China Offshore 6th Annual Company Formation Guide 2016 by John Yang

6TH ANNUAL COMPANY FORMATION GUIDE

公司建立年度指南第六辑

6th Annual Company Formation Guide 中国最完整的离岸公司建立指南 China's Most Comprehensive Offshore Company Formation Resource

主编 Editor in Chief: John Yang 撰稿人 Contributors: Meng Li, Robert Wood, Derick Liu, Hua Zhou, Haibo Xu, Dongming Liu, Jeffrey Chen, David Lenok, Jianming Yang, Timmas Deng, John Yang 美术总监 Art Director: Tank Hu 美术编辑 Designer: Lucas Liu 研究员 Researcher: Yuanyuan Wu 营运总监 Director of Operations: Matthew Sumner 制作总监，亚洲 Production Director, Asia: Oliver Davis 销售总监 Sales Director: Pooja Ramchandani 客户经理，亚洲 Accounts Managers, Asia: William Demers, David Lee, Isabella Fu 销售助理 Sales Assistant: Stacy Wu 发行经理 Circulation Manager: Iris Gao 出版机构 PUBLISHER MX MEDIA GROUP LIMITED 地址 Address: Rooms 05-15, 13A/F, South Tower, World Finance Centre, Harbour City, 17 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong

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编者的话 | LETTER FROM EDITOR

欢迎阅读中国离岸公司建立年度指南第六辑！去年，我们就亚洲和新兴市场的离岸公司建立现象做了分析。一年以后，很显然，离岸公司管理的财富变得越来越多，尤其在中国，我们看到的离岸公司建立数量增长迅速，离岸公司的建立地点从常见到不常见不一而足，而与此同时，中国政府也对货币的管制也正在放松，人民币的国际化步伐也在中央政府的支持下明显加快。除此之外，关于离岸产业真正和实质性的变化已被反复谈论多年，而现在终于即将来临：《海外账户纳税法》（FATCA）的实施及由经济合作与发展组织（“经合组织”， OECD）发布的统一报告标准（CRS）亦紧接其后。经合组织的税基侵蚀与利润转移（BEPS）项目已逐渐成型，这在某种程度上是受到《卢森堡解密》（Lux Leaks）以及越来越模糊的合法避税与非法逃税的界限所驱动。税务机构持续追查纳税人的相关数据和额外收入；银行不断降低风险水平，而开曼群岛和英属维京群岛等属于英属海外领土（BOT）的主要离岸司法管辖区则被英国施压，要求提高透明度规定。这一切都在释放着一个信号，那就是监

Welcome to China Offshore’s 6th Annual Company Formation Guide Last year, we took a deeper look at the offshore incorporation phenomena in the Asian and the emerging markets. A year later, and China in particular, we are seeing offshore incorporations increasing in an unprecedented pace, the selection of the jurisdictions is also expanded from popular to those not-so-popular locations. In the meantime, Chinese government has continued to loosen its exchange control; the internationalization of the Chinese yuan is also picking up the pace with the support of the central government. And apart from this, real and substantive change in the industry has been spoken about for years, but is now imminent: Foreign Account Tax Compliance Act (FATCA) reporting is almost upon us, with its so-called global counterpart, the Organization for Economic Cooperation and Development’s (OECD) Common Reporting Standard (CRS) close on its heels. The OECD’s Base Erosion and Profit Shifting (BEPS) project is taking shape, in part driven by “Lux Leaks”, and the ongoing blurring of the line between legal tax avoidance and illegal tax evasion. Tax authorities continue their hunt for relevant data and additional revenues; banks continue to “de-risk” and key offshore jurisdictions such as Cayman Islands and the BVI are under pressure from their UK “parent” to evolve transparency requirements. These are all very apparent symbols that, the regulations are being implemented even stricter, and it takes a lot more attention to do your homework before you choose an appropriate jurisdiction to preserve your hard-earned bucks.

管的加强和离岸金融辖区的选择也变得愈发慎重。这本指南中包含了大量的信息，让你能对产业有更为深入的了解，和往常一样，如果这本小册子能够真正成为一个交流的平台和知识和经验的分享来源，我们将会十分高兴。

This guide has included substantial information of the offshore industry for you to dive deeper into the knowledge base. And as always, we wish this brochure would serve its purpose to become a platform for knowledge exchange and a source for information and experience sharing.

Editor, China Offshore John Yang editorial@chinaoffshore.com.hk 2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

006

044

离岸公司的用途及运用

除了信托和法律实体，别忘了还有联合银行存款账户

The Purposes and Applications of Offshore Companies

010 《外国投资法》背景下的开曼群岛公司注册 Company Registration in the Cayman Islands under the Foreign Investment Act

Despite Trusts and Legal Entities, Don’t Forget Joint Bank Accounts

054 专属保险和中国市场 —— 专访衡力斯专家 Captive Insurance and the China Market An Insight by Harneys’ Michael Burns

016 国内高净值人群对于资产保护的需求及现状 Domestic High Net-Worth Individuals’ Demand for Asset Protection and Current Situation

022 “互联网金融基本法” 在中国海外基金营销中的作用 Effect of Internet Finance on Marketing of China’s Overseas Fund

060 从台湾的离岸金融平台探索大中华区离岸私人银行服务 Exploring Greater China’s Offshore Private Banking Services in Light of Taiwan’s Offshore Financial Platform

064 “国际金融中心”不会坠落 International Financial Centers Won’t Crumble

028 人民币基金在跨境投融资中的操作与运用 Operation and Use of RMB Funds in Cross-border Investment & Financing

2016 热点 | HIGHLIGHTS

068 2015 - 2016 上半年热点 2015 - 2016 HALFYEAR HIGHLIGHTS

034 浅析：全球化背景下华人的资产配置和家庭计划 Analysis: Asset Allocation and Family Planning for Chinese against the Backdrop of Globalization

行政特区 | JURISDICTIONS

072 行政特区 JURISDICTIONS

离岸指南 | HANDBOOK

040 “肥茄”—— 真是任人宰割的肥肉？ FATCA: Is the Juice Worth the Squeeze?

特别报道 | FEATURED REPORT

China Offshore Company Formation Guide 2016

264 离岸指南 OFFSHORE HANDBOOK

目录 CONTENTS China Offshore Company Formation Guide 2016

广告商目录 ADVERTISER DIRECTORY RAK International Corporate Centre - Inside Front Cover Labuan IBFC - P1 Seychelles Investment Board - P73 Labuan IBFC - P96 ERI Organization PTE LTD. - P101 BVI House Asia - P137 International Management Services - P153 Loeb Smith Attorneys - P159 Nevis Investment Promotion Agency - P165 Bybloserve Management - P184 Interadvice Anstalt - P193 Allgemeines Treuunternehmen - P199 Hoche Partners Trust Services SA - P203 Hoche Partners Trust Services SA - P208 BDO Malta - P222 Audina Treuhand AG - P250 2016 China Offshore Shanghai Summit - Inside Back Cover Legalspace.co - Outside Back Cover

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

Member Contribution

离岸公司的用途及运用 The Purposes and Applications of Offshore Companies By Hua Zhou

Hua Zhou 周华周华，研究生毕业于上海同济大学，目前担任香港卓信会计事务所总经理，杭州卓信经济信息咨询有限公司总经理。 99 年涉足海外注册行业，专业为各界人士提供香港、英国、美国等海外公司注册，国内外商标品牌注册及设计等服务，并协助高净值人士的海外留学、移民、投融资等相关业务。 Hua Zhou is a post-graduate of Shanghai Tongji University, currently holds the position of General Manager at Hong Kong Zhuoxin Accountants Ltd., and Hangzhou Zhuoxin Economic Information Consulting Co., Ltd. He started his overseas registration business in 1999, dedicated to offering company registration services in Hong Kong, UK and the USA, other services include domestic and overseas trade mark registration, design, and overseas study, immigration, investment and financing services for HNWIs.

China Offshore Company Formation Guide 2016

or many traditional enterprises, the main reason for registering an offshore company is for tax planning purposes. Now, with the increasing popularity of offshore companies, several more applications have been widely explored. Along with business people, many professionals working from small home offices (SOHOs) establish offshore companies to facilitate easy partnerships with Alibaba’s e-commerce platform. Alibaba recently launched OneTouch, an export service provider for its international website clients. It acts as an agent for receiving foreign currency, but also

exempts clients from agency fees. Meanwhile, it has introduced a policy whereby customers receive a subsidy of RMB0.03 for each export to the value of USD$1. With such a favorable export model, more and more clients are setting up offshore companies in line with Alibaba’s requirements. Apart from the abovementioned subsidy, enterprises and SOHOs both benefit from other features shared by offshore companies, such as being able to collect foreign currency and make payments independently. Once foreign clients transfer payments for goods to OneTouch’s virtual account in the Bank of China (Hong Kong),

观点 | OPINION

很

多传统的企业注册一些离岸公司主要目的可能是进行一些税务规划与安排，现在随着离岸

公司的盛行，它的更多用途被广泛挖掘：很多SOHO (Small Office/Home Office) 或是贸易商，成立离岸公司的目的是为了与阿里巴巴这个平台更好的合作。阿里巴巴针对他的国际站客户，推出了一达通这个代理出口，代理收汇，并免去客户所有代理费，同时规定客户每出口一美元，将给予三分人民币补贴的政策。在这种大利好的出口模式下，也出现越来越多客户为了迎合阿里巴巴的要求，去设立离岸公司。当然对于企业或是 SOHO 而言，本身除了享受补贴的好处外，离岸公司自有收汇，自有支付资金这个特点，也为他们带来不少的便利；国外客户将所有货款打到一达通香港中银开设的虚拟账号后，一达通为客户进行核销退税，将成本划给工厂，剩下的利润就可以留在离岸账号上。而基本上客户注册的离岸地为免税国家或是税负极低的国家，这部分利润将不需要或是只需缴纳极低的税务成本；另外一方面这些 SOHO 或是贸易商的差价是不透明不公开的，加大了他们在国内与工厂议价的空间。与此同时，注册离岸公司也一种非常好的投资理财途径。随着人民币的贬值（据专家估计人民币还将继续贬值）我们发现成立离岸公司的数量也骤增。一些有经验的投资者，看好了美金，欧元等较为坚挺的币种，一定是世界货币的主导。注册离岸公司并成功开立账号后，通过境外投资，或是境外贸易等方式，成功的将国内的不断贬值的人民币以美金等方式转到境外，进行保值增值。

OneTouch issues a tax rebate, allocating the cost to incorporate and keep the remaining profits in the offshore account. Basically, the client’s registered offshore site functions as a tax-free country, or a country with extremely low tax rates where profits only incur extremely low taxes, if any. On the other hand, the price difference for these SOHOs or merchants is neither transparent nor open, which gives them stronger bargaining power against domestic companies. The registration of an offshore company is also a very good way of investing and managing finances. Along with the depreciation of the renminbi (which experts expect will continue) the sudden rise in the number of offshore companies has been discovered. Some experienced investors are optimistic about strong currencies like the US dollar and the euro, and consider them leading world currencies. After having registered an offshore company and successfully opened an account, investors can

transfer the continuously depreciating renminbi to foreign countries through overseas investments and offshore trades for the purpose of the maintenance and appreciation of its value. Meanwhile, foreign banks provide enterprises which set up offshore companies for different purposes with all kinds of customized financing products. For trade customers, banks will offer audit reports for assessments according to the time of establishment and the state of operation, and provide clients with services like shipping guarantees, documentary credit, letters of credit, discounted bills of exchange and forfeiting. Comparatively speaking, foreign banks have more advantages over those on the mainland in terms of both loan granting speed and discount rates. In the case of overseas financing services, investments in securities (such as stocks) which are registered in the name of an offshore company may avoid potential economic loss arising from the depreciation of the renminbi.

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

同时，境外的银行针对企业设立离岸公司的不同用途，也为企业提供各类个性化的理财产品，对于贸易类的客户，银行会根据该公司的成立时间，运营情况，提供的公司审计报告等进行评估，给客户提供担保提货，押汇，信用证等票据贴现，福费廷等业务。较之而言，境外银行不管是在放款速度，还是贴现利率上来说，都比大陆的银行更占优势。在海外理财中，当然也不乏一些股票等证券投资，用离岸公司的名义进行购买，可避免因人民币贬值带来的经济损失。在一些大企业的公司架构中，离岸公司也常被用到。传统的大企业以前注册离岸公司的目的比较单纯，较多时候还是用于税务筹划方面，随着经济的发展，国家鼓励一些有发展前景的公司走出国门，于是中国的很多企业选择在离岸地注册公司，进行公司架构的搭建，为企业在海外的发展做更充分的准备。一些企业，由于自身发展需要大量资金，而国内市场无法满足其需求，那么海外上市募集资金就成了不二的选择。那么对于投资者来说，注册离岸公司进行公司各层次架构的搭建，用离岸公司作为上市主体的间接上市模式是更优选择。因为不管是从上市的门槛效率来说，还是上市成功后募集资金的难易角度来说，还是上市公司日后运营成本和财务成本上来说，或是日后该投资者退出这

China Offshore Company Formation Guide 2016

Offshore companies are also frequently used in the corporate structure of large enterprises. In the past, traditional large enterprises had fewer, simpler reasons for registering offshore companies, mainly for tax planning purposes. Economic development has led to the government encouraging certain promising companies to expand into foreign markets. Therefore, many enterprises choose to construct corporate structures by registering offshore companies to make better preparations for their development overseas. Some enterprises need a substantial amount of money for their own development. Such demand often cannot be satisfied in domestic markets, so fund-raising based on overseas listings becomes the norm.

For investors, the indirect listing model of registering offshore companies to set up corporate structures on all levels – while considering the offshore company the main body of a listing – is a better choice. When it comes to the threshold and efficiency of listings, post-listing fund-raising difficulties, the operational and financial cost of listed companies, or the cost of exiting the capital market for future investors, an offshore company’s structure is always a better choice than a direct overseas listing. BVI, Hong Kong, Singapore, and Cayman companies are commonly used in such corporate architecture. At present, the most popular crossborder e-commence clients often register offshore companies too. Along with social and economic development, consumers’ habits are no longer

观点 | OPINION

个资本金市场的成本这个角度来说，离岸公司搭建的架构永远比境内企业直接赴海外上市来的理想。如维尔京公司，香港公司，新加坡公司，开曼公司等，在一起企业的公司架构中常见被用到。现在当下最流行的跨境电商客户，也经常注册离岸公司。随着社会经济的发展，消费者购物不再因为地理因素受到局限，电子商务是一种无边界的交易，消费者通过电商提供的平台，轻松实现不同国家的购物。相对 B2B 来说，B2C 在我们国家更是流行。如亚马逊平台，易贝网，全球速卖通，天猫国际等平台更是如火如荼。亚马逊平台作为美国最大的网络电子商务公司随着 04 年成功收购中国卓越网，更是打开了其在中国的市场。公司卖家可以通过注册一家美国公司，开立一个美国当地的账号，去亚马逊平台申请一个专业的亚马逊公司卖家账号，从而实现平台销售的目的。作为专业的亚马逊公司卖家，可以借助平台的知名度以及累积的客户量来提高产品的销量与知名度。除此之外，注册离岸公司还可以加入许多 B2B 的网站，比如中国制造网，环球资源网等，这样对于很多用户而言，不需要在国内拥有自己的公司，办公场所就可以加入平台推广，大大节省了企业的运作成本。当然离岸公司的用途永远不止局限于此，注册一家离岸公司，利用一些离岸

restricted by geography. E-commerce is a borderless transaction. Through e-commerce platforms, customers can easily buy things from different countries. Compared with B2B, B2C is more popular in China. Platforms like Amazon, eBay, AliExpress and Tmall Global are growing rapidly. As the largest e-commerce company in the U.S., Amazon expanded its market into China after it successfully acquired Joyo in 2004. Companies can sell goods on Amazon’s platform by incorporating a company and opening a local account in the U.S., and then applying for a professional company seller’s account. Professional sellers on Amazon may increase sales volume and awareness of their products by virtue of the sheer quantity of cumulative customers on its platform. By registering offshore companies, they can also join many B2B websites, such as Made-in-

China.com and globalsources.com. For many people, it is not necessary to have their own company or office in China in order to get promoted via such platforms, thus greatly saving operational costs. Of course, offshore companies can be utilized for more purposes too. By registering an offshore company, both companies and individuals may protect their own assets based on the high degree of information confidentiality. By registering offshore shipping service companies and registering ships in foreign countries, ships can freely berth in ports all over the world without paying any tax. By registering an offshore company to make a domestic investment, enterprises can repackage and redefine their identities to enjoy supporting policies; including operational support or tax that is exclusive to foreign merchants in China.

地信息高度保密的优势，持有企业或是个人的资产，保护资产的安全；注册离岸船务公司，持有境外船籍，船只可以在世界上各个港口自由停靠，不需要缴纳任何税收；注册离岸公司，进行境内投资，对企业的身份进行重新包装和定义，从而享受到外商在我国所特有的经营或是税收上的政策扶持等等。

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

《外国投资法》背景下的开曼群岛公司注册 Company Registration in the Cayman Islands Under the Foreign Investment Act Meng Li

Meng Li 李梦李梦律师拥有十年律师执业经验，北京德和衡（上海）律师事务所律师，家族财富管理业务团队的负责人，上海律师协会信托业务委员会委员，民主建国会会员。借助境内外优秀金融机构的合作资源，李律师致力于在私人财富管理和纠纷解决领域为广大中外客户提供法律服务。李律师注重理论研究，在中外期刊发表财富管理领域的论文多篇。 With ten years’experience as a practicing lawyer, Meng Li is leader of the family wealth management business team of Beijing DHH (Shanghai) Law Firm, a member of Shanghai Bar Association Trust Services Committee and a member of China Democratic National Construction Association. Through cooperation with outstanding domestic and foreign financing institutions, Li devotes herself to providing domestic and foreign clients with services in private wealth management and dispute resolution. Li lays emphasis on theoretical researches and has published several papers in the field of wealth management in domestic and foreign journals.

China Offshore Company Formation Guide 2016

The Cayman Islands is perhaps the best-known offshore destination for company registration around the globe, and its fame comes down to the Variable Interest Entity (VIE) structure. The VIE structure was originally created by the Chinese Internet company Sina, during a time when it was tough for the company to finance domestically. The state doesn't allow foreign capital to be directly invested into Internet companies in China, so Sina’s investors registered a

company in the Cayman Islands, through which it could indirectly maintain control. Relying on this miraculous legal structure, Sina successfully financed from outside of China and eventually got listed in the overseas capital markets. Foreign investors choose the Cayman Islands not only because of its good supporting services, including information nondisclosure, efficient registration, tax-exemptions, and absence of foreign exchange regulations, but

观点 | OPINION

开

曼群岛几乎是全球最著名的离岸注册地，名气这么大完全是因为 VIE 架构。

VIE 架构原本为新浪独创，当年的互联网公司新浪在国内融资艰难，而国家又不允许外国资本直接投资中国的互联网企业，于是新浪的投资人就在开曼群岛注册公司，然后通过开曼公司间接控股国内的新浪，借助这神奇的法律架构，新浪在境外融到了资并最终登录境外资本市场。外国投资者之所以选择开曼群岛不仅因为在开曼公司信息保密、注册快捷、无税收、无外汇管制等配套服务好，更因为在开曼注册公司能满足企业便利地融资以及顺利在美国和香港上市的诉求。后来的阿里巴巴、百度等互联网企业都是采用这种 VIE 架构解决融资难题最终登录美国纳斯达克。据说每年平均有 4300 多家中国企业注册在开曼，且过去 20 年间成功在香港上市的 50 家家族企业中，有 44 家是在开曼群岛注册的。 2015 年，李嘉诚也将企业迁址到了开曼群岛。开曼群岛作为离岸注册地，对于企业家来说是一个神一样的存在。然而，2015 年初中国《外商投资法》征求意见稿出台，这一定程度上宣告了开曼群岛作为离岸公司注册地黄金时代的终结。《外国投资法》是中国管制外商投

also because the registration of a company in Cayman has the appeal of facilitating a smooth financial process that allows enterprises to get listed in the U.S. or Hong Kong. Since then, Alibaba, Baidu and several other large Internet firms have dealt with the difficulty of financing by adopting this VIE structure, and eventually got listed on the U.S,’ NASDAQ. It is said that, on average, over 4,300 Chinese enterprises are registered in Cayman per year, and in the past two decades, 44 of the 50 family enterprises successfully listed in Hong Kong were registered in the Cayman Islands. In 2015, Li Ka-Shing also changed his enterprises’ domicile to the Cayman Islands. In terms of offshore company registration, the Cayman Islands is a god-like entity to entrepreneurs.

