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China Outbound

Investment Guide
中國境外投資指南

A fully bilingual guide published in
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KPMG
Guest edited by | 客席編輯:

2014
FIFTH edition | 第五版

Transactions,
Disputes, Advice
交易, 争端, 忠告

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Editorial | 前言

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Alan Wang and Chris Carr
Freshfields Bruckhaus Deringer
Despite the increasing international presence of Chinese investors, their outbound investments
remain constrained by several key challenges. Issues regarding deal certainty, price, deal availability
and emerging external regulatory hurdles often emerge, but each transaction is unique. Chinese
investors who familiarise themselves with global deal trends can better arm themselves on their
outbound journey.

Deal certainty
Further liberalisation of the outbound investment regime is now apparent, particularly around the
approvals process, thresholds and timing, which should enhance the prospects of getting deals done.
At the end of 2013, the PRC State Council issued the Catalogue of Investment Projects Approved by
the Government (2013) ((政府核准的投資項目目錄 (2013年本)) and the National Development and
Reform Commission (NDRC) issued its own Measures for the Administration of the Check and Approval
and Record Filing of Outbound Investment Projects (境外投資項目核准和備案管理辦法), which
came into effect on May 8 2014. A step behind, but also in the process of reforming, is the Ministry of
Commerce who has recently circulated a draft of the Administrative Measures for Outbound Investment
(Revision) (Consultation Draft) (境外投資管理辦法) (修訂) (征求意見稿) ) for public comment.
Although these new rules, including the NDRC’s Measures for the Administration of the Check
and Approval and Record Filing of Outbound Investment Projects (境外投資項目核准和備案管理
辦法) , which came into effect on May 8 2014, are yet to be fully tested in practice, the new rules
collectively entail significant changes for the execution of outbound deals. The bulk of Chinese buyers
will benefit from the greater regulatory certainty and efficiency that accompany reduced administrative
burdens. As transaction volume and complexity increase, further regulatory initiatives will help raise
deal certainty for Chinese investors looking to acquire higher quality, rather than distressed, assets.
Despite the steps toward greater administrative efficiency and transparency, PRC regulatory approvals
remain one of the key areas of concern for foreign sellers, who we expect to continue with their robust
requests to improve deal protection. Mechanisms such as deal deposits, break fees, escrow accounts
and other pre-closing security will likely remain important features in outbound deals, particularly
those above the new thresholds for which an approval (as opposed to a mere filing) continues to be
required. It is important that Chinese buyers engage advisers who are able to communicate with the
sell-side in a way that helps the sellers understand the unique processes involved with selling to a
Chinese buyer.

Price
The increase in Chinese bidders involved in global M&A has given way to two divergent trends. On
one hand, some Chinese pioneers continue to build on their experience and sophistication. These
buyers are becoming increasingly savvy in negotiating the right deal terms, including price. Their
growing confidence will rapidly bridge the sophistication gap with their western counterparts.
However, new players increasingly struggle with the complexities of unfamiliar markets, meaning
Chinese parties will continue to face challenges regarding price, whether their expectations are
too low or they have overestimated the benefits of their proposed acquisitions. The impact of and
exposure to global markets (including currency markets) in terms of pricing remain a challenge
needed to be overcome by adequate risk assessment.
Until greater deal certainty involving Chinese buyers emerges as a concrete trend and Chinese
companies develop faster internal processes, many will continue to miss out on auction processes,
even when a premium is offered. This will be especially so where key deadlines or criteria in process
letters are not met, creating the perception of a disorganised buyer.

Deal availability
Chinese investors are competing for high-quality assets in active markets still recovering from the
effects of the Global Financial Crisis, placing them in the same competition as large private equity

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China Outbound Investment Guide 2014

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EDITORIAL | 前言

Author biographies
Alan Wang
Alan Wang is a partner based in the Beijing and
Shanghai offices of Freshfields and has broad
experience in cross-border mergers and acquisitions,
financial services, private equity, China-related inbound
and outbound investments and corporate restructuring.
Alan holds honours degrees in both law and economics from the
Australian National University. He also holds a Master of Laws degree
from Harvard Law School.
Alan’s recent China outbound M&A experience includes advising
Dalian Wanda Group on its acquisition of Sunseeker International and
Zhuzhou Times New Material Technology, a listed subsidiary of China
South Rolling Stock, on the acquisition of the Rubber & Plastics Business
Unit of ZF Friedrischafen.
Chris Carr
Chris Carr is a senior associate in the Beijing office
of Freshfields and works in our corporate group,
specialising in advising Chinese companies on their
outbound initiatives and multinational companies on their
investment strategies and projects in China. He was
seconded to a Chinese client to assist with their outbound investment
activities for eight months in 2012.
Chris’s recent M&A experience includes advising Tesco on the
establishment of a joint venture with China Resources Enterprise,
creating the leading multi format retailer in China with over 3,000 stores.
Chris previously advised Zhejiang Geely on its landmark acquisition of
Volvo Car Corporation and related business from Ford Motor Company.
buyers and Western or other Asian strategic players targeting the same
deals. This is more of a concern for Chinese financial investors, such as
those in the insurance sector, who are increasingly keen to invest their
vast funds in alternative offshore assets like real estate. This has less
of an impact on industrial buyers as well as buyers who are prepared to
target assets outside overcrowded markets for their potential synergies
and are more likely to negotiate bilateral deals.

Responsiveness
In auctions where the sales process is rapid and demanding, it is
crucial that the internal teams of Chinese bidders have strong working
relationships with their lead external advisors to ensure that enough
time is allocated for appropriate sign off from management. This is
of particular note for Chinese state owned enterprises which have
established internal processes and requirements for undertaking
transactions.
Chinese parties are rapidly improving in their knowledge, experience
and understanding of process letters and deal timelines. This will also
build their responsiveness, adherence to seller expectations and overall
deal prospects.
It is therefore critical that Chinese bidders engage reliable
advisers, those with real deal expertise and knowledge of the relevant
markets. Such factors are more significant than language proficiency.
Commercial, accurate and timely advice will continue to save outbound
investors.

Outbound destinations
Chinese buyers are expected to continue to target a broader array of
markets. While Chinese outbound investment has in the past largely
been directed at particular destinations within relatively narrow industrial
spheres, this is already changing in line with the increasing maturity

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China Outbound Investment Guide 2014

and complexity of the domestic markets. Growth in Chinese companies
outside the minerals and energy space seeking further outbound
opportunities is expected. These are likely to involve less sizable deals
and Chinese parties seeking partnerships and joint ventures as opposed
to outright acquisitions. Access to cutting-edge technology or a strong
R&D capacity will continue to appeal to Chinese deal makers eager to
boost domestic efficiency and profitability. Sellers with strong brands
will also see interest from Chinese buyers, whose movement away from
distressed assets and into higher profile acquisitions will continue. This is
evident in the real estate sector with so-called “trophy” assets being sold
to Chinese buyers, principally in the US and the UK for the time being.
While these may grab headlines, they are applicable to a broad range of
sectors (e.g. food, leisure and alternative energy) as China enters a phase
of consumption-led and energy efficient growth at home.

Deal structure
With a growing number of markets becoming the focus of Chinese
investors, greater emphasis and attention are being placed on deal
structuring. Chinese parties will continue to evolve in their appreciation
for efficient tax planning, sound exit options and proper investment treaty
protection. Like all global companies before them, Chinese investors
are increasingly fitting particular investments within broader strategic
and commercial goals. This means an increase in the use of offshore
special purpose vehicles (SPVs) to secure tax and legal benefits. Chinese
regulators are likely to adopt an increasingly supportive stance towards
the use of such offshore vehicles.

External regulatory constraints
As Chinese companies increase their understanding of the markets
they are operating in, so too will regulators in those jurisdictions develop
their understanding of the dynamics of working with Chinese investors.
This will have an overall positive effect. Chinese investors need to build
relationships with key regulators and ensure adequate and practical
disclosures are made to regulators in order to increase the prospects of
a positive reception. Politicisation and media sensationalism will remain
a feature of high profile deals, particularly those in sensitive sectors.
Chinese outbound investors will continue to improve their government
and public relations skills or engage advisers who are well-versed in
these areas. Success in navigating these issues on sensitive deals will

As Chinese companies increase their
understanding of the markets they are
operating in, so too will regulators
in those jurisdictions develop their
understanding of the dynamics of working
with Chinese investors
require particularly careful planning and effort on the part of investors.
Notwithstanding the generally positive outlook, increased scrutiny by
regulators, particularly antitrust regulators who focus on concentration
and the aggregation of state-owned investments, remains a potential
obstacle. This includes China’s own antitrust authority, the Ministry
of Commerce. Intersecting Chinese investments at upstream and
downstream levels both at home and abroad will likely complicate these
matters.

www.chinalawandpractice.com

EDITORIAL | 前言

Political influence
A large number of Chinese outbound investments, particularly those by
state-owned players, are still driven by political dynamics between China
and the host nation. These bring complexities to deal execution and can
affect deal certainty. Chinese investors would be well-advised to not
simply rely on bilateral national ties but pay attention to local political
nuances. Experienced deal advisors will be able to help foresee the
specific roadblocks ahead and structure the deal by striking the right
balance between political and economic considerations.

但在另一方面,新的投資者則日益苦於陌生市場的複雜局面,不斷面臨着
種種挑戰,例如價格是否合理、他們的期望值是否太低或者他們是否高估了收
購所能帶來的利益等等。就定價問題而言,全球市場(包括貨幣市場)的影響
和風險依然是一個需要通過恰當的風險評估予以克服的重大挑戰。
在中國投資者能夠普遍對交易取得更大的確定性並且中國公司能夠制定更
迅捷的內部審批程序之前,許多中國投資者將會繼續錯失諸多拍賣良機,即使
在能夠獲得溢價的情況下。其中典型情況之一就是不能及時滿足拍賣過程介紹
書中規定的最後期限或標準,這突顯出買方糟糕的組織能力。

交易機會

Looking ahead
Chinese outbound investment is still growing in size and volume and is
diversifying. A reversal of this trend in the near future is unlikely, barring
a major domestic policy reversal. Indeed, increased complexity and
sophistication are evident in both the deals being accomplished and their
terms. However, as relative newcomers to global M&A, Chinese buyers
still lack solid experience in cross-border deal execution and even more
so in post-deal integration, which can turn an otherwise sound acquisition
sour. Chinese buyers are encouraged to learn from the growing body of
experience and, sometimes painful, lessons that are now available.

經驗帶來回報
王慶和柯禮斯
富而德律師事務所
雖然中國投資者在國際上日益活躍,但他們的對外投資仍然受到一些關鍵性挑
戰的制約。有關交易的確定性、價格、交易機會和外部監管障礙等都是常見問
題,但每項交易還都有其自身的獨特性。中國投資者誰熟悉全球交易趨勢,誰
就能夠更好地開展他們的對外投資之旅。

交易的確定性
對外投資體制進一步放寬現在已是很明顯的趨勢,特別是在審批、限額和時間
環節,這為對外投資交易帶來了更廣闊的前景。2013年底,中國國務院發佈
了《政府核准的投資項目目錄 (2013年本)》,國家發展和改革委員會(國家
發改委)也發佈了《境外投資項目核准和備案管理辦法》(2014年5月8日起
施行)。商務部晚了一步,但也在改革,最近發出了《境外投資管理辦法) (修
訂) (征求意見稿)》公開征求意見。
雖然這些法規,包括國家發改委於2014年5月8日實施的《境外投資項目核
准和備案管理辦法》,其實施的情況仍有待觀察,但這些法規總體而言,對境
外投資交易的進行起了重大的改變。隨着行政程序的簡化,監管審批環節具有
了更大的確定性和更高的效率,大多數中國投資者都會從中獲益。交易越來越
多也越來越複雜,對於想要收購優質而非不良資產的中國投資者來說,進一步
的監管舉措將有助於提升交易的確定性。儘管已經在向更高的行政效率和透明
度這一目標不斷邁進,中國監管審批程序仍然是外國賣方最為關心問題之一,
我們預計他們會繼續強烈要求改善對交易的保護。諸如交易保證金、分手費、
托管帳戶及其他交割前擔保等機制,將很有可能依然是對外投資交易的重要特
點,特別對於那些超出新限額的依然需要核准(而不單是備案)的交易而言尤
其如此。中國投資者應當聘請能夠以一種有助於賣方理解向中國投資者出售資
產的獨特過程的方式與外國賣方進行溝通的顧問,這一點很重要 。

價格
中國投資者越來越多地參與全球並購交易出現了兩種截然不同的趨勢。一方
面,有些中國先行者不斷積累經驗,變得日益精明成熟。他們商談交易條件
(包括價格)的水平越來越高。他們不斷增強的自信心將很快填補他們與西方
對手在精明成熟方面的差距。

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中國投資者是在尚未完全擺脫全球金融危機陰影的市場上競購優質資產,面臨
着盯上同一交易的大型私募股權買家以及西方或亞洲其他戰略投資者的激烈
競爭。對於中國金融投資者(例如保險行業投資者)來說更為明顯,他們日益
急於將他們龐大的資金投入房地產等另類海外資產。相比之下,這對工業投資
者以及準備在過度擁擠的市場之外收購資產形成協同效應的買家的影響就比較
小,他們更可能商談的是雙邊交易。

反應速度
在快速而費力的拍賣中,關鍵的一點是,中國投標人的內部團隊與他們主要的
外聘顧問之間形成強有力的工作關係,以確保有足夠的時間供管理層進行恰當
的審批。這對中國國有企業來說尤其重要,它們都制定有與實施交易有關的內
部規程和要求。
中國投資者正在迅速提高他們對投標過程介紹書和最後期限的知識、經驗
和理解。這有助於他們快速反應、達到賣方期望並構建整體的交易前景。
因此中國投標人聘請熟悉房地產行業知識及相關市場情況的可靠顧問就至
為關鍵。這些因素比語言能力更為重要。準確和及時的商業建議將不斷為對外
投資者節省金錢。

境外目標
根據預期中國投資者將不斷拓寬投資市場。雖然中國的對外投資以往基本上導
向相對狹隘的行業領域內的特定目標,但隨着國內市場日益趨於成熟和複雜,
這一情況已然在改變。人們預期中國公司將在礦產能源領域之外進一步尋求對
外投資的機會。這類交易的規模可能較小,中方更可能傾向於合伙和合營模
式,而非直接收購。獲得前沿技術或強大的研發能力,對迫切希望提高國內效

作者簡歷
王慶
王慶是常駐富而德律師事務所北京及上海辦公室的
一名合伙人,在跨境並購、金融服務、私募股權、
與中國相關的對內及對外投資和企業重組等方面擁
有廣泛的經驗。
王律師持有澳大利亞國立大學的法律和經濟榮
譽學位,另外還獲得了哈佛法學院的法律碩士學位。
王律師最近在中國對外並購方面的經驗包括向大連萬達集
團就其收購Sunseeker International以及向株洲時代新材料科
技股份有限公司(中國南車的一家上市子公司)就其收購ZF
Friedrischafen的橡膠及塑料業務部門提供法律服務。
柯禮斯
柯禮斯是富而德律師事務所北京辦公室公司業務組
的一名高級律師,擅長向中國公司就其對外業務以
及向跨國公司就其對華投資策略和項目提供法律服
務。2012年他曾被調派到一個中國客戶那裡工作
了八個月,協助其進行對外投資活動。
柯律師最近的並購業務經驗包括向特易購就其與華潤創業建立
合營企業以在中國境內形成一個擁有三千多家門店的多樣化零售巨
頭提供法律服務。柯律師曾向浙江吉利集團就其從福特汽車公司收
購沃爾沃轎車公司及相關業務的具代表性交易提供法律服務。

China Outbound Investment Guide 2014

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3

EDITORIAL | 前言

率和盈利能力的中國投資者仍具有很強的吸引力。具有品牌優勢的賣方也會吸
引中國投資者,他們在持續擺脫不良資產,轉而收購優質資產。這在房地產行
業尤為明顯,外國(目前主要是美國和英國)的賣家正在不斷向中國買家出售
所謂的“炫耀性”資產。雖然這些可能成為新聞焦點,但它們也適用於廣泛的
行業領域(例如食品、休閒和替代能源),因為中國進入了以消費為主導的節
能型發展階段。

括中國自己的反壟斷機關商務部。中國投資在國內外上下遊行業的交叉很可能
使這些問題複雜化。

政治影響
大量的中國對外投資,特別是國有企業進行的對外投資,仍然受中國與東道
國之間政治形勢的驅動。這給交易的執行帶來複雜因素,可能影響交易的確定

交易結構

正像中國公司越來越瞭解他們經營業務的市場一樣,這些法域的監管部門也越
來越瞭解與中國投資者打交道的方式。這會產生一種全面的積極影響。中國投
資者需要與主要的監管部門建立聯繫,並確保向監管部門作出適當和實際的信
息披露,以增加獲得認可的可能性。政治化和媒體造勢依然是引人注目的交易
(特別是敏感行業的交易)的特點之一。中國對外投資者應繼續提高他們處理
政府和公共關係的技巧,或者聘請精通此方面事務的顧問。成功處理這些涉及
敏感交易的問題需要投資者進行格外慎重的計劃和工作。
儘管前景整體上很樂觀,但監管部門(特別是關注國有投資者經營者集中
情況的反壟斷監管部門)日益加強的審查力度依然是一個潛在的障礙。其中包

性。中國投資者最好不要簡單地依賴雙邊國家關係,而應注意當地政治的微妙
之處。有經驗的交易顧問能夠幫助投資者預見特定的交易障礙,並通過恰當地
平衡政治與經濟因素來設計交易的結構。

展望未來
中國的對外投資無論是規模還是數量都在增長,並趨於多元化。這一趨勢近期
不大可能出現倒退,這也使得國內政策不會出現重大逆轉。的確,交易無論在
完成和條款方面都明顯變得日益複雜和精密。但是,作為全球並購方面相對而
言的新手,中國投資者對跨境交易的實施仍然缺乏堅實的經驗,在交易後的整
合方面更是如此,這可能會使一個本來完善的收購變得很糟糕。中國投資者應
當善於從現有的經驗和(有時會很痛苦的)教訓中汲取知識。

Heavily restricted | 極度限制

Tax and grants
稅收及補助

Moderate | 中等

Investment approvals
投資審批

Limited | 限制

Investment vehicles
投資工具

Open | 開放

China outbound investment
中國境外投資

Cross-jurisdictional Risk
Analysis | 跨國風險分析

Dispute resolution
爭議解決

外部監管制約

正像中國公司越來越瞭解他們經營業務的市場一樣,
這些法域的監管部門也越來越瞭解與中國投資者打交
道的方式

Forex controls and local operations
外匯管制及本地經營

隨着越來越多的市場成為中國投資者的焦點,也就越來越需要強調和關注交
易結構。中國投資者將不斷提高他們對高效稅務規劃、健全退出機制以及合
適的投資條約保護的理解。象他們前面的所有全球性公司一樣,中國投資者
在為他們特定的投資尋求日益廣泛的戰略和商業目標。這意味著他們會越來
越多地利用境外特殊目的公司 (SPV)來獲得稅務和法律方面的利益。對於利用
這種境外特殊目的公司,中國監管部門很可能會採取越來越支持的態度。

Germany | 德國

Freshfields Bruckhaus Deringer | 富而德律師事務所

Luxembourg | 盧森堡
Bonn Steichen & Partners

Malta | 馬耳他

KPMG | 畢馬威會計師行

Turkey | 土耳其
Bezen & Partners

United Kingdom | 英國

Freshfields Bruckhaus Deringer | 富而德律師事務所

United States | 美國
Cadwalader Wickersham & Taft

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China Outbound Investment Guide 2014

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Contents | 目錄

Contents | 目錄
Germany | 德國 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Freshfields Bruckhaus Deringer | 富而德律師事務所
Luxembourg | 盧森堡 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Bonn Steichen & Partners
Malta | 馬耳他 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
KPMG | 畢馬威會計師行
Switzerland | 瑞士 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Homburger
Turkey | 土耳其 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Opportunities in Turkey’s special investment zones | 土耳其投資特區提供的機會 . . . . . . . . . . . . . . . . . . 47
Bezen & Partners
UNITED KINGDOM | 英國 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
Freshfields Bruckhaus Deringer | 富而德律師事務所
UNITED States | 美國 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
Cadwalader, Wickersham & Taft LLP

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China Outbound Investment Guide 2014

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5

Germany

Germany
Heiner Braun and Maximilian Platzer
Freshfields Bruckhaus Deringer
Section 1: China outbound investment

least €25,000. However, some investors choose the limited partnership (Kommanditgesellschaft) in order to take advantage of
German tax laws.

a. What are the key sectors in your jurisdiction that attract,
or to which the government is seeking to attract, China
outbound investment (COI)?
Germany is China’s biggest trading partner in Europe. Representatives from the Federal Ministry for Economics and
Energy (Bundesministerium für Wirtschaft und Energie, BMWi)
and the Ministry for Trade of the People’s Republic of China
regularly gather for joint consultations to discuss mutual trade
relationships.
Chinese companies are in particular attracted by German
companies which are active in the technology and mechanical
engineering sector. Recent COI in Germany includes:

b. What are the key requirements for establishment and
operation of these vehicles relevant to COI (e.g. is there a
requirement for local directors?)
A German limited liability company can be established by at least
one individual or legal entity in a very straight forward process
which only requires the declaration of foundation and the articles
of association to be notarised, at least half of the statutory share
capital to be paid in, and the company to be registered with the
commercial register. Foreign investors may avoid travelling to
Germany by appointing a representative to found the company
on their behalf. Furthermore, the process can be sped up by
acquiring a so-called shelf company, i.e. a company already duly
founded and registered with the commercial register (which only
has to be renamed by the purchaser).
The limited liability company’s business operations are
conducted by at least one managing director who need neither be
a German citizen nor reside in Germany. However, the company
has to have a domestic business address.

• Electronics, e.g., Lenovo’s acquisition of a majority stake in
Medion;
• Mechanical engineering, e.g., Weichai Power’s acquisition of a 33% stake in Kion Group and Sany’s acquisition of
Putzmeister;
• Automotive supply, e.g. the acquisition by TMT Zhuzhou
Times New Materials Technology of a business division of ZF
Friedrichshafen; and
• Renewable energies, e.g., LDK Solar’s acquisition of a majority
stake in Sunways.
b. Is the government generally supportive of COI? Which
government, and regional, bodies are responsible for driving
COI in your jurisdiction?
The BMWi has recently issued a joint declaration with its Chinese
counterpart, expressly pointing out that it welcomes the rising
interest by Chinese companies to invest in Germany.
Section 2: Investment vehicles

a. What are the most common legal entities and vehicles
used for COI in your jurisdiction? How long do they take to
become operational?
German corporate law offers different types of companies and
partnerships suitable for investments. Usually, Chinese investors
opt for the limited liability company (Gesellschaft mit beschränkter Haftung), a legal entity with a registered share capital of at
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China Outbound Investment Guide 2014

Section 3: Investment approval

a. For foreign investment approval (including any national
security review) explain the approval process and timing.
According to the German Trade Act (Außenwirtschaftsgesetz)
and the German Trade Ordinance (Außenwirtschaftsverordnung),
any acquisition of a direct or indirect stake of at least 25% of
the voting rights, and, if applicable, any subsequent increase of
voting rights, in a company resident in Germany, irrespective of
the business that this company is engaged in, by a non-EU and
non-EFTA investor can be the subject of a formal investigation by
the BMWi. The same applies to any EU- or EFTA-company with
a shareholder based outside the EU that holds at least 25% of the
voting rights of an EU-based company. In the calculation of the
25% threshold, voting rights by third parties, acting jointly with
the investor, have to be considered.
Generally, there is no legal obligation to notify the BMWi of
a transaction by which such stake in the voting rights is effected.
However, the BMWi may initiate investigations within three
months of signing / launch of a takeover offer / gaining of control
by requesting comprehensive information on the transaction and
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Germany

ask the purchaser to submit relevant information on the transaction. Within two months of receiving the requested information,
the BMWi is entitled to prohibit or otherwise restrict the planned
transaction if it is considered a “threat to public order or security”
of the Federal Republic of Germany. Within this time limit, the
transaction remains subject to the condition subsequent that the
BMWi prohibits the acquisition. To avoid uncertainty on timing,
investors may apply for a binding “certificate of compliance”
which the BMWi issues within one month, unless it decides to
initiate a formal investigation.
It is worth pointing out that, as explained below, the BMWi
applies a very investment-friendly approach and to date has never
blocked any COI transaction.
b. Briefly explain the investment restrictions for any
specially regulated/restricted sectors (natural resources,
financial services, telecoms and infrastructure, etc),
including whether the government is entitled to any special
rights (e.g. golden share) in those sectors.
If a non-German company acquires a direct or indirect stake of
at least 25% of the voting rights in a German company engaged
in specific industrial sectors, foreign investors are required to
notify the BMWi. This holds true for corporations that produce
or develop military goods specified in the war weapons list of the
German War Weapons Control Act (Kriegswaffenkontrollgesetz),
specially designed motors or gears for combat tanks and other
armoured military tracked vehicles, and products with IT security
functions for the processing of national classified documents. In
such cases, execution of an acquisition by transfer of the shares
is provisionally ineffective until the BMWi expressly clears the
transaction or does not initiate a formal investigation within
one month of the notification. If it initiates an investigation, the
investor is required to provide relevant information to the BMWi.
The BMWi may, within one month of receipt of such information, prohibit or otherwise restrict the planned transaction if it is
considered a “threat to material security interests” of the Federal
Republic of Germany.
c. Which authority oversees competition clearance, when is
notification mandatory, and what is the merger clearance
process (including whether pre- or post-closing)?
COI in Germany may trigger merger control requirements under
national law if they constitute a “concentration”, which includes
not only the acquisition of control but also, inter alia, any other
combination enabling at least one company to exercise a competitively significant influence on another party of the transaction.
Note that the concept of a “concentration” is somewhat different
under European rules. For instance, acquisitions of minority
shareholdings normally do not have to be notified under the
current regime.
Merger control under European rules is regulated by the EU
Merger Regulation (EUMR) and enforced by the European Commission (Commission). In cases not governed by the EUMR,
German merger control, regulated by the Act against Restraints
of Competition (Gesetz gegen Wettbewerbsbeschränkungen, GWB)
may be applicable. Such legislation is enforced by the Federal
Cartel Office (Bundeskartellamt, BKartA).
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A transaction will have to be notified to the Commission if:
• the aggregate worldwide turnover of all the parties exceeds €5
billion; and
• the aggregate EU-wide turnover of each of at least two parties
exceeds €250 million.
The EUMR also applies to smaller transactions that have an
impact on at least three Member States. These transactions are
caught by the EUMR where:
• the aggregate worldwide turnover of all the parties exceeds
€2.5 billion;
• the EU-wide turnover of each of at least two parties exceeds
€100 million;
• in each of at least three Member States the aggregate turnover
of all the parties exceeds €100 million; and
• in each of at least three Member States mentioned immediately above, the turnover of each of at least two parties exceeds
€25 million.
A notification obligation to the Commission does not exist if
each of the parties achieves more than two-thirds of its aggregate
EU-wide turnover in one and the same Member State.
German merger control rules generally apply when:
• the aggregate worldwide turnover of all the parties exceeds
€500 million;
• the turnover in Germany of at least one of the parties exceeds
€25 million; and
• the turnover in Germany of another party exceeds €5
million.
Both merger control regimes are mandatory and suspensory, meaning that the transaction must not be completed until
clearance has been obtained.
d. Are there any unique processes that potentially could
block a foreign investment, e.g. consent from labour unions?
Generally speaking, foreign investments are not subject to the
prior consent of labour unions or similar employee representations. In share deals, prior consultations may be required if an
investor acquires control of a company. However, failure to
comply with such obligation will not affect the validity of the
transaction but could give rise to a fine. If operational changes
in the business are a part, or likely consequence, of an asset deal
and these have material adverse effects for the workforce or substantial parts thereof, the works council has the right to negotiate
with the seller’s management to reconcile interests and agree on
the details of the operational change as well as on a social plan
(which will typically provide for financial compensation to offset
economic disadvantages suffered by the employees).
Employees may also object to a transfer of their employment
relationship in case of an asset deal. In case of such objection, the
affected employees are not transferred to the purchaser together
with the business or business unit but remain employed with
the business seller. Depending on the number of employees or
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7

