盧森堡一向被公認是設立控股公司的最佳
地點。著名的金融參與公司(SOPARFI)是指普通的、不受監
管的、全額納稅的盧森堡居民企業,其主要業務是持有股份,
以享受股東免稅。
從稅務角度來看,SOPARFI須遵守盧森堡的一般稅務制度。
由於SOPARFI是須繳納企業所得稅的稅務居民,它可以受惠於
盧森堡的雙重徵稅條約網絡及歐洲的指令,包括歐盟的母子公
司指令。
盧森堡SOPARFI作為中間控股公司的主要好處可概括如下:

非UCITS受監管基金
盧森堡提供多種多樣的投資工具用於投資不符合UCITS資格的資
產類別或投資計劃(例如對衝基金、房地產、母基金及私募股
權投資計劃)。受監管的基金包括特殊投資基金(SIF)、風險 • 盧森堡在經合組織的所得和資本稅收協定範本的基礎上訂立
資本投資公司(SICAR),在一定程度上還包括集體投資計劃
了64條涵蓋面廣泛的雙重徵稅協定,以避免或減少國內預提
(UCI)。
稅和雙重徵稅風險。
SIF是專門提供給機構投資者、專業投資者和其他資深投資者 • 在亞洲市場,盧森堡與亞洲國家和地區積極建立關係,與各
(例如高資產淨值人士)的受監管投資工具。
國和各地區簽訂了11個雙重徵稅協定(包括中國、香港特別
該投資工具向各種投資類型和策略(例如對衝基金、房地產
行政區、印度、印尼、日本、馬來西亞、蒙古、新加坡、韓
基金和私募股權基金)提供了一個靈活的框架,同時也確保基
國、泰國和越南)。
金的設立具成本及時間效益。
• 根據歐洲指令(歐盟關於股息支付的母子公司指令和歐盟利
SIF不受投資數量限制,這個靈活性使SIF可以將私募股權投
息和特許權使用費指令),歐盟公司向盧森堡SOPARFI支付
資與其他策略如上市公司或衍生工具的投資組合起來。
的股息、利息和特許權使用費在符合某些條件的情況下可全
SIF必須確保始終(在最初的投資組合組建階段之後)落實風
額免納國內預提稅。
險分散措施,不得有超過30%的資產或承諾投資於同一髮行人發 • 投資者退出投資和調回資金不須繳稅,或只需繳納些微的稅
行的同一類證券。
款。盧森堡對清算款項或盧森堡SOPARFI向其公司股東支付
SIF可將其100%的淨資產投資於分散的A股組合或點心債券組
的利息不徵收預提稅。根據盧森堡法律(在符合某些條件的
合,也可以100%投資於單一的香港發行的RQFII基金,但須符合
前提下)及盧森堡與香港之間的稅務協定,分配給公司股東
若干條件。這個靈活性,加上符合AIFMD的另類投資基金經理
的利潤一般可免徵股息預提稅。
(AIFM)(詳見下文)可以得到的歐盟通行證,將為中國資產 • 盧森堡SOPARFI可享受股東免稅,根據該項稅務優惠,股息
管理人創造史無前例的進入歐洲市場的機會。
作者簡歷
SICAR的投資者資格規定與SIF類似,是專
門迎合消息靈通的投資者的基金。由於它旨
在以實體的創立、發展和上市作為參考,而
STéphANE kAROLCzuk
香港辦事處主管
直接或間接地投資於有關實體,同時又不受
適用於SIF的風險分散要求的限制,因此它是
Stéphane Karolczuk是Arendt & Medernach律師事務所香港代表處的主
為私募股權基金度身定做的投資工具。
另類投資基金經理指令(AIFMD)
上述投資工具中的某些工具(除UCITS外)在
不久的將來會受到一項重要的歐洲法規影響。
這條法規簡稱AIFMD,其宗旨是通過設立更
高標準的透明度、價值評估、風險管理、流動
性管理及基金決策人之間的利益衝突披露和管
理,進一步加強對投資者的保護。
向歐盟投資者分銷離岸基金的成效將嚴重
受到AIFMD的影響,因為:(i)在某些司法管轄
地,私人配售豁免規定將受到限制,甚至被取
www.chinalawandpractice.com

管,負責向亞太地區客戶提供有關盧森堡法律及監管事務的法律顧問服
務。
作為投資基金業務的高級律師,Stéphane也向國際客戶提供一切有關投
資基金的法律顧問服務,例如盧森堡及外國投資基金的構建、註冊登記、
市場營銷和公開發行上市。他還提供法律意見並協助客戶選擇和制定投資
結構、起草合同及銷售文件,以及就此類事項聯繫盧森堡金融監管機構,即金融業監管委
員會(CSSF)和盧森堡證券交易所。
2007年9月至2009年1月,Stéphane被派駐Arendt & Medernach的紐約代表處,開拓了
一個投資管理咨詢站,向美國客戶提供有關盧森堡投資基金問題的顧問服務。他從2009年
9月起常駐香港。
Stéphane畢業於比利時的布魯塞爾大學和根特大學。他是獲准在香港執業的註冊外國律
師,也是獲准在盧森堡和布魯塞爾執業的律師。

2013年中國境外投資指南

>>

45

盧森堡

收入、清算款項和股票處置時實現的資本收益,只要符合若
干條件,都完全豁免徵稅。在合資格子公司中的合格持股也
豁免淨財富稅,處置股份時發生的損失則都是可抵扣的。與
其他國家的股東免稅制度相比,盧森堡的制度總體上被認為
附帶的條件較為寬松。
• 盧森堡國內稅法還提供了一個有吸引力的知識產權制度,知
識產權產生的所得和收益可有最高達80%的免稅額,而特許
權使用費則免徵預提稅,不論所得受益人是誰。
• 在盧森堡,資本出資不須繳納資本稅,也沒有受控外國公司
規則。
香港與盧森堡之間的雙重徵稅協定允許通過盧森堡以節稅的
方式從歐洲向香港和中國調回利潤和現金,不用負擔額外稅務
成本。
雙重徵稅協定的主要好處之一是,盧森堡公司能夠向香港母
公司分配股息而無須繳納預提稅。尤其是,如果香港公司持有
盧森堡公司至少10%的股本,或投資了至少120萬歐元收購盧森
堡公司的股份,則調回香港母公司的股息上的盧森堡股息預提
稅稅率會減為零。在其他情況下,根據雙重徵稅協定,股息預
提稅為10%。

信貸機構和電子貨幣機構
外國銀行或信貸機構進駐盧森堡,可利用歐盟通行證進入歐
洲市場,還能向其本地客戶提供一個專門進行歐洲投資的門戶
(見圖3)。
目前已有兩家中國的銀行,即中國銀行和中國工商銀行,在
盧森堡設立機構。
根據盧森堡法律,信貸機構是全職能銀行(全能銀行原則)
。意思是指,它們可以提供所有傳統的銀行服務,例如接受存
款和其他可償還資金、貸款業務、發行電子貨幣、所有投資及
其他金融服務,例如資產管理、投資顧問或法律規定屬於金融
行業的其他服務。
外國銀行若希望發行用於網上支付(例如購物或購買服務)
的電子貨幣,可選擇適用於電子貨幣機構(EMI)的較寬松制
度。按揭銀行則還是需經特別的批准。本文且不探討適用於按
揭銀行的制度。

圖3:盧森堡銀行的所屬國
ԯˢ
Ϊ༞ဍ
˺ෑဍ
ໍഩˑ
˞ϳͶ
ʱϹ
୩ᙬ

ᄨਝ

ɻਝ
ያ౲ః
ˀ̯
޻ਝ

ؒਝ

ˈСࣂ

๥ɡ
๥԰

ߜਝ

෮ɣС

信貸機構和EMI都須經過一個大致相似的批准程序。書面申
請經盧森堡監管機構CSSF審查後由財政部長予以批准。實際
上,財政部長的批准可以在短期內取得。在稅務方面,經過適
當的稅務規劃就可取得較低的實際稅率。

盧森堡的其他有利之處
盧森堡是設立控股、融資、租賃、知識產權和貿易中介工具的
最佳地點。它還發展了出口型的工業,跨境貿易、投資和就業
的水平很高。
盧森堡的競爭力和靈活性已吸引了很多著名的跨國公司,
例如亞馬遜(Amazon)、安賽樂米塔爾(Arcelor Mittal)、中華航
空、杜邦公司(Dupont de Nemours)、費列羅(Ferrero)、寶潔
(Procter & Gamble)、SES、Skype、iTunes、華為和上汽。
另外,很多主要的國際物流公司也在盧森堡落戶,例如Kuehne + Nagel和Panalpina。盧森堡政府事實上已特地發展了一個
物流樞紐,提供從北海至地中海貫穿歐洲的貨運鐵路和公路的
有效連接點。盧森堡最近還宣佈在機場附近建立一個自由貿易
區。
論到高資產淨值人士在安排其全球財富或
其歐洲財富方面可以得到的益處,從資產保
護、分散投資和遺產規劃角度來看,盧森堡提
香港與盧森堡之間的雙重征稅協定允許通過盧森堡以節稅的方式從歐
供的投資結構實踐證明是節稅的,起碼是不會
洲向香港和中國調回利潤和現金,不用負擔額外稅務成本
增加稅負。尤其是SOPARFI和SIF,假如從香
港或新加坡規劃中國高資產淨值人士的資產,
它們的確能提供很多益處。
盧森堡關於信貸機構和EMI的規則,源自歐洲法規為全歐洲
同樣,家族財富管理公司(SPF)是專門管理個人私人財富的
金融服務制定的統一框架。這個統一的法律框架特別規定了, 投資公司,以及專門為個人和個人群組的私人財富管理提供服
只要盧森堡信貸機構(例如一家中國銀行的盧森堡子公司)或 務的中介工具。
EMI遵守一個申報程序,憑其在盧森堡獲得的批准,即歐盟通行
人壽保險產品也可用來將保單項下資產的所有權轉移給保險
證,便可通過分公司或跨境在其他歐洲經濟區成員國(歐盟成 公司。保險產品享有稅務優惠,並得到廣泛的國際稅務認可。
員國及歐洲經濟區協議的協議國)從事業務活動。
在上市方面,盧森堡證券交易所(LuxSE)如今是國際股票
外國銀行可通過設立分公司或子公司進入盧森堡。在盧森堡 的主要上市中心,約有45,000只證券在該交易所掛牌,其中有
既設子公司也設分公司的雙重設立,可使非歐洲經濟區銀行享 30,000只是債券,佔歐盟市場上市國際債券總數的42%。這使
受與子公司和分公司的特點和適用規則相關的兩項優惠:
LuxSE成為國際債券的首選上市地。
多年來,盧森堡的金融業已為銀行、金融服務提供者、基金
- 經批准的信貸機構子公司享有歐盟通行證的優惠,因而可在 髮起人和跨國公司開發了一系列金融產品、服務和法律解決方
其他歐洲經濟區成員國自由從事業務活動(而非歐洲銀行的 案。這使它們常常選擇盧森堡作為進入歐洲的大門,並積極利
用盧森堡的投資工具來爭取全球的投資者。
分公司則不可);
- 分公司可向本國的母公司直接融資。因此,在盧森堡的子公司
隨着中國經濟的開放,中國公司和基金髮起人有更多的機會為
不一定需要具備很多資金,因為分公司可以向其輸送資金。
中國資本制定對外投資結構——或建立可向全球推銷的投資結構 。
46

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2013年中國境外投資指南

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nIGErIA

commencing investment into nigeria
by Fred Onuobia, Olajumoke arowolo and Oluwatoyin Odewole
G Elias & Co

T

he expansion of several sectors of the Nigerian economy
has seen more foreign investors in the market. Investors
are eager to participate and make profit, but they are also
aware of the importance of sound legal advice in the success of
such a venture. There are certain key considerations any foreign
investors should think about when investing in Nigeria.

operating in that industry to give first consideration to Nigerians
for employment in any project to be executed by a company in
the sector. In addition, oil and gas companies must apply to the
local content regulator, prior to applying for an expatriate quota.
Further, expatriates may hold no more than 5% of the management positions of an oil and gas company.

establishing an enterprise
Foreigners may fully own, invest and participate in Nigerian
companies, except enterprises relating to the items on the negative
list like production of arms and ammunition, narcotics and psychotropic substances, military, paramilitary, police, customs,
immigration and prison service uniforms and accoutrements.
A foreign company, however, cannot do business in Nigeria
directly. It must incorporate a local company in Nigeria. There
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or as an engineering expert engaged on an individual specialist project. The new company must then be registered with the

government approval for finance
If the company intends to import capital, it will also require a
Certificate of Capital Importation (CCI). If a transfer of technology is involved, the company has to obtain the approval of
the National Office for Technology Acquisition and Promotion
(NOTAP) for remittances of fees payable under the contract.
The income taxes, capital gains taxes and value-added tax (VAT)
chargeable on Nigerian-controlled companies are also chargeable
on foreign-controlled companies.
There are a number of fiscal incentives for foreign investors.
Some of these include, relief against double taxation, a waiver
of income tax on loan interest for loans with a moratorium of at
least two years and the rule that withholding tax is the final tax on
investment income for non-resident foreigners. Companies with
at least 25% imported equity capital are exempt
from the minimum tax requirement. Generally,
the taxes and other levies that apply to local
The Nigeria Investment promotion Commission’s
investors and companies also apply to foreign
investors: income taxes (corporate and personal),
prevailing practice is to decline to register businesses
capital gains tax, VAT and stamp duties.
in which foreigners do not invest at least uS$300,000
Nigeria has bilateral investment treaties with
Algeria, Bulgaria, China, Egypt, Finland, France,
Germany, Jamaica, Korea, Democratic People’s
Nigeria Investment Promotion Commission (NIPC), before Republic of Korea, Italy, Montenegro, the Nether- lands, Romania,
it commences operations. Where applicable, sector-specific Serbia, South Africa, Spain, Sweden, Switzerland, Taiwan, Turkey,
licences, like for petroleum and telecommunications should be Uganda and the United Kingdom. Nigeria also has double tax
applied for. A foreign-owned vessel for instance, cannot engage agreements with the United Kingdom, the Netherlands, Canada,
in business in Nigeria’s inland waters without prior consent of the Belgium, Romania, France, Pakistan, South Africa and the Philminister for transport. The Nigeria Investment Promotion Com- ippines. Nigeria is also a signatory to the International Centre
mission’s prevailing practice is to decline to register businesses in for Settlement of Investment Disputes (ICSID) Convention. The
guarantees against expropriation that are set out in these treaties
which foreigners do not invest at least US$300,000.
do not appear to add significantly to those granted in the 1999
Foreign employees and immigration requirements
Constitution of Nigeria.
Apart from money laundering restrictions (no more than
If the company intends to employ foreigners for its operations in Nigeria, the company must comply with immigration US$5,000 in cash) and disclosure requirements, both Nigerians
requirements under applicable law. Every foreign employee from and foreigners are free to bring foreign currency into Nigeria.
outside the West African economic community requires a visa. Both foreigners and Nigerians can buy or sell foreign currency
Companies that employ more than one expatriate will need an only from or to companies licensed by the Central Bank of
expatriate quota. In either case, evidence that a Nigerian cannot Nigeria (CBN) to deal in foreign currency.
Investors are free to bring foreign currency into Nigeria,
readily be found to do the work in question needs to be shown.
The new oil and gas local content legislation requires companies subject to applicable money-laundering regulations. As to
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AuThOR BIOGRAphIES
FREd ONuOBIA
Managing partner
Fred is the managing partner of G Elias & co, a leading law firm in nigeria.
He has over 20 years of experience in corporate and financial work for
both private and public sector clients.
Some of his experience in project finance includes advising on the
syndicated financing of expansion and rehabilitation works on the Lekki
toll road concession (nigeria’s pioneering toll road concession), the
concession agreement for a monorail at tinapa (as lawyers to the financiers) and the
syndicate of lenders on the Lagos airport terminal development (nigeria’s pioneering
airport terminal concession). Fred onuobia acted as lenders’ advisor.
He holds a Master of Laws degree from university college London.
OLAjuMOkE AROwOLO
Associate
olajumoke holds a Master of Laws degree from the university of durham, England. She
has considerable experience in project finance work. She was actively involved in the legal
review of financing documentation in several of our project finance transactions. recently,
she advised on a lending for the operation and maintenance of several oil mining leases in
nigeria. She is now working on another lending, advising on financing for the acquisition
of an oil and gas acreage.

acreage or a mortgage of a telecommunications licence) will need to get approved as
the sector-specific provisions warrant. In
addition, documents that create security over
assets will need to be registered.
Project finance transactions almost always
involve the importation of project equipment.
Import duty may be payable at rates that
vary from goods to goods. If the equipment
is imported to form part of the equity in the
Nigerian business, a CCI will be needed for
it if future proceeds on it are to be repatriated. If the equipment requires registration in
Nigeria, it will have to be so registered.

