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China Outbound

Investment Guide
中國境外投資指南

A fully bilingual guide published in
conjunction with | 一本全雙語指南,
合作出版的多國律師事務所包括:
ÆLEX
Arthur Cox
Bezen & Partners
Cadwalader Wickersham & Taft
Freshfields Bruckhaus Deringer
Homburger
Kobre & Kim
Macchi di Cellere Gangemi
Nagashima Ohno & Tsunematsu

2015

SIXTH edition | 第六版

Transactions,
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交易, 争端, 忠告

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Introduction | 前言

Introduction | 前言
Welcome to China Law & Practice’s 2015 China Outbound Investment Guide.
Editor
Katherine Jo (katherine.jo@chinalawandpractice.com)
+852 2842 6964
Translator
Susan Mok (susan.mok@euromoneyasia.com)
+852 2842 6924
Production manager
Andy Alcock (andy.alcock@euromoneyasia.com)
+852 2842 6928
Sales manager
Esra Ermis (esra.ermis@euromoneyasia.com)
+852 2842 6966
Publisher
Peter Ollier
Published by
Asia Law & Practice
Euromoney Institutional Investor (Jersey) Ltd
27/F, 248 Queen’s Road East
Wanchai, Hong Kong
© EUROMONEY INSTITUTIONAL INVESTOR (JERSEY) LTD 2015
ISBN 978-962-936-226-3
Disclaimer
The material in this periodical does not constitute advice
and no liability is assumed in relation to it. The materials
referred to in this publication are publicly available. All information
contained herein was believed to be correct at the time of
publication in April 2015

The timing is impeccable, with officials flagging increased investment overseas, tweaking rules to
make the process easier and predicting that outbound flows will soon surpass that headed into
China. It also follows a Ministry of Commerce announcement that China outbound investment (COI)
rose 14.1% to US$102.9 billion (Rmb643.2 billion) in 2014.
The National Development and Reform Commission (NDRC) last year released the Measures for
the Administration of the Check and Approval, and Record Filing of Overseas 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. These substantially
smoothened the regulatory and approval processes for COI, replacing approval requirement for most
projects – under US$1 billion and not involving sensitive regions or industries – with a simpler filing
procedure. And, on December 27 2014, the NDRC revised the Measures and eliminated the US$1
billion threshold, meaning all outbound projects, regardless of type, size or scope, are subject to filing
only (unless considered sensitive). This will further level the playing field between Chinese and global
bidders.
This year’s guide features jurisdictions worldwide with plenty of investment potential. Large
destinations such as the US and UK continue to attract, as seen by Lenovo’s US$2.9 billion
acquisition in early 2014 of Motorola Mobility from Google, which was the largest acquisition ever by
a Chinese company in the US tech sector. Also key was Greenland Group’s residential development
project investment in London worth US$2 billion. Pages 64 and 71 provide insight into investing in
these two countries, respectively.
This guide includes features written by leading firms in Ireland, Italy, Japan, Nigeria, Switzerland and
Turkey, giving expert insight into each jurisdiction. It also addresses the fact that cross-border deals
are rarely executed without an offshore structure. See page 33 for the key features and risks of
using offshore vehicles and holding companies through the Cayman Islands, BVI and Bermuda.
Each jurisdiction has unique regulatory facets that guide COI into specific sectors and industries. All
chapters thoroughly explain the regulatory approval, foreign exchange, tax, corporate governance,
labour and dispute resolution landscapes that Chinese investors need to be aware of in order to
better plan and structure their investments abroad.
Thank you to all the firms that participated. I’m confident our readers will find this guide useful.

All rights reserved
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性截至出版時間2015年4月止。
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Directors, Euromoney Institutional Investor
(Jersey) Ltd
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CEO, Euromoney Institutional Investor, Asia
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歡迎閱讀China Law & Practice的2015年中國境外投資指南。
這時機可是無懈可擊:官方揚言增加海外投資,修改法規讓程序更簡便,並預計對外的投資很快會超過進入
中國的投資。此前,商務部的公告指出2014年中國境外投資上升14.1%至1,029億美元(6,432億元人民幣)。
國家發展和改革委員會(發改委)去年公布《境外投資項目核准和備案管理辦法》,自2014年5月8日起施行。
辦法使中國境外投資的管理和審批程序運作大為暢順,取代了大部分項目的審批要求,10億美元以下非牽涉
敏感地區或行業的項目均以簡便的備案程序代之。此外,2014年12月27日,發改委對《辦法》作修改,取
消10億美元的限制,表示所有對外項目,不論類型、規模或範疇,只要備案便可,除非屬於敏感的項目。此
舉會為中國與全球投資者之間提供更公平的投資環境。
本年度的指南介紹全球各國可觀的投資潛力。大國如英美持續吸引投資,例如2014年年初聯想以29億美元
從谷歌收購摩托羅拉移動,是史上中國公司在美國科技界的最大宗收購。另一重要項目是綠地集團在倫敦的
20億美元住宅發展項目投資。在這兩國投資的深入分析分別見於64及71頁。
本指南包括愛爾蘭、意大利、日本、尼日利亞、瑞士及土耳其著名律師事務所發表的專題文章,對各國提出
專家意見,也指出跨境交易很少是沒有通過離岸公司進行的。使用開曼群島、英屬維京群島及百慕大離岸公
司和控股公司的主要特點及風險,見33頁。
各國都有其獨特規章制度,給中國境外投資個別領域及行業提供指引和方向。各章深入解釋中國投資者需要
注意的監管審批、外匯、稅收、企業治理、勞動及爭議解決事項,以便更好規劃及構建他們的海外投資。
感謝所有參與的律師事務所。相信本指南定會對讀者大有裨益。

Katherine Jo | 趙修敏
Editor | 編輯

www.chinalawandpractice.com

China Outbound Investment Guide 2015

>>

1

Contents | 目錄

Contents | 目錄
Ireland | 愛爾蘭 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Arthur Cox
italy | 意大利 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Macchi di Cellere Gangemi
Japan | 日本 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Nagashima Ohno & Tsunematsu | 長島•大野•常松律師事務所
nigeria | 尼日利亞 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
ÆLEX
offshore | 離岸地區 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Kobre & Kim | 高博金律師事務所
Switzerland | 瑞士 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Homburger
Turkey | 土耳其 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
Bezen & Partners
UNITED KINGDOM | 英國 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
Freshfields Bruckhaus Deringer LLP | 富而德律師事務所
UNITED States | 美國 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Cadwalader, Wickersham & Taft LLP

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China Outbound Investment Guide 2015

www.chinalawandpractice.com

䠁㤲ࠟᗧᖻᐸһ࣑ᡰᱟаᇦትҾ亶‫ݸ‬ൠսⲴ㔬ਸᙗѝഭᖻᐸһ࣑ᡰˈѪՇཊഭ޵ཆᇒᡧᨀ‫׋‬Ո䍘儈
᭸Ⲵ⌅ᖻᴽ࣑DŽһ࣑ᡰⲴࡽ䓛ᱟаᇦᴹ䘁 28 ᒤশਢⲴ⸕਽ᖻᐸһ࣑ᡰDŽ
ᡀ・ԕᶕˈ䠁㤲ࠟᗧᖻᐸᶠࠪⲴъ࣑㜭࣋փ⧠൘‫ޘ‬ᯩսⲴ⌅ᖻᴽ࣑кˈᰐ䇪ᱟ൘ᡁԜՐ㔏Ո࣯亶ฏˈ
ྲа㡜‫ޜ‬ਨ⌅ᖻъ࣑ǃ䬦㹼ъ࣑৺㶽䍴ǃཆ୶ᣅ䍴ǃᡯൠӗ৺ᐕ〻ᔪ䇮ǃഭ䱵䍨᱃ǃҹ䇞䀓ߣԕ৺䇱ࡨ
ъ࣑ㅹˈ䘈ᱟ൘ᯠ‫Ⲵޤ‬ъ࣑亶ฏˈྲ䐘ຳެᒦ᭦䍝ǃ䍴ᵜᐲ൪ǃ৽පᯝǃ仾䲙ᣅ䍴઼⿱एส䠁ǃ⸕䇶ӗ
ᵳоؑ᚟ᢰᵟㅹˈ䠁㤲ࠟᗧᖻᐸᐢѪՇཊഭ޵ཆ⸕਽ⲴԱъᨀ‫׋‬Ҷ‫ޘ‬ᯩսⲴ⌅ᖻᴽ࣑DŽ
䠁㤲ࠟᗧⲴ⌅ᖻᴽ࣑⨶ᘥᱟഒ䱏ਸ֌ǃнᯝࡋᯠǃᇒᡧѪ㾱ǃ䘭≲ঃ䎺ˈѪຳ޵ཆн਼䴰≲Ⲵᇒᡧ
ᨀ‫׋‬Ո䍘Ⲵ‫ޘ‬ᯩս⌅ᖻᴽ࣑DŽഐѪ䠁㤲ࠟᗧ␡ؑᇒᡧⲴᡀ࣏᡽ᱟᡁԜⲴᡀ࣏ˈᡁԜнӵӵੁᇒᡧᨀ‫׋‬у
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ᱟˈㄝ࣋ᡀѪ䛓Ӌ䶒Ѥᴰᇼᴹ᥁ᡈᙗⲴ⌅ᖻһ࣑ǃᴰ䟽㾱Ⲵ୶ъӔ᱃ԕ৺ᴰἈ᡻㓐㓧ⲴᇒᡧⲴ俆䘹DŽ
䠁㤲ࠟᗧᱟഭ䱵ᖻᐸһ࣑ᡰ㚄ⴏ Alliuris Ⲵୟаѝഭᡀઈᡰˈᴹ㜭࣋Ѫ⎹৺⅗⍢ѫ㾱ഭᇦ䐘ຳᣅ䍴ǃ
ᒦ䍝ǃ୶ъ亶ฏ޵Ⲵ⌅ᖻъ࣑ᨀ‫׋‬ᴽ࣑DŽ਼ᰦˈᡁԜҏ઼㖾ഭǃ࣐᤯བྷㅹഭᇦⲴᖻᐸһ࣑ᡰᔪ・Ҷ䮯ᵏ
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᱃Ⲵ㾱≲DŽ
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ireland

Ireland
Caroline Devlin and Diyu Wu
Arthur Cox

T

he draw of Ireland as a destination of choice for foreign
direct investment has continued strongly throughout the last
decade. Indeed Ireland has succeeded in attracting some of the
world’s largest organisations, and includes some of the biggest
players in the worldwide technology, pharmaceutical, biosciences, manufacturing and financial services industries.
Since 1990, US corporations have invested over US$277
billion into Ireland (more than their total investment in the BRIC
countries). The very same reasons and benefits that US and other
multinationals’ investments enjoy make Ireland equally appealing
to Chinese companies seeking to expand their worldwide operations. A summary of the highlights of Ireland as an investment
destination is set out below.
Section 1: China outbound investment (COI)
Ireland is a member of the EU and OECD and is the only English
speaking member of the Eurozone. Ireland has a developed legal
system and tax structure. It also has an extensive list of double
taxation treaties, including a comprehensive double taxation
treaty with China. Like the US and UK, Ireland is a common
law jurisdiction and its legal concepts are recognised by most
investors. Ireland is an onshore jurisdiction with top class professional and administration services available locally. It is also a
flexible jurisdiction in terms of company law, regulation and tax.
Geographically Ireland is well placed as a bridge between China
and the US, and a first stop from the US into Europe.
The Irish Government is keen to support foreign direct
investment (FDI) into Ireland and has established government
departments specifically to facilitate FDI into Ireland – including the
Industrial Development Authority (IDA) and Enterprise Ireland (EI)
which have representative offices in most locations. These departments work closely with businesses looking to invest in and out of
Ireland. They can introduce a business to Ireland and, in certain circumstances, provide incentive grants, particularly for certain types
of operations in parts of Ireland that can offer employment.
With the long established history of inbound investment into
Ireland from many jurisdictions (such as the US or UK), Ireland
has a well-developed system to facilitate investors. This ranges
from investor friendly laws, which respect and protect investment, to well experienced advisors to guide an investor safely and
with ease through the process.
Inbound investment into Ireland spans various different types
of industries and interests. From China, there has been a significant interest in the area of aircraft leasing, and many of the
major Chinese banks have established aircraft leasing platforms
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China Outbound Investment Guide 2015

in Ireland. Ireland has also seen significant investment by pharmaceutical companies and other types of companies looking
for a base as a holding company. Many of the top international
software companies have located some or all of their intellectual
property (IP) in Ireland. Financial services are well developed
in Ireland and most of the major international financial services
entities have a presence in Ireland, such as in the area of regulated
funds, insurance or securitisation.
Some of the multinationals that have chosen Ireland in recent
years include:

FINANCE

PHARMACEUTICAL

Industrial and Commercial
Bank of China

Abbott Laboratories

Bank of Communications

Alkermes/Elan Corporation

Bank of America

Bristol-Myers Squibb

Citigroup

Merck/Schering-Plough

Goldman Sachs

Pfizer

JP Morgan

Warner-Chilcott

TECHNOLOGY

CORPORATE/OTHER

Huawei Technologies

Accenture

Google

Eaton/Cooper Industries

Microsoft

Equifax Inc.

Intel

Exxon Mobil

Dell

Ingersoll-Rand

Facebook

MetLife

eBay

Madison Dearborn

Twitter

Marriott

Section 2: Tax and allowances
Ireland has a very attractive tax system for business. Key highlights include:
Trading tax rate at 12.5%: Companies pay corporation tax
at 12.5% on their trading profits. Many international companies
use an Irish company to base their Irish, European or worldwide
www.chinalawandpractice.com

都柏林 | 贝尔法斯特 | 伦敦 | 纽约 | 硅谷

卓越意味
新机遇
作为 ARTHUR COX 的客户,您将获得客观、全面的判断、建议。您将
获得深入、专业的领域知识以探寻新的解决方案,从而确保成功。您
将获得专注的服务 - 真诚的合作关系将提升您的信心,稳步前行,拥
抱新机遇。作为 ARTHUR COX的客户,您获得的将是卓越。

欲了解公司或业务详情,请致电 +353 1 618 0585 垂询
Caroline Devlin (合伙人及中国业务负责人)
www.arthurcox.com

Expect Excellence.

ireland

operations to make use of this low tax rate, while still being an
onshore company with tax treaty access. Activities such as leasing,
trading in licences/IP, banking and manufacturing would all be
covered by this attractive rate.
IP and R&D tax reliefs: Companies get various tax breaks on
IP in Ireland, such as capital allowances (similar to depreciation)
on the acquisition of certain IP. This includes the acquisition of or
the licence to use:
• patents and registered designs;
• trademarks, brands, brand names, domain names and services
marks;
• copyright or related rights;
• know-how, generally related to manufacturing or processing, industrial, commercial or scientific experience whether
protected or not;
• goodwill to the extent that it is directly attributable to specified
intangible assets;
• computer software or a right to deal in or use such software;
• applications for grant or registration of patents, trademarks,
copyrights etc.; and
• certain other rights.
The tax write off is granted as a capital allowance and is
available in line with the depreciation or amortisation charge for
accounting purposes. Alternatively, a company can elect to take
the write off against its taxable income over a 15-year period.
The capital allowances that are available must be used for offset
against profits generated from exploiting the IP itself (which
includes profits from the sale of goods or services that derive the
greater part of their value from the IP). If the allowance cannot be
used up in one year, it can be carried forward.
Where a company incurs research and development (R&D)
expenses, in addition to having this as a deduction against taxable

Author biographIES
Caroline Devlin
Caroline Devlin is the co-chair of the Arthur Cox tax
group, and the head of the firm’s China group. She
advises multinational companies on investing in Ireland,
including structuring their operations in the most legal
and tax-efficient manner possible. She has extensive
experience in mergers and acquisitions as well as structured finance
products and also has extensive expertise in securitisation, aircraft and
equipment leasing.
With her team and other specialists at Arthur Cox drawing on the
expertise and experience of all the industry-specific practice areas across
the firm, as well as its extensive network of contacts both in Ireland and
in the Asia-Pacific region, Caroline’s practice helps clients prepare for the
opportunities and the challenges they face in doing business overseas.
Diyu Wu
Diyu Wu is an associate within the Arthur Cox tax
group and a committee member of the China group.
He has experience working with structured finance and
securitisation products. As a Mandarin speaker, he has
written articles examining the state of Chinese legislative
reforms and is keenly interested in developing the growing markets
between Ireland and China.

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profits in the normal way, an increased tax credit is available, which
means that incurring R&D expenses will trigger a deduction for
more than double the amount actually spent against profits.
Finally, the use of the 12.5% tax, allowances for the acquisition of IP and the generous R&D allowances combine to make
Ireland an attractive location to place IP. All of these allowances are available before any structuring is done to enhance the
effective rate. A popular structure that has been used in Ireland
is the “Double Irish” structure. Since January 1 2015, the original
form of Double Irish is no longer used, however, companies will
always seek to structure their business in the most tax-efficient
way. In addition, the Irish Department of Finance introduced a
new knowledge box system of relief in the budget announcement
made in 2014. Details of the relief will be published as soon as
consultations with businesses and advisors are completed. Government announcements confirmed the commitment of the Irish
government to maintain and increase the tax efficiency of conducting research in Ireland.
Using an Irish company either for an overall structure or as a
holding company for a mini group within a structure can facilitate grouping profits and passing them upwards in a tax-efficient
manner. Further details are outlined below.
Section 3: Investment vehicles
Tax-efficient holding company structures: Private holding
companies set up in Ireland provide tax-efficient mechanisms for
holding shares in subsidiary companies and particularly EU subsidiaries. Not only do these companies benefit from certain tax
exemptions, but the Irish company law regime also offers great
flexibility. Many private companies and family holding vehicles
have chosen Ireland as the base of their European or intermediate holding companies. Advantages for holding companies in
Ireland include dividends being payable without withholding tax
to countries with which Ireland has a double taxation agreement,
certain capital gains tax exemptions on share disposals, a lack of
CFC legislation, no thin capitalisation rules and relief from stamp
duty on share transfers within 90% groups.
Irish trading companies: Regular Irish trading companies
subject to tax at 12.5% with full access to Ireland double tax
treaties (over 70) have proven to be a very popular vehicle for
investment. These are often used as the company of choice for
Chinese aircraft leasing platforms.
Special purpose vehicles: Special purpose vehicles (SPVs) for
structured finance transactions, including bond issuances, financings for international groups, synthetic and cash flow CDOs,
asset-backed commercial paper programmes, securitisations and
a host of other financing transactions, are common in Ireland and
are designed to minimise tax leakage and maximise return for
investors. These transactions have made Ireland a global hub for
financial services and enable Ireland to offer maximum benefits
to international companies and investors in Asia.
Funds: Ireland is a leading on-shore location for global funds.
There are currently approximately €970 billion in net assets in
funds domiciled in Ireland. Ireland offers a highly regulated funds
environment and requires independent custody and administration
www.chinalawandpractice.com

ireland

arrangements for all its funds. The Irish funds regime provides for
both UCITS and non-UCITS funds. Ireland has been the fastest
growing UCITS funds domicile and UCITS funds account for
almost 80% of Irish domiciled funds. In addition to being subject to
a legal and regulatory framework that is tailor-made for the funds
industry, there are a number of beneficial tax provisions for funds
domiciled in Ireland – there is no Irish tax levied on regulated
funds and also no annual subscription tax for funds, which makes
this jurisdiction stand out from others. Certain Irish funds are also
particularly attractive for use in investing in a variety of investments, including, in particular, A-shares in China.
Section 4: Incentives for individuals
Ireland has recently introduced an Immigrant Investor Programme
which is open to non-EEA nationals and their families who commit
to an approved investment in Ireland. It has proven already to be of
particular interest to high net worth Chinese families (and in some
cases has facilitated their children’s education in Irish schools and
universities). Approved participants in the Programme and their
immediate family members will be granted rights of residence in
Ireland, which will allow them to enter Ireland on multi-entry
visas and remain here for a defined period but with the possibility
of on-going renewal.
Ireland taxes individuals based on the source of income and
gains as well as the residence and domicile of the individual. Irish
sourced income and gains are generally subject to tax in Ireland.
However while Irish resident and domiciled individuals would
generally be subject to tax in Ireland on their worldwide income
and gains, the tax system is quite efficient for individuals coming
to Ireland for a specific period.
In particular, individuals resident in Ireland but not domiciled
will only be subject to tax in Ireland on their Irish sourced
income and gains, and only on their foreign income and gains if
remitted to Ireland, i.e. the remittance basis. Individuals who are
not resident or domiciled in Ireland will only be liable to tax in
Ireland on Irish source income and gains.
Double tax treaties can also reduce any of the taxes mentioned
above.
Section 5: Management and operations
It is relatively easy to establish a legal entity in Ireland. A company
can be set up in about one working week and approval comes from
one government body, the Companies Registration Office. If any
additional specialised regulatory approvals are needed, this would
take longer, as an application would be needed to the appropriate
regulator. However, it should be noted that unless the company
is to engage in a regulated activity, such as banking or insurance,
there is no regulation required to simply set up a company.
The Irish government has engaged in a large scale reformation and improvement of its corporate legislative system which
commences in June 2015. A large number of legislative changes
have been put in place to ensure that companies can be run and
maintained as efficiently as possible.
www.chinalawandpractice.com

Currently an Irish company should have two directors (who
should be individuals), a company secretary and a registered
office in Ireland. As an example of improving the legislative environment, the new companies’ legislation provides that a single
director is sufficient for certain types of companies. It is recommended to ensure that the most tax-efficient structure is selected,
such as the identity of shareholders and the location of directors.
Irish private companies operate in a relatively informal
manner and their business is done through the board of directors.
The day-to-day operations are typically delegated to management.
In the case of inbound investment into Ireland, where a
business requires clarification from the Irish government bodies
on any particular matter, such as a tax confirmation, it is usually
quite easy to arrange a meeting with the Irish Revenue Commissioners (the tax authority of Ireland) who are pleased to
understand and assist new operations in Ireland. Equally, the
Irish government, through the Finance and Justice ministries, are
receptive to suggestions and concerns an investor company may
have in relation to its operations in Ireland.
Section 6: Profit extraction methods
Profits can be extracted from an Irish company in a number of
ways, including:
Dividends: There is no withholding tax on dividends paid
to a Chinese resident shareholder. Dividend payments are not a
deductible expense for an Irish company.
Interest: If the company was funded by loans, profits can be
extracted by way of interest payment. There is no withholding on
interest paid to a Chinese lender. Interest should generally be a
deductible expense where the borrowings were incurred for the
purpose of the trade of the company. There are no thin capitalisation rules in Ireland, but in certain cases the interest will not be a
deductible expense.
Fees: An Irish company might, in certain circumstances, pay
a fee for services rendered to a group company.
Where an SPV is used and formed under a particular tax
regime (Section 110), this company can issue profit dependant
debt, which is like equity, in terms of subordination and being
related to profits, but is technically debt.
Shares in an Irish company can be sold and a non-Irish shareholder typically will not have a liability to capital gains tax on a sale.
Ireland has over 70 tax treaties, and this generally means that
profits can be extracted to individuals in those territories in a taxefficient manner with no withholding.
Section 7: Regulatory regime
Ireland’s regulatory system emanates mainly from EU law as
enacted in Ireland. In implementing EU law in Ireland, traditionally, Ireland has endorsed a ‘light touch’ regulatory regime. Since
its inception in 2003, the Irish Financial Regulator has regulated
on a principles basis. Principles-based regulation involves the
China Outbound Investment Guide 2015

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7

ireland

establishment by regulators of the basic principles that a firm is
compelled to follow. The approach involves management internally supervising adherence to these standards and confirming
compliance with these principles to the national regulator. Firms
are subject to less direct intervention than under a rules-based
approach, which is why this is perceived as a light touch regulation. Such a system is reliant on an effective corporate governance
structure and a relationship of trust between the regulator and
firm. However, the Irish Financial Regulator responded to the
financial crisis by changing the rules governing regulation and
moving from a light touch approach to stricter regulatory rules.
Section 8: Legal environment and protections
Ireland is a common law jurisdiction which originates from the
English legal system. As Ireland is a member of the European
Union, disputes involving European law may be referred to
the European Court of First Instance or the European Court of
Justice.

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China Outbound Investment Guide 2015

Where parties use a law other than Irish law in their dealings,
it will generally be respected in Ireland, provided there is some
nexus to the law chosen. Furthermore, judgments granted with
Ireland can generally be enforced in another EU jurisdiction
with minimal additional court intervention required. Disputes
in Ireland can be brought before the Irish courts, arbitration or
general mediation discussions. Judgments made in other jurisdictions – including outside the EU – are also usually enforceable in
Ireland. Ireland has an excellent Commercial Court system that
deals efficiently and speedily with commercial and especially IP
disputes and, as a result, Irish law is often selected where possible,
as disputes can be brought to a conclusion before the Commercial Court within a matter of months. The Irish system respects
the rights of nationals and non-nationals equally.
In conclusion, as an English speaking, EU, common law
country with interesting benefits for investors, Ireland continues
to be a popular destination for investment. The favourable tax
system, geographical location and availability of genuine good
bargains make Ireland a much sought-after jurisdiction both for
investment and as a base to access both the EU and the USA.

www.chinalawandpractice.com

愛爾蘭

愛爾蘭
Caroline Devlin 和 Diyu Wu
Arthur Cox

十年來,選擇愛爾蘭作為外商直接投資目的地的趨勢依
然保持強勁。確實,愛爾蘭成功吸引了世界上其中一些
最大型機構的關注,並集合了全球技術、制藥、生物科學、製
造和金融服務行業中的一些最大的市場參與者。
自1990年以來,美國企業在愛爾蘭投資額已超過2,770億美元
(多於其在金磚國家的總投資額)。在與美國和其他跨國公司
相同的原因和利益驅動下,尋求擴張全球業務的中國公司也湧
向了愛爾蘭。下文總結陳述了愛爾蘭吸引投資的幾大亮點。

第一節:中國境外投資
愛爾蘭是歐盟以及經濟合作與發展組織 (OECD) 的成員國,也是
歐元區內唯一使用英語的成員國。愛爾蘭擁有成熟的法律體系
和稅收結構。還有廣泛的一系列雙重徵稅協定,包括與中國間
的綜合性雙重徵稅協定。與美國和英國一樣,愛爾蘭也是普通
法系司法管轄區,大部分投資者都認可這裡的法制觀念。愛爾
蘭屬於在岸司法管轄區,當地提供了頂級的專業和管理服務。
而在公司法、監管和稅收方面,它都是一個靈活的司法管轄
區。愛爾蘭擁有得天獨厚的地理位置,是中國與美國之間的橋
梁,也是美國進入歐洲的第一站。
愛爾蘭政府積極支持面向愛爾蘭的外商直接投資,並成立
了專門負責促進外商直接投資的政府部門——包括投資發展局
(IDA) 和愛爾蘭企業署(EI),這些部門在大部分地區都設有代表辦
事處。這些部門與尋求在愛爾蘭國內外投資的企業展開密切合
作。他們可以將企業引入愛爾蘭,在某些情況下還會提供激勵
補助,尤其是針對在愛爾蘭部分地區開展的能夠提供就業機會
的特定類型的業務營運。

金融類

制藥類

中國工商銀行

雅培公司

交通銀行

Alkermes/Elan 生物制藥公司

美國銀行

百時美施貴寶

花旗集團

默沙東/先靈葆雅

高盛投資

輝瑞制藥

摩根大通

華納奇考特製藥

科技類

企業/其他

華為

埃森哲

谷歌

伊頓/庫柏工業

微軟

Equifax Inc.