Germany

the persons (e.g. key staff) objecting, this can have significant
adverse effects for the purchaser as regards the continuance of
the business. Therefore, prior consultations with competent trade
unions and works councils may be sought in order to ensure their
support with regard to the deal and to ensure a smooth transfer
process.
e. Are there approval requirements when a foreign investor
increases or exits its investments?
Furthermore, an approval by the BMWi may be necessary even
if the 25% threshold has already been crossed with regard to the
foreign investor’s shareholding. According to the BMWi, any
increase of the voting rights which results in a stake that exceeds
the 25%-threshold is subject to an approval process, irrespective
of the amount by which the shareholding has been increased.
Section 4: Tax and grants

a. Are there tax structures and/or favourable intermediary
tax jurisdictions that are particularly useful for FDI into the
country?
In the past Chinese investors often considered Luxembourg
holding structures for an equity investment into Germany.
However, Germany and China signed a new double tax treaty on
28 March 2014 (the New China/Germany DTA) which provides
a rather favourable tax framework for cross-border direct investments, such as 5% tax on dividend payments under the treaty
participation exemption.
b. What are the applicable rates of corporate tax and withholding tax on dividends?
In Germany, the corporate income tax rate is 15% plus a solidarity surcharge of 5.5% thereon, totalling 15.8%. Furthermore,
Germany levies trade tax, which is a municipal tax. The trade
tax rate depends on the municipality in which the German trade
is located and generally varies between 7% (at the lowest) and
17.15% (for Munich). Hence, the overall tax rate for a corporation typically is between 29% and 32%.
c. Does the government have any FDI tax incentive schemes
in place?
Germany has a broad network of double tax treaties providing
for favourable conditions for inbound FDI investment. Germany
normally applies tax incentive schemes equally to domestic
and foreign investors, like e.g. special amortisation/depreciation allowances, reinvestment reserves. For investment grants/
subsidies see question d. below.
d. Other than through the tax system, does the government
provide any other financial support to FDI investors? If so,
please provide an overview.
Germany operates a wide range of investment incentive schemes
like investment grants and investment subsidies, ranging from
e.g. R&D subsidies, energy subsidies to agricultural subsidies.
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Author biographies
Heiner Braun
Dr Heiner Braun is the co-head of our firm’s consumer
and healthcare practice and a member of our corporate
practice group. He was based in Asia (Shanghai and
Hong Kong) for five years and acted as managing
partner of our Shanghai office from 2011 to 2013.
His areas of practice include corporate and finance law with particular
em-phasis on mergers & acquisitions, private equity, public takeovers,
securities and gen-eral corporate law.
Heiner is admitted to the German, Hong Kong, and New York Bars.
He has been recognised by Chambers Global, IFLR1000 and JUVE as a
leading lawyer in Asia and Germany, particularly in the fields of M&A and
private equity. He is a fluent English, French and German speaker and is
conversational in Mandarin Chinese.
Maximilian Platzer
Maximilian is an associate in Freshfields’ Frankfurt office.
He practises corporate law and specialises in mergers
and acquisitions. After having graduated at Heidelberg
Law School, Maximilian served his legal clerkship at
Frankfurt am Main and London.

e. Are there any reciprocal tax arrangements between your
jurisdiction and China? If so, how can they aid investors?
The 1985 China/Germany double tax treaty pursues the objective
of eliminating a double taxation for cross border activities. On
March 28 2014, Germany and China have signed the New China/
Germany DTA which will replace the 1985 treaty once enacted.
It is envisaged that the New China/Germany DTA applies as of
January 1 2015.
The basic withholding tax (WHT) rate on dividends amounts
to 10% of the gross dividend payment, but the New China/
Germany DTA also provides for a preferred WHT-rate of 5% for
direct investments in the other contracting state of at least 25%.
As regards capital gains, the source country has a right of taxation
of capital gains which is limited to 10%, provided that the shareholder directly or indirectly holds at least 25% of the shares or, in
case of a listed company, holds more than 3% of the shares.
Section 5: Forex controls and local operations

a. What foreign currency or exchange restrictions should
foreign investors be aware of?
In practice, there are no foreign exchange restrictions a Chinese
investor would have to observe. However, sufficient funding of
the transaction in Euro and compliance with Chinese foreign
exchange restrictions has to be ensured.
b. Are there any legal restrictions on bringing in foreign
workers and how difficult is it for foreign investors to secure
expatriate visas for shareholder representatives, senior
managers and workers in practice?
Foreign workers, i.e. workers from a country not belonging to the
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Germany

EU, EEA or Switzerland, may be employed in Germany only if
they have a residence permit that provides for a permission to
work. Usually, the grant of any such visa is subject to a labour
market test which is performed by the Federal Employment
Agency to ensure that there is no German, EU, EEA or Swiss job
seeker available to fill the position, to avoid detrimental effects
to the German labour market and to ensure that foreign workers
are not employed at poorer working conditions than comparable
German employees. However, as from August 1 2012, foreign
workers who have an academic or equivalent qualification and
evidence of a job offer in Germany with a level of income above a
defined minimum salary have easier access to the German labour
market.
Section 6: Dispute resolution

a. Does your jurisdiction have a bilateral investment protection treaty with China or other jurisdictions commonly used
for investing into the country?
Germany has bilateral investment protection treaties with both
China and Hong Kong. These treaties aim to create favourable
conditions for and to encourage, promote and protect investments made by investors in China and Hong Kong, respectively,
into Germany and vice versa. The effect for investors in China
and Hong Kong investing into Germany is that they enjoy, among
other things:
• free admission of their investment into Germany;
• fair and equitable treatment of their investment to that of a
German national or a national of any other country;
• protection against expropriation of their investment;
• compensation for certain types of losses in relation to their
investment; and
• freedom to transfer their investment and the return on such
investment out of Germany.

c. Do local courts respect foreign judgments and are international arbitration awards enforceable?
Different rules apply when assessing whether the German courts
will enforce a foreign judgment depending on the jurisdiction in
which the foreign judgment was given.
If the judgment was given in a country outside the EU that
does not have an applicable bilateral or multilateral agreement
with Germany on reciprocal enforcement of judgments (for
instance China and Hong Kong), its enforceability will be
governed by German law. Under German law, only judgments
given in a country that equally enforces German judgements
are generally enforceable (reciprocity). Judgments from China
and Hong Kong are considered to be generally enforceable in
Germany.
Germany is a signatory of the New York Convention on the
Recognition and Enforcement of Foreign Arbitral Awards and has
enacted the requisite domestic legislation to bring it into force.
d. Are local judgments and arbitration awards from your
jurisdiction generally enforceable in other jurisdictions?
Different rules apply when assessing whether a German judgment
will be enforceable in a foreign jurisdiction depending on the
jurisdiction in which enforcement is sought. In determining
the enforceability of a German judgment in any other country
(including China or Hong Kong), the local law of that country
will apply.
Arbitral awards made in Germany will generally be
enforceable in other states that are signatories to the New York
Convention, subject to certain exceptions. Notably, China and
Hong Kong will only enforce arbitral awards made in the territory
of another contracting state (such as Germany), and only where
the issues arbitrated arose out of legal relationships that are considered commercial under local law.

b. How efficient are local courts’ enforcement and dispute
resolution proceedings, and are there any procedural idiosyncrasies foreign investors must be aware of?
German courts are very experienced as well as cost and time
efficient when it comes to commercial disputes. Regional courts
provide for specialised Chambers for Commercial Matters
and, before designated courts, oral hearings may be conducted
in English language. The Rule of Law Index 2014 of The World
Justice Project ranks Germany 3rd out of 99 countries in Civil
Justice (UK 14th, USA 27th).

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9

德國

德國
Heiner Braun 和 Maximilian Platzer
富而德律師事務所
第一節:中國境外投資

1. 您國家吸引中國境外投資或您政府有意吸引中國境外投資的
主要有哪些行業?
德國是中國在歐洲的最大貿易伙伴。聯邦經濟能源  (Bundesministerium für Wirtschaft und Energie) 和中華人民共和國商務部的代
表定期會談商討相互間的貿易關係。
從事技術和機械工程行業的德國公司特別吸引中國公司。中
國最近對德投資項目包括:
(1) 電子,例如聯想收購Medion的多數股權;
(2) 機械工程,例如濰柴動力收購Kion集團33%的股權以及三一
收購Putzmeister;
(3) 汽車供應,例如株洲時代新材料科技股份有限公司收購ZF
Friedrichshafen的一個業務部門;
(4) 可再生能源,例如江西賽維LDK太陽能高科技有限公司收購
Sunways的多數股權。

2. 政府一般支持中國境外投資嗎?在您國家,哪些政府或地方
機構負責推動中國境外投資?
聯邦經濟能源部最近與中國相關部門發出一項聯合聲明,明確
指出德國歡迎中國公司對投資德國表現出的日益濃厚的興趣。

第二節:投資工具

1. 您國家最常用於中國境外投資的法人實體和工具有哪些?要
多久才可營運?
德國公司法規定了不同類型的適合於投資的公司和合伙企業。
中國投資者通常喜歡選擇有限責任公司(Gesellschaft mit beschränkter Haftung),這是一種註冊資本不得低於25,000歐元的法律實
體。但是,有些投資者也會選擇有限合伙企業 (Kommanditgesellschaft),以便利用德國稅法。
2.  設立和營運與中國境外投資相關的企業主要需符合什麼要求
(例如:有沒有規定必須要有本地董事)?
最少一人或一個法律實體即可設立德國的有限責任公司,且手
續極為簡便,只需要宣告成立並對章程進行公證,至少繳入一
半法定資本,及在公司登記處對公司進行登記。外國投資者可
以指派一名代表代表其設立公司,自己無需親臨德國。而且,
還可以通過收購一家所謂的空殼公司(即已經正式設立並在商
業登記處作了登記的公司)並簡單變更名稱的方式更快地達成
這一目的。
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2014年中國境外投資指南

有限責任公司的業務運營由至少一名常務董事來管理,該人
既不必是德國人也不並在德國居住。但公司必須有一個德國國
內的經營地址。

第三節:投資審批

1. 關於外商投資的審批 (包括任何國家安全審查),請說明審批
程序和所需時間。
根據《德國貿易法》(Außenwirtschaftsgesetz)和《德國貿易條例》
(Außenwirtschaftsverordnung),非歐盟及非歐洲自由貿易聯盟的投
資者收購德國公司(不管該公司從事甚麼業務)享有不低於25%
表決權的直接或間接股權及(如適用)隨後增加表決權,可能
引起聯邦經濟能源部的正式調查。同樣的情況也適用於擁有一
名歐盟境外的、至少持有歐盟公司25%表決權的股東的任何歐盟
或歐洲自由貿易聯盟公司。在計算該25%的界線時,與該投資者
共同行動的第三方的表決權也必須計算在內。
一般來說,取得該表決權的交易並無法定義務向聯邦經濟
能源部進行申報。但是,聯邦經濟能源部可能在簽署/提出收購
要約/取得控股權後的三個月內通過索要有關交易的廣泛信息的
方式啟動調查,並要求買方提供有關交易的信息。在收到所索
要的信息後的兩個月內,聯邦經濟能源部如果認為擬進行的交
易“威脅到德意志聯邦共和國公共秩序或安全”的話,則其有
權禁止或以其他方式限制該交易。在此期限內,交易依然有待
聯邦經濟能源部作出是否禁止收購的決定。為了避免時間方面
的不確定性,投資者可以向聯邦經濟能源部申請出具一份有約
束力的“合規證明”,聯邦經濟能源部會在一個月內出具,除
非它決定啟動正式調查。
值得指出的一點是,如下面說明的那樣,聯邦經濟能源部對
投資採取非常友好的立場,迄今未阻止過任何中國對德投資交
易。
2. 請概述任何特別受監管/限制的行業 (自然資源、金融服務、
電信和基礎設施等)的投資限制,包括政府在有關行業是否有特
別權利 (例如黃金股份)。
如果一家非德國公司收購一家從事特定工業行業的德國公司的
具有不低於25%表決權的直接或間接股權,則外國投資者須向聯
邦經濟能源部申報。這些特定工業行業包括生產或開發下述產
品的公司:《德國戰爭武器管控法》(Kriegswaffenkontrollgesetz)的
戰爭武器清單中所列的軍用商品,戰鬥坦克及其他裝甲軍車使
用的專用發動機或傳動裝置,及具有信息技術功能的用於處理
國家機密文件的產品。在此類情況下,通過股份轉讓等方式進
行的收購暫時無效,直到聯邦經濟能源部明確批准交易或在申
報後一個月內未啟動正式調查時為止。如果聯邦經濟能源部啟
動調查,則投資者須向聯邦經濟能源部提供有關信息。如果聯
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德國

邦經濟能源部認為擬進行的交易“威脅到德意志聯邦共和國的
重大安全利益”的話,則其可以在收到該等信息後一個月內禁
止或以其他方式限制擬進行的交易。

3. 哪個機關負責監管競爭審查?什麼時候報告是強制性的?並
請概述合並審查程序(包括合並前後)。
如果中國對德投資構成“經營者集中”(包括取得控制權以及
使至少一家公司能夠對交易另一方施加競爭方面重大影響的任
何其它合併等情形),則可能會觸發國家法律有關並購管控的
規定。請注意,“經營者集中”的概念在歐洲規則項下有所不
同。比如,根據現行制度,收購少數股權一般不需要申報。
歐洲規則下的並購控制受《歐盟合併條例》的管轄,並由歐
洲委員會(歐委會)執行。在不受《歐盟合併條例》管轄的情
況下,可以適用受《反限制競爭法》(Gesetz gegen Wettbewerbsbeschränkungen, GWB)管轄的德國並購控制制度。該法由聯邦卡特爾
辦公室(Bundeskartellamt, BKartA)執行。
具有下述情形的交易必須向歐委會申報:

作者簡歷
Heiner Braun
Heiner Braun博士是本所消費及保健業務組的聯席
負責人,同時也是本所公司業務組的一名成員。他
曾在亞洲(上海和香港)常駐五年,在2011年至
2013年間擔任本所上海辦公室的管理合伙人。他
的執業領域包括公司和金融法,特別着重於並購、
私募股權、公開收購、證券及一般公司法律。
Heiner獲有德國、香港和紐約的律師資格。他被Chambers
Global、IFLR 1000和JUVE評為亞洲和德國(特別是在並購和私
募股權領域)的頂尖律師之一。他能講流利的英語、法語和德
語,也能用中文普通話進行對話。

Maximilian Platzer
Maximilian是富而德法蘭克福辦公室的一名律師,
從事公司法方面的業務,擅長於並購業務。從海
德堡法學院畢業後,他在法蘭克福和倫敦擔任過法
律文書。

(1) 交易所有各方的全球營業額總和超過50億歐元;
(2) 至少兩方中的每一方在歐盟的總營業額超過2.5億歐元。
《歐盟合併條例》亦適用於至少影響到三個成員國的較小的
交易,包括屬於下述情形的交易:
(1) 所有各方的全球營業額總和超過25億歐元;
(2) 至少兩方中的每一方在歐盟的營業額超過一億歐元;
(3) 在至少三個成員國中的每個成員國,所有各方的營業額總和
超過一億歐元;
(4) 在前述至少三個成員國中的每個成員國,至少兩方中的每一
方的營業額超過2500萬歐元。
如果每一方歐盟總營業額的三分之二以上是在同一個成員國
取得的,則沒有義務向歐委會申報。
下述情況下一般適用德國的並購控制規則:
(1) 所有各方的全球營業額總和超過5億歐元;
(2) 至少一方在德國的營業額超過2500萬歐元;
(3) 另一方在德國的營業額超過500萬歐元。
歐盟和德國的並購控制制度都是強制性的,且具有暫停交易
的效力,也就是說在獲得批准之前不得完成交易。

4. 有沒有任何特別的程序例如工會同意之類,有可能會阻止外
國投資的呢?
一般來說,外國投資無需事先徵得工會或其它員工代表組織的
同意。在股份交易中,如果投資者收購公司的控制權,則可能
需要事先徵詢工會的意見。但是,未遵守該義務並不影響交易
的有效性,只是可能導致罰款。如果企業發生的經營變化是資
產交易的組成部分或可能後果,且該等變化對全體員工或大部
分員工產生重大不利影響,則員工代表機構有權與賣方管理層
進行談判,以協調相關利益並商定經營性變化的細節和一份社
會計劃(該計劃一般規定向員工提供經濟補償以抵消他們遭受
的經濟損失)。在資產交易中,員工也可能反對轉移其勞動關
係。如果出現這種情況,有關員工不會與業務或業務單位一起
轉讓給買方,而是依然由業務的賣方雇用。取決於反對轉移的
員工或人員(例如骨幹職員)的數量多寡,這種情況可能在業
務持續性方面對買方造成相當大的不利影響。因此,應當與有
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關工會或員工代表機構事先進行協商,以確保他們支持交易並
確保轉讓過程順利完成。

5. 外國投資者如增加或撤回投資,有什麼審批要求?
外國投資者的股權超過25%的限額時可能需要聯邦經濟能源部的
批准。根據聯邦經濟能源部的規定,增加表決權從而導致股權
超過25%的限額需要審批,不管增加的股權數量有多少。

第四節:稅收及補助

1. 有沒有一些稅務結構或有利的中介稅務管轄區,是對外商直
接投資德國尤其有用的?
過去中國投資者對德國進行股權投資時常常考慮採用盧森堡控
股結構。但德國和中國於2014年3月28日簽訂了一份新的避免雙
重徵稅條約(新中德稅務條約),為跨國直接投資提供了一個
相當有利的稅務框架,例如根據條約規定的股東稅務豁免對股
息只徵收5%的稅。
2. 企業所得稅和股息預提稅的適用稅率是多少?
在德國,公司所得稅率為15%,外加5.5%的團結附加稅,合計
15.8%。德國還徵收貿易稅,這是一種市政稅。貿易稅率取決於
德國貿易所在城市,一般在7%(最低)到17.15%(例如慕尼黑)之
間。因此,一個公司的總體稅率在29%至32%之間。
3. 政府是否已設立外商直接投資稅務優惠制度?
德國簽訂了廣泛的避免雙重徵稅條約,為外國對德直接投資提
供了有利的條件。德國的稅務激勵方案一般同等適用於國內和
國外投資者,例如特殊攤銷/折舊補貼、再投資儲備金等等。有
關投資補助/補貼,參見下面問題4。
4. 除了通過稅務制度,政府還有向外商直接投資者提供其他財
務支持嗎?如有,請加以概述。
德國運行着範圍廣泛的投資激勵方案,例如投資補助和投資補
貼,從研發補貼、能源補貼直到農業補貼等等。
2014年中國境外投資指南

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德國

5. 您國家與中國之間有沒有任何相互稅務安排?如有,這些安
排如何幫助投資者?
1985年簽訂的中德避免雙重徵稅條約旨在消除對跨國業務的雙重
徵稅。2014年3月28日,德國和中國簽署了新的中德稅務條約,
一俟制定即將取代1985年的條約。據預期新的中德稅務條約將自
2015年1月1日起生效。
股息的基礎扣繳稅率高達10%,但新中德稅務條約為向對方
國家至少25%的直接投資提供了5%的優惠預提稅率。關於資本
利得,來源國有權徵收不超過10%的資本利得稅,但前提是相關
股東直接或間接地持有至少25%的股份,或者如屬上市公司,則
須至少持有超過3%的股份。

第五節:外匯管制及本地經營

1.有什麼外幣或外匯限制是外國投資者需要注意的?
在實踐中,並沒有甚麼中國投資者必須遵守的外匯限制規定。
但必須確保為交易提供足夠的歐元資金,且須符合中國的外匯
管制規定。
2. 引入外國員工有什麼法律限制?在操作上外商投資者為股東
代表、高級經理和員工取得外國員工簽証有多困難?
外國工作者,即來自不屬於歐盟、歐洲經濟區或瑞士的其他國
家的工作者,只有取得允許工作的居留許可證後方可在德國就
業。通常情況下,獲得此類簽證需要聯邦就業局進行勞動力市
場測試,以便確保沒有德國、歐盟、歐洲經濟區或瑞士的求職
者來填補該職位,避免對德國勞動力市場造成損害性影響,及
確保外國工作者的工作條件不次於同類德國員工。但是,自2012
年8月1日起,具有學歷或同等資質的並且能夠證明已經獲得德國
境內收入水平高於規定的最低工資的聘約的外國工作者,更容
易進入德國的勞動市場。

第六節:爭議解決

(1) 其投資可以自由進入德國;
(2) 其投資和德國人或任何其他國家的國民的投資享有平等的公
平待遇;
(3) 保護其投資免遭徵用;
(4) 對與其投資有關的特定損失予以補償;
(5) 可以自由地將其投資及投資回報轉出德國。

2. 當地法院的執法和爭議解決程序的效率如何?有什麼特別的
程序是外商投資者需要注意的?
德國法院在解決商業糾紛方面富有經驗,且具有很高的成本和
時間效率。地區法院設有專門的商業事務院,並在指定法庭的
口頭審理可以用英語進行。《世界司法項目》2014年法律規則索
引在99個國家的民事司法排名中將德國列為第三名(英國第十四
名、美國第二十七名)。
3. 當地法院尊重外國判決嗎?可執行國際仲裁裁決嗎?
在評估德國法院是否會執行外國判決時,根據作出外國判決的
法域的不同而適用不同的規則。
如果判決是在歐盟以外國家作出的,且該國與德國沒有簽訂
相互執行判決的雙邊或多邊協定(例如中國和香港),則其可
執行性將取決於德國法律的規定。根據德國法律,只有在平等
執行德國判決的國家中作出的判決一般才是可以在德國執行的
(互惠性)。中國和香港的判決一般被認為是可以在德國獲得
執行的。
德國是《承認和執行外國仲裁裁決紐約公約》的簽約國之
一,並且已經制定了必要的國內立法來實施該公約。
4. 您國家的判決和仲裁裁決一般會在其他國家執行嗎?
在評估一個德國判決是否可以在外國法域執行時,根據執行地
所在法域的不同而適用不同的規則。在確定德國判決在任何其
他國家(包括中國或香港)的可執行性時,適用該國家的本國
法律。
在德國作出的仲裁裁決一般可以在屬於紐約公約簽約國的其
他國家執行,但也有一些例外情況。值得注意的是,中國和香
港只執行在另一個締約國(例如德國)作出的仲裁裁決,並且
前提是所仲裁的問題起因於根據當地法律被視為屬於商業性的
法律關係。

1. 您國家是否有和中國或其他國家簽訂關於投資您國的雙邊投
資保障條約?
德國與中國和香港都訂有雙邊投資保護條約。這些條約旨在為
雙方的投資者在對方國家的投資提供有利條件,鼓勵、促進和
保護此類投資。中國和香港對德進行投資的投資者可以享有下
述優惠待遇:

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2014年中國境外投資指南

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Luxembourg

Luxembourg
Alain Steichen and Laurent Lazard
Bonn Steichen & Partners
Section 1: China outbound investment

a. What are the key sectors in your jurisdiction that attract,
or to which the government is seeking to attract, China
outbound investment (COI)?
Some of the leading sectors into which the Luxembourg government has been seeking to attract foreign investment are
biotechnology/health technologies, e-commerce, logistics and
eco-technologies.
Over the past few years, Luxembourg has become a focal point
for Chinese companies’ outbound investment by their setting up
offshore companies in Luxembourg through holding and pooling
investments. Luxembourg is also an obvious choice to locate all
kinds of (pan-European) operations, whether it is a European
headquarters for Chinese banks, where Luxembourg is to act as
Europe’s hub for renminbi products (Industrial and Commercial
Bank of China (ICBC), Bank of China (BoC), Chinese Construction Bank), or for structuring tax-efficient acquisitions in Europe.
The Luxembourg Stock Exchange is one of the leading listing
places for renminbi denominated bonds in Europe. Luxembourg
is the most important hub for cross-border renminbi business in
the Eurozone and it is the only country in Europe with renminbi
denominated mutual funds.
b. Is the government generally supportive of COI? Which
government, and regional, bodies are responsible for driving
COI in your jurisdiction?
The government, banking and fund associations and the financial
regulatory authority of Luxembourg have continually shown their
support for foreign investors, including COI. The tax authorities
in particular apply a pragmatic approach to foreign investment
with a tax-efficient structure for repatriation of profits and access
to a broad double taxation treaty network which includes China,
Hong Kong and various other Asian countries.
Section 2: Investment vehicles

a. What are the most common legal entities and vehicles
used for COI in your jurisdiction? How long do they take to
become operational?
Undertakings for Collective Investment in Transferable Securities
(UCITS) is the retail fund vehicle distributed on a pan-European
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basis that benefits from a European passport. This makes them
freely marketable throughout Europe and subject only to a
simplified notification procedure. The 2008 Memorandum of
Understanding signed between Luxembourg and China qualifies
UCITS as eligible assets in China under the Qualified Domestic
Institutional Investors (QDII) regime. Luxembourg is one of very
few financial centres to have such an agreement in place with
China.
Luxembourg has developed various alternative investment
products and bespoke investment structures such as hedge funds
and funds of hedge funds, private equity vehicles and real estate
funds. The recent implementation of the alternative investment
fund management (AIFM) regime is expected to create a global
alternative investment fund branch for non-UCITs funds. In
2004 and 2007 respectively, Luxembourg created the investment
company in risk capital (SICAR) and the specialised investment
fund (SIF). In addition, financial holding companies (SOPARFIs)
are unregulated entities often used for the efficient structuring of
investments in combination with SIFs and SICARs.
UCITs, SIFs and SICARs are all regulated entities for which
the approval process by the Luxembourg financial regulatory
authority (CSSF) may take two to three months.
For many years now, Luxembourg has been used for international acquisitions structuring via unregulated vehicles
(SOPARFIs), which can be up and running within a few weeks.
In order to offer high net worth individuals (HNWI) a flexible
vehicle for their wealth management, Luxembourg introduced
in 2007 the Family Wealth Management Company, commonly
known as the SPF (Société de gestion de Patrimoine Familial), for
the purpose of the acquisition, holding, management and sale of
financial assets.
A draft bill has been presented to Parliament which is soon
expected to be adopted into law and will introduce the Luxembourg private foundation regime (foundation patrimoniale), a new
wealth management regime expected to be a suitable solution to
secure private or business assets, to separate economic ownership
from decision-making authority or to protect private spheres.
b. What are the key requirements for establishment and
operation of these vehicles which are relevant to COI (e.g. is
there a requirement for local directors)?
There is a minimum share capital for the UCITs, SIFs, SICAR
and SOPARFI. Regarding the SOPARFI and the SIFs and SICARs
established in corporate form, there are no residence or nationality requirements for the shareholders or board members.
However, under Luxembourg law, a company is of Luxembourg nationality if its domicile (its seat of administration) is
China Outbound Investment Guide 2014

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Author biographies
Alain Steichen
Alain Steichen is partner and managing director of Bonn
Steichen & Partners. His main area of expertise is Tax.
Until 1996, he was the head of tax at Price Waterhouse
Luxembourg.
As a recognised tax expert, he represented the
Ministry of Finance in various State Aid discussions with the Brussels
Commission and advised Chase Manhattan in the merger acquisition of
JP Morgan and Mittal in the Arcelor takeover. Steichen recently advised
Pfizer on the sale of its Nutrition business to Nestlé for US$10 billion and
on the US$ 7 billion restructuring of its Animal Health Business Zoetis.
Author of several books and articles on Luxembourg accounting, tax
and company law, he has been associate professor of taxation at the
University of Luxembourg since 1994.
Laurent Lazard
Laurent Lazard is a partner of Bonn Steichen & Partners.
His practice areas are capital markets and banking &
finance.
Praised for his experience in global debt capital
markets, he also focuses on structured finance
transactions. Lazard has advised originators and arrangers on numerous
securitisations in particular of car loans and receivables. He has
developed significant expertise in setting up platforms for the issuance of
structured finance instruments and assisted several international banks
on multi-billion Euro structured notes programmes.
He also advises major banks on acquisition finance transactions. He
holds law degrees from the University of Paris (Paris II) and the University
of Chicago and speaks English, French and German.