Financing and security
Nigeria is a common law country with many
of the usual features that one would expect to
see in such a country. For high-budget project
financing, debt financing is always an option.
All property, including bank balances, future
property and intangible property like licence
OLuwATOyIN OdEwOLE
rights can be used as collateral. However,
Associate
securing the debt can be a challenge for a
oluwatoyin is an experienced member of the firm’s project finance and corporate
newly-incorporated company. The type of
commercial team. She holds a Master of Laws degree from the university college
collateral asset and the type of borrower
London. She is experienced in corporate finance and oil and gas transactions and has
(company, government or individual) deteradvised on a number of the firm’s oil and gas sector transactions. these include the
mines the appropriate perfection regime for
uS$850 million financing by a leading bank in the uK and the uS$158 million financing
by a leading nigerian bank to two different oil and gas companies in nigeria for the
security.
acquisition of certain oil and gas acreages.
When a mortgage is created over
immovable property, the security document
must be perfected at the government lands
registry
where
the
property is situated, if the security interest
controls, remittances can be made only if one has either a CBN
special authorisation to remit money or a routine Certificate of is to bind future bona fide purchasers of the land. Perfection of
Capital Importation (CCI) issued by a Nigerian bank when the security over land is a threefold process: stamping; obtaining the
capital in question first entered Nigeria. There are no fees or taxes consent of the governor of the state where the land is situated
payable on remitting money from Nigeria other than usual com- and; registration at the government lands registry.
Companies must register most charges created over their
mercial bank service charges.
Since 1995, both foreigners and Nigerians have been free to assets at the Corporate Affairs Commission in Abuja (CAC)
bring in capital in cash or in kind and to repatriate in foreign within 90 days of the creation of such charge. Charges attract ad
currency (to be purchased from CBN-regulated markets) capital valorem stamp duty and registration charges. Where such a charge
and income proceeds on such capital, as long as a Nigerian is registrable but unregistered, it will not be effective against
bank issues a CCI when the capital first entered
Nigeria. Usual commercial bank service charges
The guarantees against expropriation that
apply to issuances of CCIs. CCIs cost less than
US$5. The NOTAP application fee is fixed from are set out in these treaties do not appear to
time to time by NOTAP. The current fee payable add significantly to those granted in the 1999
is dependent on the value of the contract to be
Constitution of Nigeria
registered, but the minimum is US$667.
Non-resident investors are required to
register their investments with the NIPC for statistical purposes. the company’s other creditors in the event of the company’s
Any technology transfer contracts, for example, intellectual insolvency. Where a charge is created over land belonging to a
property licences and technical support contracts must be reg- company, in addition to perfection at the relevant lands registry,
istered with NOTAP. All project and finance documents must the charge must also be registered at the CAC.
Not all security interests are registrable. For example, charges
also be stamped. Those documents that need to be filed with or
approved, or both, by regulators under sector-specific statutes and mortgages over receivables (including book debts), goods
(for example, a document assigning an interest in petroleum and land are registrable while pledges of goods created by the
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nIGErIA

delivery of possession and charges or mortgages over shares are
not registrable. There are some other asset-specific registration
regimes. For instance, a mortgage over a ship must be registered
with the Registrar of Ships and a mortgage over trademarks must
be registered with the trademarks registry. There are bills of sale
registers for mortgages of goods in some states.
Priority is determined by factors like the asset type, the type
of interest created (legal or equitable), the time of creation of
the interest and time of registration of interest. Priority depends
primarily on the time of creation, with older security interests
ranking ahead of more recent ones. Where registration is
required, priority depends primarily on the time of registration:
the first security interest to be registered will have priority, except
that competing security interests created by companies and registered within 90 days of creation will have priority according to
their actual dates of creation.
There are two noteworthy exceptional rules: a floating charge
will rank after a fixed charge created prior to the crystallisation of
the floating charge and; a purchase money security interest will
have priority over other charges on the same asset.
Ways of minimising perfection tax include structuring the
security as security over an asset that attracts less tax, for example,
having a security over a company that holds land rather than over
the land itself, or perfecting the security for only a part of the sum
advanced. This second option has become popular. A corporate
trustee, but not a mere agent, may hold collateral on behalf of
the project lenders as the secured party. In the event of the bankruptcy of the trustee, the collateral will not form part of the assets
of the trustee.
Usually, prior to investing in a project, a lender assures itself
of the absence of any interest in the secured assets that will
rank prior to the interest of the lender. A legal due diligence
inquiry can be conducted on the borrower. Depending on the
type of borrower and the collateral, a search may have to be
conducted at both the lands registry, CAC and other relevant
registries. It is also advisable to procure that the borrower makes
a representation and warrants in the financing documentation to
the effect that there are no existing liens or encumbrances on its
assets.
However, a lender cannot completely eliminate the risk that
there may be prior security interests, because there are security
interests that are not required by law to be registered like charges
over shares and pledges of goods, and prior registered interests
may not be disclosed in the course of a search, owing to administrative lapses at the relevant registry.
enforcement of collateral
Project lenders’ main enforcement methods outside bankruptcy
proceedings are to exercise their step-in rights under a direct
agreement, sale, take possession, appoint a receiver and foreclosure. Self-help, as such, is not allowed.
To enforce a mortgage, a lender must have served a notice
requiring payment of the sum due. In practice, the document
creating the mortgage contains provisions stating the period of
time that must lapse before the power of sale would become exercisable. Where the security documents contain a power of sale,
the lender can exercise the power of sale without recourse to
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court. A court order is required where there is no power of sale in
the registered security documents.
A sale may be by private treaty, by auction or by tender.
Project lenders may participate as buyers in a sale as long as the
sale is conducted at arm’s-length and in good faith. A sale by
secured creditors may be made in foreign currency.
A bankruptcy proceeding in respect of the project company
also affects the ability of a project lender to enforce its rights as
a secured party over the collateral. A lender’s security interests
in the collateral will survive the borrower’s bankruptcy, where
those interests are fully perfected against the borrower’s creditors,
especially by registration at the CAC, in the case of a company
borrower.
The claims of foreign creditors rank pari passu with the
claims of local creditors. In bankruptcy proceedings, preferential creditors’ rights for tax debts, employees’ wages or claims
and deductions have priority over the claims of floating charge
holders in so far as assets of the company available for payment of
general creditors are insufficient to meet them.
If a company concludes a transaction and a winding-up order
is made in respect of such company within three months from
the conclusion of the transaction, the transaction, if challenged
by the insolvent company’s liquidator, may be regarded as invalid
and reversed.
Accounts and repatriation of proceeds
Project companies may open and operate foreign currency
accounts with both Nigerian banks and foreign banks. However,
a project company exporting goods must open and maintain a
foreign currency domiciliary account with a Nigerian bank.
Export proceeds must be paid into such an account within 90
days from the date of shipment of the goods. Thereafter, the
proceeds may be freely repatriated. There is no requirement that
the foreign currency in such accounts must be converted to local
currency.
government authorities and regulatory agencies
The leading federal government agencies with authority over
projects in the typical project finance sectors are as follows:







Oil and gas: Ministry of Petroleum Resources, Department of
Petroleum Resources and the Nigeria Sao-Tome Joint Development Authority Zone
Power generation and transmission: The Ministry of Energy
and the Nigerian Electricity Regulatory Commission
Maritime: Ministry of Transport, Nigeria Maritime Administration and Safety Agency, Nigerian Ports Authority and
Nigerian Inland Waterways Authority
Rail: Ministry of Transport and Nigeria Railway Corporation
Road: Ministry of Works and the Federal Road Management
Agency
Telecommunications: Ministry of Information, Ministry
of Communications and the Nigerian Communications
Commission
Airports: Ministry of Aviation and Nigerian Civil Aviation
Authority
Water resources: Ministry of Water Resources
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The agencies have rule-making, decision-making and enforcement powers in the relevant sectors and industries. They have the
power to issue and revoke licences and licences cannot be assigned
without their consent. Their supervising ministers make policy
and do not do regulatory work on a day-to-day basis. However,
the Ministry of Water Resources is itself the water regulator.
The Federal Infrastructure Regulatory Commission has the
power to take custody of concession agreements in all sectors and
ensure compliance with the provisions of the act that establishes
it. Until quite recently, the ownership in these sectors was entirely
held by the state. In recent times, many government-owned
enterprises have become privatised and commercialised with
concessions being granted to the private sector, particularly in the
transport sector. Water is still almost entirely owned by the state.

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There are some state-level agencies. For example, the Lagos
State Roads, Bridges and Highways Infrastructure Board is the
best-developed transport regulator in the country, but it has no
power outside Lagos State.
The preceding paragraphs briefly outline the key
considerations that should be of interest to foreigners who
intend to invest in Nigeria. Besides the incorporation of the
company locally, certain sector-specific registrations, usually
with the government regulatory agency, depending on the
sector in which the company intends to operate, may need
to be undertaken. Finally, it is advisable to seek professional
legal advice in all cases as the peculiarity or structure of a
transaction may make certain requirements mandatory and
others optional.

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尼日利亞

在尼日利亞開展投資
Fred onuobia、olajumoke Arowolo 和 oluwatoyin odewole
G Elias & Co

日利亞隨着幾個經濟領域的擴張,在市場上得到了更多的
外國投資者。投資者熱切參與和獲取利潤,但是他們也知
道可靠的法律意見對交易成功的重要性。有一些關鍵事項是任
何外國投資者在尼日利亞投資時應當考慮到的。

設立企業
外國人可以全資擁有和投資參股尼日利亞公司,除非企業涉及
禁止清單上的項目,例如武器彈藥、毒品和精神科藥物、軍
事、準軍事、公安、海關、出入境機關和監獄服務的制服及裝
備的生產。
但是,外國公司不能夠直接在尼日利亞經營業務。它必須在
尼日利亞註冊一個本地公司。不過,2004年《公司和相關事務
法》(CAMA)下有若干豁免。這些豁免包括被聯邦政府邀請到
尼日利亞執行任何特定項目或貸款項目的外國公司,或作為工
程專家受聘進行特殊項目的外國公司。新設公司必須在向尼日
利亞投資促進委員會(NIPC)登記之後才可開業。若適用有關
法規,例如石油和電信行業等,應當申請行業性許可。外國人
擁有的船隻未經交通部長事先同意不能在尼日利亞國內水路營
運業務。尼日利亞投資促進委員會通常會拒絕登記外國人投資
額不足30萬美元的企業。

塞爾維亞、南非、西班牙、瑞典、瑞士、台灣、土耳其、烏干
達和英國。尼日利亞還與下述國家簽訂了雙重稅務協議:英
國、荷蘭、加拿大、比利時、羅馬尼亞、法國、巴基斯坦、南
非和菲律賓。尼日利亞也是國際投資爭端解決中心公約的簽字
國。這些條約中規定的不徵收財產保證看來並沒有顯著加強了
1999年尼日利亞憲法對此所給予的保證。
除了反洗錢限制(不超過5千美元現金)和披露規定以外,尼
日利亞人和外國人都可自由攜帶外匯入境。外國人和尼日利亞
人都只能與尼日利亞中央銀行(CBN)許可的公司買賣外幣。
投資者在遵守適用的反洗錢條例的前提下可自由攜帶外匯進
入尼日利亞。至於管制方面,向外匯款必須得到CBN的特別匯款
許可或者有關資金首次進入尼日利亞時由尼日利亞的銀行例行
開具的資本輸入證書(CCI)。從尼日利亞向境外匯款,除了例
行的商業銀行服務收費以外,無須支付其他稅費。
自1995年以來,外國人和尼日利亞人都可自由地以現金或實
物方式匯入和匯出外幣(但須在CBN監管的市場購買)資本及這
些資本產生的收入,只要資本首次入境時有尼日利亞的銀行開
具的CCI。開具CCI須收取商業銀行的例行服務收費,收費不到5
美元。NOTAP的申請費由NOTAP不時確定。目前的收費取決於
所登記合同的價值,最低收費為667美元。
非居民投資者必須向NIPC登記其投資,以便統計。任何技
術轉讓合同,例如知識產權許可證和技術支持合同,都必須向

外國員工和出入境規定
如果公司打算僱用外國人在尼日利亞經營其業
務,必須遵守適用法律下的出入境規定。來
尼日利亞投資促進委員會通常會拒絕登記外國人投資額不足30萬美元
自西非經濟共同體以外的每個外國員工都必須
辦理簽證。僱用超過一名以上外國員工的公司
的企業
需要取得外國員工配額。無論是哪種情況,都
須證明無法容易找到尼日利亞人從事有關的工
作。新頒佈的石油天然氣行業本地就業法律規定,從事該行業 NOTAP登記。所有項目和融資文件都必須貼印花稅。根據有關
的公司在其項目中應優先考慮僱用尼日利亞人。此外,石油天 行業法規需要由監管機構備案或審批或兩者都需要的文件(例
然氣公司在申請外國員工配額之前必須向本地就業監管機構提 如轉讓油田權益或抵押電信許可的文件),則須按照有關行業
出申請。還有,在石油天然氣公司中,外國員工不可佔有超過 的規定辦理批准。此外,以資產設立擔保的文件需要登記。
項目融資交易幾乎總是涉及項目設備的進口。不同物品可能
5%的管理層職位。
要繳納不同稅率的進口稅。如果進口的設備構成在尼企業的部
分股權,將來匯出其所得時需要有CCI。如果設備需要在尼日利
財政方面的政府審批
如果公司要輸入資本,還需要辦理資本輸入證書(CCI)。如果 亞登記,則必須辦理。
涉及技術轉讓,公司須為合同下應付費用的匯款取得國家技術
購進和促進辦公廳(NOTAP)的批准。對尼日利亞控股公司徵 融資和擔保
收的所得稅、資本收益稅及增值稅(VAT)也同時向外國控股 尼日利亞是普通法國家,具有普通法國家通常具有的很多特徵。
公司徵收。
對於預算巨大的項目融資,債務融資總是一個可選辦法。所有財
外國投資者可享受一些財政獎勵措施,其中包括豁免雙重徵 產,包括銀行餘額、未來資產以及許可證權利這類無形資產,都
稅,延期償還至少兩年的貸款的利息免徵所得稅,非居民外國 可作為抵押物。然而,對新設的公司來說,為資產提供擔保可以
人投資所得的扣繳稅作為最終稅。輸入股本達到25%的公司豁 是煩惱的事情。抵押資產的種類和借款人的類型(公司、政府或
免適用最低徵稅規定。一般而言,適用於本地投資者和公司的 個人)決定了如何進行適當的擔保確立手續。
稅項和其他徵繳項目也適用於外國投資者:所得稅(企業和個
以不動產設定抵押時,擔保文件必須在資產所在地的政府土
人)、資本收益稅、增值稅和印花稅。
地登記處辦理確立手續,擔保權益才可約束未來的土地善意購
尼日利亞與下述國家締結了雙邊投資協議:阿爾及利亞、保 買者。土地擔保的確立手續有三個程序:辦理印花;取得土地
加利亞、中國、埃及、芬蘭、法國、德國、牙買加、韓國、朝 所在地州長的同意;在政府土地登記處登記。
鮮民主主義共和國、意大利、黑山共和國、荷蘭、羅馬尼亞、
公司在資產上設定的抵押大多數都必須在設定抵押後90日內
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作者簡歷
FREd ONuOBIA
管理合伙人
Fred是尼日利亞行內卓越的律師事務所G Elias & Co的管理合伙人。他為公
私領域各類客戶承辦公司和融資法律事務已超過20年,經驗極為豐富。
Fred的部分經驗是作為貸款人的法律顧問就項目融資提供法律意見,這
類項目包括Lekki特許經營收費公路修復擴建工程(尼日利亞首個特許經營
收費公路項目)的銀團融資、Tinapa單軌鐵路的特許經營協議(作為融資
方的律師)和拉各斯機場航站開發項目(尼日利亞首個機場航站特許經營項
目)的貸款銀團。
他擁有倫敦大學學院的法學碩士學位。
OLAjuMOkE AROwOLO
律師
Olajumoke 擁有英格蘭杜倫大學的法學碩士學位。她在項目融資方面相當有經驗。她積極
參與了本所多個項目融資交易中的融資文件法律審閱工作。最近,她就尼日利亞幾個石油
礦區租約運營維護項目的貸款提供法律意見。她目前正在另一宗貸款項目中就一個石油天
然氣礦區的收購提供融資方面的法律意見。

款人作為擔保權人持有抵押物。如果受託
人破產,抵押物不會構成受託人資產的一部
分。
向項目投資以前,貸款人一般要確定抵押
擔保資產上不存在優先於其擔保權益的任何
權益。貸款人可以對借款人進行法律盡職調
查。根據借款人和抵押物的種類,可以在土
地登記處、CAC及其他有關的登記機關進行
查詢。建議也同時要求借款人在融資文件上
作出陳述和保證,聲明其資產上不存在權益
留置或負擔。
然而,貸款人無法完全消除存在原有擔保
權益的風險,因為有些擔保權益不是法律規
定必須登記的,例如股份抵押和貨物質押,
而且,先前登記的權益可能會因為有關登記
機關的行政錯漏而沒有在查詢過程中被披
露。