英特爾

埃克森美孚

戴爾

英格索蘭

Facebook

大都會人壽保險

易趣網

Madison Dearborn

推特網

萬豪國際

第二節:稅收和補貼
愛爾蘭的課稅制度對企業很有吸引力。主要亮點包括:
交易稅率為12.5%:公司繳納營業利潤的
12.5%作為企業所得稅。許多國際公司使用一家
愛爾蘭公司作為其在愛爾蘭、歐洲或全球的營
運基地,就是為了利用這裡的低稅率,同時仍
然作為在岸公司適用稅收協定。這具吸引力的
稅率涵蓋租賃、知識產權許可交易、銀行和製造等所有活動。
知識產權和研發減免稅:公司在愛爾蘭開展知識產權活動可
享受多種稅務減免優惠,例如收購某類型知識產權時可享資本
免稅額(類似於折舊)。這包括收購或許可使用:

愛爾蘭擁有得天獨厚的地理位置,是中國與美國之間的橋梁,也是美
國進入歐洲的第一站
很早之前就有許多司法管轄區(例如美國、英國)向愛爾
蘭進行了對內投資,因此愛爾蘭擁有一套完備的投資者便利體
系。該體系中包括尊重和保護投資的投資者友好型法律,還有
經驗豐富的顧問指導投資者安全輕鬆地完成相關流程。
面向愛爾蘭的對內投資涉及多種不同類型的行業和喜好方
向。中國方面對飛機租賃領域的興趣濃厚,中國的許多大型銀
行都在愛爾蘭建立了飛機租賃平台。愛爾蘭國內還有許多投資
是來自制藥公司以及其他類型的尋求控股公司基地的公司。許
多國際頂級的軟件公司都選擇將其部分或全部知識產權在愛爾
蘭落戶。愛爾蘭的金融服務發展完善,大部分的大型國際金融
服務實體在愛爾蘭都設有業務機構,例如受監管基金、保險和
證券化領域。
近年來選擇愛爾蘭的一些跨國公司包括:

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專利和註冊外觀設計;
商標、品牌、品牌名稱、網域名稱和服務商標;
版權或相關權利;
專有技術,通常與製造或加工、工業、商業或科學經驗有
關,無論是否受保護;
可直接歸功於指定無形資產那部份的商譽;
計算機軟件或者經營或使用軟件的權利;
授予或註冊專利、商標、版權等的申請;
其他特定權利。
2015年中國境外投資指南

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9

愛爾蘭

作者簡歷
Caroline Devlin
Caroline Devlin是Arthur Cox稅組的聯合組長,也
是律所的中國部主管。她為跨國企業提供愛爾蘭投
資建議,包括以盡可能最合法且最能節稅的方式規
劃業務結構。她在企業並購以及結構性金融產品方
面擁有豐富的經驗,並在證券化、飛機和設備租賃
領域積累了廣泛的專業知識。
她的團隊成員以及Arthur Cox的其他專業人員憑借律所內所有
專門行業相關執業領域的專業知識和經驗,以及律所在愛爾蘭和
亞太地區的廣泛關係網,Caroline的執業服務幫助客戶為其在海
外開展業務時面臨的機遇和挑戰做好準備。

Diyu Wu
Diyu Wu是Arthur Cox稅組內的一名律師,也是中
國部的一名委員。 他在處理結構性金融和證券化
產品方面擁有豐富的經驗。 他操普通話,並撰寫
了多篇文章研究中國法制改革的現狀,他也熱衷於
發展愛爾蘭與中國之間正在成長中的市場。

稅項的沖銷是以資本免稅額的形式給予,並根據會計準則下
的折舊或攤銷費用進行。除此之外,公司還可選擇將可沖銷的
稅額用於抵免其在15年期限內的應納稅所得額。適用的資本免稅
額必須用於抵免通過利用知識產權本身所帶來的利潤(包括從
商品買賣或服務提供所帶來的利潤,而該商品或服務的大部份
價值來自該知識產權)。一年內未用完的免稅額可向後結轉。
當公司產生研發 (R&D) 費用時,除了按正常方式在應納稅利
潤中扣除這一部分,還可增加稅收抵免,也就是說產生研發費
用時,將從利潤中扣除實際花費金額兩倍以上的款項。
最後,將12.5%的稅率、收購知識產權的免稅額及高額的研發
費用免稅額加起來使用,愛爾蘭自然成為吸引知識產權業務的
理想地。所有這些免稅額都是在任何結構確定前使用,這樣可
加強節稅的效力。在愛爾蘭一直常用的一種結構是“雙重愛爾
蘭”結構。從2015年1月1日起,原始形式的“雙重愛爾蘭”已不
再使用,不過企業仍會尋求以最能節稅的方式規劃業務結構。
此外,愛爾蘭財政部在2014年發佈的預算公告中引入了一種全新
的稅務減免資料庫系統。在與企業和顧問的磋商完成後,將盡
快發佈減免詳情。政府公告中確認了愛爾蘭政府承諾維持並增
加在愛爾蘭開展研究的節稅措施。
無論是使用愛爾蘭公司作為整體結構還是作為結構內小型集
團的控股公司,都有助於綜合收益並以節稅方式向上傳遞。更
多詳細信息將在下面綜述。

10

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特殊目的公司:用於結構化金融業務的特殊目的公司(SPV)在
愛爾蘭十分常見,通常包括發行債券、國際集團融資、合成和
現金流擔保債務憑証 (CDO)、資產支持商業票據計劃、證券化業
務以及許多其他融資交易,主要目的是最大限度減少稅收流失
並最大限度提高投資者回報。這些交易業務使愛爾蘭成為全球
金融服務的樞紐,並使愛爾蘭能夠為亞洲的國際企業和投資者
提供最大利益。
基金:愛爾蘭是首屈一指的全球基金在岸集結地。當前共有
淨資產約達9,700億歐元的基金是在愛爾蘭註冊。愛爾蘭提供了
高度管制的基金環境,要求為所有基金安排獨立託管和管理。
愛爾蘭基金體制中包括UCITS基金和非UCITS基金。愛爾蘭已
成為發展最快的UCITS基金註冊地,且在所有以愛爾蘭為註冊
地的基金中,UCITS基金所佔比例幾乎達到80%。除了受到專
為基金行業量身訂造的法律監管框架管轄外,在愛爾蘭註冊的
基金還可享受多項有利稅收規定。不會對監管基金徵收任何愛
爾蘭稅,也沒有針對基金的年度認購稅,因此這個司法管轄區
顯得如此與眾不同。在用於投資各種各樣的投資項目方面,當
中,尤其包括投資中國的A股,某些愛爾蘭基金還特別具吸引
力。

第四節:針對個人的激勵因素
愛爾蘭最近引入了一項投資移民計劃,主要面向非歐洲經濟區
(EEA)國家中致力於在愛爾蘭完成核定投資的公民及其家人。從
實況反映,高淨值的中國家庭已經對這項計劃表現了特別的興
趣(在某些情況下,這也便利了他們的子女在愛爾蘭中小學和
大學接受教育)。這項計劃的核准參與者及其直系親屬將獲批
愛爾蘭居留權,這將允許他們使用多次往返簽證進入愛爾蘭並
在規定時間內停留,不過停留可不斷延長。
愛爾蘭政府對個人徵稅時,主要基於個人所得和收益來源以
及其居民身份和住所地。來源於愛爾蘭的所得和收益通常需繳
納愛爾蘭稅。不過,雖然愛爾蘭居民和住所地在愛爾蘭的個人
其全球所得和收益一般需繳納愛爾蘭稅,對於在愛爾蘭停留一
定時間的個人而言,這裡的課稅制度頗為節稅。
特別值得注意的是,在愛爾蘭沒有住所地的愛爾蘭居民個人
僅需就其來源於愛爾蘭的所得和收益繳納愛爾蘭稅,而其國外
所得和收益只有在匯入愛爾蘭時才需繳納愛爾蘭稅(即匯款基
礎)。既非愛爾蘭居民也沒有愛爾蘭居住地的個人僅需就其來
源於愛爾蘭的所得和收益繳納愛爾蘭稅。
雙重稅收協定也能降低上述任一種稅項。

第三節:投資工具

第五節:管理和營運

節稅的控股公司結構:在愛爾蘭成立的私人控股公司為在子公
司(尤其是歐盟地區的子公司)裡持股提供了節稅途徑。這些
公司不僅能獲取若干免稅優惠,而且愛爾蘭的公司法律制度還
能提供極大的靈活性。許多私營企業和家族控股公司都選擇了
愛爾蘭作為其歐洲或中層控股公司的基地。愛爾蘭的控股公司
具有以下優勢:獲取股息,而無需向與愛爾蘭簽有雙重稅收協
定的國家/地區繳納預提稅;處置股份時可減免一定的財產收益
稅;沒有有關受控制外國公司的立法;沒有資本弱化規則;以
及在 90% 的集團內轉讓股份時可享印花稅減免。
愛爾蘭貿易公司:作為投資工具,適用12.5%稅率且全面適用
愛爾蘭雙重徵稅協定(超過70%)的普通愛爾蘭貿易公司,証實
非常受歡迎。中國的飛機租賃平台通常會選擇這些公司。

在愛爾蘭成立一個法人實體相對比較容易。公司可在約一個工
作周內組建完成,且僅需獲得一個政府機構的批准,即公司註
冊處。如果還需要其他額外的專門監管批准,所需時間會長一
點,因為要將申請提交至相應的監管部門。但應注意的是,除
非公司要參與受管控活動(例如,銀行或保險),否則僅僅成
立一家公司並不受任何監管。
愛爾蘭政府已對本國的企業立法體系展開了大規模的改革和
完善,更新後的體系將從2015年6月開始生效。本次改革中進行
了大量的立法變更,以確保公司盡可能高效地運作和維繫。
目前,一家愛爾蘭公司應設有兩位董事(都是個人)、一位
公司秘書以及一個在愛爾蘭註冊的辦公所在地。作為改進立法
環境的示例,新的公司立法規定某些類型的公司只需設立一位

2015年中國境外投資指南

www.chinalawandpractice.com

愛爾蘭

董事便已足夠。建議確保選擇最能節稅的結構,例如股東的身
份和董事的所在地。
愛爾蘭私營企業是以相對非正式的方式營運,主要通過董事
會達成業務。日常營運通常指派給管理人員。
在向愛爾蘭進行對內投資時,企業需要愛爾蘭政府機構對任
何特定事宜(例如,稅收確認)的澄清說明,通常可以頗輕易
地安排與愛爾蘭稅務局(愛爾蘭的稅務機構)會面,稅務局很
樂意瞭解並幫助在愛爾蘭開展的新業務。同樣,愛爾蘭政府很
樂於通過金融和司法部門聽取投資者公司有關與其在愛爾蘭的
業務相關的建議和顧慮。

第七節:監管制度
愛爾蘭的監管體系主要發源於在愛爾蘭頒布的歐盟法律。在實施
歐盟法律時,傳統上愛爾蘭遵從“低乾預”監管制度。自2003年
成立以來,愛爾蘭金融監管局一直是以原則為基礎實施監管。原
則為本的監管是指監管部門確立企業必須遵循的基本原則。具體
方法包括管理人員內部監督這些標準的遵行情況並向國家監管機
構確認企業遵守了這些原則。相比規則為本的方法,企業受到的
直接干預更少,因此這被視為“低干預”監管。這樣的體系需要
依賴有效的公司治理結構以及監管部門和企業之間的信任關係。
但是在金融危機後,愛爾蘭金融監管局的應對措施是更改了監管
規則並從低干預方法轉為更嚴格的監管規則。

第六節:利潤提取方法
可通過多種方式從愛爾蘭公司中提取利潤,包括:

第八節:法律環境和保護

股息:向中國居民股東支付的股息無需繳納預提稅。愛爾蘭
公司支付的股息款項不能作為費用抵扣稅項。
利息:如果公司通過貸款獲得資金,則可通過支付利息的方
式提取利潤。向中國貸方支付利息無需扣繳稅款。如果發生借
款行為是為了公司貿易需要,則通常可稅前扣除利息費用。愛
爾蘭沒有資本弱化規則,但在某些情況下,利息不屬於可扣除
費用。
費用:在某些情況下,愛爾蘭公司會對集團內公司所提供的
服務支付一筆費用。

愛爾蘭是普通法系司法管轄區,起源於英國法律體系。由於愛
爾蘭是歐盟成員國,涉及歐洲法律的爭議糾紛會報送到歐盟初
審法院或歐盟法院。
在愛爾蘭,即使相關方在交易中使用的不是愛爾蘭法律,只
要與所選法律之間存在一定的關聯,通常都會依从該法規定。
此外,在愛爾蘭作出的法院判決通常可在另一歐盟司法管轄區執
行,且涉及其他法院乾預的機會也微乎其微。愛爾蘭境內的糾紛
可在愛爾蘭法院受理,也可以通過仲裁或一般調解談判解決。其
他司法管轄區(包括歐盟以外地區)作出的判決通常也可以在愛
爾蘭執行。愛爾蘭擁有出色的商事法院系統,可快速、有效地處
理商業糾紛(尤其是知識產權糾紛),因此在可能情況下通常會
選擇愛爾蘭法律,因為這些糾紛都可在幾個月內交由商事法院解
決完畢。愛爾蘭體系對本國國民和非本國國民給予同等尊重。
總之,作為一個英語系的歐盟成員國,又是採用普通法系,
愛爾蘭可為投資者帶來許多值得關注的利益,因此一直是熱門
的投資目的地。有利的課稅制度、優越的地理位置以及真正性
價比高的交易,多方面因素促使愛爾蘭成為眾多投資者競相追
捧的司法管轄區,也是廣受歡迎的通往歐盟和美國的基地所在。

當依據特殊稅制(第110條)形成並使用特殊目的公司時,該
公司可發行利潤掛钩債券,此類債券的從屬關係以及與利潤相
關的屬性類似於普通股,但從嚴格法律意義上來說還是屬於債
務。
愛爾蘭公司的股份可進行出售,非愛爾蘭股東一般不需要就
出售股份的收入繳納財產收益稅。
愛爾蘭共有超過70項稅收協定,這一般意味着可通過節稅的
方式將利潤提取給這些地區內的個人,而無需扣繳稅款。

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2015年中國境外投資指南

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Italy
Ernesto Pucci and Shenkuo Wu
Macchi di Cellere Gangemi
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, COI?
The Italian government is seeking to attract COI in many key
sectors, such as infrastructure, energy, manufactory machineries,
brands and, in general, market and strategic assets.
In order to attract overseas investments, the Italian government is approving and implementing a number of relevant
reforms with the declared goal of boosting the Italian market.
These reforms mainly relate to the Italian judicial and labour
system, taxation and the digitalisation of public administration,
including but not limited to: the possibility for foreign companies
to apply for standard international tax ruling preliminary to the
investment; 50% corporate tax credits on expenses for employees
operating in research and development activities; reduced taxes
on real estate transactions between VAT payers; simplification of
the authorisation procedures for enterprises; reduction of energy
costs for enterprises and provisions favouring energy saving and
efficiency of buildings; reform of the labour laws applicable to the
hiring and firing of personnel (so﹣called jobs act); and reorganisation of rules and regulations governing local public services
(waste, urban transport, lighting, water, etc.) that will also favour
investments by foreigners.
b. Is the government generally supportive of COI? Which
government, and regional, bodies are responsible for driving
COI in your jurisdiction?
The entities responsible of driving foreign investment in Italy,
including COI, are Invitalia and ICE or the Italian Trade
Promotion Office.
Invitalia is the national agency for investment promotion
and enterprise development and provides foreign investors
wanting to set up or expand their business in Italy with information regarding local business opportunities and partners. Apart
from support services during the investment process, the agency
provides strategic analysis to identify the best business solution
and offers an overview of the legal and tax system, the labour
market and the national incentive system.
ICE, jointly with the Ministry of Economic Development’s
department of internationalisation, provides information,
support and advice to Italian and foreign companies through
a large network of Trade Promotion Offices linked to Italian
embassies and consulates. In order to facilitate the connection
between Italian and foreign businesses it works closely with
local authorities and businesses to facilitate the identification of
possible business partners and organise bilateral trade meetings
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China Outbound Investment Guide 2015

with Italian companies, as well as providing information, support
and advice as necessary.
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 limited liability company (Srl) is the most common legal
vehicle used for doing business in Italy, if the capital is owned by
a small number of members. Srl companies cannot be listed on
the stock market or issue debentures or other negotiable instruments, though they can issue debt notes which can be purchased
by qualified investors. Depending on the value of the transaction and the number of investors, the joint stock company (SpA)
vehicle may be more appropriate. The SpA’s capital is represented
by shares.
The incorporation’s procedures to be followed for an Srl or
an SpA are substantially the same and require the assistance
of an Italian notary. The company can be operative in a week
starting from the date of receipt of the required documents.
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 are no specific requirements for establishment and operation
of these vehicles which are relevant to COI or foreign investors
in general, unless for specific sectors (see below). For instance,
directors do not need to be Italian citizens or tax residents but
only require an Italian tax code.
Section 3: Investment approval
a. For foreign investment approval (including any national
security review) explain the approval process and timing.
The regulator is basically the government – each of the Ministries specifically concerned (Defence, Finance, Economic
Development, Foreign Affairs or Internal Affairs) play a crucial
role depending on the sector at stake. All decisions are objective
and non-discriminatory. And since the interests involved are
prominent public interests, a high degree of discretion is given to
the regulator.
Further to a 2012 reform, ownership caps to foreign investments have been abolished and replaced by the granting of
certain powers to the regulator, such as the right to object and/
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Energy
and Natural
Resources

Telecommunications

Data
Protection

Litigation
and Arbitration

Aviation

Euro

Insurance

pe

Consumer
Law

China

sk

Insolvency
Corporate
Reorganisations

Administrative
Law

De

Intellectual
and Industrial
Property

Public
Works

Competition
Law

Corporate
M&A

IT Law

Real
Estate

Shipping

Tax

Internationalization
of Companies
Labour
and Social
Security

Project Financing
Infrastructure

Commercial
Transactions
Banking, Finance,
Debt Restructuring

Macchi di Cellere Gangemi is a business law firm founded in 1986 with over 90 highly qualified professionals.
The Firm assists companies in relation to all their matters under Italian, European Community and international
law. In more than twenty years, Macchi di Cellere Gangemi has become a qualified partner of leading Italian
companies and multinational groups. The Firm has extensive experience in all areas of law, with global services
expanded to different areas of expertise and a strong commitment in the corporate, tax, and finance areas.

00197 ROMA

20122 MILANO

40121 BOLOGNA 37121 VERONA

41126 MODENA

75008 PARIS

via G. Cuboni,12
Tel: +39 06 362141
Fax:+39 06 3222159

Via G. Serbelloni, 4
Tel: +39 02 763281
Fax:+39 02 76001618

Via Calcavinazzi, 1/d
Tel: +39 051 0953112
Fax:+39 051 0953119

Via Nizza, 20
Tel: +39 045 8010911
Fax:+39 045 8036516

Strada delle Fornaci, 20
Tel: +39 059 2923203
Fax:+39 059 346651

Avenue Hoche, 38
Tel: +33(0) 1 53757900
Fax:+33(0) 1 53750015

roma@macchi-gangemi.com

milano@macchi-gangemi.com

bologna@macchi-gangemi.com

verona@macchi-gangemi.com

modena@macchi-gangemi.com paris@macchi-gangemi.com

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italy

or veto and/or impose conditions on the execution of certain
extraordinary transactions.
The holder of a strategic asset must notify the government
about any resolution/act concerning a proposed extraordinary
transaction within 10 days or before it is implemented. The
purchaser must also notify the regulator of the acquisition within
10 days. The notice should include, as the case may be, the
company resolution or the information relating to the project of
acquisition, the buyer and the business of the buyer. The regulator,
which may request additional information, may exercise its veto
powers, object or impose conditions within 15 days from the
receipt of the notice (the term is suspended if additional information is requested, which must be delivered within 10 days). The
transaction cannot be implemented before the terms to exercise
the above powers have elapsed without any veto, objection or
conditions. Any veto decision or decision imposing specific conditions may be appealed before the Italian Administrative Courts
where a fast-track procedure will apply.
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.
In the defence and national security sector the government may:
(i) impose, to the purchaser of shares in strategic companies,
conditions related to the security of supplies, the security of information, technological transfers and the control of exportations;
(ii) exercise veto powers in relation to resolutions of strategic
companies on extraordinary subject matters; or (iii) object to the
acquisition of a shareholding in strategic companies which could
jeopardise national security.
In the energy, transport and TLC sectors the government
may: (i) exercise veto powers or impose conditions in relation to
resolutions/acts/transactions involving changes in the ownership,
control, availability or use of the strategic assets; or (ii) impose
specific conditions or, in extraordinary cases, object to the acquisition of controlling shareholding in the strategic companies by
non-EU parties.
c. Which authority oversees competition clearance, when is
notification mandatory, and what is the merger clearance
process (including whether pre- or post-closing)?
The Italian Competition Agency oversees concentration clearance
processes. The Italian competition law requires prior notification
of all mergers and acquisitions when:
• the aggregate turnover of the undertaking in Italy exceeds
€489 million; and
• the aggregate turnover of the undertaking in Italy to be
acquired exceeds €49 million.
“Concentrations” are meant to be the transactions where,
by means of a merger, the acquisition of control of the whole
or part of another undertaking, or the setup of a joint venture,
leads to a permanent change in the structure of the participating
undertakings.
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China Outbound Investment Guide 2015

The notification can be either pre or post-closing, as it is not
a condition precedent. Nonetheless, parties generally prefer to
notify after signing but before closing, to avoid the risk of the
reversal of the operation due to prohibition and/or imposition of
remedies. The concentration review takes up to 30 days with a
possible extension up to 45 days from the notification.
d. Are there any unique processes that potentially could
block a foreign investment, e.g. consent from labour unions?
In general, there are no processes that could block foreign
investors, however, the government may de facto request certain
conditions for transactions that involve a large number of
employees.
e. Are there approval requirements when a foreign investor
increases or exits its investments?
In general, there are no restrictions to investments in Italian
companies. However, the acquisition of shareholdings in one of
the following companies may be subject to duties of disclosure
and/or authorisation: by (i) Italian-listed companies; and (ii)
Italian banks, insurance companies, financial intermediaries and
asset managers.