located in Luxembourg. Having local Luxembourg directors
supports the position that the seat of administration is located in
Luxembourg.
Section 3: Investment approval

a. For foreign investment approval (including any national
security review) explain the approval process and timing.
There are no limits on foreign ownership or control, only general
screening of investment, which is non-discriminatory between
foreign and domestic investors.
b. Briefly explain the investment restrictions for any
specially regulated/restricted sectors (natural resources,
financial services, telecoms and infrastructure, etc),
including whether the government is entitled to any special
rights (e.g. golden share) in those sectors.
There are no official restricted sectors.
c. Which authority oversees competition clearance, when is
notification mandatory, and what is the merger clearance
process (including whether pre- or post-closing)?
The Competition Council (le Conseil de Concurrence) monitors
compliance with competition law. The European Commission
has jurisdiction over anti-competitive practices.
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China Outbound Investment Guide 2014

There is no compulsory filing for mergers in Luxembourg.
Where acquiring stakes in listed companies, applicable stock
exchange rules may require notification.
d. Are there any unique processes that potentially could
block a foreign investment, e.g. consent from labour unions?
No.
e. Are there approval requirements when a foreign investor
increases or exits its investments?
No.
Section 4: Tax and grants

a. Are there tax structures and/or favourable intermediary
tax jurisdictions that are particularly useful for FDI into the
country?
Luxembourg is widely used as an intermediary tax jurisdiction
for FDI in other countries. The use of Luxembourg as a holding
company location may offer substantial tax advantages to Chinese
companies making outbound investments. The abovementioned
SOPARFI refers to ordinary, unregulated, fully-taxable Luxembourg resident companies whose main activity is the holding of
shares benefiting from the participation exemption. The participation exemption is a key element of the Luxembourg corporate
tax system and is aimed at avoiding double taxation of profits.
The Luxembourg-Hong Kong double tax treaty makes Hong
Kong and Luxembourg a desirable path for Chinese investment
in Europe, as it combines two favourable tax regimes and allows
flexible and tax-efficient returns on profits and cash from Luxembourg to Hong Kong.
b. What are the applicable rates of corporate tax and withholding tax on dividends?
The total corporate income tax is moderate by European
standards at 29.22%. Luxembourg levies a 15% withholding tax
on dividends. However, no tax is withheld where dividends are
paid to a qualifying company under the EU parent-subsidiary
directive. Tax treaty relief may also be applicable.
c. Does the government have any FDI tax incentive schemes
in place?
Luxembourg offers a very attractive tax regime for IP revenue:
80% of income derived from IP rights acquired or created by a
Luxembourg company or permanent establishment, and gains
from the disposal of such rights, are exempt from income tax
(excluding the acquisition of IP rights from a related party).
Luxembourg is also the tax jurisdiction of choice when it comes
to investment funds as they benefit from a wide range of exemptions: no taxation on income and capital gains, no withholding tax
(unless the EU savings directive applies) and no wealth tax.
Shipping companies also have the benefit of various tax incentives, such as tax credits and exemption from municipal business
tax.
www.chinalawandpractice.com

Luxembourg

d. Other than through the tax system, does the government provide any other financial support to FDI investors? If
so, please provide an overview.
Successive Luxembourg governments have been proactive in
attracting foreign investments in various industries through
offering capital investment subsidies, equipment financing and
financial assistance (through the State lending agency, SNCI),
loans at reduced rates, cash grants for investments in high technology and R&D of innovative products as well as industries
involved in manufacturing processes and services, and financial
incentives to audio visual productions using production and
location facilities within the Luxembourg territory.
e. Are there any reciprocal tax arrangements between your
jurisdiction and China? If so, how can they aid investors?
There is an agreement between China and Luxembourg for the
avoidance of double taxation and the prevention of fiscal evasion
with respect to taxes on income and capital.
Section 5: Forex controls and local operations

a. What foreign currency or exchange restrictions should
foreign investors be aware of?
None.
b. Are there any legal restrictions on bringing in foreign
workers and how difficult is it for foreign investors to secure
expatriate visas for shareholder representatives, senior
managers and workers in practice?
A citizen of a Third Country (a non-EU country) requires a
permit to work as an employee. This permit also serves as a
residence permit. This work permit must be applied for before
entering the country unless the person is already a legal nonworking resident.
As an incentive for attracting highly skilled workers to Luxembourg, certain costs borne by the employer for the move, stay
and exit of the employee in Luxembourg, may be exempt from
tax to the employee during a five year period (while remaining
tax is deductible at the level of the employer).
Section 6: Dispute resolution

b. How efficient are local courts’ enforcement and dispute
resolution proceedings, and are there any procedural idiosyncrasies foreign investors must be aware of?
Luxembourg courts are reasonably efficient. Civil and commercial
disputes before the District Court are introduced through a writ
of summons. Interim remedies are sometimes available in urgent
cases to avoid imminent damage or to abate an illegal nuisance.
c. Do local courts respect foreign judgments and are international arbitration awards enforceable?
Luxembourg is party to a number of treaties for the reciprocal
recognition and enforcement of foreign judgments, notably the
Brussels I EU Regulation and the Lugano Convention of October
30 2007. In the absence of such a regulation or convention, recognition and enforcement of foreign judgments may be obtained in
accordance with applicable exequatur provisions and general Luxembourg rules applicable to the recognition and enforcement of
foreign court decisions. In order to declare the foreign judgment
enforceable, the Luxembourg court will verify certain matters
such as the enforceability of the foreign judgment in the country
of origin, that the country of origin had jurisdiction according
to its own rules and to Luxembourg conflict of jurisdiction rules,
that the foreign judgment was regular according to the procedural rules of the country of origin and did not violate the rights
of defence, and, most importantly, that the foreign judgment is
not contrary to Luxembourg international public policy.
Luxembourg is party to the New York Convention of June 10
1958 on the Recognition and Enforcement of Foreign Arbitral
Awards and will recognise arbitral awards as binding, and
will enforce them in accordance with the rules of procedure of
Luxembourg, under the conditions laid down in the New York
Convention (which lays down grounds for refusal of recognition
and enforcement of an award).
d. Are local judgments and arbitration awards from your
jurisdiction generally enforceable in other jurisdictions?
The answer to this question is really dependant on the jurisdiction in which enforcement of Luxembourg judgments and
arbitration awards is sought. However, it is certainly relevant that
as far as enforcement within Europe is concerned, Luxembourg
judgments are enforceable in other European countries pursuant
to the Brussels I EU Regulation and the Lugano Convention. As
mentioned above, Luxembourg is also party to the New York
Convention, which is based on the reciprocity for the recognition
and enforcement of arbitration awards made in the territory of
another contracting State.

a. Does your jurisdiction have a bilateral investment protection treaty with China or other jurisdictions commonly used
for investing into the country?
There is an agreement between the Belgian-Luxembourg
Economic Union and the Government of the People’s Republic
of China on the reciprocal promotion and protection of investments, which was signed on June 6 2005.

www.chinalawandpractice.com

China Outbound Investment Guide 2014

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15

盧森堡

盧森堡
Alain Steichen 和 Laurent Lazard
Bonn Steichen & Partners
第一節:中國境外投資

1. 您國家吸引中國境外投資或您政府有意吸引中國境外投資的
主要有哪些行業?
盧森堡政府有意吸引外商投資的一些主要行業,有生物技術/衞
衛生技術、電子商務、物流和生態技術。
過去數年,盧森堡成為中國企業境外投資的重心,中國企業
在盧森堡設立境外公司持有並聚集投資。不管是作為中資銀行
(例如中國工商銀行、中國銀行、中國建設銀行)的歐洲總部,
並為人民幣產品的歐洲樞紐,或是作為構建歐洲的節稅並購之
地,盧森堡都是發展所有 (泛歐) 業務的當然之選。
盧森堡証券交易所是人民幣債券在歐洲上市的主要場所之
一。盧森堡是歐元區跨境人民幣業務的最重要的樞紐,也是歐
洲唯一持有人民幣共同基金的國家。
2. 政府一般支持中國境外投資嗎?在您國家,哪些政府或地方
機構負責推動中國境外投資?
盧森堡政府、銀行、基金組織及金融監督管理機構一直支持外
商投資,包括中國境外投資。尤其是稅收機關,以務實思維看
待外商投資,以節稅方式返還利潤,以及參與雙重稅收條約的
網絡,包括中國、香港和多個其他亞洲國家。

時兩至三個月審批。多年來,盧森堡一直是構建國際並購的選
址,通過不受監管的公司 (金融控股公司),可於數星期內設立
運作。
為了向高資產淨值人士提供具靈活性的方法管理財富,盧森
堡在2007年引入家庭財富管理公司,統稱為SPF (Société de gestion de Patrimoine Familial),目的是收購、持有、管理和銷售
金融資產。
有關法律草案已提交國會,預計快將獲通過為法律,在盧森
堡推行私募基金制度 (foundation patrimoniale)。這項新財富管
理制度預計是獲取個人或企業資產、把經濟擁有權從決策機構
分隔起來,或保障私人領域的合適方法。

2.  設立和營運與中國境外投資相關的企業主要需符合什麼要求
(例如:有沒有規定必須要有本地董事)?
可轉讓証券集體投資企業、專項投資基金投資公司、風險資本
投資公司和金融控股公司設有最低股本要求。有關金融控股公
司及以公司形式設立的專項投資基金投資公司和風險基金投資
公司,對股東或董事會成員均沒有居住地或國籍規定。然而,
根據盧森堡法律,如一間公司的居住地(管理所在地)在盧森
堡,便屬於盧森堡公司。擁有盧森堡當地的董事,是管理所在
地設在盧森堡的証明。

第三節:投資審批
第二節:投資工具

1. 您國家最常用於中國境外投資的法人實體和工具有哪些?要
多久才可營運?
可轉讓証券集體投資企業 (UCITS) 是分佈於泛歐的零售基金工
具,受惠於歐洲護照,只需通過簡化通知程序,便可以在整個
歐洲自由營銷。盧森堡和中國在2008年簽訂的諒解備忘錄,使
可轉讓証券集體投資企業獲分類為中國合資格境內機構投資者
制度下的合資格資產。盧森堡是與中國訂立這項協定的少數金
融中心之一。
盧森堡已發展多項替代投資產品及定制投資結構,例如對沖
基金、對沖基金母基金、私募股權投資工具及房地產基金。替
代投資基金管理 (AIFM) 制度最近實施,預計可作為全球替代投
資基金的分支,管理可轉讓証券集體投資企業以外的基金。盧
森堡分別在2004年和2007年設立風險資本 (SICAR) 投資公司及
專項投資基金 (SIF) 投資公司。此外,金融控股公司 (SOPARFI)
是不受監管的公司,一般用以迅速構建投資,與專項投資基金
投資公司和風險資本投資公司一並使用。
可轉讓証券集體投資企業、專項投資基金投資公司和風險資
本投資公司全是受監管的公司,盧森堡金融監管當局 (CSSF) 需
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2014年中國境外投資指南

1. 關於外商投資的審批 (包括任何國家安全審查),請說明審批
程序和所需時間
外商所有權或控制不受限制,只需接受一般投資審查,不論是
外商或本地投資者均一視同仁。
2. 請概述任何特別受監管/限制的行業 (自然資源、金融服務、
電信和基礎設施等)的投資限制,包括政府在有關行業是否有特
別權利 (例如黃金股份)。
沒有受政府限制的行業。
3. 哪個機關負責監管競爭審查?什麼時候報告是強制性的?並
請概述合並審查程序(包括合並前後)。
競爭局 (le Conseil de Concurrence) 負責監察競爭法的遵行情況。
歐盟委員會對反競爭行為具管轄權。
在盧森堡,合並沒有強制報告的規定。如收購上市公司股
權,適用的交易所規則或會要求報告。
4. 有沒有任何特別的程序例如工會同意之類,有可能會阻止外
國投資的呢?
沒有。
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盧森堡

5. 外國投資者如增加或撤回投資,有什麼審批要求?
沒有。

作者簡歷
Alain Steichen

第四節:稅收及補助

1. 有沒有一些稅務結構或有利的中介稅務管轄區,是對外商直
接投資盧森堡尤其有用的?
盧森堡是外商直接投資其他國家的熱門中介稅務管轄區。以盧
森堡為控股公司的所在地,對中資公司的對外投資可提供大量
稅務優惠。以上提到的金融控股公司指常駐盧森堡的普通、不
受監管和足繳稅款的公司,主要業務是持有股份,且受惠於股
東免稅。股東免稅是盧森堡企業稅收制度的主要元素,旨在避
免對利潤雙重征稅。
盧森堡與香港的雙重征稅協議,使香港和盧森堡成為中國投
資在歐洲的理想途徑,既結合兩個優惠的稅收制度,又對盧森
堡到香港的利潤和現金提供具靈活性和節稅的回報。
2. 企業所得稅和股息預提稅的適用稅率是多少?
按歐洲標準,總企業所得稅定於29.22%的中等水平。盧森堡
征收15%股息預提稅。不過,如根據歐盟母子公司指令向合資
格公司支付股息,則不必扣繳稅款。稅收協定減免也可同時適
用。
3. 政府是否已設立外商直接投資稅務優惠制度?
盧森堡為知識產權收入提供非常吸引的稅務制度:盧森堡公司
或常設機構受讓或創造的知識產權80%的所得,以及出售知識
產權所得利潤均免征所得稅 (從關聯方受讓知識產權除外)。
在投資基金方面,盧森堡也是稅務管轄區的不二之選,因為
企業可享有範圍廣泛的豁免:所得和財產收益免稅,沒有預提
稅 (歐盟儲蓄指令適用情況除外),也沒有財富稅。
船務公司也獲多項稅務優惠 (稅收減免、免征城市營業稅)。

Alain Steichen是Bonn Steichen & Partners的合
伙人和董事總經理,專業領域是稅務。截至1996
年,他是盧森堡普華永道的稅務主管。
他是公認的稅務專家,曾代表財政部與布魯
塞爾委員會進行國家援助討論,並向大通曼哈
頓與摩根大通的收購合併和米塔爾收購安賽樂的交易中提供諮
詢。Steichen最近向輝瑞以100億美元出售營養業業務予雀巢公
司,以及以70億美元重組其動物衛生業務碩騰提供法律意見。他
的著作包括盧森堡會計、稅務和公司法,並自1994年起任盧森堡
大學稅務學副教授。

Laurent Lazard
Laurent Lazard是Bonn Steichen & Partners的合
伙人,執業領域為資本市場、銀行及融資。
他在全球債務資本市場的經驗備受讚賞,專注
於結構性財務交易。他向汽車貸款和應收帳款等的
多項證券化交易的發起人和發行人提供法律意見。
他在建立平台發行結構性財務工具經驗豐富,並協助幾家國際銀
行數以十億至千億元計的歐羅結構化票據項目。
他也向主要銀行的收購融資交易提供法律意見。他持有巴黎第
二大學和芝加哥大學的法律學位,懂英語、法語和德語。

2. 引入外國員工有什麼法律限制?在操作上外商投資者為股東
代表、高級經理和員工取得外國員工簽証有多困難?
第三國家(非歐盟國家)國民須申請許可証才可作為員工工作。
這許可証也是居留許可証。除非已是合法非工作居民,否則入
境前必須申請工作許可。
為吸引人才到盧森堡工作,僱主為員工遷居、停留和撤離盧
森堡所承擔的費用,員工在五年內可獲免征稅 (僱主可扣除其餘
的稅款)。

第六節:爭議解決
4. 除了通過稅務制度,政府還有向外商直接投資者提供其他財
務支持嗎?如有,請加以概述。
歷界盧森堡政府多年來一直積極吸引各行業的外商投資,方法
是提供資本投資補貼,(通過國家借貸機關 (SNCI))提供設備融資
和財務資助,提供減息貸款,為投資高科技、創新產品研發、
生產程序和服務所涉及產業提供現金補助,以及為使用盧森堡
內生產和廠房設施的音像產品生產提供財務優惠。

1. 您國家是否有和中國或其他國家簽訂關於投資您國的雙邊投
資保障條約?
比利時-盧森堡經濟聯盟與中華人民共和國政府在2005年6月6日
簽訂了《關於相互促進和保護投資的協定》。

5. 您國家與中國之間有沒有任何相互稅務安排?如有,這些安
排如何幫助投資者?
中國和盧森堡已訂立對所得和財產避免雙重征稅和防止偷漏稅
的協定。

2. 當地法院的執法和爭議解決程序的效率如何?有什麼特別的
程序是外商投資者需要注意的?
盧森堡法院的效率不錯。地方法院的民事和商事爭議經傳票提
出。遇上緊急個案,或會有臨時救濟,以避免即時損害或消除
非法滋擾。

第五節:外匯管制及本地經營

3. 當地法院尊重外國判決嗎?可執行國際仲裁裁決嗎?
盧森堡是多個相互認可和執行外國判決條約的締約方,最為人
所知的是《歐盟布魯塞爾條例(一)》及2007年10月30日的《盧加
諾公約》。如沒有類似的條例或公約,可根據適用的許可執行
條款及適用於承認和執行外國法院決定的一般盧森堡規則,承
認和執行外國判決。為公告可執行的外國判決,盧森堡法院會
核實一些事項,例如在所在國執行外國判決的情況,而根據該
國規則和盧森堡司法管轄區衝突規則,該國具有司法管轄權,

1.有什麼外幣或外匯限制是外國投資者需要注意的?
沒有。

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2014年中國境外投資指南

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17

盧森堡

且根據該國訴訟法,該外國判決是符合常規的,沒有違反抗辯
的權利。更重要的是,該外國判決不會有違盧森堡國際公共政
策。
盧森堡是1958年6月10日簽訂的承認及執行外國仲裁裁決的
紐約公約的締約方,承認仲裁裁決具約束力,並會根據紐約公
約所定下條件,按盧森堡訴訟法執行。紐約公約明確拒絕承認
及執行裁決的理由。

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2014年中國境外投資指南

4. 您國家的判決和仲裁裁決一般會在其他國家執行嗎?
此問題的答案很視乎盧森堡判決和仲裁裁決在哪個國家執行。
不過,如在歐洲執行,根據《歐盟布魯塞爾條例(一)》及《盧
加諾公約》,盧森堡判決可在其他歐洲國家執行。如上所述,
盧森堡是紐約公約的締約方,仲裁裁決的執行是根據另一締約
方承認和執行仲裁裁決的對等待遇。

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Malta

Malta
André Zarb and Simon Xuereb
KPMG
Section 1: China outbound investment

a. What are the key sectors in your jurisdiction that attract,
or to which the government is seeking to attract, China
outbound investment (COI)?
The flexibility that Malta offers as a jurisdiction within the EU has
led to the rise of the country’s reputation as a cost-effective and
tax-efficient jurisdiction of choice. The principal industry sectors
attracting attention lately are aircraft leasing and financing,
holding and development of intellectual property, group finance
and treasury activities, securitisation, insurance, asset management and investment fund activities, ship registration and
financing, research and development activities, high value-add
manufacturing activities including pharmaceutical, ICT and
software development and logistics/transhipment activities.
Depending upon the nature and scope of activities, all investors
may benefit from both fiscal and non-fiscal incentives.
b. Is the government generally supportive of COI? Which
government, and regional, bodies are responsible for driving
COI in your jurisdiction?
Yes, the Maltese government has a long-standing relationship
with China and several business delegations which have been
organised by Malta Enterprise and led by the government have
visited China to explore COI prospects.
Section 2: Investment vehicles

a. What are the most common legal entities and vehicles
used for COI in your jurisdiction? How long do they take to
become operational?
The various investment vehicles include limited liability
companies, commercial partnerships, trusts, foundations and
other investment vehicles such as companies with variable share
capital (SICAVs) and funds. The most common are private
limited liability companies, which would typically take between
one and five days to become operational, with most entities
enjoying same-day registration where all required documentation is readily available.

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b. What are the key requirements for establishment and
operation of these vehicles which are relevant to COI (e.g. is
there a requirement for local directors)?
Limited liability companies require a minimum equity investment of €1,165 (Rmb10,000) and a locally-registered address.
Most entities require at minimum the registration of their statute
setting out the entity’s objectives, ownership and management.
The entities may be owned and managed by any person, whether
resident or non-resident in Malta.
Section 3: Investment approval

a. For foreign investment approval (including any national
security review) explain the approval process and timing.
The Malta Financial Services Authority (MFSA) is the financial
services regulator. Regulated financial entities, including banks,
insurance companies, asset management companies and investment funds, need to notify the MFSA to obtain a licence to
carry out their activities. Such a licence may contain restrictions
as to who may control the regulated entity; however, these are
usually based upon experience, track record and integrity of the
persons and are not blanket foreign ownership caps or legislative
restrictions.
On a side note, the carry-on of certain types of activity may
of course require authorisation depending on the type of activity.
This would typically be determined on the basis of the activities to be carried on by the entity rather than on the basis of the
shareholders’ nationality.
b. Briefly explain the investment restrictions for any
specially regulated/restricted sectors (natural resources,
financial services, telecoms and infrastructure, etc),
including whether the government is entitled to any special
rights (e.g. golden share) in those sectors.
Malta does not generally apply restrictions to FDI, though for
licensed entities one would need to examine any requirements for
persons who may be in a controlling position of such a licensed
entity.
c. Which authority oversees competition clearance, when is
notification mandatory, and what is the merger clearance
process (including whether pre- or post-closing)?
The Office for Competition oversees competition clearance in
terms of the Control of Concentrations Regulations (2002), which,
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unless otherwise exempt in terms of a specific derogation from
the general rule, requires mandatory notification pre-closing and
which concentration (merger or acquisition) may only proceed if
authorised by the Office for Competition.
d. Are there any unique processes that potentially could
block a foreign investment, e.g. consent from labour unions?
No, insofar as the proposed investment is not contrary to public
policy, national health or security.
e. Are there approval requirements when a foreign investor
increases or exits its investments?
No.
Section 4: Tax and grants

a. Are there tax structures and/or favourable intermediary
tax jurisdictions that are particularly useful for FDI into the
country?
Undoubtedly, the fiscal framework in Malta plays a very important
role in attracting foreign investment to Malta as it has no transfer
pricing, thin capitalisation rules or withholding taxes.
The tax refund system
Maltese resident companies and local branches of foreign
companies first pay tax on their profits at 35%. Upon the distribution of taxed profits, whether derived from local or foreign
sources (other than from immovable property situated in Malta),
the shareholders would be entitled to a full or partial tax refund.
The quantum of the tax refund is dependent on the nature
and source of the income and whether double taxation is claimed.
Generally, the refund is 6/7ths of the 35% underlying tax, resulting
in a 30% tax refund of the taxable profits.

Shareholders
Malta Co
distributes
dividend of €65

Malta Co

taxed at 35%

€30 (6/7ths refund)
from Malta’s tax
authorities

Income
€100

The operation of reliefs for double taxation together with tax
refunds upon distributions ensures that the effective tax suffered
in Malta would in general range between 0% and 6.25%.

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China Outbound Investment Guide 2014

Participation exemption
Malta also adopts a flexible 100% participation exemption
on dividends derived from a qualifying company or from the
transfer thereof. A qualifying company is one which satisfies one
of a series of tests. Typically, as with most participation exemption
jurisdictions, Malta has an ownership test which is set at 10%.
Alternatively, the participation exemption is applicable where a
holding either has an acquisition value of €1.164 million (Rmb10
million) held for an uninterrupted period of 183 days; entitles
the company to a right to sit or appoint a director on the board
or to a right to purchase the remainder of the capital; or where
the shares in the qualifying company are held for the furtherance
of the Malta holding company’s own business and not as trading
stock for the purpose of a trade.
With respect to dividends, the participation exemption is
applicable if the qualifying company is either resident or incorporated in the EU, is subject to a 15% tax rate or has 50% or less
of its income derived from passive interest or royalties, or is not
held as a portfolio investment and it, or any of its passive interest
or royalties, has been subject to tax at a rate of at least 5%.
Malta has also recently extended the participation exemption
to apply to any income or gains derived by a Maltese company
which are attributable to a foreign permanent establishment
which belongs in full or in part to that company and to any gain
realised upon the transfer of such a permanent establishment.
b. What are the applicable rates of corporate tax and withholding tax on dividends?
As outlined above, whilst the headline corporate tax is 35%,
the application of the tax refund system positions Malta as the
country with the lowest effective tax in the EU, ranging between
0% and a maximum of 6.25%.
Malta is the only EU jurisdiction that still has a full imputation tax system which completely eliminates the economic double
taxation of company profits. Shareholders in receipt of dividends
are entitled to a tax credit equal to the tax borne on the profits
out of which the dividends are paid. Since the corporate tax rate
of 35% is also the highest personal tax rate in Malta, shareholders
will not suffer any additional tax on the receipt of dividends.
Malta does not impose a withholding tax on outbound
dividends, interest, royalties or any other payments to nonresidents.
c. Does the government have any FDI tax incentive schemes
in place?
Enterprises, including those engaged in manufacturing, ICT
development activities, call centres, healthcare, pharmaceuticals
and biotechnology may benefit from investment tax credits.
d. Other than through the tax system, does the government
provide any other financial support to FDI investors? If so,
please provide an overview.
Yes, though the fiscal incentives play a major role, the national
development agency ‘Malta Enterprise’ may in certain circumstances be able to assist through the provision of various forms of
non-fiscal incentives.

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Malta

e. Are there any reciprocal tax arrangements between your
jurisdiction and China? If so, how can they aid investors?
Yes, Malta enjoys a double tax agreement with China which
allocates taxing rights between the two states so as to eliminate
double taxation of persons/entities involved in cross border trade
and investment.
Malta also has several non-fiscal Memoranda of Understanding with Chinese authorities such as the Trade Promotion Council
and the China Banking and Securities Regulatory Commissions.
Section 5: Forex controls and local operations

a. What foreign currency or exchange restrictions should
foreign investors be aware of?
Malta’s currency is the Euro. Malta doesn’t impose any foreign
exchange restrictions.
b. Are there any legal restrictions on bringing in foreign
workers and how difficult is it for foreign investors to secure
expatriate visas for shareholder representatives, senior
managers and workers in practice?
Generally, an employment licence (work permit) is required
for non-EEA Nationals to exercise any employment in Malta.
Employment licences and residence permits are available and
can be obtained by shareholders, senior managers and other key
personnel when justifiable in terms of the size of the business
and the relevant experience which they have in terms of working
within the business/sector/relevant market. Employment licences
and residence permits may also be obtained for workers (more
junior staff), however the application of the labour market considerations test (that is, whether a suitable person already present
within the European Union can be found to carry out the proposed
employment), means that this needs to be appropriately justified.
Malta offers an attractive tax environment for persons who
are resident but not domiciled in Malta. Such persons are only
taxable in Malta on Maltese sourced income, such as employment income for work performed in Malta and certain capital
gains arising in Malta. Foreign sourced income is only taxable in
Malta to the extent that it is received in or remitted to Malta. No
taxation arises on foreign sourced capital gains.
In addition to the aforementioned basis of taxation which is
usually highly beneficial for internationally mobile expat workers,
Malta offers a variety of special tax statuses which may be
availed of (subject to the fulfilment of certain conditions) which
enable qualifying persons to claim a flat rate of tax of 15% upon
non-Malta source income which is received in Malta or a flat rate
of tax of 15% upon qualifying income arising in Malta derived
from certain specified employments, capped at a maximum of
€5 million (Rmb43.1 million), for a determined number of years
(should the qualifying income exceed this maximum, the excess
would be exempt from Maltese tax).
In addition to the above, the Maltese Government has also
just launched an Individual Investor Programme allowing individuals who satisfy a thorough due diligence process and make
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Author biographies
André Zarb
André heads the tax function of KPMG in Malta, a
position he has held since becoming a partner in
1994. André has advised several local businesses on
the taxation issues relating to mergers, de-mergers,
reconstructions and acquisitions as well as on
various other taxation matters. He also advises international clients
on international tax issues, including investments undertaken by such
companies in both Malta and in other countries through corporate
structures in Malta.
In the past several years, André has assisted the government on a
number of significant tax legislation changes. He was part of the KPMG
team that advised the government of Malta on the major changes in tax
legislation, which were passed in 1994. Since 2000, André has advised
the government on the amendments required so that the incentives
provided by Malta are compliant with the EU guidelines on the provision
of State Aid, and has subsequently assisted in the drafting of the
relevant legislation. Post-accession, André assisted the government in
negotiations with the Tax Policy Group and the Code of Conduct for
Business Taxation. He also assisted in drafting the legislative income tax
amendments following the agreement reached with the EU.
Simon Xuereb
Simon is a senior manager in the tax and immigration
function of KPMG in Malta. Simon joined KPMG in 2009
after graduating with a Doctor of Laws (LL.D.) from the
University of Malta. He then proceeded to specialise in
international and EU taxation at the International Tax
Centre of Leiden University in the Netherlands, where he successfully
obtained a Masters of Advanced Studies in International Tax Law. On a
daily basis, he provides advice on the implementation of international tax
solutions to a broad range of international clients across various industries.
He regularly delivers presentations on current tax issues at both
local and international conferences and seminars, has acted as a regular
lecturer on the advanced tax paper for ACCA and continues to act as
a regular lecturer on the course leading to the Advanced Diploma in
International Taxation. He has also had his work published in European
Taxation.

a significant contribution to the social and economic development of Malta to acquire Maltese Citizenship by naturalisation.
Maltese citizens are subject to and benefit from EU Law and also
benefit from visa free travel arrangements to some 160 destinations worldwide.
Section 6: Dispute resolution

a. Does your jurisdiction have a bilateral investment protection treaty with China or other jurisdictions commonly used
for investing into the country?
Malta has entered into some 20 bilateral investment protection
treaties with various jurisdictions.
b. How efficient are local courts’ enforcement and dispute
resolution proceedings, and are there any procedural idiosyncrasies foreign investors must be aware of?
There is a drive to ensure that the court system maintains and
increases efficiency. Alternatively, upon agreement between the
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parties, any dispute may be settled by arbitration in terms of the
UNCITRAL Model Law. The parties may appoint any number of
arbitrators by agreement. Should no agreement be reached upon
who shall be appointed arbitrator, the arbitrator may be appointed
by the Malta Arbitration Centre.
c. Do local courts respect foreign judgments and are international arbitration awards enforceable?
Yes, apart from provision in domestic law, Malta is a signatory of
the Convention on the Recognition and Enforcement of Foreign
Arbitral Awards and the Hague Convention on the Recognition
and Enforcement of Foreign Judgments in Civil and Commercial
Matters.