抵押的執行
項目貸款人在破產程序以外的主要執行辦法
是根據直接協議行使介入權、售賣、佔有、
任命接管人和取消贖回權。自救是不允許
的。
要執行抵押,貸款人必須送達要求支付欠
款的通知。在實踐上,設立抵押的文件規定
了需要過多長時間才可行使售賣權。如果擔
保文件載明了售賣權,貸款人無須訴諸法庭
向阿布賈的公司事務委員會(CAC)登記。抵押須繳納從價印花
稅和登記費。如果抵押應當登記而沒有登記,公司破產時該抵 就可行使售賣權。如果已登記的擔保文件裡沒有售賣權規定,
押對公司的其他債權人便沒有效力。以屬於公司的土地設定抵 就需要取得法庭命令。
售賣可採取非公開約定、拍賣或投標方式。項目貸款人可作
押的,除了要向有關的土地登記處辦理確立手續以外,該抵押
為買方參與售賣,只要售賣是以公平誠信方式進行的。受擔保
還必須在CAC登記。
並非所有擔保權益都必須登記。例如,在應收賬(包括賬面 債權人進行的售賣可用外幣進行。
針對項目公司的破產程序也影響項目貸款人作為擔保權人
債項)、貨物和土地上設定的抵押必須登記,而通過交出佔有
權設立的貨物質押及以股票設立的抵押則不需要登記。此外還 對抵押物執行其權利的能力。貸款人在抵押物中的擔保權益在
有一些根據資產而定的登記制度。例如,船舶抵押必須在船舶 借款人破產之後仍然有效,只要那些權益辦理了充分的確立手
續,特別是如果已向CAC登記(如果借款人是
一家公司),就可對抗借款人的債權人。
外國債權人的債權與本地債權人的債權具
這些條約中規定的不征收財產的保證看來並沒有顯著加強了1999年尼
有平等地位。在破產程序中,如果公司可用來
日利亞憲法對此所給予的保證
支付一般債權人的資產不足以滿足其債權,優
先債權人的稅債權益、員工工資或索償和扣繳
優先於浮動抵押權持有人的債權。
如果公司完成一項交易之後三個月內被發出清盤命令,只要
登記處登記,商標抵押則必須在商標登記處登記。在某些州還
破產公司的清算人提出異議,該交易可被視為無效作廢。
有辦理貨物抵押登記的賣據登記處。
優先權取決於資產的種類、所設權益的種類(普通法的或衡
平法的)、設立權益的時間及登記權益的時間等因素。優先權 賬戶和收入的匯出
主要取決於設立權益的時間,先設立的擔保權益排序優先於後 項目公司可在尼日利亞的本地和外國銀行開立和使用外幣賬
設立的擔保權益。擔保需要登記的,優先權主要取決於登記時 戶。但是,出口產品的項目公司必須在尼日利亞的銀行開立和
間:最先登記的擔保權益將有優先權,不過,不同公司設立的 維持一個外幣本地賬戶。出口收入必須在發貨之日起90日內支付
相互對抗的擔保權益如果都在90日內登記,則根據實際設立日期 到該賬戶。然後,收入可自由匯出。沒有規定要求該賬戶內的
確定優先權。
外幣必須兌換為本地貨幣。
有兩個例外規定值得注意:在浮動抵押封押之前設立的固定
抵押排序優先於該浮動抵押;購買價金擔保權排序優先於同一 政府主管部門和監管機構
資產上的其他抵押。
以下是通常需要項目融資的行業裡對項目有主管權的主要聯邦
減少確立手續的稅項有多種辦法,包括以稅負較少的資產設 政府機構:
立擔保,例如以擁有土地的公司設立擔保,而不是以土地本身
設立擔保,或者只為部分貸款的擔保辦理確立手續。第二種辦 • 石油天然氣:石油資源部,石油資源司和尼日利亞-聖多美聯
法現在很流行。公司受託人而不是普通的代理人可代表項目貸
合開發區
OLuwATOyIN OdEwOLE
律師
Oluwatoyin是本所項目融資和公司商法團隊的一個富有經驗的成員。她擁有倫敦大學學院
的法學碩士學位。她對公司融資和石油天然氣交易很有經驗,曾經在本所多個石油天然氣
行業交易中提供法律意見,其中包括英國一家著名銀行的8億5千萬美元融資項目,以及尼
日利亞一家著名銀行向兩個不同的石油天然氣公司提供1億5千8百萬美元融資收購數個石油
天然氣礦區的項目。

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www.chinalawandpractice.com

尼日利亞

• 發電和輸電:能源部和尼日利亞電力監管委員會
• 海事:交通部、尼日利亞海事管理和安全局、尼日利亞港務




局和尼日利亞國內水路管理局
鐵道:交通部和尼日利亞鐵道公司
公路:工程部和聯邦公路管理局
電信:信息部、通信部和尼日利亞通信委員會
機場:航空部和尼日利亞民航管理局
水資源:水資源部

各個機構在有關領域和行業有制定條例、決策和強制執行的
權力。它們有權頒發和取消許可證,而未經過它們的批准不得
轉讓許可證。它們的主管部長制定政策,但不處理日常監管工
作。不過,水資源部本身也是水資源的監管機構。
聯邦基礎設施監管委員會有權保管所有行業裡的特許經營協

www.chinalawandpractice.com

議,確保協議符合該協議所依據的法律規定。直到不久前,這
些行業的所有權還是完全國有。最近,很多政府擁有的企業,
特別是交通行業,都已私有化和商業化,經營權被轉到私營領
域。水資源行業仍然幾乎完全國有。
有些機構是州級的。例如,拉各斯州道路、橋樑和公路基礎
設施委員會是尼日利亞最成熟的交通監管機構,但在拉各斯州
以外則沒有權力。
以上僅簡要列出了凡是有意在尼日利亞投資的外國人都應當
感興趣的關鍵考慮事項。除了在本地註冊公司,根據公司經營
所在行業,可能還需要辦理行業相關的登記,這種登記一般是
向政府監管機構辦理。最後,一項交易可能因其特殊之處或其
結構而使某些要求成為強制性的而另一些要求成為非強制的,
所以,在一切情況下最好還是尋求專業的法律意見。

2013年中國境外投資指南

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55

王律师事务所
王律师事务所以其充满活力的团队以及能够满足客户各种法律要求
的能力,使自己成为在亚太地区的区域和国际法律服务的主要提供
者。我们有超过270名律师,分布在新加坡、阿布扎比、北京、多哈
和上海的办公室内,尤其是我们拥有一个十分活跃的东南亚法律业
务组。本所中国办事处的设立显示了我们对中国、新加坡和其它地
区客户的承诺。作为在金融服务、公司业务、诉讼和争议解决方面
的专家,王律师事务所已在亚太地区建立了良好的声誉。 我们参与
过跨境公司兼并与收购交易,也代表客户参加在中国国际经济贸易
仲裁中心的仲裁和中方客户在新加坡的仲裁。
WongPartnership’s reputation as a leading provider of regional and
international legal services in the Asia Pacific is forged on the back
of our dynamic energy and ability to respond to clients' needs. We
have over 270 lawyers with offices in Singapore, Abu Dhabi, Beijing,
Doha and Shanghai as well as an active South East Asia Practice.
The opening of our offices in China showcases our commitment to
clients in China and Singapore. As specialists in financial services,
corporate, litigation and dispute resolution, we are an established
leader in the Asia Pacific region. We have been involved in
cross-border corporate and M&A transactions and represented
parties in CIETAC arbitrations held in China as well as Chinese
parties in arbitrations in Singapore.

wongpartnership.com
新加坡 | 中国 | 中东
王律师事务所已依据新加坡《有限责任合伙条例》(第163A章)的规定,注册登记为有限责任合
伙律师事务所(机构号:T08LL0003B)。

SInGAPorE

Investing in singapore: Business vehicles
and m&A
by Joseph he Jun and Gerry Gan
wongpartnership

S

ingapore is an island city-state located near the equator but are not involved in its daily operations. Every company
at the southern tip of the Malay Peninsula. As a member must appoint an auditor within three months from the date of
of the Association of Southeast Asian Nations (ASEAN), its incorporation unless it is exempted from audit requirements.
it is arguably the most strategically important South-East Asian It must also appoint a locally resident company secretary, who
must not be the sole director of the company and who must meet
nexus for global trading, finance and services.
Despite its size, Singapore has consistently been ranked first various other prescribed requirements, within six months of
each year from 2009 to 2012 as the world’s easiest place to do incorporation.
There is generally no special approval required for most
business by the World Bank Group Report and it is extremely
successful in attracting foreign investment. According to statis- business activities in Singapore. However, certain types of
tics from the Foreign Equity Investment in Singapore 2010 issued business activities are controlled by government agencies and
by the Department of Statistics of Singapore, Singapore’s stock of will require the necessary approvals and licensing before comforeign equity investment increased to S$613.5 billion as at the mencing business. Banking and other finance-related businesses,
end of 2010. In addition to its strategic location, excellent repu- for example, require approval from the Monetary Authority of
tation, good network and infrastructure, sophisticated banking Singapore (MAS). Other activities like international air transport,
system and diversified population, the Singapore legal system also telecommunications, the production of cigarettes, beer, refrigeraplays an important role in attracting foreign investment. Foreign tors and air-conditioners, and the operation of restaurants, bars
investors need to consider the business vehicles Singapore has to and casinos require a licence from other government bodies.
offer and the general legal issues when acquiring
an existing company before investing in the citystate.
Foreign investors need to consider the business

vehicles Singapore has to offer and the general legal

Business vehicles
There are various business vehicles which may issues when acquiring an existing company before
be set up in Singapore by foreign investors. A investing in the city-state
company is the most commonly used one. All
companies must be registered with the AccountOther business vehicles available, although less popular for
ing and Corporate Regulatory Authority (ACRA) and may be
foreign investment, are:
private or public.
The most important difference between a private company
and a public company is that a public company may raise a branch of a foreign company
funds from general public while a private company may not. A This may be registered with the ACRA by the foreign company.
company is a legal entity separate and distinct from its share- As it is not a legal entity separate from the parent, any liabilities
holders and directors, with its members having limited liability. or obligations which arise against it in Singapore may be enforced
Under the Companies Act (CA), a company must have at least against all the assets of the parent company. A branch does not
one shareholder and at least one director who is an adult ordi- have its own shares nor board of directors. The parent company
narily resident in Singapore. To be ordinarily resident, the person must appoint two or more persons resident in Singapore to be its
must be a Singapore citizen, a Singapore permanent resident, agents and to accept on its behalf service of process and notices
or a foreigner holding an EntrePass or employment pass (both required to be served on the company. The parent company is
available by applying to the Ministry of Manpower) and residing also under an obligation to update the Companies’ Registrar of
in Singapore. There is no minimum paid-up capital requirement changes in its agents, registered address and certain other details.
and a company can be registered with a minimum of S$1.
It must also file its annual report and the audited accounts of its
The business operation and management of a company is Singapore branch within two months after its annual general
vested in its board of directors: executive directors take care of meeting or within seven months from the end of its financial
the daily operations of the company and non-executive directors year. Various other corporate records and filings must also be
oversee the affairs and corporate governance of the company maintained with the ACRA.
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China OutbOund investment Guide 2013

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57

SInGAPorE

AuThOR BIOGRAphIES
jOSEph hE juN
Partner
Joseph He Jun is the joint head of the china practice and is a partner
in both the corporate/mergers and acquisitions and the capital markets
practice.
His main practice areas are corporate finance, equity capital markets,
foreign investment in the People’s republic of china (Prc), mergers and
acquisitions and property development in the Prc.
Joseph is recommended in the Legal 500 – the client’s Guide to the Asia Pacific
Legal Profession 2012, for real estate work in the Prc. He is also recommended as
a leading practitioner in Singapore and the Prc by chambers Global – the World’s
Leading Lawyers for Business 2012, in the area of corporate M&A. Joseph is also
recommended as a leading M&A practitioner in Expert Guides’ Guide to the World’s
Leading Practitioners: china 2011.
Joseph graduated with a bachelor of arts from yunnan university (Prc) and obtained
a master of laws from both china university of Politics and Law in Beijing and McGeorge
School of Law, university of the Pacific (uS). He was also a visiting scholar at the School
of Law, columbia university (uS) from 1990 to 1991. Joseph is admitted to the bar of the
People’s republic of china.

GERRy GAN
Partner
Gerry Gan is the joint head of the china practice and is a partner in the
corporate/mergers and acquisitions practice. His main practice areas
are mergers and acquisitions (involving public and private companies),
equity capital markets transactions (initial public offerings and private
placements) and general corporate law. He has been the chief
representative of the firm’s Shanghai representative office since 2004 and
was based in Shanghai between 2004 and 2009.
Gerry is recommended in the Legal 500 – the client’s Guide to the Asia Pacific Legal
Profession 2012 for real estate work in the Prc. He is also recommended as a leading
M&A practitioner in Expert Guides’ Guide to the World’s Leading Practitioners: china
2011.
Gerry graduated from King’s college London. He is admitted as a barrister-at-law
(Middle temple) in the uK and to the Singapore bar. He served as the vice president of
the Shanghai Singapore Business Association from 2008 to 2009. Gerry has recently
contributed to the Singapore chapter of a textbook published by ccH entitled china
outbound Investments – A Guide to Law and Practice.

sole proprietorship
This is an individual carrying on business either in its own name
or under a trading name. It is not a separate legal entity and
the owner has unlimited liability. If the owner is not resident in
Singapore, he must appoint a local manager who is ordinarily
resident in Singapore. Under the Business Registration Act, sole
proprietorships must be registered with the ACRA.
Partnership
This is an association of two or more persons carrying on business
in common with a view to profit. The number of partners is
generally capped at 20, except for professional partnerships.
It is not a separate legal entity and the partners have unlimited
liability for the partnership’s debts and for losses incurred by the
other partners. Under the Partnership Act, all partnerships must
be registered with the ACRA.
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China OutbOund investment Guide 2013

Limited partnership
This consists of two or more persons with
at least one general partner and one limited
partner. There is no limit on the number of
partners and any individual or corporate
body can be a general partner or a limited
partner. It is not a separate legal entity. The
general partner is personally liable for all
debts and losses of the limited partnership,
while the limited partners are only personally
liable for such debts or obligations up to their
agreed contribution, unless they take part in
its management. Limited partnerships are
governed by the Limited Partnership Act and
are commonly used by investment funds as
investment vehicles.
Limited liability partnership
A limited liability partnership (LLP) is a
partnership where each individual partner’s
own liability is limited. A partner is personally liable for debts and losses resulting from
its own wrongful actions and is not personally liable for debts and losses of the LLP
incurred by other partners. There must be at
least two partners, with no maximum limit
as to the number of partners. An LLP is a
separate legal entity from its partners and is
governed by the Limited Liability Partnership Act.

trust vehicles
Trust vehicles, like collective investment
schemes or business trusts, consist of a trust
over assets, which will be managed by a professional manager in accordance with the
terms and conditions of its mandate. Legal
title to the assets is in the name of a professional trustee, who under the trust deed,
safeguards the assets and ensures compliance
with laws, regulations and rules. The investors
hold units in the trust and are not personally liable for investment losses incurred by the professional manager on behalf of the
trust.
m&A
Instead of setting up a business vehicle, a foreign investor may
acquire an existing Singapore business. The most common
method is by acquiring shares in a private or public company.
acquiring a public company
The most important instrument an acquirer of a public company
must comply with is the Singapore Code on Takeovers and
Mergers (Code) issued by the MAS under the Securities and
Futures Act (SFA), together with various Practice Statements
issued by the Securities Industry Council (SIC). The Code applies
to takeovers of Singapore and foreign corporations with a primary
www.chinalawandpractice.com

SInGAPorE

listing of their equity securities on the Singapore Exchange
Securities Trading Limited (SGX-ST). Where possible and appropriate, acquirers of Singapore unlisted public companies with 50
or more shareholders and with net tangible assets of S$5 million
or more should also comply.
Under the Code, a person acquiring shares in a public
company must make a general offer to purchase all the shares in
the company under the following circumstances:

dealings or procurement of others to deal in these securities. It is also an offence under the SFA for a person to make
a takeover offer if he has no intention to make an offer, or has
no reasonable or probable grounds for believing that he will
be able to perform his obligations in the offer.

acquiring a private company
The acquisition of shares in a private company generally starts
with a short document (which may be called a heads of agreement,
• If they (and any parties acting in concert with them) acquires term sheet, letter of intent, or memorandum of understanding)
shares carrying 30% or more of the voting rights in the generally provided to be subject to contract or definitive agreecompany; or
ments and is not binding, except for clauses like confidentiality,
• If they (and any parties acting in concert with them) holds governing law, dispute resolution, costs and fees, and exclusivity.
at least 30% but no more than 50% of the voting rights of a Parties may also build in additional binding clauses like no-shop,
company and acquires such additional shares that their per- lock-out, and break fee to mitigate the risks of a party pulling out
centage of the voting rights increases by more than 1% in any of the negotiations without good cause. Following a successful
six-month period.
negotiation, a private written share sale and purchase agreement
between the seller and the purchaser (where necessary, with a
covenator and guarantor) setting out the detailed
terms and conditions governing the pre-and
There is generally no special approval required for
post-completion obligations of the parties will
most business activities in Singapore
be signed. For share transfer purpose, a share
transfer form signed by the seller will be delivered
A person may also make a voluntary offer to purchase all the to the purchaser as a key completion deliverable.
shares of the company. Under the Code, such an offer must be
conditional on a minimum level of acceptance being achieved: Other methods
the acceptances must result in the bidder (and any parties acting An investor may also subscribe for newly issued voting shares
in concert with it) holding more than 50% of the voting rights in in a private company under a share subscription agreement
the target company.
signed with the target company and the existing shareholders.
In general, a person may not make an offer to acquire only The investor gains control over the target company if its resultant
part of the shares in a public company except with the prior shareholding in the target accounts for more than 50% of its
consent of the SIC. The SIC will not grant consent if the partial entire issued voting share capital, with the existing shareholders
offer would result in the bidder and the parties acting in concert being diluted.
with them holding between 30% and 50% of the voting rights of
Other less common methods of acquiring a company are:
the target company.
Other key legal instruments which the acquirer has to comply • A scheme of arrangement: This is a statutory procedure under
with are:
the CA for restructuring a company. The arrangement must be
approved by a majority (in number) of shareholders holding
• SGX-ST Listing Rules: Where the bidder is listed on the
at least 75% (in value) of the shareholders or class of shareSGX-ST, it must seek the approval of its shareholders for an
holders present and voting in a general meeting, and once
acquisition that exceeds certain thresholds or if it is offering
approved, sanctioned by the High Court. Once sanctioned,
its own shares as consideration for the offer. If it intends to
it binds all the shareholders (including dissenting shareholdseek a de-listing of the target, a reasonable exit alternative,
ers). Where the target is a public company, the Code will also
which should normally be in cash, should be offered to the
apply.
target’s shareholders.
• A statutory amalgamation: Under the CA, two or more
• CA: Certain provisions apply to takeover offers, like those
companies may amalgamate and continue as one company.
The amalgamation must be approved by special resolutions of
relating to shareholding reporting requirements during
the shareholders of the amalgamating companies. An amalgastake-building. Please note that where a takeover offer is
mation proposal must be prepared and the directors of each
made for a Singapore company and acceptances are received
amalgamating company must make solvency statements in
in respect of 90% or more of the shares to which the offer
relation to the amalgamating and amalgamated companies. If
relates within four months of making the offer, the bidder
a public company is involved, the Code must also be complied
may compulsorily acquire the shares of the non-accepting
with.
shareholders.
• SFA: Insider trading provisions in the SFA restrict the communication to a third party of material, price-sensitive Other regulatory requirements
information which is not generally available, where the third Section 54 of the Singapore Competition Act prohibits mergers
party is likely to deal in the securities. They also prohibit the and acquisitions which have resulted, or may be expected to result,
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China OutbOund investment Guide 2013

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59

SInGAPorE

in a substantial lessening of competition within any market in
Singapore for goods or services, unless excluded or exempted. The
Competition Commission of Singapore (CCS) determines whether
any particular M&A is caught under Section 54. The review is a
two-step process: the first step generally takes less than 30 working
days and is a quick review. Mergers which clearly do not have any
anti-competition concerns may complete without undue delay. If
the CCS forms no view after the first step, then a more extensive
review, which may take up to 120 working days, will be conducted.
While the prior approval of the CCS is not required for a merger, a
merger subsequently determined to be in breach of Section 54 may
subsequently be required to be unwound. It is therefore advisable
for the parties to voluntarily notify the CCS of the intended merger
in order to seek its prior approval.
Finally, it must be noted that although generally there are no
foreign shareholding restrictions for most business in Singapore,
the acquisition of interests beyond certain shareholding thresholds for certain companies in Singapore requires the prior
approval of the relevant authorities:

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5%, 12% and 20% of any bank or any financial holding
company;
5% of any finance company;
5% of any insurance company;
5% and 12% of any newspaper or television broadcast
company; and
12% and 30% of any designated telecommunication licensees.