Author biographies
Ernesto Pucci
Ernesto Pucci is a partner and co-head of the
firm’s Europe-China desk and focuses on the
internationalisation of enterprises, corporate and
commercial transactions, mergers and acquisitions,
private equity and insurance.
He advises Italian and foreign companies and multinational groups
acting in the financial, insurance, tobacco, energy and health care
industries as well as the general commercial and industrial sectors.
He provides assistance on company reorganisations, M&A and the
drafting and negotiating of SpAs, shareholders’ agreements and
international commercial agreements. He also provides expert advice
on the procedures of extraordinary administration of large enterprises
and on matters of financial law, such as the implementation of laws
and regulations by the authorities to Italian and financial intermediaries
and securitisation transactions pursuant to law No 130/99 and its
subsequent amendments. He also advises insurance and reinsurance
companies operating in Italy.
Ernesto has been a research fellow in Insurance Law at the Faculty
of Economics and Commerce at the University of Rome “La Sapienza”
from 2007. He is a member of the IBA and Association for International
Insurance Law [Associazione Internazionale Diritto delle Assicurazioni].
He speaks Italian, English, French and Spanish.
Shenkuo Wu
Shenkuo Wu is the co-head of the firm’s Europe-China
desk and his practice areas include corporate and
commercial transactions as well as intellectual and
industrial property.
Shenkuo concentrates on international investment
and commercial transactions and provides legal advice to numerous
clients on cross-border activities between China and Italy.
He obtained his law degree at the Zhongnan University of Economics
and Law in 2004 and his LLM at the East China University of Politics and
Law in 2007. He also earned his PhD in law at the University of Verona in
Italy in 2011. He speaks Chinese, Italian and English fluently.

www.chinalawandpractice.com

italy

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?
Italy has an extensive tax treaty network with over 70 tax treaties in
force. Moreover, under the EU directives, payments of dividends,
interest or royalties to companies resident in other EU member
states are exempt from withholding tax under certain conditions.

dividends or interest paid from an Italian company to a Chinese
investor (provided the investor is the beneficial owner of the
dividends or interest) are subject to a withholding tax of 10%.
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 controls in Italy,
except for cash. However, any person entering or leaving the
EU (including Italy) must file a declaration with customs in the
event that he imports/exports either €10,000 or more in cash or
an equivalent amount in other currencies or in easily convertible
assets (e.g. bonds, shares, traveller’s cheques). Failing to submit

b. What are the applicable rates of corporate tax and withholding tax on dividends?
Italian companies and Italian permanent establishments of foreign
entities are subject to a corporate income tax rate of 27.5% and to
a regional tax on productive activities of 3.9%.
Under domestic law, dividends distributed
to non-resident shareholders are subject to the
Italian companies and Italian permanent
following tax treatment:
• as a general rule, dividends distributed to establishments of foreign entities are subject to a
non-residents are subject to withholding tax corporate income tax rate of 27.5% and to a regional
at the rate of 26%. Non-resident shareholders
tax on productive activities of 3.9%
may file a claim with the Italian tax authorities
for the refund of Italian taxes up to 11/26 of
the amount withheld, provided that they are able to prove that a declaration, as well as submitting false declarations, may cause
they paid taxes on the dividends in their country of residence; the seizure of the cash/assets and result in a penalty.
• dividends distributed to companies resident in a EU
member state are subject to a withholding tax rate of 1.375%, b. Are there any legal restrictions on bringing in foreign
provided that the companies are subject to tax in their state workers and how difficult is it for foreign investors to secure
expatriate visas for shareholder representatives, senior
of residence;
• in compliance with the EU Parent-Subsidiary Directive, managers and workers in practice?
dividends distributed to companies resident in an EU member As for non-EU nationals, the quotas of foreign employees to be
state are exempt from withholding tax if certain conditions admitted within the Italian territory are established every year by
are met (including, inter alia, 10% minimum participation the Italian government. The following documents are required
and a one-year minimum holding period).
for their employment:
Moreover, the 26% dividend withholding tax can be reduced
if a tax treaty is applicable.
c. Does the government have any FDI tax incentive schemes
in place?
A tax exempt investment scheme is the regulated investment
fund. Also, under certain conditions, profit distributions from
regulated investment funds to non-resident investors can be fully
exempt from withholding tax.
d. Other than through the tax system, does the government
provide any other financial support to FDI investors? If so,
please provide an overview.
In the case of foreign investment in companies under restructuring
and with a large number of employees, the government may support
and/or incentivise the investor, by signing specific development
programs granting social security benefits or other advantages.
e. Are there any reciprocal tax arrangements between your
jurisdiction and China? If so, how can they aid investors?
Italy and China entered into a tax treaty effective from January 1
1991, based on the OECD model convention. Under this treaty,
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• authorisation to hire a non-EU citizen requested by an
employer at the prefect’s office;
• The prefect’s authorisation to be forwarded to the Italian
consular office for the issuance of the visa;
• A visa from the Italian consulate established in the country of
origin;
• A permit to stay to be obtained by the worker from the police
authorities upon execution of the employment agreement
between the employer and the worker before the police
authorities.
In general, due to the quota system, the procedure to secure
expatriate visas for shareholder representatives, senior managers
and workers is quite complicated.
The procedure, however, is simplified and the quota system
can be derogated for the following cases:
• employees of non-EU companies that are seconded to Italy
for a limited period;
• highly qualified workers that present a higher education
qualification and a valid work contract or a binding job
offer. Such workers can apply for clearance and a visa at the
China Outbound Investment Guide 2015

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Italian embassy in their home country and then obtain, upon
execution of the employment contract, an EU Blue Card;
executives or highly specialised personnel of companies
domiciled in Italy;
university lecturers and university professors who are
expected to have an academic position;
translators and interpreters;
family collaborators employed abroad full time for at least a
year;
individuals authorised to stay for reasons of training/specific
tasks within the scope of employment;
maritime workers;
artistic and technical personnel for opera, theatre, concert or
ballet;
foreign journalists employed by a foreign press company;
diplomats; or
professional nurses hired by public and private health
structures.

In these simplified cases, the procedure to secure expatriate visas for shareholder representatives, senior managers and
workers is quicker and easier.
Specific visas and permits to stay are available for Chinese
citizens who purchase personal real estate in Italy, under certain
conditions.
Lastly, as far as start-ups are concerned, a new type of visa
has been introduced for self-employed people, who are “foreign

Action 2010-2013 to strengthen economic cooperation (trade and
investment, cooperation in finance and financial services, science
and technology, innovation, intellectual property protection and
the environment (2010)).
The EU also started a first round of negotiations with China
for an EU-China investment agreement in January 2014.
b. How efficient are local courts’ enforcement and dispute
resolution proceedings, and are there any procedural idiosyncrasies foreign investors must be aware of?
Commercial disputes in Italy can be efficiently resolved by Italian
courts (either through ordinary or summary proceedings) or, if
agreed upon by the parties, through arbitration.
The court usually decides a case – in first instance – in about
three to four years and – in second instance – in about four to
five years, while the length of arbitration proceedings is generally
shorter (about one year), since it depends on the parties’ terms of
engagement and the governing arbitration rules.
That said, the costs of arbitration proceedings are higher than
the costs required for court proceedings.

c. Do local courts respect foreign judgments and are international arbitration awards enforceable?
Foreign judgments are recognised and enforced in Italy through
different procedures depending on whether the judgment was
issued by a court of an EU member state or by an extra-EU
member state court.
In particular, any judgment, decision and
measure which meets certain requirements, issued
by a court of an EU member state and enforceable in
Commercial disputes in Italy can be efficiently
that state is automatically recognised in the Italian
resolved by Italian courts (either through ordinary
jurisdiction without any special procedure and/or
or summary proceedings) or, if agreed upon by the
any declaration of enforceability being required,
pursuant to the Regulation (EU) no 1215/2012,
parties, through arbitration
Regulation (EC) no 44/2001 and the Brussels and
Lugano II conventions, when applicable.
citizens for the incorporation of innovative start-up companies”
Furthermore, for judgments specifically issued by an extra-EU
and have resources dedicated to the start-up amounting to at member state court, there are a number of bilateral conventions
least €50,000. The evaluation of the request is carried out in a relating to the recognition and enforcement of judgments in civil
very short timeframe of 30 days.
matters. Italy and China signed the Treaty on Judicial Assistance
on Civil Matters between China and Italy (1991) which provides
that the decision will be automatically recognised and enforced in
Section 6: Dispute resolution
Italy, unless one of the following circumstances occurs:
a. Does your jurisdiction have a bilateral investment protection treaty with China or other jurisdictions commonly used
for investing into the country?
Starting from the 1980s, Italy and China have signed several
investment agreements, among which are: (i) the Agreement
on Promotion and Protection of Investments (1985); (ii) the
Agreement to avoid double taxation (1986); (iii) the Treaty on
Judicial Assistance on Civil Matters (1991); and (iv) the Cooperation Agreement on Intellectual Property (2004).
More recently, Italy and China executed: (i) a Memorandum of Understanding on cooperation for bilateral investments
between InvestInItaly and the Agency for Investment Promotion
of the Chinese Minister of Commerce (2005); and (ii) a Plan of
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• the court that issued the foreign judgment had no jurisdiction
over the case according to Article 22 of the Treaty;
• the foreign judgment is not final pursuant to the law of the
party where the judgment was issued;
• the writ of summons/claim was not properly served upon the
defendant or, in the case of an incompetent defendant, it was
not duly represented in court pursuant to the law of the party
where the judgment was issued;
• another final judgment among the same parties and concerning the same matter was issued by the court of the party where
the judgment must be recognised, or the latter has already
recognised a decision issued by a court of a third country
among the same parties and concerning the same matter;
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italy

• a litigation proceeding is pending among the same parties
and concerning the same matter before the court of the party
where the judgment must be recognised and started before
the notification of the writ of summons of the other proceedings; or
• the foreign judgment may jeopardise the sovereignty and
safety of the party that is required to recognise it or is contrary
to public policy.
As for international arbitration awards, in 1969 Italy signed
the New York Convention of 1958 on the Recognition and
Enforcement of Foreign Arbitral Awards. As a consequence, Italy
recognises foreign arbitral awards as binding and enforces them
in accordance with Italian procedural law under the conditions
laid down in the New York Convention.
Therefore, in order for a foreign arbitration award to be
enforced in Italy, it must be filed with the Court of Appeal of the
place of residence of the other party (if it is in Italy) or with the
Court of Appeal in Rome (if the other party resides abroad). In

www.chinalawandpractice.com

this case, the Court of Appeal will only check that the formal
requirements of the award are respected, without entering in the
merits of the dispute. The court will then issue an enforcement
order, where the award becomes equivalent to a judgment capable
of enforcement.
d. Are local judgments and arbitration awards from your
jurisdiction generally enforceable in other jurisdictions?
The possibility to enforce Italian judgments and arbitral awards
may vary based on the jurisdiction.
In particular, Italian judgments are enforceable abroad
pursuant to the EU Regulation, Brussels or Lugano Convention,
when applicable.
As mentioned above, Italy is also party to the New York
Convention, which is based on the reciprocity principle for the
recognition and enforcement of arbitration awards made in
the territory of another contracting state. Therefore, an award
rendered in Italy is enforceable in foreign jurisdictions that are
party to the New York Convention.

China Outbound Investment Guide 2015

>>

17

意大利

意大利
Ernesto Pucci 和 吳沈括
Macchi di Cellere Gangemi
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?
意大利政府希望很多行業能夠吸引中國境外投資,例如基礎設
施、能源、機械製造、品牌及總體而言市場和策略性資產。
為吸引海外投資,意大利政府正在批准和實施一系列有關
的改革,揚言是為意大利市場注入活力。這些改革主要涉及意
大利司法制度和勞動制度、稅務和公共行政管理的數字化,包
括但不限於:讓外國公司有機會在投資前申請國際標準稅務裁
決,從事研發活動的員工的費用享有50%的企業所得稅抵扣,減
低增值稅納稅人之間房地產交易的稅收,簡化企業審批手續,
減少企業的能源成本和為建築物的節能及提高能效提供優惠,
改革適用於員工聘用和解聘的勞動法規(所謂的《工作法》)
,以及整頓管轄地方公共服務(垃圾處理、城市交通、照明、
供水等)的規章制度,這同時也優惠外國投資。
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?
負責促進意大利境內外國投資(包括中國境外投資)的部門是
意大利國家引進外資及企業發展局(Invitalia)和意大利對外貿
易委員會(ICE)。
Invitalia是國家引進外資及企業發展局,它向希望在意大利開
展或擴大業務的外國投資者提供有關地方商業機會和合作方的
信息。除了在投資過程中提供支援服務,該部門還提供策略性
分析,尋找最佳商業方案,並介紹法律稅務制度、勞動市場和
國家激勵制度。
ICE則聯同經濟發展部的國際化司,通過對外貿易局與意大
利駐外使領館鏈接的一個大型網絡,向意大利公司和外國公司
提供信息、支援和建議。為了促進意大利企業與外國企業建立
關係,ICE與地方政府和企業緊密配合,協助企業尋找潛在商業
伙伴,組織與意大利企業的雙邊貿易會議,並根據需要提供信
息、支援和建議。

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?
如果資本由數目不多的股東擁有,有限責任公司(Srl)是在意大
利開展業務最常用的法律實體。Srl不可以在股票市場上市,也不
可發行信用債券或其他可流通票據,但可以發行由合格投資者購
買的債務票據。視乎交易價值的大小和投資者數目的多少,股份
有限公司(SpA)可以是更適合的選擇。SpA的資本由股份代表。
Srl和SpA的設立程序大致一樣,皆需要意大利公証人的協
助。從收到必要文件之日起,公司可以在一週後開始營業。

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2015年中國境外投資指南

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)?
關於這些公司的設立和營運,除了特定領域以外(見下文),
沒有任何適用於中國境外投資或普遍適用於外國投資者的特別
規定。例如,董事不必是意大利公民或稅務居民,只需要有一
個意大利的稅務代碼。

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。
監管者基本上是政府 — 各具體相關部門(國防、財政、經濟發
展、外交或內務)分別起關鍵作用,視乎涉及的行業而定。所
有決定都會客觀作出,不帶歧視。由於涉及到重大公共利益,
監管者有高度的酌情決定權。
繼2012年改革以後,對外國投資所有權所設的上限也已被取
消,改為授權監管機構行使一定的權力,例如對一些特殊交易
的進行行使反對、否決、設定附加條件的權力。
策略性資產的持有人就擬進行的特殊交易作出任何決議/行
動,必須在10天內或實施前向政府申報。買方也必須在10天內向
監管機構申報收購交易。申報的內容應該根據實際情況包括公
司決議或有關收購項目、買方及買方業務的資料。監管機構可
要求提供更多資料,並在收到申報後15天內(如果要求提供更多
資料,該期限可中止,而資料必須在10天內提供)行使其否決、
反對權,或設定附加條件。監管機構在可行使上述權力的期限
內沒有作出任何否決、反對或設定條件,交易才可實行。對於
任何否決或設定附加條件的決定,可以向意大利行政法院提出
上訴,法院將適用快速審理程序。
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)。
在國防和國家安全領域,政府可以:(1)向戰略性公司股份收購
方設立供應安全、信息安全、技術轉讓和出口控制方面的條
件;(2)對戰略性公司關於特別事項的決議行使否決權;或(3)反
對有可能危害國家安全的戰略性公司股份的收購交易。
在能源、運輸和電信領域,政府可以:(1)對涉及所有權、控
制權、戰略性資產的提供或使用變更的決議/行動/交易行使否決
權或設定附加條件;或(2)對非歐盟國家當事方收購戰略性公司
控股權的交易設定附加條件,個案特殊的,可予以反對。
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)。
意大利競爭局負責集中審批程序。意大利反壟斷法律要求,同
時符合下述情況的兼並和收購作出事前申報:

www.chinalawandpractice.com

意大利

• 企業在意大利的營業總額超過4.89億歐元;
• 被收購企業在意大利的營業總額超過4900萬歐元
“集中”是指通過並購方式收購另一企業全部或部分控制
權,或設立合營企業,導致參與交易的企業的結構發生永久性
變更。
申報可以是成交前,也可以是成交後,因為這不是一個先決
條件。然而,當事各方一般選擇在簽約後成交前申報,以避免
由於被禁止、附加救濟等而需要逆向操作的風險。集中審查從
申報之日起計需要最多30日時間,也可能延長至45日。

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?
一般而言,不存在會阻礙外國投資者的程序,但是,政府實際
上可以對涉及大量員工的交易提出若干條件。

2. 企業所得稅和股息預提稅的適用稅率是多少?
意大利公司和外國實體在意大利的常駐機構須繳納27.5%的企業
所得稅,生產業務須徵收3.9%的地方稅。根據國內法,向非居
民股東分配的股息有下述稅務待遇:

• 一般而言,向非居民股東分配的股息須繳納26%的預提稅。
非居民股東可向意大利稅務當局申請退稅,最多可以退回預
提額的11/26,條件是他們必須能夠証明已在自己的居住國支
付了股息的稅項;
• 向歐盟成員國居民企業分配的股息須繳納1.375%的預提稅,
條件是它們自己在居住國須納稅;
• 根據《歐盟母-子公司指令》,如果符合若干條件(包括10%
最低參與份額和一年最低持股期),向歐盟成員國居民企業
分配的股息可豁免預提稅。
此外,如果稅務條約適用,26%的股息預提稅可以減少。

5. 外國投資者如增加或撤回投資,有什麼審批要求?
一般而言,向意大利公司投資是不受限制的。但是,對下述公
司進行股份收購時需要履行披露責任和/或經公司批准:(1)意大
利上市公司;(2)意大利銀行、保險公司、金融中介公司和資產
管理公司。

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
接投資意大利尤其有用的?
意大利有一個廣泛的稅務條約網絡,已生效的條約超過70個。此
外,根據歐盟指令,對其他歐盟成員國居民企業支付的股息、
利息或特許權使用費在某些情況下可以豁免預提稅。

作者簡歷
Ernesto Pucci
Ernesto Pucci律師是Macchi di Cellere Gangemi
的合伙人和歐洲-中國部主管。他專注於企業的國
際化、公司法和商業交易、並購、私募股權和保
險領域。
Pucci律師也協助意大利、外國客戶以及跨國集
團處理有關金融、保險、煙草行業、能源、醫療以及商業和工業
企業的事務,並且協助公司重組、並購,起草和談判股份公司、
股東協議等。此外,他亦協助處理金融法事宜,涉及有關機關對
意大利金融中介的法律、規範適用,並協助根據1999年第130號
法律實施的證券化交易。他還有協助在意大利的歐盟以及非歐盟
保險和再保險公司。
他是羅馬大學經濟和貿易學院保險法研究員 (2007至今),也是
國際律師協會和國際保險法協會成員。他能操意大利語、英語、
法語和西班牙語。
吳沈括
吳沈括律師是Macchi di Cellere Gangemi的歐洲中國部主管,執業領域包括公司法和商業交易,以
及知識產權和工業產權。
吳律師長期以來協助大量國有企業以及私營企
業處理跨境投資和國際商業交易,尤其是意大利和
中國的雙邊經貿事項。
吳律師2004年在中南財經政法大學取得法學學士學位,2007
年在華東政法大學取得法學碩士學位,2011年在意大利維羅納大
學取得法學博士學位。他能操流利中文、意大利語和英語。

www.chinalawandpractice.com

3. 政府是否已設立外商直接投資稅務優惠制度?
有一項免稅投資計劃,就是受監管投資基金。另外,在某些情
況下,受監管投資基金向非居民投資者分配的收益可全額豁免
預提稅。
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。
如果外國投資者局處於重組狀況並有大量員工的企業投資,政
府可簽署具體的發展計劃給予社會保障福利或其他優惠,以支
持、激勵投資者。
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?
意大利和中國訂立了以《經合組織示範公約》為基礎的稅務條
約,自1991年1月1日起生效。根據該條約,意大利公司向中國投
資者(該投資者必須是股息或利息的受益所有人)支付的股息
或利息須繳納10%預提稅。

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?
除了現金以外,意大利沒有外幣或外匯管制。但是,如果任何
人攜帶10,000歐元或以上現金或其他等值貨幣或容易兌現的資
產(例如債券、股票、旅行支票)出入歐盟(包括意大利),
必須向海關申報。不申報或作虛假申報的,其現金/資產可被沒
收,並被處罰。
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?
對於非歐盟國民,意大利政府每年制定可以進入意大利領土的
外國員工配額。僱用外國員工需要下列文件:




雇主在地方行政長官辦事處申請的僱用非歐盟公民的許可;
轉發至意大利領事館用於辦理簽証的地方行政長官許可;
意大利駐有關員工本國領事館簽發的簽証;
員工與雇主在警察局簽署勞動協議之後從警察局取得的居留
許可証。

一般而言,由於配額制度的緣故,為股東代表、高級經理和
員工申請外籍員工簽証的手續是比較複雜的。
2015年中國境外投資指南

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19

意大利

不過,如果有下述情況,手續可以簡化,配額制度可以不理:

• 短期調派往意大利的非歐盟公司員工;
• 有較高教育資歷並持有有效工作合同或有約束力的工作要約

3. 當地法院尊重外國判決嗎?可執行國際仲裁裁決嗎?
取決於判決是歐盟國家法院作出的還是非歐盟國家法院作
出的,外國判決在意大利是通過不同的程序得到承認和執行
的。
具體而言,根據Regulation (EU) no 1215/2012、Regulation (EC)
no 44/2001以及布魯塞爾和盧加諾公約II(如適用),由歐盟國家
法院作出的並且在該國可執行的任何判決、裁決和措施,只要
符合某些要求,就自動在意大利司法管轄區域裡得到承認,無
須任何特別程序和/或任何執行聲明。

的高資質工人。這類工人可以在本國的意大利領事館申請批
准和簽發簽証,然後在簽署勞動合同後取得歐盟藍卡;
• 意大利居民公司的高級管理人員或高級專業人員;
• 預期取得教育機構職位的大學講師和教授;
• 翻譯員和傳譯員;
• 在海外全職受僱至少一年的家庭幫傭;
• 因聘用工作範圍內的培訓/特別任務而被許
在意大利,商事爭議可以由意大利法院(通過普通程序或簡易程序)
可居留的個人;
• 海事工作人員;
高效率地解決,如果雙方同意,也可以通過仲裁解決
• 歌劇、舞臺、音樂會或芭蕾舞方面的藝術
家和技術人員;
此外,對於由非歐盟國家法院作出的判決,有數個關於承認
• 外國通訊社僱用的外國新聞工作者;
和執行民事判決的雙邊公約。意大利和中國簽署了《關於民事
• 外交官員;
司法協助的條約》(1991),該條約規定,法院裁決將自動在意
• 公共和私人醫療衛生機構僱用的專業護士。
大利得到承認和執行,除非發生下述任何一種情況:
在這些簡化情況下,為股東代表、高級經理和員工申請外籍
員工簽証的手續是比較快捷容易的。
• 根據條約第22條,作出外國判決的法院對案件無管轄權;
在意大利購買了個人房地產的中國公民在某些情況下可取得 • 根據作出判決的締約一方的法律,該外國判決不是最終判
特別的簽証和居留許可。
決;
最後,對於新創企業,已經推出了一種新簽証,適用於屬 • 根據作出判決的締約一方的法律,傳票/請求沒有妥當送達被
於“設立創新型新公司的外國公民”,而且已為新創企業投入
告,或者,被告在無行為能力的情況下未在法庭上獲得合法
至少5萬歐元資源的自僱人員。申請評估可以在短至30日的期間
代理;
內完成。
• 要求承認判決的締約一方法院對於相同當事人之間就同一標
的作出了另一個最終判決,或者已經承認了第三國法院對於
相同當事人之間就同一標的作出的裁決;
第六節:爭議解決
• 要求承認判決的締約一方法院對於相同當事人之間就同一標
的的案件正在審理,而且這審理是在其他訴訟的傳票通知之
前開始的;
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?
• 該外國判決可能有損被要求承認該判決的締約一方的主權和
安全,或有違公共政策。
自1980年代以來,中國與意大利簽訂了多個投資協議,其中
有:(1)促進和保護投資協議(1985);(2)避免雙重徵稅協議
(1986);(3)關於民事司法協助的條約(1991);和(4)知識產權
至於國際仲裁裁決,意大利在1969年簽署了《承認及執行外
合作協定(2004)。
國仲裁裁決的1958年紐約公約》。所以,意大利根據紐約公約規
近年來,意大利和中國簽署了:(i)InvestInItaly與中國商務部 定的條件依照意大利訴訟法承認和執行外國仲裁裁決。因此,
投資促進事務局之間的雙邊投資合作諒解備忘錄(2005);和 外國仲裁裁決要在意大利執行,必須提交予對方居住地(如果
(ii)2010-2013關於加強經濟合作的行動計劃(貿易和投資、融資 在意大利)的上訴法院或羅馬的上訴法院(如果對方居住在境
金融領域合作、科技、創新、知識產權保護和環境(2010))。 外)。在這種情況下,上訴法院將僅審查裁決是否符合形式上
歐盟也在2014年1月開始與中國進行新一輪關於歐盟-中國投資 的要求,而不考慮爭議的是非曲直。法院然後將發出執行令,
協定的談判。
該裁決即與該法院作出的判決具有同樣的執行力。

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?
在意大利,商事爭議可以由意大利法院(通過普通程序或簡易
程序)高效率地解決,如果雙方同意,也可以通過仲裁解決。
法院通常在三至四年內一審判決案件,二審則在四至五年內
判決,而仲裁程序的時間一般較短(約一年),因為仲裁取決
於當事方的聘用條款和適用仲裁規則。
雖然如此,仲裁程序的費用比法院程序的費用更高。

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2015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?
意大利判決和仲裁裁決在不同司法管轄地有不同的執行可能性。
特別要指出,根據歐盟條例、布魯塞爾或盧加諾公約(如適
用),意大利判決在境外是可以執行的。
如上所述,意大利也是紐約公約的締約方,該公約基於承認
和執行另一締約國領土上作出的仲裁裁決的對等原則。因此,
在意大利作出的裁決在簽署了紐約公約的外國司法管轄地是可
執行的。

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JAPAN

Japan
Yu Wakae
Nagashima Ohno & Tsunematsu

T

he economic tie between Japan and China is very strong
but, until recently, it has been rather one-sided in terms
of cross-border investments. After the start of the “open
and reform” policy and the resumption of bilateral diplomatic
relations in the late 1970s, a large number of Japanese companies
invested in various industries in China, which greatly contributed
to China’s industrial and commercial growth in the subsequent
decades leading up to the present. Currently, more than 20,000
Japanese companies invest and operate in China, and directly or
indirectly generate tens of millions of employment in China. As
compared with a long list of Japan-to-China investments, admittedly, the list is disproportionately shorter for the investments by
Chinese companies into Japan.
Now, we are seeing a surge in Chinese investments globally,
traditionally in emerging economies such as Africa and Latin
America, but recently also into developed economies, including
the US, Europe and Japan. This trend reflects the huge Chinese
capital accumulated through its domestic economic growth and
the greater appetite for growth and profit potentials in overseas
markets. Chinese laws and policies have accommodated this
demand by permitting overseas investment under a simpler and
less burdensome set of procedures.

decision makers of Japan as not only as great travel destination,
but as a great investment target. On the other hand, Japanese
businesses, together with various municipalities across Japan,
are welcoming the Chinese tourists and devising ways of attracting visits and consumption. The depreciated yen, the investment
appetite of Chinese investors, the demand for capital and growth
opportunities on the part of Japanese companies and the Abe
administration’s pro-business policies and measures enticing
inbound investment (e.g. the ongoing reductions of corporate tax
rates which are to be implemented gradually) may lead the ChinaJapan investment environment to follow the same pattern. Japan’s
well-established legal systems and minimal restrictions on foreign
investments will also positively affect future Chinese investments.
Section 1: Key investment areas