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China Outbound Investment Guide 2014

d. Are local judgments and arbitration awards from your
jurisdiction generally enforceable in other jurisdictions?
Yes, generally within the EU in terms of the mutual recognition
and enforcement of judgments in civil and commercial matters
regulation and in other jurisdictions which are signatories to
the Convention on the Recognition and Enforcement of Foreign
Arbitral Awards/The Hague Convention on the Recognition and
Enforcement of Foreign Judgments in Civil and Commercial
Matters.

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馬耳他

馬耳他
André Zarb 和 Simon Xuereb
畢馬威會計師行
第一節:中國境外投資

1. 您國家吸引中國境外投資或您政府有意吸引中國境外投資的
主要有哪些行業?
馬耳他作為歐盟內一個司法管轄地,其提供的靈活性使其躍昇
成為首選的高成本效益和節稅的國家。近來,最引人注意的行
業是飛機租賃和融資、知識產權控股和開發、集團融資和理
財、證券化、保險、資產管理和投資基金業務、船舶登記和融
資、研發業務、包括製藥在內的高增值製造業、信息通信技術
和軟件開發、物流/轉運業務。根據業務性質和範圍的不同,所
有投資者都可獲得一定的財務性和非財務性的鼓勵。

管的金融實體,包括銀行、保險公司、資產管理公司和投資基
金,需要通知MFSA才能取得從事其業務的許可證。許可證上可
限制什麼人可以控制該受監管實體;不過,這些限制一般是根
據個人的經驗、資歷和品行而定,而不是對外國人所有權的普
遍限制或立法上的限制。
附帶要提到,某些業務的從事當然可能需要經過審批。這通
常根據所從事業務而定,而不取決於業務股東的國籍。

2. 請概述任何特別受監管/限制的行業 (自然資源、金融服務、
電信和基礎設施等)的投資限制,包括政府在有關行業是否有特
別權利 (例如黃金股份)。
馬耳他對外國直接投資一般不設限制,但是,需要許可證的實
體要注意實體的控股人需要符合什麼要求。

2. 政府一般支持中國境外投資嗎?在您國家,哪些政府或地方
機構負責推動中國境外投資?
是的,馬耳他政府與中國有着長久的關係,馬耳他企業曾組織
過多個商業代表團在政府率領下訪問了中國,探討中國境外投
資的前景。

3. 哪個機關負責監管競爭審查?什麼時候報告是強制性的?並
請概述合並審查程序(包括合並前後)。
競爭管理局依照《集中監管條例》(2002)審批競爭交易。除了
被特別豁免不受一般條例限制的以外,交易需要在交易完成前
提交通知,而且該集中(兼並或收購)必須經競爭管理局批准
後方可繼續進行。

第二節:投資工具

4. 有沒有任何特別的程序例如工會同意之類,有可能會阻止外
國投資的呢?
沒有,只要擬進行的投資不違反公共政策、不危害國民健康或
國家安全。

1. 您國家最常用於中國境外投資的法人實體和工具有哪些?要
多久才可營運?
投資工具有多種,包括有限責任公司、商業合伙公司、信託公司、
基金會以及其他投資工具,例如可變股份公司(SICAV)和基金。
最常用的是私人有限責任公司,此類公司通常只需一至五日便可投
入營運,多數實體在所需文件齊備的情況下即可當日註冊。
2.  設立和營運與中國境外投資相關的企業主要需符合什麼要求
(例如:有沒有規定必須要有本地董事)?
有限責任公司需要最低股本1,165歐元(10,000人民幣)和一個
當地註冊地址。多數實體需要至少登記其章程,說明實體的宗
旨、所有權和管理層。任何人,無論是否馬耳他的居民,都可
以擁有和管理這些實體。

第三節:投資審批

1. 關於外商投資的審批 (包括任何國家安全審查),請說明審批
程序和所需時間
馬耳他金融服務局(MFSA)是金融服務業的監管機構。受監
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5. 外國投資者如增加或撤回投資,有什麼審批要求?
沒有。

第四節:稅收及補助

1. 有沒有一些稅務結構或有利的中介稅務管轄區,是對外商直
接投資馬耳他尤其有用的?
毫無疑問,馬耳他的金融制度是吸引外國投資的一個重大因
素,因為它沒有轉讓定價、資本弱化規則或預扣稅。
退稅制度
馬耳他居民公司和外國公司的馬耳他分支機構,需先就其利潤
支付35%的稅。分配稅後利潤時,無論是來自當地或是境外(非
來自馬耳他境內不動產的),股東都享有全部或部分退稅。
退稅額取決於所得的性質,是否來自當地或境外,是否申報
雙重徵稅。一般而言,退稅是已繳35%稅的6/7,相當於應稅利
潤的30%。

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馬耳他

股東
馬耳他公司分配
65歐元股息

馬耳他
公司被征稅35%

馬耳他征稅30歐元
(6/7退稅)

5. 您國家與中國之間有沒有任何相互稅務安排?如有,這些安
排如何幫助投資者?
有的,馬耳他與中國有雙重徵稅協議,該協議分配了兩國之間
的徵稅權利,以消除對從事跨國貿易和投資的個人/實體的雙重
徵稅。
馬耳他還與貿易促進委員會和中國銀監和證監會簽署了多個
非財務方面的諒解備忘錄。

第五節:外匯管制及本地經營
100
歐元
所得

對雙重征稅的寬免以及股息退稅制度確保了馬耳他的實際稅
負一般在0%至6.25%之間。
股東免稅
對於從合資格公司取得的股息或從公司轉讓中所得的收益,馬
耳他也實行靈活的100%股東免稅。合資格公司是符合一系列條
件之一的公司。與多數實行股息免稅的國家一樣,馬耳他也有
一個以10%為界線的所有權條件。或者,在下述情況下股息免稅
也可適用:連續183天持有收購價值為116.4萬歐元(1千萬人民
幣)的股權,使持有人有權擔任或委任董事或有權收購其餘資
本;或是為了發展馬耳他母公司自有業務而不是為買賣股份而
持有合資格公司的股份。
對於股息,如果合資格公司符合下述規定之一,即可適用股
息免稅:它是歐盟居民公司或在歐盟內註冊;它負擔的稅率是
15%或有不超過50%的所得來自被動權益或特許權使用費;它不
是作為投資組合而被持有的,而且它或其任何被動權益或特許
權使用費所得負擔的稅率至少是5%。
馬耳他最近還將股息免稅延伸適用於馬耳他公司擁有全部或
部分股權的外國常設機構的任何所得或收益以及轉讓該機構時
的任何收益。

2. 企業所得稅和股息預提稅的適用稅率是多少?
如上所述,雖然馬耳他的標準企業所得稅是35%,但是退稅制度
的適用使馬耳他的實際稅率在0%與最高6.25%之間,是歐盟各國
中最低的。
馬耳他是仍然實行全面兩稅合一制度的唯一歐盟國家,該制
度完全消除了公司利潤的雙重徵稅。股東所得的股息享有稅務
抵扣,其金額相當於支付股息的公司利潤被徵收的稅。由於35%
的企業所得稅率也是馬耳他的最高個人所得稅率,因此股東收
取股息就不必再被徵稅。
馬耳他對匯出的股息、利息、特許權使用費或任何對非居民
支付的其他款項不徵收預提稅。
3. 政府是否已設立外商直接投資稅務優惠制度?
企業,包括從事製造、信息通信技術、呼叫中心、保健、製藥
和生物技術的企業,可享受投資稅務優惠。
4. 除了通過稅務制度,政府還有向外商直接投資者提供其他財
務支持嗎?如有,請加以概述。
是的,雖然財務激勵措施起主要作用,國家開發機構“馬耳他
企業局”在某些情況下也可以通過各種形式的非財務激勵措施
提供援助。
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1.有什麼外幣或外匯限制是外國投資者需要注意的?
馬耳他的貨幣是歐元。馬耳他不設外匯管制。
2. 引入外國員工有什麼法律限制?在操作上外商投資者為股東
代表、高級經理和員工取得外國員工簽証有多困難?
一般而言,非歐洲經濟區國民在馬耳他就業需要就業許可證 
(工作許可)。股東、高級管理人員和公司規模需要的和具備
有關業務/行業/市場所需經驗的其他主要人員可以取得就業許可
證和居住許可證。員工(較低級人員)也可以辦理就業許可證
和居住許可證,但是,由於勞動力市場測試(即,歐盟內是否
已經可以找到能夠從事擬議工作的合適人選)的適用,這是需
要適當證明的。
馬耳他為居住而非定居在馬耳他的外籍人員提供優惠的稅務
環境。他們只需為其來源自馬耳他的所得納稅,例如在馬耳他受

作者簡歷
André Zarb
André自1994年成為畢馬威會計師行的合伙人以來
一直擔任畢馬威馬耳他的稅務部負責人。他為當地
多家企業提供過有關兼並、分拆、重組、收購的稅
務問題以及各種其他稅務問題的顧問服務。他也向
國際客戶提供關於國際稅務問題的顧問服務,包括
此類公司在馬耳他進行投資的稅務問題,也包括此類公司通過在
馬耳他的企業機構向其他國家進行投資的稅務問題。
在過去幾年,André協助政府對稅務法規進行了多項重大修
改。馬耳他政府1994年對稅務法規作出重大修改時,他是向政府
提供顧問服務的畢馬威團隊成員之一。2000年以來,André就馬
耳他提供的激勵措施需要如何修改以符合歐盟關於提供國家援助
的指引向政府提供了顧問服務,隨後並協助了有關法規的起草。
馬耳他加入歐盟以後,André協助政府進行與稅務政策組和商業稅
收行為守則有關的談判。與歐盟達成協議以後,他協助起草了所
得稅法規修改。

Simon Xuereb
Simon是畢馬威馬耳他的稅務和移民部高級經
理。Simon在2009年從馬耳他大學取得法學博士
(LL.D)畢業後加入畢馬威。他隨後在荷蘭萊頓大學
國際稅務中心成功完成了國際稅務法高級研究碩士
課程,專修了國際和歐盟稅務。他每天都向各種行
業的國際客戶提供關於實施國際稅務解決方案的顧問服務。
Simon不時在當地和國際會議和研討會上就當前的稅務問題
發表演講,經常擔任特許公認會計師公會高級稅務試的講師,目
前仍然是國際稅務高級文憑課程的講師。他的文章曾在《歐洲稅
務》上發表。

www.chinalawandpractice.com

馬耳他

僱所得和在馬耳他產生的某些財產利益。境外所得只有在馬耳他
收取或被匯入馬耳他時需要納稅。境外財產利益無需納稅。
除了上述通常對國際流動的外籍僱員非常優惠的稅務規定之
外,馬耳他還提供多種特殊的稅務身份(在滿足若干條件的前
提下),使合資格人員能夠為其在馬耳他收到的非馬耳他來源
所得或從某些特定就業在馬耳他取得的合資格所得在規定的年
限期間申報15%的單一稅率,並以500萬歐元(4,310萬人民幣)
的所得為上限(如果合資格所得超過該上限,超過部分免徵馬
耳他稅)。
除上述以外,馬耳他政府還剛施了一項個人投資者計劃,允
許通過了嚴格的盡職調查程序、對馬耳他的社會和經濟發展作出
重大貢獻的個人歸化成為馬耳他公民。馬耳他公民受歐盟法律管
轄,享有歐盟法律下的待遇,在全球160國家旅行可以免簽證。

第六節:爭議解決

2. 當地法院的執法和爭議解決程序的效率如何?有什麼特別的
程序是外商投資者需要注意的?
馬耳他在努力確保其法院系統保持和提高效率。當事方也可以
約定依照聯合國國際貿易法委員會國際商事仲裁示範法通過仲
裁解決任何爭議。當事方可協商指定人數不限的仲裁員。如果
協商不成,可由馬耳他仲裁中心指定仲裁員。
3. 當地法院尊重外國判決嗎?可執行國際仲裁裁決嗎?
是的,除了國內法中的規定,馬耳他也是《承認和執行外國仲
裁裁決公約》和《民商事外國判決的承認和執行海牙公約》的
簽字國。
4. 您國家的判決和仲裁裁決一般會在其他國家執行嗎?
是的,一般而言,在歐盟內,依照相互承認和執行民商事判決
的條例執行,在其他國家,依照《承認和執行外國仲裁裁決公
約》/《民商事外國判決的承認和執行海牙公約》執行。

1. 您國家是否有和中國或其他國家簽訂關於投資您國的雙邊投
資保障條約?
馬耳他與多個國家訂立了20多個雙邊投資保護協定。

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2014年中國境外投資指南

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25

Transactions,
Disputes, Advice

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
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Tax

Employment Law
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Homburger AG
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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

Switzerland

Switzerland
Dieter Gericke, Felix Dasser, Marcel Dietrich, Reto Heuberger and Martin Grod
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. In
2013, the two countries signed a Free Trade Agreement (FTA)
which is expected to enter into force in 2014.
• 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 reliable 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 nonwww.chinalawandpractice.com

commercial real estate in Switzerland. The acquisition of shares in
a company whose statutory or factual business purpose is trading
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 board representation, preference rights, veto rights,
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27

Switzerland

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 by any
investor, irrespective of nationality, include:

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: the terms and conditions of the offer; the
target’s duty to support the bid and to recommend its acceptance
to its shareholders; and 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

• 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
Usually, transaction agreements provide that the target
rights in the target company.
• Listed corporations need to disclose, in their can withdraw against payment of a break fee if a
annual business report, the identity of sharecompeting offer is superior.
holders 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 all listed equity securities of that company. A potential target’s
known to the corporation.
articles of association may, however, provide for an opting-out
• In the context of a public offer for the shares of a listed (no mandatory offer obligation) or an opting-up (increase of the
company, the bidder and all shareholders holding more triggering threshold to up to 49% of the voting rights).
than 3% of the voting rights of the target must report all
Minimum price rule: In case of a mandatory offer (including
acquisitions and sales of equity securities in the target and, offers that would result in the triggering threshold being
if applicable, in the company whose securities are offered in exceeded), the offer price may not be set below the minimum
exchange for the equity securities of the target.
offer price, which is the higher of the following:
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: undertakings from the target’s major shareholders to tender their shares; or 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.
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China Outbound Investment Guide 2014

• The volume-weighted average price of the stock exchange
transactions in the 60 trading days before 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
www.chinalawandpractice.com

Switzerland

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
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. In
addition, the Swiss National Bank starts to support the Euro if the
exchange rate would otherwise drop below CHF 1.20 for 1 EUR.
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
www.chinalawandpractice.com

Author biography
Dieter Gericke
Dieter Gericke is a Partner in the Corporate | M&A
practice team and Head of Homburger’s China
Group. His practice focuses on public and private
mergers & acquisitions, private equity, capital
markets (including IPOs) and finance. He advises in
matters of corporate law and securities regulations.

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 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; and
• the issuer’s reported equity capital must be at least CHF25
million.
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29

Switzerland

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
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.
Substantive test: ComCo may prohibit a concentration or authorise it subject to conditions and obligations if the
concentration:
• 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
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China Outbound Investment Guide 2014

investigation (phase II – four months) as follows:
• Phase I (preliminary investigation): Phase I starts on the
day following the receipt of the complete notification. The
ComCo then is required to notify the parties within one
month whether it intends to initiate an in-depth investigation. In most cases the ComCo will issue a so-called comfort
letter. It can also authorise a concentration subject to conditions and obligations in the form of a formal decision. The
law finally states that a concentration is deemed to be cleared
if no notice is given within the period of one month. This is a
rather theoretical case because in practice the ComCo always
informs the notifying party that there is no reason to open an
in-depth investigation.
• Phase II (in-depth investigation): The decision to enter phase
II is officially published and the subsequent in-depth investigation has to be completed within an additional four months.
Phase II may be terminated as follows: unconditional authorisation; authorisation subject to conditions and obligations;
prohibition; withdrawal of notification.
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
Switzerland if at least two of the undertakings concerned exceed
the statutory turnover thresholds. In its notice, ComCo clarifies
that no notification duty exists if the joint venture is neither
active nor achieves any turnover in Switzerland (particularly does
not make any supplies into Switzerland) and such activities or
turnover in Switzerland are, even for the future, neither planned
nor to be expected.
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.
On February 22 2012, the Swiss Federal Council submitted a
draft bill for a partial reform of the Cartel Act to the Federal Parliament, where it is currently still pending. The partial revision,
amongst others, targets a harmonisation of the Swiss merger
control system with the EU merger control. It is currently unclear
when the revised Cartel Act will enter into force and, if so, what
the final version will look like.
www.chinalawandpractice.com

Switzerland

On May 17 2013, the Swiss Federal Council and the European
Commission signed a bilateral agreement concerning cooperation in the application of their competition laws. Before entering
into force, the agreement must be ratified by the Swiss Parliament
and the EU Parliament. The agreement aims, amongst others, to
regulate cooperation between the Swiss and the EU competition
authorities. However, the agreement remains a purely procedural
agreement and does not provide any substantive harmonisation
of competition laws.
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 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. On September 25 2013, China and Switzerland signed
a revised treaty. This new treaty will enter into force after the
approval of the parliaments of both countries which is expected
to happen in 2014. The new treaty provides for maximum withholding tax rates of 5% on intragroup dividends, 10% on interest
and 9% on royalties.

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; and
• 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 holding company. At the federal level, on the other
On September 25 2013, China and Switzerland signed hand, a holding company is an ordinary taxpayer at
a revised treaty. This new treaty will enter into force
standard rates of 8.5% (7.8% before taxes), but the
after the approval of the parliaments of both countries participation exemption regime described above
applies to income from participations. Holding
which is expected to happen in 2014
company status is granted if the following requirements are met: the main purpose of the company is
The treaty with Hong Kong, which entered into force on
the holding and management of long-term financial participaJanuary 1 2013, provides for maximum withholding tax rates
tions in the subsidiary companies; at least two-thirds of either
of 0% on intra-group dividends, 0% on interest and 3% on
the assets or the income is composed of or derived from parroyalties.
ticipations; and the company is not engaged in any commercial
The revised treaty with Singapore applied since January
activity in Switzerland. There are certain differences in which
1 2013, provides for maximum withholding tax rates of 5% on
activities are accepted by the regions. In general, management
intra-group dividends, 5% on interest and 5% on royalties.
and administration of the company itself is tolerated.
With respect to Swiss taxes, these treaty rates apply to the • Mixed companies (trading, IP, etc.): A Swiss company or a
extent that the Swiss taxes are not lower. In particular, they do
branch of a foreign company qualifies for the tax privilege of a
not apply to royalties since Switzerland does not levy any withmixed company at the regional and communal level if it does
holding taxes on royalties. Further, Switzerland does not levy
not engage in any commercial activity within Switzerland or if
any withholding taxes on certain types of interest, in particular,
it engages in such activities to only a small extent. In general,
interest on intra-group loans or on loans that do not qualify as
at least 80% of the income must be derived from abroad and at
bonds or notes.
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
13. What tax advantages does Switzerland offer
at standard rates, whereas foreign source income is only partially
for Chinese investors?
included in the Swiss tax base. Thus, depending on the specific
regional requirements, the specific regional tax rates and the
Switzerland offers in general relatively moderate corporate
amount of Swiss source income, the overall tax rates of mixed
income tax rates (depending on the region, i.e. state, between
companies in Switzerland for federal, regional and communal
12% and 24%) and value added tax rate (8%). Interest expenses
tax purposes vary between 8% and 11%.
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• State aid: Since Switzerland is not a member of the EU, it is 15. What protection is available for intellectual
in principle not limited by the European prohibition on state property in Switzerland?
aid. However, Switzerland has introduced unilateral rules that
limit the application of state aid to certain regions that are Swiss law provides for the protection of registered intellectual
economically not well developed. Depending on the size and property rights (patents, trademarks and design rights) as well as
the function of the newly established business, an exemption unregistered intellectual property rights (copyright, trade secrets
of up to 50% from regional or communal income taxes and, and confidential information). The main characteristics of these
in specified areas, also from federal income taxes for a period rights are the following:
of up to 10 years, may be granted. Depending on the area and
the structure, the exemptions may even be extended after the • Patents are registered protective rights granted for technolog10-year period has lapsed.
ical inventions. Protection is granted upon registration in the
• Principal structures: Swiss principal companies of interpatent register. An invention is only eligible for patentability,
national groups can benefit from a special tax treatment
if it is new, compared to state of the art, as of the application
for federal income tax purposes. A principal company is a
or priority date and if it is non-obvious to the man skilled in
company with several high-level employees that assumes risks
the relevant art. The patent is valid for a maximum duration
and responsibilities for certain activities, such as purchasof 20 years from the application date.
ing, research and development, manufacturing, distribution, • Trademarks are registered protective rights that protect signs
marketing strategy and logistics. Provided
that the sales are made exclusively through
Generally, exits can take the form of a sale of shares
commission agents or limited risk distribution companies of the group, the principal or assets, dividend payments, capital reductions,
company can reach a reduced Swiss tax base liquidation, initial public offering (IPO), cross-border
that results, in combination with the regional
merger or redomiciliation
tax regime of the mixed company, in tax rates
as low as approximately 5 to 7%, depending
on the set-up and location.
(letters, words, numbers, designs, three dimensional forms,
• No withholding tax on royalty income and certain types of
colour combinations or sounds) or denominations in order to
interest payments: see question 12.
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
14. What exit mechanisms are in place in Switfor an unlimited number of subsequent periods of 10 years
zerland and how will these affect investors when
each.
they want to get their money out?
• Design rights are registered protective rights that grant protection for visible forms of two-dimensional (patterns, such
There are no restriction on, or approval requirements for, capital
as fabric designs) or three-dimensional (such as furniture)
transfers from Switzerland abroad. Generally, exits can take the
objects. Protection is granted upon registration of the design
form of a sale of shares or assets, dividend payments, capital
in the design register. In order to be eligible for registration,
reductions, liquidation, initial public offering (IPO), cross-border
the design has to be significantly new and distinctive from
merger or redomiciliation. Flows of funds may, however, also take
prior forms. Further, it is required that the design is not excluthe form of advisory or management fees, royalties, payments for
sively owed to the technical function of the relevant object.
supply or manufacturing and other commercial activities.
Protection is granted for an initial period of five years and may
Switzerland does not levy any withholding tax on capital
be extended for four subsequent periods of five years each.
gains from the disposal of the shares of a Swiss company. Only • Copyright protection is granted for works of literature and
if the Swiss company is a real estate company, a regional capital
art, such as books, paintings, architecture, photography,
gains tax may be due in the case of the sale of the shares.
music and computer programs. In general, only creations of
However, since Switzerland normally levies a 35% withholdthe human mind which are of individual nature qualify as
ing tax on dividends, investments into Switzerland are usually
protected works. Registration is neither required nor possible;
structured in such way that a double taxation treaty applies which
thus, protection is granted upon the creation of the work
reduces this withholding tax. Many Swiss treaties, including the
without further steps required. The author has the right for
one with Hong Kong, provide for 0% withholding taxes on intracommercial exploitation and is further the holder of a number
group dividends.
of moral rights (for example, the right to be acknowledged as
An exit by way of redomiciliation is deemed to be a liquidathe author). Copyright protection expires 70 years (general
tion for tax purposes and thus triggers corporate income tax and
rule) and 50 years (computer programs) after the death of the
withholding tax on dividends (liquidation proceeds). The general
author, respectively.
principles apply including the participation exemption for equity • Trade secrets and confidential information are protected by
investments and the reduction of the withholding tax in cases of the
various provisions of Swiss law. Civil law protection of trade
application of a double taxation treaty (see questions 12 and 13).
secrets is most importantly addressed in the Swiss Act against
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China Outbound Investment Guide 2014

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Switzerland

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 questions 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 of creating 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 the first
place in the International Chamber of Commerce’s statistic of
venues. In the year 2012, Switzerland saw 122 new ICC cases,
versus 101 for France, 71 for the UK, 41 for USA, 36 for Singapore
and 19 for Germany. 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 second position in ICC
disputes (17 % UK law, 13.4% Swiss law, 9.8 % 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
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Rules are non-Swiss, in line with the average percentage of foreign
parties in all international proceedings in Switzerland.
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).
17. What bilateral agreements has Switzerland
signed that would benefit Chinese investors?
On July 6 2013, Switzerland as the first continental European
country signed an FTA with China which is expected to enter
into force in 2014. The FTA does not only improve mutual
market access for goods and services but also enhances legal
certainty concerning the protection of intellectual property and
the bilateral economic relations in general. In parallel with the
FTA, an agreement on cooperation on labour and employment
issues was concluded on the same day which is linked to the FTA
by a reference.
The FTA aims to dismantle tariffs fully or partially, sometimes
subject to a transition period, for the vast majority of bilateral
trade. At the entry into force of the FTA, Switzerland will abolish
the remaining tariffs on Chinese industrial products. Likewise,
China will fully or partially dismantle its tariffs on Switzerland’s
industrial exports, either from the entry into force of the FTA or
within periods of 5 to10 (in a few cases 12 or 15) years. The dismantling period is applicable to products for which China has
expressed to have a specific need for adjustment (e.g. selected
products in the watchmaking, machinery and chemical-pharmaceutical sectors). Regarding agriculture products, the FTA will
enable Swiss products to be imported tariff-free or at reduced
tariffs into China. Conversely, Switzerland will grant preferential
tariff treatment for selected products to be imported from China.
Based on the Customs Union between Switzerland and Liechtenstein, the FTA also applies for trade in goods to the Principality
of Liechtenstein.
Regarding trade in services, the FTA is based on the
General Agreement on Trade in Services (GATS) of the World
Trade Organisation (WTO) but includes additional and more
detailed rules. As in GATS, traffic rights in air transport are not
covered by the FTA. Compared to the GATS, China’s commitment in the FTA contains additional sectors and improvements
such as financial services, environmental services, air transport
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33

Switzerland

services and logistics services. Conversely, Switzerland improves
its specific commitments in relation to financial services, air
transport services, private sector training services and for additional activities by highly qualified providers of short-term
contractual services. However, measures governing access to the
labour market or permanent residency remain unaffected by the
FTA.
The FTA also improves the level of protection and enforcement of intellectual property rights in selected areas as compared
with the multilateral standards of the WTO. As an example,
besides introducing sound trademarks as a new category of
trademark, the FTA also regulates the patenting of biotechnological inventions in accordance with the European Patent
Convention. Furthermore, the level of protection for geographical indications for wines and spirits according to the Agreement
on Trade Related Aspects of Intellectual Property Rights of the
World Trade Organization (TRIPS) is extended to all products.