With US$3 trillion in foreign exchange reserves, China has
been ramping up investments around the world. According to
CNBC, net outward-bound foreign direct investment by Chinese
companies grew from US$5.5 billion in 2004 to US$68.81 billion
in 2010 and Singapore is one of the top 10 investment destinations of China. It is widely expected that foreign direct investment
from China to Singapore will continue to increase in the future.
How to make a successful investment in Singapore is a
complex question and each investment is unique. We hope
this article provides you with an overview of business vehicles
available and M&A in Singapore.

www.chinalawandpractice.com

新加坡

到新加坡投資:營商工具和並購
何军 和 颜建堃
王律師事務所

加坡是一個接近赤道、位於馬來半島南端的島嶼城市國
家。新加坡是東南亞國家聯盟 (ASEAN) 的成員國,在環
球貿易、金融及服務方面,可算是東南亞地區最重要的戰略連
結點。
儘管其面積不大,根據世界銀行報告,新加坡於2009至2012
年期間,連續四年獲評定為全球最佳營商地點,在吸引外資方
面也極之成功。新加坡統計局印發的2010年外國股權投資數字顯
示,截至2010年底,外商對新加坡股權投資總額上漲至6,135億新
加坡元。除了其戰略位置、卓越的名聲、出色的網絡及基礎設
施、高端的銀行系統及多元化人口外,新加坡的法律制度亦在
吸引外資方面發揮重要作用。外國投資者在這城市國家進行投
資前,應考慮在當地提供的營商企業模式及收購現有公司的一
般法律問題。

送達。同時,母公司更改其代理人、註冊地址及其他資料的,
有義務向公司註冊處報告有關更改資料。母公司須於年度股東
大會召開之日起兩個月內或財政年度結束之日起七個月內,向
會計與企業管理局提交其年度報告及新加坡分支機構經審計的
賬目,以及其他公司記錄和檔案。

個人獨資企業
個人獨資企業是指個人以自己的名義或利用商號開展業務。這
並非獨立的法律實體,其所有人承擔無限責任。個人獨資企業
所有人不居於新加坡的,應委任一位經常居於新加坡的當地經
理。根據《商業登記法》,個人獨資企業須經會計與企業管理
局登記。

合伙企業
營商工具
合伙企業是指兩個或以上個人以牟利為目的,聯合開展業務。
外國投資者可在新加坡設立不同的營商工具,公司是最常用的 合伙人的數目一般不多於20人,專業合伙企業除外。合伙企業並
一種方式。公司可以非公開招股或公開招股形式設立,並必須 非獨立的法律實體,其合伙人對企業的債務及其他合伙人所導
致的損失承擔無限責任。根據《合伙企業法》,所有合伙企業
向會計與企業管理局註冊。
非公開招股公司和公開招股公司最主要的分別在於後者可 須經會計與企業管理局登記。
向公眾集資,而非公開招股公司不能。一家公司是一個法律實
體,與其股東及董事相分離並獨立存在,其成員對公司承擔有 有限合伙企業
限責任。根據新加坡的《公司法》規定,一家公司必須有至少 有限合伙企業包括兩個或以上個人,至少一個普通合伙人及一
一個股東及一個經常居於新加坡的成年董事。要符合“經常居 個有限合伙人。合伙人的數目並無限制,任何個人或企業均可
於新加坡”的條件,董事必須為新加坡公民、
新加坡永久居民,或持有創業准證或就業准證
(均需向人力部申請) 並居於新加坡。設立公司
外國投資者在這城市國家進行投資前,應考慮在當地提供的營商企業
並無最低實收資本的要求,投資者可以最低1
模式及收購現有公司的一般法律問題
新加坡元註冊設立公司。
公司的業務運作及管理權力屬於董事會:
執行董事負責公司的日常運作,非執行董事監
察公司的事務及公司治理,但不參與日常運作。每家公司須於 作為普通合伙人或有限合伙人。有限合伙企業並非獨立的法律
註冊成立之日起三個月內委任審計師,除非公司獲豁免有關審 實體。普通合伙人對有限合伙企業的所有債務和損失承擔個人
計要求。同時,公司須於註冊成立之日起六個月內委任一位居 責任,而有限合伙人則只對以其協議出資部分為限的債務和損
於當地的公司秘書,該公司秘書不能是公司的唯一董事,並須 失承擔個人責任,除非他們參與企業的管理。有限合伙企業受
符合其他各項規定的要求。
《有限合伙企業法》監管,投資基金通常利用有限合伙企業作
一般來說,新加坡對大部分商業活動,不設特別審批要求。 為投資工具。
但一些商業活動由政府機關控制,需於開展業務前取得所需審
批及許可,例如銀行及其他相關金融業務需取得新加坡金融管 特殊的普通合伙企業
理局的批准。其他活動如國際航空運輸、電信、生產香煙、啤 特殊的普通合伙企業中,每個合伙人各自對企業承擔有限責
酒、電冰箱及空調,以及經營餐廳、酒吧和賭場,均需向其他 任。一個合伙人個人對其不當行為所引致的債務及損失承擔個
政府機關取得許可證。
人責任,對其他合伙人對企業所造成的債務和損失並不承擔個
其他適用外資的營商工具不及公司形式普遍,其中包括:
人責任。特殊的普通合伙企業最少有兩個合伙人,合伙人的數
目並無限制。特殊的普通合伙企業是獨立於合伙人的法律實
體,受《特殊的普通合伙企業法》監管。
外國公司的分支機構
外國公司可以向會計與企業管理局申請註冊設立分支機構。由
於分支機構並非獨立於母公司的法律實體,對於分支機構在新 信托工具
加坡產生的任何負債或義務,可對其母公司的所有資產強制執 信托工具與集合投資計劃或商業信托相似,是為資產設立一個
行。分支機構沒有自有股份或董事會。母公司須委任兩位或以 由專業經理根據委托的條款及條件管理的信托。資產的法定所
上新加坡居民擔任代理人,代表公司接受法律程序文件及公告 有權以專業受托人名義持有。受托人根據信託契約保管資產,
www.chinalawandpractice.com

2013年中國境外投資指南

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61

新加坡

作者簡歷
何军
合伙人
何军是中國業務組的聯席主管,負責處理公司/並購及資本市場業務的合伙
人。
他主要負責的業務范圍包括企業融資、股票資本市場、在中國外商投
資、並購及中國的房地產發展。
何军在處理中國房地產業務的表現獲《法律服務500強 ─ 2012年亞太區
法律專業客戶指南》推崇。在公司並購業務方面,他亦獲《錢伯斯環球指南
─ 2012年全球傑出商務律師》推薦為新加坡和中國的傑出法律從業者,以及獲《專家指南
─ 2011年全球傑出法律從業者指南 (中國) 》推薦為傑出並購從業者。
何军於中國雲南大學取得文學士學位,並在位於北京的中國政法大學及美國太平洋大學
的McGeorge 法律學院取得法學碩士學位。1990至1991年間,他於美國哥倫比亞大學的法
學院擔任訪問學者。Joseph擁有中國註冊執業律師資格。

颜建堃
合伙人
颜建堃是中國業務組的聯席主管,負責處理公司/並購業務的合伙人。他主
要負責的業務范圍包括 (涉及公開和非公開招股公司的) 並購、股票資本市
場 (首次公開發行及配售) 及一般公司法。自2004年開始,他擔任律師事務
所駐上海代表處的首席代表,於2004至2009年間駐上海工作。
颜建堃在處理中國房地產業務的表現獲《法律服務500強 – 2012年亞太
區法律專業客戶指南》推崇,他亦獲《專家指南 ─ 2011年全球傑出法律從
業者指南 (中國) 》推薦為傑出並購從業者。
颜建堃畢業於倫敦的國王學院,擁有英國大律師 (中庭) 及新加坡執業律師資格。2008
至2009年間,他擔任上海新加坡商會的副會長。颜建堃最近為CCH出版的《中國境外投
資:法律及業務指南》,撰寫有關新加坡的章節。

並確保其符合法律法規及規則的規定。投資者持有信托的單
位,對專業經理代表信托所產生的投資損失不承擔個人責任。

並購
除設立營商工具外,外國投資者亦可收購現有新加坡業務,最
普遍的方式是收購非公開招股或公開招股公司的股份。
收購上市公司
除證券業協會印發的各項實務準則以外,上市公司收購方須遵
守的一條最重要的法律是新加坡金融管理局印發的《證券及期
貨法》中的《收購與兼並規範》 (《規範》) ,《規範》適用於
收購新加坡證券交易所第一上市的新加坡和外國企業。在可能
及適當的情況下,收購擁有50位或以上的股東及淨有形資產達5
百萬或以上新加坡元的非上市新加坡公開招股公司亦需遵守該
《規範》。
《規範》規定,收購公開招股公司股份的,有下列情況之一
的,必須提出收購公司所有股份的要約:

• 它們 (及其他一致行動人) 收購的股份具有30%或以上的公司
表決權﹔

• 它們 (及其他一致行動人) 持有至少30%、但不超過50%的公
司表決權,在任何六個月內收購的額外股份使它們所持有的
表決權比例增加超過1%。
此外,收購人也可自願提出要約,收購公司的所有股份。根
據《規範》,該要約須附帶條件,要求取得最低接受程度:即
接受要約須導致收購方 (及其他一致行動人) 持有被收購公司超過
50%的表決權。
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2013年中國境外投資指南

一般來說,除非事先取得證券業協會的
同意,否則收購方不能提出只收購公開招股
公司部分股份的要約。部分收購將導致收購
方及其他一致行動人持有被收購公司30%至
50%表決權的,證券業協會將不會同意該收
購。
其他收購方需遵守的主要法律包括:

• 新加坡證券交易所上市規則:收購方在新
加坡證券交易所上市的,如收購超過一定
標準或提供自有股份作為要約的對價,須
取得股東批准。如收購方擬為被收購公司
申請退市的,應向被收購公司的股東提供
合理的退出投資選擇,一般以現金形式。
• 公司法:若干規定適用於收購要約,例
如在增加股份的過程中有關申報持股數量
的要求。需注意的是,受購方提出收購
新加坡公司的要約,而在作出要約後4個
月內,90%或以上的股份收購要約被接受
的,收購方可強制收購不接受要約的股東
所持有的股份。
• 《證券及期貨法》:《證券及期貨法》中
的內幕交易規定,限制在第三方有可能進
行證券交易的情況下,告知第三方一般不
能取得的重大、股價敏感信息。另外,法
規禁止買賣或促使他人買賣該證券。根據
《證券及期貨法》,提出收購要約但無提
出要約的意圖,或無任何合理或可能理
由相信提出要約者能夠履行要約中的義務
的,屬於違法行為。

收購非公開招股公司
收購非公開招股公司的股份一般以簡短文件 (或稱為意向性協
議、條款清單、意向書或諒解備忘錄) 開始,而文件的制定一般
以合同或最終協議為前提,且不具約束力,有關保密、管轄法
律、爭議解決、成本和費用及排他協議等條款除外。雙方可加
入額外、具約束力的條款,如限制談判、排他協商和終止協議
費等條款,以降低一方在沒有充分理由的情況下退出磋商的風
險。成功完成磋商後,買方和賣方 (如需要,可加入立約者和擔
保人) 簽訂私人書面買賣股份協議,協議包括明確雙方交易前後
的義務的詳細條款和條件。為了轉讓股份,將由賣方簽字的股
份轉讓表格送達到買方是一項重要的完成程序。
其他方式
一個投資者可與被收購公司及現有股東簽訂股份認購協議,認
購非公開招股公司新發行、具有表決權的股份。認購股份導致
投資者的持股量超過被收購公司已發行具表決權的股本總數的
50%,並攤薄現有股東的持股比例的,投資者取得被收購公司的
控制權。
其他較少見的收購公司方式包括:

• 協議安排:這是根據公司法進行公司重組的法定程序。安排
必須獲得過半數 (以人數計算) 持有出席股東大會並投票的股
東或股東類別至少75% (以價值計算) 股份的股東通過,經通
過的安排由高等法院批准。一經批准,安排對所有股東 (包括
反對股東) 具約束力。如被收購公司是一家公開招股公司,需
遵守《規範》的規定。
• 法定合並:根據公司法,兩家或以上的公司可合並為一家公
www.chinalawandpractice.com

新加坡

司存續。合並必須經兩家合並公司的股東特別決議通過。公
司須制定合並方案,各合並公司的董事須對合並及被合並的
公司的清償能力作出表述。合並涉及一家公開招股公司的,
須遵守《規範》的規定。

其他法規要求
新加坡《競爭法》的第54條禁止已經或預計將大幅減低新加坡任
何商品和服務市場競爭的並購交易,獲排除或豁免的除外。新
加坡競爭局負責決定一宗並購交易是否符合第54條所述情況。
審查包括兩個步驟:第一階段為快速審查,一般不超過30個工
作日。明顯不具有反競爭影響的並購交易可無需延誤,順利完
成。新加坡競爭局完成第一階段後沒達成意見的,會進行一個
較詳細的審查,審查期可長達120個工作日。儘管並購交易無須
事前取得新加坡競爭局的批准,如並購交易事後被認定違反第54
條規定的,委員會可在該宗交易完成後要求取消交易。因此,
建議交易雙方應自行通知新加坡競爭局擬進行的並購交易,於
交易前取得批准。

www.chinalawandpractice.com

最後投資者需注意的是,雖然新加坡對大部分業務沒有外國
持股限制,但收購某些公司的股權達到一定標準的,必須事先
經有關機關批准:





任何銀行或金融控股公司的5%、12%和20%持股;
任何金融公司的5%持股;
任何保險公司的5%持股;
任何報章或廣播電視公司的5%和12%持股;
任何指定電信被許可人的12% 和30%持股。

中國擁有3萬億美元外匯儲備,一直在世界各地加大海外投
資。根據CNBC的報道,中國公司的淨對外直接投資額自2004年
的55億美元增至2010年的688.1億美元。新加坡是中國十大投資地
點之一,預計中國對新加坡的直接投資在未來將持續上升。
如何在新加坡成功投資是一門複雜的學問,每項投資都有其
獨特之處。我們希望這篇文章能為您提供於新加坡適用的營商
工具及並購事宜的概覽。

2013年中國境外投資指南

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63

Transactions,
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SWItzErLAnd

reliability and neutrality: Investing in
switzerland
by dieter Gericke, Felix dasser, marcel dietrich, Gregor bühler and Reto heuberger
homburger
1) Why should chinese businesses be interested in
switzerland?
• Switzerland was among the first non-communist countries to
recognise the People’s Republic of China in early 1950. Swiss
companies have been among the first to invest in China. The
two countries just reached agreement on the content of a
bilateral Free Trade Agreement.
• Internal stability, external neutrality and tradition of government non-interference.
• Independence (not part of the European Union), open market
and own currency (Swiss Franc).
• Tradition of successful companies and entrepreneurship
combined with innovation, top-notch technology and
developed financial services.
• Business friendly and reliant civil law system with economic
freedom and freedom of contract. Chinese civil law has partly
been based on German and Swiss law.
• Swiss law is often used as a neutral, predictable and flexible
law for international contracts with or without a Swiss angle.
It is the number one substantive law in ICC arbitrations.
• Transparent legislation with no overregulation of business
and markets.
• Cooperative authorities and no corruption.
• Reasonable tax rates.
• Excellent education and flexible labour market.
• Highly-developed place of arbitration and litigation.
• Numerous small and large companies from all over the world,
including China, the US, the EU, Japan, Russia, India, middle
East, Latin America and Africa invest or list in Switzerland,
acquire Swiss companies, use Swiss law for international
agreements or choose Switzerland as a hub for their international activities or for dispute resolution.
2) to what extent is foreign involvement in m&A transactions in switzerland regulated or restricted?
There are no general restrictions on capital transactions between
Switzerland and foreign investors that would allow governmental agencies to influence or restrict the completion of business
combinations or other M&A transactions. However, there are
industry-specific regulations and approval requirements (see
question 8).
Considering real estate, the Federal Act on the Acquisition
of Real Estate by Persons Abroad restricts the acquisition by a
foreign person or a foreign-controlled company of non-commercial real estate in Switzerland. The acquisition of shares in a
company whose statutory or factual business purpose is trading
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in non-commercial real estate is also subject to approval, except
for listed companies.
3) What investment options are available to prospective foreign investors and acquirers of companies in
switzerland?
Chinese investors can invest in or through a Swiss or a foreign
company without any particular restrictions. In terms of Swiss
legal entities, the most common Swiss legal forms are the AG
(Aktiengesellschaft: stock corporation) and the GmbH (Gesellschaft mit beschränkter Haftung: limited liability company). No
government approval is required for the formation of a Swiss
company.