Below are some key areas in Japan that may interest Chinese
investors. Respective Chinese investors should look for suitable
targets in Japan and make judgments based on their needs and
expertise.
Real estate: Many Chinese investors believe real estate prices
in China are overpriced and look overseas. After
the burst of the bubble economy in the 1990s,
Chinese investors are also starting to make, or conJapanese real estate prices are already on the
template making, investments into Japan. But given the low side and are very stable. Many are optimispotentials of the two of the three largest economies of tic for future growth, especially before the 2020
Tokyo Olympics.
the world and the investment sectors in Japan that are
Quality products and services: Japan has
attractive to and suitable for various types of Chinese
one of the most mature consumer markets in the
investors, more should be on their way
world, which has enabled many Japanese businesses to improve and sophisticate their products
Chinese investors are also starting to make, or contemplate and services to satisfy consumer needs for high quality products
making, investments into Japan. But given the potentials of the and services. As China’s consumer market becomes more mature,
two of the three largest economies of the world and the invest- acquiring Japanese companies in consumer-oriented industries
ment sectors in Japan that are attractive to and suitable for various may be helpful for Chinese enterprises.
types of Chinese investors (briefly discussed below), more should
For the elderly: As China rapidly becomes an aged society,
be on their way.
prospects in the life sciences field (most prominently pharmaSome argue that acquisitions by Chinese investors should ceuticals and medical devices) and caregiving industries will be
face great difficulties in Japan, suggesting that they may not promising. Japan became an aged society several decades ago
be welcomed by Japanese targets due to cultural and political and, as a result, there are many Japanese companies providing
concerns. While such claims should not be outright ignored, great products and services in these areas.
Environment: China is finally prioritising environmental
there is another recent phenomenon - a skyrocketing number
of Chinese tourists coming to Japan, visiting various places and protection. Japan faced serious environmental problems in 1970s
buying lots of Japanese goods to bring back into their country. – since then, many Japanese companies worked hard to create
With their first-hand experiences of contemporary Japan and and improve technologies to solve these problems cost-effectively,
its goods, we can expect an increased awareness among Chinese which may be also useful for China.
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China Outbound Investment Guide 2015

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JAPAN

Section 2: Foreign investment restrictions
Accustomed to the rigorous regulations for foreign investors in
the mainland, many Chinese investors are surprised to learn the
limited set of restrictions and procedures they will be subject to
when investing in Japan. At the same time, there are some unique
regulations in Japan affecting investors. First, the Japanese regulations of foreign investment follow the “negative list” model which
has been also adopted in the Shanghai Free Trade Zone (and will
be adopted in the newly-proposed PRC Foreign Investment Law).
Second, corporate laws are simple and allow investors to make
a range of choices as to how they invest. Third, real estate and
labour laws in Japan are very different to those in China.
Restrictions pursuant to specific legislations
Japanese laws generally do not prohibit or restrict investments
by foreign investors (including Chinese investors), except for
very limited types of industries such as broadcasting or aviation,
where shareholding by foreign investors is restricted by specific
legislations and must remain below certain specified thresholds
(e.g. 20% for broadcasting, one-third for aviation).
Forex controls and reporting obligations
In most industries, Chinese companies need only abide by after-thefact reporting obligations under the foreign exchange regulations.
When Chinese investors set up a new corporation in Japan or
purchase shares in a Japanese corporation, the transaction will
generally constitute an inbound direct investment under the regulations stipulated by the Japanese Foreign Exchange and Foreign Trade
Act and it must be reported by submitting a form to the government
authorities within 15 days from the date of the transaction.
However, inbound direct investments in certain specified industries trigger before-the-fact notification obligations where investors
need to notify the government of the proposed deal and wait for
30 days before implementing the transaction. During the waiting
period, which may be extended up to four months, the transaction
is reviewed by the relevant authorities on a case-by-case basis and
may be rejected if found inappropriate for national security or other
concerns. On the other hand, the waiting period may be shortened
to, typically, two weeks (or five business days in some cases) if the
government finds no substantive review is necessary.
The list of industries requiring prior notification include:
(a) national security-related (which also include manufacturing
of goods that would be diverted to military use);
(b) public order-related (e.g. electricity, gas, heat, telecommunications, water and railway);
(c) public safety-related (e.g. production of vaccines and security
guard business); and
(d) other regulated industries (e.g. agriculture and fishery, oil,
leather production, aviation and marine transport).
Merger filing
As a separate matter, a Chinese investment in a Japanese business
may trigger the merger filing requirements under the Japanese
competition laws. In principle, the merger may not be implemented during the 30-day waiting period, if applicable.
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China Outbound Investment Guide 2015

Author biography
Yu Wakae
Mr Yu Wakae is a partner of Nagashima Ohno &
Tsunematsu and heads the Shanghai office as chief
representative. Having worked for several years in Beijing
at a major Chinese law firm, he focuses on Chinarelated transactions ranging from M&A and finance to
general corporate matters. A University of Tokyo and Harvard Law School
graduate, Mr Wakae is fluent in English and Mandarin Chinese. He is a
co-editor-in-chief of a bilingual publication called the Legal Guide for
Chinese Companies Investing in Japan (中國企業日本投資法務指南
(2014年8月,中國政法大學出版社))

Section 3: Corporate structure and investment
method
Setting up a company
Unlike under the current regime of Chinese laws governing
foreign investment (but similar to the proposed PRC Foreign
Investment Law), the same single corporate law – the Companies
Act – applies to foreign-invested companies incorporated in Japan
and domestically-held companies. A company can be set up solely
by registering with the local legal affairs bureau (法務局). No government approval is required.
Corporate governance
Chinese investors are often perplexed to learn that joint-stock corporations (株式会社,股份有限公司) are the common corporate
structure for all listed and unlisted companies in Japan and that
there are no longer limited liability companies (有限会社,有限公
司). This does not mean that all companies in Japan are forced to
adopt rigid regulations applicable to listed companies (as in the
case of Chinese joint-stock corporations). Rather, the Companies
Act allows for various types of corporate structures for joint-stock
corporations, which are adopted by a majority of companies in
Japan. For example, companies are not required to have a board
of directors and the number of directors can be freely determined
(but minimum of three if there is a board of directors). The term
of directors and corporate auditors (which are optional) may be
extended to 10 years in the case of closely-held corporations.
One notable restriction different from China was that at least one
representative director (代表取締役, which roughly corresponds
to chairman(董事長)in China, but in Japan a company can have
multiple representative directors) must have a Japanese address.
This restriction was removed in March 2015.
Capital structure
Corporations in Japan, whether listed or unlisted, may issue class
shares and options in accordance with respective rules. Especially
in the case of investments in closely-held corporations, investors
are able to devise and adopt the best capital structure suited to the
capital needs of the company, each investor’s risk preference and
involvement with the management and other factors. For example,
risk-averse investors may want to insist on getting preferred stock
with some veto rights, while founders with smaller cash outlays
may be granted common stock and stock options which will
incentivise them to improve the company’s performance. Issuance
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JAPAN

of these securities will involve amendments to the company’s
articles of incorporation, board/shareholders’ resolutions and
other steps in accordance with the Companies Act.
Chinese investors are advised to seek professional advice
on Japanese corporate laws and determine an optimal structure
upon close consultation with Japanese lawyers.
Section 4: Real estate
As discussed above, Chinese appetite for Japanese real estate
property is rapidly increasing. While the purchase and sale of
real estate property is generally free in Japan, investors should
consider retaining professionals to ensure the property is
free of any liens or restrictions and to avoid any unpredicted
burdens.
No special government approval is required when Chinese
companies (including companies incorporated in China or
Japanese companies owned by Chinese companies) purchase real
estate (land and buildings) in Japan. Of course, there are laws and
regulations that are generally applicable to all real estate investors
in Japan, such as the Building Standards Act (建築基準法) and
City Planning Act (都市計画法), which set out certain restrictions
on the development and construction of property.
A key difference in Japan is that investors get to obtain full
ownership of the land, as opposed to the land use rights that can
be obtained and disposed of for Chinese property. Landowners
are free to use and dispose of its land, unless otherwise restricted
by the City Planning Act or other applicable regulations. Also, in
Japan, land and building attached thereto are treated as separate

For the lease of lands, in principle, a lease term must be 30
years or more and landlords are substantially required to renew
the term unless the tenant has failed to pay rent for an extended
period of time. There are special types of land leases providing for
a fixed term which may be executed between parties when satisfying certain formal and/or substantive requirements.
As for buildings, the lease term written in contact is much
shorter (typically two years for residential), but landlords are substantially required to renew the lease unless due to reasons such
as the tenant’s failure to pay rent for a long period of time. Also,
pursuant to court precedents, landlords may not terminate the
lease agreement even when the tenant has breached the contract
except under extremely limited circumstances. Investors may
consider executing fixed term leases to protect their rights and
interests and ensure predictability.
Section 5: Labour and employment
Chinese investors must be aware of various costs for operating
businesses in Japan, and labour costs are one of the key factors to
consider. There are many particularities of Japanese labour laws
and practice that Chinese investors should keep abreast of.

Restricted termination
Some claim Japan is more socialistic than China with respect to
the legal protection of employee rights, and there is some truth
to this. Traditionally, Japanese employees are hired by a company
with no fixed term immediately after college graduation, and
they get to work for the same company until their retirement age
(typically at 60 years old) (this practice is known
as the Permanent Employment System). The
In order to allow businesses in Japan to operate
Japanese labour laws, initially provided in court
more cost-competitively, the Abe administration
precedents but later codified into law, protect this
traditional and prevalent labour practice. Most
is contemplating introducing the “white collar
typically, even if an employer is contractually
exemption” system
entitled to terminate a labour contract, a termination without “an objective and logical reason
real estate properties and may have different owners, which may based upon social convention” will be considered “abuse of termination rights” and held invalid and void. Many fired employees
lead to complicated legal consequences when investing in them.
All Japanese real estate property is registered in the national in Japan file lawsuits on this ground. The judgments are made
real estate registration system, with all details of the real estate on a case-by-case basis but often ruled in favour of employees.
and any subsequent collateral and other interests. Any party may To avoid uncertainties involved with disputes, many employers
obtain copies of the registration book to access these details. choose to make extra severance payments and mutually terminate
As the Japanese real estate registration system is old, some land labour contracts.
In principle, employers are required to pay a minimum of
(and, in some cases, buildings) may have a long history of chains
of transfer of ownership and/or other interests between various 25% of overtime if employees work for more than 40 hours in
parties. Effective due diligence is necessary to ensure the invest- a week, excluding managers. 25% seems small, but due to the
Japanese practice of working long hours, employers may incur
ment is free from any legal issues.
substantial overtime costs. Work hours should therefore be
Protection of tenants
properly managed and recorded. In order to allow businesses in
Japanese real estate laws provide a greater protection of tenants. Japan to operate more cost-competitively, the Abe administration
As revenue from a purchased real estate property is, in most is contemplating introducing the “white collar exemption” system
cases, realised by renting out to residents or business operators, where no overtime charge will be necessary for certain non-managers who satisfy certain requirements.
investors should be aware of the applicable rules.

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China Outbound Investment Guide 2015

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日本

日本
若江悠
長島•大野•常松律師事務所

日之間有着很強的經濟紐帶,但直至最近,跨境投資一直偏
於單方向。自上世紀七十年代末中國開始改革開放和中日恢
復雙邊外交關係之後,大量日本公司對中國多個行業進行了投資,
大大促進了中國隨後數十年直至現今的工商業增長發展。目前,有
超過兩萬家日本公司在中國投資經營,直接或間接地為中國創造了
數以千萬的就業崗位。相對於日本對中國投資的龐大數量,中國公
司對日本的投資,無可否認,數量少很多,不成比例。
現在,我們正看到中國在全球的投資出現了一個浪潮。傳統
上中國對外投資是在非洲和拉丁美洲這類發展中地區,但最近也
進入了發達的經濟體,包括美國、歐洲和日本。這個勢頭反映了
中國通過國內的經濟成長積累了大量的資本,對海外市場的經濟
成長和利潤潛力有了更大胃口。中國的法律和政策也因應此需求
作出了調整,對境外投資實行了更簡化和便利的程序。
中國投資者也開始或者計劃對日本投資。由於中日是世界三
大經濟體中的兩個,潛力巨大,而且日本有着可以吸引並且適
合中國各類投資者的投資領域(以下將簡要討論),因此,更
多的中國投資應該接踵而來。
有人說,中國投資者在日本進行收購會遇到很大困難;出於
政治和文化方面的顧慮,日本被收購對象可能不歡迎中國投資
者。雖然此類說法不應全然不顧,但應該注意到最近出現了另
外一個現象,就是訪日中國遊客數量直線上升,他們到訪很多
地方,購買大量日本商品回國。我們可以預期,通過他們對日
本以及日本商品的親身體驗,中國的決策者會認識到日本不僅
是理想的旅遊目的地,也是理想的投資對象。另一方面,日本
商界以及日本各地城市都很歡迎中國遊客,推出多種舉措吸引
他們來旅遊和消費。日元貶值,中國投資者的投資胃口,日本
公司的資本需求和增長機會,以及安倍政府的親商政策和引入
境外投資措施(例如逐步實施中的公司稅削減),可引導中日
投資環境進入同樣的模式。日本的法律制度健全,對外國投資
限制幾乎沒有,這也對今後的中國投資有積極作用。

第一節:主要投資領域
以下是中國投資者在日本可能感興趣的一些主要領域。中國投資者
應根據自己的需求和專長作出判斷,尋找適合自己的投資目標。
房地產:很多中國投資者認為中國的房地產價格過高,從而
將目光轉向海外。在上世紀九十年代的泡沫經濟破滅之後,日
本房地產價格已經處於低位,而且非常穩定。很多人樂觀期待
着未來的升值,特別是2020年東京奧林匹克運動會之前的升值。
高品質產品和服務:日本有着世界上其中一個最成熟的消費
者市場,這使很多日本商家能夠改善和提升其產品和服務,以
滿足消費者對高品質產品和服務的需求。隨着中國消費者市場
的成熟,在消費品行業裡收購日本公司可能有助於中國企業。
長者需求:隨着中國社會的迅速老年化,生命科學領域(尤
其是醫藥和醫療設備行業)和護理行業將大有前景。日本在數
十年前已經進入老年社會,因此,很多日本公司在這些領域裡
提供優良的產品和服務。
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環保:中國現在終於要優先保護環境。日本在上世紀七十年
代有過嚴重的環境問題,自此,很多日本公司努力通過技術創
新和改良,以高成本效益的方法來解決這些問題,這對中國也
是非常有用的。

第二節:對外國投資的限制
在中國大陸習慣了外國投資者被嚴厲監管的中國投資者,會驚
訝地得知,他們在日本投資時只會面對很少的限制和程序要
求。同時,日本有一些適用於投資者的特殊規定。首先,日本
對外國投資的監管遵循了“負面清單”模式,該模式也為上海
自由貿易區所採用(而且將會被新擬議的《中華人民共和國外
國投資法》採納)。第二,公司法規簡單,允許投資者在投資
方式方面有一系列選擇。第三,日本的房地產和勞動法與中國
的差別很大。

具體法規下的限制
日本法律一般不禁止或限制外國投資者(包括中國投資者)進
行投資,只有很個別的行業例外,例如在廣播或航空行業,外
國投資者持股受到具體法規的限制,不得超過規定的比例(廣
播業是20%,航空業是三分之一)。
外匯管制和報告義務
在大多數行業,中國公司只需要遵守外匯法律法規規定的事後報
告義務。當中國投資者在日本設立新公司或購買日本公司的股
票,該交易將一般構成日本《外匯和外貿法》規定下的一項境內
直接投資,必須自交易之日起十五天內向政府當局提交一份表格。
但是,某些行業的境內直接投資會觸發事前通知義務,在
這種情況下,投資者需要將計劃進行的交易通知政府,並等待
三十天之後才可實施交易。等待期可獲延長至四個月,在此期
間,有關當局將逐項審議有關交易,如果發現交易對國家安全
不利或有其他不妥,可拒絕批准該項交易。另一方面,如果政
府認為沒有必要進行實質性審查,等待期也可縮減,一般減至
兩星期(某些情況下甚至減至五個工作天)。
需要事先通知的行業包括:
(1) 國家安全相關行業(也包括產品可轉軍用的製造業);
(2) 公共秩序相關行業(例如電力、燃氣、供熱、電信、供水和
鐵路);
(3) 公共安全相關行業(例如疫苗生產和保安行業);
(4) 其他受監管行業(例如農業漁業、石油、皮革製造、航空和
海運)。

並購申報
另一方面,中國對日本企業投資,可能觸發日本競爭法下規定
的並購申報要求。原則上,如果適用,並購交易可能要經過一
個三十天等待期才可以進行。
2015年中國境外投資指南

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日本

第三節:公司結構和投資方法
設立公司
與中國管理外國投資的現行法規不同(但與擬議的《中華人民共
和國外國投資法》相似),日本的《公司法》統一適用於在日本
註冊的外資公司和本土公司。設立公司,一律要向地方的法務局
辦理註冊手續。不需要政府審批。
公司管治
在日本,“株式会社”(股份有限公司)是上市和非上市公司共同
採用的公司結構,而不再存在“有限会社”(有限公司),對此中
國投資者往往感到困惑。這並不代表日本的所有公司都被迫採
用適用於上市公司的嚴格監管條例(就如中國的股份有限公司
的情況一樣)。相反,《公司法》允許多數日本公司所採用的
股份有限公司形式有不同類型的公司結構。例如,公司不必有
董事會,董事人數可自由決定(如果有董事會,最少董事人數
是三名)。對於閉鎖性公司,董事和監事(任意設置)的任期
可延長至十年。之前,有異於中國的一個主要限制是,最少一
名“代表取締役”(大體相當於中國的“董事長”,但在日本
一家公司可以有數名“代表取締役”)必須在日本有住址。不
過,這限制已在2015年3月份取消。
資本結構
日本的公司,無論是否上市,都可根據有關的規定發行不同類
型股份和股票期權。尤其是對閉鎖性公司進行投資時,投資者
能夠根據公司的資本需求、各個投資者的風險偏好和參與管理
程度以及其他因素,設計和採用最合適的資本結構。例如,厭
惡風險的投資者可要求獲得具有某些否決權的優先股份,而現
金開支較少的創辦者可獲得普通股和激勵其提高公司業績的股
票期權。這些證券的發行將涉及對公司章程的修改、董事會/股
東的決議以及《公司法》規定的其他手續。
我們建議中國投資者尋求有關日本公司法律的專業意見,與
日本律師密切協商之後才決定選用最佳的結構。

作者簡歷
若江悠
若江悠律師是長島•大野•常松律師事務所合伙人、
上海辦公室首席代表。他曾有數年在北京就職於一
家中國著名律師事務所,現在他主要處理並購、
金融以及一般公司法事宜等中國有關業務。若江悠
先生畢業於東京大學和哈佛法學院,英語和中文
(普通話)流利。他是雙語刊物《中國企業日本投資法務指南》
(2014年8月,中國政法大學出版社) 的聯席總編輯。

綜複雜的擁有權和其他權益轉讓歷史。要確保投資沒有任何法
律問題,必須認真做好盡職調查。

租戶保護
日本的房地產法律為租戶提供了較大的保護。在多數情況下,
由於投資者購買房地產是要通過向居民或商戶出租而取得收
入,所以應該了解適用的法律。
對於土地租賃,原則上租期必須是三十年以上,除非租戶長
期拖欠租金,否則土地出租人基本上必須予以續期。有一些特
殊類型的土地租賃,如果符合某些形式性和/或實質性要求,雙
方可以簽署固定租期的租約。
至於房屋租賃,租約規定的租期會短得多(一般住宅租約是
兩年期),但是,除非有諸如租戶長期拖欠租金這樣的理由,
否則業主實質上不可以拒絕續約。此外,根據法庭判例,即使
租戶違反了租約,除了在非常個別的情況下,業主還是不可終
止租約。投資者可考慮簽訂固定租期的租約,以保障其權益並
確保對將來的確定性。

第五節:勞動就業
中國投資者必須了解在日本經營業務的各種成本,而勞動成本
是要考慮的主要因素之一。日本的勞動法和慣例有很多特別之
處,是中國投資者應該及時了解的。

第四節:房地產
上述談過,中國投資者對日本房地產的胃口在急速擴大。在日
本,雖然房地產買賣一般來說是自由的,但投資者應考慮聘用
專業人員以確保房產上沒有任何擔保或限制,避免任何意外負
擔。
中國公司(包括在中國註冊的公司或中國公司擁有的日本公
司)在日本購買房地產(土地和房屋)是不需要政府特別批准
的。當然,日本有普遍適用於所有房地產投資者的法律法規,
例如《建築基準法》和《城市規劃法》,這些法律對房地產開
發和建設有若干限制。
在日本,一個重大區別是投資者對土地取得完全的所有權,
而不是像在中國那樣只能獲取及處置房地產的土地使用權。除
非《城市規劃法》或其他適用法規有限制,否則土地所有權人
可自由使用和處置其土地。此外,在日本,土地及其所附房屋
被視為獨立的房地產,可有不同的所有權人,因此,對這些房
地產的投資可能會有複雜的法律後果。
日本的房地產一律在國家房地產登記系統內登記,包括其全
部細節以及任何曾有過的擔保和其他權益。任何人都可以獲取
登記冊複印件,查閱這些細節。由於日本房地產登記制度歷史
悠久,有些土地(有時還有一些房屋)可能有着源遠流長、錯

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對勞動合同終止的限制
有人認為,在對僱員權益的法律保障方面,日本比中國還社會
主義,這個說法是有些依據的。傳統上,日本僱員從畢業起就
無限期地受僱於一家公司,並會在同一家公司工作至退休年齡
(一般是六十歲)(這個慣例被稱為“終身僱傭制”)。日本
的勞動法規最初來自法庭判例,後來被編纂成為法律,這些
法律保護上述傳統和普遍的僱傭慣例。在多數情況下,即使合
同規定雇主有權終止勞動合同,但是如果沒有“一個符合社會
習俗的客觀和合理的理由”,終止合同會被認為是“濫用終止
權”,因而被認定無效。在日本,很多被解僱的僱員以此為由
訴上法庭。法庭判決會根據具體情況分別作出,但經常是偏向
僱員的。為了避免爭議引起的不確定性,很多雇主寧願支付超
額解僱金,由雙方終止勞動合同。
原則上,如果僱員(經理人員除外)每週工作超過四十個
小時,雇主必須支付至少25%的加班費。這個比例看似不高,
但是日本有超時工作的習慣,雇主可能會負擔很高額的加班費
用。因此,工作時間應該適當加以管理和記錄。為了讓日本商
家的經營成本更具競爭性,安倍政府正在計劃引進“白領例
外”制度,使雇主不必向某些符合若干規定的非經理僱員支付
加班費。

www.chinalawandpractice.com

Nigeria

Nigeria
Tiwalola Okeyinka
ÆLEX
Section 1: China outbound investment (COI)

Section 2: Investment vehicle

What are the key sectors in your jurisdiction that attract, or
to which the government is seeking to attract, COI? Is the
government generally supportive of COI? Which government, and regional, bodies are responsible for driving COI in
your jurisdiction?
The Nigerian government is generally supportive of investments from China. In fact, Nigeria currently has several bilateral
agreements and memoranda of understanding (MOU) with the
People’s Republic of China. The key sectors which are subjects
of these agreements include infrastructure (public), oil and gas,
power, agriculture, communications and tourism.
The bilateral relations between Nigeria and China are mostly
facilitated by the Federal Government and the Ministry for Trade
and Investment, with the President taking the lead and with
support from states governors and relevant ministers.
Some of China’s current investments in Nigeria include:

What are the most common legal entities and vehicles
used for COI in your jurisdiction? How long do they take
to become operational? 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)?
If a foreign company wishes to do business in Nigeria directly,
without investment in an existing entity, it is required by law to
first incorporate a separate legal entity in Nigeria for that purpose,
by registering with the Corporate Affairs Commission (CAC).
Certain categories of foreign companies may, however, apply
to the President of Nigeria for exemption from local incorporation. These are:

1. Development of 110 villas near the Lekki Free Trade Zone
by the Chinese Civil Engineering Construction Corporation
(CCECC). The project was announced in 2013, in addition to
a further commitment of about US$1 billion for more projects
in Nigeria.
2. In July 2013, the China Development Bank (CDB) signed
a US$100 million facility agreement with the First Bank
of Nigeria in order to boost lending to small and medium
scale enterprises in the country and stimulate the Nigerian
economy.
3. The Federal Ministry of Trade and Investment (Nigeria) and
the Sanshui District Bureau of Economy, Science and Technology Development Promotion in China signed an MOU
in 2013 to facilitate the transfer of skills and technologies,
including a trade cooperation agreement between many of
the factories in Nigeria and the industrial park within the
Sanshui Economic Development Zones.
4. In 2013, Unicontinental International Engineering Company,
a Chinese mining company, signed a multi-million dollar
joint venture agreement with a Nigerian company, Multiverse plc to commence work on new mining projects in the
country. The joint venture plans to build quarries that would
supply granite and minerals to support infrastructure projects
across the country.
5. In 2013, a US$20 billion MOU was signed between Power
China and the Ministry of Power to generate 20,000 megawatts
of electricity for Nigeria.