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China Outbound Investment Guide 2014

Goods and services are therefore, amongst others, protected from
misleading indications of origin, country names and national
flags.
In parallel with the FTA, Switzerland and China concluded
an agreement on cooperation on labour and employment issues.
Therein, the parties reaffirm their commitments arising from
their membership of the International Labour Organisation (ILO)
and the Ministerial Declaration of the United Nations Economic
and Social Council (ECOSOC) on Full Employment and Decent
Work (2006), as well as the ILO Declaration on Social Justice
for a Fair Globalisation (2008). Furthermore, besides reaffirming to enhance the fundamental rights at work and to generally
improve the working conditions, Switzerland and China also
agreed to effectively implement their labour legislations. Besides
that, the parties acknowledge not to reduce their level of labour
standards in order to attract more investments or to obtain a
trade advantage.

www.chinalawandpractice.com

瑞士

瑞士
Dieter Gericke, Felix Dasser, Marcel Dietrich, Reto Heuberger 和 Martin Grod
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。2013年,兩國
簽署了《自由貿易協定》,該協定預期在2014年生效。
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),市場開放,有自己的貨幣(瑞
士法郎)。
締造成功企業和創業精神的傳統,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可靠大陸法制度對商業友好。中
國的大陸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,不論該合同是否含有瑞士元素。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的公司,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。
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
www.chinalawandpractice.com

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
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%、33 1/3 %
、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。
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瑞士

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%。

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。

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:目標公司的主要股東給予承諾提供其股份供收
購或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。
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:要約的條款及條件;目標公司支
持要約並建議其股東接納要約的責任和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此類的特定限制。
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331/3%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:

• 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:

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。
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。此外,
如果匯率跌至低於1.20瑞士法郎對1歐元,瑞士國家銀行便會開
始支持歐元。
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%
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。
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。
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。

• 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
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2014年中國境外投資指南

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。
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瑞士

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;

調查。在多數情況下,ComCo會發出一份所謂的安慰函。它
也可以通過正式決定批准集中,但要設定條件和義務。法律
最後規定,如果沒有在一個月內作出通知,集中則被視為獲
得通過。這是比較理論性的情況,因為在實踐中,ComCo總
是會告訴當事人沒有理由要開展深入調查。
• 第二階段(深入調查):進入第二階段的決定要正式公佈,
隨後的深入調查必須在另外的四個月內完成。第二階段可以
下述方式終結:無條件批准、有條件和義務的批准、禁止或
撤銷通知。

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。
2012年2月22日,瑞士聯邦委員會向聯邦議會提交一份對《卡
特爾法》進行部分改革的草案。該草案目前尚待審議通過。除
了其他目的以外,這些部分修改目標在於將瑞士兼併監管制度
與歐盟兼併監管並軌。至於經修改的《卡特爾法》會在什麼時
候生效,生效的最終修改會是怎樣,目前尚不清楚。
2013年5月17日,瑞士聯邦委員會與歐洲委員會簽署了一份關
於在適用它們的競爭法時進行合作的雙邊協定。該協定在生效

• 其中最少有兩所有關企業在瑞士各自的銷
售額達到最少1億瑞士法郎。

2013年9月25日,中國與瑞士簽訂了一項修訂協定。這個新協議預期
不過,如果一家企業參與一項集中時,在
在2014年經兩國國會批准後生效
《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 前須經瑞士議會和歐盟議會的確認。該協定的目的之一是調節
營業額界限是否達到,通知責任都存在。保險公司、銀行及其 瑞士和歐盟競爭管理當局之間的合作。然而,該協定仍然是純
他金融中介機構適用特別法規。
程序性的協議,並沒有對競爭法律提供任何實質性並軌措施。
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:
12) 瑞士簽署了哪些稅務協定會使中國投資者受益?
• 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
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
• 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 稅協定。此外,瑞士與歐盟訂立了一項協議,對企業集團內股
性地位的不利影響。
息、利息和特許權使用費的支付給予免徵預提稅的待遇。
• 程序(具有中止效果):《卡特爾法》區別初步調查(第一
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
階段 —— 一個月等待期)和可能進行的深入調查(第二階段 提稅最高為10%。2013年9月25日,中國與瑞士簽訂了一項修訂
—— 四個月),具體如下:
協定。這個新協議預期在2014年經兩國國會批准後生效。該項新
• 第一階段(初步調查):第一階段從收到完整通知以後翌日 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
開始。ComCo隨之須在一個月內通知當事人它是否展開深入 稅為10%,特許權使用費的最高預提稅為9%。
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2014年中國境外投資指南

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37

瑞士

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3%。
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。

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

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。

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
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
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
本、清算、首次公開募股(IPO)、跨國兼並或變更註冊地等方式
益稅。
但是,由於瑞士對股息一般徵收35%預提
外國公司(Controlled Foreign Corporation)規則。取決於享受豁 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
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 的架構。很多瑞士的協定,包括與香港訂立的協定,都規定對
界限。這些界限是:
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
• 對於股息收入:至少10%的股權投資或價值至少100萬瑞士法 觸發企業所得稅和股息(清算收入)預提稅。這裡可適用一般
郎;
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
• 對於股份處置的財產收益:至少10%的股權投資,並且持有 免預提稅(見問題12和13)。
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 15) 瑞士對知識產權有什麼保護措施?
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 瑞士法律保護註冊的知識產權(專利、商標和外觀設計權)以
8.5%(稅前7.8%),但上述股東免稅制度適用於參股所得 及非註冊的知識產權(版權、商業秘密和保密信息)。這些權
收入。符合下述要求的公司具有控股公司地位:公司的主要 利的主要特點如下:
目的是持有和管理其在子公司的長期金融參股;至少三分之 • 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
二的資產或所得由參股組成或來自參股;公司在瑞士沒有從
保護。一項發明如果自申請或優先權日起,相對於最先進的
事任何商業活動。各地區接受的業務活動有所不同。一般而
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
言,公司本身的管理和行政活動是可接受的。
的,便有資格申請專利。專利的有效期從申請之日起最長為
• 混合公司(貿易、知識產權等):瑞士公司或外國公司分
20年。
公司如果沒有在瑞士境內從事商業活動,或只參與很少的 • 商標是對區別貨物或服務的標誌(字母、文字、數字、圖
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
形、三維造型、顏色組合或聲音)或名稱授予的註冊保護性
待遇。一般而言,公司至少80%的所得必須來自境外,至少
權利。商標註冊後即受保護,最初有效期為10年,可續展,
80%的費用是境外費用。因此,混合公司通常用來進行國際
每次10年,次數不限。
貿易、許可和特許經營業務。瑞士來源的收入按標準稅率徵 • 外觀設計權是對二維可視造型(圖案,例如織物設計)或三
稅,而外國來源的收入只是部分納入瑞士稅基。因此,混合
維可視造型(例如傢具)授予的註冊保護性權利。外觀設計
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
註冊後即受保護。外觀設計要取得註冊資格,必須顯著新穎

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2014年中國境外投資指南

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瑞士

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。
• 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一位。在2012年,有122宗新的國際商會
仲裁案件是在瑞士處理的,相比較,法國有101宗,英國有71
宗,美國有41宗,新加坡有36宗,德國有19宗。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
體法的排行第二位置(根據最新的統計,英國法佔17%,瑞士法
佔13.4%,美國法佔9.8%)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

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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)。

17) 瑞士簽署了哪些對中國投資者有利的雙邊協議?
2013年7月6日,瑞士成為第一個與中國簽署《自由貿易協定》的
歐洲大陸國家。該協定預期在2014年生效。該協定不僅改善了
雙方貨物和服務的市場準入,也加強了關於知識產權保護法律
的確定性和總體雙邊經濟關係。在簽署《自由貿易協定》的同
日,還訂立了關於勞動和就業問題的合作協議,該協議是《自
由貿易協定》的參考補充。
《自由貿易協定》的目的是消除絕大部分雙邊貿易的全部或
部分關稅,個別情況下有一定的過渡期。《自由貿易協定》生
效後,瑞士將廢除對中國工業產品的剩餘關稅。同樣,在《自
由貿易協定》生效後或者在5或10年期間內(在個別情況下為12
或15年),中國將廢除對瑞士的工業出口產品的全部或部分關
稅。關稅廢除期適用於中國已表明有具體需要進行調整的那些
產品(例如,手錶製造、機械、化學製藥等行業的特定產品)
。關於農產品,《自由貿易協定》將使瑞士產品能夠按優惠關
稅進口中國。反過來,瑞士將對從中國進口的特定產品給予關
稅優惠待遇。根據瑞士與列支敦士登的關稅同盟,《自由貿易
協定》也適用與列支敦士登大公國的貨物貿易。
在服務貿易方面,《自由貿易協定》以世界貿易組織的《服
務貿易總協定》為基礎,但包括了額外的和更詳細的規則。同
《服務貿易總協定》一樣,航空運輸權不在《自由貿易協定》
的範圍內。與《服務貿易總協定》相比,中國在《自由貿易協
定》中的承諾包含了更多的行業和改善措施,例如金融服務、
環境服務、航空運輸服務和物流服務。相對應地,瑞士改善了
它關於金融服務、航空運輸服務、民營領域培訓服務和資深短
期合同服務提供者附加活動的具體承諾。但是,管理勞動市場
準入和永久居留權的辦法仍然沒有受《自由貿易協定》的影響。
與世界貿易組織的多邊標準相比,《自由貿易協定》也改
善了某些領域裡的知識產權保護和執法水平。例如,除了將聲
音商標作為新的商標分類,《自由貿易協定》還根據《歐洲專
利公約》,規定了生物技術發明的專利授予。此外,根據世界
貿易組織《與貿易有關的知識產權協定》,將對於葡萄酒和烈
酒地理標誌的保護程度延伸至全部產品。因此,《自由貿易協
定》防止了貨物和服務在原產地、國名和國旗等方面有誤導性
標誌。
在簽署《自由貿易協定》的同時,瑞士和中國訂立了關於勞
務合作和就業問題的協議。在該協議中,雙方重申作為國際勞
工組織成員國的承諾,重申就《2006年聯合國經濟及社會理事會
關於充分就業和體面工作的部長聲明》所作的承諾,重申《國
際勞工組織關於公平全球化的社會正義宣言》。此外,除了重
申要提升工作中的基本權利和總體改善工作條件,瑞士和中國
還同意有效地實施它們的勞動立法。除此以外,雙方確認不採
取以降低它們的勞動標準的方法來吸引更多的投資或獲得貿易
上的優勢。

2014年中國境外投資指南

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39

Turkey

Turkey
Yeşim Bezen, Zekican Samlı, Uğur Sebzeci, Can Özilhan and Onur Okşan

Bezen & Partners
Section 1: China outbound investment

a. What are the key sectors in your jurisdiction that attract,
or to which the government is seeking to attract, China
outbound investment (COI)?
As of December 31 2013 there were 36,327 companies in Turkey
which had foreign shareholders, 540 of which were China
outbound investments (COI). In 2003, there were 112 COIs in
Turkey, indicating the dramatic increase in Chinese investors’
interest in Turkey. According to the data provided by the Turkish
Republic’s Ministry of Economy, investments from China constitute the 16th highest of all foreign investments into Turkey.
In Turkey, Chinese investors have focused on commercial
trading, manufacturing, hotels and restaurants, mining, sales,
maintenance and repair of motorised goods, construction, telecommunications and the generation and distribution of energy.
Chinese investors have a leading role in the mining sector.
China is the third highest investor in the Turkish mining sector
after Germany and the United Kingdom.
The investment incentive scheme (see section 4) introduced in 2012, among others, provides incentives for large-scale
investments.
Large scale investment can be in relation to refined petroleum
products, production of chemical products, harbour and
harbour services, automotive OEM, automotive supply industries, production of railway locomotives and cars, transit pipeline
transportation services, electronics production, production
of medical, high precision and optical equipment, production
of aircraft and spacecraft and/or related parts, production of
machinery and mining. Large scale investments benefit from VAT
exemption, customs duty exemption, tax reduction, contribution
to investment by the State, social security premium support, land
allocation and income tax withholding allowance.
In line with the Turkish Government’s 2023 targets for the
centennial of the Republic, the sectors identified for large-scale
investments provide a good guideline of which sectors the Government is seeking to attract foreign direct investment (FDI),
including COI.
b. Is the government generally supportive of COI? Which
government, and regional, bodies are responsible for driving
COI in your jurisdiction?
Turkey attracted US$15.9 billion of FDI in 2011, a 76% increase
from the previous year. Turkey attracted 20.8% more FDI in the

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China Outbound Investment Guide 2014

first half of 2012 than a year earlier, entering the top 20 of FDI
recipient countries with over US$8 billion of FDI, according to
the United Nations Conference on Trade and Development.
In order to facilitate one of the targets to attract US$80 billion
of FDI per year by 2023, the Turkish Government has incorporated the Republic of Turkey’s Prime Ministry Investment Support
and Promotion Agency (ISPAT) with the goal of providing assistance to investors before, during and after their entry into Turkey
through a one-stop shop approach. The importance given to
COI is illustrated by the fact that ISPAT provides assistance to
potential investors in, among other languages, Chinese.
Section 2: Investment vehicles

a. What are the most common legal entities and vehicles
used for COI in your jurisdiction? How long do they take to
become operational?
Joint stock companies and limited liability companies continue to
be the most common forms of legal entities for foreign investors.
Chinese investors have chosen to facilitate their investments
generally through limited liability companies. 496 of the entities
which were incorporated by Chinese investors were limited
liability companies, whereas 36 of them were incorporated as
joint stock companies.
The procedures for the establishment and operation of these
types of entities are quite similar and generally take around six
business days once the required documentation is in place.
b. What are the key requirements for establishment and
operation of these vehicles which are relevant to COI (e.g. is
there a requirement for local directors)?
With the enactment of the Foreign Direct Investment Law (FDI
Law) numbered 4875 in 2003, foreigners and Turkish nationals
have been subject to equal treatment. Accordingly, with the
exception of a small number of special sectors, foreigners are
subject to the same rules with respect to their investments as
Turkish nationals/entities.
However, operationally, once a Chinese investor intends to
employ foreigners, each foreign employee will be required to
obtain a work permit if the employee does not fall within the
exceptional cases provided by the relevant legislation.

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Turkey

Section 3: Investment approval

a. For foreign investment approval (including any national
security review) explain the approval process and timing.
As indicated above, the FDI Law diminished any prior approval
requirement for FDIs. However, if investing into a Turkish entity,
the foreigner must notify the Ministry of Economy so that the
inflow of FDIs in Turkey can be tracked.
The notification carries more of a statistical purpose and
therefore requires basic information in relation to the investment
such as where the foreign investment inflow is from, the purpose
of the entity, the names of the relevant entities/persons making
the investment and the amount of the investment.
b. Briefly explain the investment restrictions for any
specially regulated/restricted sectors (natural resources,
financial services, telecoms and infrastructure, etc),
including whether the government is entitled to any special
rights (e.g. golden share) in those sectors.
As indicated above, the FDI Law diminished any need to obtain
an approval for foreigners to make investments in Turkey.
However, there are still certain regulated markets which foreigners have limited access to due to certain specific legislations. For
companies operating in the maritime and civil aviation markets,
foreign shareholding is limited to 49% and the maximum foreign
shareholding allowed for a broadcasting entity is 50%.
In relation to other regulated markets such as electricity, mining, petroleum, banking, telecommunications and civil
aviation, prior approval of the relevant regulatory government
agencies is required in order to effectuate a share transfer with
respect to the companies which operate in such markets.
Aside from the limitations provided above, acquisition of real
estate by foreigners is also subject to certain limitations which are
worth mentioning. Accordingly, the total area of the real estate
and limited rights in rem which a foreign real person can acquire
in Turkey cannot exceed 30 hectares or 10% of the land of the
relevant municipality subject to private ownership.
Only foreign legal entities which fall within the scope of
a specific legislation such as the Tourism Encouragement Law
numbered 2634, the Petroleum Law 6491 or Industrial Zones Law
numbered 4737 can acquire real estate in Turkey.
Turkish companies controlled by foreign investors can acquire
real estate in Turkey provided that the acquisition falls within the
scope of activities provided in their constitutional documents.
Depending on the location, the acquisition of real estate by a
foreign real person, a foreign legal entity or a Turkish legal entity
controlled by foreign shareholders is subject to the approval of
the commanderships which is authorised by the Turkish General
Staff or the relevant Governorship.
c. Which authority oversees competition clearance, when is
notification mandatory, and what is the merger clearance
process (including whether pre- or post-closing)?
The Turkish Competition Authority (TCA) is the governmental
body which ensures the formation and development of markets for
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goods and services in a free and sound competitive environment in
Turkey. In order to achieve this goal, the TCA carries out antitrust
reviews of transactions prior to their consummation if (a) the total
turnovers of the transaction parties in Turkey exceed TL100 million
(Rmb293 million), and turnovers of at least two of the transaction
parties in Turkey each exceed TL30 million (Rmb88 million); or
(b) the turnover in Turkey for the acquired asset or operation in
acquisition transactions or for at least one of the transaction parties
in merger transactions exceeds TL30 million (Rmb88 million), and
at least one of the other transaction parties has a global turnover
exceeding TL500 million (Rmb1.47 billion).
Once the fundamental terms of the transaction are clear
and the conditions are met, the parties of the transaction apply
by completing a form. Following the submission of the application to the TCA, the TCA is required to respond to the clearance
application within 30 days. In the event the TCA fails to respond
within the said timeframe, the transaction will be deemed to have
cleared.
d. Are there any unique processes that potentially could
block a foreign investment, e.g. consent from labour unions?
Aside from the limitations and approvals provided above, there
are no unique processes which could potentially block a foreign
investment.
e. Are there approval requirements when a foreign investor
increases or exits its investments?
Except for regulated markets where share transfers require the
approval of a specific regulator and the notification requirement
to the Ministry of Economy in relation to the FDI, there are no
approval requirements when a foreign investor increases or exits
its investments.
Section 4: Tax and grants

a. Are there tax structures and/or favourable intermediary
tax jurisdictions that are particularly useful for FDI into the
country?
Promoting growth and attracting FDI has played and continues to
play a pivotal role in shaping policies in Turkey. For this purpose,
various regional and sector-specific incentive schemes have been
introduced and various double tax treaties have been put in place
over the years.
While these generally are not FDI specific, they are useful for
FDIs in reducing the tax exposure of their investments, thereby
giving FDIs more room for investment return.
Incentive scheme
The Council of Ministers’ Decision numbered 2012/3305 and
dated June 19 2012 introduced an incentive scheme with various
advantages for both local and foreign investors.
The incentives system recognises four types of incentive
implementations (i.e. general incentive implementation, regional
incentive implementation, implementation for large-scale
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41

Turkey

Incentive
Implementations

Incentive Items

General

Customs
duty
exemption

VAT
exemption

Income tax
withholding

SSP –
Employer
Support

Regional

Customs
duty
exemption

VAT
exemption

Tax
Discount

SSP –
Employer
Support

Land
allocation

Interest
support

Income tax
withholding

Large-Scale
Investments

Customs
duty
exemption

VAT
exemption

Tax
Discount

SSP –
Employer
Support

Land
allocation

Income tax
withholding

SSP –
Employee
Support

Strategic
Investments

Customs
duty
exemption

VAT
exemption

Tax
Discount

SSP –
Employer
Support

Land
allocation

Interest
support

VAT refund

investments, and implementation for strategic investments) and
nine incentive items (i.e. support elements (destek unsurları)).
These incentive items and their classification under the incentive
implementations are shown in the table above.
Free zones*
Free zones are established pursuant to the Law on Free Zones
(No. 3218) for the purposes of promoting investments relating to
the export of goods.
Broadly speaking, operators benefit from exemptions from
customs taxes, value added tax, income withholding tax on salary
payments and transferring operating profits offshore or to their
respective parent companies in Turkey.
Technological development zones*
Technological development zones are established pursuant to the
Law on Technological Development Zones (Law No. 4691) for the
purposes of promoting R&D investments.
Operators benefit from government support on social security
payments and value added tax-exempt sales for certain products
originating from technological development zones for designated
periods of time.
Organised industrial zones*
Organised industrial zones are established pursuant to the Law
on Organised Industrial Zones (Law No. 4562) for the purposes of
promoting industrial investments in designated industrial zones.
Operators benefit from value added tax exemptions on the
purchase of land in the zone and exemptions from property taxes
for a designated period of time.
* A list of free zones, technological development zones and
organised industrial zones in Turkey can be accessed at (http://
www.invest.gov.tr/en-US/infocenter/publications/Documents/
SPECIAL-INVESTMENT-ZONES-TURKEY.pdf).
b. What are the applicable rates of corporate tax and withholding tax on dividends?
The current rate of corporate tax is 20% of taxable profits (based
on worldwide income for tax residents in Turkey and Turkey
income for limited taxpayers).
The rate of withholding that applies on dividend payments
to non-Turkish residents is 15% unless a lower rate is provided
under a double tax treaty.
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China Outbound Investment Guide 2014

SSP –
Employee
Support

Income tax
withholding

SSP –
Employee
Support

c. Does the government have any FDI tax incentive schemes
in place?
While certain additional deductions from the tax base are allowed
for FDIs through general incentive schemes, there are no largescale tax incentive schemes that apply specifically to FDIs.
d. Other than through the tax system, does the government
provide any other financial support to FDI investors? If so,
please provide an overview.
Please see the incentive system summarised in section 4a.
e. Are there any reciprocal tax arrangements between your
jurisdiction and China? If so, how can they aid investors?
Turkey and China have signed a double tax treaty on May 23 1995
which came into force on January 1 1998 (Tax Treaty).
The Tax Treaty provides measures for the prevention of double
taxation with respect to capital gains, income tax on profits and
lowers withholding on profits to 10%.
Chinese FDIs controlled directly through China would benefit
from the favourable cross-border tax regime and reduced withholding on dividends which would lower the overall tax exposure
on investments.
Section 5: Forex controls and local operations

a. What foreign currency or exchange restrictions should
foreign investors be aware of?
Turkey does not have a strict currency control regime and the
Turkish currency (Turkish lira – TRY) is convertible into other
currencies in Turkey. Companies and individuals are entitled to
maintain foreign currency deposits and transfer funds in both
local and foreign currency offshore provided that the transfers
are made through banks.
b. Are there any legal restrictions on bringing in foreign
workers and how difficult is it for foreign investors to secure
expatriate visas for shareholder representatives, senior
managers and workers in practice?
There are certain criteria that need to be met in order to employ
foreign workers. These primarily include a minimum paid-in
www.chinalawandpractice.com

Turkey

Author biographies
Yesim Bezen
Yesim Bezen is a founding partner of Bezen & Partners.
She assists international clients in a wide variety of
transactions, most notably in banking, finance, asset and
project finance transactions. Yesim Bezen is a qualified
solicitor (England & Wales). She completed her training
with and was employed by a magic circle law firm’s London office from
2001 to 2007.

estate issues.

Zekican Samlı
Zekican Samlı is an attorney registered with the Istanbul
Bar. He joined the Bezen & Partners team in August 2009
following his graduation from Ankara University Faculty
of Law. Zekican advises both domestic and international
clients on any matters related to regulatory and real

Uğur Sebzeci
Uğur Sebzeci is an attorney registered with the Istanbul
Bar. He joined the Bezen & Partners team in September
2009 following his graduation from Ankara University,
Faculty of Law. Uğur advises both domestic and
international clients on any matters related to commercial
law, commercial disputes, mergers and acquisitions and employment.
Can Özilhan
Can Özilhan is an attorney registered with the Istanbul
Bar. He joined the Bezen & Partners team in June 2010
following his graduation from Marmara University Faculty of
Law. Can advises both domestic and international clients
on finance and corporate matters.
Onur Okşan
Onur Oksan is an attorney registered with the Istanbul Bar.
He joined the Bezen & Partners team in July 2011 following
his graduation from Galatasaray University Faculty of Law.
Onur advises both domestic and international clients on
regulatory and real estate matters.

capital of TL100,000 (Rmb293,000) or a turnover or export
revenue in excess of the applicable threshold, which is TL800,000
(Rmb2.35 million) for turnover and US$250,000 (Rmb1.56
million) for export revenue, and the need to maintain a ratio of
foreign to Turkish workers of 1:5.
Provided the applicant meets the applicable criteria, the
process is relatively straightforward with permits being issued on
average within four to six weeks of application.

Certain protections are offered to qualifying investments
under this treaty, such as the so-called most favoured nation
clause, which provides that the contracting states would offer to
each other not less than they offer to other investors under similar
circumstances.
Turkey is party to various others investment protection
treaties (including the CIS and European countries).
b. How efficient are local courts’ enforcement and dispute
resolution proceedings, and are there any procedural idiosyncrasies foreign investors must be aware of?
Turkey is a civil law country with its civil and commercial laws
modelled on the Swiss and German law systems and with other
laws largely following European Union (EU) guidelines as part of
the EU compliance effort over the last decade.
The Turkish court system is generally criticised for being inefficient in terms of timing with an average claim taking over one
year to be finalised. It is common practice for foreign investors to
opt for international or domestic arbitration.
c. Do local courts respect foreign judgments and are international arbitration awards enforceable?
Turkey is party to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. Accordingly,
foreign arbitral awards will be recognised and enforced in Turkey
unless it falls within the exceptions in Article 5.
Foreign court judgements will be enforceable in Turkey
pursuant to the Private International and Procedural Code of
Turkey (Law No. 5718) except where there is no (contractual or de
facto) reciprocity between the jurisdiction where the judgement
has been awarded and Turkey, the judgement relates to a matter
which falls exclusively within the jurisdiction of the Turkish
courts, the party enforcement is sought against has objected to
the award before Turkish courts on the basis that he has not been
properly summoned or served in connection with the proceedings or the judgment is against the public order of Turkey.
d. Are local judgments and arbitration awards from your
jurisdiction generally enforceable in other jurisdictions?
This depends on the rules of the jurisdiction where enforcement
is sought. In general and as explained above, Turkey is a civil law
country with civil and commercial laws very similar to European
countries.