The stock corporation is a legal entity with one or more shareholders (physical persons, partnerships or legal entities), and
a minimum share capital of CHF100,000, of which at least
CHF50,000 must be paid up. It must be registered in the
commercial register of its domicile, which does not list the
shareholders of the corporation or their respective holdings in
the corporation. Fundamental decisions require approval by
the shareholders’ meeting. Management is carried out by the
board of directors or management. There are no citizenship
requirements for shareholders or the board or management.
At least one person with residence in Switzerland must have
the power to bindingly represent the corporation.
The limited liability company is a legal entity with one or
more members (physical persons, partnerships or legal
entities), and a minimum nominal capital of CHF20,000. It
must be registered in the commercial register of its domicile,
which lists the members and their quota in the company.
The company acts through the members’ meeting, which can
delegate management to managers. At least one person with
residence in Switzerland must have the power to bindingly
represent the company.

Acquisitions: Prospective Chinese acquirers may acquire a Swiss
business or parts thereof by purchasing the shares of a company
(share deal), by purchasing all or specific assets (asset deal), by a
statutory merger, or in the case of listed companies, by a public
offer for the shares (public takeover).
Co-investments: In case of venture capital and other direct investment transactions, often, several investors may join forces for
the investment and to govern the company. For this purpose, the
articles of incorporation and a shareholders’ agreement provide for
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board representation, preference rights, veto rights, information
and other rights of the investors and regulate rights of first refusal
and co-sale rights and obligations in view of a potential exit.
Corporate reorganisation structures: The Federal Merger Act
provides for a variety of instruments to accomplish corporate
reorganisations. For example, merger, demerger, or transformation (change of corporate form).
4) What requirements are placed on foreign
investors?
There are no particular requirements with regard to investments
in private companies. For companies listed on a Swiss stock
exchange, the requirements that need to be observed both by any
investor, irrespective of nationality, include:

Notification to the target and the stock exchange if a bidder
(directly, indirectly or in concert with a third party) acquires
or sells shares or equity-linked securities and thereby
reaches, exceeds or falls below the thresholds of 3, 5, 10, 15,
20, 25, 331/3, 50 or 662/3% of all voting rights in the target
company.
Listed corporations need to disclose, in their annual business
report, the identity of shareholders or organised groups of
shareholders with a beneficial interest of more than 5% in the
corporation’s shares, to the extent that such interest is known
to the corporation.
In the context of a public offer for the shares of a listed
company, the bidder and all shareholders holding more
than 3% of the voting rights of the target must report all
acquisitions and sales of equity securities in the target and,
if applicable, in the company whose securities are offered in
exchange for the equity securities of the target.

5) Are there any specific regulations or regulatory
bodies governing public takeovers?
The Swiss Takeover Board (TOB) and the Swiss Financial Market
Supervisory Authority (FINMA) supervise public takeover offers.
The TOB’s orders are binding and enforceable, unless appealed.
6) What are the methods by which a public takeover
can be achieved?
Stake building: Potential bidders often seek to acquire a significant stake in the target via acquisition of shares prior to the
launch of the public tender offer (see question 4). This can be
achieved through: (i) undertakings from the target’s major shareholders to tender their shares; or (ii) an outright purchase before
the offer is announced. If undertakings or acquisition agreements
are entered into during the 12-month period before the public
tender offer is announced, the offer documentation must disclose
the relevant details of these transactions.
Transaction agreements: If an offer is recommended, the bidder
usually enters into a transaction agreement with the target.
The terms of such agreement are subject to review by the TOB
and must be disclosed in the offer prospectus. The transaction
agreement sets out: (i) the terms and conditions of the offer;
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(ii) the target’s duty to support the bid and to recommend
its acceptance to its shareholders; and (iii) the target’s future
management structure. No-shop undertakings by the target are
also frequent and, in principle, permissible under Swiss corporate
and takeover law.
Break fees: Usually, transaction agreements provide that the
target can withdraw against payment of a break fee if a competing
offer is superior. There is no specific restriction, like percentage
of transaction value, on break fees. However, they are restricted
as a result of directors’ fiduciary duties and the purpose of the
takeover rules to create a level playing field for offers and to
safeguard the freedom of choice of shareholders.
Mandatory offer: A person holding, directly or indirectly, or
acting in concert with another person, more than 331/3% of the
voting rights of a company with a primary listing on a Swiss
stock exchange is required to submit a public tender offer for
all listed equity securities of that company. A potential target’s
articles of association may, however, provide for an opting-out
(no mandatory offer obligation) or an opting-up (increase of the
triggering threshold to up to 49% of the voting rights).
Minimum price rule: In case of a mandatory offer (including offers
that would result in the triggering threshold being exceeded), the
offer price may not be set below the minimum offer price, which
is the higher of the following:

The volume-weighted average price of the stock exchange
transactions in the 60 trading days prior to formal preannouncement or publication of the offer (or a valuation in
case of illiquid stock); and
The highest price paid by the bidder or persons acting in
concert with the bidder for shares in the company in the
preceding 12 months.

Conditions for a takeover: Voluntary public takeover offers may
be made subject to conditions precedent only if such conditions
are beyond the bidder’s control. Where the nature of the conditions precedent is such that the bidder’s cooperation is required
for their satisfaction, the bidder must take all reasonable steps to
ensure that the conditions are satisfied. With the approval of the
TOB, the offer may be made subject to subsequent conditions if
the advantages of the conditions for the bidder outweigh the disadvantages for the target’s shareholders (e.g. obtaining regulatory
approvals). Typical conditions include the following:


Minimum acceptance threshold. The TOB requires that the
threshold not be unrealistically high also considering shares
already owned by the bidder. Typical thresholds are 67% in
solicited offers and 51% in unsolicited offers. In practice, most
offers reach acceptance levels of over 95%, thereby permitting
a squeeze-out of minority shareholders (starting at 90%).
Merger control, regulatory (including regarding listing or registration of shares offered in exchange for the target’s shares)
or shareholder approval;
Material adverse effect (MAC) conditions. The typically
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accepted thresholds are 10% of EBITDA, 5% of turnover or
10% of the target’s net asset value.
A bidder required to submit a mandatory offer cannot make
that offer subject to conditions, other than conditions required to
comply with regulations, aiming at registration with voting rights
or protecting the economic substance (crown jewels) of the target.
Funding commitments: Funding must be in place before the offer
is announced. The bidder can make a formal pre-announcement
of the offer before it has committed funding. The actual offer
must contain details of the sources of financing and confirmation by the independent review body that financing is available.
The certain funds requirement imposes restrictions on permitted
conditions of the financing commitment.
7) to what extent have material adverse change (mAc)
clauses become more important in light of the current
economic climate?
The Swiss economy and Swiss companies have not been as
severely affected by the financial crisis as other Western jurisdictions. Rather, businesses headquartered in Switzerland do,
and did throughout the crisis, fairly well. Since Switzerland has,
with the Swiss Franc, its own, traditionally stable currency, the
Euro crisis had limited effects on the economic climate for Swiss
companies, except that exports are affected by weak foreign currencies. Companies typically hedge against exchange rate risks.
Nevertheless, the financial crisis has led to more carve-outs
from MAC conditions for adverse effects that are the result of
general market conditions and the financing environment. In
addition, commitment letters that secure the financing of an
acquisition have become common also in private acquisitions
and more often allow the seller to rely on such commitment.
8) Which regulated financial industries have maximum
foreign ownership thresholds?
There is no limitation on foreign ownership in the financial
industry. However, owners or acquirers of important stakes in
financial institutions are subject to scrutiny as to reputation,
compliance and sound business conduct, and financial institutions under foreign control may require a special licence.
Banks and securities dealers: All banks or securities dealers incorporated or having a place of business in Switzerland must have a
FINMA licence before starting operations. Qualifying shareholders, like persons or entities owning directly or indirectly 10% or
more of the bank’s or securities dealer’s capital or voting rights
or otherwise exerting a significant influence, are also subject to
scrutiny by FINMA. Shareholders who acquire or sell a qualifying shareholding, or who increase or decrease their shareholding
beyond 20, 33 or 50%, must notify FINMA before completing the
transaction. An additional licence is required for a Swiss bank or
securities dealer under foreign control or in case of changes in
the foreign control.
Insurance companies: If a person intends to, directly or indirectly,
acquire a participation in a (re-)insurance company domiciled in
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Switzerland, it must notify FINMA if, as a result, it reaches or
exceeds the thresholds of 10, 20, 33 or 50% of the capital or voting
rights of the Swiss (re-)insurance company.
Investment fund managers: Qualifying shareholders, i.e. persons or
entities owning directly or indirectly 10% or more of the capital or
voting rights of the fund manager or otherwise exerting a significant
influence on the fund manager, are subject to scrutiny by FINMA.
9) What policies are in place for chinese companies
wishing to list on capital markets in switzerland?
Switzerland’s regulated securities market consists mainly of the
SIX Swiss Exchange (SIX). SIX is a regulated securities exchange
market in Zurich and the reference market for more than 40,000
securities, connecting investors, issuers and participants from all
over the world. Within SIX, the Regulatory Board decides on the
admission to listing and ensures that issuers fulfil their obligations during listing.
Typically, admission is granted based on a prospectus in line
with international standards. Prospectus review by the listing
authorities is a formal one (mainly completeness) and does not
extend to verification of the content. However, wrong or misleading information in the prospectus may trigger prospectus liability
of those responsible for such misinformation.
For the primary listing, non-Swiss issuers have to comply
with the same listing requirements as domestic issuers. Requirements include that:


at least 25 % of the issuer’s shares will be free-floating;
the free-float has an expected market capitalisation of at least
CHF25 million;
the issuer’s reported equity capital must be at least CHF25
million.

Once listed, the issuer is subject to ongoing obligations for
maintaining the listing. Such continuing obligations include (in
case of equity securities):



periodic reporting in compliance with financial reporting
standards recognised by SIX;
disclosure of price-sensitive facts (ad hoc publicity);
disclosure of management transactions; and
disclosure of substantive shareholdings.

For secondary listed foreign issuers at SIX (issuers with a
primary listing elsewhere), regulatory and ongoing disclosure
requirements are relaxed and largely refer to the filings and rules
of the primary stock exchange.
10) What are the main features of swiss merger control?
Legal framework: Merger control in Switzerland is governed by
the Federal Act on Cartels and Other Restraints of Competition
(Cartel Act) and the Ordinance on the Control of Concentrations
of Undertakings (Merger Control Ordinance).
Notification duty: Planned concentrations of undertakings,
mergers as well as acquisitions of sole or joint control, must be
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notified to the Swiss Competition Commission (ComCo) prior
to their implementation if the statutory turnover thresholds are
met. This is the case if in the last business year preceding the
concentration:

the undertakings concerned achieved a combined turnover of
at least CHF2 billion worldwide or, alternatively, a combined
turnover of at least CHF500 million in Switzerland; and
cumulatively
each of at least two of the undertakings concerned achieved a
turnover of at least CHF100 million in Switzerland.

However, a notification duty exists irrespective of these
turnover thresholds if an undertaking participates in the concentration for which it has been established in a final and binding
decision under the Cartel Act that it has a dominant position in
a specific market in Switzerland and the concentration concerns
this market or an upstream or downstream or neighbouring
market. Special rules apply to insurance companies, banks and
other financial intermediaries.


creates or strengthens a dominant position in a market
by which effective competition can be eliminated; and
cumulatively
does not lead to any improvement of the competitive situation
in another market which outweighs the disadvantages of the
dominant position.

Procedure (with suspensive effect): The Cartel Act distinguishes
between the preliminary investigation, (phase I – one-month
waiting period) and a possible in-depth investigation (phase II –
four months).
11) What have been the major recent developments in
competition policy?
Amended notice on merger control issues: In May 2011, ComCo
published an amended version of its notice entitled New Practice
in Merger Control Proceedings. This document deals, inter alia,
with the following issues:

Creation of a joint venture outside Switzerland: The creation of a
joint venture is, in principle, subject to a notification duty in SwitSubstantive test: ComCo may prohibit a concentration or zerland if at least two of the undertakings concerned exceed the
authorise it subject to conditions and obligations if the statutory turnover thresholds. In its notice, ComCo clarifies that
no notification duty exists if the joint venture is neither active
concentration:
nor achieves any turnover in Switzerland
AuThOR BIOGRAphIES
(particularly does not make any supplies into
Switzerland) and such activities or turnover
dieter Gericke is a Partner in the corporate | M&A practice team and
in Switzerland are, even for the future, neither
Head of Homburger’s china Group. His practice focuses on public and
planned nor to be expected.
private mergers & acquisitions, private equity, capital markets (including
IPos) and finance. He advises in matters of corporate law and securities
regulations.

Felix dasser heads the Litigation | Arbitration practice team. He advises
and represents companies in international commercial disputes in litigation
and arbitration proceedings, as well as on white collar crime and regulatory
compliance. He also sits as an arbitrator.

Marcel dietrich is a Partner in the competition and corporate | M&A
practice teams and in the White collar | Investigations working group. His
practice focuses on Swiss and European competition and antitrust law,
regulated markets and public procurement.

Gregor Bühler is the deputy Head of the IP | It practice team. He
focuses on intellectual property law, information technology and unfair
competition law (advisory work as well as representation in contentious
matters).

Reto heuberger is a Partner in the tax practice team. He focuses on
tax planning and the structuring of M&A transactions, reorganizations,
relocations, investment management structures, family offices and trusts.

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Geographical allocation of turnover: The
decisive criterion for the geographical allocation of turnover under Swiss merger
control law is, in principle, the location of the
customers, so the place to which a product is
supplied pursuant to the contract (place of
performance), respectively, where the competition with alternative suppliers for the
customer takes place. If the parties to the concentration make no sales to customers located
in Switzerland but merely the invoicing is
carried out via billing addresses in Switzerland for transactions taking place outside
Switzerland, the turnover is not considered
to be achieved in Switzerland. These explanations relate to products, different rules
may apply to services. Special rules apply
to insurance companies, banks and other
financial intermediaries.
12) What tax treaties has switzerland
signed that would benefit chinese
investors?
Switzerland has concluded over 90 double
taxation treaties, including treaties with
China, Hong Kong and Singapore. In
addition, it has concluded an agreement with
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the EU that grants full relief from withholding tax on intra-group
payments of dividends, interest and royalties.
The current treaty with China provides for maximum withholding tax rates of 10% on dividends, 10% on interest and 10%
on royalties. China and Switzerland have paragraphed a revised
treaty. It is expected to enter into force in 2014 or 2015 and
provides for maximum withholding tax rates of 5% on intragroup dividends, 10% on interest and 9% on royalties.
The treaty with Hong Kong, which entered into force on
January 1 2013, provides for maximum withholding tax rates of
0% on intra-group dividends, 0% on interest and 3% on royalties.
The revised treaty with Singapore applied since January
1 2013, provides for maximum withholding tax rates of 5% on
intra-group dividends, 5% on interest and 5% on royalties.
With respect to Swiss taxes, these treaty rates apply to the
extent that the Swiss taxes are not lower. In particular, they do
not apply to royalties since Switzerland does not levy any withholding taxes on royalties. Further, Switzerland does not levy
any withholding taxes on certain types of interest, in particular,
interest on intra-group loans or on loans that do not qualify as
bonds or notes.
13) What tax advantages does switzerland offer for
chinese investors?
Switzerland offers in general relatively moderate corporate
income tax rates (depending on the region, i.e. state, between
12% and 24%) and value added tax rate (8%). Interest expenses
on loans from related parties are deductible provided that they
are in line with the thin capitalisation rules and the arm’s length
rules for related party loans.
Switzerland unilaterally, irrespective of the application of any
double taxation treaty, exempts all the profit attributed to foreign
permanent establishments and foreign real estate from the Swiss
tax base.
In addition, the Swiss participation exemption regime applies
at federal and regional level to all Swiss resident companies and
Swiss permanent establishments of foreign companies that own a
qualifying participation in a subsidiary. The participation exemption is granted irrespective of whether there is any taxation at
the level of the subsidiary or whether any double taxation treaty
applies. Switzerland has not introduced any Controlled Foreign
Corporation (CFC) rules. A qualifying participation has different
thresholds depending on whether the exemption is granted for
dividends or for capital gains from the disposal of shares. The
thresholds are:

for dividend income: an equity investment of at least 10% or
with a value of at least CHF1 million;
for capital gains from the disposal of shares: an equity investment of at least 10% that has been held for at least one year.

Several further special regimes and reliefs are beneficial for
investments:

Regional holding company regime: Not only the income from
participations but all the income is exempt from regional
and communal corporation tax, if a company qualifies as a

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holding company. At the federal level, on the other hand, a
holding company is an ordinary taxpayer at standard rates
of 8.5% (7.8% before taxes), but the participation exemption
regime described above applies to income from participations. Holding company status is granted if the following
requirements are met: (a) the main purpose of the company
is the holding and management of long-term financial participations in the subsidiary companies; (b) at least two-thirds
of either the assets or the income is composed of or derived
from participations; and (c) the company is not engaged in
any commercial activity in Switzerland. There are certain differences in which activities are accepted by the regions. In
general, management and administration of the company
itself is tolerated.
Mixed companies (trading, IP, etc.): A Swiss company or a
branch of a foreign company qualifies for the tax privilege of a
mixed company at the regional and communal level if it does
not engage in any commercial activity within Switzerland or if
it engages in such activities to only a small extent. In general,
at least 80% of the income must be derived from abroad and at
least 80 % of the expenses have to be foreign expenses. Therefore,
mixed companies are often used for international trading,
licensing and franchising activities. Swiss source income is taxed
at standard rates, whereas foreign source income is only partially
included in the Swiss tax base. Thus, depending on the specific
regional requirements, the specific regional tax rates and the
amount of Swiss source income, the overall tax rates of mixed
companies in Switzerland for federal, regional and communal
tax purposes vary between 8% and 11%.
State aid: Since Switzerland is not a member of the EU, it is
in principle not limited by the European prohibition on state
aid. However, Switzerland has introduced unilateral rules that
limit the application of state aid to certain regions that are
economically not well developed. Depending on the size and
the function of the newly established business, an exemption
of up to 50% from regional or communal income taxes and,
in specified areas, also from federal income taxes for a period
of up to 10 years, may be granted. Depending on the area and
the structure, the exemptions may even be extended after the
10-year period has lapsed.
Principal structures: Swiss principal companies of international groups can benefit from a special tax treatment
for federal income tax purposes. A principal company is a
company with several high-level employees that assumes risks
and responsibilities for certain activities, such as purchasing, research and development, manufacturing, distribution,
marketing strategy and logistics. Provided that the sales are
made exclusively through commission agents or limited risk
distribution companies of the group, the principal company
can reach a reduced Swiss tax base that results, in combination with the regional tax regime of the mixed company, in
tax rates as low as approximately 5 to 7%, depending on the
set-up and location.
No withholding tax on royalty income and certain types of
interest payments: See question 12.