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(a) foreign companies invited to Nigeria by or with approval
of the federal government to execute a specified individual
project;
(b) foreign companies executing individual loan projects on
behalf of donor countries or international organisations;
(c) foreign government-owned companies engaged solely in
export promotion activities; and
(d) engineering consultants and technical experts engaged in any
individual specialist projects under contract with any of the
governments of the federation, their agencies or other bodies
where the contract is approved by the federal government.
A company may be incorporated as either a private or a public
company in any of the following forms:
(a) company limited by shares, which is a company having the
liability of its members limited to the amount, if any, unpaid
on the shares held by them;
(b) company limited by guarantee, which is a not-for-profit entity
having the liability of its members limited to the amount that
they have undertaken to contribute (or guarantee) in the
event of the company being wound up; or
(c) unlimited company, which is a company not having any limit
on the liability of its members.
For the purpose of registration with the CAC, there are no
residency or nationality restrictions with respect to shareholders
or directors of the company. As such, all of a company’s shareholders and directors can be foreign persons or entities.
The registration of a company with the CAC will usually take
about one to two weeks. Post-registration filings include:
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Nigeria

Registration with the Nigerian Investment Promotion Commission
A company with foreign shareholding is required to register with
the Nigerian Investment Promotion Commission (NIPC), especially where the company may in future seek pioneer status or
require other services from the NIPC.
Business permit
A company with foreign shareholding is required to register with
the Ministry of Interior and obtain a business permit. A business
permit is a permanent approval granted to a company with
foreign shareholders to carry on business in Nigeria. To qualify,
the company must have a minimum share capital of NGN10
million (Rmb330,000).
Tax registration
All companies are expected to register at the relevant tax office for
income tax purposes. They are also required to register for Pay as
You Earn (PAYE) and value-added tax (VAT) purposes within six
months of incorporation.
Upon registration, a tax identification number (TIN) and VAT
registration number will be allocated to each registered company.
These numbers must be inserted on all the company’s invoices.
Registration for corporate tax and VAT may take up to two weeks
and obtaining a Tax Clearance Certificate may take another two weeks.
Immigration
• Expatriate quota
An expatriate quota is the permit granted a company to employ
expatriates to specifically approved positions. Companies wishing
to obtain expatriate quota are required to apply to the Ministry of
Interior in the prescribed form.
The quota may either be granted as “Permanent until
Reviewed” (PUR) or for a renewable term, usually of two to three
years at each instance. The PUR is usually granted with respect to
the chief executive position in the company.
One of the functions of the Ministry of Interior is to monitor
the execution of the quota positions granted in order to ensure
effective transfer of technology to Nigerians and the eventual
indigenisation of the positions occupied by the expatriates.
Emphasis is therefore placed on employing Nigerians to understudy the foreign experts and acquire relevant skills for the
eventual take-over of the expatriate quota positions.
Processing expatriate quota approvals can take about 10-12
weeks. The application is usually processed simultaneously with
that of the business permit.
• STR visa and CERPAC
A foreigner who has been employed to take up an expatriate quota
position would in the first instance require a Subject-to-Regularisation (STR) visa to enter Nigeria for the purpose of taking up
the employment. An STR visa may be obtained from the Nigerian
mission in the country where the applicant has been domiciled
for at least six months.
A foreigner with an STR visa is required to regularise his stay
in Nigeria by applying for and obtaining a Combined Expatriate
Residence Permit and Alien Card (CERPAC) from the Nigerian
Immigration Service within 90 days of his entry into Nigeria.
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Once the CERPAC is issued, the expatriate will be expected to
register his presence at the immigration office closest to his place
of residence or occupation.
• Temporary Work Permit
Temporary Work Permits (TWPs) are usually issued to expatriates invited by corporate bodies to provide specialised services,
such as after-sales installation, maintenance, repair of machines
and equipment and other services that require special skills or
expertise. It is issued by and obtainable only from the office of the
Comptroller General of Immigration at the Nigeria Immigration
Service Headquarters in Abuja.
The process may take between one and two weeks.
Section 3: Tax and grants
a. Are there tax structures and/or favourable intermediary tax jurisdictions that are particularly useful for FDI into
the country? Are there any reciprocal tax arrangements
between your jurisdiction and China?
Nigeria has signed a number of double taxation treaties with
countries including China. Residents of these countries enjoy a
preferential withholding tax rate of 7.5% on payments of interest,
rent, royalties and dividends that are subject to Nigerian taxation.
b. What are the applicable rates of corporate tax and withholding tax on dividends?
Corporate tax
The profits of a Nigerian company accruing in, derived from,
brought into or received in Nigeria are subject to income tax at
the rate of 30% of taxable profits.
Withholding tax
Where payment is due to a company or individual with respect to
goods or services supplied by the recipient or the payment is of a
dividend, interest on loan or rent, the payer is required to deduct
a portion of the payment by way of withholding tax and to remit
the tax withheld to the appropriate tax authority. The tax remitted
will be held by the tax authority to the credit of the recipient
concerned and be available for set-off against the income tax due
from the recipient.
The rate of withholding tax on dividends is 10%.
The tax withheld from a dividend, interest on loan or rent
is the final tax due from a foreign company or a non-resident
recipient of the payment.
The dividend (net of withholding tax) received by a company
out of the profits of another company are regarded as franked
investment income of the company receiving it and are not charged
to further tax. In the event that the dividend is redistributed to the
company’s shareholders and withholding tax is to be deducted
from it in accordance with the law, the company may set off the
withholding tax which it has itself suffered on the same income.
c. Does the government have any FDI tax incentive schemes
in place?
Yes. One incentive involves obtaining pioneer status. Under the
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Nigeria

Industrial Development (Income Tax Relief) Act of 1970, an industry
or a product may be declared a pioneer industry or product if (i)
the industry is not carried on in a scale suitable to the economic
development of Nigeria; (ii) there are favourable prospects of
further development; or (iii) it is expedient in the public interest to
encourage the development of the industry in Nigeria.
Pioneer status is granted to companies to encourage the development or establishment of an industry and to enable a company
in the industry or manufacturing a product to make a reasonable
level of profit within its formative years.
A company with pioneer status is entitled to a tax holiday of
three years which may be renewed for a further period of two
years. Dividends received by shareholders are also exempted
from withholding tax.
An application may be made by a company for the issue of a
pioneer certificate with respect to any industry declared a pioneer
industry, provided that the qualifying capital expenditure to be
incurred on or before production day is at least NGN10 million
(Rmb330,000).
Other tax reliefs and incentives include:
(a) Investment allowance: An investment allowance of 10% of
expenditure incurred on plant and machinery.
(b) Rural investment allowance: An allowance ranging from 5%
to 100% of capital expenditure incurred on the provision of
facilities such as electricity, water, tarred road or telephone for
the purpose of a trade or business which is located at least
20km away from the facilities.
(c) Research and development: Deduction of research and
development costs from taxable profits. The amount deducted
will not exceed 10% of the total profit of the company as
ascertained before any deduction is made.
(d) Tax reliefs and incentives applicable to specific sectors.
(e) Losses may be carried forward indefinitely.
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 Nigerian Investment and Promotion Commission Act (NIPC)

Author biography
Tiwalola Okeyinka
Tiwalola Okeyinka is a member of the corporate
commercial group at ÆLEX. Tiwalola’s main practice
areas are corporate commercial, intellectual property,
insurance, corporate governance and regulatory
compliance.
Tiwa advises on business entry requirements, including compliance
with the relevant regulations in Nigeria. Her work also involves the
protection of intellectual property rights, including trademarks, patents,
industrial designs and copyright, IP portfolio management and the
provision of franchising and licensing advice as well as legal solutions for
combating counterfeit products and parallel imports.
Tiwa has a law degree from one of Nigeria’s most prestigious
universities and was called to the Nigerian Bar in 2010. She is a member
of the Nigerian Bar Association and International Trademark Association
(INTA) where she also currently serves on the Issues Identification
Sub-Committee. She has attended a number of local and international
conferences and seminars.

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provides that the federal government of Nigeria will not acquire any
enterprises unless the acquisition is for a public purpose or in the
national interest and is done under a law that makes provision for:
(a) fair and adequate compensation; and
(b) a right of access to the courts for determining the investor’s
interest or right and the amount of compensation to which he
is entitled.
Save for the above, the nationalisation or expropriation of any
enterprise is prohibited.
Section 4: Forex controls and local operations
What foreign currency or exchange restrictions should
foreign investors be aware of?
The Central Bank of Nigeria (CBN) maintains general surveillance over the foreign exchange market. The principal law
regulating the foreign exchange market is the Foreign Exchange
(Monitoring and Miscellaneous Provisions) Act (FX Act) of 1995.
Pursuant to powers conferred under the FX Act, the CBN has
issued a Foreign Exchange Manual which is intended to guide
applications for foreign exchange transactions in Nigeria.
Foreign currency is freely obtainable on the Autonomous
Foreign Exchange Market (AFEM) subject to minimum documentation requirements. Transactions in the AFEM can be
conducted in any convertible foreign currency through authorised dealers (commercial banks).
The application and approval formalities in relation to foreign
currency payments/receipts are determined by the activity the
payment or receipt is for.
Import of investment capital
There are no prior approvals required to be obtained in order to
import foreign capital. Foreign capital may be imported into Nigeria
through accounts operated with any of the commercial banks in
Nigeria. It will be evidenced by a Certificate of Capital Importation (CCI), which is statutorily required to be issued by the bank
through which the capital is imported within 24 hours of import.
Repatriation of dividends, loan repayments and capital
Any person who invests foreign equity or loan capital in any enterprise in Nigeria and obtains a CCI is guaranteed unconditional
transferability of funds in freely convertible currency with respect
to:
• dividends or profits (net of taxes) attributable to the
investment;
• payments for the purpose of servicing a foreign loan; or
• the remittance of proceeds (net of taxes) and other obligations
in the event of sale or liquidation of the business or interest
attributable to the investment.
The CCI issued at the time of import of capital together with
the other relevant documents are required to facilitate the repatriation of dividends, loan repayments and capital respectively.
www.chinalawandpractice.com

尼日利亞

尼日利亞
Tiwalola Okeyinka
ÆLEX
第一節:中國境外投資
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?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?
尼日利亞政府普遍支持中國投資。事實上,目前尼日利亞與中華
人民共和國已簽訂多項雙邊協議及諒解備忘錄。這些協議涉及的
主要行業包括(公共)基建、油氣、電力、農業、通信及旅遊。
尼日利亞與中國的雙邊關係,主要由聯邦政府和貿易及投資
部推進,總統領導,州長及相關部長支持。
中國目前在尼日利亞的投資包括:
1. 中國土木工程集團有限公司在萊基自由貿易區旁發展110幢
別墅。項目於2013年公布,另在尼日利亞投放額外10億美元
進行更多項目。
2. 2013年7月,國家開發銀行與尼日利亞第一銀行簽署1億美元
的融資協議,提升該國中小企業借貸,刺激尼日利亞經濟。
3. 尼日利亞聯邦貿易及投資部與中國三水區經濟和科技促進局
在2013年簽署諒解備忘錄,推進科技轉移,包括尼日利亞多
家工廠與三水經濟開發區內工業園之間的貿易合作協議。
4. 2013年,中國礦業公司Unicontinental International Engineering
Company與尼日利亞Multiverse plc簽署合資企業協議,價值達
數億美元,在尼日利亞開展新採礦項目。合資公司計劃興建
礦場提供花崗石和礦物,支持尼日利亞的基礎設施項目。
5. 2013年,中國電力建設股份有限公司與尼日利亞電力部簽署
200億美元的諒解備忘錄,為尼日利亞提供20,000兆瓦電力。

第二節:投資工具
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?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)?
如外国 公司有意到尼日利亞直接開展業務,不投資於現有公
司,根據法規,必須先向公司事務委員會申請為此目的在尼日
利亞成立獨立法人實體。
以下類別的外國公司可向尼日利亞總統申請豁免在當地成立
公司,包括:
(1) 由尼日利亞邀請或獲聯邦政府批准推行指定獨立項目的外國
公司;
(2) 代表捐贈國家或國際組織執行個別貸款項目的外國公司;
(3) 純粹參與推動出口活動的外國政府擁有的公司;
(4) 參與個別專家項目的工程顧問和技術專家,而該工程合同是
與任何聯邦政府或其機構簽署的,或該工程合同是與其他組
織簽署但經聯邦政府批准的。
公司可成立為以下任何一種形式的私人或上市公司:
www.chinalawandpractice.com

(1) 股份有限公司,即公司成員的責任只限於其持有的股份未支
付的金額(如有);
(2) 擔保責任有限公司,即非營利性公司,其成員的責任只限於
公司清盤時他們承諾提供(或擔保)的金額;
(3) 無限責任公司,即公司成員承擔無限責任。
向公司事務委員會註冊,公司股東或董事沒有居民身份或國
籍限制。因此,公司所有股東和董事可以是外籍人士或實體。
向公司事務委員會註冊通常需時一至兩星期。註冊後所需備
案包括:
向尼日利亞投資促進委員會註冊
含外資股份的公司必須向尼日利亞投資促進委員會註冊,尤其
是公司日後會向尼日利亞投資促進委員會申請創新業務資格或
需要其他服務。
營業許可證
含外資股份的公司必須向內政部註冊,取得營業許可證。營業
許可證是向有外國股東的公司發出的永久性許可,在尼日利亞
經營業務。合資格的公司必須有1千萬奈拉(330,000元人民幣)或
以上股本。
稅務登記
所有公司必須在有關稅務機關註冊,以便徵收所得稅。在公司
成立6個月內,同時需要進行「依收入納稅」及增值稅註冊。
註冊後,註冊公司會獲編稅務識別號碼及增值稅註冊號。號
碼必須在所有公司發票註明。
企業所得稅及增值稅的註冊可需時兩星期,取得清繳稅務證
書或需另外兩星期。
出入境
• 外籍勞務配額
外籍勞務配額是公司獲許可聘請外國人擔任獲特別批准的崗位。
有意取得外籍勞務配額的公司必須以規定形式向內政部申請。
配額可以是“可檢討的永久性”或可續期,通常每次兩至三
年。“可檢討的永久性”通常發給公司總行政職位。
內政部的工作是監察配額職位的執行情況,確保有效地向尼
日利亞人轉移技術,最終令外國人擔任的職位本土化。重點是
尼日利亞人了解外籍專家,學習所需技巧,最終取代外籍勞務
配額的職位。
審批外籍勞務配額需時約10-12星期。申請通常與營業許可證
同時處理。

• 長期工作簽證及外籍勞務居留及永久居民聯合證
受聘擔任外籍勞務配額職位的外國人,首先必須取得長期工作
簽證入境尼日利亞受聘。長期工作簽證可在申請者居住最少6個
月的國家的尼日利亞使領館取得。
取得長期工作簽證的外國人必須定居尼日利亞,在入境尼日
2015年中國境外投資指南

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31

尼日利亞

作者簡歷
Tiwalola Okeyinka
Tiwalola Okeyinka 是ÆLEX律師事務所公司商業
事務組的成員。Tiwalola的主要業務領域為公司商
務、知識產權、保險、企業治理及合規。
Tiwa對業務准入要求提供法律意見,包括遵從
尼日利亞相關法規。她的工作包括保障知識產權,
例如商標、專利、外觀設計及版權、知識產權管理、提供特許經
營及許可建議,並為打擊假冒及平行進口貨品提供法律方案。
Tiwa持有尼日利亞其中一所最著名大學的法律本科學位,在
2010年獲認可為尼日利亞大律師。她是尼日利亞大律師公會、國
際商標協會的會員,也是新問題探討小組的會員。她多次參與本
地及國際會議及研討會。

利亞90日內,向尼日利亞移民局申請取得外籍勞務居留及永久居
民聯合證。
外籍勞務居留及永久居民聯合證發出後,外國人要向居住地
或工作地最近的移民局登記。

• 臨時工作證
臨時工作證一般會向企業邀請提供專業服務的外國人發出,例
如售後安裝、保養、維修機械設備和其他需要特別技巧或專長
的服務。臨時工作證只由阿布賈尼日利亞移民總局的移民局局
長辦事處發出。
有關手續需時一至兩星期。

第三節: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
接投資尼日利亞尤其有用的?您國家與中國之間有沒有任何相
互稅務安排?
尼日利亞與中國等多個國家簽訂雙重稅務條約。有關國家的居
民支付須繳納尼日利亞稅款的利息、租金、特許權使用費及股
息,可享有優惠預提稅率7.5%。
2. 企業所得稅和股息預提稅的適用稅率是多少?
企業所得稅
尼日利亞的公司在尼日利亞產生、獲取、進口或取得的利潤,
須徵收30%應付稅利潤的所得稅。
預提稅
如因收取貨物或服務須向公司或個人付款,或款項是股息、貸
款利息或租金,支付人須以預提稅的形式扣除一部分款項,把
預提稅款匯到相關稅務機關。所匯入稅款由稅務機關代收款人
持有,用以扣除收款人須繳付的所得稅。
股息預提稅稅率為10%。
從股息、貸款利息或租金扣繳的稅款,是外國公司或非居民
收款人須繳付的終期稅款。
公司從另一家公司利潤收取的股息(已扣除預提稅),視為該公司的
真實投資收入,不再收取額外稅款。如股息重新分配給公司股東,
依法規須扣除預提稅的,公司可從同一項收入中抵銷所繳預提稅。

3. 政府是否已設立外商直接投資稅務優惠制度?
是的,一項稅務優惠計劃涉及取得創新業務資格。根據1970年
的《工業發展(所得稅寬免)法》,一個行業或一件產品可視為新
興行業或產品,如(i)有關行業的運作規模不符合尼日利亞的經濟
發展;(ii)有望進一步發展;或(iii)在尼日利亞鼓勵發展有關行業
符合公共利益。
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2015年中國境外投資指南

給予公司創新業務資格,是鼓勵行業發展或成立,讓行業內
公司或產品生產在初期取得合理利潤水平。
取得創新業務資格的公司享有3年免稅期,並可延期2年。股
東收取股息免繳預提稅。
公司可對公佈為創新的行業申請創新業務證,只要在生產之日
或以前的合資格資本支出為1千萬奈拉(330,000元人民幣)或以上。
其他稅務寬免及激勵包括:
(1) 投資補助:投資補助為廠房和機器支出的10%。
(2) 鄉村投資補助:津貼為提供設施所涉及的資本支出的5%至
100%之間,例如電力、水、柏油路或電話,供距離設施最少
20公里的貿易或業務使用。
(3) 研究及發展:從應付稅利潤中扣除研究及發展成本。扣除的
金額在作出其他扣除前,不超過公司總利潤的10%。
(4) 適用於指定領域的稅務寬免及激勵。
(5) 虧損可無限結轉。

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。
《尼日利亞投資促進委員會法》規定,尼日利亞聯邦政府不會
收購任何企業,除非收購是為公共目的或國家利益,並按法規
完成和包括以下條文:
(a) 合理和足夠賠償;
(b) 向法院申訴的權利,以決定投資者的利益或權利,及其他有
權取得的賠償金額。
除上述外,不得把企業國有化或收歸國有。

第四節:外匯管制及本地經營
有什麼外幣或外匯限制是外國投資者需要注意的?
尼日利亞中央銀行對外匯市場維持普通監察。管理外匯市場的
主要法規是1995年的《外匯(監管及其他條文)法》。根據本法授
予的權力,尼日利亞中央銀行發出外匯手冊,指導尼日利亞外
匯交易的申請。
外幣可在自由外匯市場自由取得,只須符合少量文件要求。
自由外匯市場的交易可通過合格交易員(商業銀行)以任何可兌換
外幣進行。
外匯支出/收入的申請和審批程序,按外匯收入或支出涉及的
活動而定。
輸入投資資本
輸入投資資本不需取得事先批准。輸入投資資本的外國資本,
可通過尼日利亞的商業銀行帳戶進行。銀行依法發出資本輸入
証明,作為証明文件,使資本在24小時內輸入。
股息匯回、貸款返還及資本匯回
投資者以外國股權或貸款資本投資於尼日利亞企業,取得資本輸
入證明的,可在以下情況以自由兌換的貨幣,不受限制轉移資本:

• 投資帶來的股息或利潤(稅後);
• 償還外國貸款的款項;
• 在業務出售或清算或在分配投資利益時匯出款項(稅後)或其他
應付金額。
股息匯回、貸款返還及資本匯回須以輸入資本時發出的資本
輸入証明及其他有關文件進行。
www.chinalawandpractice.com

offshore

Offshore
Tim Prudhoe and Shaun Z Wu
Kobre & Kim

C

hinese business has an increasingly global perspective.
Companies such as Sinopec, Fosun and Anbang have
received widespread coverage in Chinese and worldwide media by
investing abroad and expanding business into overseas markets.
This phenomenon is not only the result of the macro-economic policy of the central government, but is also driven by the
need of the Chinese investors themselves for extensive resources
and capital, advanced technologies and management, broader
(and more international) brand recognition and new business
opportunities.
Section 1: China outbound investment (COI)

Development and Reform Commission (NDRC) came into effect
in May 2014. This further streamlined and simplified the regulatory scheme for COI and delegated significant regulatory power
to the NDRC’s lower levels.
According to the World Resources Institute, 68% of China’s
outbound direct investment stock in 2013 was in Asia. If one
extracted the potential flows to the offshore financial centres
(OFCs), the geographical distribution of China’s outbound
foreign direct investments stock varied materially. This shows the
significant role OFCs play in COI.
With the preferential treatment given under the Mainland and
Hong Kong Closer Economic Partnership Arrangement (CEPA)
and various policies promulgated by the central government to
facilitate communication with businesses in the mainland, Hong
Kong is usually the home to many direct holding companies of
mainland entities. However, Chinese investors’ needs for flexibility and confidentiality cannot always be fully satisfied with the
legal regime in Hong Kong. This is where the Caribbean jurisdictions step in and is why they have become such familiar aspects
of doing business into and now out of China.

Statistics show China’s current outbound investment is totalled
at US$660 billion. A whopping 60% of that investment is concentrated across Hong Kong, the Cayman Islands and the British
Virgin Islands (BVI). With COI expected to double to US$1.2
trillion within the next decade, these and other Caribbean jurisdictions will likely continue to be the favourite offshore financial
centres for use by Chinese investors.
Although the benefits of investing abroad are widely perceived
from within the PRC, an increasing number of Chinese investors Section 2: Investment vehicles and incentives
now realise that specific Caribbean issues arise if and when an
investor-related dispute evolves. As a result, an understanding of Of the several OFCs based within the Caribbean region, each is
the Caribbean dynamics of these investments is more important known to have a particular focus. The BVI, for instance, is the
than ever and, if properly managed, can retain many of the advan- world’s leading centre for company incorporations. According to
tages of Caribbean business structuring.
the BVI Financial Commission’s Statistical Bulletin for the third
Official statistics published by China’s
Ministry of Commerce (MOFCOM) show that
between 2004 and 2014, non-financial outbound An increasing number of Chinese investors now
direct investment grew from US$3.62 billion to
US$102.89 billion. China was ranked third in realise that specific Caribbean issues arise if and
the world in terms of foreign direct investment when an investor-related dispute evolves
(FDI) outflows by the United Nations Conference on Trade and Development for 2012 and
2013. The 2014 China Outbound Direct Investments Statistics quarter of 2014, the BVI has over 480,000 active companies. It
Bulletin by MOFCOM, the National Statistics Bureau and the is also a leading domicile for offshore trusts and hedge funds.
State Administration of Foreign Exchange is expected to be According to BVI authorities, more than 40% of the BVI’s financial
published in September this year, but the clear message is that service business comes from China and other Asian countries.
China’s investment outflows are expected to surpass its inflows Such is the market penetration that “BVI” is a general term used
for the first time.
to refer to the offshore companies in PRC and Hong Kong.
To encourage and facilitate Chinese investors going overseas,
Bermuda’s insurance and reinsurance business is highly
the regulations on outbound direct investments in China have regarded in the onshore world. Bermuda is the largest domicile
been updated since March 2009. In particular, the Measures for in terms of active captive insurance companies with a total of
the Administration of Check and Approval, and Record Filing 1,200 as of the end of 2014 and is continuing to see new captive
of Overseas Investment Projects promulgated by the National insurance businesses relocating to the area. The Cayman Islands
www.chinalawandpractice.com

China Outbound Investment Guide 2015

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33

offshore

The Cayman Islands have gone even further with the Confidential Relationships (Preservation) Law (2009 Revision) (CRPL)
which protects business activities by prohibiting the disclosure
of all confidential information arising during the course of a
professional relationship. However, the CRPL is not a blocking
statute as it contains a mechanism for information to be disclosed
in certain limited circumstances. These include to the police
and where an application is made under the CRPL to disclose
documents. Where disclosure is made pursuant to the CRPL
itself, the Cayman court will be careful to limit the manner in
which the documents can be used.
However, the reality of absolute confidentiality is diluted as
a result of various supra-national legislative initiatives. These
initiatives include anti-money laundering legislation requiring
trustees and other fiduciaries to report suspicious activity. In
both Hong Kong and Cayman, suspicious activity includes, for
example, where a client conducts a transaction
which is inconsistent with a customer’s known,
legitimate business or personal activities or with
One of the main attractions of establishing
the normal business for that type of account.
investment vehicles in the Caribbean is the ease
Anti-money laundering laws both in Hong Kong
with which they can be set up and administered
and Cayman are similar with respect to tippingoff and make it a criminal offence to disclose
information to the target of any investigation
Many offshore jurisdictions are now recognised and approved which is likely to prejudice that investigation into suspicions of
as domiciles for major stock exchanges in the world, which gives money laundering.
Chinese investors access to capital markets in the US, UK and
In addition, many OFCs have signed Tax Information
Hong Kong. The HKEx Fact Book for 2013 reports that, as of the Exchange Agreements (TIEAs). The Cayman Islands, the BVI,
end of 2013, Cayman companies represented 41% of companies and Bermuda have all entered into TIEAs with China. Under
listed on the Hong Kong Stock Exchange, while Bermudan this regime, information is provided in response to individual
companies represented 32%.
requests rather than a routine exchange of information.
The use of offshore vehicles also introduces greater tax effiThe current global initiative advocated by the G20 and
ciencies when compared with onshore jurisdictions. In many supported by the Organisation for Economic Co-operation and
instances, offshore jurisdictions are either tax neutral or have Development (OECD) to improve transparency will change the
signed double taxation treaties with China.
way TIEAs operate. A system of automatic or routine information
exchange is envisaged and will not only provide information on
non-compliance with tax rules but will increase voluntary comSection 3: Confidentiality legislation
pliance among non-resident tax payers. The initiative, which will
be implemented next year, has been gaining momentum in the
The rules regarding confidentiality and preventing public access offshore world and has been adopted by a number of countries
to information is another feature to which Chinese investors including Cayman, Bermuda, the BVI and the Turks and Caicos
gravitate. Information on shareholders in offshore jurisdictions Islands. Routine information exchange will start in October 2017
is not generally public, unlike in Hong Kong where the names and apply to accounts opened on or after January 1 2016.
and addresses of directors and shareholders are made available
for inspection to any person on payment of certain fees, unless
the court considers it amounts to an abuse of legal rights, under Section 4: Company registries
the new Hong Kong Companies Ordinance that came into effect
on March 3 2014.
The information that can be obtained about companies registered
The confidentiality regime existing in Caribbean OFCs remains in OFCs currently remains limited. The statutory requirements
for companies to file registers listing directors and shareholdone of the most significant attractions to Chinese investors.
Some – but not all – jurisdictions have their own “confi- ers are of little value to a third party enquirer who is seeking to
dentiality legislation” which precludes (by creation of criminal identify the individual owners of a registered company. Generally,
offences) access to information from service providers. The BVI the only documents that may be accessed are the Certificate of
has codified the common law duty of confidentiality in relation to Incorporation, the Memorandum and Articles of Association and
banks in the BVI Banks and Trust Companies Act, 1990 (Amended information confirming the identity of the company’s Registered
1995). The BVI must therefore rely on the common law in relation Office. Information as to the identity of the ultimate owners is not
accessible to the general public.
to non-banking professional relationships.
are known for investment funds and, according to the Cayman
Islands Monetary Authority, have more than 11,000 registered
mutual funds.
One of the main attractions of establishing investment vehicles
in the Caribbean is the ease with which they can be set up and
administered. A Cayman Islands or BVI company, for example,
takes only a few days to incorporate. Cayman’s laws allow investors
to operate investment funds through a number of vehicles, the most
commonly used being an exempted company, a segregated portfolio
company, a unit trust or an exempted limited partnership.
In the Cayman Islands, exempted companies may redeem or
purchase their own shares and operate as open-ended corporate
funds. An exempted company can also be established as a segregated portfolio company, which makes it possible to provide a
means for different groups to protect their assets when carrying
on business through a single legal entity.