电信增值巨头公司比如新浪、阿里巴巴、京东由外国人控股并游离在中国监管之外；同时互联网领域的开

The Foreign Investment Act is a law that allows China to regulate foreign investment. The context of its introduction is that a large number of Internet and telecommunication giants – including Sina, Alibaba and JD, with market capitalizations in the region of CNY 100 billion – were being controlled by foreigners, and fell beyond the scope of China’s regulation. Meanwhile, the opening of the Internet sector endangered state security and social stability in China. In particular, after a decade of high speed growth, China has powerful economic strength, therefore, it is unwilling to let foreign capital continue to invest in or control the Technology, Media and Telecommunications (TMT) sectors which concern state information security and big data.

Typical VIE structure

资的法律。其出台的背景是诸多市值上千亿的关系国计民生的互联网、

the Cayman Islands’ golden days for offshore registration.

The Chinese government’s announcement of the Foreign Investment Act (yet to be enacted), however, has to some extent implied the termination of

The act strictly regulates foreign investment and the Chinese government expects to encourage Chinese enterprises to seek domestic financing channels by restraining foreign capital

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

放又危及国家安全和社会稳定。尤其是中国经过过去十年的高速增长已经拥有雄厚的资本实力，因而不愿意让外国资本继续投资或者控制关系国家信息安全和大数据的 TMT 行业。这部对外国投资严加规制的法律因此应运而生，中国政府期望通过限制外国资本进入包括 TMT 在内的核心信息、科技等领域，鼓励中国企业在国内寻求人民币基金融资渠道，刺激国内经济活力，确保国民经济安全。这样一部法律，对于以在开曼群岛注册控股公司进而投资国内的投资者是致命打击，因为它摧毁了境外融资和境外上市的 VIE 结构。这必将重创开曼群岛，大大减少该地的离岸注册数量。而注册在 BVI 或者香港、其他离岸辖区的离岸公司也将大大减少。依据《外国投资法》规定，“ 依照其他国家或者地区法律设立的企业 “ 以及” 受前款主体控制的内资企业“ 都是外国投资者的规定，以及该法中关于对外国投资准入审查的要求，这部法律生效后会对开曼群岛的离岸公司注册产生以下具体的影响：一、中国自然人或者中国公司通过在开曼设立离岸公司，将国内资本转移到开曼，然后再返程投资国内 TMT 行业换取优惠政策或者税收优惠的情形将会减少。因为此种情况下设立的开曼公司也属于外国投资者，在国内投资 TMT 等行业将受到严格限制。二、外国自然人或者外国法人通过在开曼设立离岸公司，再通过其他

China Offshore Company Formation Guide 2016

from entering core TMT sectors, thereby stimulating China’s economic vitality and ensuring national economic security. Such an act is, to investors who register controlling companies in the Cayman Islands in order to invest domestically, a deadly strike, as it destroys the VIE structure of overseas financing and overseas listings. This will definitely inflict great losses on the Cayman Islands, significantly reducing the number of offshore company registrations. The number of offshore companies registered in BVI, Hong Kong and other offshore jurisdictions will dramatically decrease as well. The provisions of the Foreign Investment Act state: “enterprises established under the laws of other states or regions” and “domestically-funded enterprises controlled by the subject of the foregoing clause” are all considered foreign investors, and the act requires a review of

access of foreign investment. Once it enters into force, the act will cause the following effects on registration of offshore companies in the Cayman Islands: 1. The number of Chinese citizens and companies that transfers domestic capital to Cayman by establishing offshore companies, and then obtain preferential policies or tax preferences by way of inbound investment to the domestic TMT sector, will decrease. Because a company established in Cayman is considered a foreign investor in such a case, it will be subject to strict restrictions on investments to China’s TMT and other sectors. 2. A person who is either naturally or legally foreign who registers offshore companies in Cayman and then invests in domestic companies by other supportive structures will also be subject to restrictions, as with certain sectors in which such investors

观点 | OPINION

配套架构将资本投入国内企业的情况将会受到限制，因为此种投资者投资国内的特定行业（比如影响国家信息安全、影响国内科技水平等）正是《外国投资法》要严格规制的对象。三、之前在开曼群岛注册公司并投资国内被禁止或者限制的行业的外国投资者们怎么办呢？没有办法，拆分既有的 VIE 架构返回境内上市或者转让股权给具有合法受让资格的第三方将是必由之路。其实，A 股的诱人估值也引发中概科技公司回归的欲望，暴风科技是拆除 VIE 架构回归国内市场的典范。但是对于已在境外上市的 VIE 企业，包括 BAT 这些互联网公司，要回归 A 股，

invest. The sectors which affect state information security and domestic technology, for example, are the precise targets under the Foreign Investment Act’s restrictions. 3. How should foreign investors who previously registered companies in the Cayman Islands and invested in domestic sectors subject to prohibition or restrictions handle this? There is simply no way. Splitting the existing VIE structure to get listed in China or transferring equity interest to third parties legally eligible as a transferee is inevitable. In fact, the attractive valuation of A stocks has triggered the desire of the China-concept technology companies to get back into the A stock market. One example is Baofeng Technology,

which is following this model of splitting a VIE structure and getting back into the A stock market. However, for those VIE enterprises already listed overseas, including Baidu, Alibaba and Tencent, it's incredibly risky to get back into the A stock market as it involves pricing transfers, tax-management, foreign exchange and many other barriers. 4. For start-ups with a VIE structure controlled by a domestic individual, this will affect their efforts to destroy their initial VIE structure. Although they can be directly identified as Chinese-invested enterprises, in the long run they will also lose opportunities to acquire capital injections by foreign VC investment agencies.

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

仍涉及定价转移、节税、汇率等诸多障碍，绝非易事。四、对于国内个人控制的 VIE 架构创业公司，虽然可以直接被认定为中国投资企业，破除原有的 VIE 架构对经营许可影响，但是从长远来看，也会失去获取外国风险投资机构注资的机会。还需要注意的一种情况是，某些境内中国投资企业为了加强对企业的控制权或者解决家族财富传承问题，会在企业上市之前（当然也可能没有上市之规划）通过在开曼群岛注册离岸公司，设立信托来解决婚姻财产规划、加强企业控制权、员工股权激励、家族财富传承。吴亚军的龙湖地产就在上市前通过在开曼等地设立复杂架构，达到了上述诸多目的，她和她的老公蔡英奎在企业上市后和平离婚而无需分割股权为企业家称道。可是《外国投资法》出台并生效后，这种注册在开曼群岛等地的复杂架构也会受到影响，如果是国家禁止或者限制的敏感行业，这种离岸架构将不可行，即使是不被《外国投资法》禁止或者限制的行业，也一样可能受到不利影响。因为《外国投资法》对审查规定比较概括，可能导致被禁止或者限制的行业边界不清晰。基于上述关于《外国投资法》给开曼群岛注册的 VIE 架构带来的不利影响，是否会有专业人士创设出新的法律架构规避法律的限制呢？答案要留给时间。

China Offshore Company Formation Guide 2016

Besides all this, there is also a case that needs special attention. Chinese enterprises that are domestically invested would often, in order to strengthen control over the enterprises or resolve the issue of inheritance of family wealth, establish trust by registering offshore companies in the Cayman Islands before enterprises were listed (if ever) to resolve marriage property planning, control-strengthening over the enterprises, employee equity incentives, and family wealth inheritance. LongFor Estate achieved the aforementioned objectives by establishing complex structures in Cayman and elsewhere before listing, and Wu Yajun (owner of LongFor) and her husband Cai Yingkui divorced in a peaceful manner after the enterprise was listed because no split of the equity interest was required. Such a story wins praise from entrepreneurs. But after the Foreign Investment Act enters into force, the complex structures of these kinds of registration in the Cayman Islands and other offshore jurisdictions will

all be affected. They will not be feasible for sensitive or prohibited sectors that are restrained by the state, and even sectors that are not prohibited or restrained by the Foreign Investment Act will possibly be negatively affected too. Because the provisions regarding examination in the Foreign Investment Act are relatively general, it may result in unclear boundaries of the sectors subject to prohibition or restriction. Based on the aforementioned negative effects caused by the Foreign Investment Act to the VIE structure of registration in the Cayman Islands, whether there will be professionals who can create new legal structures to avoid the restrictions and limitations of such an act is a question that will only be answered in time. Due to the effects of the Foreign Investment Act, the number of China’s enterprises that register in the Cayman Islands is dramatically decreasing. What is the future of the Cayman Islands? We hope it can still be brilliant.

观点 | OPINION

受《外国投资法》影响，中国企业在开曼群岛注册企业数量大大减少，开曼群岛的明天将会怎样？祝愿它依然辉煌。

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

Member Contribution

国内高净值人群对于资产保护的需求及现状 Domestic High Net-Worth Individuals’ Demand for Asset Protection and Current Situation Timmas Deng 邓君良邓君良律师为天时资本创始合伙人，香港执业律师，在离岸信托及金融方面有丰富的经验。香港大学法律与经济学双学位。邓律师在执业期间，主要致力于离岸金融业务，曾主导过多项海外资产并购案，为多家上市公司成功发行企业债券。目前的关注重点为资产保护安排，对此做出了深入的研究及探索。 Timmas Deng, Founding Partner of Tins Capital Limited and a practicing lawyer in Hong Kong, has dual degrees of Law and Economics from the University of Hong Kong and rich experience in offshore trust and finance. Deng mainly focuses on offshore financial transactions and used to lead several overseas asset acquisition cases and helped several listed companies issue corporate bonds. Now, Deng is specialized in asset safeguarding arrangements and has already conducted in-depth researches on them.

China Offshore Company Formation Guide 2016

Timmas Deng

or over 30 years after the reform and opening-up policy was implemented in China, both individuals’ wealth and GDP have undergone highspeed growth. At the present stage, the demand for wealth management in China has already shifted from the pursuit of rapid growth to stable growth and secured money management. This process can be roughly divided into four different stages:

1st Stage: early stage of the reform and opening-up (1980’s), bank deposits 2nd Stage: turning point of the century (1990’s), speculating in the stock market 3rd Stage: recent ten years (2000 to present), crazily speculating in the real estate market 4th Stage: present days, realizing preservation, value increase and inheritance of wealth through Professional Third-Party Wealth Management

观点 | OPINION

中国改革开放 30 多年，个人的财富和 GDP 一样，都经历了高速增长。现阶段国内的财富管理需求已经从追求高速增长，转变为平稳增长和保障理财。这个过程可以大致分为四个不同阶段：第一阶段：改革开放初期（80 年代），存银行第二阶段：世纪交替（90 年代），炒股票第三阶段：近 10 年（00 年至今），疯狂的房地产第四阶段：现在，通过专业的第三方财富管理实现财富保值、增值与传承高端财富管理市场面临深刻变化中国高净值人群对于财富管理需求现正处于第四阶段，整个市场正面临深刻变化，主要体现在以下三个方面：重要变化 1：从只关注财富积累到注重生活品质的提升。不少高净值人士已经历了财富积累时期，越来越关注生活品质的提升，尤其是注重健康、教育与慈善等方面的提升。重要变化 2：从追求绝对回报到重视资产配置的多元化和平衡性。越来越多的高净值人士接受了平衡的资产配置理念。并且意识到资产配置不仅是资产种类的多元化，还包括货币种类的多元化配置。

Profound Changes Confronted by High-End Wealth Management Market At present, Chinese high networth individuals are at the fourth stage of the demand for wealth management. The whole market is now undergoing profound changes, which are mainly embodied in the following three aspects:

accepted the concept of balanced asset allocation. Besides, they begin to realize that the asset allocation doesn’t only mean the diversified types of assets, but also the diversified allocation of currencies.

Important change 1: Change from the exclusive focus on wealth accumulation to the emphasis on the improvement of life quality. Many high networth individuals have already experienced the period of wealth accumulation and paid more and more attention to the improvement of life quality, especially the improvement of health, education and charity.

Important change 3: Change from creation of the earliest high net-worth individuals’ demand for wealth management to the emergence of the explicit demand for wealth inheritance. The first generation of self-made millionaires are now passing their enterprises or wealth on to the next generation, thus generating the demand for comprehensive family wealth management. On the one hand, due to the complicated financial market and numerous daily affairs, they have the demand for long-term asset investment through discretionary entrusting.

Important change 2: Change from the pursuit of absolute return to the emphasis on the diversified and balanced asset allocation. More and more high net-worth individuals have

On the other hand, the demand for realizing the security and inheritance of assets through insurance, trust and similar things have become increasingly evident.

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

重要变化 3：从最初高净值人群的财富管理需求的产生到清晰的财富传承需求出现。创富一代正在向下一代交接传承企业或财富，催生了全面家族财富管理的需求。一方面，因为金融市场的复杂性和自身事务的繁忙，对通过全权委托实现资产的长期投资产生需求；另一方面，借助保险、信托等实现财产的保障与传承的需求正在显著增加。历史渊源：高净值人群这些财富管理特征的转变，与上世纪六七十年代的美国以及 80 年代的日本有诸多相似之处。前两个需求的变化都可以借鉴，但由于文化不同、经济发展的阶段特征不同，财富传承的方式和应用工具需要考量中国现阶段国情。

China Offshore Company Formation Guide 2016

Historical Origin: Such changes of the high net-worth individuals’ wealth management are similar to those in the U.S. in the 1960’s to 1970’s and in Japan in the 1980’s to a great extent. The two changes of demand in the past can be used for reference. Due to the differences in culture and staged characteristics of economic development, however, the ways and instruments of wealth inheritance should take into account China’s national conditions at present. Current Situation of Market Many high net-worth individuals lack scientific arrangements of family wealth inheritance. That’s mainly because they hardly understand such arrangements. According to the statistical data, 28% and 27% of high net-worth individuals are confronted with the

difficulties in asset allocation and smooth transition of enterprise in terms of family inheritance, respectively. Many of them also face the problems in their children’s lack of the competences or will to become successor. Investigations show that 58% and 56% of the high net-worth individuals need family offices to assist them in realizing the longterm investment and financing of family assets as well as the security and inheritance of family wealth respectively. At present, only 12% of domestic high net-worth individuals use overseas investment as main asset allocation, but nearly 80% high net-worth individuals plan to increase the proportion of their overseas investment in the future. The main causes are: · Increased attraction of overseas assets, especially USD assets · Fewer underlying domestic

观点 | OPINION

目前市场现状不少高净值人士在家族财富传承方面缺少科学安排，主要是因为对这方面知之甚少。据统计，分别有 28% 和 27% 的高净值人士在家族传承上面临资产分配与企业平稳过渡的难题。遇到子女接班能力和意愿方面问题的也不在少数。调查显示，分别有 58% 和 56% 的高净值人士，需要家族办公室协助实现家族资产的长期投资理财以及家族财富的保障与传承。目前国内将海外投资作为主要配置资产的高净值人士占比只有 12%，但有

investments in accordance with the demand for benefits · The objective to spread risk Wealth Inheritance Ultra-high net-wealth individuals have only simplex and outdated arrangements of wealth inheritance, which face serious risks. According to the statistical data, 46% and 37% of ultra-high net-worth individuals pass on their wealth by purchasing insurance and real estate for their children, respectively. Apparently, such “traditional” arrangements cannot fully meet the comprehensive demands of customers.

In contrast, in western countries, there is a complete system of and abundant experiences in the inheritance of family wealth. Benefited from the developed and mature capital market and legal system, western rich families usually pass on family wealth not only through asset allocation, but also by setting up layered structure, establishing family offices and creating family trust and philanthropic foundation, which realize the security of wealth and complete the intergenerational succession to a certain degree. There are many customized

近八成的高净值人士计划在未来增加海外投资的配置比例，主要是因为： ·海外资产尤其是美元资产吸引力的上升 ·国内符合收益要求的投资标的减少 ·出于分散风险的目的。财富传承超高净值人群在财富传承方面所作的安排较为单一和落后，面临不少风险。据统计，分别有 46% 和 37% 的超高净值人士通过为子女购买保险、购置房产来传承财富。显然，这种过于“传统”的安排无法客户的全面满足需求。反观西方欧美国家，在家族财富传承方面拥有完善的体系以及丰富的经验。得益于发达以及成熟的资本市场和法律制度，西方财富家族通常不仅以资产配置进行家族财富传承，还通过设立不同层级的架构 , 以成立家族办公室，建立家族信托，慈善基金会等形式，一定程度

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

上实现了财富安全保障，完成了代际传承。财富传承的方式和工具选择个性化程度较高，但家族信托的众多优势，诸如私密性高，保护性强，可避免遗嘱认证等，可以满足超高净值人士对于财富传承的不同需求，使之成为超高净值人士的首选。但由于文化不同、经济发展的阶段特征不同，也因为国内社会环境发生的巨大变化，我们无法完全复制西方国家的这种方式。至少在目前的发展阶段，家族信托要在中国落地还将面临以下难题。家族信托在国内落地的阻力主观因素：高净值客户对此的信任缺失。因为历史的原因，整个社会的信用体系还处于重建当中，个人与个人 / 机构的信任托付关系也还在建立。大部分客户对于放弃资产所有权的安排还有种种顾虑，这种观念在一定的时间内是难以转变的。客观因素：大环境下的“中国特色”。中国的外汇管制虽然有效防范了热钱

ways and instruments for wealth inheritance available, but the family trust has many advantages, such as high privacy, strong security and avoiding of probate, which can satisfy ultra-high net-worth individuals’ different demands for wealth inheritance and make it the first choice for ultra-high net-worth individuals. Due to the differences in culture and staged characteristics of economic development as well as the dramatic changes of domestic social context, we cannot fully copy such way of western countries. At least, at the current stage of development, family trust still faces the following difficulties before it lands in China.