14) What exit mechanisms are in place in switzerland
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and how will these affect investors when they want to
get their money out?
There are no restriction on, or approval requirements for, capital
transfers from Switzerland abroad. Generally, exits can take the
form of a sale of shares or assets, dividend payments, capital
reductions, liquidation, initial public offering (IPO), cross-border
merger or redomiciliation. Flows of funds may, however, also take
the form of advisory or management fees, royalties, payments for
supply or manufacturing and other commercial activities.
Switzerland does not levy any withholding tax on capital
gains from the disposal of the shares of a Swiss company. Only
if the Swiss company is a real estate company, a regional capital
gains tax may be due in the case of the sale of the shares.
However, since Switzerland normally levies a 35% withholding tax on dividends, investments into Switzerland are usually
structured in such way that a double taxation treaty applies which
reduces this withholding tax. Many Swiss treaties, including the
one with Hong Kong, provide for 0% withholding taxes on intragroup dividends.
An exit by way of redomiciliation is deemed to be a liquidation for tax purposes and thus triggers corporate income tax and
withholding tax on dividends (liquidation proceeds). The general
principles apply including the participation exemption for equity
investments and the reduction of the withholding tax in cases of the
application of a double taxation treaty (see questions 12 and 13).
15) What protection is available for intellectual
property in switzerland?
Swiss law provides for the protection of registered intellectual
property rights (patents, trademarks and design rights) as well as
unregistered intellectual property rights (copyright, trade secrets
and confidential information). The main characteristics of these
rights are the following:

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Patents are registered protective rights granted for technological inventions. Protection is granted upon registration in the
patent register. An invention is only eligible for patentability,
if it is new, compared to state of the art, as of the application
or priority date and if it is non-obvious to the man skilled in
the relevant art. The patent is valid for a maximum duration
of 20 years from the application date.
Trademarks are registered protective rights that protect signs
(letters, words, numbers, designs, three dimensional forms,
colour combinations or sounds) or denominations in order to
distinguish goods or services from one another. Protection is
granted upon registration of the trademarks in the trademark
register for an initial period of 10 years. It may be extended
for an unlimited number of subsequent periods of 10 years
each.
Design rights are registered protective rights that grant protection for visible forms of two-dimensional (patterns, such
as fabric designs) or three-dimensional (such as furniture)
objects. Protection is granted upon registration of the design
in the design register. In order to be eligible for registration, the design has to be significantly new and distinctive
from prior forms. Further, it is required that the design is
not exclusively owed to the technical function of the relevant
China OutbOund investment Guide 2013

object. Protection is granted for an initial period of five years
and may be extended for four subsequent periods of five years
each.
Copyright protection is granted for works of literature and
art, such as books, paintings, architecture, photography,
music and computer programs. In general, only creations of
the human mind which are of individual nature qualify as
protected works. Registration is neither required nor possible;
thus, protection is granted upon the creation of the work
without further steps required. The author has the right for
commercial exploitation and is further the holder of a number
of moral rights (for example, the right to be acknowledged as
the author). Copyright protection expires 70 years (general
rule) and 50 years (computer programs) after the death of the
author, respectively.
Trade secrets and confidential information are protected by
various provisions of Swiss law. Civil law protection of trade
secrets is most importantly addressed in the Swiss Act against
Unfair Competition (UCA). The UCA makes it civil tort to
entice workers, agents or ancillary persons to disclose or
uncover trade secrets of their employer or principal. Further,
anyone who exploits results of work entrusted to him (for
example, tenders, calculations and plans) without authorisation commits an act of unfair competition. Finally, the
exploitation or disclosure of manufacturing or trade secrets is
deemed to be an act of unfair competition and, thus, unlawful
if such secrets have been obtained in an unfair or otherwise
unlawful way. Apart from the legislation against unfair competition, other civil law provisions also address the protection
of trade secrets such as the statutory employment law, which
stipulates confidentiality obligations. From a criminal law
perspective, the violation of certain provisions of the UCA
related to trade secrets qualifies as a criminal offense. Besides,
the Swiss Penal Code (PC) penalises the betrayal of a trade
or manufacturing secret as well as the exploitation of such
betrayal. Furthermore, industrial espionage is penalised
under the PC.

Moving intellectual property to Switzerland may be beneficial
from various points of view. First, Swiss tax laws offer a number
of attractive opportunities, such as the holding company regime,
and special taxation of income generated by intellectual property
rights and no withholding tax on royalties (see question 12 and
13). Second, Swiss contract law allows the parties a maximum of
freedom to agree on tailor-made agreements, such as licensing
agreements. Third, the courts (including the Federal Patent
Court) provide for an efficient and impartial enforcement against
infringements of intellectual property rights of foreign intellectual property owners. Generally, Switzerland has a long tradition
of valuating and protecting innovations and intellectual property
and to create a stable and moderate tax environment for their
exploitation.
16) What dispute resolution procedures are available
and how popular are they with foreign investors?
Switzerland is one of the leading arbitration venues of the world.
Based on the latest statistics available, Switzerland takes second
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place in the International Chamber of Commerce’s statistic of
venues, topped only by France as the host country and default
venue of the ICC. Over the years 2008 to 2010, Switzerland saw
288 new ICC cases, versus 204 for the UK, 114 for the US, 93
for Singapore and 35 for China and Hong Kong. Switzerland is
also the home of the Court of Arbitration for Sports and thus the
venue of most major sports disputes, including those in relation to
the Olympics Games and FIFA. The popularity of the use of Swiss
substantive law to govern international contracts is evidenced by
its number one position in ICC disputes (12% Swiss law, 10.7 %
UK law, 10.6 % US law, according to the latest statistics).
Arbitration in Switzerland may be based on any set of rules
that the parties may choose. Apart from ICC rules, the Swiss
Chambers’ Swiss Rules for International Arbitration that are
based on the UNCITRAL Arbitration Rules are very popular.
More than two thirds of the parties arbitrating under the Swiss
Rules are non-Swiss, in line with the average percentage of foreign
parties in all international proceedings in Switzerland.

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Switzerland has a long tradition of solving international
disputes in an efficient, neutral and professional manner, catering
to the needs of international business people, governments and
athletes alike. The arbitration law is attuned to the needs of international arbitration. A unique feature of Swiss arbitration law is
the direct and only recourse to the Swiss Supreme Court for any
challenges against an arbitral award. This setting-aside procedure
typically takes less than six months, with less than 7% of all
awards being vacated.
What if arbitration is not possible? Unlike courts in other
jurisdictions, the Swiss commercial courts willingly assist the
parties in finding a reasonable solution to their dispute early on
in the proceedings and based on prima-facie assessment of the
strengths and weaknesses of the case by the court itself. Further,
the parties need not fear expensive and disruptive document
production proceedings that are known from common law
jurisdictions (no discovery).

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瑞士

可靠性和中立性:在瑞士投資
dieter Gericke、Felix dasser、Marcel dietrich、Gregor Bühler 和 reto Heuberger
homburger
1) 為什麼中國企業應該對瑞士感興趣?
• 瑞士是1950年代初最早承認中華人民共和國的非共產主義國
家之一。瑞士公司是最早在中國投資的企業。兩國剛就一項
雙邊自由貿易協議的內容達成了協議。
• 內部穩定,對外中立,政府有不干涉商業的傳統。
• 獨立(並非歐盟的一部分),市場公開,有自己的貨幣(瑞
士法郎)。
• 成功的公司和創業精神的傳統,加上創新能力、頂尖的技術
以及發達的金融服務。
• 注重經濟自由和合約自由的民法制度對商業友好而且可靠。
中國民法在一定程度上依據了德國和瑞士法律。
• 瑞士法律常常因其中立性、預見性和靈活性高而被國際合同
選用,無論是否以瑞士的角度來看。它是國際商會仲裁中首
選的實體法。
• 立法透明度高,對商業和市場沒有過度監管。
• 當局高度合作,不存在貪污腐敗。
• 合理的稅率。
• 傑出的教育和靈活的勞動力市場。
• 高度發達的仲裁和訴訟地。
• 世界各地很多小型和大型公司,包括中國、美國、歐盟、日
本、俄羅斯、印度、中東、拉丁美洲和非洲的公司,都在瑞
士投資或上市,收購瑞士公司,在國際協議中使用瑞士法
律,或選擇瑞士作為它們國際活動或爭議解決的中心地。
2) 外國人在瑞士參與並購交易會受到哪些監管或限制?
瑞士和外國投資者之間的資本交易不存在會導致政府機構影響
或限制企業合並或其他並購交易的一般性限制。但是存在一些
行業性的監管規定和審批要求(見問題8)。
以房地產為例,《海外人士收購房地產聯邦法》限制外國人
或外國控制的公司在瑞士收購非商業性房地產。上市公司除了
以非商業性房地產交易為法定或實際商業目的的公司,收購其
股份也必須經過批准。
3) 有意在瑞士收購企業的外國投資者和收購者有什麼投資選
擇?
中國投資者可以向瑞士公司投資或通過瑞士或外國公司進行
投資,不受任何特別的限制。最常用的瑞士公司實體形式是
AG(Aktiengesellschaft,即股份公司)和GmbH(Gesellschaft
mit beschränkter Haftung,即有限責任公司)。組建瑞士公司不
需要政府審批。

律實體)和最低名義資本2萬瑞士法郎的法律實體。它必須在
其住所地辦理工商登記,工商登記列明其成員及各成員的公
司份額。公司通過成員大會行事,成員大會可委派管理層進
行管理。公司必須至少有一個瑞士居民具備有法律約束力的
公司代表權。
收購:有意的中國收購人可通過收購公司股票(股份交易)、
收購全部或特定資產(資產交易)、法定並購或對上市公司公
開要約收購股份(公開收購)等方法收購瑞士公司或其部份業
務。
聯合投資:如果是風險投資和其他直接投資交易,往往是數個
投資者聯合進行投資和管理公司。為此目的,公司章程和股東
協議要規定投資者的董事會代表權、優先權、否決權、知情權
及其他權利,還要規範優先購買權和共同出售權以及退出投資
時的義務。
公司重組結構:《聯邦兼並法》規定了進行公司重組的各種工
具。例如,兼並、分拆或改組(更改公司形式)。

4) 對外國投資者有什麼要求?
關於對非上市公司的投資不存在特別的要求。如果向在瑞士證
券交易所上市的公司投資,無論任何國籍的投資者都需要遵守
的要求包括:

• 如果收購人(直接、間接或與第三方一致行動)收購或出售
股份或股份類證券,因此而使其達到、超過或低於目標公
司全部投票權的3%、5%、10%、15%、20%、25%、331/3%
、50%或662/3%的界限,必須通知目標公司和證券交易所。
• 上市公司必須在其年度報告中披露擁有公司股份5%以上實際
權益的股東或有組織股東群體的身份,但以公司所知的此類
權益為限。
• 公開要約收購上市公司時,收購人及所有持有目標公司3%以
上投票權的股東必須報告對目標公司股份証券的所有收購和
出售交易,在適用的情況下,還必須報告用來交換目標公司
股份証券的其他公司證券的收購和出售交易。

5) 是否有任何特別的條例或監管機構監管公開收購?
瑞士企業並購委員會(TOB)和瑞士金融市場監管局(FINMA)監管公開要約收購。TOB的命令有法律約束力和可強制執
行,除非被上訴。

• 股份公司是具有一個或多個股東(自然人、合伙企業或法律
實體)和最低股本10萬瑞士法郎(其中5萬瑞士法郎必須是實
繳股本)的法律實體。它必須在其住所地辦理工商登記,工
商登記並不列出公司的股東或其各自所持股份。重大決策需
要股東大會批准。公司由董事會或管理層管理。對股東、董
事或管理層無國籍要求。公司必須至少有一個瑞士居民具備
有法律約束力的公司代表權。
• 有限責任公司具有一個或多個成員(自然人、合伙企業或法
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2013年中國境外投資指南

6) 有哪些方法進行公開收購?
股權積累:有意的收購人往往在發起公開要約收購之前尋求通
過購買股份取得目標公司的大量股權(見問題4)。這可以通過
下述方法進行:(i)目標公司的主要股東給予承諾提供其股份供收
購或(ii)在宣佈要約之前直接購買。如果在宣佈公開要約收購之
前的12個月期間訂立承諾或收購協議,要約文件必須披露這些交
易的有關細節。
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瑞士

交易文件:如果要約較為合適,收購人一
般會與目標公司訂立交易協議。該協議的
條款須經過TOB審核,並必須在要約文件中
披露。交易協議要載明:(i)要約的條款及條
件;(ii)目標公司支持要約並建議其股東接納
要約的責任和(iii)目標公司未來的管理架構。
目標公司的限制談判承諾也是常有的,瑞士
公司法和收購法在原則上允許這種規定。
單方終止協議費:交易協議通常規定目標公
司如收到更佳要約,可以退出協議,但要支
付一筆單方終止協議費。對於單方終止協議
費,沒有例如交易價值某個百分比這類的特
定限制。但是,由於董事身負受托責任,而
且收購規則要創造公平要約環境、保障股東
選擇自由,這個收費是受限制的。
強制要約:任何人直接、間接或與一致行動
人持有一家在瑞士證券交易所第一上市公司
的投票權超過33 1/3 %的,必須提出公開要約
收購該公司的全部上市股份証券。不過,潛
在目標公司的公司章程可以規定“選擇免
除”(沒有強制要約義務)或“選擇提高”
(將觸發強制要約的投票權界限提高,最高
可至49%)。
最低價格規則:在強制要約的情況下(包括
會導致觸發界限被超過的要約),要約價格
不得低於最低要約價,該價格以下述兩者之
較高者為準:

作者簡歷
dieter Gericke 是Homburger律師事務所公司/並購業務組的合伙人和中國
業務部的主管。他的業務重點是公開和私人並購交易、私募股權、資本市場
(包括首次公開募股)和融資。他就公司法和證券監管事項提供法律意見。

Felix dasser是訴訟/仲裁業務組的負責人。他在國際商業爭議的訴訟和仲
裁程序以及白領罪案和監管合規事務中提供法律意見和擔任公司客戶的代表
律師。他還擔任仲裁員。

Marcel dietrich 是競爭和公司/並購業務組和白領罪案/調查工作組的合伙
人。他的業務重點是瑞士和歐盟競爭和反壟斷法、受監管市場和公共採購。

Gregor Bühler是知識產權/信息技術業務組的副組長。他的業務重點是知
識產權法、信息技術和不正當競爭法(作為法律顧問以及在訴訟中擔任代
表律師)。

Reto heuberger 是稅務組的合伙人。他的業務重點是並購交易的稅務規劃
和構建、重組、遷移、投資管理結構、家族理財公司和信託。

• 正式預先宣佈或公佈要約之前60個交易日
的證券交易所交易成交量加權平均價格;
• 收購人或其一致行動人在之前12個月內支
付該公司股份的最高價格。
收購條件:自願公開收購可設定先決條件,但這些條件必須是
不受收購人控制的。如果先決條件的性質是必須有收購人的合
作,條件才能滿足,則收購人必須採取一切合理措施來確保條
件得以滿足。經TOB批准,要約也可以設定後決條件,如果條
件對收購人的有利之處大於對目標公司股東的不利之處(例如
取得監管當局批准)。典型的條件包括:

• 最低接納門檻。TOB規定該門檻不得不合實際地過高,也必
須考慮到收購人已經擁有的股份。對於受邀要約,慣常的門
檻是67%,對於非受邀要約,則是51%。在實踐上,多數要
約達到95%的接納門檻,因而能夠擠走少數股東(從90%開
始)。
• 兼並控制、監管(包括用來交換目標公司股份的股票的上市
或登記監管)或股東批准;
• 重大不利影響條件。一般公認界限是扣除利息、稅項、折舊
和攤銷之前利潤的10%,營業額的5%,或目標公司淨資產值
的10%。
必須提出強制要約的收購人不得為其要約設定條件,但法規
要求、以登記投票權或保護目標公司的經濟利益(最有價值業
務)為目的的條件除外。

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資金到位:宣佈要約之前資金必須已到位。收購人在資金到位
之前可以作出正式的預先宣佈。實際要約必須載明資金來源的
細節及獨立審核機構對資金到位的確認。若干資金的規定限制
了對資金到位可設定的條件。