34

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China Outbound Investment Guide 2015

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供竭力进取且无利益冲突的争议解决方案及法律意见。

• Bankruptcy & Debtor-Creditor Disputes
破产和债权债务争议
• International Judgment Enforcement &
Offshore Asset Recovery
国际判决执行和离岸资产追回

• Government Enforcement Defense
政府执法辩护
• Investigations & Monitorships
调查和监督
• Joint Venture & Partnership Disputes
合资企业和合伙企业争议
• International Arbitrations
国际仲裁
• Trusts & Estates Litigation
信托与财产诉讼
• Class & Derivative Actions
集体诉讼和派生诉讼

NEW YORK | LONDON | HONG KONG | WASHINGTON DC | SAN FRANCISCO | MIAMI | CAYMAN ISLANDS | BRITISH VIRGIN ISLANDS

offshore

Issues surrounding access to information were highlighted
recently, as Caribbean islands responded to the UK government
and the European Union’s initiative to create public registers of
legal and beneficial ownership information on overseas shell
companies and trusts.
The proposal, aimed at increasing transparency, was rejected
by a number of Caribbean islands. In early February 2015, BVI
officials announced the result of the public consultation that more
than 80% of BVI residents and financial services industry practitioners were against the proposal. Although the BVI government
has not yet officially said no to the creation of a public register, by
all indications, it will also reject the proposal. Public consultation
to adopt steps to improve transparency within the BVI’s existing
system is ongoing. The BVI government is yet to confirm when
this consultation is due to close.
The Cayman Islands government rejected the proposal stating
that Cayman’s existing regime already requires corporate service
providers to make this type of ownership information available to
law enforcement, tax and regulatory authorities. Cayman’s government has said that it will instead seek to enact legislation to
make the current process easier.
Turks and Caicos’ Premier Rufus Ewing responded to statements made by the UK Opposition Labour Party Leader, the Rt.
Hon. Edward Milliband, who charged UK Overseas Territories of
not complying with UK directives on creating public central registries of beneficial ownership. Premier Ewing emphasised that the
Island is in fact well regulated and compliant with global standards.
Section 5: Disclosure and evidence-gathering
tools
Where your client is actually the one seeking information, confidentiality of course may be unhelpful. Three types of discovery
orders are generally seen in the OFC offshore courts:
(i) a Norwich Pharmacal order, which allows information from a
third party that has innocently become involved with or has
facilitated another’s wrongdoing. Once an order is granted,
the third party must provide the applicant with full information including the location of assets and the identity of the
wrongdoers.
(ii) a Bankers Trust order, by which it is possible to obtain
information to identify the location of assets. For example,
the order can be used to obtain account information from
financial institutions in support of proceedings. An application for this order can only be made if a bank has funds
relating to a claim, there is strong evidence that fraud has been
committed and there is some urgency to the application.
(iii) orders used to assist in foreign bankruptcy proceedings.
Another route to obtaining information may be a court-tocourt request or “Letter of Request” (also sometimes known as
Letters Rogatory). The major OFCs are signatories to the Hague
Convention on the Taking of Evidence Abroad in Civil or Commercial Matters via their status as Overseas Dependent Territories
of the United Kingdom (including the BVI, Bermuda and Cayman).
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China Outbound Investment Guide 2015

Author biographies
Tim Prudhoe
Tim Prudhoe is a commercial litigator and arbitrator with
extensive experience in relation to international financial
centres. In addition to his work in the BVI, Turks & Caicos
Islands, Bermuda and several other offshore jurisdictions,
he also undertakes work in the English courts as a
barrister. His unique combination of onshore and offshore trial experience
is especially suited to multi-jurisdictional disputes, specifically involving
insolvency and fiduciary disputes.
Tim is a frequent speaker at conferences both in the Caribbean and
elsewhere, where he lectures on a wide range of topics including prejudgment injunctive relief, directors’ and other fiduciaries’ duties. He has
served as chair of judges in respect of the Society of Trusts and Estates
Practitioners (STEP) Caribbean Conference industry awards and has
been on the steering committee for the STEP Caribbean Conference
for several years. He is an author for the main work of Gore Browne on
Companies (chapters on non-standard incorporations and annual returns
for companies: both evolving fields).
Prior to joining Kobre & Kim, Tim was based in the Caribbean where
his work spanned the major offshore financial centres, representing
clients across a wide range of jurisdictions in disputes involving
contentious insolvency, commercial litigation and arbitral disputes relating
to the fiduciary and financial services industries.
Shaun Z Wu
Shaun Wu is an experienced attorney who focuses on
international litigation and arbitration, regulatory and
internal investigations as well as the enforcement of
high-value awards and judgments in complex, crossborder cases. He has particularly in-depth experience
working with Asia-based clients, and especially on China-related matters.
Shaun has acted in a range of international disputes involving
governments, state-owned enterprises, multinational corporations and
high net worth individuals, including litigation and arbitration under the
major arbitral rules (ICC, LCIA, HKIAC, SIAC, JCAA, UNCITRAL). He
is admitted to the Chartered Institute of Arbitrators (CIArb) and the
Hong Kong Institute of Arbitrators (HKIArb), and has published widely
on international dispute resolution and cross-border enforcement.
In addition, Shaun has experience managing court litigations across
Asian jurisdictions as well as assisting clients in conducting internal
investigations and compliance reviews.
Prior to joining Kobre & Kim, Shaun practised at King & Spalding,
where he focused on international arbitration and cross-border dispute
resolution.

This means that a party may request, through its home court, the
assistance of a foreign government and/or court in obtaining the
production of evidence. Where disclosure is sought in the context
of an injunction in existing proceedings, the applicant seeking
information should be careful not to overlook the terms within an
underlying contract, such as the joint venture agreement or trust
instrument, as they may compel disclosure in certain instances.
Section 6: Dispute resolution
With COI expected to double in the next decade, OFCs such as
the Cayman Islands, the BVI, and Bermuda will continue to play
an important role in the resulting financial flows. The Caribbean
will continue to enjoy popularity in China due to factors such as
tax neutrality and confidentiality.
www.chinalawandpractice.com

offshore

As investments both into and out of China structured via the
OFCs continue to increase, it is inevitable that Chinese investors
will face similarly increasing numbers of disputes in the OFCs
themselves. The types of litigation already experiencing strong
growth include shareholder and joint venture disputes as well
as involuntary bankruptcy/insolvency as a dispute resolution
mechanism.
Last year saw a number of disputes in the Caribbean involving
offshore holding companies. These included:

which sometimes includes applications for the appointment
of (provisional) liquidators;
• beneficial owners’ rights and potential cause of actions against
trustee companies; and
• joint venture disputes involving one or more shareholders seeking to take control of the joint venture from other
shareholder(s).
In addition, the recent draft of the new PRC Foreign Investment Law reignited the discussion on the future of the variable
interest entity (VIE) structure, a creative design of contractual
arrangements that gives Chinese companies in the restricted
industries access to the foreign capital market. The proposed new
law introduced the standard of “actual control” when defining

• shares in a BVI company allegedly holding or associated with
Gaddafi assets;
• shares in a BVI company holding the second largest private
residence in London;
• shares in a BVI company allegedly owned
by a Ukrainian oligarch subject to a US$30
million debt liability in Russia; and
The recent draft of the new PRC Foreign Investment
• Cayman Islands companies owned by elusive
Law reignited the discussion on the future of the
tech tycoon William H. Millard who owed
taxes of more than US$100 million in the variable interest entity (VIE) structure
Commonwealth of the Northern Mariana
Islands.
“foreign investment” and seems to block the practice of VIEs by
These examples illustrate that disputes often require some defeating its purpose once it becomes effective. Depending on
how the final version and its interpretation end up, disputes are
element of asset recovery.
Chinese investors have been involved in the following types likely to arise from that aspect.
of disputes with an offshore element:
To be better prepared, Chinese investors need to first understand
that Caribbean jurisdictions are neither 100% protected bunkers
• an offshore construction project going sour;
against creditors or other stakeholders nor informational black holes
• control of holding companies or master funds in the for relevant government agencies. As discussed above, there are
Caribbean jurisdictions;
tools in the offshore jurisdictions to be deployed in order to obtain
• applying for or defending recognition and enforcement of information about offshore interests and assets, and there are official
foreign judgments or arbitral awards in the Caribbean courts, channels for government agencies to obtain such information.

www.chinalawandpractice.com

China Outbound Investment Guide 2015

>>

37

离岸地 区

離岸地區
Tim Prudhoe 和 Shaun Z Wu
高博金律師事務所

國企業越來越具有全球眼光。中石油、復星和安邦這樣
的公司通過境外投資和向海外市場擴張,受到中外媒體
廣泛關注。
這個現像不僅僅是中央政府宏觀經濟政策的結果,也是由於
中國投資者自己需要大量的資源和資金,先進的技術和管理,
以及更廣泛(而且更國際化)的品牌認知度和新商機。

第二節:投資工具和激勵因素

加勒比地區的幾個離岸金融中心各自有不同的側重之處,例
如,英屬維京群島是世界領先的公司註冊中心。根據英屬維京
群島金融管理局2014年第三季度公報,英屬維京群島有超過48
萬家經營中的公司。該國還是離岸信託和對沖基金的主要住所
地。根據該國有關當局統計,該國有超過四成的金融服務業務
是來自中國和其他亞洲國家。市場滲透程度之深,以致“英屬
第一節:中國境外投資
維京群島”已在中國和香港被普遍用來指離岸公司。
百慕大的保險和再保險業務是在岸市場所著稱的。百慕大是
統計數字顯示,中國目前的境外投資總額為6,600億美元。其中
多達60%集中在香港、開曼群島和英屬維京群島。在未來十年 自保公司的最大住所地,截至2014年底,共有1200家自保公司落
內,中國境外投資預期將翻一番,達到12,000億美元,上述這些 戶,而且仍有新的自保公司接踵而來,遷冊至百慕大。開曼群
地區以及其他加勒比海司法管轄地將很可能繼續成為中國投資 島則是以投資基金聞名,根據開曼群島金融管理局統計,有超
過11,000個共同基金在該地註冊。
者首選的離岸金融中心。
在加勒比地區設立投資工具,主要的吸引人之處是容易設立
雖然海外投資的好處在中國是眾所周知的,但是越來越多
中國投資者現在意識到,一旦發生投資爭議,就會涉及到某些 和管理。例如,在開曼群島或英屬維京群島,設立公司只需數
有關加勒比的問題。因此,對這些投資的加勒比地方特點的了 天。開曼群島的法律允許投資者通過多種架構營運投資基金,
解,比以往更為重要,同時,只要加以適當管理,就可以保持 最常用的是豁免公司、獨立投資組合公司、單位信託或豁免有
限責任合伙公司。
加勒比地區企業結構的很多優點。
中國商務部官方統計顯示,2004年至2014年間,非金融類對
在開曼群島,豁免公司可以贖回或回購本公司股票並以開放
外直接投資從36.2億美元增加至1,028.9億美元。2012年和2013年 式企業基金形式營運。豁免公司還可以設立為一家獨立投資組
合公司,這種方式可以使不同的集團在通過
單一的法律實體經營業務時能夠保護自己的
資產。
雖然海外投資的好處在中國是眾所周知的,但是越來越多中國投資者
很多離岸司法管轄地現在已獲世界主要的
現在意識到,一旦發生投資爭議,就會涉及到某些有關加勒比的問題
証券交易所承認和批准為公司住所地,中國
投資者可以由此進入美國、英國和香港的資
中國在對外直接投資方面獲聯合國貿易和發展會議排名世界第 本市場。《香港交易所市場資料2013》報道,截至2013年底,
三。中國商務部、國家統計局和國家外匯管理局的《2014年度中 開曼群島公司佔香港交易所上市公司41%,而百慕大公司佔
國對外直接投資統計公報》預期在今年9月才發表,但明顯的信 32%。
息是,中國的投資輸出預期將首次超過投資流入。
使用離岸工具,與在在岸司法管轄地註冊相比,也帶來更大
為鼓勵和便利中國投資者到境外投資,2009年3月發佈的中 的節稅效益。很多離岸司法管轄地是稅收中性,或與中國簽訂
國對外直接投資法規已經更新。尤其是,國家發展和改革委員 有雙重稅務協定的國家。
會發佈的《境外投資項目核准和備案管理辦法》在2014年5月生
效。這進一步便利和簡化了中國境外投資的監管制度,將很大
一部分監管權力下放到發改委的下屬機構。
第三節:保密法律
根據世界資源研究所統計,中國境外直接投資的存量有68%
在亞洲。如果撇除流向離岸金融中心的潛在投資,中國境外直 關於保密和防止信息公開的法規是吸引中國投資者的另一亮
接投資存量的地區分佈就非常分散。這表明離岸金融中心對中 點。在離岸司法管轄地,股東信息一般是不公開的,不同于在
國境外投資有重大作用。
香港,根據2014年3月3日生效的新版香港公司條例,任何人繳交
由於《內地與香港關於建立更緊密經貿關係的安排》給予 若干費用便可查詢董事和股東的姓名地址,除非法庭認為有濫
的優惠待遇以及中央政府發佈的旨在便利與內地企業交流的各 用法律權利之嫌。
種政策,香港通常是內地實體很多直接控股公司的設立地。但
加勒比地區離岸金融中心現行的保密制度仍然是對中國投資
是,香港的法律制度並不是經常能夠充分滿足中國投資者所需 者有最大吸引力的地方之一。
要的靈活性和保密性。這是加勒比國家可以補足的地方,也是
個別(但不是全部)的司法管轄地有自己的“信息保密法
為什麼加勒比國家已經成為中國境內投資以及如今境外投資中 律”,這些法律(通過設立刑事罪行)禁止他人從服務提供者
如此熟悉的一個環節。
取得信息。英屬維京群島在《1990年英屬維京群島銀行和信託公
38

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2015年中國境外投資指南

www.chinalawandpractice.com

离岸地 区

司法(1995年修訂)》中,將適用於銀行的普通法保密義務編纂
成法律。因此,對於非銀行專業服務關係,英屬維京群島要依
賴普通法。
開曼群島更多走一步,以《保密關係(保全)法(2009年修
訂版)》(CRPL)禁止披露專業服務關係過程中產生的所有保
密信息。但是,CRPL並不是一項禁止性法律,而是提供了一個
機制,允許在若干有限的情況下披露信息,包括向警方提供信
息,以及根據CRPL提出披露申請。如果根據CRPL本身作出披
露,開曼法庭將會審慎地限制文件使用的方式。
然而,由於有各種超國家的立法建議,絕對的保密實際上
並不能百分百實行。這些立法建議包括要求受託人和其他受信
人報告可疑活動的反洗錢法律。例如,在香港和開曼群島,可
疑活動包括客戶從事的交易與其已知的合法業務或個人活動不
相符,或與有關賬戶正常業務不相符。香港和開曼群島的反洗
錢法律對泄密的處理是類似的,凡是向任何被調查對象披露信
息,以致有可能妨礙該洗錢嫌疑調查,則屬刑事罪行。
此外,很多離岸金融中心簽署了稅務信息交換協議
(TIEA)。開曼群島、英屬維京群島和百慕大均與中國簽署了
TIEA。在這種制度下,信息是按個別要求提供,而不是例行的
信息交換。
目前由20國集團提倡並獲經濟合作與發展組織支持的改善透明
度的全球建議將改變TIEA的操作方式。該倡議設想了一個自動
或例行信息交換制度,不僅是就稅務違規行為提供信息,而且將
促進非居民納稅人自覺守規。將在明年實施的這個建議在離岸國

作者簡歷
Tim Prudhoe
Tim Prudhoe是一位對國際金融中心具有豐富經驗
的商事訴訟律師和仲裁員。除了在英屬維京群島、
特克斯和凱科斯群島、百慕大以及多個其他離岸司
法管轄地執業外,他還作為出庭律師在英國法院執
業。他具備獨有的在岸及離岸訴訟經驗,尤其擅長
處理眾多司法管轄地爭議和涉及清盤和信托的爭議。
Prudhoe律師經常在加勒比地區和世界其他地方的會議上發表
演講,演講主題廣泛,包括判決前禁令性救濟、董事及其他信託
責任。他曾在信託與遺產法律執業人員協會(STEP)加勒比會議
的行業評選時擔任評選團主席,並多年擔任STEP加勒比會議的指
導委員會成員。他是《Gore Browne論公司》的主要撰稿者之一
(關於“非標準公司設立和公司年度回報:兩個演變中的領域”
的章節)。
加入高博金律師事務所之前,Prudhoe律師常駐加勒比地區,
他的工作地域涵蓋主要的離岸金融中心,曾代表客戶參與很多司
法管轄地的爭議案,涉及破產、商事訴訟和與信托及金融服務相
關的仲裁爭議。

Shaun Z Wu
吳律師是一位經驗豐富的律師,專注於國際訴訟和
仲裁、監管和內部調查,以及在複雜的跨境案件中
執行高額仲裁裁決和法院判決。他與亞洲客戶的合
作經驗非常豐富,尤其是與中國有關的事務。
吳律師參與代理過一系列涉及政府、國有企業、
跨國公司和高資產淨值人士的國際爭議案,包括訴訟和主要仲裁規
則下的仲裁(國際商會、倫敦國際仲裁院、香港國際仲裁中心、
新加坡國際仲裁中心、日本商事仲裁協會、聯合國國際貿易法委員
會)。吳律師是英國皇家特許仲裁員協會(CIArb)和香港仲裁司
學會(HKIArb)的會員,多次獲邀就國際爭議解決和跨境執法相
關問題撰文或發表演講。此外,吳律師擁有豐富的經驗處理跨亞洲
司法管轄地的法院訴訟以及協助客戶進行內部調查和合規審查。
加入高博金律師事務所之前,吳律師在King & Spalding國際
律師事務所執業,專注於國際仲裁以及跨境爭議解決。

www.chinalawandpractice.com

家中越來越得到支持,並已經得到多國採納,包括開曼群島、百
慕大、英屬維京群島以及特克斯和凱科斯群島。例行信息交換將
從2017年10月開始,適用於在2016年1月1日起開立的賬戶。

第四節:公司註冊
關於在離岸金融中心註冊的公司,現時可以獲得的信息仍是有限
的。對於要查詢一家註冊公司所有權人的第三方而言,要求公司
提交董事和股東登記名冊的法定要求是沒有多大作用的。一般情
況下,可以獲得的文件僅僅是公司註冊證書、公司大綱、公司章
程和確認公司註冊辦事處身份的資料。有關公司最終所有者身份
的資料則不是對公眾公開的。
最近,由於英國政府和歐盟建議設立有關海外空殼公司和信
託的法定所有權人和受益所有人信息的公開名冊,加勒比各島國
對此作出了回應,因而有關信息公開性的問題受到了關注。
一些加勒比島國拒絕了這個旨在提高透明度的建議。2015年2
月初,英屬維京群島官員宣佈了公眾咨詢的結果,有超過80%的
英屬維京群島居民和金融服務業從業人員反對該建議。雖然英
屬維京群島政府還未正式對設立公開名冊的建議說不,但是從
各種跡象看來,它將會拒絕該建議。關於在英屬維京群島現有
制度內採取透明度改善措施的公眾咨詢正在進行中。政府還未
確認此項公眾咨詢何時會結束。
開曼群島政府拒絕了該建議,申明開曼現行制度已經要求公
司服務提供者讓執法、稅務和監管機構可以得到此類所有權人
資料。反之,政府已經表明將尋求通過立法使現行程序更容易
操作。
英國反對黨工黨領袖Edward Milliband指控特克斯和凱科斯群島
不遵守英國關於設立受益所有人統一公開登記名冊的指令,對
這項指控,該英國海外領土總理Rufus  Ewing回應強調該島國事實
上是監管良好和遵守國際標準的。

第五節:披露和證據收集工具
如果您的客戶是尋求獲得信息的一方,那麼保密規定當然沒有
幫助。離岸金融中心法院有三種普遍使用的證據開示令:
(1) Norwich  Pharmacal命令,此披露令要求無辜涉身於他人犯錯或
協助他人犯錯的第三方提供信息。一旦發出命令,該第三方
必須向申請命令的一方提供全部信息,包括犯錯一方的資產
所在地和身份。
(2) Bankers  Trust命令,此披露令使申請人有可能取得確定資產所
在地的信息。例如,可以用這種披露令從金融機構獲得支持
訴訟所需的賬戶資料。要申請此披露令,銀行裡必須有與申
訴有關的資金,而且出現了有人已進行欺詐的有力證據,此
外,申請還必須具有一定的緊急需要。
(3) 用來協助境外破產訴訟的披露令。
取得信息的另一個途徑可以是法院對法院的請求,或“請
求書”(有時被稱為委托書)。主要的離岸金融中心因其英國
海外屬地(包括英屬維京群島、百慕大和開曼群島)的身份成
為《關於從國外調取民事或商事證據的公約》的簽訂國。這表
示,當事方可以通過本國法院請求外國政府和法院協助取證。
在進行訴訟時,如果通過禁止令尋求披露,要求獲得信息的申
請人應小心不要忽略了有關合同裡的條款,例如合營協議或信
託文件裡可能有條款在某些情況下會強迫作出披露。
2015年中國境外投資指南

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离岸地 区

第六節:爭議解決
中國境外投資預期在十年內將翻一番,開曼群島、英屬維京群
島和百慕大這些離岸金融中心將繼續在由此而起的資金流裡發
揮重要作用。加勒比地區將憑借其中性稅務和信息保密性而備
受中國青睞。
隨着通過離岸金融中心進出中國的投資持續增長,中國投資
者在離岸金融中心遇到爭議的個案將不可避免地隨之增多。數
量已經大幅增多的訴訟包括股東和合資爭議,以及作為爭議解
決機制的非自願破產/清盤。
去年加勒比地區有些爭議案涉及離岸控股公司,其中包括:
• 一家被指持有或涉及卡扎菲的資產的英屬維京公司的股份;
• 一家持有倫敦第二大私人住宅的英屬維京公司的股份;
• 一家被指是一個烏克蘭寡頭政客擁有的英屬維京公司的股
份,該公司在俄羅斯欠下三千萬美元債務;
• 科技大亨William H. Millard擁有的開曼群島公司,Millard在北
馬里亞納群島自由邦欠稅超過一億美元。
這些例子說明了爭議案往往具有資產收還的成份。
中國投資者曾經捲入了下述類別具有離岸成份的爭議:

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2015年中國境外投資指南

• 受挫的海外建設項目;
• 在加勒比國家對控股公司或主基金的控制權糾紛;
• 在加勒比國家法院裡申請或抗辯外國判決或仲裁裁決的承認
和執行,有時包括申請委任(臨時)清算人;
• 受益人針對受託人公司的權利和潛在訴訟理由;
• 合營企業一個或多個股東尋求從其他股東取得企業控股權而
引起的爭議。
此外,最新的《中華人民共和國外國投資法》草案再次引起
人們熱議可變權益實體結構的未來,這種創新設計的合同安排
使受限制行業裡的中國公司能夠進入外國資本市場,然而擬議
的新法在定義“外國投資”時引進了“實際控制”的標準,一
旦生效,似乎就會使可變權益實體無法達到其目的,從而等於
禁制了可變權益實體的運用。視乎該法律如何最終定稿以及如
何解釋,在這方面可能會引起一番爭議。
中國投資者要準備得更充分,就需要首先明白加勒比司法
管轄地區既不是抵御債權人或其他權益持有人的銅牆鐵壁,也
不是有關政府機構無法進入的信息黑洞。如上所述,離岸司法
管轄地區存在一些工具,可用來取得有關離岸權益和資產的信
息,而政府機構也有正式的渠道取得此類信息。

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Switzerland

Switzerland
Dieter Gericke, Felix Dasser, Marcel Dietrich, Gregor Bühler, 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 entered into force on July 1 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 government 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. Furthermore, the Swiss
constitution stipulates a general limitation insofar that no more
than 20% of the total stock of residential units and the gross residential floor area in any commune can be used as a second home.
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).
Generally, 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. However, 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, several investors often join forces for
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41

Switzerland

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, 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?
Generally, 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:

offer is announced, the offer documentation must disclose the
relevant details of these transactions.
Transaction agreements: If an offer is recommended, the
bidder usually enters into a transaction agreement with the
target. The terms of such agreement are subject to review by
the TOB and must be disclosed in the offer prospectus. The
transaction agreement sets out: 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.