的跨境自由流通对于中国金融体系的冲击，但同时也限制了国内居民实现全球资产配置的渠道。特别是对于现金流要求较高的客户来说，无法使境内境外资金按需流转，是许多客户最为顾虑的地方。国内的法律环境与欧美市场存在很大的差别，诞生于普通法系下的家族信托等是否适用于国内客户，国内法律环境是否能确保这些工具得

China Offshore Company Formation Guide 2016

Resistance to the Landing of Family Trust in China Subjective factor: high net-worth customers’ lack of trust in family trust. Due to historical causes, the credit system of the whole society is still under reconstruction and the trust relationship between individuals and individuals/ institutions is still building. Most

customers have various concerns about the arrangements to give up the ownership of assets. It is hard to change such concept in the near future. Objective factor: “Chinese characteristics” ofoverall context China’s control of foreign exchanges effectively prevents the shock of the cross-border free flow of hot money on Chinese financial system, but it also restricts the channels for domestic residents to realize global asset allocation. Especially for customers who have higher requirements for cash flow, the incapability to realize the demandbased flow of domestic and foreign funds is what concerns them most. There are significant differences between Chinese legal environment and that in western countries. Is family trust, which was born in the common law system, suitable for Chinese customers? Can Chinese legal environment ensure the universal application of such tools? Such questions surely lead to the risks for domestic customers in

观点 | OPINION

到更广泛的使用？这个问题使得国内客户设立离岸信托必然存在这方面的风险。独生子女政策导致接班人的不可选择性。但“ 守富” 的一代接受的教育以及观念往往与“ 创富” 一代有很大的差距，他们未必愿意接下家族企业的重担，或许他们会更希望从事一些新兴行业。而由于中国的传统观念，家族企业传给子女是最为天经地义的。家族信托能否有效协调两者的矛盾，“ 创富” 一代还需要更多的例证。结论尽管在国内想要落地家族信托具有上述阻力，但在实践中，我们发现超高净值人群对于这种方式的了解和认可程度正在上升，对于风险辨识甚至乎风险管理变得更为主动，并且认为应该做些什么来管理这些风险，但他们还需要更为专业的人士为他们提供建议。通过协助厘清他们所面对的主要风险，例如可能面临的个人健康风险，婚姻风险，企业风险，传承风险等，我们从最根本的目的出发，通过实施相关安排，诸如移民身份，离岸架构，离岸信托，离岸金融等，协助客户定制个性化的综合解决方案，以达到资产保护与财富传承的目的。

establishing offshore trust. The one-child policy results in the non-selectivity of successor. However, due to the great differences with the first generation wealth creators in terms of education and concept, the second-generation successors are often unwilling to take over the heavy burden to run family enterprises. They may be more willing to be engaged in some emerging industries. According to traditional Chinese concepts, passing the family enterprise on to children is the most unalterable principle. Can family trust effectively reconcile the conflicts between the two? The first generation still needs more evidences. Conclusion In spite of the above-mentioned resistances to the landing of family

trust in China, in practices, we discover that ultra-high net-wealth individuals have increasingly deep understanding and recognition of such ways. They become more active in identifying and even managing risks and believe that they should do something to manage such risks. However, they need more professionals to give advice. By assisting them in identifying main risks, such as personal health risk, marriage risk, enterprise risk and inheritance risk, we shall start with the most fundamental objectives and help customers develop customized and comprehensive solutions to protect assets and pass on wealth by implementing relevant arrangements, such as immigrant identity, offshore structure, offshore trust and offshore finance, etc.

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

“互联网金融基本法” 在中国海外基金营销中的作用

Jeffrey Chen

Effect of Internet Finance on Marketing of China’s Overseas Fund

上海辰禾律师事务所律师上海市律师协会港澳台法律研究会委员 Partner Lawyer Shanghai Chen He Law Firm Member of Shanghai Lawyers Association, Hong Kong, Marcau and Taiwan Legal Research Committee

Jeffrey Chen

ecent years have seen calls for the continued openingup of Chinese individuals’ investments overseas grow louder and louder. Together, with both the arrival of global asset diversification, and the development of private funds in China, domestic funds are already following a trend towards investing in the global market by issuing overseas funds, using global strategies. Generally speaking, the function of overseas funds is to avoid risks in the domestic market and to grasp opportunities in the global market so as to assist clients in their global asset allocation. As for the so-called Chinese Overseas Fund, in reality, it refers to hedge funds and products registered in foreign countries (including Hong Kong, Macao and Taiwan) by Mainland Chinese institutions. These hedge funds are commonly used for investing in stocks, derivatives, foreign exchange in Hong Kong or overseas markets, and the scope of such products covers more than those offered by China’s “Sunshine Equity Funds”. Therefore, overseas funds have considerable appeal for investors who are looking for overseas asset allocation.

China Offshore Company Formation Guide 2016

Any institutions who issue overseas funds are unable to avoid certain fundamental questions, such as how can fund managers attract more and more investors? How can they set up a proper investment structure for the operation of overseas funds? And how can they offer the necessary and suitable tax planning opportunities for both Chinese investors and overseas funds? But firstly, those who offer solutions to attract Chinese investors under the current legal framework and administrative structure would have to achieve an effective marketing reaction from China’s domestic investors. In accordance with the Regulation of Foreign Exchange Administration of China, any domestic institutions or individuals who invest directly overseas or issue or deal in overseas securities, portfolios or negotiable securities and derivatives shall process the registration at the Foreign Exchange Administrative Authority under the State Council. In the event that prior registration or filing is needed by law, such registration or filing is required to be done before the application of approval or filing at the Foreign Administrative Authority. In other words, domestic individuals

观点 | OPINION

近

年来，在全球资产配置的理念下，开放中国境内居民海外实体投资和金融投资的呼声日益

(like domestic institutions) are required to undergo proper approval and filing processes before launching an overseas investment.

增强，而伴随着私募行业的不断发展，本土私募基金展开全球布局、发行境外基金以投资全球市场的态势也已形成。一般而言，海外基金的主要作用就是规避国内单一市场的风险，把握全球市场的机会，帮助客户进行全球化的资产配置。而所谓“中国海外基金”，则泛指由中国大陆投资机构在境外及港澳台（主要是香港地区）注册、运作的对冲基金产品。这些产品一般投资于中国香港或是境外的市场金融市场的股票、多种衍生品、外汇等，这是在国内 A 股市场内进行投资的阳光私募基金所难以覆盖的，

Under the current Foreign Exchange Administration, domestic individuals’ overseas investments may be divided into three categories: Overseas Direct Investment (ODI), Overseas Portfolio Investment (OPI) and Other Overseas Investment (OOI). Other than in a situation where individuals’ ODI has been supported by a clear ruling system (i.e., The Circular on Relevant Issues of Foreign Exchange Administration Towards Domestic Individuals Using Special Purpose Companies (SPVs) for Investment and Fund-raising Overseas and for Roundtrip Investments, Circular Hui Fa [2015] No. 37 or Circular 37), policy-

making and operations for domestic individuals’ OPIs are all still part of a pilot scheme, with only the Qualified Domestic Individual Investors Scheme (QDII) launched so far, which allows QDIIs to participate in the examination and potentially qualify. The QDII Scheme is an arrangement that is suitable for a market which is not fully opened-up for free currency exchange and free foreign capital exchange, and such an arrangement provides a bridge which allows domestic investors to invest in the overseas portfolio market. In China, the QDII scheme was launched by the People’s Bank of China in April 2006, and allows financial institutions including banks, funds, securities traders, and insurance companies to apply for QDII status.

所以海外基金对投资者的资产配置具备相当程度的吸引力。投资机构如要发行海外基金，都会面临这几个首选问题，比如：基金经理们该如何吸引更多的投资者？该如何搭建合适架构以运作境外资金？如何对海外基金及其中国投资人提供必要和适当的税务筹划？而首当其冲的，则是如何在现有法律框架和行政管理模式下，对有条件进行海外投资的中国大陆个人投资者形成有效营销。根据《中华人民共和国外汇管理条例》，境内机构、个人向境外直接投资或者从事境外有价证券、衍生产品发行、交易，应当按照国务院外汇管理部门的规定办理登记。国家规定需要事先经有关主管部门批准或者备案的，应当在外汇登记前办理批准或者备案手续。也就是说，境内个人和境内机构一样，在经过相关部门的审批或备案后，就可以开展境外投资。

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

中国现行个人境外投资外汇行政管理将个人境外投资的主要形式可以分为境外直接投资、境外证券投资以及其他境外投资三种。与个人境外直接投资有了明确的规范性文件（国家外汇管理局《关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知》，汇发 [2015] 第 37 号）作后盾不同，个人境外证券投资均在试点进程中，且仅开放了通过合格境内机构投资者办理个人投资境外有价证券的合格境内机构投资者（即 QDII 制度）。作为一项在货币没有实现完全可自由兑换、资本项目尚未开放的情况下，有限度地允许境内投资者投资境外证券市场的是一项过渡性的制度安排，该制度于 2006 年 4 月由中国人民银行宣布开始施行。符合条件的银行、基金、券商、保险等金融机构均可申请成为 QDII。截至 2015 年 2 月 27 日，QDII 累计获批机构为 131 家，累计获批额度为 875.93 亿美元；QFII 累计获批机构为 265 家，累计获批额度为 697.23 亿美元，同时，RQFII 累计获批机构为 103 家，累计获批额度为 3115 亿元人民币，且 QFII 和 QDII 额度限制有望 2015 年内取消。针对个人投资，中国人民银行于 2013 年提出积极做好合格境内个人投资者 (QDII2) 试点相关准备工作，此后，2015 年 5 月首批试点 QDII2 的 6 个城市（上海、天津、重庆、武汉、深圳和温州）开始启动。相关政策规定，凡居住在试点城市年满 18 岁的境内个人，个人金融净资产最近 3 个月日均余额不低于人民币 100 万元，通过境外投资和风险能力测试、无重大不良记录且没有经司法裁决未偿还债务者，可以申请 QDII2。2015 年 6 月初，国务院批转国家发展改革委《关于 2015 年深

China Offshore Company Formation Guide 2016

The QDII Scheme developed very quickly after its launch. By 27 February 2015, the institutions which have passed the examination and qualified as QDIIs had reached 131 institutions with an accumulated quota of USD87.593 billion, while QFIIs reached 265 institutions with an accumulated quota of USD69.723 billion, and RQFIIs reached 103 institutions with an accumulated quota of RMB311.5 billion, with the good news being that quotas for QFIIs and QDIIs are expected to be eased within 2015. In 2013, the People’s Bank of China suggested commencing preparations for an experimental QDII2 scheme, aimed at individual OPIs. Since then, the first series of six pilot QDII2 cities (Shanghai, Tianjin, Chongqing, Wuhan, Shenzhen and Wenzhou) was launched. Its policy rules that for domestic individuals who have reached the age of 18 – whose daily net assets balanced within the three months before application, who have passed the test for overseas investment and anti-risk capability, and who have negative financial credit records and have no previous judicial orders – could

apply for qualification as an QDII2. In early June, the State Council further approved and circulated its Opinion on Top Tasks in Deeply Reforming the Economic System in 2015 to support the previous PBOC commitment. This means that the limitation of a quota of USD50, 000 per person per year that was enforced from 2007 could be lifted soon. Such a liberalization might release billions of RMB into the overseas portfolio and securities markets. On 18 July 2015, the Guideline on Promoting Healthy Development of Internet-based Finance (hereinafter referred to as the Guideline), an administrative document which has been addressed as the “Basic Law” of China’s Internet-based Finance, was implemented jointly by ten ministries and committees of the State Council. The ten ministries and committees include the People’s Bank of China (PBOC), the Ministry of Industry and Information Technology (MIIT), the Ministry of Public Security (MPB), the Ministry of Finance (MoF), the State Administration of Industry and Commerce (SAIC), the Legal Affairs

观点 | OPINION

化经济体制改革重点工作的意见》更为 QDII2 做了背书。在市场人士看来，这意味着资本项下个人外汇管理将突破自 2007 年开始实施的每人每年 5 万美元的汇兑限额，此举将释放数万亿资金进入国际股票和证券市场。 2015 年 7 月 18 日，被视为中国互联网金融“基本法”的《关于促进互联网金融健康发展的指导意见》（下称《指导意见》）由中国国务院十部委（即：中国人民银行、工业和信息化部、公安部、财政部、国家工商总局、国务院法制办、中国银行业监督管理委员会、中国证券监督管理委员会、中国保险监督管理委员会、国家互联网信息办公室）联手公布。尽管此次公布的仍为框架性文件，业界所期待的各项具体监管细则并未同时出台且目前尚无具体细则的发布时间表，更有待中国银监会、中国证监会等部委按照各自分工、认真研究后出台，但是，至少这部“基本法”所明确的十六字指导方针，即：鼓励创新、防范风险、趋利避害、健康发展，仍然是一个不错的好消息。《指导意见》中，十部委对监管提出的五

Office of the State Council (LAOSC), the China Banking Regulatory Commission (CBRC), the China Securities Regulatory Commission (CSRC), the China Insurance Regulatory Commission (CIRC), and the State Internet Information Office (SIIO). Even though this Guideline is only a kind of outline – leaving all sorts of details to be announced at the same time by each authority in charge of specific administration – and even though the schedule of progress of such detailed rules are all pending further confirmation by specific authorities mainly including the CBRC and CSRC, one element that has been applauded by industry players is the four basic orientations in sixteen Chinese characters for administration with the Guideline, namely: encouraging innovation, preventing risks, drawing on advantages and avoiding disadvantages, and developing in a healthy manner. Inside the Guideline, the ten administrative authorities confirmed five supervising principles, namely, to supervise (the market) by law, to supervise (the market) moderately, to supervise using categories, to supervise synergistically, and to supervise using innovative methods.

Meanwhile, the authorities also clarified the distribution of administrative powers, that is, the PBOC shall be in charge of the supervision and administration of internet payment businesses, the CBRC in charge of online lending and trust as well as internet consumption finance including individuals’ online lending and borrowing, and minor online lending activities; the CSRC in charge of equity financing, and internet-based sales of funds; and the CIRC for internet insurance, etc. Obviously, this Guideline has demonstrated that the supervision of China’s internet-based finance shall not only define the market’s borders, but also preserve space and room for its future development. Such a demonstration is regarded as good news for those institutions and individuals who are keen to engage themselves in global asset diversification and allocation or outbound investment. In other words, for those financial institutions offering domestic individuals portfolio investment services, using internetbased product marketing fully and adequately would be the most exciting point of this basic law for China’s Internet-based finance.

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

大原则，即“依法监管、适度监管、分类监管、协同监管、创新监管”，同时又首度明确的监管职责划分：中国人民银行负责互联网支付业务的监督管理；中国银监会负责包括个体网络借贷和网络小额贷款在内的网络借贷以及互联网信托和互联网消费金融的监督管理；中国证监会负责股权众筹融资和互联网基金销售的监督管理；中国保监会负责互联网保险的监督管理。可见，《指导意见》要求互联网金融的相关发展政策既为市场划清一个界限，也要为市场预留发展空间，对于出于全球资产配置、对外投资浪潮下的中国机构和个人仍是一个利好。就从事个人境外证券投资的金融机构而言，充分运用互联网进行产品营销，或许就是这一中国互联网金融行业“基本法”的最大看点。近几年，中国互联网金融发展迅速，有统计数据显示，2015 年第一季度中国互联网金融市场整体规模已经超过 10 万亿元人民币，预计到 2015 年底，国内的互联网金融用户将达到4.89亿人，渗透率达到七成。就 QDII2 而言，试点政策中所针对的试点城市，如允许资产 100 万元以上个人 50% 的境外投资，新政策相当于给了一个 41 万亿元的个人投资总配额。但是，中国互联网金融也暴露出了一些问题和风险隐患，如行业发展“缺门槛、缺规则、缺监管”；客户资金安全存在隐患，出现了多起经营者“卷款跑路” 事件；从业机构内控制度不健全，存在经营风险；信用体系和金融消费者保护机制不健全；从业机构的信息安全水平有待提高等。从《指导意见》对规范互联网金融市场

China Offshore Company Formation Guide 2016

According to recent statistics, internetbased finance in China has been developing dramatically, with the overall size of the industry reaching RMB 1 billion by the end of the first quarter of 2015, and it is expected to cover 48.9 million domestic users by the end of 2015 with the permeating rate reaching 70 percent. For QDII2s, among the six pilot cities, if 50% of the individuals with personal assets over RMB 1 million make outbound investments, such a policy would create an overall investment quota of approximately RMB 41 billion. Nevertheless, there are also some problems and hidden dangers in China’s previous and existing market for internet-based finance. These include the absence of tariffs, rules and supervision. Some hidden risks for customers’ funds have already led to

run-away cases by some operators; incomplete internal control schemes for institutions have led to operational risks; neither credit-rating systems nor financial consumers’ protection schemes are complete; and the level of information security for participating institutions is awaiting upgrades, to name a few issues. One may read from the eight requirements inside the Guideline that PBOC has already announced the organization of a State Internet-based Finance Association to strengthen selfruling and self-management, and shall offer additional piloting opportunities to institutions participating in QDII2 services in the current situation of supervision measures not being realized. Also, it is imagined that by adopting and implementing three measures including information announcement, protection of investors’ rights, and internet and

观点 | OPINION

秩序提出的八大要求，可以看到，鉴于中国人民银行已经提出将组建中国互联网金融协会，强化行业自律管理，更给予QDII2金融机构在监管规范尚未健全、及时、到位的情况下，以自律管理、自主规范为契机，先行先试，主要做好以下几个工作，就有可能利用互联网优势，在信息发布、投资人权益保护及网络与信息安全三方面为进一步取得营销上的优势，从而树立优良的从业标杆，成功获得第一批客户。首先，根据《指导意见》对金融机构在健全信息披露、风险提示和合格投资者制度提出的要求，从业机构如能对客户进行充分的信息披露，及时向投资者公布其经营活动和财务状况的相关信息，进行充分的风险提示，则吸引和维持投资人不会是一个难题。其次，根据《指导意见》在加强网络与信息安全化消费者权益保护方面的要求，金融机构如能充分贯彻消费者教育、合同条款、纠纷解决机制等方面的要点，将足以稳定投资人的信心。再次，根据《指导意见》关于加强网络与信息安全，要求从业机构切实提升技术安全水平，妥善保管客户资料和交易信息的要求，QDII2 的金融机构，普遍掌握第一手资料且直接面对客户，其在客户需求采集、风险提示要点等方面的实践经验无疑更领先于行政监管。 QDII2 的推出可以满足境内居民全球化资产配置的需求，缓解外汇储备增长对管理效率带来的压力，加快人民币国际化步伐。而以商业银行为主的金融机构，在整个业务流程中将起关键作用但也能最先占领制高点。

information security, institutions in QDII2 service could gain solid advantages in marketing and set up a survey in order to win the first series of customers or investors. Firstly, for those participating institutions who could manage information disclosure for customers and announce their business and operational activities together with their fiscal status to investors in a timely manner, attracting and maintaining investors would not be a problem. Secondly, in order to stabilize investors’ confidence, participating institutions should educate consumers by providing them with the terms and conditions of contracts, and dispute resolution schemes that match the requirements of strengthening internet

and information security for the protection of consumers’ rights. Thirdly, participating QDII2 institutions who could upgrade their internet and technology and thereby better maintain their customers’ information could easily occupy a leading position for bargaining with administrative supervisors by sharing their advantages in collecting first-hand information and alerting customers of risks. Finally, the launch of QDII2s may satisfy domestic individuals’ demand for global asset diversification, ease the pressure of increasing foreign exchange reserves, and speed up the RMB’s internationalization, and the institutions represented by sound commercial banks will certainly play a key role and gain a competitive advantage in the industry’s future.

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

Member Contribution

人民币基金在跨境投融资中的操作与运用

Haibo Xu 许海波

Operation and Use of RMB Funds in Cross-border Investment & Financing Haibo Xu & Dongming Liu

金诚同达（上海）律师事务所高级合伙人，资深信托金融与并购律师。上海市复旦大学金融学硕士。先后担任上海市律师协会房地产研究会委员、基金研究会委员和信托研究会委员。许律师主要致力于公司金融、房地产金融和离岸金融业务，并长期为多家大中型企业提供常年法律顾问服务。 Senior partner of Jincheng Tongda & Neal (Shanghai) Law Firm, Senior Trust Finance and M & A lawyer. Master of Finance, Fudan University, Shanghai. Lawyer Xu has served as a member of the Real Estate Research Committee, Fund Research Committee and Trust Research Committee of the Shanghai Bar Association successively. Lawyer Xu is mainly engaged in corporate financial business, real estate financial business and offshore financial business and has been providing legal counsel services for a number of large-scale and mediumsized enterprises for many years.