7) 在當前的經濟環境裡,重大不利變化條款如何變得更加重要?
瑞士經濟和瑞士公司並沒有像其他西方國家那樣受到金融危機
的嚴重影響。總部設在瑞士的企業現在和在整個危機期間反而
都形勢不錯。由於瑞士自己的貨幣瑞士法郎歷來穩定,歐元危
機對瑞士公司的經濟環境影響有限,只是出口因外國貨幣疲弱
而受到影響。公司一般都會為外匯匯率採取對沖措施。
不過,金融危機導致重大不利條款有更多的例外規定,以區
別一般市場條件和金融環境所造成的不利影響。此外,私人收
購交易中也常常見到用承諾函為收購的資金進行擔保,通常可
為賣方提供可靠的保障。
8) 哪些受監管金融行業對外資所有權設有最高限制?
金融行業對外資所有權並沒有限制。但是,金融機構重大股權
的所有權人或收購人在名譽、合規性和穩健商業行為方面會受
到審查,而受外國控制的金融機構可能需要辦理特殊的許可。
銀行和證券經紀公司:在瑞士註冊或營業地點在瑞士的銀行或
證券經紀公司在營業之前必須取得瑞士金融市場監管局的許
可。合資格股東,例如直接或間接持有銀行或證券經紀公司10%
2013年中國境外投資指南

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73

瑞士

或以上資本或投票權或其他有重大影響力的人或實體,亦須經
瑞士金融市場監管局的審查。買賣合資格持股量的股東,或增
減持股量多於20%、33%或50%的股東,必須在完成交易前通知
瑞士金融市場監管局。外資控制的或外資控制情況有變更的銀
行或證券經紀公司還須取得另外的許可。

不過,如果一個企業參與一項集中時,在《卡特爾法》下被
最終和有約束性地裁定它在瑞士的某個特定市場已經具有支配
性地位,而該項集中涉及該市場或其上游或下游或相鄰市場,
則無論上述營業額界限是否達到,通知責任都存在。保險公
司、銀行及其他金融中介機構適用特別法規。

保險公司:如果有人有意直接或間接收購設於瑞士的保險(再
保險)公司的股份,收購後達到或高於保險(再保險)公司的10%
、20%、33%或50%股本或投票權的界限的,必須通知瑞士金融
市場監管局。

實質性測試:如果集中同時有下述情況,ComCo可予以禁止或對
其設定條件和義務:

投資基金經理:合資格股東,即直接或間接持有基金經理公司
10%或以上資本或投票權、或其他對基金經理公司有重大影響的
人或實體,須經瑞士金融市場監管局的審查。

9) 什麼政策適用於希望在瑞士資本市場上市的中國公司?
瑞士的受監管證券市場主要由SIX瑞士證券交易所組成(SIX)。
SIX是設在蘇黎世的受監管證券市場,是超過4萬隻證券的參
考市場,連接着全世界的投資者、發行人和參與者。在SIX內
部,監管委員會負責審批證券的上市,確保發行人履行其在證
券上市期間的義務。
通常,交易所根據符合國際標準的招股說明書批准上市。上
市審查機構對招股說明書的審查是形式審查(主要審查是否齊
全),不會核查內容本身。但是,招股說明書內錯誤或誤導性
信息可導致負責有關信息的人承擔法律責任。
非瑞士發行人進行第一上市,須遵守適用於境內發行人的同
樣上市要求。這些要求包括:

• 發行人至少25%的股份將是自由流通股;
• 自由流通股的預期市值至少為2500萬瑞士法郎;
• 發行人的申報股本必須至少達2500萬瑞士法郎。
上市之後,發行人負有維持上市地位的持續性義務。這些持
續性義務包括(對股份証券而言):




根據SIX承認的財務報告標準提交定期報告;
披露價格敏感信息(特別公告)
披露管理層交易;
披露重大持股情況。

對於在SIX進行第二上市的外國發行人(第一上市地在其他地
方的發行人),監管和持續性披露要求較為寬鬆,主要參考第
一上市證券交易所的文件申報和規則。

10) 瑞士兼並控制的主要特點是什麼?
法律框架:瑞士的兼並控制由《聯邦卡特爾及其他限制競爭
法》(《卡特爾法》)和《控制企業集中條例》(《兼並控制
條例》)管轄。
通知責任:計劃中的企業集中、兼並以及收購單獨或聯合控制
權,如果達到法定的營業額界限,都必須在實施之前通知瑞士
競爭委員會(ComCo)。這是指在集中前的最近一個營業年度同
時出現下述情況:

• 有關企業在全球的合並銷售額最少達20億瑞士法郎,或在瑞
士的合並銷售額最少達到5億瑞士法郎;

• 其中最少有兩所有關企業在瑞士各自的銷售額達到最少1億瑞

• 在一個市場內,該集中造成或加強一個支配性地位,能夠消
除有效競爭;同時
• 沒有導致另一市場的競爭情況出現任何改善,足以超越支配
性地位的不利影響。
程序(具有中止效果):《卡特爾法》區別初步調查(第一
階段——一個月等待期)和可能進行的深入調查(第二階段——
四個月)。

11) 競爭政策最近有什麼重大發展?
關於兼並控制問題的修訂版通知:2011年5月,ComCo發佈了修
訂版的以《兼並控制程序新實務》為標題的通知。該文件所涉
及問題包括:
在瑞士境外設立合資企業:設立合資企業時,如果其中至少
有兩個企業超過了法定的營業額界限,在原則上有通知責
任。ComCo在其通知中澄清,如果合資企業在瑞士沒有活動也沒
有任何營業額(特別是沒有向瑞士供應任何物品),而且沒有
計劃也不預期在未來有這類活動或營業額,則沒有通知責任。
營業額的地域分配:在瑞士兼並控制法律下,營業額地域分配
的決定性標準在原則上是客戶的所在地,合同規定的產品供應
地點(履約地),以及與其他供應商發生競爭的地點。如果集
中的各方沒有向瑞士境內的客戶進行銷售,而只是以瑞士境內
地址作為瑞士境外發生的交易的賬單地址,則營業額不視為在
瑞士境內取得。上述解釋與產品有關,服務項目可能適用不同
的規則。保險公司、銀行及其他金融中介機構適用特別法規。

12) 瑞士簽署了哪些稅務協定會使中國投資者受益?
瑞士與包括中國、香港和新加坡在內的90多個國家簽訂了雙重徵
稅協定。此外,瑞士與歐盟訂立了一項協議,對企業集團內股
息、利息和特許權使用費的支付給予免徵預提稅的待遇。
瑞士目前與中國的協定規定股息、利息和特許權使用費的預
提稅最高為10%。中國與瑞士起草了一項修訂協定,預期在2014
年或2015年生效。該協定規定企業集團內股息的最高預提稅為
5%,利息的最高預提稅為10%,特許權使用費的最高預提稅為
9%。
瑞士與香港的協定在2013年1月1日生效,該協定規定企業集
團內股息的預提稅最高為0%,利息的最高預提稅為0%,特許權
使用費的最高預提稅為5%。
瑞士與新加坡的協定經修訂後在2013年1月1日生效,該協定
規定企業集團內股息的預提稅最高為5%,利息的最高預提稅為
5%,特許權使用費的最高預提稅為5%。
對於瑞士的稅項,這些協定只有當瑞士的稅率在相比之下並
不較低時才適用。特別是,由於瑞士對特許權使用費不徵收預提
稅,這些協定不適用於特許權使用費。此外,瑞士對某些類別的
利息也不徵收預提稅,特別是企業集團內貸款或不屬於債券的貸
款的利息。

士法郎。
74

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2013年中國境外投資指南

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瑞士

13) 瑞士對中國投資者提供什麼稅務優惠?
一般而言,瑞士提供相對公道的公司所得稅稅率(根據所在州
而介乎於12%至24%之間)和增值稅稅率(8%)。關聯方貸款
的利息費用如果符合資本弱化規則和關聯方公平交易規則,是
可扣減稅項的。
無論是否適用任何雙重徵稅協定,瑞士單方面從瑞士稅基豁
免歸屬境外常設機構和境外房地產的利潤。
此外,瑞士的股東免稅制度在聯邦和地方層面都適用於所有
瑞士居民公司和在子公司裡有合資格參股的外國公司在瑞士的
常設機構。無論子公司方面是否有稅務,也無論是否適用任何
雙重徵稅協定,都可享受股東免稅。瑞士沒有引進任何受控制
外國公司(Controlled Foreign Corporation)規則。取決於享受豁
免的是股息或是股份處置的財產收益,合資格的參股有不同的
界限。這些界限是:

• 對於股息收入:至少10%的股權投資或價值至少100萬瑞士法
郎;
• 對於股份處置的財產收益:至少10%的股權投資,並且持有
至少1年。
另外還有數種特別制度和減免規定是對投資有利的:

• 地區性控股公司規定:如果公司符合控股公司資格,不僅其

參股收入而且其所有收入都豁免繳納地區性和社區性企業所
得稅。在聯邦層次,控股公司是普通納稅人,適用標準稅率
8.5%(稅前7.8%),但上述股東免稅制度適用於參股所得
收入。符合下述要求的公司具有控股公司地位:(a)公司的主
要目的是持有和管理其在子公司的長期金融參股;(b)至少三
分之二的資產或所得由參股組成或來自參股;(c)公司在瑞士
沒有從事任何商業活動。各地區接受的業務活動有所不同。
一般而言,公司本身的管理和行政活動是可接受的。
混合公司(貿易、知識產權等):瑞士公司或外國公司分
公司如果沒有在瑞士境內從事商業活動,或只參與很少的
商業活動,便有資格享受地區和社區對混合公司的稅務優
惠待遇。一般而言,公司至少80%的所得必須來自境外,
至少80%的費用是境外費用。因此,混合公司通常用來進行
國際貿易、許可和特許經營業務。瑞士來源的收入按標準
稅率徵稅,而外國來源的收入只是部分納入瑞士稅基。因
此,混合公司在瑞士聯邦、地區和社區稅務上的總體稅率
介乎於8%和11%之間,具體取決於各地區的特定要求、特
定稅率和瑞士來源收入額。
國家資助:由於瑞士不是歐盟成員,在原則上它不受歐盟對
國家資助的限制。但是,瑞士已制定單邊規則來限制向某些
經濟欠發達地區提供國家資助。根據新設立企業的規模和功
能,地區或社區所得稅可減免最多50%,在特定的地區,還
可享受最長10年的聯邦所得稅減免待遇。視乎地區和結構,
減免期甚至可以在10年期滿之後延長。
委託結構:國際集團的瑞士委託公司在聯邦所得稅方面能夠
享受一項特殊的稅務待遇。委託公司是一種由數個高級員工
承擔某些業務(例如採購、研發、製造、分銷、市場策略和
物流)的風險和責任的公司。只要全部銷售都通過集團的委
託代理人或有限風險分銷公司進行,再加上混合公司的地區
性稅務優惠,委託公司能夠將其瑞士稅基降至大約5%至7%
,具體稅率取決於設立架構和所在地點。
特許權使用費所得和某些類別的利息收入免徵預提稅:見問
題12。

www.chinalawandpractice.com

14) 投資者在瑞士有什麼退出機制,撤資時會受到什麼影響?
從瑞士向境外轉移資本是不受限制的,也沒有審批規定。一般
而言,退出投資可以採取出售股份或資產、支付股息、減少資
本、清算、首次公開募股(IPO)、跨國兼並或變更註冊地等方
式。資金的流動還可以採取顧問費或管理費、特許權使用費、
供貨或生產付款和其他商業活動的形式。
瑞士對處置瑞士公司股份的財產收益不徵收任何預提稅。只
有當瑞士公司是房地產公司時,出售股份才會有可能要繳交地
區性財產收益稅。
但是,由於瑞士對股息一般徵收35%預提稅,在瑞士的投資
通常採用能夠適用雙重徵稅協定減低預提稅的架構。很多瑞士
的協定,包括與香港訂立的協定,都規定對集團內股息支付實
行0%預提稅稅率。
以變更註冊地的方式退出投資,在稅務上被視同清算,從而
觸發企業所得稅和股息(清算收入)預提稅。這裡可適用一般
原則,包括對股權投資的股東免稅,以及適用雙重徵稅協定減
免預提稅(見問題12和13)。
15) 瑞士對知識產權有什麼保護措施?
瑞士法律保護註冊的知識產權(專利、商標和外觀設計權)以
及非註冊的知識產權(版權、商業秘密和保密信息)。這些權
利的主要特點如下:

• 專利是對技術發明授予的註冊保護性權利。專利註冊後即受

保護。一項發明如果自申請或優先權日起,相對於最先進的
產品而言是新穎的,而且對於本領域普通技術人員不是顯然
的,便有資格申請專利。專利的有效期從申請之日起最長為
20年。
商標是對區別貨物或服務的標誌(字母、文字、數字、圖
形、三維造型、顏色組合或聲音)或名稱授予的註冊保護性
權利。商標註冊後即受保護,最初有效期為10年,可續展,
每次10年,次數不限。
外觀設計權是對二維可視造型(圖案,例如織物設計)或三
維可視造型(例如傢具)授予的註冊保護性權利。外觀設計
註冊後即受保護。外觀設計要取得註冊資格,必須顯著新穎
並且與先前的造型顯著不同。此外,外觀設計還必須不得僅
僅歸功於有關物體的技術功能。外觀設計的最初保護期為5
年,可續展四次,每次5年。
版權保護是對文學藝術作品(例如書、繪畫、建築、攝影、音
樂和計算機程序)的保護。一般而言,只有人類個人智慧的
創作才是有資格受保護的作品。註冊不是必要的,也是不可
能的;因此,作品自創作之時起就受保護,無須採取進一步措
施。作者有權使用其作品作商業用途,而且也是多項道德權利
的權利人(例如,被承認為作者的權利)。版權保護在作者逝
世後70年(一般規則)和50年(計算機程序)後無效。
瑞士法律有各種規定保護商業秘密和保密信息。民法對商業
秘密的保護在瑞士的《反不正當競爭法》(UCA)中得到明
確強調。UCA將引誘工人、代理人或附屬人員披露或洩漏其
雇主或委託人的商業秘密的行為定為民事侵權。此外,任
何人未經許可擅自利用受委託工作的結果(例如招標、計
算和計劃)是不正當競爭行為。最後,利用或披露以不正當
或其他非法途徑取得的生產或商業秘密,被視為不正當競爭
行為,因此屬於違法。除了反不正當競爭的立法以外,其他
民法條例也有保護商業秘密的規定,例如就業法也規定了保
密義務。從刑法角度看,違反UCA關於商業秘密的某些規定
的,構成刑事罪行。此外,瑞士刑法典(PC)對洩露商業或
生產秘密以及利用這種洩露的行為都處以刑罰。另外,PC也
對工業間諜行為處以刑罰。
2013年中國境外投資指南

>>

75

瑞士

從幾個角度看,將知識產權遷至瑞士可會是有利的。首先,
瑞士稅法提供多項有吸引力的機會,例如控股公司制度、知識
產權產生的所得有特殊稅務待遇、特許權使用費不徵收預提稅
(見問題12和13)等。第二,瑞士合同法給予合約方最大的自由
度協商適合本身的協議,例如許可協議。第三,法庭(包括聯
邦專利法庭)對外國知識產權權利人的被侵權案件提供有效和
公正的強制執行。總體而言,瑞士在傳統上一向珍惜和保護創
新和知識產權,並為運用這些創新和知識產權營造一個穩定和
溫和的稅務環境。

16) 瑞士有什麼爭議解決程序,這些程序是否受外國投資者歡
迎?
瑞士是世界主要仲裁地之一。根據最新的統計,瑞士在國際商
會的仲裁地統計中排第二位,只有法國作為國際商會的東道國
和預設仲裁地而排列其前。從2008年至2010年,有288件新的國
際商會仲裁案件是在瑞士處理的,而英國有204件,美國有114
件,新加坡有93件,中國和香港有35件。瑞士也是體育仲裁法庭
的所在地,因此是多數重大體育爭議(包括與奧林匹克運動會
和國際足聯有關的爭議)的仲裁地。瑞士實體法是國際合同中

76

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2013年中國境外投資指南

很受歡迎的適用法律,這在國際商會爭議案件中瑞士實體法的
龍頭地位(根據最新的統計,瑞士法佔12%,英國法佔10.7%,
美國法佔10.6%)中得到了證明。
在瑞士進行仲裁,可以採用當事方選擇的任何規則。除國際
商會規則之外,瑞士商會以UNCITRAL仲裁規則為依據的瑞士國
際仲裁規則也很受歡迎。選用瑞士規則進行仲裁當事方中有三
分之二是非瑞士當事方,與在瑞士進行的所有國際訴訟中的外
國當事方比例相當。
瑞士有着以有效、中立和專業的方式解決國際爭議的長久傳
統,能夠迎合國際企業人士、政府和運動員的需要。瑞士的仲
裁法律適應國際仲裁的需要,其中一個獨特之處是,仲裁裁決
遭到任何反對時,直接的和唯一的訴求就是請求瑞士最高法院
裁決。這個擱置程序一般需要6個月時間,被撤銷的裁決不足
7%。
如果不能夠仲裁怎麼辦?與其他司法管轄地的法庭不同,瑞
士商業法庭願意根據法庭自己對案件的強弱之處作出的表面評
估,協助當事方在法律程序的最初階段尋找一個合理的解決方
案。此外,當事方也不必擔心出現普通法司法管轄地常有的費
用昂貴的和影響進程的文件提交程序(沒有告知程序)。

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turKEy

turkey: An economy centred on
foreign investment
By Aykut Bakırcı, Serdar Bezen, Yeşim Bezen and Nadia Cansun

Bezen & partners

T

he Turkish economy has experienced rapid growth over the energy investments
past decade and will continue to do so on the basis of its With an aim to decrease the country’s dependency on foreign
current plan to attract foreign investors. The shift from the energy resources, the Turkish energy market and the applicable
principle of equality between foreign and domestic investors to a legislation have undergone a heavy liberalisation process since
legislative arena which introduces unilateral benefits in tax advan- the late 2000s. The country’s ever-growing demand for electrictages, exemptions and incentives for foreign investors has greatly ity is expected to lead to an electricity shortfall by 2016, which
benefitted Turkey. Major projects that generate the most income indicates the need for new investments in the sector. Specifically,
include energy, infrastructure and finance. While
the main and final aim of the Turkish government is to strengthen the country’s economy, in The country’s ever-growing demand for electricity is
the short term, these advantages offer consider- expected to lead to an electricity shortfall by 2016,
able economic benefits to foreign investors. In which indicates the need for new investments in the
addition to legislative developments, Turkey has
been signing intergovernmental agreements over sector
reciprocal treatment of investments and approximately 80 agreements are currently in effect.
Turkey has a total installed capacity of approximately 53,035
MW. According to projections, the demand for electricity should
new incentive package
increase by 6.5% to 7.5% each year until 2020.
The Council of Ministers Decision numbered 2012/3305 and
As a result, a new Electricity Law has been enacted. The
dated June 19 2012 introduces a new incentive system and brings new law intends to address a number of issues troubling foreign
various advantages for both local and foreign investors. The new investors, lenders and market players. It will mean substantial
incentive system recognises four types of incentive implemen- changes to the electricity market, like the reorganisation of electations: general incentive implementation; regional incentive tricity market activities, the introduction of the pre-licensing
implementation; implementation for large-scale investments; and process (to differentiate between real investors and opportunistic
implementation for strategic investments. It also introduces nine licence traders), the redefinition of organised electricity markets
incentive items. These incentive items and their classification and the extension of deadlines for certain incentives. For example,
under the incentive implementation are outlined in figure 1.
holders of generation licences will be entitled to benefit from a
FIGuRE 1: INCENTIvES
Incentive
implementations

Incentive items

General

customs duty
exemption

VAt exemption Income tax
withholding1

SSP –
Employer
Support2,3

Regional

customs duty
exemption

VAt exemption tax discount4

SSP –
Employer
Support

Land allocation Interest
support5

Income tax
withholding6

Large-scale
investments

customs duty
exemption

VAt exemption tax discount

SSP –
Employer
Support

Land allocation Income tax
withholding1

Strategic
investments

customs duty
exemption

VAt exemption tax discount

SSP –
Employer
Support

Land allocation Interest
support

SSP –
Employee
Support1
VAt refund

1
2
3
4
5
6

SSP –
Employee
Support1,2

Income tax
withholding

SSP –
Employee
Support

applicable only for investments in certain regions.
ssP – employer support refers to the employer’s share support element of the social security premium.
ssP – employer support within the scope of the general incentive implementation applies to shipyards’ ship building investments.
tax discount refers to the income tax or corporate tax discount.
interest support within the scope of the regional incentive implementation applies to investments in Regions 3, 4, 5 and 6.
applicable only for investments in Region 6.