• Notification to the target and the stock
exchange if a bidder (directly, indirectly or in
concert with a third party) acquires or sells Usually, transaction agreements provide that the target
shares or equity-linked securities and thereby can withdraw against payment of a break fee if a
reaches, exceeds or falls below the thresholds competing offer is superior
of 3, 5, 10, 15, 20, 25, 331/3, 50 or 662/3% of all
voting rights in the target company;
• Listed corporations need to disclose, in their annual business
Mandatory offer: A person holding, directly or indirectly,
report, the identity of shareholders or organised groups of or acting in concert with another person, more than 331/3% of
shareholders with a beneficial interest of more than 5% in the the voting rights of a company with a primary listing on a Swiss
corporation’s shares, to the extent that the interest is known to stock exchange is required to submit a public tender offer for
the corporation; and
all listed equity securities of that company. A potential target’s
• In the context of a public offer for the shares of a listed articles of association may, however, provide for an opting-out
company, the bidder and all shareholders holding more (no mandatory offer obligation) or an opting-up (increase of the
than 3% of the voting rights of the target must report all triggering threshold to up to 49% of the voting rights).
acquisitions and sales of equity securities in the target and,
Minimum price rule: In case of a mandatory offer (including
if applicable, in the company whose securities are offered in offers that would exceed the triggering threshold), the offer price
exchange for the equity securities of the target.
may not be set below the minimum 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
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China Outbound Investment Guide 2015

• 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); or
• 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 the 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:
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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
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Homburger AG
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P.O. Box 314 | CH-8037 Zurich
T +41 43 222 10 00
F +41 43 222 15 00
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Switzerland

• Minimum acceptance threshold. The TOB requires that the
threshold not be unrealistically high also considering shares
already owned by the bidder. Typical thresholds are 67% in
solicited offers and 51% in unsolicited offers. In practice, most
offers reach acceptance levels of over 95%, thereby permitting
a squeeze-out of minority shareholders (starting at 90%).
• Merger control, regulatory (including regarding listing or registration of shares offered in exchange for the target’s shares)
or shareholder approval.
• Material adverse effect (MAC) conditions. The typically
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 those required to
comply with regulations, aimed 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 to 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, throughout the crisis, did fairly well. Since Switzerland has,
with the Swiss Franc, its own and traditionally stable currency,
the Euro crisis had limited effects on the economic climate for
Swiss companies, except that exports have been affected by weak
foreign currencies. Companies typically hedge against exchange
rate risks. In addition, the Swiss National Bank supported the
Euro if the exchange rate dropped below CHF 1.20 for 1 EUR
until January 15 2015. Together with the discontinuing of the
minimum exchange rate, the Swiss National Bank lowered the
interest rate on sight deposit account balances that exceed a given
exemption threshold to -0.75%.
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 the 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
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financial institutions are subject to scrutiny over reputation, compliance and sound business conduct, and financial institutions
under foreign control may require a special licence.
Banks and securities dealers: All banks or securities dealers
incorporated or having a place of business in Switzerland must
have a FINMA licence before starting operations. Qualifying
shareholders, like individuals 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 an individual 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 determines
listing admissions 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, incomplete,
incorrect or misleading information in the prospectus may trigger
prospectus liability of those responsible for the 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.
Once listed, the issuer is subject to ongoing obligations for
maintaining the listing. Such continuing obligations include (in
case of equity securities):
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Switzerland

• 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 a concentration which 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 which concerns this market
or an upstream or downstream or neighbouring market. Special
rules apply to insurance companies, banks and other financial
intermediaries.
Substantive test: The 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 investigation (Phase II – four months) as follows:

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• 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 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; or withdrawal of notification.
11. What have been the major recent developments in competition policy?
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 which entered
into force on December 1 2014. This agreement allows competition authorities to exchange information they have obtained in
their respective investigations. However, the exchange of information, according to the European Commission, is subject to
strict conditions for protecting business secrets and personal
data. The bilateral agreement foresees specific prerequisites for
information exchanges. As an example, without the respective
parties’ consent, both authorities have to investigate the same
or a related conduct or transaction and the receiving authority
can use the evidence only for the enforcement of its competition
rules. In addition, no evidence can be used to impose sanctions
on individuals. However, the agreement remains a purely procedural one 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.
On September 25 2013, China and Switzerland signed a
revised treaty, which entered into force on November 15 2014.
This treaty provides for maximum withholding tax rates of 5%
on intragroup dividends, 10% on interest and 9% on royalties.
The treaty with Hong Kong, which entered into force on
October 15 2012, provides for maximum withholding tax rates of
0% on intra-group dividends, 0% on interest and 3% on royalties.
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Switzerland

The revised treaty with Singapore, which entered into force on
August 1 2012 , provides for maximum withholding tax rates of
5% on intra-group dividends, 5% on interest and 5% on royalties.
With respect to Swiss taxes, these rates apply to the extent
that the Swiss taxes are not lower. In particular, they do not apply
to royalties since Switzerland does not levy any withholding taxes
on them. Further, Switzerland does not levy any withholding
taxes on certain types of interest, in particular, interest on intragroup loans or on loans that do not qualify as bonds or notes.

13. What tax advantages does Switzerland offer
for Chinese investors?
Switzerland offers relatively moderate corporate income tax rates
(depending on the region, i.e. state, between 12% and 24%) and
value added tax rate (8%). Interest expenses on loans from related
parties are deductible provided that they are in line with the thin
capitalisation rules and the arm’s length rules for related party
loans.
Switzerland unilaterally, irrespective of the application of any
double taxation treaty, exempts all the profit attributed to foreign
permanent establishments and foreign real estate from its tax
base.
In addition, the Swiss participation exemption regime applies
at the federal and regional levels to all Swiss resident companies
and permanent establishments of foreign companies that own
a qualifying participation in a subsidiary. The participation
exemption is granted regardless 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: Not only the income from participations but all income is exempt from regional and communal
corporation tax, if a company qualifies as a holding company.
At the federal level, on the other hand, a holding company is
an ordinary taxpayer at standard rates of 8.5% (7.8% before
taxes), but the participation exemption regime described
above applies to income from participations. Holding
company status is granted if the following requirements are
met: the main purpose of the company is the holding and
management of long-term financial participations in the subsidiary companies; at least two-thirds of either the assets or
the income is composed of or derived from participations;
and the company is not engaged in any commercial activity
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in Switzerland. There are certain differences in which activities are accepted by the regions. In general, management and
administration of the company itself is tolerated.
Mixed companies (trading, IP, etc.): A Swiss company or a
branch of a foreign company qualifies for the tax privilege of a
mixed company at the regional and communal level if it does
not engage in any commercial activity within Switzerland or if
it engages in such activities to only a small extent. In general,
at least 80% of the income must be derived from abroad and
at least 80 % of the expenses have to be foreign expenses.
Therefore, mixed companies are often used for international
trading, licensing and franchising activities. Swiss source
income is taxed at standard rates, whereas foreign source
income is only partially included in the Swiss tax base. Thus,
depending on the specific regional requirements, the specific
regional tax rates and the amount of Swiss source income,
the overall tax rates of mixed companies in Switzerland for
federal, regional and communal tax purposes vary between
8% and 11%.
State aid: Since Switzerland is not a member of the EU, it is,
in principle, not limited by the European prohibition on state
aid. However, Switzerland has introduced unilateral rules that
limit the application of state aid to certain regions that are
economically not well developed. Depending on the size and
the function of the newly established business, an exemption
of up to 50% from regional or communal income taxes and,
in specified areas, also from federal income taxes for a period
of up to 10 years, may be granted. Depending on the area and
the structure, the exemptions may even be extended after the
10-year period has lapsed.
Principal structures: Swiss principal companies of international groups can benefit from a special tax treatment
for federal income tax purposes. A principal company is a
company with several high-level employees that assumes risks
and responsibilities for certain activities, such as purchasing, research and development, manufacturing, distribution,
marketing strategy and logistics. Provided that the sales are
made exclusively through commission agents or limited risk
distribution companies of the group, the principal company
can reach a reduced Swiss tax base that results, in combination with the regional tax regime of the mixed company, in
tax rates as low as approximately 5 to 7%, depending on the
set-up and location.
No withholding tax on royalty income and certain types of
interest payments: see question 12.

In order to maintain a sustainable and advantageous tax
environment, the current consultation draft for a corporate tax
reform includes several measures replacing the regimes of the
holding company, mixed company, principal company and
finance branch. Among others, the consultation draft proposes
the introduction of a licence box regime as well as a notional
interest deduction. Moreover, a general reduction of the cantonal
corporate income tax rates is being considered. Some cantons
have already decided to decrease the tax rates. The new regulations are likely to enter into force in or after 2019. Overall, the
measures proposed under the corporate tax reform will further
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Switzerland

expand the spectrum of investors that can benefit from Switzerland’s favourable tax environment.
14. What exit mechanisms are in place in Switzerland and how will these affect investors when
they want to get their money out?

fabric designs) or three-dimensional (such as furniture) objects.
Protection is granted upon registration of the design in the design
register. In order to be eligible for registration, the design has to
be significantly new and distinctive from prior forms. Further, it
is required that the design is not exclusively owed to the technical
function of the relevant object. Protection is granted for an initial
period of five years and may be extended for four subsequent
periods of five years each.
Copyright protection is granted for works of literature and
art, such as books, paintings, architecture, photography, music
and computer programs. In general, only creations of the human
mind which are of individual nature qualify as protected works.
Registration is neither required nor possible; thus, protection
is granted upon the creation of the work without further steps
required. The author has the right for commercial exploitation and is further the holder of a number of moral rights (for
example, the right to be acknowledged as the author). Copyright

There are no restriction on, or approval requirements for, capital
transfers from Switzerland abroad. Generally, exits can take the
form of a sale of shares or assets, dividend payments, capital
reductions, liquidation, initial public offering (IPO), cross-border
merger or redomiciliation. Flows of funds may, however, also take
the form of advisory or management fees, royalties, payments for
supply or manufacturing and other commercial activities.
Switzerland does not levy any withholding tax on capital
gains from the disposal of the shares of a Swiss company. Only
if the Swiss company is a real estate company, a
regional capital gains tax may be due in the case
Generally, exits can take the form of a sale of shares
of the sale of the shares.
However, since Switzerland normally levies a or assets, dividend payments, capital reductions,
35% withholding tax on dividends, investments liquidation, initial public offering (IPO), cross-border
into Switzerland are usually structured in such
merger or redomiciliation
way that a double taxation treaty applies which
reduces this withholding tax. Many Swiss treaties,
including the one with Hong Kong, provide for 0% withholding protection expires 70 years (general rule) and 50 years (computer
programs) after the death of the author, respectively.
taxes on intragroup dividends.
An exit by way of redomiciliation is deemed to be a liquidaTrade secrets and confidential information are protected
tion for tax purposes and thus triggers corporate income tax and by various provisions of Swiss law. Civil law protection of trade
withholding tax on dividends (liquidation proceeds). The general secrets is most importantly addressed in the Swiss Act Against
principles apply including the participation exemption for equity Unfair Competition (UCA). The UCA makes it civil tort to entice
investments and the reduction of the withholding tax in cases of the workers, agents or ancillary persons to disclose or uncover
application of a double taxation treaty (see questions 12 and 13).
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
15. What protection is available for intellectual an act of unfair competition. Finally, the exploitation or discloproperty (IP) in Switzerland?
sure of manufacturing or trade secrets is deemed to be an act of
unfair competition and, thus, unlawful if such secrets have been
Swiss law provides for the protection of registered IP rights obtained in an unfair or otherwise unlawful way. Apart from the
(patents, trademarks and design rights) as well as unregistered IP legislation against unfair competition, other civil law provisions
also address the protection of trade secrets such as the statutory
rights (copyright, trade secrets and confidential information).
Patents are registered protective rights granted for techno- employment law, which stipulates confidentiality obligations.
logical inventions. Protection is granted upon registration in the From a criminal law perspective, the violation of certain provipatent register. An invention is only eligible for patentability if it is sions of the UCA related to trade secrets qualifies as a criminal
new compared to state of the art, as of the application or priority offence. Besides, the Swiss Penal Code (PC) penalises the betrayal
date, and if it is non-obvious to the man skilled in the relevant of a trade or manufacturing secret as well as the exploitation of
art. The patent is valid for a maximum duration of 20 years from such betrayal. Furthermore, industrial espionage is penalised
under the PC.
the application date.
Trademarks are registered protective rights that protect signs
Moving intellectual property to Switzerland may be ben(letters, words, numbers, designs, three dimensional forms, colour eficial from various points of view. First, Swiss tax laws offer a
combinations or sounds) or denominations in order to distin- number of attractive opportunities, such as the holding company
guish goods or services from one another. Protection is granted regime, special taxation of income generated by IP rights and no
upon registration of the trademarks in the trademark register for withholding tax on royalties (see questions 12 and 13). Second,
an initial period of 10 years. It may be extended for an unlimited Swiss contract law allows the parties a maximum of freedom to
number of subsequent periods of 10 years each.
agree on tailor-made agreements, such as licensing agreements.
Design rights are registered protective rights that grant pro- Third, the courts (including the Federal Patent Court) provide
tection for visible forms of two-dimensional (patterns, such as for an efficient and impartial enforcement against infringement
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47

Switzerland

Author biographIES
Dieter Gericke
Dieter Gericke is a partner and head of the corporate
and M&A practice team and of Homburger’s China
group. His practice focuses on cross-border mergers
& acquisitions, private equity, capital markets
(including IPOs) and finance. He advises on matters
of corporate law and securities regulations.
Felix Dasser
Felix Dasser heads the litigation and arbitration
practice team. He advises and represents companies
in international commercial disputes in litigation and
arbitration proceedings, as well as on white collar
crime and regulatory compliance. He also sits as an
arbitrator.
Marcel Dietrich
Marcel Dietrich is a partner in the competition &
regulatory and corporate practice teams, and in
the white collar and investigations working group.
His practice focuses on Swiss and European
competition and antitrust law as well as on
administrative law and regulated markets.
Gregor Bühler
Gregor Bühler is the deputy head of IP & TMT and
partner in the competition & regulatory practice
team. He focuses on intellectual property law,
information technology and unfair competition
law (advisory work as well as representation in
contentious matters).
Reto Heuberger
Reto Heuberger is a partner in the tax practice team.
He focuses on tax planning and the structuring
of M&A transactions, reorganisations, relocations,
investment management structures, family offices
and trusts.

of IP rights of foreign owners. Generally, Switzerland has a long
tradition of valuating and protecting innovations and IP 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 in the world.
Based on the latest statistics available, Switzerland takes second
place in the International Chamber of Commerce’s statistic of
venues. In the year 2013, Switzerland saw 94 new ICC cases,
versus 119 for France, 72 for the UK, 38 for the US and 33 for
Singapore. 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
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China Outbound Investment Guide 2015

international contracts is evidenced by its second position in
ICC disputes (15.6 % UK law, 10.1% Swiss law and 8.7 % US law,
according to the latest statistics).
Arbitration in Switzerland may be based on any set of rules
that the parties may choose. Apart from ICC rules, the Swiss
Chambers’ Swiss Rules for International Arbitration that are based
on the UNCITRAL Arbitration Rules are very popular. More than
two thirds of the parties arbitrating under the Swiss Rules are
non-Swiss, in line with the average percentage of foreign parties
in all international proceedings in Switzerland.
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 to do so, signed an FTA with China which entered into
force on July 1 2014. The FTA does not only improve mutual market
access for goods and services but also enhances legal certainty concerning the protection of IP 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 abolished
the remaining tariffs on Chinese industrial products. Likewise,
China dismantled its tariffs on Switzerland’s industrial exports,
either from the entry into force of the FTA or within periods
of five to 10 (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.
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Switzerland

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 GATS, China’s commitment in the FTA
contains additional sectors and improvements such as financial
services, environmental services, air transport 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 IP 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 trademarks, 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 Organisation (TRIPS) is extended to all products. 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

www.chinalawandpractice.com

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 investment or to obtain a trade advantage.
On January 8 2014, the bilateral agreement between China
and Switzerland regarding the illegal import and export of
cultural assets and the return of those entered into force. This
bilateral agreement regulates the trade of cultural assets as stipulated in the catalogue from the prehistoric times up to 1500 A.D.
Such cultural assets can be imported to the territory of a party if
the export regulations of the other party are properly followed.
China and Switzerland are currently in negotiations regarding
a reciprocal social security agreement. The goal of this agreement
is to regulate certain social security matters. As an example, individuals from China and Switzerland who are posted to work in
the other country will only be required to pay social security contributions in their respective home country.
On January 21 2015 the Swiss National Bank and the People’s
Bank of China (PBOC) signed a memorandum of understanding on the establishment of a renminbi Clearing Arrangement
in Switzerland. Furthermore, the PBOC decided to extend the
pilot scheme of Renminbi Qualified Foreign Institutional Investor
(RQFII) to Switzerland with a quota of Rmb50 billion. This
arrangement will promote the use of renminbi by enterprises and
financial institutions in cross-border transactions and will also
facilitate bilateral trade and investment.

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49

瑞士

瑞士
Dieter Gericke, Felix Dasser, Marcel Dietrich, Gregor Bühler, 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》,該協定在2014年7月1日生效。
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。此外,瑞士憲法訂下一般限制,
到目前為止,住房總存量及公社的總住宅樓面面積用於第二住
房不得多於20%。除了上市公司以外,收購以非商業性房地產交
易為法定或實際商業目的的公司股份,也必須經過批准。

實體)和最低股本10萬瑞士法郎(其中5萬瑞士法郎必須是實繳
股本)的法律實體。它必須在其住所地辦理工商登記,工商登
記並不列出公司的股東或其各自所持股份。重大決策需要股東
大會批准。公司由董事會或管理層管理。對股東、董事或管理
層無國籍要求。不過,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?
一般來說,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:

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)。一般來說,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
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2015年中國境外投資指南

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

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

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33 1/3 %的,必須提出
公開要約收購該公司的全部上市股份証券。不過,潛在目標公
司的公司章程可以規定“選擇免除”(沒有強制要約義務)或
“選擇提高”(將觸發強制要約的投票權界限提高,最高可至
49%)。
最低價格規則:在強制要約的情況下(包括會導致觸發界限
被超過的要約),要約價格不得低於最低要約價,該價格以下
述兩者之較高者為準:

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,直至2015年
1月15日,如果匯率跌至低於1.2瑞士法郎兌1歐元,瑞士國家銀行
便會支持歐元。再加上停止了最低匯率限制,瑞士國家銀行對即
期存款帳戶結餘超出指定豁免限制的,調低利息至-0.75%。
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個
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
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
多於20%、33%或50%的股東,必須在完成交
付一筆單方終止協議費
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。
收購條件:自願公開收購可設定先決條件,但這些條件必須
保險公司:如果個人有意直接或間接收購設於瑞士的保險(再
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 保險)公司的股份,收購後達到或高於保險(再保險)公司的10%
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 、20%、33%或50%股本或投票權的界限的,必須通知瑞士金融
條件得以滿足。經TOB批准,要約也可以設定後決條件,如果 市場監管局。
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
投資基金經理:合資格股東,即直接或間接持有基金經理公
如取得監管當局批准)。典型的條件包括:
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
• 最低接納門檻。TOB規定該門檻不得不合實際地過高,也必 的人或實體,須經瑞士金融市場監管局的審查。
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 9) 什麼政策適用於希望在瑞士資本市場上市的中國公司?
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 瑞士的受監管證券市場主要由SIX瑞士證券交易所組成(SIX)
或登記監管)或股東批准;
。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
• 重大不利影響條件。一般公認界限是扣除利息、稅項、折舊 考市場,連接着全世界的投資者、發行人和參與者。在SIX內
和攤銷之前利潤的10%,營業額的5%,或目標公司淨資產值 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
的10%。
券上市期間的義務。

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。

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2015年中國境外投資指南

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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,招股說明書內不完整、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。

開始。ComCo隨之須在一個月內通知當事人它是否展開深入
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
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?
2013年5月17日,瑞士聯邦委員會與歐盟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。該協定於2014年
12月1日生效。協定使競爭機關得以交換在各自調查中所獲取的
信息。不過,根據歐盟委員會規定,信息交換必須遵守嚴格條
件,保障商業秘密和個人資料。雙邊協定預見了信息交換將要
符合指定先決條件。例如,沒有雙方同意,兩方機關便要調查
相同或相關行為或交易,接收機關只能把證據用作執行競爭規
定。再者,證據也不得用於懲處個人。然而,該協定只是純程
序性的協議,並沒有對競爭法律提供任何實質性並軌措施。

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

有關企業在全球的合並銷售額最少達20億瑞士法郎,或在瑞
士的合並銷售額最少達到5億瑞士法郎;
其中最少有兩所有關企業在瑞士各自的銷售額達到最少1億
瑞士法郎。

不過,如果一家企業參與一項集中時,在《卡特爾法》下被
最終和有約束性地裁定它在瑞士的某個特定市場已經具有支配
性地位,而該項集中涉及該市場或其上游或下游或相鄰市場,
則無論上述營業額界限是否達到,通知責任都存在。保險公
司、銀行及其他金融中介機構適用特別法規。
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:

在一個市場內,該集中造成或加強一個支配性地位,能夠消
除有效競爭;同時
沒有導致另一市場的競爭情況出現任何改善,足以超越支配
性地位的不利影響。

程序(具有中止效果):《卡特爾法》區別初步調查(第
一階段 —— 一個月等待期)和可能進行的深入調查(第二階段
—— 四個月),具體如下:

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第一階段(初步調查):第一階段從收到完整通知以後翌日

2015年中國境外投資指南

瑞士與包括中國、香港和新加坡在內的90多個國家簽訂了雙重徵
稅協定。此外,瑞士與歐盟訂立了一項協議,對企業集團內股
息、利息和特許權使用費的支付給予免徵預提稅的待遇。
2013年9月25日,中國與瑞士簽訂了一項修訂協定,自2014年
11月15日起生效。該項協定規定企業集團內股息的最高預提稅
為5%,利息的最高預提稅為10%,特許權使用費的最高預提稅
為9%。
瑞士與香港的協定在2012年10月15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2012年8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,這些稅率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?
瑞士提供相對温和的企業所得稅稅率(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
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瑞士

雙重徵稅協定,都可享受股東免稅。瑞士沒有引進任何受控制
外國公司(Controlled Foreign Corporation)規則。取決於享受豁
免的是股息或是股份處置的財產收益,合資格的參股有不同的
界限。這些界限是:

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

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

地區性控股公司規定:如果公司符合控股公司資格,不僅
其參股收入而且其所有收入都豁免繳納地區性和社區性企
業所得稅。在聯邦層次,控股公司是普通納稅人,適用標
準稅率8.5%(稅前7.8%),但上述股東免稅制度適用於參
股所得收入。符合下述要求的公司具有控股公司地位:公
司的主要目的是持有和管理其在子公司的長期金融參股;
至少三分之二的資產或所得由參股組成或
來自參股;公司在瑞士沒有從事任何商業
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
活動。各地區接受的業務活動有所不同。
一般而言,公司本身的管理和行政活動是
本、清算、首次公開募股(IPO)、跨國兼並或變更註冊地等方式
可接受的。
• 混合公司(貿易、知識產權等):瑞士公司
或外國公司分公司如果沒有在瑞士境內從事商業活動,或只 15) 瑞士對知識產權有什麼保護措施?
參與很少的商業活動,便有資格享受地區和社區對混合公司
的稅務優惠待遇。一般而言,公司至少80%的所得必須來自 瑞士法律保護註冊的知識產權(專利、商標和外觀設計權)以
境外,至少80%的費用是境外費用。因此,混合公司通常用 及非註冊的知識產權(版權、商業秘密和保密信息)。
來進行國際貿易、許可和特許經營業務。瑞士來源的收入按
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
標準稅率徵稅,而外國來源的收入只是部分納入瑞士稅基。 保護。一項發明如果自申請或優先權日起,相對於最先進的產
因此,混合公司在瑞士聯邦、地區和社區稅務上的總體稅率 品而言是新穎的,而且對於本領域普通技術人員不是顯然的,
介乎於8%和11%之間,具體取決於各地區的特定要求、特定 便有資格申請專利。專利的有效期從申請之日起最長為20年。
稅率和瑞士來源收入額。
商標是對區別貨物或服務的標誌(字母、文字、數字、圖
• 國家資助:由於瑞士不是歐盟成員,在原則上它不受歐盟對 形、三維造型、顏色組合或聲音)或名稱授予的註冊保護性權
國家資助的限制。但是,瑞士已制定單邊規則來限制向某些 利。商標註冊後即受保護,最初有效期為10年,可續展,每次10
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 年,次數不限。
能,地區或社區所得稅可減免最多50%,在特定的地區,還
外觀設計權是對二維可視造型(圖案,例如織物設計)或三
可享受最長10年的聯邦所得稅減免待遇。視乎地區和結構, 維可視造型(例如傢具)授予的註冊保護性權利。外觀設計註
減免期甚至可以在10年期滿之後延長。
冊後即受保護。外觀設計要取得註冊資格,必須顯著新穎並且
• 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 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
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 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
承擔某些業務(例如採購、研發、製造、分銷、市場策略和 四次,每次5年。
物流)的風險和責任的公司。只要全部銷售都通過集團的委
版權保護是對文學藝術作品(例如書、繪畫、建築、攝影、
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 音樂和計算機程序)的保護。一般而言,只有人類個人智慧的
性稅務優惠,委託公司能夠將其瑞士稅基降至大約5%至7% 創作才是有資格受保護的作品。註冊不是必要的,且也是不可
,具體稅率取決於設立架構和所在地點。
能的;因此,作品自創作之時起就受保護,無須採取進一步措
• 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 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
題12。
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。
為維持可持續及有利的稅收環境,最新的企業所得稅改革徵
瑞士法律有各種規定保護商業秘密和保密信息。民法對商
求意見稿涵蓋了若干舉措以取代現行的控股公司、混合公司、 業秘密的保護在瑞士的《反不正當競爭法》(UCA)中得到明
主要公司及財務分支制度。其中,徵求意見稿建議加入許可格 確強調。UCA將引誘工人、代理人或附屬人員披露或洩漏其雇
制度及名義利息抵扣。此外,現正考慮降低整體州企業所得稅 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
稅率。一些州份已決定降低稅率。新規定相信會在2019年或以後 經許可擅自利用受委託工作的結果(例如招標、計算和計劃)
生效。總體上,企業所得稅改革建議的措施,會將受益於瑞士 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
的有利稅收環境的投資者進一步擴大。
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
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2015年中國境外投資指南