China Offshore Company Formation Guide 2016

n spite of the global economic slowdown, the export-oriented feature of the Chinese economy has constantly been reinforced. With the volatility of currency exchange rates, there is a stronger desire for idle domestic capital to be converted into foreign capital. By setting up private funds, domestic, industrial and financial capital takes an active role in crossborder mergers and acquisition, and stimulates industrial integration on both a global and a regional basis.

Compared with foreign-raised private USD funds, the so-called RMB funds have international vision,and operating capability. They integrate profound government and industrial resources, and thus play an important role in transnational investments, and mergersand acquisitions. This article briefly discusses the application of RMB funds in cross-border investment and financing by analyzing some case studies.

观点 | OPINION

在

全球经济放缓的同时，中国经济的外向型特征仍在不断增强。随着国际汇率的变化，

国内闲置资本配置国外资产的欲望更加强烈。中国境内产业资本和金融资本通过设立私募基金的形式，积极参与跨境并购重组，推动全球化、区域化的产业整合。所谓人民币基金，即相对于境外募集的美元私募基金而言。这些基金的团队具有国际化的视野和运营能力，又聚合了深厚的政府资源与行业资源，在跨国投资、并购重组等方面都扮演着重要的角色。本文结合个别实例操作，针对人民币基金在跨境投融资中的运用，作简要分析。人民币基金跨境投资的优势人民币基金作为战略投资者参与国内企业的跨国投资，可以帮助实业投资者克服地域、财务或运营管理上的局限性，降低跨境投资的金融、法律与运营风险。第一，国内企业进行大规模并购，在财务上往往存在压力，若此时能联合一家或几家跨国股权投资基金签署财团协议，联合进行投资操作，将大大降低投资过程中的财务风险。第二，国内企业在对被投资企业的跨国运营管理方面缺乏实践经验，其对被投资企业地域和跨国操作的不熟悉，缺乏国际视野，将在很大程度上造成投资之后的运营困难。而对于大型人民币基金来讲，其往往聚焦于特定地域或行业的融资并购，熟悉投资及投资后的操作流程，其往往指派董事或其他董监高进入公司董事会层面，协助公司运营并把握

Advantages of RMB funds in crossborder investment For the domestic enterprises participating in cross-border investments for strategic reasons, RMB funds can help them overcome regional, financial, or operational limitations, and reduce the financial, legal and operational risks of crossborder investment. Firstly, to complete large-scale mergers and acquisitions, domestic enterprises are often under financial pressure. If such enterprises can sign consortium agreements with one or more crossborder equity investment funds to make investments together, the financial risks of the investment can be greatly reduced. Secondly, domestic enterprises lack practical experience in performing multinational operations and managing invested enterprises. Their lack of familiarity with this territory, as well as their lack of international vision is largely what causes difficulties in the operations after investment. Large RMB funds often focus on the financing, and mergers and acquisitions of specific regions or industries, and know well the operational procedures for making and maintaining investments. They always appoint directors or other senior supervisors to the board of directors, so as to assist the operation and grasp the company’s direction for development. Besides this, based on the principles of maximizing investors’ benefits, equity investment funds often emphasize strategic and financial matters before withdrawal, thus effectively improving corporate performance.

Dongming Liu 刘冬明刘冬明毕业于华东政法大学，获学士学位。后于美国明尼苏达大学获得法律硕士学位。刘冬明于 2014 年 10 月加入金诚同达（JT&N）律师事务所，参与公司证券、兼并收购及信托领域的法律工作，并向国内公司提供常年法律顾问服务。 Dongming Liu graduated from East China University of Political Science and Law with a Bachelor degree, and later received LLM from University of Minnesota in the USA. After joining JT&N in October 2014, Dongming Liu has undertaken various legal affairs on company securities, merger and acquisition, and trust. She also provides long-term legal consulting service for domestic companies.

Thirdly, by utilizing standardized operational procedures, professional legal terms, detailed due diligence reports, globalized top-level investment 2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

公司发展方向，且基于其投资利益最大化原则，股权投资基金在退出前往往偏重于战略及金融层面，能够有效提高公司业绩。第三，利用规范的操作程序、专业的法律条款、详尽的尽职调查以及全球化的顶级投行与法律资源，国内企业在对外投资时引入人民币基金作为战略投资者可以有效控制金融、法律与操作风险。第四，与人民币基金海外投资配套的政策与监管条件，已经得到大大改善。尤其在中国政府大力推进建设自贸区，为人民币基金的海外投资打开了更为高效的通道。 2014 年 8 月 19 日，商务部令 3 号令《境外投资管理办法》确立了“备案为主、核准为辅”的新型管理模式，进一步推进了境外投资的便利化进程。上海相关部门也相继出台自贸区《境外投资开办企业备案管理办法》与《境外投资项目备案管理办法》，根据规定，对于不涉及敏感国家和地区投资、敏感行业及额度不超过 3 亿美元的境外投资项目，相关企业只需在自贸区管委会等部门完成项目备案，就可以直接向外管局申请换汇投向境外。自贸区对于境外投资项目备案主要监管在技术层面上，即项目备案资料是否齐全，对外投资的法律架构是否合规，相关部门如何做到事中、事后监管，如何保证换汇资金直接流向备案项目而非备案之外的投资品种等，而对具体项目投资的框架与相关条款，备案部门不予审查。同时，自贸区现行的跨境投资项目备案

China Offshore Company Formation Guide 2016

banks, and legal resources, domestic enterprises can introduce RMB funds as strategic investors to effectively control the financial, legal and operating risks during foreign investments. Fourthly, the supporting policies and supervising conditions for the overseas investment of RMB funds have been greatly improved. In particular, the Chinese government has been vigorously promoting the construction of free trade zones (FTZ) and opening a more effective channel for the overseas investment of RMB funds. On August 19, 2014, Order No.3 of the Ministry of Commerce, Measures for Overseas Investment Management, established the new management model of "Primarily focusing on filing and secondarily on ratification" to further facilitate overseas investment. Relevant authorities in Shanghai have also formulated Managing Measures for Filing and Documenting the Establishment of Overseas Enterprises and the Managing Measures for Filing and Documenting Overseas Investment Projects for Shanghai’s FTZ. According to the regulations, so long as the overseas investment projects do not involve investments in sensitive

countries and regions, and the amount of investment is less than 300 million US dollars, relevant enterprises can directly file an application for currency exchange with the State Administration of Foreign Exchange for overseas development after completing the project filing with relevant departments, such as the management committee of the FTZ. The supervision of FTZs in the filing of overseas investment projects mainly focuses on technicalities, that is, whether the filing data is complete, whether the legal framework of the overseas investment complies with regulations, how relevant departments ensure supervisions during and after investment, and how to ensure that the exchanged currency flows into the filed projects rather than into other investments beyond the filing. However, the filing departments don't examine the framework and relevant clauses of specific project investments. At the same time, compared to the previous examination and approval process of cross-border investment projects, the FTZ’s prevailing crossborder investment project filing and currency exchange system greatly

观点 | OPINION

换汇制度，相较于以往的跨境投资项目换汇审批，大大简化审批了流程，缩短了时间，这为国内企业对外投资提供了便利，将大大促进对外投资的加速发展。基于此，以股权投资基金为金融媒介的对外投资将排除监管问题，能够更加准确的预测设立时间，为国际投资提高效率及确定性。

资产池 Asset Pool

金融工具金融方案 Financial Tool Financial Program

资金池 Asset Pool

人民币基金在跨境投资的操作与运用人民币基金跨境投资的金融与产业逻辑，与境内投资并无本质的不同，如右图：简单来说，就是资金池构建在境内，资产池构建在境外，既要考虑境外目标资产的本地属性与法律环境，也要考虑国际资本流动的监管要求。在此基础上考虑法律安排与风控措施。以跨境股权投资为例，操作上，即在中国境内设立一只私募基金，根据国内的监管政策完成对外投资备案，然后在境外离岸岛设立特殊目的公司，并以此作为投资主体购买并持有境外目标企业的股权。我们最近所直接参与的一个案例，即以人民币基金为境外上市公司的控股股东提供融资，帮助控股股东完成对目标上市公司的私有化，摘牌后重新分拆上市。该私有化融资的交易要点如下：第一，境外上市公司实际控制人制定私有化退市方案、融资方案和交易架设路径；（通常是在股价被严重低估的情况下，投行帮助控股股东指定私有化方案）第二，上市公司控股股东就融资方案的

simplifies examining procedures and shortens the time, thus facilitating the overseas investments of domestic enterprises and greatly speeding up the development of overseas investments. Based on this, the overseas investments using equity investment funds as a financial intermediary will eliminate supervision problems; more precisely predict the time of establishment and improve the efficiency and certainty of international investments. Operation and Use of RMB Funds in Cross-border Investment The financial and industrial logic of the cross-border investment of RMB funds is not different from that of the domestic investments in nature, as the following graph shows: Simply speaking, one constructs the funding pool domestically and the asset pool beyond domestic borders. Not only should the local properties and legal environment of overseas target assets be taken into consideration, but also the supervising requirements of the flow of international capital. Based on this, the legal arrangements and risk control measures should be considered.

Taking cross-border equity investment as an example, the practical operations are to establish a private fund in China, and complete the filing of overseas investment according to domestic supervision policies, then incorporate a special purpose company in an offshore jurisdiction, and take such a company as the investment subject for purchasing the equity of target enterprises offshore. Recently, we have directly participated in a case where the controlling shareholder of an overseas listed company was offered RMB funds for financing to complete the privatization, delisting, and spin-off listing of a target listed company. The private financing transactions had the following key points: Firstly, the actual controller of an overseas listed company established the privatization plan, financing plan and transaction path. (Generally, when the share price is substantially undervalued, the investment banks help the controlling shareholder establish a privatization plan.) Secondly, the controlling shareholders of the listed company reached agreements with the funds on the

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

条款与条件（terms sheet）与基金方达成一致；第三 , 基金管理人在中国境内按照融资方案所确定的融资规模募集设立人民币私募基金，并根据国内法律规定办理境外投资备案手续；第四，控股股东通过过桥贷款增持目标上市公司股份至约定的比例并触发基金认购条件后，包括该中方人民币基金在内的多家境内外机构通过认购控股股东持股平台的股权，为控股股东提供融资，完成私有化退市；第五，退市完成后，目标公司根据公司发展的战略目标进行资产分拆、重组，并重新在港股或美股上市；第六，私募基金作为战略投资者，计划在公司上市后将在一定期限内继续持有新上市公司股份，或逐步退出。根据各方达成的融资安排，如果目标公司未能成功私有化或私有化后出现违约或未在规定的期限内重新上市，人民币基金按照协议约定并购退出。人民币基金在跨境股权投资中的核心条款人民币基金与被投资企业的投资交易所达成的关键性条款，严格限定了基金与企业之间的利益关系、股权分配、注资条件、投资监管、业绩指标等等，可初步分为如下几类条款：第一，股权比例条款：此类条款详细规定了基金投入企业的投资额度、股权收购价格、及其对应的股权比例。同时，为保证基金所持公司的股权比

China Offshore Company Formation Guide 2016

terms sheet of the financing plans. Thirdly, fund managers set up private RMB funds through a public offer according to the financing scale determined in the financing plan in China, and dealt with the filing procedures of overseas investments according to domestic laws and regulations. Fourthly, when the controlling shareholder increased its shareholding of the target listed company through bridge loans and triggered the fund subscription conditions, several domestic and overseas institutions (including this RMB fund in China) provided controlling shareholders with financing to complete the privatization and delisting by subscribing to the equity of the controlling shareholder's shareholding platform. Fifthly, after the completion of delisting, the target company will carry out the

spin-off and reorganization according to the strategic development objectives of the company, and then list it again on the Hong Kong or US stock market. Lastly, as a strategic investor, private funds plan to continue to hold the shares of the newly listed company within a certain period after its listing, or to gradually exit. According to the financing arrangement reached by concerned parties, if the target company fails to complete the privatization, breaks the contract, or fails to complete the re-listing within a specified period after the privatization, the RMB fund will exit according to the agreed merger and acquisition contract. Core terms of RMB fund in crossborder equity investment The key terms of the investment transaction followed by RMB funds and invested enterprises strictly limit

观点 | OPINION

例不被稀释，通常我们会采纳优先认购权及优先购买权、反稀释条款或股权锁定条款以保证基金在企业中所享有的股权比例不发生变化。第二，公司治理结构条款：此类条款详细反应了基金在投入企业后，介入被投资企业的经营管理。如基金可以在投资协议中规定其享有一定的董事会席位、投票权、决策事项、或在特定事项的决策时，享有一票否决权。第三，退出条款：基金应充分考虑其投资的退出机制。退出方式包括上市、协议转让、回购及清算。在投资协议里，可通过安排回购条款、回购保证及对价、共同出售权、领售权、清算优先条款、被投资企业承诺等条款以保证基金的有效退出。此外，基金投资条款清单还应根据项目的具体需要，制定符合项目要求的特别条款，包括但不限于投资前提条件、优先股与普通股的安排、期权计划、排他性条款等。

interested relationships, distribution of equity, capital injection conditions, investment supervision, and performance indices between the fund and enterprises. Such terms can be preliminarily classified into the following terms: Firstly, equity ratio terms: such terms specify the investment amounts invested by the fund on the enterprise, equity procurement price, and corresponding equity ratio in detail. At the same time, to ensure that the equity ratio held by the fund is not diluted, generally we adopt preemptive rights, preemption rights, anti-dilution terms, or equity lockup terms to make sure the equity ratio enjoyed by the fund in the enterprise remains unchanged. Secondly, corporate governance structure terms: such terms reflect in details the intervention of the fund in the operation and management of the invested enterprise after investment. For example, the funds may enjoy

certain board seats, voting rights and decision-making participation rights, or veto power as to the decisions on particular matters specified in the investment agreement. Thirdly, exit terms: the funds should take a full consideration of the exit mechanism of their investments. The exit methods include listing, transfer of agreement, repurchasing and liquidation. In the investment agreement, terms on repurchasing, repurchasing guarantee and consideration, co-sale rights, dragalong rights, liquidation preferences, and promises of invested enterprise may be arranged to ensure the effective exit of funds. Besides, the terms sheet of fund investments should also establish particular terms in accordance with the project requirements, including but not limited to: preconditions on investments, arrangement of preferred shares and ordinary shares, share option schemes, and exclusive terms.

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

浅析：全球化背景下华人的资产配置和家庭计划

Derick Liu 刘栋

Analysis: Asset Allocation and Family Planning for Chinese against the Backdrop of Globalization

金融硕士，经济应用数学学士。曾任著

Derick Liu

名财富管理机构、投资移民机构、IT 企业的分公司总经理和总经理。 Derick holds the degrees of Master of Finance and Bachelor of Applied Mathematics. Derick took the position as General Manager and Branch General Manager of several renowned wealth management and investment immigration agencies as well as some IT enterprises.

hat is the age we are in now? We might say that it is the age of the Internet, an age short of resources, or we can argue that it is an age of excessive consumption; it is an age in which people are in conflict with one other. We want to understand each other, but sometimes have to challenge each other. But the trend is towards integration. We might recognize, understand, master, and promote this age from the perspective of "Chinese Globalization". One hot topic in the development of Chinese globalization is migration. Why is there such upsurge of migration? There is one reason at its core: family. Family requires peace of mind and safety, and peace of mind and safety require the proper planning and implementation of business, studies, health and mentality. Traditionally, during the Chinese New Year, the words "Achieve the Five Elements of Happiness" can frequently be seen. They refer to abundance, good health, longevity, a natural, painless death, and good morals. Abundance, good health, longevity, and a natural, painless death are consequences where good morals

China Offshore Company Formation Guide 2016

are the key for transformation. As for mentality, being of good or bad morals and being kind or evil imperceptibly (or sometimes directly) affect the other four elements. Mentality, business, studies, and health accumulatively affect wealth. Thus, mentality has a close, inseparable connection with abundance, good health, longevity and a natural, painless death. Migration– namely, choosing a permanent residence elsewhere – will affect one’s business, studies, good health, and mentality, whether directly or indirectly. So, there are important decisions to make regarding the Five Elements of Happiness. Migration is, by its nature, exercising free will, but it is not yet conclusive whether it is a good or a bad thing. In terms of wealth being the basis for a family’s happiness, in the process of creating, managing and inheriting wealth, do you want to let wealth nourish life or, instead,spend life maintaining wealth? The obvious answer is the former; we cannot spend our lives supporting our wealth. But why does the conduct of so many people violate such common

观点 | OPINION

这

是一个什么样的时代呢？可以说这是个互联网时代，可以说一定程度上资源有所匮乏的时

代，也可以说物质多到泛滥以至于人们过度消费的时代；这是一个中外交往在相互接近、摩擦、想要了解彼此，同时有时又不由得不对抗，但终究是要更趋于融合的时代。我们不妨站在“华人全球化”这个角度，来认识、理解、把握和推动这个时代。华人全球化发展的一个突出热点是移民。为什么会这么热？追根究底就是一个原因：家。有家，就要安，安安心心、安安全全。要安，就得把这几样计划好、落实好——事业，学习，健康和心性。我们传统上，春节贴春联的时候，常常会见到这四个字：五福临门，包括富贵、康宁、长寿、善终、好德。前四个都是结果、现象，最后一个，好德，是转变的枢机。心性上，你是好德还是缺德，是善还是恶，潜移默化或直截了当地影响着前四个结果。心性和事业、学习、健康共同影响着财富，也就与富贵、康宁、长寿、善终有着密不可分的联系。而移民，也就是常居地的选择，会对事业、学习、健康和心性产生直接或间接的影响，影响到家庭是否五福临门。移民是为了能够自由选择，是好，是坏，还不能一概而论。财富则是家庭福祉的基础。在创造财富、管理财富和传承财富的过程中，是要让财富滋养生命，还是用生命去养护财富？答案是选择前者，而不是反过来，耗尽我们的生命去养护金钱、用生命去支撑财富。但为什么很多人的行为违背这样的常识呢？这个留待思考！我们希望财富健康地成长，而不是让自己的财富和生命在一个坑洼高低中不断颠簸。我们要去创造有趣的事物和财富，但不希望

knowledge? This shall be left for another discussion. We can only hope that wealth grows in healthy ways, instead of bumping up and down with our own lives and finances. We all create wealth along with interesting things, but we can only hope that our free hearts and life experiences are not tied down by financial worries.

a conversion, we at least have some means to try. Hedging portfolios is one of the key strategies. These utilize cross-variety, cross-region, and multicurrency asset allocation strategies, thereby constituting a globalized asset portfolio allocation strategy. We can arrange and conduct specific tactics on the basis of such a strategy.

In mid-August 2015, the median price of the Chinese renminbi suffered a sudden devaluation after losing regulation on its floating range. The force of the market directed the renminbi towards devaluation. The amplitude of this drop shocked investors, along with the world. We need to be aware that,in future,currency exchange rates will become more volatile and more unpredictable because the economic and political powers of the world– along with internal and external factors varying these – have entered a more unstable period. The ruble, the euro, the Canadian dollar and the Australian dollar, for example, have all been in a restless state since last year. So what do we do to convert such a disadvantageous situation into an advantageous one?