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China OutbOund investment Guide 2013

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79

turKEy

AuThOR BIOGRAphIES
AykuT BAkIRCI
Partner
Aykut Bakırcı started his career as a legal practitioner in 1990. From
1996 until 2006 he was employed as counsel in the legal department of
the turkish Privatisation Administration. From 2006 until 2010 he served
as the head of legal of the turkish Privatisation Administration, before
relocating to Istanbul and joining the firm. Aykut Bakırcı has extensive
experience in dealing with administrative and regulatory issues as well as
real estate matters and privatisations.
SERdAR BEzEN
Partner
Serdar Bezen worked in the project finance department of a magic circle
law firm in London (mainly on turkish energy and infrastructure projects).
Having relocated to Istanbul he worked at a leading Istanbul law firm
on corporate transactions (mainly on turkish M&A transactions) before
establishing Bezen & Partners. He has extensive energy, infrastructure and
project finance work experience. He also advises on corporate, commercial
and arbitral matters.
yEşIM BEzEN
Partner
yeşim Bezen worked in the asset, structured and project finance
department of a magic circle law firm in London, advising on banking,
structured finance and project finance transactions until establishing
Bezen & Partners. She has extensive experience of banking and projects
work in both turkey and abroad. She advises finance institutions,
international organisations and sponsors in banking, energy and
infrastructure deals.
NAdIA CANSuN
Partner
nadia cansun worked in England and then at a magic circle law firm
in Moscow where she was part of the corporate team specialising in
mergers and acquisitions. She spent three years as General counsel to
news corp’s outdoor advertising division based in Moscow where she
was primarily responsible for acquisitions, before relocating to Istanbul
and joining the firm. She advises both international and turkish clients on
corporate, commercial and M&A matters.

50% discount on transmission system usage fees for the first five
years of commercial operation and an exemption from stamp duty
and charges for documents prepared during the investment period
of generation facilities provided that they commission their power
plants before December 31 2015.
In parallel with the above, Turkey has proven its interest in
eliminating the foreign energy supply through certain legislative
developments in the renewable and nuclear energy sectors. A
firm step in this direction came in the form of an intergovernmental agreement between the Russian Federation and Turkey
for the construction and development of the first nuclear power
plant in Turkey. Bezen & Partners advises the project company on
the uncharted territory of nuclear power plants, which requires
an amendment to the current (primary and secondary) electricity
market legislation.
ppp and infrastructure
The Turkish government has also enacted various legal frameworks in favour of the quasi-public private partnership (PPP)
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China OutbOund investment Guide 2013

model in order to attract the private sector
to assist the public sector in meeting the
demand for renovating existing infrastructure
and realising additional infrastructure.
Aside from various other innovations in
this area, the Turkish government recently
introduced a new law on construction and
renovation of facilities and procurement of
services under the PPP model, which stipulates that the investments made thereunder
shall be exempt from stamp duty and charges
during their entire investment periods.
Due to various claims by third parties in
relation to the tender processes conducted
for the purposes of implementing the PPP
model, it is now envisaged that the Turkish
government will be willing to reflect all legislative changes necessary to provide a feasible
ground for potential investors and also prevent
political risk to the greatest extent possible.
privatisations
Turkey’s privatisation history dates back to
the early 80’s, picking up considerable speed
over the last decade. However, limited access
to liquidity in money markets took its toll
on Turkey’s arguably aggressive privatisation
agenda.
It is expected that Turkey, taking stock on
various cancelled tenders, will sweeten future
tenders and approach the structuring also
from the investor bankability perspective,
which, it could be argued, was not a primary
concern for previous tenders.
It remains to be seen whether the
increased liquidity and State sweeteners will
spark up more interest in privatisations, but
investors seem hopeful that this will be the
case.

construction sector
The construction sector has benefited from developments
relating to the energy and infrastructure sectors and has become
the leading sector in Turkey. In addition to its ever-growing size
and scope, the construction sector has also been the target of
independent investors in power and energy projects due to legal
instruments introduced by the Turkish government.
Some of the most recent construction projects that Bezen &
Partners was involved in include the Marmaray Project, which is
one of the biggest transportation projects in Turkey that provides
for the connection of the two sides of the Bosphorus strait through
an underwater railway tunnel with an approximate investment
value of US$ 3 billion. There was also the Gebze – İzmir Highway
Project, a project that is to be implemented by way of a buildoperate-transfer method with an approximate investment value
of US$ 6 billion.
For public projects, the investors are usually required to
www.chinalawandpractice.com

turKEy

establish special purpose vehicles as part of the procurement or
tender process.
Finance and pe investments
For over a decade, Turkey has been enjoying a fair share of the
emerging market pie in terms of foreign investments. Fitch’s
recent credit note bump to BBB, marking the country investment
grade, can only mean that the best is yet to come.
The immediate effect Bezen & Partners observed is an
increased private equity activity to take over or partner-up with
Turkish operators in various sectors. The timing suggests a relation
between spiked PE interests with the relatively high returns of an
emerging economy coupled with the recently restated investment
grade status.
In terms of finance, strong Turkish sponsors have always been

www.chinalawandpractice.com

attractive to foreign banks and it is safe to say that the feeling was
mutual as foreign banks are exempt from banking and insurance
transactions tax, allowing them to offer cheaper credit.
With the new wave of foreign investments already underway,
Bezen & Partners expects a new wave of financings and re-financings, with the majority of the senior debt coming from syndicates
composed of both foreign and domestic banks.
It does not take a specialist to spot the critical role of foreign
investments in Turkey’s growth plans. The recent legislative
changes suggest that the Turkish government’s pro-FDI approach
is working as intended to offer a reliable medium for foreign
investors with relatively low political risk.
Bezen & Partners keeps close contact with potential investors
in a variety of sectors and is of the view that the incentives are
well received and have sparked increased interest.

China OutbOund investment Guide 2013

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81

土耳其

土耳其:以外國投資為中心的經濟體系
Aykut Bakırcı、Serdar Bezen、Yeşim Bezen 和 Nadia Cansun

Bezen & partners

過去的十年中,土耳其經濟經歷了快速增長,其目前的計
劃是要吸引外國投資者,基于這一點,經濟增長將持續。
以往外國投資者和國內投資者之間一直遵從着平等原則,後來
在立法方面為外國投資者引入了稅收優惠,免征與鼓勵措施等
的單邊利益,這種轉變的產生為土耳其帶來了龐大的好處。收
入最高的項目主要包括能源,基礎設施和金融。土耳其政府的
主要和最終目的是加強該國的經濟,在短期內,這些有利條件
為外國投資者提供了可觀的經濟利益。除了立法方面的發展,
土耳其在投資互惠待遇方面簽署了政府間協議,目前約80項協議
正在生效。

入商業運營的首五年,在輸電系統使用費上將享有50%的折扣,
以及在發電設施投資期免除印花稅和文件費用。
在進行上述工作的同時,土耳其通過若干可再生能源和核能
業的法律修訂,證明了其着力減少外國能源供應的意向。土耳
其在這個方向上邁出了堅定的一步,與俄羅斯聯邦簽訂了政府
間協議,以建設和發展土耳其第一家核電廠。Bezen & Partners
律師事務所就核電廠的未知領域為項目公司提供咨詢,這需要
對現行的 (初級和次級)電力市場法規進行修訂。

公私營合作伙伴關係和基礎設施
土耳其政府還頒布了各種法律框架支持准公私營合作伙伴關係
(PPP) 模式,以吸引私營機構協助公營機構,滿足改造現有基礎
設施和建設額外基礎設施的需求。
除了這一領域的其他各項創新外,土耳其政府最近遵照公私
營合作伙伴模式,在設施建設和改造及服務的采購方面推出了

新的鼓勵方案
2012年6月19日頒布的部長理事會第2012/3305號決定,引入了
新的鼓勵機制,為國內和外國投資者帶來了各種便利。新的鼓
勵機制劃分了四種鼓勵措施實施方案:綜合性鼓勵措施實施方
案;地區性鼓勵措施實施方案;大規模投資實
施方案和戰略投資實施方案。此外,還引入了
九種鼓勵措施項目。這些鼓勵措施項目及其在
預計在2016年前,該國不斷增長的電力需求將導致電力短缺,顯示這
鼓勵措施實施方案中的分類在圖1中進行了概
個行業需要尋求新的投資
述。
能源投資
為了降低國家對外國能源資源的依賴,土耳其
能源市場及適用的法律自21世紀後期以來,經歷了重大的開放
進程。預計在2016年前,該國不斷增長的電力需求將導致電力短
缺,顯示這個行業需要尋求新的投資。具體來說,土耳其的總
裝機容量約為53,035 兆瓦。根據預測,2020年前,電力需求每年
將增加6.5%至7.5%。
因此,土耳其頒佈了新的電力法。新法擬解決一系列困擾着
外國投資者、貸款者和市場參與者的問題。這意味着電力市場
將發生重大改革,如電力市場活動的重組,預發許可程序的引
入 (區分真正的投資者和投機的許可証交易商),對規範的電力市
場的重新定義和延長若干鼓勵措施的最後期限。例如,發電許
可證持有人只要在2015年12月31日之前啟用發電廠,那麼在其投

新的法規,規定據此作出的投資在整個投資期內應免徵收印花
稅及費用。
鑒于第三方針對為實施公私營合作伙伴模式而進行的招標程
序提起各種索賠,預計土耳其政府將願意進行立法改革,為潛
在的投資者提供切實可行的基礎,也能最大程度地避免政治風
險。

私有化
土耳其的私有化歷史可以追溯到上世紀80年代初,在過去的十年
中,它正以相當迅猛的速度在發展。然而,貨幣市場有限的流
動性對土耳其可以說是進取的私有化進程造成了沉重打擊。

圖1:鼓勵措施

1
2
3
4
5
6

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鼓勵措施實施方案
綜合性

鼓勵措施項目
免征關稅

免征增值稅

扣繳所得稅1

地方性

免征關稅

免征增值稅

稅收優惠4

大規模投資

免征關稅

免征增值稅

稅收優惠

戰略投資

免征關稅

免征增值稅

稅收優惠

社會保障金 雇主資助2,3
社會保障金 雇主資助
社會保障金 雇主資助
社會保障金 雇主資助

土地劃撥

利息資助5

扣繳所得稅6

土地劃撥

扣繳所得稅1

土地劃撥

利息資助

社會保障金 員工資助1
增值稅退稅

社會保障金 員工資助1,2

扣繳所得稅

社會保障金 員工資助

僅適用於某些地區的投資。
社會保障金 - 雇主資助是指社會保障金中雇主的資助部分。
社會保障金 - 綜合性鼓勵措施實施方案範圍內的雇主資助,適用於船廠的造船投資。
稅收優惠是指所得稅或企業稅優惠。
地方性鼓勵措施實施方案範圍內的利息資助適用於區域3、4、5和6中的投資。
僅適用於區域6的投資。

2013年中國境外投資指南

www.chinalawandpractice.com

土耳其

土耳其對于各項已取消的招標相當重視,
預期這將令日後的招標更具吸引力,且在構
建方面着眼于投資者可獲利的角度,對此可
能有人會指出,此前的招標並沒有十分關注
這一問題。
流動性的增加和國家的拉攏手段是否會吸
引更多私有化還有待觀察,但投資者似乎相
信這會成為事實。

建造業
建造業受益于能源和基礎設施行業的發展,
並已成為土耳其的主要行業。除了其不斷增
長的規模和範圍外,土耳其政府出臺的法律
文書,也使建造業成為了電力和能源項目獨
立投資者的目標。
最近Bezen & Partners律師事務所參與的
一些建設項目包括馬爾馬拉項目 (Marmaray
Project),這是土耳其最大的交通項目之一,
通過建設一條水底鐵路隧道,連接博斯普
魯斯 (Bosphorus)海峽兩岸,投資價值約為
30億美元。還有蓋布澤 - 伊茲密爾公路項目
(Gebze–İzmir Highway Project),這個項目將
通過建設 - 經營 - 轉讓的方式實施,投資價值
約60億美元。
在公共項目方面,投資者通常需要設立特
殊目的公司,以配合采購或招標程序。

作者簡歷
AykuT BAkIRCI
合伙人

Aykut Bakırcı在1990年成為一名法律執業者,從此開始了他的職業生涯。
從1996年至2006年,他受聘為土耳其私有化管理局 (Turkish Privatisation
Administration) 法律部門的律師。從2006年至2010年,他擔任土耳其私有
化管理局法律部主管,之後來到伊斯坦布爾,加盟Bezen & Partners律師事
務所。Aykut Bakırcı在處理行政和監管事宜,以及房地產和私有化事務方面
擁有非常豐富的經驗。
SERdAR BEzEN
合伙人

Serdar Bezen曾在倫敦一家大型律師事務所的項目融資部門工作 (主要是土
耳其能源和基礎設施項目)。在到伊斯坦布爾後,他在伊斯坦布爾一家著名
律師事務所里,從事企業交易方面的工作 (主要是土耳其的並購交易),之
後就成立了Bezen & Partners律師事務所。他在能源、基礎設施和項目融資
方面擁有非常豐富的工作經驗。他為企業,商業和仲裁事宜提供咨詢服務。

yEşIM BEzEN
合伙人

yeşim Bezen在成立Bezen & Partners律師事務所前,曾在倫敦一家大型律
師事務所的資產、結構性和項目融資部門工作,為銀行業務、結構性融資和
項目融資交易提供咨詢服務。她在土耳其和國外的銀行業務及項目工作方面
擁有非常豐富的經驗。她為金融機構、國際組織及銀行業務、能源和基礎設
施交易的發起人提供咨詢服務。

NAdIA CANSuN

金融和私募股權投資
合伙人
nadia cansun曾在英國工作,後來任職于莫斯科一家大型律師事務所,當
十多年來,在新興市場中,土耳其在外國投資
時她是企業團隊的一員,專門負責兼並和收購事宜。她曾在莫斯科的新聞集
方面一直享有相當大的份額。在惠譽國際近期
團 (News Corp) 任職戶外廣告部法律顧問達三年,主要負責收購事宜,之
的信用票據評級中躍至BBB級別,這標志着該
後她到了伊斯坦布爾,加盟了Bezen & Partners律師事務所。她為國際和土
國的投資級別,只能說最好的還沒到來。
耳其的客戶就企業、商務和並購事宜提供咨詢服務。
Bezen & Partners律師事務所注意到,最直
接的影響是私募股權活動有所增加,以此收
購土耳其各行各業的經營者或與它們合作。
外國投資在土耳其的發展計劃中的關鍵角色是顯而易見的。
這一時機表明了迅速上漲的私募股權投資興趣,與新興經濟體
最近的法規修改表明,土耳其政府支持外國直接投資的方式起
的相對高回報加上最近提升的投資級別之間的關係。
在財政方面,實力雄厚的土耳其項目發起人一直吸引着外資 了預期的作用,為外國投資者提供了可靠而政治風險相對較低
銀行,可以說,這種感覺是相互的,因為政府對外資銀行免征 的途徑。
Bezen & Partners律師事務所與各行各業的潛在投資者保持着
銀行和保險交易稅,使它們能夠提供更便宜的信貸。
隨着新一輪已經開展的外國投資,Bezen & Partners律師事務 密切的聯繫,並且認為鼓勵措施深受歡迎,激發了越來越大的
所預計,會有新一輪的融資和再融資出現,且大部分的高級債 投資興趣。
務會來自外資銀行和國內銀行形成的銀團。

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83

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Investment Guide
中國境外投資指南

A fully bilingual guide published in
conjunction with | 一本全雙語指南,
合作出版的多國律師事務所包括:
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