Section 6: Dispute resolution

a. Does your jurisdiction have a bilateral investment protection treaty with China or other jurisdictions commonly used
for investing into the country?
Turkey and China have signed a bilateral investment protection
treaty on November 13 1990 which came into force on August 1
1994.

www.chinalawandpractice.com

China Outbound Investment Guide 2014

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43

土耳其

土耳其
Yeşim Bezen, Zekican Samlı, Uğur Sebzeci, Can Özilhan 和 Onur Okşan

Bezen & Partners
第一節:中國境外投資

1. 您國家吸引中國境外投資或您政府有意吸引中國境外投資的
主要有哪些行業?
截至2013年12月31日,土耳其有36,327家公司有外國股東,其中
540家屬於中國境外投資。2003年,土耳其內有112項中國境外投
資,顯示出中國投資者對土耳其興趣大增。根據土耳其共和國經
濟部提供的數據,來自中國的投資在全部外國投資中排第16位。
在土耳其,中國投資者的投資焦點是商貿、製造業、餐飲酒
店、採礦、銷售、電動產品維修、建築、電信和能源生產及分
銷。
中國投資者在採礦業佔有龍頭地位。中國是土耳其採礦業的
第三大投資者,僅排在德國和英國之後。
除了其他措施以外,2012年出台的投資鼓勵措施(見第四節)對
大規模投資提供了鼓勵性優惠。
大規模投資可涉及煉油、化工、港口和港口服務、汽車部件
代工、汽車耗品生產、鐵路車頭和車廂製造、油管運輸服務、
電子產品製造、醫療、高精密及光學設備製造、航空航天器及
相關部件製造、機械製造和採礦等行業。大規模投資享有增值
稅、關稅和所得稅減免優惠,享有國家參與投資、社會保障金
支持、土地分配和所得稅預扣優惠。
根據土耳其政府的2023年共和國百週年目標所認定的大規模
投資行業,明確了政府目前在為哪些行業尋求外國直接投資,
包括中國境外投資。
2. 政府一般支持中國境外投資嗎?在您國家,哪些政府或地方
機構負責推動中國境外投資?
土耳其在2011年吸引了159億美元外國直接投資,比前一年增加
了76%。在2012年上半年,土耳其吸引的外國直接投資比一年前
增加了20.8%,根據聯合國貿易和發展會議,已經列入外國直接
投資超過80億美元的20個獲得最多外國直接投資的接受國之中。
為了在2023年達到每年吸引800億美元的目標,土耳其政府
已經成立了土耳其共和國投資支持與促進局(ISPAT),其宗旨
是通過一站式方式在投資者進入土耳其以前、期間和以後向其
提供協助。ISPAT用多種語言,包括中文,向潛在投資者提供協
助,這說明了ISPAT對中國境外投資的重視。

第二節:投資工具

1. 您國家最常用於中國境外投資的法人實體和工具有哪些?要
多久才可營運?
股份有限公司和有限責任公司繼續是外國投資者最常採用的法
44

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2014年中國境外投資指南

律實體形式。中國投資者一般選擇以有限責任公司形式進行投
資。中國投資者註冊的公司中有496家是有限責任公司,而股份
有限公司只有36家。
組建和運營此兩類實體的手續相當類似,一旦所須文件齊
備,一般只需要六個工作日就可辦妥。

2.  設立和營運與中國境外投資相關的企業主要需符合什麼要求
(例如:有沒有規定必須要有本地董事)?
2003年出台第4875號《外國直接投資法》以後,外國人和土耳其
國民一樣享有同樣待遇。因此,除了少數的特別行業外,外國
人的投資與土耳其國民/實體一樣要遵守同樣的規定。
不過,在營運上,如果中國投資者要僱用外國人,每個外國
僱員將需要取得工作許可,除非他符合有關法律規定的例外條
件。

第三節:投資審批

1. 關於外商投資的審批 (包括任何國家安全審查),請說明審批
程序和所需時間。
如上所述,《外國直接投資法》減少了對外國直接投資的事先
審批要求。但是,如果要向土耳其實體投資,外商必須通知經
濟部,以便政府追踪流入土耳其的外國直接投資。
該通知主要是出於統計目的,因此需要投資的基本信息,例
如外國投資的來源、實體的目的、有關投資實體/人的名稱以及
投資金額。
2. 請概述任何特別受監管/限制的行業 (自然資源、金融服務、
電信和基礎設施等)的投資限制,包括政府在有關行業是否有特
別權利 (例如黃金股份)。
如上所述,《外國直接投資法》減少了外國人在土耳其投資時辦
理審批的需要。不過,仍然有若干特定的法規限制外國人進入某
些受監管市場。在海運和空運市場,公司中的外國人持股以49%
為限,對於廣播實體,外國人可持有的最多股份是50%。
在其他受監管市場,例如電力、採礦、石油、銀行、電信和
民航,要進行公司股權轉讓,需要政府有關監管部門的事先批
准。
除了上述規定的限制外,外國人購置房地產也受到一些值得
一提的限制。據規定,外國自然人在土耳其能夠購置的房地產
和有限物權不得超過30公頃或有關市轄土地內10%的私有土地。
只有符合特定立法界定的外國法人實體,例如第2634號《旅
遊鼓勵法》、第6491號《石油法》或第4737號《工業區法》範圍
內的,才能夠在土耳其購置房地產。
外國投資者控股的土耳其公司可以在土耳其購置房地產,前
提是購置交易是在它們組織章程規定的業務範圍內。
www.chinalawandpractice.com

土耳其

鼓勵措施實施方案

鼓勵措施項目

綜合性

免征關稅

免征增
值稅

所得稅
扣繳

社會保障
金 – 雇主
資助

地方性

免征關稅

免征增
值稅

稅收優惠

社會保障
金 – 雇主
資助

土地分配

利息資助

所得稅
扣繳

大規模投資

免征關稅

免征增
值稅

稅收優惠

社會保障
金 – 雇主
資助

土地分配

所得稅
扣繳

社會保障
金 – 員工
資助

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

土地分配

利息資助

增值稅
退稅

外國自然人、外國法人實體或外國股東控制下的土耳其法人
實體購置房地產,需要得到土耳其總參謀部或有關省長授權的
指揮機構批准,具體取決於房地產所在地而定。

3. 哪個機關負責監管競爭審查?什麼時候報告是強制性的?並
請概述合並審查程序(包括合並前後)。
土耳其競爭管理局(TCA)是確保土耳其商品和服務市場在自
由健康的競爭環境中形成和發展的政府機構。為了達到這個目
標,TCA對於達到下述規模的交易在交易達成之前要進行反壟
斷審查:(a)交易各方在土耳其的總營業額超過一億土耳其里拉
(2.93億人民幣),而且交易各方之中至少有兩方各自在土耳其
的總營業額都超過三千萬土耳其里拉(8,800萬人民幣);或者
(b)被收購資產或業務在土耳其的營業額或兼並交易中至少有一
個交易方在土耳其的營業額超過三千萬土耳其里拉(8,800萬人
民幣),而且另外至少有一方在全球的營業額超過五億土耳其
里拉(14.7億人民幣)。
一旦交易的基本條款變得清楚,條件得到滿足,交易各方便
可填表格提出並購審查申請。向TCA提交申請以後,TCA需在30
日內答复申請。如果TCA沒有在上述時間內答复,交易將被視
為獲得批准。
4. 有沒有任何特別的程序例如工會同意之類,有可能會阻止外
國投資的呢?
除了以上規定的限制和審批以外,不存在什麼有可能阻礙外國
投資的特別程序。
5. 外國投資者如增加或撤回投資,有什麼審批要求?
除了在受監管市場內股權轉讓需要特定監管機構批准以及經濟
部關於外國直接投資方面的通知要求以外,外國投資者增資或
撤資不需要任何審批。

第四節:稅收及補助

1. 有沒有一些稅務結構或有利的中介稅務管轄區,是對外商直
接投資土耳其尤其有用的?
促進增長和吸引外資一直而且繼續對土耳其的政策制定起着關
鍵作用。為此目的,這些年來,土耳其出台了多個地區性和行
業性的鼓勵措施和簽訂了多個雙重稅收協定。
雖然這些措施和協定並非特別為外國直接投資而制定,但有
助外國直接投資減低稅務負擔,從而給予外國直接投資更大的
投資回報空間。
www.chinalawandpractice.com

社會保障
金 – 員工
資助

所得稅
扣繳

社會保障
金 – 員工
資助

鼓勵措施
2012年6月19日的第2012/3305號部長會議決定引入了一套對本國
和外國投資都有各項優惠的鼓勵措施。
該鼓勵制度劃分了四類鼓勵措施實施方案(即綜合性鼓勵措
施實施方案、地方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)和九種鼓勵措施項目(即支持元素(destek
unsurlari))。這些鼓勵措施項目及其在鼓勵措施實施方案中的分
類見上表。
自由區*
自由區是根據《自由區法》(第3218號)為促進與產品出口有關
的投資而設立的。
大體而言,營運人享受免徵關稅、免徵增值稅、工資所得預
扣稅和可將營運利潤匯出海外或其在土耳其的母公司等優惠。
技術開發區*
技術開發區是根據《技術開發區法》(第4691號法律)為促進研
發投資而設立的。
營運人享受政府對社會保障金的資助和在指定期間內源自技
術開發區的產品免徵銷售增值稅。
有組織工業區*
有組織工業區是根據《有組織工業區法》(第4562號法律)為促
進指定工業區的工業投資而設立的。
營運人享受在區內購置土地時免徵增值稅和在指定期間內免
徵房產稅的優惠。
*土耳其的自由區、技術開發區和有組織工業區名單見 (http://
www.invest.gov.tr/en-US/infocenter/publications/Documents/SPECIAL-INVESTMENT-ZONES-TURKEY.pdf).

2. 企業所得稅和股息預提稅的適用稅率是多少?
現行的企業所得稅是應納稅利潤額的20%(對土耳其居民,按全
球收入計稅,對有限納稅人,按土耳其收入計稅)。
對非土耳其居民的股息支付適用15%預扣稅率,除非雙重徵
稅協定規定了更低的稅率。
3. 政府是否已設立外商直接投資稅務優惠制度?
雖然外國直接投資可通過綜合性鼓勵措施享受額外的稅基扣
減,但是沒有專門適用於外國直接投資的大規模稅務鼓勵措施。
4. 除了通過稅務制度,政府還有向外商直接投資者提供其他財
務支持嗎?如有,請加以概述。
請參見上述1段下匯總的鼓勵措施制度。

2014年中國境外投資指南

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45

土耳其

5. 您國家與中國之間有沒有任何相互稅務安排?如有,這些安
排如何幫助投資者?
土耳其和中國在1995年5月23日簽訂了雙重徵稅協定,該協定在
1998年1月1日生效(下稱稅務協定)。
稅務協定規定了防止對財產收益和利潤所得稅雙重徵稅的措
施,並將利潤預扣稅率降為10%。
從中國直接控制的外國直接投資可受惠於有利的跨境稅務制
度和股息預扣稅扣減,這些優惠可降低投資的總體稅負。

第五節:外匯管制及本地經營

1.有什麼外幣或外匯限制是外國投資者需要注意的?
土耳其沒有嚴格的貨幣管制制度,土耳其貨幣(土耳其里拉——
TRY)可在土耳其兌換為其他貨幣。企業和個人都有權持有外匯
存款,可將本幣和外幣匯出海外,只要是通過銀行辦理。
2. 引入外國員工有什麼法律限制?在操作上外商投資者為股東
代表、高級經理和員工取得外國員工簽証有多困難?
要僱用外國員工,需要滿足若干標準。這些標準主要包括最低
已繳付資本達到10萬土耳其里拉(29.3萬人民幣),或營業額
或出口收入超過適用的門檻,營業額的門檻是80萬土耳其里拉
(235萬人民幣),出口收入的門檻是25萬美元(156萬人民幣)
,並且需要將外籍與土耳其員工的比例維持在1:5。
如果申請人滿足適用的標準,手續是相對簡單的,在提交申
請後平均四至六個星期內就可獲得許可證

作者簡歷
Yesim Bezen
Yesim Bezen是Bezen & Partners的創始合伙人。她協
助國際客戶進行各種各樣的交易,尤其是銀行、金
融、資產和項目融資交易。Yesim Bezen是英國及愛
爾蘭執業律師。2001至2007年,她在首屈一指的
律所倫敦分所完成訓練及獲聘。
Zekican Samlı
Zekican Samlı 是伊斯坦堡註冊律師。他在Ankara
大學法律學院畢業後,於2009年8月加入Bezen &
Partners的團隊。Zekican Samlı就監管和房地產事
務向本地和外國客戶提供法律意見。
Uğur Sebzeci
Uğur Sebzeci是伊斯坦堡註冊律師。他在Ankara 大
學法律學院畢業後,於2009年9月加入Bezen &
Partners的團隊。Uğur Sebzeci就商業法、商業爭
議、並購和勞動事宜向本地和外國客戶提供法律
意見。
Can Özilhan
Can Özilhan是伊斯坦堡註冊律師。他在Marmara
大學法律學院畢業後,於2010年6月加入Bezen &
Partners的團隊。Can Özilhan就財務和企業相關事
宜,向本地和外國客戶提供法律意見。
Onur Okşan
Onur Okşan是伊斯坦堡註冊律師。他在Galatasaray
大學法律學院畢業後,於2011年7月加入Bezen &
Partners的團隊。Onur Okşan就監管和房地產事務向
本地和外國客戶提供法律意見。

第六節:爭議解決

1. 您國家是否有和中國或其他國家簽訂關於投資您國的雙邊投
資保障條約?
土耳其和中國在1990年11月13日簽訂了雙邊投資保護協定,該協
定於1994年8月1日生效。
根據該協定,合資格的投資可獲得某些保護,例如所謂的最
惠國條款。該條款規定,訂約國相互向對方投資者提供的優惠
不次於在類似情況下向其他投資者提供的優惠。
土耳其也是多個其他投資保護協定的締約國(包括獨聯體和
歐洲國家)。
2. 當地法院的執法和爭議解決程序的效率如何?有什麼特別的
程序是外商投資者需要注意的?
土耳其是一個大陸法系國家,其民法和商法以瑞士和德國法律
為樣本,其他法律也大多遵循歐盟指引,這是過去十年來歐盟
合規工作的結果。
土耳其法院系統普遍被批評為效率低,解決訴訟的時間平均
超過一年。外國投資者通常選擇國際或國內仲裁。

46

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2014年中國境外投資指南

3. 當地法院尊重外國判決嗎?可執行國際仲裁裁決嗎?
土耳其是《承認及執行外國仲裁裁決紐約公約》的簽字國。因
此,外國仲裁裁決在土耳其會被承認和執行,除非裁決屬於第5
條所述的例外。
外國法院判決在土耳其可根據土耳其的《國際私法和訴訟法
典》(第5718號法律)執行,除非,作出判決的司法管轄地與土
耳其之間不存在(合同上的或事實上的)互惠關係,判決所關
聯的事項完全是屬於土耳其法院管轄範圍內,判決的被執行方
已經以未曾就該訴訟或判決獲得適當傳召或司法文件送達為理
由向土耳其法院提出反對該判決,或者該判決破壞土耳其的公
共秩序。
4. 您國家的判決和仲裁裁決一般會在其他國家執行嗎?
這取決於被要求執行的司法管轄地的規則。一般而言,如上所
述,土耳其是一個大陸法系國家,其民法和商法與歐洲國家很
相似。

www.chinalawandpractice.com

Turkey

Opportunities in Turkey’s special
investment zones
Yeşim Bezen, Zekican Samlı, Uğur Sebzeci, Can Özilhan and Onur Okşan

Bezen & Partners

O

ver the past decade, Turkey has become a focus destination for foreign investors. The aftermath of the 2008
global financial crisis has especially propelled Turkey to
becoming a hub for European investors with its strategic location,
stable economy and rapid growth rate.
While Turkey provides a suitable ground for foreign investment, it also aims to increase its industrial capacity without
overlooking factors of the environment, urbanisation and transportation. In order to do so, Turkey promoted the establishment
of Organised Industrial Zones (OIZ) throughout the country.
The first OIZ in Turkey was established back in 1962 in Bursa,
one of the nation’s most industrialised cities. As of today, there
are a total of 276 OIZs in Turkey. The largest OIZ, located in the
south-eastern industry and trade city of Gaziantep, is established
on a land of 11 million m2.
Specifications of OIZs
Land allocation procedure
Due to their nature, OIZs are subject to specific rules and
regulations.
First and foremost, acquisition of land within the OIZs is
subject to a specific procedure different than that of ordinary
land.
According to the Law on Organised Industrial Zones (4562)
(Law on OIZ) and published in the Official Gazette (24021) on
April 15 2000, the allocation of OIZs will be governed by regulations issued by the Ministry. Accordingly, the Application
Regulation on OIZ (27327) (OIZ Regulation), published in the
Official Gazette on August 22 2009, sets out provisions governing
the allocation of OIZ land.
As per Article 103 of the OIZ Regulation, real or legal persons
applying for land allocation are required to apply to the relevant
OIZ, of which its board will review the application. If the application is approved, the OIZ will issue a notice in writing to the
applicant.
The approval notice is not sufficient for the land allocation
and is merely a notification. Article 104 of the OIZ Regulation
provides that the OIZ and the applicant company are required
to sign a land allocation agreement as well as an investment
undertaking prepared by the Ministry laying out the terms of
land allocation and any legal penalties in order to guarantee the
completion of the related investments. Generally, a land allocation agreement and an investment undertaking include penalties
in relation to the completion of the investment and the payment
www.chinalawandpractice.com

The main advantages of OIZs
• The Ministry of Science, Industry and Technology (Ministry)
supports the developments of the OIZs and provides loans to
OIZ managements in order to acquire new land and implement
infrastructure projects. Investors can therefore implement their
facilities in suitable parcels with adequate infrastructure.
• There are certain incentives provided to OIZs, including tax credits
for direct investments. OIZ managements can also obtain loans
with advantageous terms that are provided to companies located
within these zones.

Companies are allowed to use water, electricity and fuel at discounted prices.

Exporting companies are provided with tax returns.

Due to such incentives, since 1995, 86% of foreign investment in
industrial sectors has been made in OIZs.

of the instalments of the total price of the allocated land et seq.
Other conditions as dictated by the OIZ Regulation would need
to be assessed depending on the specifics of the land.
As opposed to with other ordinary land, the company does
not obtain the title of the related property at the end of the OIZ
application process. Following the execution of a land allocation agreement and an investment undertaking, the declaration
and the annotation column on the title deeds of the relevant
land registry for the related property will reflect that “the sale or
assignment of the immovable is forbidden according to Article 18 of
the Organised Industrial Zone Law”.
In this respect, the applicant company will not be entitled to
sell the land until it fulfils all of its payment obligations in relation
to the land allocation. It will therefore have ongoing payment
obligations to the relevant OIZ as provided by Article 18 of the
Law on OIZ.
After the fulfilment of all obligations in the land allocation
agreement and investment undertaking, a deed will be issued in
the name of the applicant company, which will then obtain the
title to the related property. In this case, a second annotation will
be included in the first declaration and annotation column on
the title deeds of the relevant land registry by replacing the first
and stating as follows: “It [i.e. the landlord] is obliged to obtain
the positive decision of the organised industrial zone in case the
immovable is transferred to third persons including the sale of the
immovable through an execution procedure where the pre-emption
right of the organised industrial zone is released and registered at
China Outbound Investment Guide 2014

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47

Turkey

the land registry on account of the participant. At this stage, all
undertakings which were given by the old participant are deemed
to be accepted by the new participant.” Accordingly, any transfer
of the applicant company’s property rights will be subject to the
positive decision of the relevant OIZ.
Zoning plan requirements
In order to initiate the investment, a zoning plan should be
prepared and approved by the OIZs. After the preparation of the
zoning plan, a construction permit should be obtained from the
relevant OIZ in order to begin construction. The OIZs are entitled
to approve the zoning plans within the zones pursuant to Article
41 of the OIZ Regulation.
If the zoning plan is amended, the OIZ will approve and
submit the relevant amendment to the Ministry. Upon Ministry
approval, construction of the relevant facility can begin pursuant
to Articles 74 and 75 of the OIZ Regulation.
The OIZ Regulation also sets out a list of the necessary
documents needed in order to apply for a construction permit.
Article 84 of the OIZ Regulation states that all permits and
authorisations in relation to the usage, construction and projects of buildings, facilities and lands
within an OIZ should be obtained from the zone. It is safe

• cities outside of the scope of those mentioned above and cities
with a negative index value of socio-economic development
determined by the Secretariat of the State Planning Organisation for 2003; and
• cities and districts determined by a cabinet decision based on
socio-economic factors.
If the applicant company applies for a free land allocation
within an OIZ that fulfils these criteria and it is considered as
a “big-scale investment”, “strategic investment” or “eligible for
regional investment”, then empty parcels within the OIZ can be
assigned to the company.
As of September 2013, 774 parcels were allocated free of
charge to applicants. Among these parcels, 56 of the necessary
investments have been completed and the operations have begun.
In the case of 166 parcels, construction works are pending while
the remaining 552 parcels have planning works still pending.
Free allocation incentives are only valid for a limited period
and the necessary applications must be submitted by September
2015.

to say that OIZs will, for the foreseeable
future, remain the optimal destination for foreign
investors

Construction permit
A construction permit is also issued by the OIZ
pursuant to Article 85 of the OIZ Regulation.
The applicant company must submit a deed or land allocation
agreement, environmental impact assessment decision, soil and
geological investigation reports, an architectural project and
electrical and mechanical projects for the facility. Following the
issuance of the construction permit, the Project Company is
required to apply for the building usage permit.

Building usage permit
Once the facilities of the applicant company are completed, the
company needs to apply to the OIZ for a building usage permit
so as to commence its activities within the facility. The OIZ will
approve the completion of the construction in compliance with
the projects which were submitted to the OIZ accordingly.
The applicant company is entitled to use the facility once the
building usage permit has been issued.
Free land allocation
In order to promote foreign investment and increase the number
of industrial facilities in Turkey, the Council of Ministers
announced a new incentive package with its Decision on State
Assistance in Incentives (2012/3305) (Decision), dated June 19
2012.
The Decision provides that the allocation of land to a third
party for the construction of a facility within the OIZs can be
made free of charge. For such allocation to be possible, the OIZ is
required to be located in:
• cities within the scope of development priority regions;
• cities with US$1,500 or less of GDP per person determined by
the State Institute for Statistics for 2001;
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China Outbound Investment Guide 2014

Recent developments
One of the key aspects of OIZs is that they were allowed to expropriate land owned by third parties. Therefore, OIZs have easily
expanded their premises in order to accept new members and
carry out new investments.
However, with its decision numbered 2013/125, the Constitutional Court (Court) has annulled Article 5 and Provisional
Article 11 of the Law on OIZ, which were the legal bases of the
expropriation activities of OIZs.
The Court has decided that only the government or state
entities have the authority to restrict the right of ownership
in accordance with Articles 6 and 46 of the Constitution. It
concluded that as OIZs are private legal entities, restricting the
right of ownership by executing expropriation is a violation of the
Constitution.
This right of the OIZs has subsequently been revoked.
Placing bets on the future of OIZs
Turkey is a developing country with a strong historical background in many significant industrial sectors. In recent years, the
number and variety of industrial establishments have increased
significantly. The OIZs have considerably contributed to this
increase by providing a sustainable and solid investment environment for both domestic and foreign investors. With the
establishment of new OIZs and the expansion of existing ones, it
is safe to say that OIZs will, for the foreseeable future, remain the
optimal destination for foreign investors.
www.chinalawandpractice.com

土耳其

土耳其投資特區提供的機會
Yeşim Bezen, Zekican Samlı, Uğur Sebzeci, Can Özilhan 和 Onur Okşan

Bezen & Partners

耳其在過去十年成為了外國投資者的一個聚焦點。尤其是
2008年全球金融危機之後,土耳其更因為其戰略性位置、
穩定的經濟和高速的增長率,迅速成為歐洲投資者的樞紐。
土耳其在為外國投資提供適宜的投資土壤的同時,還力求在
兼顧到環境、城市化和交通等因素的前提下提高其工業容量。
為此目的,土耳其在全國推行了“有組織工業區”(以下簡
稱“OIZ”)。
土耳其的第一個OIZ是1962年在該國工業最發達城市之一的布
爾薩成立的。如今,土耳其全國共有276個OIZ。最大的OIZ是在
東南部工貿城市加濟安泰普,面積達1,100萬平方米。

OIZ的具體規定
a) 土地分配辦法
OIZ因為其特殊性質而需遵守特定的規章制度。
首先,在OIZ內獲取土地有別於一般的土地交易,適用特別的
管理辦法。
根據2000年4月15日在《官方公告》(24021)發佈的《有組織
工業區法》(4562)(下稱“《OIZ法》”),OIZ的分配由科
工技部發佈的條例管理。據此,2009年8月22日在《官方公告》
頒佈的《OIZ實施條例》(27327)(下稱“《OIZ條例》”)對
OIZ土地的分配作出了規定。
根據《OIZ條例》第103條,自然人或法人申請土地分配,
須向有關OIZ提出,由其管理局審批申請。如果申請獲得批
准,OIZ將書面通知申請人。
批准通知不足以辦理土地分配,而只是通知而已。《OIZ條
例》第104條規定,企業申請人須簽署一份土地分配協議以及一
份投資承諾書,該兩份文件均由科工技部制定,其中列出了土
地分配的條款以及任何法律罰則,以保證有關投資的完成。土
地分配協議和投資承諾書一般都包括與完成投資和分期支付分
配土地總價等有關的罰則。《OIZ條例》規定的其他條件則根據
有關土地的具體情況而定。
與其他一般土地不同的是,在OIZ申請程序結束時,企業並
不獲得有關地產的權屬。在簽署土地分配協議和投資承諾書以
後,有關地產在有關土地登記處的產權契據上的聲明及附註欄
將顯示“根據《有組織工業區法》第18條,禁止出售或轉讓該不
動產”。
在此方面,企業申請人在履行其對有關土地分配的全部付款
義務之前,將無權出售該土地。因此,根據《OIZ法》第18條,
它將對有關的OIZ負有持續的付款義務。
在完成了土地分配協議和投資承諾書中的全部義務後,企
業申請人將獲發一份在其名下的契據,從而才獲得有關地產的
權屬。這時,有關土地登記處的產權契據上的聲明和附註欄將
作出以下記載以替代先前的聲明和附註:“向第三方轉讓不動
產,包括通過簽署文件出售不動產,解除有組織工業區的優先
權並在土地登記處登記在參與者名下的時候,[地主] 必須取得有
組織工業區的同意。在此階段,舊參與者給予的所有承諾視為
www.chinalawandpractice.com

OIZ有如下主要優勢
• 科學、工業和技術部(下稱“科工技部”)支持OIZ的開發,並向

OIZ管理層提供貸款,以便其購置新土地和實施基礎設施項目。因
此投資者能夠在具備足夠基礎設施的地塊上建立自己的設施。

• OIZ享受若干鼓勵政策,包括適用於直接投資的稅務優惠。OIZ管
理層還能夠獲得條件優惠的貸款提供給區內公司。

• 區內公司的用水、用電和燃料享受折扣價格。
• 出口型公司可獲得退稅。
由於上述優惠待遇,自1995年以來,工業領域的外國投資有86%
是在OIZ裡進行的。

被新參與者接受。”因此,企業申請人的任何業權轉讓將必須
得到有關OIZ的同意。

b) 用途規劃要求
開始投資前,應當制定用途規劃由OIZ批准。制定用途規劃後,
需向有關OIZ取得建設許可證方可開始建設。OIZ有權根據《OIZ
條例》第41條規定審批區內的用途規劃。
如果用途規劃需要修改,OIZ在審批有關修改後提交科工技
部。經科工技部批准後,有關的設施可以根據《OIZ條例》第74
條和第75條規定開始建設。
《OIZ條例》還列明了申請建設許可證所需文件。《OIZ條
例》第84條規定,與OIZ區內建築物、設施和土地的使用、建設
和項目有關的所有許可和授權應當從該區取得。
c) 建設許可證
OIZ根據《OIZ條例》第85條發給建設許可證。企業申請人必須
提交契據或土地分配協議、環境影響評估決定書、土壤和地質
調查報告、設施的建築項目書和電氣機械項目書。在建設許可
證發給後,項目公司須申請建築用途許可證。
d) 建築用途許可證
企業申請人完成設施建設以後,須向OIZ申請建築用途許可證方
可在設施內開展其活動。OIZ將根據申請人提交的項目書審批工
程的完成。
建築用途許可證頒發後,企業申請人便有權使用設施。
e) 免費的土地分配
為鼓勵外國投資和增加土耳其的工業設施數量,部長會議在2012
年6月19日通過《關於國家支持鼓勵措施的決定》(2012/3305)
(下稱“《決定》”)宣佈了一系列新的鼓勵措施。
《決定》規定,向第三方分配土地在OIZ內建設設施可以免
收費用。要進行這樣的分配,該OIZ必須位於符合以下條件的地
方:
2014年中國境外投資指南

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49

土耳其

• 優先發展地區內的城市;
• 根據2001年國家統計院的數據國民生產總值人均在1,500美元

最新動向

或以下的城市;

OIZ一個關鍵特點是可以徵收第三方擁有的土地。因此,各地
OIZ已輕而易舉地擴充了其領域以接納新成員和進行新投資項
據其社會經濟發展指數為負數的城市;
目。
• 內閣根據社會經濟因素確定的城市和地區。
然而,憲法法院(下稱“法院”)在其2013/125號裁決中廢除
了《OIZ法》第5條和第11臨時條款,而此等條
款是OIZ徵地活動的法律依據。
法院裁定,根據憲法第6條和第46條,只有
隨着新OIZ的成立和現有OIZ的擴展,可以說OIZ在可預見的未來仍然
政府或國家實體有權力限制所有權。法院認
是外國投資者的最佳投資目的地。
定,OIZ是私人法律實體,以徵收方式限制所
有權是違反憲法的。
OIZ的該項權利隨之被撤銷。
如果企業申請人在符合上述條件的OIZ內申請免費土地分配,
而且是被認定為“大規模投資”、“戰略性投資”或“合格的 押注於OIZ的未來
地區性投資”,則OIZ可將區內空置地塊分配給該公司。
截至2013年9月,已經有774個地塊免費分配給申請人。這些 土耳其是一個在很多重大工業領域有着雄厚歷史雄厚的發展中
地塊中,有56個已完成必要的投資並開始營運,166個地塊即將 國家。近年來,工業建設的數量和種類有了大大增加。OIZ通過
進行建設,其餘的552個地塊則有待規劃。
向國內外投資者提供可持續的和穩固的投資環境,對此作出了
免費分配的鼓勵措施只是在有限的期間內生效,所須的申請 很大貢獻。隨着新OIZ的成立和現有OIZ的擴展,可以說OIZ在可
必須在2015年9月前提交。
預見的未來仍然是外國投資者的最佳投資目的地。