For example: A Chinese citizen with permanent residence in Canada can live in both China and Canada permanently and are entitled to enjoy certain Canadian benefits, including education, job opportunities, social welfare, and its cultural environment. Once the investable assets of such an individual reach a certain amount, he or she will need global asset allocation. Asset allocation may include cash assets (comprising of renminbi, US dollars and Canadian dollars) for expenditure related to living expenses and education, real estate in Beijing and Toronto respectively, and perhaps a house in a small Canadian town. In addition, such an individual might create a portfolio that includes insurance, financial management products, trust plans, and so on. The business might be extended to Canada, while remaining capable of retrieving resources from China. He

Even if we cannot fully complete such

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

让对金钱的担忧拴住我们自由的心和生命的体验。 8 月中旬人民币中间价在放宽浮动空间管制后猛地贬了一下，市场的力量把它引向贬值的方向。幅度之大，惊动了不少投资者，也惊动了世界。需要意识到，未来各币种汇率的波动会加大和更不可测，原因是世界的经济与政治力量对比，及其内外因变化因素正在进入一个更加不稳和难测的时期。像去年以来的卢布、欧元，以及加元、澳元等，都在进入一个不安分的状态。那怎么办呢？魔高一尺，道高一丈。虽不能完胜，亦不至于束手无策。对冲组合是重要策略之一，跨品类、跨地域、多币种的资产配置策略，实施全球化资产组合配置策略。在这个基本策略基础上，进行具体战术安排。我们看一个例子。某中国公民，拥有加拿大居民的身份，于是他既可以在中国永久居住，也可以在加拿大长期居住，享受加拿大的子女教育，工作机会，社会福利，人文环境各方面。这个人可投资资产要达到一定程度，他需要做全球资产配置。他的资产配置可能是：现金资产，人民币、美元和加元各有一部分，用于生活和教育等开支；房产在北京、多伦多各有一套，也许在加拿大某个小镇有套房；他可能做一些保险、理财产品、信托计划等安排；他的生意产业可能从中国延伸到加拿大，或者把加拿大的一些资源反馈到中国；也可能在跨境 PE/VC 方面布局；或许还有公益慈善方面的做安排。总之，他的资产到一定量，他在中国财富和跨境财富思考的角度就有必要做这些计划。请看这个投资测算表，非常有启发！假设一个家庭有 5000 万美元可投资资产，怎么做规划呢？假设他在股市投资上的

China Offshore Company Formation Guide 2016

or she may also have a cross-regional PE/VC layout, and even philanthropy or charity arrangements. Regardless, when the assets reach certain amount, plans for cross-border wealth management will become necessary. Now let's have a look at the following interesting investment estimate. Assuming that a family has USD 50 million in investable assets, how would they plan for it? Let’s assume that the gains and losses of investment in the stock market varies significantly (as with the specific parameter below), annual return on investment in CNY fixed income products is 8%, and annual return on investment in USD and CAD fixed income products is 6%. Let’s assume that USD 50 million is fully invested in the Chinese stock market, and that the gains and losses from the first year to the fifth year are +50%, -30%, +10%, -10%, and +5% respectively. By the end of these five

years, the balance would be USD 54.57 million. Indeed, this is decent performance in the stock market.But after five years, the assets increased from USD 50 million to USD 54.57 million, and the total gains and losses for these five years is nearly 10% this is a very low annual gain, which is below CPI.It's an even bigger loss when taking interest into consideration. Assuming that this USD 50 million is invested in fixed income investment products instead of the stock market, the annual income would be 8%. It would be USD 54 million after the first year and USD 58 million after the second. By the end of the fifth year, the balance would be USD 73.46 million, totaling a 40-50% gain. Of course, such a figure is not absolute for each person, but its possibility is reasonable. Let's calculate even further. It's inconsistent with the asset allocation

观点 | OPINION

每年盈亏是起伏较大，具体参数见后；他在人民币固定收益产品上的回报是年化 8%，在美元加元固定收益产品上的回报是年化 6%。假如这 5000 万美元全部投入到股市 A 股，从第一到第五年盈亏分别是赚 50%、亏 30%、赚 10%、亏 10%、赚 5%，五年末是 5457 万。你看在股市里这个人还算炒股炒得还算可以的，但最后五年下来，他从 5000 万变成 5457 万，五年总盈利接近 10%，年化非常低，都比不过 CPI，算上利息，很亏。假如这个人 5000 万不是投资股市，而是

theory to invest USD 50 million into the stock market, due to unit variety. Diversified asset allocation strategies should be used, including different regions and currency types. I believe that we cannot be fortune-tellers on the Forex market, so what is the effect that we expect when setting out to manage the allocation of our assets? We should not expect excess income by betting on the correct products, but instead, we should hope that the wealth does not shrink due to dramatic change in the currency market.So the expectation is that multi-currency asset allocation enables stable wealth with only minor fluctuation of the total value.

投资类固定收益产品，年化收益 8%。第一年是 5400 万，第二年 5800 年，到第五年末下来是 7346 万，总计赚了将近 50%，40% 多。当然，这不是每个人的绝对数字，但它是存在合理性的。进一步测算。把这 5000 万美元全投入股

If such an investor has the same arrangement with multi-currency asset allocation, comprising several sets of houses in China (worth USD 5 million), real estate in the U.S. and Canada (worth USD 1 million each), USD and CAD deposits totaling USD 1 million, Chinese stock market assets (USD 1

million) and PE assets (USD 1 million), CNY trust and fund products which are similar to fixed income products (USD 30 million), and USD funds and CAD funds (USD 5 million each). By the end of the fifth year, his assets will total USD 73.06 million according to an above yield calculation. The above two figures, after comparison, are very close. So, which strategy is better? CNY-only asset allocation achieves a little bit more income over five years, but the multi-currency strategy of the latter is more reasonable. The multi-currency portfolio is conducive for restraining the potential volatility of asset value caused by Forex rates. We can relaxand voyage without worries, instead of interrupting normal activities every now and then to monitor the stock market, Forex rates, to call brokers or to make a deal as soon as possible.No–such an anxious and busy life is not desirable.

市，不符合资产配置理论，品类上太单一了，应该有多元化资产配置策略，包括形态、地域、币种。我在外汇上有一个观点，汇率这件事儿上我们不做算命先生，所以我们在资产配置上希望是什么效果呢？不奢望因押对外汇品种而给创造超额收益，但希望不要因为汇率剧烈变化导致我的财富缩水，而希望多币种配置使财富比较安稳、总价值波动小。这位投资者也这么安排，做多币种组合资产配置。在中国有几套房折合 500 万美元，在美国和加拿大各 100 万美元房产，人民币、美元和加元存款各有一些，合 100 万美元，A 股和 PE 各有有相当于 100 万美元的资产，类固定收益的人民币信托和基金产品折合 3000 万美元，美元和加元基金各 500 万美元。第五年末，按照刚才的收益率算下来他的资产变成了 7306 万美元。

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

对比二者，这两个数字很接近。那么，哪种策略更好呢？全配人民币资产的五年收益多一点点，但后者的多币种策略更合理！后者做了多币种组合配置，有利于平抑汇率可能带来的资产价值剧烈波动。我们坐在这儿能够安心喝茶听课，旅游安安心心的，不用说突然停下来，对不起我要看看股市，对不起我要查查外汇，对不起我要给我的经纪人打电话，最近我哪个房子赶紧要卖掉……不需要过这种心急慌忙的人生。我在社会财富结构上有个观点——未来财富有三个很重要的现象，特别是家里可投资资产多的情况下要注意的：第一是财富的非线性大幅度波动常态化，第二是财富管理的立体化，第三是财富传承的专业化。第一，财富的非线性大幅波动常态化。一个草根可能在三年以后变成富翁了，中产回到草根的情况也会比比皆是，富翁变成草根的情况也会有。财富非线性大幅度波动常态化 , 所以财富管理要规划得好，健康地成长，比今年赚个翻倍、明年又赔百分之四五十、后年又赚一点要好，要安心。第二，财富管理的立体化是未来很重要的趋势。过去财富管理，包括现在大部分人还是这样的，哪个产品年化收益是多少，企业运转利润赚多少。作为家族未来整体的布局。你要考虑你的家族企业，理财投资，全球布局，身体健康，身心健康，有的家庭是身体、心理上出问题的都有，二代各方面，立体思考。智慧型的财富管理不再局限于财富管理的金额变化，也不在局限于家族企业今年赚了多少钱，而是引入专业和系统的方法，综合全面的管理。

China Offshore Company Formation Guide 2016

I have an opinion on social wealth structures.There will be 3 key phenomena for future wealth, which shall especially be noted when there are lots of assets available for investment: 1) frequent, non-linear and volatile wealth value; 2) multi-level wealth management; 3) professional wealth inheritance. 1) Frequent, non-linear and volatile wealth value: An individual with few resources can become rich in three years, while it's common as well for a middle class individual, or even a highnet-worth individual to become poor. So, considering the normalization of non-linear and volatile wealth value, wealth management must be wellplanned and grow healthily. This will be more satisfying than experiencing big ups and downs. 2) Multi-level wealth management: This is an important trend in the future. Wealth management for most people

in the past, and even now, focuses only on the annual yield or the operational profits. As an overall system for a family, your family enterprise, financial management and investment, global layout, physical health, mental health, all of the above should be taken into consideration on a multi-level basis. Wise wealth management is no longer confined to changes in balance, nor to the profit of an enterprise for this year. Instead, professional and systematic methods, as well as comprehensive multi-directional management are introduced. 3) Professional wealth inheritance: Inheritance from generation to generation should be planned on a time axis. Is there any professional planning available for your family enterprise, asset allocation, insurance, trust or will arrangement? For example, migration and nationality strategies: which country or region shall be chosen to live in? The family inheritance will affect

观点 | OPINION

第三，财富传承管理的专业化。财富传承从时间轴上，代际传与承方面规划。你的家族企业、资产配置、保险、信托、遗嘱安排是否有专业的规划？比如全球化定居生活和国际身份的安排，选择常居在哪个国度和地区，他的家族传承会影响到二代、三代、甚至更久。比如在考虑一项投资计划的时候，有没有综合考虑税务、地缘环境、家庭成员变故等因素对传承保护的影响？其他又如婚姻关系、家族企业等，这些涉及到动态变化、政策法律和家庭关系等纷繁复杂的因素，需要有专业的思考、工具和服务，才有可能处变不惊和健康传承。我们身处在华人全球化进程的时代，这既是华人海外发展的过程，也是华人自我提升过程，交流交融必然会产生这种作用，而且也是华人重新发掘自身优秀文化和重新认识自己的过程。在这个过程中，全球资产配置和国际化生活方式正在成为高净值人士重要策略之一。通过认清华人全球化时代，把握其特点和关键要素，立体化和专业化地进行规划和布局，让华人和世界变得更加美好，这是一件很值得持续思考和行动的事情。

the second and the third – or even further – generations. For example, when considering an investment plan, have the effects of taxes, geopolitics, family members’ changes and others been considered comprehensively to properly protect the inheritance? Other factors like marriage and family businesses, which involve numerous and complicated factors such as dynamic changes, policies, laws, family relationships, etc., require professional advice, tools, and services to enable smooth and healthy inheritance process. We are currently in the middle ofthe process of Chinese globalization. This is a process in which Chinese achieve

both overseas development and selfimprovement. Communications and integration will inevitably result in such a process. Also, this is a process of rejuvenating one’s own culture and recognition of being Chinese. In this process, global asset allocation and internationalized lifestyles are becoming some of the key strategies for high-networth individuals. It is worth continuing this line of thinking in order to master its features and key elements, to carry out planning and structuring at multiple levels and on a professional basis by establishing a clear understanding of the age of Chinese globalization, making both Chinese and the world better.

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观点 | OPINION

“肥茄”—— 真是任人宰割的肥肉？ FATCA: Is the Juice Worth the Squeeze?

David Lenok David Lenok 是 wealthmanagement.com 和 Trusts & Estate 的资深编辑。他也是纽约的执业律师，主要撰写财富管理和规划方面的专业文章。 David Lenok is a senior editor for Wealthmanagement.com and Trusts & Estates. He's an attorney admitted to practice in New York and writes about general wealth planning issues.

David Lenok

根

据美国财政部的数据，2015 年有 4279 名旅居海外的美国公民放弃了他们的美国

籍。这个数字比 2014 年上升了大约 25%，且从 2009 年的 742 名放弃国籍的美国人到现在，上升趋势越来越明显。在美国“税务基金会”最近发布的一则博客上，有压倒性的数据表明最近飙升的美国公民放弃国籍人数和 2010 年通过的“外国账户纳税法案” （FACTA，俗称“肥茄”）有着直接关系，法案对服务美国公民的外国机构和生活在海外的美国公民的报税行为进行了更严格的规定。这个话题我

China Offshore Company Formation Guide 2016

n 2015, 4,279 American expats renounced their U.S. citizenships, according to the U.S. Treasury. This figure represents a roughly 25 percent increase from 2014 and continues a trend that has seen the number of renunciations rise nearly 500 percent since 2009 (742). A recent blog post by The Tax Foundation offers compelling data that suggests a strong correlation between the recent spike in U.S citizenship renunciations and the 2010 passage of the Foreign Account Tax Compliance Act (FATCA), which introduced stricter reporting requirements for foreign institutions with U.S. citizen clients and U.S. citizens living abroad. It’s a topic that

we’ve noticed before, but having the hard numbers in front of you really drives the point home. Though FATCA was initially conceived as a means to combat tax avoidance by wealthy expats (consistent with a larger series of tax grabs by a revenue hungry IRS in the past several years—the acronym was originally supposed to be FATCAT), which it appears to have been at least fairly successful in doing, it has also had an unintended and outsized effect on the average American living overseas. Because of the increased scrutiny from the U.S. and the fairly onerous paperwork and potential penalties

观点 | OPINION

们一直有所关注，但摆在面前实打实的数据则让我们真的要重新正视一下这个事实。 FATCA 最初是应对那些富有的旅居海外的美国人避税行为而推出的（和过去几年内由美国国税局 IRS 推出的一系列举措保持一致——FATCA 起先被称作 FATCAT），至少在一开始的时候看起来是实施得比较成功的，不过也对旅居海外的美国人在无意识中造成了不必要的后果和影响。由于美国政府对避税监管的不断加强，以及在报税时比较繁重的文书工作和违规时潜在的惩罚力度，很多外国的金融机构开始认为所有美国公民，而不仅限于有钱人，都有义务遵守，且并不认为值得冒踏进雷区，因此很多机构开始拒绝为上述美国人提供服务，有些甚至关闭了上述人员的现有账户。当然如果把美国公民退出国籍的所有责任都归罪于 FATCA 也未免有点夸张。旅居海外的美国公民一直以来，都颇受世界上最沉重的外国纳税负担

involved, a large number of foreign financial institutions have begun to consider all U.S. citizens, not just the wealthy, as liabilities and not being worth the reporting hassle and have increasingly been denying them service, some even going so far as to close existing accounts. To throw the entirety of the responsibility for the increase in renunciations at the feet of FATCA is likely a stretch. U.S. citizens living abroad have long borne the burden of one of the most oppressive foreign tax regimes of any country, providing them ample incentive to renounce their citizenships. Since the U.S. taxes its citizens on all income no matter from where it was derived, expats are effectively taxed twice: once by the government of the country in which they live and once by the U.S. This tax regime is purposely punitive and based on the outdated notion that Americans living abroad are doing so for unsavory reasons (draft dodging, tax avoidance, etc.). Needless to say, this is overwhelmingly not the case. FATCA is less likely the root cause of the exodus and more likely the straw that broke the camel’s back.

That being said, the correlation between FATCA and the renunciation rate is undeniable. The article specifically points out that: • “FATCA was passed in early 2010. In that year, the number of Americans that renounced their citizenship doubled, from 742 to 1,534.” • “The final FATCA regulations were issued in early 2013. In that year, the number of Americans that renounced their citizenship tripled, from 932 to 2,999.” • “FATCA’s penalties on banks went into effect in mid-2014. Since these penalties went into effect, 6,119 Americans have renounced their citizenship—more than the total number of Americans that renounced their citizenship during the entire first decade of the century.” Interestingly, in spite of the nearuniversal negative reaction to FATCA and U.S. international tax-policy by U.S. citizens, other countries seem to be smitten with the model. According to Nuri Katz, president of Apex Capital Partners, “There’s a lot of talk in a lot of countries about adopting

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

之苦，这让他们有足够的动机逃离美国。由于美国对其公民无论在哪里的收入都无一例外地征税，海外美国人事实上是被征了两次税：一次是由所在国的政府征收，另一次则由美国政府。这种税收制度具有明显的惩罚性特征，其根基也是基于美国人旅居海外的目的是避税，这样一种早已过时的想法（汇票规避、避税等）。无需多言的是，这绝对不是事实。FATCA 并不可能是美国人大逃亡的深层原因，而更像是压垮骆驼的最后一根稻草。这就是说，FACTA 和美国人放弃国籍之间的关系不言而喻。因此文章的观点是要特别指出： ·“FATCA 在 2010 年年初通过。在那一年，放弃美国国籍的美国公民翻倍，从 742 人增加到了 1534 人。” ·“FATCA 的最终条文颁布于 2013 年年初。在那一年，放弃美国国籍的美国公民翻了三倍，从 932 人增加到了 2999 人。” ·“FATCA 对银行的惩罚从 2014 年年终开始生效。从这些惩罚措施生效以来，6199 名美国人放弃了他们的国籍——这个数字比本事前十年宣布放

China Offshore Company Formation Guide 2016

a citizenship-based taxation model.” With governments the world over hurting for revenue, they see wealthy citizens living abroad as low-hanging fruit just waiting to be picked over. Indeed, as a country that’s seen its high-net-worth population explode in the past several years, China has seemingly decided to fully embrace a U.S.-style system, announcing in January that it would begin taxing citizens residing abroad on foreign earnings. A rule requiring citizens to report and pay tax on such earnings has apparently been on the books for 25 years, but was simply not enforced by the State Administration of Taxation. However, as more high-net-worth Chinese citizens take their money offshore, that leniency appears set to change. Additionally, there are rumblings out

of Beijing about the implementation of a law similar to FATCA, aimed primarily at wealthy citizens looking to stash their assets in Hong Kong. The international fallout from such a standard could be momentous (particularly in America, a country that doesn’t always like to abide by the same reporting standards to which it holds others—see the Common Reporting Standard), as Chinese expats have a rapidly increasing footprint worldwide. Regardless of what the root cause of the recent spike in U.S. citizenship renunciations is, FATCA, and the reaction to its passage by foreign financial institutions, is undeniably an important factor in expats’ decisions. It’s time to revisit whether the revenue created by this program is worth the grief it’s causing.