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53

瑞士

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二位。在2013年,有94宗新的國際商會仲
裁案件是在瑞士處理的,相比較,法國有119宗,英國有72宗,
美國有38宗,新加坡有33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15.6%,瑞士法佔10.1%,美國
法佔8.7%)中得到了證明。
在瑞士進行仲裁,可以採用當事方選擇的任何規則。除國際
商會規則之外,瑞士商會以UNCITRAL仲裁規則為依據的瑞士國
際仲裁規則也很受歡迎。選用瑞士規則進行仲裁當事方中有三
分之二是非瑞士當事方,與在瑞士進行的所有國際訴訟中的外
國當事方比例相當。
瑞士有着以有效、中立和專業的方式解決國際爭議的長久傳
統,能夠迎合國際企業人士、政府和運動員的需要。瑞士的仲
裁法律適應國際仲裁的需要,其中一個獨特之處是,仲裁裁決
遭到任何反對時,直接的和唯一的訴求就是請求瑞士最高法院
裁決。這個擱置程序一般需要6個月時間,被撤銷的裁決不足
7%。
如果不能夠仲裁怎麼辦?與其他司法管轄地的法庭不同,瑞
士商業法庭願意根據法庭自己對案件的強弱之處作出的表面評
估,協助當事方在法律程序的最初階段尋找一個合理的解決方
案。此外,當事方也不必擔心出現普通法司法管轄地常有的費
用昂貴的和影響進程的文件提交程序(沒有告知程序)。

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。該協定在2014年7月1日生效。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,瑞士廢除了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至10年期間內(在個別情況下為
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2015年中國境外投資指南

12或15年),中國便廢除對瑞士的工業出口產品的關稅。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。

作者簡歷
Dieter Gericke
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
是跨境並購交易、私募股權、資本市場(包括首次公
開募股)和融資。他就公司法和證券監管事項提供法
律意見。
Felix Dasser
Felix Dasser是訴訟/仲裁業務組的負責人。他在國際
商業爭議的訴訟和仲裁程序以及白領罪案和監管合規
事務中提供法律意見和擔任公司客戶的代表律師。他
還擔任仲裁員。

Marcel Dietrich
Marcel Dietrich是競爭監管和公司業務組以及白領罪
案/調查工作組的合伙人。他的業務重點是瑞士和歐盟
競爭和反壟斷法,以及行政法和受監管市場。

Gregor Bühler
Gregor Bühler是知識產權/電信、媒體及科技業務組的
副組長,以及競爭監管業務組的合伙人。他的業務重
點是知識產權法、信息技術和不正當競爭法(作為法
律顧問以及在訴訟中擔任代表律師)。

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

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瑞士

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1月8日,中國與瑞士簽署关于非法进出境文化财产
及其返还的雙邊协定生效,該協定監管目錄所列文化財產的交

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易,目錄涵蓋自史前至公元後1500年的文化財產。如一方符合其
出口規定,有關文化財產可進口至另一方。
中國與瑞士現正磋商一項對等社會保障協定,目的是監管若
干社會保障事宜。例如,中國個人與瑞士個人被調派到對方國
家工作,只需在本國繳付社會保障費。
2015年1月21日,瑞士國家銀行與中國人民銀行簽署合作諒解
備忘錄,在瑞士建立人民幣清算安排。另外,中國人民銀行決
定把人民幣合格境外機構投資者(RQFII)試點擴大到瑞士,投資
額度為500億元人民幣。這項安排有助推動企業和金融機構在跨
境交易使用人民幣,促進雙邊貿易及投資。

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55

Turkey

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

Bezen & Partners
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, COI?
As of December 31 2014 there were 41,398 companies in
Turkey which had foreign shareholders, 646 of which were
COIs. The number of COIs was 112 in 2003 which increased
to 540 at the end of 2013. This number gradually increased to
646 in 2014. The exceptional increase in the number of COIs
illustrates the dramatic increase in Chinese investors’ interest
in Turkey.
Chinese investors have a wide range of investment fields in
Turkey. They 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. Chinese investors have also focused on
commercial trading, manufacturing, hotels and restaurants, sales,
transportation, agriculture, maintenance and repair of motorised
goods, construction, telecommunications and the generation and
distribution of energy in Turkey.
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 or 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 where the government
is seeking to attract foreign direct investment (FDI), including
COI. If the target projects can be realised, they are expected to
generate a trade volume of approximately US$1 billion between
China and Turkey.
b. Is the government generally supportive of COI? Which
government, and regional, bodies are responsible for driving
COI in your jurisdiction?
Turkey attracted US$12.9 billion of FDI in 2013, a 38% increase
from the previous year. According to the United Nations Conference

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China Outbound Investment Guide 2015

on Trade and Development, Turkey, with an inbound FDI figure of
US$12 billion, is the 19th highest FDI recipient country.
The bilateral trade volume between Turkey and China reached
US$28 billion (Rmb175.2 billion). Also, statistics from the PRC
Ministry of Commerce shows that Chinese non-financial FDI
reached US$178 million (Rmb1.11 billion) in the first six months
of 2014. This is an increase of 47.2%.
In order 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 vehicle
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. 602 of the entities
which were incorporated by Chinese investors were limited
liability companies, whereas 44 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 (No
4875) (FDI Law) 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 is 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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BEZEN &

PARTNERS
Quotations
“Excellent on all fronts, Bezen & Partners are very responsive, have business acumen, understand the issues and are
good value for money.”
“Services of the highest level with timely responses, great experience and knowledge.”
“Exceptional value and quality consultancy in very complicated fields of law.”
“Clients are impressed with the group’s responsiveness, commerciality, intellectual resources and experience with
international clients.”
“The ‘response times and quality of advice given is excellent’ at Bezen & Partners, which is praised for its ‘intellectual
power’.”
“City training, high standard English, good response times and sound local knowledge”
Legal 500 EMEA Guide

Experience
Bezen & Partners advises a wide range of Asian clients including investors, sponsors and developers in transactional
matters as well as regulatory matters in the Turkish energy (particularly nuclear, coal and gas); manufacturing and
infrastructure markets.
Bezen & Partners’ partners have extensive experience in complex cross-border transactions, gained through their
employments in magic circle law firms and Turkish Governmental Authorities. Its lawyers come from various backgrounds.
All are either foreign educated (some are doubled qualified) and/or possess cross-border work experience. They are
known as commercially oriented lawyers who possess a business like approach.

Rankings

Practice Areas

Chambers Europe, 2014

Antitrust & Competition
Arbitration & Litigation

Band 2 in Banking & Finance
Band 2 in Projects & Energy
Band 2 in Corporate/M&A

Capital Markets
Corporate & Commercial
Energy

Legal 500, 2014

Finance

Band 1 in Projects & Project Finance
Band 2 in Banking, Finance and Capital Markets
Band 2 in Corporate and M&A

Mergers & Acquisitions

Infrastructure
Privatisation
Real Estate

www.bezenpartners.com
Sultan Selim Cd. Lalegül Sk. NEF 09 Plaza A Blok K.12 Sanayi Mah. Kağıthane 34415 İstanbul, Türkiye
*İstanbul *Ankara *Mersin

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
requirements for FDI. However, if investing into a Turkish entity,
the foreigner must notify the Ministry of Economy so that the
inflow of FDI 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/individuals 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.
While the FDI Law diminished any need to obtain an approval
for foreigners to make investments in Turkey, 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
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 (No
2634), the Petroleum Law (No 6491) or Industrial Zones Law (No
4737) can acquire real estate in Turkey.
Turkish companies controlled by foreign investors can acquire
real estate in the country 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 goods and services in a free and sound competitive environment in Turkey. In order to achieve this goal, the TCA carries out
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China Outbound Investment Guide 2015

antitrust reviews of transactions prior to their consummation if:
(a) the total turnovers of the transaction parties in Turkey exceed
YTL100 million (Rmb256 million), and turnovers of at least two
of the transaction parties in Turkey each exceed YTL30 million
(Rmb77 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 YTL30
million (Rmb77 million), and at least one of the other transaction parties has a global turnover exceeding YTL500 million
(Rmb1.28 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 notification 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 foreign investors in reducing the tax exposure of their investments, thereby giving investors more room for returns.
Incentive scheme
The Council of Ministers Decision (No 2012/3305) 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 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 as follows:
www.chinalawandpractice.com

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

Free zones*
Free zones are established pursuant to the Law on Free Zones (No
3218) for the purpose of promoting investment 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 (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.

SSP –
Employee
Support

Income tax
withholding

SSP –
Employee
Support

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 under Section 4a
above.

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 is a qualified solicitor in
England & Wales. She completed her training with and was
employed by a magic circle law firm’s London office from 2001 to 2007.

Organised industrial zones*
Organised industrial zones are established pursuant to the
Law on Organised Industrial Zones (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 zones 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).

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 estate
issues.

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.

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 any matters related to finance and corporate issues.

c. Does the government have any FDI tax incentive schemes
in place?
While certain additional deductions from the tax base are allowed
www.chinalawandpractice.com

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, M&A and employment issues.

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
any matters related to regulatory and real estate issues.

China Outbound Investment Guide 2015

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59

Turkey

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 FDI 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) is convertible into other currencies in the country. 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
capital of YTL100,000 (Rmb256,000) or a turnover or export
revenue in excess of the applicable threshold (YTL800,000 (Rmb2
million) for turnover and US$250,000 (Rmb1.56 million) for
export revenue) and the need to maintain a ratio of 1:5 foreign to
Turkish workers.
Provided the applicant meets the criteria, the process is
relatively straightforward with permits being issued on average
within four to six weeks of application.
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 signed a bilateral investment protection treaty
on November 13 1990 which came into force on August 1 1994.

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China Outbound Investment Guide 2015

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 what 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 (No 5718), unless:
• there is no (contractual or de facto) reciprocity between
Turkey and the jurisdiction where the judgement has been
awarded;
• the judgement relates to a matter which falls exclusively
within the jurisdiction of the Turkish courts;
• the party that 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.

www.chinalawandpractice.com

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2014年12月31日,土耳其有41,398家公司有外國股東,其中
646家屬於中國境外投資。中國境外投資的數目由2003年的112項
增加至2013年的540項,再緩升至2014年的646項。中國境外投資
的數目突增,顯示出中國投資者對土耳其興趣大增。
中國投資者在土耳其的投資類別多元化。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。此外,中國投資者在土耳其的投資焦點還
有商貿、製造業、餐飲酒店、銷售、交通運輸、農業、電動產
品維修、建築、電信和能源生產及分銷。
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。如完成目標項目,預計可為中國與土耳其
之間帶來約10億美元貿易量。
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2013年吸引了129億美元外國直接投資,比前一年增加
了38%。根據聯合國貿易和發展會議,在土耳其的直接投資為
120億美元,金額為接受外國直接投資國家的第19位。
土耳其與中國的雙邊貿易量達280億美元(1752億元人民幣)。
此外,根據中國商務部統計,在2014年首6個月,中國非金融類
境外直接投資為1.78億美元(11.1億元人民幣),增長47.2%。
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
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
www.chinalawandpractice.com

資。中國投資者註冊的公司中有602家是有限責任公司,而股份
有限公司只有44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/個人的名稱/姓
名以及投資金額。
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)。
《外國直接投資法》雖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,要進行行業間公司股權轉讓,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。
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。
2015年中國境外投資指南

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61

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

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
(2.56億元人民幣),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(7,700萬元人民幣);
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(7,700
萬元人民幣),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(12.8億元人民幣)。
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
助外國投資者減低稅務負擔,從而給予外國投資者更大的回報
空間。
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
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2015年中國境外投資指南

社會保障
金 – 員工
資助

所得稅
扣繳

社會保障
金 – 員工
資助

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。
請參見上述第四節(1)內匯總的鼓勵措施制度。
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)。
www.chinalawandpractice.com

土耳其

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)
可在國內兌換為其他貨幣。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(25.6萬元人民幣),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
(200萬元人民幣),出口收入的門檻是25萬美元(156萬元人
民幣),並且需要將外籍與土耳其員工的比例維持在1:5。
如果申請人滿足有關標準,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。

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。
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。

www.chinalawandpractice.com

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。

除了下列情況以外,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:

• 土耳其與作出判決的司法管轄地之間不存在(合同上的或實
際上的)對等關係;
• 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;
• 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。

2015年中國境外投資指南

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63

United Kingdom

United Kingdom
Simon Weller
Freshfields Bruckhaus Deringer 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, COI?
The UK government, through the UK Trade & Investment department, 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. Notable COI
in the UK includes:
(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;
(c) real estate, e.g. Dalian Wanda’s acquisition of a development
site on London’s South Bank; and
(d) nuclear, e.g. the proposed (and UK government approved)
joint investment by China General Nuclear Power Group
and China National Nuclear Corporation in a 30-40% stake
in the consortium developing the Hinkley Point C nuclear
reactor.
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 in 2013, 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

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). 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.
Joint ventures between Chinese companies and established
UK companies are often used to gain experience of working in the
UK, e.g. the Beijing Construction Engineering Group partnered
with Carillion, the British construction company, on the £800
million development of Airport City Manchester.

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
Joint ventures between Chinese companies and
requirements for directors of a UK company,
established UK companies are often used to gain
although there may be tax residency considerexperience of working in the UK
ations which affect the location of management.
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”.
In mid-2014, David Cameron and Premier Li Keqiang signed
trade deals worth £14 billion and the China Development Bank
signalled its intention to invest further in next generation nuclear
plants, the High Speed 2 rail link and telecommunications in the
UK.
UK Trade & Investment has the main responsibility for
driving foreign direct investment (FDI) in the UK. For COI
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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 failed bid by Pfizer for AstraZeneca (in May 2014)
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United Kingdom

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, particularly in the run-up to the UK general
elections in May 2015. 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:

and EU-wide revenue thresholds. The application of the concentration test is quite complex, but in general terms, a concentration
will arise where there is a pure merger between two or more firms
or where one or more firms acquires control in another firm. A
minority investment which does not confer any controlling rights
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 Commission has the power to impose financial penalties of up to 10%
of the aggregate turnover of the relevant parties to the transaction and to invalidate to mergers if the parties do not file before
closing.
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.

• 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 (CMA);
• defence and national security: the Secretary
of State has the power to intervene to ensure
The UK runs a voluntary and non-suspensory merger
that investments in these sectors promote the
control regime meaning that there are no penalties
public interest;
• banks and insurance companies: parties need for failing to file or for implementing the transaction
to have regulatory consent for any direct or
before clearance
indirect transfer of a controlling interest in
such companies - usually 10% or more of the
voting rights; and
The UK runs a voluntary and non-suspensory merger control
• companies that hold oil or gas licences: a change of control regime meaning that there are no penalties for failing to file or for
could result in that licence being revoked if the change of implementing the transaction before clearance. A large number
control prejudices the company’s ability to meet its licence of deals are, however, in practice pre-notified to give the parties
commitments, liabilities and obligations.
legal certainty since the CMA can investigate a deal whether
or not the parties have filed and can impose hold-separates on
A small number of UK companies still have “golden” shares completed deals.
conferring special rights to the UK State, for example companies
in the defence sector, but such rights are limited and may be d. Are there any unique processes that potentially could
unenforceable as a matter of EU law except in cases in which the block a foreign investment, e.g. consent from labour unions?
golden share is necessary to maintain national security.
While many employees in the UK are members of various trade
unions, there is no general statutory requirement to consult
c. Which authority oversees competition clearance, when is
with employees before undertaking an acquisition of shares in a
notification mandatory, and what is the merger clearance
company that has employees in the UK. However, asset deals process (including whether pre- or post-closing)?
unlike share deals - are likely to require an employee consultation
The COI may trigger a filing requirement under either EU or exercise where the employing entity of any employees will change
UK merger control regimes, but not both. This is because the or if the employment of any employees may be terminated as a
EU regime offers a one-stop shop for European merger control, result of the asset deal. A failure to carry out such a consultation
meaning that if the filing thresholds under the EU Merger Regula- exercise will not affect the validity of any transaction but could
tion (EUMR) are met, a single merger control filing will need to result in a significant award of damages against the seller and/or
be made to the European Commission and separate filings to the the purchaser.
Many UK companies have liabilities under defined benefit
EU member state authorities will not be required.
An EUMR filing will be required where the transaction pension schemes. The UK Pensions Regulator has a broad power
amounts to a concentration; and the parties meet certain global to require companies to financially support or contribute to
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China Outbound Investment Guide 2015

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65

United Kingdom

under-funded pension schemes of companies in their corporate
group. This can lead to large and unexpected liabilities for purchasers which acquire such companies. Accordingly, if there
is a pension deficit in the target group, a purchaser would be
advised to engage with the Pensions Regulator and the trustees
of the target company’s pension scheme before undertaking the
acquisition.
e. Are there approval requirements when a foreign investor
increases or exits its investments?
There are no approval requirements that are specific to foreign
investors increasing or exiting their 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?
The UK has one of the largest networks of double tax treaties and
agreements in the world, making the UK an attractive regime
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 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
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China Outbound Investment Guide 2015

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
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 at Peking University in 2013 (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
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United Kingdom

relaxation of the rules for visa applications for Chinese visitors
to the UK.
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
among commercial counterparties. This is due to its reputation
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 court judgment depending on the jurisdiction in which the foreign court judgment was given. If the
judgment was given anywhere else (i.e. in a country that does not
have an applicable bilateral or multilateral agreement with the
UK on reciprocal enforcement of judgments, for instance China

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.

or Hong Kong), its enforceability will be governed by English
common law. Under English common law, to be enforceable the
foreign court 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. In
the absence of accusations of fraud, it is unlikely, however, that the
merits of the case decided before a competent foreign court would
need to be reconsidered by the English courts and so summary
judgment (i.e. a speedy and early hearing of a claim without the
need for a full trial) is likely to be given in such circumstances.
The UK is a signatory of the New York Convention (which
provides for the recognition and enforcement of foreign arbitral
awards by contracting states) 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.

China Outbound Investment Guide 2015

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英國

英國
Simon Weller
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?
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。中國在英國令人矚目的投資包括:
(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;
(4) 核能,例如中國廣核集團和中國核工業集團公司建議(且英
國政府已批准)聯合投資收購一家開發欣克利角核電站C反應
堆聯合體的30-40%股權。

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。
常常通過由中國公司和有實力的英國公司共同設立合資企業
以取得在英國參與項目工作的經驗。例如,北京建工集團與英
國的建築公司Carllion合資進行8億英鎊的曼徹斯特空港城開發項
目。

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。

第三節:投資審批
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2013年對北京大學學生演
講時,英國財政大臣喬治奧斯本表示 : “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

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)。輝
瑞未能成功收購阿斯利康(2014年5月),引起了
常常通過由中國公司和有實力的英國公司共同設立合資企業以取得在
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
英國參與項目工作的經驗
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,尤其是在英國2015年5月
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 的大選即將來臨的情況下。還需要注意的是,英國企業常常擁
有境外股權或客戶,這就意味著對英國的投資可能會觸發其他
英國更開放——特別是來自中國的投資。”
2014年中大衛•卡梅倫和李克強總理簽署了價值140億英鎊的貿 法域的外國投資審批要求。
易協定,而且中國國家開發銀行表示有意對英國的下一代核電
廠、2號高速鐵路和電信業務進行進一步投資。
2. 請概述任何特別受監管/限制的行業 (自然資源、金融服務、
推動外國對英國的直接投資主要由英國貿易投資總署負責。 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
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 別權利 (例如黃金股份)。
國13個城市設有辦事機構 。
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:
第二節:投資工具
• 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”;
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

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
多久才可營運?
(CMA)決定;
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 • 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共利益;
認為是離岸避稅天堂的法域註冊的並購實體,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 • 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;
(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 • 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
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2015年中國境外投資指南

www.chinalawandpractice.com

英國

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“黃金”
股份,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,除非黃金股份對於維
護國家安全來說屬於必要。

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

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
請概述合併審查程序(包括合併前後)。
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
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 2. 企業所得稅和股息預提稅的適用稅率是多少?
的“控制權”的情況下,就會產生集中。並不會獲得任何控制 英國政府已承諾使英國成為G20中最具稅務競爭力的國度。為了
權的少數股權投資目前不會達到“集中”標準。
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
歐盟合併條例具有強制和停止效力,也就是說在歐盟審查 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
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 定在2015年4月1日降至20%。
交,不得進行任何整合。如果雙方未在交割前進行申報,歐盟
英國一般不對股息或其他分派金額徵收扣繳稅,無論收款人
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 身處何地。特定類型的投資基金(包括房地產投資信託、不動
併無效。
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
如果中國對外投資未達到歐盟合併條例規定的申報限額, 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
然後就應考慮是否須在英國(或任何其他相關成員國)進行申 約予以減輕。
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 3. 政府是否已設立外商直接投資稅務優惠制度?
制,並且交易導致目標公司在英國(或英國大部地區)的營業 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
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
英國實行自願申報及無需批准的並購控制制度,也就是說沒有申報或
25%,則需要向CMA進行申報。
在批准之前實施交易並不會受到處罰
英國實行自願申報及無需批准的並購控制
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, 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
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 施之一就是保持一個具有競爭力的稅務制度。
申報,CMA都有權對交易進行調查,並對已完成的交易施加
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
“被收購公司資產不動”令。
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
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
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
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 利及其他特定知識產權的利潤減稅的“專利盒”制度。
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, 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
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 務支持嗎?如有,請加以概述。
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 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
性,但會導致買賣方被判支付巨額損害賠償金。
其他非稅務優惠,外國直接投資仍可以享有不同形式的補貼,
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 包括:企業區 、 地區增長基金及商業投資補貼計劃。
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
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 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
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 排如何幫助投資者?
目標公司集團內存在養老金方面的虧絀,買方在進行收購之前 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
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一 年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
下。
協調和發展辦公室編制的標準避免雙重徵稅公約一致。
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69

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. 引入外國員工有甚麼法律限制?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證有多困難?
喬治奧斯本2013年在北京大學的演講中(參見上面第一節2的回
答)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他不
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:




其投資可以自由進入英國;
其投資與英國國民或任何其他國家國民享有同等待遇;
對與其投資有關的特定損失進行賠償;
保護其投資不被徵用;
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。

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2015年中國境外投資指南

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。

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法院判決時適用不同的規則,
這取決於外國法院判決是在哪一個法域作出的。如果判決是在
其他地方(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,如想外國法院判決獲得執行,
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 動訴訟程序將判決作
為債務來執行。但是,如果不存在欺詐指控,英國法院不大可
能需要重新審議主管外國法院裁定的案件是非曲直,因此在此
情況下可能會作出簡易程序裁定(即,對申索進行快速的提早
聆訊,而無需進行完整的審理過程)。
英國是《紐約公約》(其規定簽約國承認並執行外國仲裁
裁決)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
任何其他國家(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
的其他國家得到執行,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。

www.chinalawandpractice.com

United States

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

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.

a. What are the key sectors in your jurisdiction that attract,
or to which the government is seeking to attract, 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 (外商投資產業指導目錄), 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 18 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 The US is very supportive of “Greenfield”
new long-term jobs in the US.
investments, where a foreign investor constructs

new operational facilities from the ground up,
new long-term jobs in the US

b. Is the government generally supportive
creating
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.
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?
How a Chinese investor structures its legal entities and
long-term operations in the US effectively defines how it will
be taxed, and thus the decision can have a significant impact
on profitability. US regulations generally allow businesses to
choose a classification as a corporation, partnership or flowwww.chinalawandpractice.com

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.
Investors may also be impacted by China’s proposed draft PRC
Foreign Investment Law, released by the Ministry of Commerce
(MOFCOM) on January 19 2015. In particular, if a Chinese
China Outbound Investment Guide 2015

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71

United States

investor utilises an SPV and subsequently reinvests funds into
China, the investor may be subject to a review by MOFCOM and
may need to demonstrate Chinese citizenship or that the SPV is
Chinese-controlled. If unable to present such proof, the reinvestment into China may face similar industry and foreign exchange
restrictions as those faced by foreign corporations. Investors
should take this into account while planning their long-term
strategy, if the law goes into effect.
Section 3: Investment approval
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
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, aircraft,
shipping, 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
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China Outbound Investment Guide 2015

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),
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 (see 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
www.chinalawandpractice.com

United States

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.
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 48 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
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. His team was awarded Law Firm of the Year in Private Equity &
Venture Capital 2014 and twice awarded Deal of the Year 2014 by China
Business Law Journal and Asian﹣MENA Counsel. Rocky was 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.

of timing) and can become costly, especially in comparison to
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 152 member states of
the Convention, and only about 40 nations have not adopted the
Convention.

China Outbound Investment Guide 2015

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73

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 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18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。

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
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
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 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,
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 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
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 常多的規定,尤其是針對來自中國的資金會重點調查。
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
投資者也許會受到2015年1月19日商務部公佈的《中華人民共
和國外國投資法》草案的影響,尤其是當中國
投資者使用特殊目的公司,其後將資金再投資
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
中國境內時,中國投資者便可能會受到商務部
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
的審查,並可能需要証明中國公民身份或証明
特殊目的公司是中國控制的。如果不能提交此
創造更多新的長期工作機會
等証明,中國的再投資可能會受到類似外國企
式,而是分為聯邦、州和地級縣三級,來到美國的中國投資者 業所面對的行業與外 限制。若《中華人民共和國外國投資法》
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, 通過生效,投資者規劃長遠策略時,便要將此法納入考慮範圍。
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 第三節:投資審批
獨立的推動外商投資的項目來吸引中國投資者。
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。
第二節:投資工具
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)。
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
美國外資投資委員會建立於1975年,是美國政府的一個跨部
多久才可營運?
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。
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 投資模式和運營模式的設定 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
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 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
任何實體進行投資,比如可以把公司、合伙或納稅中間實體、
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
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 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
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 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
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 和交易終止,前期的努力付之東流。
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2015年中國境外投資指南

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美國

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

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、飛機、航運、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
請概述合併審查程序(包括合併前後)。
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。李律師憑借着在
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、槓桿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。他的團隊獲
《China Business Law Journal》頒發2014年度最佳私募基金及
風險基金律師事務所及2014年度最佳交易獎和《亞洲法律顧問》
頒發的2014年度最佳交易獎。2013年,李律師獲《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。

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%。

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《關於建立更緊密經貿關係的安排》
(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%
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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。
2015年中國境外投資指南

>>

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美國

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證有多困難?
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
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。

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。

第六節:爭議解決

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(1958年
紐約公約),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。

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48個國家是有的。
一般中國投資者不會通過這48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。

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2015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?
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152個
成員國中都可以執行,目前全球只有40個國家沒有適用該公約。

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