• 雖然不在上述區域,但根據2003年國家計劃組織秘書處的數

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www.chinalawandpractice.com

United Kingdom

United Kingdom
Simon Weller
Freshfields Bruckhaus Deringer
Section 1: China outbound investment

a. What are the key sectors in your jurisdiction that attract,
or to which the government is seeking to attract, China
outbound investment (COI)?
The UK government, through the department UK Trade & Investment, has detailed a wide range of sectors in which it is seeking to
attract COI including aerospace, automotive, energy, information
and communication technologies and life sciences. Recent COI
in the UK include:
(a) oil and gas, e.g. PetroChina’s oil refining and trading joint
venture with INEOS;
(b) infrastructure, e.g. China Investment Corporation’s acquisition of a 10% stake in Heathrow Airport Holdings; and
(c) real estate, e.g. Dalian Wanda’s acquisition of a development
site on London’s South Bank.
b. Is the government generally supportive of COI? Which
government, and regional, bodies are responsible for driving
COI in your jurisdiction?
The UK government expressly welcomes Chinese investors. At
a speech to students at Peking University, George Osborne (the
UK’s Chancellor of the Exchequer) stated, “one of my principal
goals this week is not just to increase British investment in China.
But to increase Chinese investment in Britain... Indeed I would
go as far as to say that there is no country in the west that is more
open to investment – especially from China”.
UK Trade & Investment (a government body) has the main
responsibility for driving foreign direct investment (FDI) in
the UK. For COI specifically, they work with the China-Britain
Business Council, which has a presence in 13 cities across China.
Section 2: Investment vehicles

a. What are the most common legal entities and vehicles
used for COI in your jurisdiction? How long do they take to
become operational?
Foreign investors will generally use a legal entity that most
suits their corporate and tax structuring goals (and it could
be incorporated outside the UK, although UK regulators
can occasionally be wary of the use of acquisition entities
incorporated in jurisdictions perceived as offshore tax havens).
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The most common UK legal entity is a limited liability company
(which could be private or public, with the key distinction being
that only public limited companies may offer shares to the
public). Other business vehicles include partnerships, limited
liability partnerships and branches of overseas companies. All
of these entities and vehicles may be established and become
operational within a short period of time.
b. What are the key requirements for establishment and
operation of these vehicles which are relevant to COI (e.g. is
there a requirement for local directors)?
Chinese investors may establish and operate any of these
vehicles in the same manner as local investors and no regulatory
approvals are required to set up these vehicles in the UK. There
are no residency requirements for directors of a UK company,
although there may be tax residency considerations which affect
the location of management.
Section 3: Investment approval

a. For foreign investment approval (including any national
security review) explain the approval process and timing.
Unlike in many other European jurisdictions, there are currently
no general restrictions on foreign investment in the UK,
although there may be a requirement for sector-specific regulatory approvals or competition approvals (see responses 3b and 3c
below). The recent failed bid by Pfizer for AstraZeneca (in May
2014) triggered heated political debate about whether a public
interest requirement should be introduced in the UK, and –
whether or not this leads to any new regulation – it serves as a
reminder of some of the broader issues that may need to be dealt
with on high profile acquisitions. Note also that UK businesses
often have interests or customers abroad, which could mean that
a UK investment triggers foreign investment approval requirements in other jurisdictions.
b. Briefly explain the investment restrictions for any
specially regulated/restricted sectors (natural resources,
financial services, telecoms and infrastructure, etc),
including whether the government is entitled to any special
rights (e.g. golden share) in those sectors.
While there are no general restrictions on investment, in certain
cases investors may need sector-specific approval or the UK government may have the power to restrict investments or changes
of control, for example:
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• broadcasting and newspapers: the Secretary of State may
intervene to ensure “plurality of the media”;
• water: mergers of licensed water companies are subject to a
compulsory reference to the UK Competition and Markets
Authority (the CMA);
• defence and national security: the Secretary of State has the
power to intervene to ensure that investments in these sectors
promote the public interest;
• banks and insurance companies: parties need to have regulatory consent for any direct or indirect transfer of a controlling
interest in such companies – usually 10% or more of the
voting rights; and
• companies that hold oil or gas licences: a change of control
could result in that licence being revoked if the change of
control prejudices the company’s ability to meet its licence
commitments, liabilities and obligations.

If the COI does not meet the thresholds for an EUMR filing,
it should then be considered whether a filing in the UK (and in
any other relevant EU member state) should be made. As of April
1 2014, the CMA is the regulator responsible for merger control
in the UK. A transaction will come under the CMA’s remit where
two or more enterprises cease to be distinct, meaning that they are
brought under common control; and either the target’s turnover
in the UK exceeds £70 million or a combined share of supply or
purchases of goods or services in the UK (or a substantial part of
it) of 25% is created or enhanced by the transaction.
The UK runs a voluntary filing regime meaning that there are
no penalties for failing to file or for implementing the transaction before clearance. A large number of deals are, however, in
practice pre-notified to give the parties legal certainty since the
CMA can investigate a deal whether or not the parties have filed.

d. Are there any unique processes that potentially could
A small number of UK companies still have “golden” shares block a foreign investment, e.g. consent from labour unions?
conferring special rights to the UK State, for example companies While many employees in the UK are members of various trade
in the defence sector, but such rights are limited and may be unions, there is no general statutory requirement to consult
unenforceable as a matter of EU law except in cases in which the with employees before undertaking an acquisition of shares
golden share is necessary to maintain national security.
in a company that has employees in the UK. However, asset
deals – unlike share deals – are likely to require
an employee consultation exercise where the
The UK Pensions Regulator has a broad power
employing entity of any employees will change
or if the employment of any employees may be
to require companies to financially support or
terminated as a result of the asset deal. A failure
contribute to under-funded pension schemes of
to carry out such a consultation exercise will not
companies in their corporate group
affect the validity of any transaction but could
result in a significant award of damages against
the seller and/or the purchaser.
c. Which authority oversees competition clearance, when is
Many UK companies have liabilities under defined benefit
notification mandatory, and what is the merger clearance
pension schemes. The UK Pensions Regulator has a broad power
process (including whether pre- or post-closing)?
to require companies to financially support or contribute to
The COI may trigger a filing requirement under either EU or under-funded pension schemes of companies in their corporate
UK merger control regimes, but not both. This is because the group. This can lead to large and unexpected liabilities for purEU regime offers a one-stop shop for European merger control, chasers which acquire such companies. Accordingly, if there
meaning that if the filing thresholds under the EU Merger Regu- is a pension deficit in the target group, a purchaser would be
lation (EUMR) are met, a single merger control filing will need to advised to engage with the Pensions Regulator and the trustees
be made to the European Commission and separate filings to the of the target company’s pension scheme before undertaking the
EU member state authorities will not be required.
acquisition.
An EUMR filing will be required where the transaction
amounts to a concentration; and the parties meet certain global e. Are there approval requirements when a foreign investor
and EU-wide revenue thresholds. The application of the concen- increases or exits its investments?
tration test is quite complex, but in general terms, a concentration There are no approval requirements that are specific to foreign
will arise where there is a pure merger between two or more firms investors increasing or exiting their investments.
or where one or more firms acquires control in another firm. A
minority investment which does not confer any controlling rights
Section 4: Tax and grants
will currently not meet the concentration threshold.
The EUMR regime is mandatory and suspensory, meaning
that completion of the COI must be automatically suspended
and no integration may begin until the COI has been reviewed
and cleared by the European Commission. The European Com- a. Are there tax structures and/or favourable intermediary
mission has the power to impose financial penalties of up to 10% tax jurisdictions that are particularly useful for FDI into the
of the aggregate turnover of the relevant parties to the transac- country?
tion and to invalidate to mergers if the parties do not file before The UK has one of the largest networks of double tax treaties and
closing.
agreements in the world, making the UK an attractive regime
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United Kingdom

for holding companies and giving a high degree of flexibility in
structuring FDI transactions.
The UK has relatively generous rules permitting tax relief for
interest, including on loans to fund equity purchases and on shareholder debt. Investments into the UK will therefore generally be
structured to maximise UK interest relief (i.e. investing through
a mixture of debt and equity, having regard to transfer pricing
issues and other anti-avoidance rules). UK withholding tax on
interest then needs to be considered; where withholding would
otherwise apply it may be possible to mitigate it under an applicable double tax treaty.
b. What are the applicable rates of corporate tax and withholding tax on dividends?
The UK Government has recently committed itself to making the
UK the most competitive tax regime in the G20. In line with that
ambition, the full rate of UK corporation tax chargeable in respect
of the profits of a UK-resident company has been progressively
lowered over recent years, and as of April 1 2014 stands at 21%.
The rate is scheduled to fall to 20% on April 1 2015.
The UK does not generally impose withholding tax on
dividends or other distributions, irrespective of the location
of the recipient. Withholding at a rate of 20% may in some circumstances apply to distributions by certain types of investment
fund (including real estate investment trusts, property authorised
investment funds and investment trusts) but may be capable of
being mitigated under an applicable double tax treaty.
c. Does the government have any FDI tax incentive schemes
in place?
Although the UK government does not have any tax incentive
schemes in place that are specifically applicable to FDI, the UK
government is committed to making the UK attractive to international business, including by maintaining a competitive tax
regime.
The UK revenue authority also has a specific team devoted
to supporting inward investment by providing written rulings to
clarify the UK tax consequences of significant investments in the
UK.
The UK has a number of incentive regimes that are applicable
to all taxpayers, including a system of tax relief for expenditure on
research and development and a patent box regime which applies
a reduced rate of tax to profits that are attributable to qualifying
patents and certain other intellectual property rights.
d. Other than through the tax system, does the government
provide any other financial support to FDI investors? If so,
please provide an overview.
Although the UK government does not offer any grants or other
non-tax incentives that are specifically applicable to FDI investors,
there are various forms of grants that might be available for FDI,
including: Enterprise Zones; Regional Growth Fund; and the
Grant for Business Investment scheme
e. Are there any reciprocal tax arrangements between your
jurisdiction and China? If so, how can they aid investors?
There is a double taxation agreement in force between China and
www.chinalawandpractice.com

Author biography
Simon Weller
Simon Weller is a corporate partner in the Hong Kong
office of Freshfields. His practice focuses on domestic
and cross-border public and private M&A, joint ventures
and private equity.
Simon graduated with a law degree from Clare
College, Cambridge University, and joined Freshfields in London as a
trainee in 1997. He became a partner in the firm’s London private equity
practice in 2008 and relocated to Hong Kong in 2011.
Simon’s recent M&A experience includes advising Dalian Wanda
Group on its acquisition of Sunseeker International, Cheung Kong
Infrastructure on its takeover of Northumbrian Water Group, Tesco on
the establishment of a joint venture with China Resources Enterprise,
and Hutchison Whampoa on its US$5.6bn strategic alliance between AS
Watson and Temasek.

the UK. It was substantially renegotiated in 2011 and is largely
consistent with the model double tax convention produced by
the Office for Economic Co-ordination and Development (the
OECD).
There is also a double taxation agreement in force between
Hong Kong and the UK, dating from 2010. Again, this largely
follows the OECD’s model treaty.
Both treaties provide for mitigation of withholding tax on
interest payments. Under the China-UK treaty the rate of withholding on UK source interest paid to a resident of China may
be reduced from 20% to 10% (or, in the case of certain government bodies, eliminated entirely). Under the Hong Kong-UK
treaty, UK withholding on interest will generally be eliminated
for payments to a Hong Kong resident.
Section 5: Forex controls and local operations

a. What foreign currency or exchange restrictions should
foreign investors be aware of?
There are no foreign currency or exchange restrictions in the
UK. It should be noted that the UK does have sophisticated antimoney laundering and anti-bribery regimes, which apply equally
to both foreign and domestic investors and assist in increasing
transparency for investors and reducing corruption.
b. Are there any legal restrictions on bringing in foreign
workers and how difficult is it for foreign investors to secure
expatriate visas for shareholder representatives, senior
managers and workers in practice?
In his speech last year at Peking University (see response 1b
above), George Osborne made clear that there was no limit on
the number of Chinese tourists who can visit the UK, no limit on
the amount of business China can do with the UK and no limit
on the number of Chinese people who can live as students in the
UK. On the same trade trip, the Chancellor also announced a
relaxation of the rules for visa applications for Chinese visitors
to the UK.
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Although the rules for Chinese visitors have been relaxed,
there is no special regime for Chinese nationals who wish to
move to the UK to live and work. Instead, these individuals must
apply for immigration permission in the same way as all other
individuals who are not from the European Economic Area or
Switzerland. This generally requires the UK employer to be registered as a sponsor and to support the applicant’s visa application.
Nationals of countries within the European Economic Area and
Switzerland do not require permission to work in the UK.
Section 6: Dispute resolution

a. Does your jurisdiction have a bilateral investment protection treaty with China or other jurisdictions commonly used
for investing into the country?
The UK has bilateral investment protection treaties with both
China and Hong Kong. These treaties aim to create favourable
conditions for and to promote and protect investments made
by investors in China and Hong Kong, respectively, into the UK
and vice versa. The effect for investors in China and Hong Kong
investing into the UK is that they enjoy, among other things:
• free admission of their investment into the UK;
• equal treatment of their investment to that of a UK national
or a national of any other country;
• compensation for certain types of loss in relation to their
investment;
• protection against expropriation of their investment; and
• freedom to transfer their investment and the return on such
investment out of the UK.
b. How efficient are local courts’ enforcement and dispute
resolution proceedings, and are there any procedural idiosyncrasies foreign investors must be aware of?
English law is one of a handful of preferred governing laws for
international transactions. English courts are very experienced
and reasonably efficient in determining commercial disputes.
London is also a preferred seat for international arbitration
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as a neutral and impartial jurisdiction, the prevalence of English
law as a governing law and the large pool of specialist barristers,
solicitors and arbitrators available.
c. Do local courts respect foreign judgments and are international arbitration awards enforceable?
Different rules apply when assessing whether the English courts
will enforce a foreign judgment depending on the jurisdiction in
which the foreign judgment was given. If the judgment was given
anywhere else (ie in a country that does not have an applicable
bilateral or multilateral agreement with the UK on reciprocal
enforcement of judgments, for instance China or Hong Kong), its
enforceability will be governed by English common law. Under
English common law, to be enforceable the judgment must be
a money judgment for a fixed sum, final and conclusive in the
court which pronounced it and it must have been given by a
court regarded by English law as competent to do so. Further,
under common law the judgment cannot simply be registered in
England; rather, fresh proceedings must be issued in England to
enforce the judgment as a debt.
The UK is a signatory of the New York Convention and has
enacted the requisite domestic legislation to bring it into force.
There are almost 150 signatories to the New York Convention,
including China, whose territory for the purpose of the New York
Convention includes Hong Kong.
d. Are local judgments and arbitration awards from your
jurisdiction generally enforceable in other jurisdictions?
Different rules apply when assessing whether an English judgment
will be enforceable in a foreign jurisdiction depending on the
jurisdiction in which enforcement is sought. In determining
the enforceability of an English judgment in any other country
(including in China or Hong Kong), the local law of that country
will apply.
Arbitral awards made in the UK will generally be enforceable
in other states who are signatories to the New York Convention,
subject to certain exceptions. Notably, China (whose territory for
the purpose of the New York Convention includes Hong Kong)
will only enforce arbitral awards made in the territory of another
contracting state (such as the UK), and only where the issues
arbitrated arose out of legal relationships that are considered
commercial under local law.

www.chinalawandpractice.com

英國

英國
Simon Weller
富而德律師事務所
第一節:中國境外投資

第三節:投資審批

1. 您國家吸引中國境外投資或您政府有意吸引中國境外投資的
主要有哪些行業?
英國政府通過英國貿易投資總署詳述了一系列意在吸引中國對
外投資的行業,包括航天航空、汽車、能源、信息和通訊技術
以及生命科學。中國最近在英國的投資包括:

1. 關於外商投資的審批 (包括任何國家安全審查),請說明審批
程序和所需時間。
與歐洲許多其他法域不同,英國對外國投資現時沒有總體的限
制,雖然有可能會需要取得特定行業的監管批准或競爭方面的
監管批准(參見下面第三節2和3的回答)。還需要注意的是,
英國企業常常擁有境外股權或客戶,這就意味着對英國的投資
可能會觸發其他法域的外國投資審批要求。輝瑞最近未能成功
收購阿斯利康(2014年5月),引起了激烈的政治爭論,究竟英國是
否應引入公共利益的條件限制,以及是否因此而要制定新的法
規,甚至再一次喚起了對高調收購的一些更廣泛議題的處理問
題。

(1) 石油和天然氣,例如中石油與英力士(INEOS)建立的從事
石油精煉和貿易的合營企業;
(2) 基礎設施建設,例如中國投資公司收購希思羅機場控股公司
10%的股權;
(3) 不動產,例如萬達收購倫敦南岸的一處開發物業。

2. 政府一般支持中國境外投資嗎?在您國家,哪些政府或地方
機構負責推動中國境外投資?
英國政府明確表示歡迎中國投資者。在對北京大學學生演講
時,英國財政大臣喬治·奧斯本聲稱,“我本週的主要目的之
一並不僅僅是增加英國在中國的投資,而且也要增加中國在英
國的投資......的確我甚至要說在西方沒有哪個國家在投資方面比
英國更開放—特別是來自中國的投資。”
推動外國對英國的直接投資主要由英國貿易投資總署(一個
政府部門)負責。就中國對外投資而言,該部門與英中貿易協
會合作,後者在中國13個城市設有辦事機構 。

第二節:投資工具

1. 您國家最常用於中國境外投資的法人實體和工具有哪些?要
多久才可營運?
外國投資者一般採用最適合他們公司及稅務設計目標的法律實體
(且該實體可以是在英國境外註冊成立的,儘管對使用在被認為
是離岸避税天堂的法域註冊的并購實體,英國監管機構偶爾會持
審慎態度)。最常見的英國法律實體是有限責任公司(可以是私
人有限責任公司也可以是公眾有限責任公司,這二者之間的主要
區別是只有公眾有限責任公司可以公開發售股份)。其他經營
媒介包括合伙企業、有限責任合伙企業以及海外公司的分支機
構。所有這些實體和媒介均可在短時間內設立並投入運營。
2.  設立和營運與中國境外投資相關的企業主要需符合什麼要求
(例如:有沒有規定必須要有本地董事)?
中國投資者可以按照與當地投資者一樣的方式設立和運營上述
媒介,在英國設立這些媒介並不需要取得監管部門的批准。英
國公司的董事並無居民要求,雖然從稅務居民方面考慮管理層
身在何地可能會有所影響。
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2. 請概述任何特別受監管/限制的行業 (自然資源、金融服務、
電信和基礎設施等)的投資限制,包括政府在有關行業是否有特
別權利 (例如黃金股份)。
雖然沒有普遍性的投資限制,但在特定情況下投資者可能需要
取得特定的行業批准,或者英國政府可能有權限制投資或控制
權變化,例如:
(1) 廣播和報紙:國務大臣可以進行干預,以保障“新聞媒體的
多元性”;
(2) 水務:持牌水務公司的合併必須提交英國競爭及市場管理局
(“CMA”)決定;
(3) 國防和國家安全:國務大臣有權進行干預,以確保對這些行
業的投資能夠促進公眾利益;
(4) 銀行及保險公司:直接或間接轉讓此類公司的控股權(通常
為表決權的10%以上)需要取得監管部門的同意;
(5) 持有石油或天然氣牌照的公司:當持有石油或天然氣牌照的
公司發生控制權變化時,如果該控制權變化影響了公司履行
其牌照承諾、責任和義務的能力,則該控制權變化可能會導
致牌照被吊銷。
少量的英國公司仍然有給予英國國家特殊權利的“金”股,
舉例而言,國防行業內的公司,但這類權利是受到限制的,從
歐盟法律角度來說可能無法執行,除非金股對於維護國家安全
來說屬於必要。

3. 哪個機關負責監管競爭審查?什麼時候報告是強制性的?並
請概述合並審查程序(包括合並前後)。
中國對外投資可能觸發歐盟或英國並購控制制度規定的申報要
求,但並非兩者都需要。這是因為歐盟制度為歐洲的並購控制
提供“一站式”服務,意即如果達到歐盟合併條例規定的申報
限額,只需向歐盟委員會作出一項並購控制申報即可,不需要
向歐盟成員國有關部門另行申報。
當交易達到“集中”標準並且雙方達到特定的全球或歐盟
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範圍的營業收入標準時,就需要實行歐盟合併條例規定的申
報。“集中”測試的申請相當複雜,但一般來說,在兩個或更
多公司之間時進行純粹合併或一個或數個公司收購另一公司
的“控制權”的情況下,就會產生集中。並不會獲得任何控制
權的少數股權投資目前不會達到“集中”標準。
歐盟合併條例具有強制和停止效力,也就是說在歐盟審查
並批准中國對外投資之前,中國對外投資項目必須自動暫停成
交,不得進行任何整合。如果雙方未在交割前進行申報,歐盟
委員會有權處以最高可達有關交易方總營業額10%的罰金並使合
併無效。
如果中國對外投資未達到歐盟合併條例規定的申報限額,然
後就應考慮是否須在英國(或任何其它相關成員國)進行申報。
截至2014年4月1日,CMA是英國負責並購控制的監管部門。如果
交易導致兩個以上企業不再獨立,即他們開始受到共同控制,並
且交易導致目標公司在英國(或英國大部地區)的營業額超過七
千萬英鎊或各方在英國商品或服務的供應或採購市場上的合併後
份額達到或超過25%,則需要向CMA進行申報。
英國實行自願申報制度,也就是說沒有申報或在批准之前實
施交易並不會受到處罰。但實際上大量的交易還是進行事先申
報,這樣能夠為雙方帶來法律上的確定性,因為不管雙方是否
作了申報,CMA都有權對交易進行調查。

作者簡歷
Simon Weller
Simon Weller 是富而德律師事務所香港辦公室的一
名公司業務合伙人。其業務重點為國內及跨境公開
及私人並購、合營企業和私募股權。
Simon畢業於劍橋大學克萊爾學院,獲得法律學
位,於1997年在倫敦作為見習律師加入富而德。
他於2008年成為本所倫敦私募股權業務組的一名合伙人,並於
2011年調到香港工作。
Simon最近在並購方面的業務經驗包括向大連萬達集團就其
收購英國Sunseeker International公司、向長江基建就其收購
Northumbrian Water Group、向特易購就其與華潤創業建立合營
企業及向和記黃埔就價值56億美元的屈臣氏和淡馬錫之間的戰略
聯盟提供法律服務。

繳稅問題;如果由於其它原因需要進行扣繳,則可以通過適用
的避免雙重徵稅條約來減輕稅務。

2. 企業所得稅和股息預提稅的適用稅率是多少?
英國政府最近已承諾使英國成為G20中最具稅務競爭力的國度。
為了實現這一雄心,英國對英國居民公司的利潤徵收的公司稅
的稅率近年來一直在逐漸降低,截至2014年4月1日為21%。該稅
率預定在2015年4月1日降至20%。
英國一般不對股息或其它分派金額徵收扣繳稅,無論收款人
身處何地。特定類型的投資基金(包括房地產投資信託、不動
產授權投資基金和投資信託)作出的分派金額在某些情況下可
能需要按20%的稅率扣繳稅,但可以依據適用的避免雙重徵稅條
約予以減輕。

4. 有沒有任何特別的程序例如工會同意之類,有可能會阻止外
國投資的呢?
雖然英國許多僱員都屬於不同工會的成員,但並無普遍的法定
規定要求在收購一家在英國擁有僱員的公司的股份之前與僱員
進行協商。但是,與股份交易不同,在資產交易的情況下,
如果用人單位變更或者由於資產交易而可能解雇僱員,則很可
能要求與僱員進行協商。不進行該協商並不會影響交易的有效
性,但會導致買賣方被判支付巨額損害賠償金。
3. 政府是否已設立外商直接投資稅務優惠制度?
許多英國公司都負有確定福利養老計劃規定的責任。英國養 雖然英國政府並未制訂任何具體適用於外國直接投資的稅務激
老金監管部門享有廣泛的權力,可以要求公司在經濟上支持或 勵方案,但英國政府承諾使英國對國際商務具有吸引力,其措
資助其公司集團內部公司的資金不足的養老金計劃。這可能會 施之一就是保持一個具有競爭力的稅務制度。
為收購該等公司的買方帶來大量未曾預見的責
任。因此,如果目標公司集團內存在養老金方
英國養老金監管部門享有廣泛的權力,可以要求公司在經濟上支持或
面的虧絀,買方在進行收購之前最好先與養老
金監管部門及目標公司養老金計劃受託人洽詢
資助其公司集團內部公司的資金不足的養老金計劃
一下。
5. 外國投資者如增加或撤回投資,有什麼審批要求?
對於外國投資者增資或撤資並沒有特定的批准要求。

第四節:稅收及補助

1. 有沒有一些稅務結構或有利的中介稅務管轄區,是對外商直
接投資英國尤其有用的?
英國擁有世界上最大的避免雙重徵稅條約和協議體系之一,這
使英國成為一個對控股公司具有吸引力的國家,在設計外國直
接投資交易的結構時提供了高度的靈活性。
英國制訂了相對慷慨的規則,允許對利息減免稅務,包括用
於購買股權的貸款的利息以及股東債務的利息。因此在設計對
英國投資的結構時一般都盡量利用英國的利息免稅政策(即在
考慮到轉移定價問題及其它反避稅規則的情況下,通過債務和
股權的混合結構進行投資)。這樣就需要考慮英國對利息的扣
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英國國稅部門也設有一個特別團隊,專門通過提供書面裁定
來說明對英國進行重大投資在稅務方面的後果,以此來支持外
國的對內投資。
英國制訂了若干適用於所有納稅人的稅務激勵方案,包括研
發費用免稅制度以及對來源於有資格享受“專利盒”待遇的專
利及其它特定知識產權的利潤減稅的“專利盒”制度。

4. 除了通過稅務制度,政府還有向外商直接投資者提供其他財
務支持嗎?如有,請加以概述。
雖然英國政府並未提供任何特別適用於外國直接投資的補貼或
其它非稅務優惠,外國直接投資仍可以享有不同形式的補貼,
包括:企業區 、 地區增長基金及商業投資補貼計劃。
5. 您國家與中國之間有沒有任何相互稅務安排?如有,這些安
排如何幫助投資者?
中國與英國之間訂有一項有效的避免雙重徵稅協定。兩國在2011
對該協定又再次進行了重大談判,該協定現在大體上與經濟協
調和發展辦公室編制的標準避免雙重徵稅公約一致。
www.chinalawandpractice.com

英國

香港與英國之間也有一項自2010年起生效的避免雙重徵稅協
定。同樣,該協定也大體上與經濟協調和發展辦公室的標準條
約一致。
這兩個條約都規定對利息款減少扣繳稅。根據中英條約,
對於向中國居民支付的源於英國的利息,扣繳稅率從20%減至
10%(如屬特定的政府部門,則完全免稅)。根據香港-英國條
約,支付給香港居民的利息一般免徵英國扣繳稅。