观点 | OPINION

弃国籍的美国公民的总和都要多。” 有趣的是，尽管 FATCA 和美国的国际税务政策对美国公民的造成的普遍负面影响，其它国家似乎对这一模式青睐有加。根据 Apex Capital Partners 的总裁 Nuri Katz 的说法：“有很多国家对实施基于公民权的征税模式已有很多讨论。”世界各国的政府都在寻求增加税务收入，他认为旅居海外的富有公民像躺在砧板上的肉一样任人宰割。的确，作为一个高净值人士的数量在过去几年内井喷的国家，中国看上去似乎要完全采纳这个美式风格的征税系统，并于 1 月份宣布将对其旅居海外的公民征收其在海外获得的收入。要求中国公民上报和缴纳上述所得税早就存在，只是并没有被国家税务局实施而已。当然，在越来越多的中国公民把资产转移到离岸的同时，这一政策上的宽大终将会改变。此外，北京方面也对颁布类似于 FATCA 的法律有所动作，目的是针对那些在香港存放资产的富有国民。这一法律标准在国际上的迅速辐射将会立竿见影（尤其在北美，一个在税务信息上报方面有时候会实施双重标准的国家——参见《常见报告标准》），旅居海外的中国公民正以前所未有的速度遍布全世界。不管宣布放弃国籍的美国公民人数激增的深层次原因是什么，FATCA，和它对外国金融机构的影响，不可否认地是旅居海外的美国公民的决定性因素之一。是时候重新审视利弊，看看它给美国带来的税收相比他造成的负面影响是否值回票价。

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

除了信托和法律实体，别忘了还有联合银行存款账户 Despite Trusts and Legal Entities, Don’t Forget Joint Bank Accounts Robert W. Wood

Robert W. Wood Robert W. Wood 是旧金山 Wood 有限责任公司（www.WoodLLP.com）的执业律师，且是《税收损害赔偿金和结算支付（2009 年第四版，并在 2012 年增刊）》、《合格结算资金和第 468B 章节（2009 版）》、和《独立承包商身份之法律指南（2010 年第五版）》和作者，可在 www.taxinstitute.com 上查阅上述书籍的详细信息。 Robert W. Wood practices law with Wood LLP, in San Francisco (www. WoodLLP.com), and is the author of Taxation of Damage Awards and Settlement Payments (4th Ed. 2009 with 2012 Supplement), Qualified Settlement Funds and Section 468B (2009), and Legal Guide to Independent Contractor Status (5th Ed. 2010), all available at www.taxinstitute.com.

China Offshore Company Formation Guide 2016

rusts, holding companies, limited liability companies and various other forms of ownership are the norm for offshore clients and assets. In many jurisdictions, even personal residences are rarely held directly by those who live in them. Yet in the midst of considering offshore income and assets, the age-old joint bank account is often still present. Around the world, joint bank accounts are common between spouses, siblings, parent and child, and in many other situations.

Indeed, even unrelated people may share investment or property accounts. Across myriad situations, joint accounts allow equal access to funds but often have unclear ownership. Since joint account status may be allowed not only for bank accounts but brokerage and other financial accounts, the stakes can be larger than one might assume. Whose funds are they? And who must pay tax on the interest income? The money may all be beneficially owned

观点 | OPINION

信

托、控股公司、有限责任公司和其它各种各样的所有制公司形式都是离岸客

户管理资产的方式。在许多金融辖区，即使是个人住宅的所有权被在里面居住的人持有的现象都很鲜见。因此在考虑管理离岸收入和资产时，历史悠久的联合银行账户还是存有一席之地。世界范围内，联合银行账户在配偶之间、兄弟姐妹之间、父母和子女之间和其它许多状况下都很常见。的确，不相干的人之间甚至也有可能分享投资或物业账户。在很多情况下，联合账户允许账户所有权的平等性，但所有权却经常不明确。由于联合账户的状态不仅有可能针对银行账户，还有可能针对经纪人和其它金融账户，因此风险可能会比想象的更高。那么账户里到底是谁的钱？谁又要对账户的利息收入缴税？账户里所有的钱可以由一名账户持有人实益拥有，可以一半一半，也可以是其它比率。现在的忧虑大部分来自于非美国账户。如果一名美国人的子女和他的非美籍父母有一个联合账户，那么谁来申报？美国人必须在全球范围内申报其资产的纳税收入和 FBAR。如果不这么做，惩罚的力度是很大的。 FBARs 在谈到所得税之前，要考虑一下 FBARs。非美国账户的存款门槛起点是 10000 美元的需要进行 FBAR 存档。但是存档的归类是什么？如果你的利息收入微不足道，那么它的归类范围是属于 FBAR 下的一类。

by one holder, 50/50, or in some other ratio. Much of the worry today is about non-U.S. accounts. If a U.S. person child and a non-U.S. parent have a joint account, who must declare it? U.S. persons must report their worldwide income and worldwide assets on tax returns and FBARs. The potential penalties can be enormous. FBARs Before turning to income tax, consider FBARs. Non-U.S. accounts over the $10,000 threshold carry an FBAR filing requirement. But in what category? If you have a mere signature interest, it goes in one category on the FBAR. If you are an owner, it goes on another. Yet for income tax purposes, joint accounts are inherently unclear. Equal

access to the funds is not the same as beneficial ownership. Thus, before one can fully answer the FBAR question, one should consider ownership for tax purposes. Local Law and Exceptions Federal income tax liability is generally allocated based on entitlements under local law. However, the IRS may seek to impose income tax liability on the beneficial owner of an account regardless of that person’s rights under local law. For example, if you hold legal title as an agent, then income is taxed to the principal, even though the agent may appear as a joint signatory. In Bollinger, the Supreme Court enunciated a three-part test for agency: A. A written agency agreement must be entered into with the agent

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观点 | OPINION

如果您是一位资产所有人，则归为另一类。然而对所得税来说，联合账户本身就不是很清晰。对账户资金的同等控制和实益拥有权也不尽相同。因此，在完全回答关于 FBAR 的问题之前，我们需要考虑税务目的的所有权归属问题。地方法律和免责条款

contemporaneously with the acquisition of the asset; B. The agent must function exclusively as an agent with respect to the asset at all times; and C. The agent must be held out as merely an agent in all dealings with third-parties relating to the asset. Assuming a true agency, the agent should not face taxes on the income. Beneficial Owners Taxed

联邦所得税责任总的来说是基于当地法律的应享权利。不管怎样，美国国税局（IRS）会不考虑此人在当地法律的权利问题的前提下对账户的实益所有人强行征税。比如说，如果您的法定抬头是经纪人，则您的收入是主要征税对象，即使这个经纪人也许是账户的共同签署人之一。在勃林格，最高法院针对代理人公司颁布了三个部分的测试： A. 在获得资产的同时，必须提交一份书面的经纪人协议书； B. 经纪人必须始终且仅仅作为该资产的经纪人而存在； C. 经纪人只能作为经纪人的身份和该资产相关的第三方进行交易时存在。假设作为一名真正的经纪人，该经纪人应该承担收入所得税。实益所有人被税法庭通常只针对产生收入的资产实益所有人强行征税。法庭对实益所有权的定义是“有按意愿处理账户的自由”。法庭也会考虑如下因素：1）谁获得该资产的经济利益；2）谁拥有所有权和控制权；和 3）当事人的意图。

China Offshore Company Formation Guide 2016

The courts generally look beyond local law ownership to impose income tax liability on the party with beneficial ownership of the income-producing asset. Courts define beneficial ownership as the “freedom to dispose

of the accounts’ funds at will.” Courts may consider such factors as: (1) who enjoys the economic benefit of the property; (2) who has possession and control; and (3) the intent of the parties. For example, in CHEM, Inc., a father opened four bank accounts in the names of his four children. He deposited money into the accounts but later withdrew it to facilitate his own business ventures. He claimed that his children owned the four accounts so he did not report any of the income. He claimed his withdrawals were mere loans and would be repaid. Nonetheless, the Tax Court determined that the father was the beneficial owner and was taxable.

观点 | OPINION

举例说明，一家名为 CHEM Inc. 的公司里，父亲以他四个孩子名义开设了四个银行账户。他在这些账户里存款，但之后又取出来做自己的生意之用。他表示他的子女拥有这四个账户，所以他并没有申报任何收入。他声称取款只是暂时的借贷且会归还。尽管如此，税务法庭仍判定父亲是实益所有人所以必须纳税。夫妻共同财产在州法律或外国法律的规定下，针对夫妻赚取的“共同收入”有特别的法律规则，在一名配偶或配偶双方都不是当地居民的外国人的情况下： A. 赚取的收入分配给付出劳动的夫妻中的一方。 B. 贸易或业务收入，一名合伙人在合伙制收入中的应分配份额，分配给参与该业务的人员手中。 C. 来源于一名配偶私有财产的夫妻共

Community Property Income

Examples

同收入只分配给该名配偶。

There is a special statutory rule for married couples earning “community income,” under the laws of a state or foreign country, where one or both spouses are non-resident aliens. In that case:

Example 1: Tom is a U.S. taxpayer with a foreign joint bank account with his brother Bill, who is foreign. Tom deposited all of the funds and intended them as gifts to Bill. Bill controls them and withdraws funds for his own benefit. Tom does not exercise control over the funds, nor does he withdraw or benefit from the account.

D. 其它夫妻共同收入应该以当地的夫妻共有财产法律进行分配。举例举例 1：Tom 是一名美国的纳税人，有一个和他兄弟 Bill 联名的外国联合银行账户，Bill 是外国人。Tom 向该账户存入所有的资金，希望作为赠送给 Bill 的礼物。Bill 控制这些资金并因为自身利益的原因而取出了这些钱款。Tom 并不控制这些资金，也不会提取资金或从这个账户中获益。问题 1：联邦收入税是否适用于 Tom

A. Earned income is allocated to the spouse who rendered the personal services. B. Trade or business income, and a partner’s distributive share of partnership income, is allocated to the person participating in the business. C. Community income derived from the separate property of one spouse is allocated to that spouse only. D. All other community income shall be treated as provided under the local community property laws.

Q1: Can federal income tax be imposed on Tom on the interest? A1: Yes. As a joint owner, Tom may be taxed according to his ownership interest under local law. However, Tom may be able to avoid income tax liability if the IRS or courts are satisfied that he lacks beneficial ownership of the funds. Tom deposited the funds

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观点 | OPINION

所获得的利息收入？回答 1：是的。作为联合账户的所有人，可以根据当地法律对 Tom 的所有权利息进行征税。虽然如此，Tom 也可以在 IRS 或法庭认为他并没有从该笔资金获得实际利益的情况下免于缴纳所得税。Tom 向该账户存入钱款来使自己的兄弟 Bill 获益，且从未操作该账户或从中取款。举例 2：除了 Tom 和 Bill 同意分享该外国账户的控制权和同等利益之外，和范例 1 相同。根据国际上金融辖区的通行做法，Tom 对该账户中的所有资产拥有所有权。问题 2：Tom 是否需要缴纳联邦所得税？回答 2：是的。Tom 在当地法律的规定下对该账户下的所有资产有所有权，他也被假设成对所有的收入负责。尽管如此，他如果只对账户资产的一半具有所有权那么他是否需要缴纳一半的税款是有争议的。举例 3：Tom 是美国公民而他的妻子 Wilma 不是。Wilma 没有向美国报税的义务，Tom 则单独向美国报税。他们生活在外国具有夫妻共同财产，且在这个国家有一个夫妻联合账户。 Tom 和 Wilma 同意分享账户的控制权和同等利益。问题 3：Tom 是否需要因为他这个外国账户所获得的收入而缴纳联邦收入税？回答 3：是的。虽然 Wilma 并非美国纳

China Offshore Company Formation Guide 2016

to benefit his brother Bill and never operated the account or withdrew money. Example 2: Same as Example1, except that Tom and Bill have agreed to share control over the foreign account and benefit equally. Under the law of the prevailing foreign jurisdiction, Tom owns all of the account assets. Q2: Can federal income tax be imposed on Tom? A2: Yes. As Tom owns all of the account assets under local law, he is presumptively liable for all income. However, he arguably has beneficial ownership of only one-half of the account assets and one-half of the tax liability.

Example 3: Tom is a U.S. citizen and his wife Wilma is a non-resident alien. Wilma has no obligation to file U.S. tax returns, and Tom files his U.S. tax returns separately. They live in a foreign country with community property laws and hold a joint bank account in that country. Tom and Wilma agreed to share control over the account and benefit equally. Q3: Can federal income tax be imposed on Tom in connection with the interest earned in this foreign account? A3: Yes. Although Wilma is not a U.S. taxpayer, Tom is still required to report his worldwide income. There is a statutory rule for married couples that earn “community income,” where one or both spouses are non-resident

观点 | OPINION

税人，Tom 仍然需要在全球范围内向美国政府申报。对夫妻间一方是外国人的“共同收入”有专门的法律规定。 Tom 的联邦所得税纳税义务取决于许多因素，包括在该国的夫妻共同财产法律规定下，该账户资产是否被认为是单独或共同财产等。举例 4：和范例 3 相同，只是现在 Tom 和 Wilma 已经离婚。他们决定继续联合持有这个外国账户。问题 4：Tom 在这个外国账户中所获得的利息是否需要缴纳联邦所得税？回答 4：是的。Tom 和 Wilma 虽然已经离婚，但仍保留了联合账户。Tom

aliens. Tom’s federal income tax liability may depend on many factors, including whether the account assets are considered separate or community property under the community property laws of the foreign jurisdiction. Example 4: Same as Example 3, except that Tom and Wilma have divorced. They have decided to continue the foreign account as joint holders. Q4: Can federal income tax be imposed on Tom in connection with the interest earned in this foreign account? A4: Yes. Tom and Wilma divorced but retained the joint account. Tom’s federal income tax liability would presumptively be allocated in

proportion to his ownership of the account assets under local law in the foreign jurisdiction. However, Wilma is arguably the beneficial owner of onehalf of the account, so Tom might only be taxed on only one-half. Tom could support his position with bank statements, agreements with Wilma, declarations, income tax filings, gift tax returns and FBAR forms, or other documents demonstrating shared control and benefits. Example 5: Tom is a U.S. taxpayer and is sole signatory on a foreign bank account. Tom’s parents, who are not U.S. taxpayers, deposited all of the funds for the support of Tom’s daughter Daisy. Tom only withdraws and uses the funds pursuant to his parents’ instructions.

的联邦所得税义务在该外国辖区内的法律规定下仍被认为是从账户资产中的一部分获益。虽然如此，Wilma 是否是该账户一半的实益所有人仍具有争议，因此 Tom 也许只需缴纳一半的所得税。 Tom 可以以银行对账单以及和 Wilma 之间的协议书、申明书、所得税存档、赠与税申报单和 FBAR 表格或其它表明其控制权和利益分享的文件来支持自己的立场。举例 5：Tom 是美国纳税人也是一个外国银行账户的唯一所有人。Tom 的父母不是美国纳税人，向该账户存入所有资金来抚养 Tom 的女儿 Daisy。Tom 只根据他父母的指令来取款和使用资金。问题 5：Tom 在这个外国账户中所获得的利息是否需要缴纳联邦所得税？回答 5：是的。由于 Tom 是该账户的唯一所有人，国税局针对 Tom 的所有权征税。虽然如此，Tom 也有可能在分析

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观点 | OPINION

其实益所有权的情况下来规避他的纳税义务。资金是由他的父母存入的，Tom 在未得到直接指令之前是不会操作该账户的，而且明确知道所有资金都是为他的女儿 Daisy 所用。这些事实更证明 Tom 的父母，而不是他自己，是账户的实益所有人。如果 Tom 能证明他对父母的存款没有任何使用权而只在收到指令时才能取款，则更为有效。能够提供有效证明的文件包括书面协议、申报单、遗嘱规划文件、购买凭证和所得税证明和 / 或由 Tom 父母归档的 FBARs 等。举例 6：除了 Tom 未使用这些资金来抚养他的女儿 Daisy 之外，其它和范例 5 相同。相反，Tom 把账户资产投资到一

China Offshore Company Formation Guide 2016

Q5: Can federal income tax be imposed on Tom in connection with the interest earned in this foreign account? A5: Yes. As Tom is the only account holder, the IRS may seek to tax Tom on all income. However, Tom may be able to avoid income tax liability under the beneficial ownership analysis. The funds were deposited by Tom’s parents, Tom never operated the account without explicit instructions, and it was understood that the funds were solely for Daisy’s benefit. These facts may even suggest that Tom’s parents, rather than Tom, remained the beneficial owners. It would help if there were proof of an agreement that Tom lacked any authority over his parents’ deposits and complied with their instructions. Written agreements, declarations,

estate planning documents, and purchase receipts may help, as may income tax returns and/or FBARs filed by Tom’s parents. Example 6: Same as Example 5, except that Tom did not use the funds to benefit his daughter Daisy. Instead, Tom invested the account assets in a business venture. Although this was against his parents’ wishes, Tom plans on repaying the money. Q6: Can federal income tax be imposed on Tom in connection with the interest earned in this foreign account? A6: Yes. Tom appears to have local law ownership. It will be difficult for Tom to avoid this income tax liability through a beneficial ownership analysis. Tom used account assets for his own benefit, something not authorized by

观点 | OPINION

家商业公司。虽然这违背了他父母的意愿，但是 Tom 打算日后归还这些钱。问题 6：Tom 从这个外国账户中所获得的利息是否需要缴纳联邦所得税？回答 6：是的。Tom 显然具有当地法律规定的所有权。Tom 很难通过实益所有权分析的方式来规避这一所得税义务。 Tom 用这个账户资产来为自己牟利，并未得到他父母的授权。这个事实表明 Tom 没有按照他父母的指令来操作账户，因此要达到避税的目的非常困难。此外，实益所有权通常来源于资产的控制权和获利。Tom 自作主张取款用作他自己的生意之用。这一自由使用该资金的行为让他成为实益所有人，因此需要承担纳税义务。举例 7：除了 Tom 的父母去年过世的情况之外，其它和范例5相同。在过世之前，他们表达了希望 Tom 继续利用该账户来抚养女儿的愿望。虽然并非法律义务， Tom 只在她女儿 Daisy 需要的情况下才取款。问题 7：Tom 在这个外国账户中所获得的利息是否需要缴纳联邦所得税？回答 7：是的。Tom 的父母并没有正式把资金遗赠给 Daisy，因此根据当地法律的通行规定，Tom 现在业已成为资金的所有人。他在当地法律规定下对该资金的法定实益所有权造成他要以账户收入所获得的利益承担纳税责任。当然 Tom 可以争辩，认为他在父母在世时作为非可征税的经纪人身份而存在。

his parents. The fact that Tom acted outside the scope of his parents’ explicit instructions weakens the likelihood of meeting the agency safe harbor.

they expressed their hope that Tom continue to use the account for his daughter Daisy’s benefit. Although not legally obligated, Tom withdraws the funds solely for the benefit of Daisy.

Moreover, beneficial ownership often turns on control and benefits derived from an asset. Tom withdrew funds at his own discretion and used them for his business venture. This freedom over the funds may suggest beneficial ownership and thus tax liability.

Q7: Can federal income tax be imposed on Tom in connection with the interest earned in this foreign account?

Example 7: Same as Example 5, except that Tom’s parents passed away last year. Before passing,

A7: Yes. Tom’s parents did not legally bequeath the funds to Daisy, so Tom is probably the owner of the funds under prevailing local law. His local law ownership may result in federal income tax liability on all income earned in the

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观点 | OPINION

但是尽管如此，经纪人关系在主要委托人过世时就终止了，这个案例中，委托人是 Tom 的父母。因此美国国税局和法庭会认为 Tom 对该账户的单独所有权让他成为事实上的实益所有人。因此 Tom 要避免缴纳该账户产生的所有收入所得税会比较困难。举例 8：Tom 是美国纳税人，他也是一个外国账户的唯一所有人。Tom 控制该账户并是账户的唯一受益人。但是最近 Tom 的非美国纳税人兄弟 Bill 向 Tom 的这个外国账户内存款。Bill 清楚地表明 Tom 需要规划存入的款项或只在 Bill 的要求和指令下才能使用。 Tom 表示同意，但之后在 Bill 的要求下把资金从这个外国账户转出到一个第三方账户中。问题 8：Tom 在这个外国账户中所获得的利息是否需要缴纳联邦所得税？回答 8：是的。Tom 曾是该账户的唯一持有人，因此他也许需要对该账户产生的所有收入负责，包括 Bill 存入的钱款。虽然如此，Tom 是否应该为他兄弟存入的资金缴税存有争议，因为他也许不是该笔资金的实益所有人。Tom 并没有从这笔资金获益，且在 Bill 的要求下转存了这笔资金。在这些转账行为中 Tom 并没有实际获益且没有控制权。不过该笔资金牵扯到 Tom 且是处于他的名下。Tom 可以和 Bill 写一份书面的协议书、申明书或银行对账单来证明。如果 Tom 继续对这笔存入的资金缴纳所得税，且进行反应他财政权益的 FBAR 存档，也许会有所帮助。

China Offshore Company Formation Guide 2016

account. Tom could argue that he was acting as a non-taxable agent at the time his parents were living.