第五節:外匯管制及本地經營

1.有什麼外幣或外匯限制是外國投資者需要注意的?
英國沒有外幣或外匯方面的限制規定。應當指出的是,英國確
實制定有成熟的反洗錢和反賄賂制度,這些制度對國內投資者
和國外投資者一視同仁,有助於提高投資者的透明度並減少腐
敗行為。
2. 引入外國員工有什麼法律限制?在操作上外商投資者為股東
代表、高級經理和員工取得外國員工簽証有多困難?
在他去年在北京大學的演講中(參見上面第一節2的回答),
喬治·奧斯本明確表示,對中國來英國的旅遊者的人數沒有限
制,對中國與英國之間的貿易額沒有限制,對中國來英國的留
學生人數也沒有限制。在這同一次貿易訪問中,喬治·奧斯本
還宣佈放寬中國人訪英簽證申請的規定。
雖然對中國遊客的簽證規定已經放寬,但對希望來英國生活
和工作的中國人來說並沒有特殊制度。這些人必須與所有其它
不是歐洲經濟區或瑞士的個人一樣按同樣方式申請移民許可。
這一般需要英國雇主被登記為贊助人並支持申請人的簽證申
請。歐洲經濟區內國家和瑞士的國民在英國工作則不需要工作
許可證。
第六節:爭議解決

1. 您國家是否有和中國或其他國家簽訂關於投資您國的雙邊投
資保障條約?
英國與中國和香港都有簽訂雙邊投資保護條約。這些條約旨在
為中國和香港來英國的或英國來中國和香港的投資者提供有利
的條件並促進和保護其投資。對中國和香港來英國的投資者而
言,他們可以享受的待遇包括:

www.chinalawandpractice.com

(1) 其投資可以自由進入英國;
(2) 其投資與英國國民或任何其它國家國民享有同等待遇;
(3) 對與其投資有關的特定損失進行賠償;
(4) 保護其投資不被徵用;
(5) 可以自由地將其投資及投資回報匯出英國。

2. 當地法院的執法和爭議解決程序的效率如何?有什麼特別的
程序是外商投資者需要注意的?
英國法是諸多國際交易喜歡採用的為數不多的准據法之一。英
國法院在裁決商務爭議方面經驗豐富且具有合理的效率。
倫敦亦是受人偏愛的國際商業仲裁地之一。這歸功於其作為
一個中立和公正法域的聲譽、英國法律作為準據法的普遍性及
其所擁有的大量專業律師和仲裁員。
3. 當地法院尊重外國判決嗎?可執行國際仲裁裁決嗎?
在評估英國法院是否會執行外國判決時具有不同的規則,這取
決於外國判決是在哪一個法域作出的。如果判決是在其它地方
(即在與英國沒有訂立相互執行判決的雙邊或多邊協議的國
家,例如中國和香港)作出的,其可執行性將受英國普通法的
管轄。根據英國普通法,如想獲得執行,該判決必須是一個有
確定金額的由宣佈該判決的法院作出的最終和決定性的經濟判
決,並且必須是由一個被英國法律視為具有管轄權的法院作出
的。而且,根據普通法,該判決不能簡單地在英國進行登記,
而是必須在英國重新啟動訴訟程序將判決作為債務來執行。
英國是《紐約公約》的簽字國之一,已經制定了必要的國內
法律來實施該公約。《紐約公約》有將近150個簽字國,包括中
國,而就該公約的目的而言,中國的領土範圍包括香港。
4. 您國家的判決和仲裁裁決一般會在其他國家執行嗎?
在評估英國判決是否能夠在外國法域得到執行時會有不同的規
則,這取決於你想在哪個法域執行該判決。在確定英國判決在
任何其它國家(包括中國或香港)的可執行性時,應以該國家
的本國法律規定為準。
在英國作出的仲裁裁決一般可以在屬於《紐約公約》簽字國
的其它國家得到執行,但也有一些例外情況。值得注意的是,
中國(其領土範圍就《紐約公約》而言包括香港)將只執行在
另一個簽字國(例如英國)領土範圍之內作出的仲裁裁決,並
且所仲裁的問題必須起因於被中國法律認定為屬於商業性的法
律關係。

2014年中國境外投資指南

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57

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United States

United States
Rocky T. Lee
Cadwalader, Wickersham & Taft LLP
Section 1: China outbound investment (COI)

a. What are the key sectors in your jurisdiction that attract,
or to which the government is seeking to attract, China
outbound investment (COI)?
The US has a fundamentally open economy with low barriers of
entry for non-US investors. As the US is a “developed” nation
pursuant to the WTO, it does not restrict investment by sector,
and there is no equivalent to China’s Foreign Investment Industrial
Guidance Catalogue (外商投资产业指导目录), which categorises
investment into sectors as either encouraged, permitted, restricted
or prohibited to foreign investment. In mid-2012 the US Department of Commerce launched SelectUSA, a federal program
designed to attract, retain and expand foreign investment in the
US. The program targets six key sectors in which the US aims to
attract investment: aerospace, education, energy, media and entertainment, pharmaceuticals, travel, tourism and hospitality. The
US is very supportive of “Greenfield” investments, where a foreign
investor constructs new operational facilities from the ground up,
creating new long-term jobs in the US.
b. Is the government generally supportive of COI? Which
government, and regional, bodies are responsible for driving
COI in your jurisdiction?
The US upholds a longstanding open investment policy, and
continues to be the largest recipient of foreign investment in the
world. The government system is broken down into federal, state
and local county levels, so Chinese investors can expect potential
regulatory processes at each level. Currently, the SelectUSA
federal program is the largest driving force responsible for
Chinese outbound investment into the US. However, many city
and state government officials have taken the lead in attracting
Chinese investment as well by creating independent state-funded
programs.

thus the decision can have a significant impact on profitability. US
regulations generally allow businesses to choose a classification as
a corporation, partnership or flow-through entities, unincorporated branches, and limited liability companies (LLCs).
Chinese investment into the US is typically structured through
the use of a special purpose vehicle (SPV), which is often domiciled
offshore in a tax-friendly intermediary jurisdiction. A standard
SPV setup may only take two to three weeks; however, before a
Chinese company is permitted to conduct outbound investment,
it may need to obtain approvals from Chinese government regulatory bodies, such as the State Administration of Foreign Exchange
(SAFE) and/or the National Development and Reform Commission (NDRC), as well as at provincial levels, which can take
anywhere from two to eight months, depending on the company’s
industry, size and nature of the outbound investment and other
conditions. Not all Chinese companies require approval from
these Chinese regulators to conduct outbound investment.
Assuming there are no regulatory hold-ups in the US, the
establishment of an LLC, which is typically the entity of choice,
can take one to two months, after which a business can become
operational with a functional bank account and a federal and
state tax identification number.
b. What are the key requirements for establishment and
operation of these vehicles which are relevant to COI (e.g. is
there a requirement for local directors)?
Investors must complete basic establishment requirements in the
selected SPV’s jurisdiction and comply with charter documents
such as the company’s memorandum of association, articles of
association, appointment of directors, and capital investment
amount. Most importantly and often times difficult, however, is
the opening of a bank account for the SPV. Requirements such
as Anti-Money Laundering (AML) compliance and Know Your
Customer (KYC) analysis to ensure anti-bribery compliance can
slow a company down from opening a bank account, and thus
establishing an SPV. Global banking is highly regulated, especially for Chinese-sourced money.

Section 2: Investment vehicles
Section 3: Investment approval

a. What are the most common legal entities and vehicles
used for COI in your jurisdiction? How long do they take to
become operational?
How a Chinese investor structures its legal entities and long-term
operations in the US effectively defines how it will be taxed, and
www.chinalawandpractice.com

a. For foreign investment approval (including any national
security review) explain the approval process and timing.
When investing in or acquiring business assets in the US, a
Chinese investor should be aware of two major approvals that
China Outbound Investment Guide 2014

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59

United States

may be necessary, depending on the nature of the investment –
CFIUS and merger control review (see 3c).
Established in 1975, CFIUS is an inter-agency committee of
the US government that is made up of representatives from federal
agencies and offices. CFIUS establishes the process for reviewing
the national security impact of foreign acquisitions, joint ventures,
and certain investments into US-located businesses.
The CFIUS notification process is entirely voluntary and has
no mandatory waiting period before a transaction can close.
Investors should assess whether or not their transaction could
elicit national security review, because if an investigation is
undertaken post-closing, it could potentially result in the entire
transaction being shut down and the necessity to unwind the
transaction.
CFIUS timing and review procedures is as follows:
• Initial Review Period – 30 days
• Investigation Period – 45 days
• Presidential Review Period – 15 days
b. Briefly explain the investment restrictions for any
specially regulated/restricted sectors (natural resources,
financial services, telecoms and infrastructure, etc),
including whether the government is entitled to any special
rights (e.g. golden share) in those sectors.
While the United States has a general policy of openness to
foreign investment, it does restrict foreign investment in certain
circumstances. These include, for example, transportation, communication and energy, as well as certain licensed businesses,
such as banking and insurance. Restrictions are often in relation
to ownership rules, such as restricting the percentage of foreign
ownership in a business in a certain sector.
c. Which authority oversees competition clearance, when is
notification mandatory, and what is the merger clearance
process (including whether pre- or post-closing)?
Under US antitrust law and the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 (HSR Act), the Federal Trade Commission (FTC) and the Department of Justice (DOJ) have the
authority to review proposed transactions that can affect competition in the US and are over a certain size, though certain
exemptions apply. Both agencies can block deals that they believe
would lessen competition, give the newly merged company the
ability to raise prices above competitive levels or decrease quality
or output below competitive levels. Prior to completing certain
mergers, joint ventures, tender offers, stock or asset acquisitions
or exclusive license, both parties must file a “Premerger Notification Report Form” with the FTC and DOJ and observe a statutory
waiting period (usually 30 days) before closing, unless the FTC or
DOJ challenge the deal. A premerger notification is only required
if the transaction meets both the “size of person” and “size of
transaction” thresholds, which are updated annually.
d. Are there any unique processes that potentially could
block a foreign investment, e.g. consent from labour unions?
Other than the CFIUS review (see 3a) and merger review (see 3c),
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China Outbound Investment Guide 2014

there are no other major processes that could potentially block
foreign investment into the US.
e. Are there approval requirements when a foreign investor
increases or exits its investments?
Increasing or exiting investments generally do not require
approvals, unless the investment is in restricted sectors (see 3b)
or an increase in investment triggers CFIUS review or merger
review (3c).
Section 4: Tax and grants

a. Are there tax structures and/or favourable intermediary
tax jurisdictions that are particularly useful for FDI into the
country?
The United States has one of the most complex tax codes in the
world. Interestingly, the US tax laws are very similar to China’s
tax laws. Typically Chinese investors set-up tax-efficient structures by way of an SPV in an offshore tax-friendly jurisdiction,
such as the British Virgin Islands or Cayman Islands (see 2a).
Additionally, due to the favourable tax treaties between Mainland
China and Hong Kong under the Closer Economic Partnership
Arrangement of 2003 (CEPA), many Chinese investors will also
establish a Hong Kong company as part of their offshore investment structure.
b. What are the applicable rates of corporate tax and withholding tax on dividends?
The corporate income tax rate in the US varies between 15% and
35%. The rate on the highest income bracket of corporations
is 35%, and then state and local governments may also impose
income taxes ranging from 0% to 12%. US tax law requires withholding tax for non-US persons (non-resident aliens) at a rate
of 30% on payments of US source stock dividends, short-term
capital gain distributions and substitute payments in lieu.
c. Does the government have any FDI tax incentive schemes
in place?
The US government offers significant opportunities and tax
incentive schemes for foreign investors. “Greenfield” investments
often qualify for subsidised loans and other tax incentives from
federal, state, and local governments. Tax incentives, financial
and managerial assistance are also available to small businesses
and entrepreneurs through the Small Business Administration
(SBA). Various states and cities promote tax incentive schemes
for certain types of business investments.
d. Other than through the tax system, does the government
provide any other financial support to FDI investors? If so,
please provide an overview.
The federal government provides government loans and grants to
small businesses through the SBA, which are available to foreign
investors.

www.chinalawandpractice.com

United States

e. Are there any reciprocal tax arrangements between your
jurisdiction and China? If so, how can they aid investors?
There are no meaningful reciprocal tax arrangements between
the US and China from a foreign investment perspective, thus
Chinese investors are advised to establish cross-border entity
structures that take advantage of alternative tax-friendly jurisdictions (see 2ab).
Section 5: Forex controls and local operations

a. What foreign currency or exchange restrictions should
foreign investors be aware of?
The US does not impose any foreign currency or exchange
restrictions. The US has rigorous banking rules that impose withholding obligations from time to time and all Chinese investors
must at all times comply with anti-money laundering rules.
b. Are there any legal restrictions on bringing in foreign
workers and how difficult is it for foreign investors to secure
expatriate visas for shareholder representatives, senior
managers and workers in practice?
Visitors and workers from China must apply for a visa to
enter the US. Visas are not difficult to obtain as long as proper
procedures are followed. Applicants must show that they qualify
under provisions of the Immigration and Nationality Act, must
have legitimate reasons to travel and must not have a criminal
record.
Section 6: Dispute resolution

a. Does your jurisdiction have a bilateral investment protection treaty with China or other jurisdictions commonly used
for investing into the country?
The US does not have a bilateral investment treaty (BIT) with
China, though it does have BITs in force with 41 other nations.
Investments from China are not typically structured through
these other BIT nations; however, depending on the type of
investment and complexity of the investor structure, there may
be advantages provided by a BIT nation.
b. How efficient are local courts’ enforcement and dispute
resolution proceedings, and are there any procedural idiosyncrasies foreign investors must be aware of?
Dispute resolution in local courts is not very efficient (in terms
of timing) and can become costly, especially in comparison to

www.chinalawandpractice.com

Author biography
Rocky T. Lee
Rocky T. Lee is the Asia Managing Partner and the Head
of Cadwalader’s Greater China Corporate Practice. With a
broad practice in China outbound mergers & acquisitions,
private equity and venture capital, foreign exchange and
antitrust law matters, Rocky is widely recognised as
one of the top China-US legal advisors. He has particular expertise in
China’s “restricted industries” such as internet, technology, banking, funds,
e-commerce, education, energy, financial services, healthcare, media
and entertainment, publishing and telecommunications. He is highly
regarded for his knowledge of the complex regulations governing foreign
investment in China, foreign exchange, and cross-border transaction
structuring.
Rocky represents Chinese state-owned enterprises, multinationals,
financial institutions, hedge funds, private equity funds, and public and
private companies in complex-cross border transactions. In addition,
he regularly provides legal advice for a number of public and private
companies in a variety of areas, including contractual negotiation,
financial structuring, corporate governance, and other general legal
matters. He has also served as special counsel to independent directors
committees in complex mergers and contested going-private transactions
and leveraged buyouts.
He is consistently listed as one of the top lawyers in both China and
the US, and is included as the US Best Lawyers Advisory Board’s sole
“China Expert” in 2013. Chambers Asia has listed Rocky as a “Band
1 Leading Lawyer” (the highest possible ranking) for four years. Top
Capital awarded Rocky “Best Legal Counsel of Investment Institutions”
and “Counselor of the Year in Venture Capital and Private Equity”
numerous times.
Rocky is admitted to practise in California, and is fluent in Mandarin
Chinese and English.

China, as attorney costs are generally much higher in the US.
Chinese investors should be aware that rules with respect to
damage and evidence are quite different in the US. Damages can
include actual, consequential and possibly punitive damages.
Chinese investors should also know that litigation legal fees
are relatively expensive.
c. Do local courts respect foreign judgments and are international arbitration awards enforceable?
The US and China are both members of the Convention on the
Recognition and Enforcement of Foreign Arbitral Awards of 1958
(New York Convention), therefore international judgments and
arbitration awards are recognised and enforced as long as they
are not against public policy and local law.
d. Are local judgments and arbitration awards from your
jurisdiction generally enforceable in other jurisdictions?
As a member of the New York Convention, US judgments and
arbitration awards are enforceable in all 146 member states of
the Convention, and only about 50 nations have not adopted the
Convention.

China Outbound Investment Guide 2014

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61

美國

美國
李大誠
Cadwalader, Wickersham & Taft LLP
第一節:中國境外投資

1. 您國家吸引中國境外投資或您政府有意吸引中國境外投資的
主要有哪些行業?
美國本身是一個經濟開放的國家,給外國到美投資設立的門檻
很低。世界貿易組織把美國定為“發達”國家,所以美國並不
就外商投資的產業進行限制,而且也沒有類似中國的“外商投
資產業指導目錄”把外商投資的產業劃分為鼓勵、允許、限制
或禁止類。在2012年中段,美國商務部啟動了名為“選擇美國”
的一個聯邦項目,意在吸引、保持和擴大到美投資的外商。
該項目瞄准了六個美國想要吸引外資的重點產業:航空航天工
業、教育、能源、媒體與娛樂、醫藥和旅遊。另外,美國相對
比較支持“綠地”投資,也就是由外國投資者從無到有地徹底
建造一個新的運營實體,比如公司、工廠,這樣可以為美國創
造更多新的長期工作機會。
2. 政府一般支持中國境外投資嗎?在您國家,哪些政府或地方
機構負責推動中國境外投資?
美國貫徹的是一個長期穩定且開放的投資政策,而且美國一直
是全球接納外商投資最多的國家。但在政治體制方面美國和中
國截然不同,美國政府系統不是像中國的單一制國家結構形
式,而是分為聯邦、州和地級縣三級,來到美國的中國投資者
需要遵守每一級政府的法規和規章。就主導外商投資的機關,
目前,“選擇美國”聯邦項目是推動中國投資者到美投資的最
主要機制,並沒有某一個政府部門專門推動外商投資。不過,
在市和州政府一級,很多市、州政府也在通過設立各自轄區內
獨立的推動外商投資的項目來吸引中國投資者。

第二節:投資工具

1. 您國家最常用於中國境外投資的法人實體和工具有哪些?要
多久才可營運?
中國投資者如何設計投資模式和長期在美的運營模式與其需要
繳納的稅是息息相關的,也就意味着 投資模式和運營模式的
設定會很大程度影響投資的利潤。美國法律總體上允許投資者
選擇任何實體進行投資,比如可以把公司、合伙或納稅中間實
體、非法人的分公司及有限責任公司作為新設公司的主體。
最典型的赴美中國投資是通過特殊目的公司(SPV)的模
式,一般該公司是在稅收優惠的海外國家或地區設立,是免稅
天堂。一般該特殊目的公司的設立僅需要一到兩周,但是中國
企業進行海外投資需要先獲得中國政府部門的審批,比如國家
外匯管理局及國家發展和改革委員會,還會涉及地方省一級的
62

<<

2014年中國境外投資指南

審批,這個過程需要兩到八個月的時間。需要注意的是並不是
所有需要從事海外投資的中國公司都要從這些政府機關獲得批
准,具體的細則還需要查看國家外匯管理局及國家發改委和商
務部的登記、核准和審批相關規定。
成立上述公司的時間並不長,假設中國投資人在美國沒有受
到任何法律上的阻礙,設立一個有限責任公司是一般的通常做
法,會需要一到兩個月的時間,設立之後只要開立銀行賬戶以
及獲得聯邦和州的納稅識別號碼,公司就可以開始運營了。

2.  設立和營運與中國境外投資相關的企業主要需符合什麼要求
(例如:有沒有規定必須要有本地董事)?
投資者必須符合特殊目的公司所在地法律對公司設立的基本要
求,如公司章程、任命董事以及註冊資本。但是,最重要也是
常常最難的是為特殊目的公司開立銀行賬戶。開立銀行賬戶會
有很多特殊的審查,比如反洗錢合規調查、為確保反賄賂合規
而做的客戶信息調查(KYC)等都會延緩開立銀行賬戶的時間,
從而也就影響了設立特殊目的公司的時間。國際銀行領域有非
常多的規定,尤其是針對來自中國的資金會重點調查。

第三節:投資審批

1. 關於外商投資的審批 (包括任何國家安全審查),請說明審批
程序和所需時間。
來美投資或並購的中國投資者,根據其投資的性質不同,應當
注意兩項可能需要申報的審批—美國外資投資委員會和經營者
集中審查(見第三節3)。
美國外資投資委員會建立於1975年,是美國政府的一個跨部
門的委員會,該委員會由來自聯邦各部各辦公廳的代表組成。
美國外資投資委員會會對外資收購、設立合資企業及其他對美
國本土業務的投資所產生的國家安全影響進行審核。
申報美國外資投資委員會審批是完全自願的,該審批也沒有
要求在投資項目交割之前有強制的等待審批時間。而投資者自
己應當評估其投資是否會涉及國家安全審查,因為如果審查是
在項目交割之後開始,那麼審查結果有可能導致整個項目中斷
和交易終止,前期的努力付之東流。
美國外資投資委員會審批的時間表和進度表如下:
(1) 初步審查期 – 30天
(2) 調查期 – 45天
(3) 總統審查期 – 15天

www.chinalawandpractice.com

美國

2. 請概述任何特別受監管/限制的行業 (自然資源、金融服務、
電信和基礎設施等)的投資限制,包括政府在有關行業是否有特
別權利 (例如黃金股份)。
雖然美國對外商投資總體上持開放的政策,但在某些情形下會
限制外商投資。其中包括,在公共交通、通訊和能源領域以及
一些需要行政許可的領域,如銀行和保險,會對外商投資有所
限制。相關的限制措施一般與股權有關,比如限制特定產業外
資的股權比例。
3. 哪個機關負責監管競爭審查?什麼時候報告是強制性的?並
請概述合並審查程序(包括合並前後)。
美國聯邦貿易委員會和司法部依據美國反壟斷法和1976哈特史葛
羅賓諾反壟斷改進法(HSR法案),有權審查會對美國市場競爭
產生影響的申報的交易項目。兩個機構都可以阻止任何他們認
為會減弱市場競爭的交易項目,比如兩家公司合併後的新公司
如果擁有了市場支配地位,那麼它有可能會利用其市場支配地
位故意抬高價格或降低質量或產出。在完成合併、合資、要約
收購、股權或資產收購或取得行政許可之前,如果達到了一定
標準,交易雙方就必須向美國聯邦貿易委員會和司法部提交“
並購前通知報告表”,如果美國聯邦貿易委員會和司法部不對
交易提出質疑,在一段法定的等待期間(一般是30天)之後就可
以交割了。申報的標準有兩方面,交易參與者自身的資產或銷
售額以及交易的規模,只有該項目在交易參與者的大小和交易
的標的額方面同時達到了法定的標準才需要做並購前的通知申
報,這個標準是每年都調整的。
4. 有沒有任何特別的程序例如工會同意之類,有可能會阻止外
國投資的呢?
除了美國外資投資委員會(見第三節1)和經營者集中審查(見
第三節3)外,沒有其他可能阻止外商在美投資的程序了。
5. 外國投資者如增加或撤回投資,有什麼審批要求?
增加或減少投資一般不需要政府審批,除非是在限制產業內的
投資或者該增加的投資達到了美國外資投資委員會的國家安全
審查或經營者集中審查標準(見第三節3)。

作者簡歷
李大誠
李大誠律師是美國凱威萊德律師事務所亞洲區管理
合伙人兼大中華區公司業務主管。李律師憑藉著在
中國的海外並購、私募股權、風險投資、外匯、反
壟斷等法律領域的豐富經驗,被公認為中美法律領
域的頂級專家之一。他對中國“限制”外商投資
的行業具有獨特見解與經驗,這些行業包括互聯網、技術、銀行
業、基金、電子商務、教育、能源、金融服務、醫療、媒體、娛
樂、出版及電信等。李律師對中國法律中有關外商直接投資、外
匯、跨境交易結構的相關複雜條款有深入瞭解,並因此受到業界
高度評價。
李律師為中國國有企業、跨國公司、金融機構、對衝基金、私
募股權基金,以及上市公司和私人公司的複雜跨境交易提供法律
服務。另外,李律師還經常為上市公司和私人公司提供涉及多種
行業的法律咨詢意見,包括締約談判、金融架構、公司治理,以
及其他一般性法律事務。此外,李律師還擔任獨立董事委員會在
公司複雜並購、私有化退市、槓杆收購過程中的特別顧問。
李律師一直被列為中美兩國的頂尖律師之一。2013年,李律
師被《最佳律師顧問委員會》提名為唯一“中國專家”。《錢伯
斯亞洲》曾四次將李律師列為“領袖級律師第一等”(此為最高
排名)。《投資與合作》曾多次評選李律師為“最佳投資機構法
律顧問”和“風投私募領域年度律師”。
李律師獲准在加州執業。他中英文流利,可以中文與英文為工
作語言。

3. 政府是否已設立外商直接投資稅務優惠制度?
美國政府為外商提供了很多機會和稅收優惠政策。進行“綠
地”投資的投資者一般可以申請政府補貼貸款和其他來自聯
邦、州和地方政府的稅收優惠。小企業管理局還會給小企業和
企業家提供稅收優惠、財政和運營方面的支持。各個州和市都
會給特定種類的投資提供稅收優惠政策。
4. 除了通過稅務制度,政府還有向外商直接投資者提供其他財
務支持嗎?如有,請加以概述。
美國聯邦政府通過小企業管理局為小企業提供政府貸款和補
助,其中也包括外資企業。

第四節:稅收及補助

1. 有沒有一些稅務結構或有利的中介稅務管轄區,是對外商直
接投資美國尤其有用的?
美國的稅法典是世界上最複雜的稅法典之一。有趣的是美國稅法
和中國稅法很相似。中國投資者一般會通過在境外的免稅或低稅
國家或地區,比如英屬維京群島或開曼群島設立特殊目的公司來
達到減稅目的的投資模式進行投資(見第二節1)。此外,由於
中國大陸和香港在2003年的緊密經濟夥伴安排(CEPA)之下達
成了吸引投資者的稅收協定,許多中國投資者也會在香港設立
一家公司來作為海外投資架構的一部分。
2. 企業所得稅和股息預提稅的適用稅率是多少?
美國的企業所得稅率是在15%和35%之間。企業所得稅率最高是
35%,但州和地方政府可能也會徵收所得稅,稅率在0%到12%
之間。美國稅法要求對非美國居民企業(無住所的外國人)代
扣所得稅,其中對美國股票分紅、短期資本利得和代替支付所
得的稅率是30%。
www.chinalawandpractice.com

5. 您國家與中國之間有沒有任何相互稅務安排?如有,這些安
排如何幫助投資者?
美國和中國在外商投資方面沒有特別的雙邊互惠稅收安排,建
議中國投資者通過建立跨國實體架構的模式,比如海外設立特
殊目的公司,來享受免稅國家或地區的優惠政策。(見第二節1
、2)

第五節:外匯管制及本地經營

1.有什麼外幣或外匯限制是外國投資者需要注意的?
美國沒有任何外匯管制。但美國有非常嚴密的銀行規定會經常要
求代扣代繳,另外所有中國投資者都必須嚴格遵守反洗錢規定。
2. 引入外國員工有什麼法律限制?在操作上外商投資者為股東
代表、高級經理和員工取得外國員工簽証有多困難?
來自中國的訪客和員工必須申請簽證才能進入美國。只要按照
2014年中國境外投資指南

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63

美國

正當的程序申請,獲得簽證並不難。申請人必須證明他們符合
美國移民和國籍法案的要求,且必須有合法的入境理由,並不
能有任何犯罪記錄。

3. 當地法院尊重外國判決嗎?可執行國際仲裁裁決嗎?
美國和中國都是承認和執行外國仲裁裁決公約的成員國(“紐
約公約”,1958),所以外國法院的判決和仲裁裁決只要不有損
執行地國的主權、安全、社會公共利益和法律就可以得到承認
和執行。

第六節:爭議解決

1. 您國家是否有和中國或其他國家簽訂關於投資您國的雙邊投
資保障條約?
美國和中國沒有雙邊投資協定,但是與另外的41個國家是有的。
一般中國投資者不會通過這41個國家來進行對美投資,不過根據
投資的種類和投資架構的複雜程度,也可能可以利用這些投資
協定進行投資從而享受到協定的優惠政策。

4. 您國家的判決和仲裁裁決一般會在其他國家執行嗎?
美國是紐約公約的成員國,美國的判決和仲裁裁決在公約的146
個成員國中都可以執行,目前全球只有50個國家沒有適用該公
約。

2. 當地法院的執法和爭議解決程序的效率如何?有什麼特別的
程序是外商投資者需要注意的?
在美國本土法院訴訟效率非常低(在時間方面),而且會非常
昂貴,尤其是和在中國訴訟相比,主要原因是美國高額的律師
費和訴訟費。在相關法律方面,中國投資者應當瞭解美國在違
約賠償和證據方面的法律與中國差別較大。其中賠償金會包括
實際損失、間接損失,還有可能有懲罰性賠償金。

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2014年中國境外投資指南

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