Q8: Can federal income tax be imposed on Tom in connection with the interest earned on the funds deposited by Bill?

However, agency generally terminates on the death of the principal, in this case Tom’s parents. Therefore, it is possible that the IRS and courts could view Tom’s unilateral authority over the account as indicative of beneficial ownership. It may be difficult for Tom to overcome the presumptive income tax liability on all income earned in the account.

A8: Yes. Tom was the only account holder, so he will probably be liable for all income generated by the account, including the money deposited by Bill. However, Tom arguably should not be taxed on the temporary funds deposited by his brother because he may have lacked beneficial ownership of those funds. Tom did not benefit from the funds and transferred the money at the time and in the manner requested by Bill.

Example 8: Tom is a U.S. taxpayer and is sole signatory on a foreign account. Tom controls the account and he alone benefits. Recently, however, Tom’s brother Bill, who is not a U.S. taxpayer, deposited money into Tom’s foreign account. Bill made it clear that Tom must return the deposited funds or use them only at Bill’s request and pursuant to Bill’s instructions. Tom agreed, and later transferred the funds out of his foreign account to a third-party at Bill’s request.

On these transitory deposits Tom had no beneficial right and no control. Nevertheless, the funds were comingled and solely in Tom’s name. Tom could assemble a written agreement with Bill, declarations, and bank statements. It would be helpful if Bill continued to pay income tax on the deposited funds and filed FBARs reflecting his financial interest.

观点 | OPINION

结论联合账户通常由相互熟识的、亲属间，或有高度信任关系的人们之间设立。对自己所拥有的东西不清楚是很常见的事情，但当牵涉到税务申报的问题时，联合或共同所有权才会变得令人费解。地方法律和实益所有权有重大关联。对外国账户来说，多个法律制度相互关联，如果联合账户的持有人有不同的公民权或居住权时，情况就变得复杂起来。特别是牵涉到重大惩罚力度甚至犯罪时，这一问题就显得愈发重要。要时刻留心自己状态和小心自己的选择。由于在事实发生后要去证明的话会很困难，因此就要及时准备充分的文件材料以备日后之需。

Conclusion Joint accounts are often established by people who know each other well, are related, or have a high degree of mutual trust. It is only natural that who really owns what may not be clear. When it comes to taxes and reporting, joint and other combined ownership is confusing. Local law and beneficial ownership are both relevant. With foreign accounts, multiple legal regimes

may be relevant, and the situation is complicated if joint account holders have differing citizenships or residencies. When significant penalties and even criminal liability may be at stake, the issues can take on enormous significance. Be mindful of your facts and be wary of taking inconsistent positions. And since proving something after the fact can be difficult, consider good and timely documentation.

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观点 | OPINION

Member Contribution

专属保险和中国市场 —— 专访衡力斯专家 Michael Burns

Michael Burns Michael J. Burns 是衡力斯百慕大公司的

Captive Insurance and the China Market An Insight by Harneys’ Michael Burns

公司部门主管。他也在百慕大担任衡力

By Michael Burns

斯信托服务部的董事总经理。Michael 在国际离岸金融服务法的交易和顾问方面有超过 25 年的经验。 Michael J. Burns is Head of the Corporate Department for Harneys Bermuda. He also serves as Managing Director of Harneys Fiduciary Services in Bermuda. Michael has over 25 years of transactional and advisory experience practicing in international offshore financial services law.

介绍 Introduction 专属保险公司能被定义为对风险和保障和父母和暴露附属者的“自己动手的保险公司”。据估计，全球超过 90% 的财富前 1000 位的公司都设立了专属保险，其中大多数都在百慕大注册。直到最近，中国的公司才开始在当地购买专属保险；不过这一现象将会改变，许多在国际上运作的中国公司都需要采取新的风险管理策略。衡力斯的百慕大的保险专家 Michael Burns 回答了

什么是专属保险，中国公司为什么对此感兴趣？

界最佳实践的风险控制和保险策略，更高效低价地控制面临的风险。

专属保险公司被定义为对风险和保障和父母和暴露附属者的“ 自己动手的保险公司”。专属保险在特定的法律环境中设立，向所有者提供保障且由所有者控制。设立专属保险公司有众多优势，其中包括： 1. 降低风险管理的费用。传统市场上购

关于百慕大注册的专属保险作为中国公司采取世

China Offshore Company Formation Guide 2016

A captive insurance company can be defined as a ‘do-it-yourself insurance company’ that insures the risks and exposures of its parents and affiliates. It is estimated that globally more than 90% of Fortune 1000 companies have established a captive with the majority being registered in Bermuda. Up until recently China based firms tended to purchase insurance locally; however this is expected to change with so many China based companies now operating internationally and needing to adopt new risk management strategies. Harney’s Bermuda based insurance expert Michael Burns responds below to questions on the role that Bermuda registered captives can play in assisting China based companies adopt worlds’ best practice risk management and insurance strategies to more efficiently price and manage risk.

观点 | OPINION

买的保险价格一般要比投保人的购置成本高出许多（包括市场行销费用和经纪人收取的佣金）、管理成本、企业的日常开支和其它费用，以及一笔保险公司赚取的利润。向保险公司提前支付的投保费用意味着失去这笔费用在其他投资上获得的收益机会，当然还包括保险交易本身产生的承保利润等。虽然创建专属保险并不能完全省却这些费用，但却当然可以降低开支。专属保险所有人也能从“规模经济”中获益，向集团内的下属公司提供上述保险。 2. 价格的稳定性。投保人在享受年复一年的稳定和合理的灭失记录时，专属保险能有相应的制定保险价格范围的能力。相比之下，传统保险市场通常根据更广阔的产业分类制定价格，因此对每个投保人来说并没有反映出相应的灭失记录的主要差别。专属保险还有组织机构的财务规划和控制功能的实现方面的优势。因为专属保险的所有人能制定保费，这让保费价格能根据特殊品类或政策反映出更佳的灭失记录。

What is captive insurance and why would China companies be interested?

on such premiums, as well as any underwriting profits that may arise on the insurance transaction itself.

A captive insurance company can be defined as a ‘do-it-yourself insurance company’, which insures the risks and exposures of its parents and affiliates. A captive is established in a specialized regulatory environment that provides insurance to and is controlled by its owners.

While the establishment of the captive insurance company cannot eliminate these costs, it certainly can reduce them. Captive owners can also benefit from ‘economies of scale’ by providing insurance to subsidiaries within their group.

There are many advantages to the establishment of a captive insurance company and some of them are: 1. Reduction of the Costs of Risk Management. The price of insurance cover purchased in the conventional market typically reflects a significant mark-up to pay for the insurer’s acquisition costs (including marketing costs and commissions paid to brokers), administration costs, overheads and other expenses as well as a portion of the insurers profit. The fact that premiums are paid to the insurer in advance also represents a lost opportunity on the part of the insured to earn investment income

2. Stabilization of Pricing. Where the insured enjoys a stable and reasonable loss experience from year to year, a captive affords the ability to price insurance cover accordingly. By contrast, the conventional insurance market will often set prices in relation

2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

3. 在无效情况下提供的保障条例。在保险保障无效或定价过高的情况下，专属保险的实用性就能得到增强。例子包括，在保障无效或由于无法满足条件而获得保障的情况下，包括产品责任、石油生产、有害的废弃产品、罢工保险、惩罚性赔偿、工人补偿、健康保障和医疗事故等。 4. 衔接再保险市场 / 资本市场。专属保险可以直接通往国际再保险市场。通过这种方式绕过传统保险公司，最终投保人不必负担基本保险公司的摩擦成本。专属保险也可以从再保险公司获取割让佣金，向最终投保人推荐再保险公司。专属保险可以提供一个通往新资本市场和通过再保险安排架构的高级风险金融交易的平台。 5. 改进的现金流优势。专属保险能从未赚取的保险金进行投资的收入，通常是设立专属保险的重要优势。专属保险也让组织机构夺回承保利润，否则上述利

China Offshore Company Formation Guide 2016

to broad industry classifications, and thereby fail to reflect key differences in loss experience among individual insureds. There are also advantages to be realized in terms of the organization’s financial planning and control functions. Because the owner of a captive can determine rates, this also allows for pricing to be more responsive to a good loss experience on a particular line or policy. 3. Provision of Cover Where Otherwise Unavailable. Whenever insurance cover is either unavailable or overpriced, the feasibility of a captive is enhanced. Examples of cover, which have at times been unavailable or difficult to obtain on satisfactory terms, include product liability, oil production, hazardous waster, strike insurance, punitive damages, workers’ compensation, health care and medical malpractice. 4. Access to Reinsurance Markets/ Capital Markets. A captive affords direct access to the international reinsurance markets. In bypassing conventional insurers in this manner, the ultimate insured is spared the

frictional costs of the primary insurance companies. It is also the case that a captive can earn ceding commissions from the reinsurer for introducing the reinsurer to the ultimate insured. A captive will provide a platform for accessing some of the new capital market and advanced risk financing transactions that are structured through reinsurance arrangements. 5. Improved Cash Flow Benefits. The ability of a captive to generate investment income from unearned premiums received is often a critical advantage of forming a captive. A captive also allows the organization to recapture underwriting profits otherwise left to the commercial insurers. The owners of the captive have the ability to choose and control the investment portfolio for premiums paid in. 6. Reduction of Government Regulations and Interference. By contrast to the rigorous insurance regulation in most industrialized countries, an offshore domicile can provide a relatively less onerous, yet responsible, regulatory framework. In

观点 | OPINION

润则由商业保险公司赚取。专属保险的所有人有能力选择和控制所支付保险金的投资组合方式。 6. 政府监管和干预的减少。和大多数工业化国家严苛的保险条例相反，离岸公司能提供相对简便，但同时又负责任的监管框架。在百慕大，这被称作监管共享系统，这个系统中公众和私营部门互相合作，目的在于为投保人提供最合适的保护，与此同时，让专属保险成长和繁荣。 7. 个性化定制的保险计划。专属保险有对任何风险进行投保的选择自由，并个性化定制其保险政策的条款和条件。确实，有机会这么做（例如，通过通用责任保险中对特定种类的个体伤害的共同政策的覆盖或排除），通常能够改进专属保险的损失控制效率并让通常会引起损失的因素有更高的认知度。 8. 理赔处理和控制的改进机会。专属保险可以自由设立自己的理赔处理政策和流程。这一做法有明显的优势，比如理赔流程和支付时间的缩短。通常来说，专属保险让公司（其母公司）在控制风险管理预算的目标上有更大的灵活性。有利可图的专属保险甚至有可能向政府回贷资产。 9. 利润中心的创建。专属保险的另一个优势是向无关客户提供保障（有时候是针对专属保险的税务问题进行的回应），和传统保险公司不同，它有多样化和直达开放市场的运营。虽然从事此行业有特殊风险和资本要求，在这个情况下它会为母公司创造额外利润的潜力。 10. 税务优势。这些优势可能包括保险承

Bermuda, this has been described as a system of shared regulation, whereby the public and private sectors cooperate with a view to achieving the most appropriate level of policyholder protection, while at the same time, permitting the captive to grow and prosper. 7. Ability to Customize Insurance Programs. A captive has complete freedom to insure any risk it chooses and to customize the terms and conditions of its policies. Indeed, the opportunity to do so (for example, by either including or eliminating common policy exclusions like those for certain types of personal injury in a general liability policy) can often lead to improved loss control efficiency within the captive and promote greater awareness of the factors, which commonly give rise to losses.

Handling and Control. A captive is also free to establish its own claims handling policies and procedures. This has obvious advantages such as the reduction of the time taken to process and pay claims. Generally, the captive option gives the corporation (its parent) more flexibility to control the destiny of its risk management budget. A profitable captive may even be able to loan assets back to the corporation. 9. Creation of a Profit Centre. To the extent that a captive might offer insurance cover to unrelated customers (sometimes in response to tax problems of the captive), it will have diversified into open market operations not unlike conventional insurers. Although there are special risks and capital requirements associated with engaging in such business, in doing so it will have the potential to generate additional profits for its parent.

8. Opportunities for Improved Claims 2016 China Offshore Company Formation Guide CHINA OFFSHORE

观点 | OPINION

保和投资收入的免税累积（有可能取决于所有人的居住地或国籍，或其收入来源等因素）。另一个优势有可能是出于

“纯粹”的专属保险能用以下图表来表示： A ‘pure’ captive would be established along the following lines:

税务目的的保险金减免政策（作为投保人的保险金支出）和免缴国家保险税费。典型的专属保险架构是如何帮助公司更

母公司

Parent Company

好地进行风险管理的？传统上说，专属保险是以满足定制化风险管控的要求而设立的，这在传统的保险市场上无法实现。专属保险在紧缩市场（hard market）上尤其繁荣，在这里商业保险无法提供高性价比的保险费率。

100% 所有权

附属公司 B

Subsidiary B

100% Ownership

制造商、银行和零售商对专属保险的使用是专属保险行业里增长最快的。企业成立专属保险，利用这一工具来解决自

流动和保费

身和客户的问题并创造利润。效果是改良他们的产品并保障客户在使用产品时产生的风险。保险范围更为广泛，从啤酒到工具，从移动式房屋到抵

Flow & Premiums

百慕大专属保险公司 Bermuda Captive Insurer

押贷款，从包裹运送服务到手机，不一而足。典型的专属保险架构是怎样的，通常在哪些行政特区内建立？专属保险要求普通公司能被归为第一，第二或第三级，取决于专属保险的特定计划。单一母公司或“纯粹”专属保险要求只有其母公司和附属公司能归为第一级。多个所有人的专属保险，或承销少于 20% 的单一母公司专属保险应被归为第二级。任何承销少于 20% 的无关公司应该归为第三级，虽然公司承销的无关公司占据的比重越大，适用的“专属”对象的适用情况越小。

China Offshore Company Formation Guide 2016

10. Tax Advantages. These might include the tax free accumulation of underwriting and investment income (which may depend on, among other factors, the residence or citizenship of the owners or the source of the income). Another advantage may be the deductibility of premiums for tax purposes (as premium expense of the insured) and the avoidance of state premium taxes. How does a typical captive insurance structure assist companies better manage their risk profile? Traditionally, captives have been established to provide customized solutions to risk financing needs, which were not available in the commercial

insurance markets. Captives thrive particularly in hard markets, where commercial insurance is difficult to obtain at cost-effective rates. The new uses of captives by manufacturers, banks and retailers are by far the fastest growing sector in the captive industry. Entrepreneurial business enterprises are forming captives to make a profit by solving the business problems of their own companies and clients using an insurance vehicle. The effect is to enhance their product and to cover the risk exposure of the clients on the products, which they sell. The range is far and wide; from beer, to tools, to mobile homes, to mortgages,

观点 | OPINION

百慕大仍然是最大的专属保险离岸行政辖区，其后为开曼群岛。巴巴多斯、耿西岛、卢森堡和爱尔兰也是市场领导者。在美国，佛蒙特州有最多的专属保险公司，被认为是专属保险法规的领导者。其它的美国专属保险所在地为犹他州、夏威夷、南卡罗来纳州、肯塔基州、内华达州和特拉华州。我们知道，许多全球财富 500 强公司采用专属保险公司作为风险管理的手段。亚洲是否也有类似的风险管理策略？我们知道中国的几个大型国有企业都设立了专属保险公司，包括中国国家石油公司、中国国家海洋石油公司和中国铁路公司等。您对百慕大发展成为亚洲跨国公司选择的专属保险行政特区有什么看法？我们相信百慕大对亚洲跨国公司的选择有巨大潜力。上面说到，百慕大仍然是专属保险的最大行政辖区。

to package delivery services and mobile telephones. What does a typical captive insurance structure look like and what jurisdictions are they typically established in? Captives writing general business may be classified in either Class 1, 2 or 3 depending on the particular program for the captive. A single-parent or ‘pure’ captive, which underwrites only the risks of its parent and affiliates, would be classified as Class 1. A multiowner captive, or a single-parent captive which writes less than 20% of unrelated business would fall within Class 2. Any captive which writes less than 20% of unrelated business would fall within Class 3, although the higher the proportion of unrelated business underwritten by a company, the less the ‘captive’ moniker can be said to apply.

Bermuda remains the largest jurisdiction, followed by the Cayman Islands. Barbados, Guernsey, Luxembourg and Ireland are also market leaders. In the United States, Vermont has more captive insurers than any other jurisdiction and is considered a leader in captive

legislation. Other top US captive domiciles are Utah, Hawaii, South Carolina, Kentucky, Nevada and Delaware. We understand that many global Fortune 500 companies use captive insurance companies as a way of managing risk. Are there any companies in Asia that have adopted similar risk management strategies? We understand that several of China’s largest state-owned enterprises have established captive insurance companies including China National Petroleum Corp, China National Offshore Oil Corp and China Railway Corp. What is your view on the potential for Bermuda as a jurisdiction to develop its profile as captive insurance jurisdiction of choice for Asia based multinationals? We believe Bermuda has great potential to be jurisdiction of choice for Asia based multinationals. As mentioned, Bermuda remains the largest jurisdiction for captive based insurance companies.

2016 China Offshore Company Formation Guide CHINA OFFSHORE

特别报道 | FEATURED REPORT

从台湾的离岸金融平台探索大中华区离岸私人银行服务 Exploring Greater China’s Offshore Private Banking Services in light of Taiwan’s Offshore Financial Platform Jianming Yang

014 年可以说是台湾发展离岸金融中心，(Offshore Financial Center,OFC) 的新纪元。台湾金管会对于离岸金融中心的定位是资金来自于境外，并融通或投资

运用于境外，且以非本地货币为交易中介，并以境外个人、境外法人或境外金融机构为交易对象，采取“境外对境外” 模式之金融市场。台湾对于离岸金融中心的规划早有历史过程，台湾早期以新加坡的亚洲通货单位 (ACU, Asian Currency Unit) 为取经对象，进而在 1983 年制订“国际金融业务条例”，准许商业银行设立国际金融业务分行 (OBU,Offshore Banking Unit)，从事离岸金融业务。在此模式下，台湾的 OBU 与新加坡的 ACU 类似，皆属于“内外分离型”的离岸金融中心，为各自独立设帐及会计独立之组织型态。可惜的是，从 1983 年开始实施“国际金融业务条例”后，台湾的商业银行始终把 OBU 平台定位在为台资企业于第三地进行跨境贸易所衍生的企业融资，贸易融资之跨境金流管理平台，而未将业务范围扩及到私人财富管理领域。

014 marked a new era for the development of Offshore Financial Centers (OFC) in Taiwan. Taiwan’s Financial Supervisory Commission defines an offshore financial center as a financial market which receives funding from overseas sources (which, in turn, is circulated or invested in foreign markets), which uses nonlocal currency as an intermediary in transactions, and has overseas individuals, legal persons or financial institutions as their business targets. Taiwan has long been involved in the planning of offshore financial centers. Learning from Singapore’s Asian Currency Unit (ACU) at an early stage, Taiwan established the Offshore Banking Act in 1983, allowing commercial banks to set up Offshore Banking Units (OBU) to engage in offshore banking. In this regard, OBUs in Taiwan are similar to ACUs in Singapore. Both are offshore financial centers that separate domestic and foreign clients, organized with the use of independent bookkeeping and independent accounting. Unfortunately, since the implementation of the Offshore Banking Act in 1983, commercial banks in Taiwan have always used the OBU platform as a cross-border cash flow management platform for corporate financing and trade financing aimed at cross-border trade for Taiwan-funded enterprises as a third location. They are yet to expand their scope into the field of private wealth management. Since August 2012, when Taiwan and mainland China agreed on introducing a Renminbi currency clearing mechanism, Taiwan has become the second largest offshore Renminbi clearing center in the world, after Hong Kong. Within just a few years, the amount of offshore Renminbi deposits has approached 320 billion Yuan.

China Offshore Company Formation Guide 2016

特别报道 | FEATURED REPORT

With the support of these substantial Renminbi deposits, financial institutions in Taiwan have designed and launched various categories of financial product, including Renminbi funds, Renminbi structured deposits, Renminbi combined products, Renminbi financial derivatives, Renminbi bonds (also called Formosa bonds) and Renminbi insurance policies. The above-mentioned financial products are all denominated in Renminbi. Taiwan’s Central Bank manages Renminbi using the same standards applied to foreign currency management. Therefore, among all the types of financial product transacted on the Taiwan OBU platform, the Renminbi has almost caught up with the US dollar.

直至 2012 年 8 月台湾与中国大陆签订人民币货币清算机制后，台湾继香港之后成为全球第二个离岸人民币清算中心，且在短短数年中，台湾累积的离岸人民币存款规模已接近 3,200亿人民币，仅次于香港成为全球第二大离岸人民币市场。台湾金融机构在此庞大的人民币存款规模支撑下，纷纷设计推出人民币基金、人民币结构式存款，人民币组合商品，人民币衍生性金融商品、人民币债券 ( 宝岛债 ) 及人民币保单等各类金融商品。前述金融商品皆是以人民币为计价货币，且台湾央行对于人民币的货币管理也比照一般外币之标准进行管理。因此在台湾 OBU 平台上交易的各类型金融商品中，人民币已经有直逼美元的趋势。在前述时空背景下，再加上中国大陆改革开放后，已经累积相当庞大的高净值人群，这些高净值人群随着中资企业“走

Within this context – and coupled with mainland China’s Reform and Opening – an increasingly large number of high net worth individuals is creating more demand for offshore financing and offshore private banking services in light of Chinese-funded enterprises "going out", and the configuration of family wealth and assets on a global scale. To this end, the Taiwan Financial Supervisory Commission announced “Provisions for Integrating the Financial Sector into the Free Economic Pilot Zones” at the end of 2013, which – by referring to the spirit of "total freedom beyond the borders" and adopting the concept of "virtual overseas markets and openness in the whole region" – targets the OBU’s wealth management and asset management business through the use of trusts and the adoption of a negative list. On the business planning side, it expressly stipulates the exclusion from the restrictions enforced by Taiwan’s domestic laws, including the Banking Act, the Central Bank of the Republic of China (Taiwan) Act, the Trust Industry Act, the Securities Investment Trust and Consulting Act, the Futures Trading Act, the Securities and Exchange Act, and the Foreign Exchange Regulation Act. Under such planning, Taiwan’s Financial Supervisory Commission will simultaneously open this offshore financial business platform in three major financial industries – the banking industry, the securities industry and the insurance industry – thus contributing to the objective of establishing Taiwan as Greater China’s financial center. The offshore financial business platforms of these three major financial industries are listed as below: (I) Offshore Banking Unit (OBU) (II) Offshore Securities Unit (OSU) (III) Offshore Insurance Unit (OIU) Due to the opening of these three major platforms (OBU, OSU and OIU) Taiwan’s foreign investment project can 2016 China Offshore Company Formation Guide CHINA OFFSHORE

特别报道 | FEATURED REPORT

新加坡 ACU

台湾 OBU

经营型态

以独立会计分隔经营

交易对象

无限制

单一分行经营以境外客户为主，但部分业务包括境内客户

利息所得税

免扣缴

营利事业所得税

12%

营业税

免缴

印花税

免缴

境外所得税

免缴

对非居住民免扣缴 1. 境外客户：免缴 2. 境内客户：17% 1. 境外客户：免缴 2. 境内客户：须缴纳营业税 1. 境外客户：免缴 2. 境内客户：预缴境外客户：免缴

( 数据源：台湾信托公会，国际通商法律事务所 )

Singapore ACU

Taiwan OBU

Separate Operation with Independent Accounting

Single Branch Operation

Trading Object

Unlimited

Mainly focused on overseas clients with some business involving domestic clients

Interest Income Tax

Exempted from Withholding

Profit-seeking Enterprise Income Tax

12%

1.Overseas Clients: Exempted 2.Domestic Clients: 17%

Business Tax

Exempted

1.Overseas Clients: Exempted 2.Domestic Clients: Pre-paid

Stamp Duty

Exempted

1.Overseas Clients: Exempted 2.Domestic Clients: Pre-paid

Overseas Income Tax

Exempted

Overseas Clients: Exempted

Business Pattern

Exempted from Withholding for Non-residents

(Data source: Taiwan Trust Association, Baker & McKenzie)

出去”及家族财富全球化资产配置之考虑下，对于离岸金融及离岸私人银行服务之需求逐渐浮上台面。有鉴于此，台湾金管会于 2013 年末发布《金融业纳入自由经济示范区之规划方案》，比照其他离岸金融中心制度“境外完全自由”之精神，采用“虚拟境外，全区开放”概念，就国际金融业务分行 (OBU) 以信托机制办理财富管理与资产管理业务，采取负面表列模式管理，并于业务规划面，明文规定排除于台湾境内法律，包括银行法、中央银行法、信托业法、投信投顾法、期货交易法、证券交易法及管理外汇条例之限制等优惠待遇。台湾金管会在此规划方案下同时开放针对银行业、证券业、保险业三大金融产业之离岸金融业务平台，以建置台湾成为大中华区理财中心之目标。此三大金融产业之离岸金融业务平台条列如下： ( 一 ) 国际金融业务分行 (Offshore Banking Unit, OBU )

China Offshore Company Formation Guide 2016

be considered almost completely open on the level of investment and financing. For clients overseas, the diversity of investment bids on Taiwan’s offshore financial business platform is not much different from that of Hong Kong and Singapore. However, in light of the three major objectives – also known as the three modules of international private banking service: wealth appreciation, wealth protection and wealth inheritance – the value of foreign trusts attaches more importance to wealth protection and wealth inheritance. Therefore, while exploring Taiwan as an offshore private banking center for Greater China, it is more necessary to discuss the offshore trust business. An offshore trust is hereby defined as a business organized under the framework of OBU in Taiwan, with the applicable Taiwan Trust Laws, the trustee for the trust industry in Taiwan, and both the principal and the beneficiary of the trust being foreign individuals or foreign legal persons. As discussed above, OBUs in Taiwan and ACUs in Singapore are both offshore financial centers that separate domestic and foreign clients. The taxation environments of overseas trusts offered by these two centers are compared In the table. Hong Kong and Singapore have expressly eliminated the intervention of "forced right of inheritance" on offshore trusts, but Taiwan has no such express provisions so far. Seen from within the framework of Taiwan’s Trust Law and practices in the trust industry, however, the "forced right of inheritance" has no such intervention on offshore trusts within the OBU framework. The reason for this is that most practitioners in the trust industry in Taiwan set up inter vivos trusts in the form of contractual trusts. Since a contractual trust is the disposal of the principal's owned properties during his lifetime – and thus the action is donation inter vivos by nature – the principal may at his discretion appoint trust beneficiaries without harming the rights of successors. According to Taiwan’s Trust Law, while setting up trusts that benefit others, the benefits of the trust belong to the beneficiary on the day when the trust is set up. Therefore, after the death of the principal (the decedent), none of the other successors is entitled to advocate rights of the contractual trust set up by the decedent before his death. Taking into consideration the discussions on the scope of investment bids, taxation environments, and the supporting laws and regulations related to the development of Taiwan’s offshore private banking center, Taiwan’s competitiveness has already met international

特别报道 | FEATURED REPORT

( 二 ) 国际证券业务分公司 (Offshore Securities Unit, OSU ) ( 三 ) 国际保险业务分公司 (Offshore Insurance Unit, OIU ) 台湾的 OBU、OSU、OIU 三大平台的开放，在投资理财层面上，此次的境外投资项目几近全盘开放，对于境外客户而言，台湾离岸金融业务平台的投资标的多样性已与香港、新加坡无太大差异。但是从国际私人银行服务三大目标：财富增值、财富保护、财富传承三大模块中，境外信托 (Foreign Trust) 的价值更着重在财富保护与财富传承。因此，在探索台湾发展大中华区离岸私人银行中心时，更须就境外信托业务做探讨。在此先就境外信托做定义：即在台湾 OBU 架构下，以台湾信托法为准据法，受托人为台湾信托业，并且符合信托委托人及受益人皆为境外个人或境外法人等要件。诚如前言，台湾 OBU 与新加坡 ACU 皆属“内外分离型”的离岸金融中心。在此就以表列方式对照两者于境外信托的税制环境 ( 如附表 )。此外，就香港及新加坡皆已明文规定排除“强制继承权”对于境外信托的干扰，而台湾目前尚未有类似的明文规定。不过以台湾信托法架构与信托业实务来看，“强制继承权”对 OBU 架构之境外信托也不存在此问题。因为台湾信托业者多以契约信托形式为委托人设立生前信托。契约信托因属委托人本人生前自由处分名下财产之形式，其本质属于生前赠与行为，故委托人可以任意指定信托受益人并无侵害继承人权利之问题。依台湾信托法规定，成立他益信托时，信托利益已于成立信托日即归属他益受益人享有该利益。故于委托人 ( 被继承人 ) 死亡后，其他继承人均不得对被继承人生前设立之契约信托主张权利。综观前述台湾发展离岸私人银行中心的相关投资标的范围、税制环境及配套法律规范等探讨，台湾发展此业务的竞争力已达到国际级标准，若能再结合自身独特的优势，做为一个

standards. If Taiwan establishes itself as an emerging offshore financial center in Asia based on its own unique advantages, it will become a territory that cannot be ignored. Yang was responsible for the design and training of family trust products while serving as Chief Manager of the product department in Taiwan Commercial Bank’s Trust Headquarters. He has also worked for UBS’ Taipei Branch and in the ING Securities & Private Wealth Management Department, providing high net worth individuals with integrated wealth planning.

亚洲新兴的离岸金融中心，台湾将是一个不可忽视的版图。历任台湾商业银行信托总部之产品部门主管，负责家族信托产品设计及培训。也于 UBS 台北分行及 ING 证券私人财富管理部为高净值人士提供整合性财富规划方案。

捷鹏国际金融服务集团乔捷管理顾问公司总经理杨健民 Yang Jianmin General Manager of Qiaojie Management Consulting Company Jepun International Financial Services Group

2016 China Offshore Company Formation Guide CHINA OFFSHORE

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“国际金融中心”不会坠落 International Financial Centers Won’t Crumble Meng Li

最

近网络上吵得最火爆的是某个加勒比离岸地资料泄露的丑闻。巴拿马离岸注册地的世界顶级律所 Mossack Fonseca 一直通过离岸架构帮助各国政要

规划资产。仿佛一夜之间，世界著名离岸金融辖区淹没在各种攻击口水中，摇摇欲坠。其实，以开曼群岛、英属维尔京群岛为首的离岸金融辖区一直被称为“避税天堂”并惨遭诟病和抵制。早在 2014 年 11 月 16 日习近平在澳大利亚的二十国集团峰会上演讲时候宣称中国要加强全球税收合作，打击国际避税。2015 年 2 月 1 日起，中国《一般反避税管理办法（试行）》正式施行。与之相对应的是，美国也出台了激进的《海外账户纳税法案》（FATCA）。这个法案在美国饱受抨击，但是美国之外的政治家们却希望出台类似的法案实现强制性的全球信息共享。这一切都表明：世界著名金融离岸辖区风暴正在来临。

China Offshore Company Formation Guide 2016

The recent “offshore account” scandal from a Caribbean island nation has fast become the most heated topic on the Internet. Mossack Fonseca, a top Panamanian lawyer has long been helping various countries’ political bigwigs conserve hide their assets in offshore accounts. It’s as if the offshore financial jurisdictions, led by BVI and Cayman and so on, are drowning in the saliva of various attacks, and “international financial centers” appears to be crumbling overnight. As a matter of fact, offshore financial jurisdictions have always been known as “Tax Evasion Haven”, and thus they have been fiercely denounced and often boycotted. As early as November 16, 2014, as the G20 summit convened in Australia, China’s president, Xi Jinping, declared in a speech that China would strengthen global taxation cooperation and attack international tax evasion. On February 1, 2015, the General Administrative Measures on Anti-Tax-

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可是，这些金融离岸辖区不会因此而坠落。因为，这些离岸岛屿不是为了鼓励和满足人们的避税诉求而建立和存在的。他们只是借助优美的自然环境、稳定的政治环境和成熟的金融服务，通过满足各国高净值人士的金融投资、家族财富传承的诉求而发展、繁荣起来的。因此把离岸金融辖区视作避税天堂是对这些司法辖区的误读，资本具有趋利性和扩张性，而每个商业机构或者拥有巨额财富的自然人也对如何实现经济繁荣和家族和谐具有最理性的判断，开曼等金融离岸辖区只是在顺应这种趋势的过程中顺便带来了合法节税的结果。罗马不是一天建成的，离岸金融辖区具有稳定的政治环境、成熟的法律制度、优越的税务及外汇等金融服务体系，而且历史久远，根深叶茂。例如中美洲地峡巴拿马离岸辖区政治上奉行中立、不结盟政策，同时借助其境内闻名全球的巴拿马运河，对船舶实行免税政策，由此发展成为全球最重要的船舶离岸注册登记地。巴拿马离岸辖区和中国没有建立外交关系的，自然也不承认中国的司法判决。所以深受中国人青睐，很多中国富人在这些离岸辖区设立离岸公司，协助商业贸易或者财富传承。

Evasion (Provisional) enacted by China came into force. Correspondingly, a radical law on overseas account tax-paying was enacted by the U.S. as well. It was lambasted in the U.S., but the statesmen outside the U.S. hoped that similar acts would be introduced to achieve mandatory information-sharing around the globe. All this indicates that offshore financial jurisdictions, including the one from the Caribbean area, face an imminent storm. However, offshore financial jurisdictions such as Cook Islands, the Cayman Islands, and the British Virgin Islands will not crumble due to such a storm, because the purpose of the establishment and existence of such offshore accounting on these islands is not to encourage and satisfy the people’s appeal for tax evasion. They were developed and became prosperous by satisfying the financial investment and family inheritance requirements of wealthy individuals from various countries who enjoy the powerful combination of a beautiful natural environment, stable political environment, and mature financial services. Therefore, it’s a misreading of such jurisdictions to consider Panama and other offshore financial jurisdictions as a heaven for tax evasion. Profiting and expanding is part of the nature of capital, and each commercial institute or person with substantial wealth uses rational judgment in how to realize economic prosperity and family harmony. Panama and other offshore financial jurisdictions simply added legal tax-saving to the process of such rules and trends. Rome was not built in a day. Offshore financial jurisdictions enjoy a stable political environment with mature legal systems and offer superior financial services with a very long history, solid foundation and vigorous development. For example, Panama pursues a neutral and non-allying policy. Meanwhile, due to the significance of the Panama Canal, the tax exemption policy is also applied to the ships and vessels. Therefore, Panama has developed into the world's most important place for offshore ship registration. Panama has not established diplomatic relations with China, and naturally does not accept China's judicial decisions. So, Panama is deeply favored by Chinese. Many rich Chinese people established offshore companies in Panama, gaining assistance with commercial trading or wealth inheritance. China's high net worth individuals, especially small and medium sized enterprise owners have all experienced the predicament of difficult financing and a high tax 2016 China Offshore Company Formation Guide CHINA OFFSHORE

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burden. Therefore, the only option is to seek overseas financing with lower costs and superior services. If a Chinese company has established offshore companies in offshore financial jurisdictions (such as Canada), with regular business operations and consummate audits and accounts, such a company can obtain bank loans with low interest rates from overseas banks by way of issuing a back letter from Chinese banks to overseas banks to resolve the difficulties of a shortage of capital.

中国的高净值人士尤其是中小企业主肯定都体验过融资难、税负高之困境。因此寻求成本低廉、服务优越的境外融资是必由之路。一个中国公司如果在离岸金融辖区比如加拿大设立了离岸公司，并且在当地有正规商业运营及建立完善的审计账目，就可以通过境内银行向境外银行出具保函的形式，在海外银行取得利率低廉的银行贷款，解决资金短缺的难题。更重要的是，通过离岸公司在境外申请贷款，更有信息保密、手续便捷之优势。除了便捷的境外融资服务，中国公司还可以利用离岸金融进行返程投资。比如，一个国内公司，可以向外管局、商务部申请，到卢森堡成立全资子公司 B 公司（即国内公司是卢森堡公司的法人股东），再将国内的资金以投资款名义转移到卢森堡 B 公司，B 公司又再以股权投资的方式将资本投放到国内，申请获得政府的相应优惠政策，实现企业利益最大化。除了融资的便利，离岸金融辖区还可以帮助中国高净值人士传承家族财富。随着《慈善法》的出台，中国高净值人士在中国设立慈善基金会或者慈善信托变得比过去容易，比如说设立慈善基金会无需政府支持和监管，仅在民政部备案。可是要想设立家族成员可以管控的以私益为目的的家族基金会或者家族信托还是不可能或者存在诸多限制，比如说要想在国内设立家族信托，只能是现金性资产。因此很多中国高净值人士喜爱选择离岸辖区传承家族财富，因为在离岸金融辖

China Offshore Company Formation Guide 2016

More importantly, it provides advantages in information non-disclosure and convenient procedures to apply for loans overseas through offshore companies. Outside of convenient overseas financing services, a Chinese company can also conduct inbound investment by utilizing offshore finance. For example, a domestic Chinese company can establish a wholly-funded subsidiary (Company B) in Luxembourg by applying to the State Administration of Foreign Exchange of the PRC (SAFE) and the Ministry of Commerce of the PRC. Such a domestic company is then the legal shareholder of the company in Luxembourg, and transfers the domestic funds from China to Company B in Luxembourg in the name of investment accounts. Then Company B invests such funds back in China in the form of equity investment to apply for corresponding preferential policies from the Chinese government to achieve maximum benefits for the enterprise. Other than convenient financing, offshore financial jurisdictions can also help China’s high net worth individuals inherit family wealth. With the enactment of the Charity Law, it has become easier for China's high net worth individuals to establish a charity foundation or charity trust in China. For instance, a charity foundation can be established by filing with the Ministry of Civil

特别报道 | FEATURED REPORT

Affairs of the PRC, requiring no support, regulation or supervision from the government. But it is impossible (or only achievable with many limitations) to establish a family foundation or family trust for the purposes of getting private benefits that can be managed and controlled by family members. For instance, only cash assets will be accepted if a family trust is to be established domestically in China. Therefore, many high net worth individuals in China choose to inherit family wealth in offshore jurisdictions, since both cash and non-cash assets (for example estates or jewelry) can be put into trusts and foundations offshore.

区，不但可以把现金放进信托、基金会，还可以把非现金性资产（房子啊，珠宝啊……）放进信托或者基金会。 BVI（英属维尔京群岛）可以说是最受中国高净值人士青睐的设立离岸信托、离岸基金会的好地方。信托原本就是在英国的衡平法体系中发展起来的，如今已经繁盛百年。而 BVI 隶属于英国，因此也是最完备地继承信托和基金会制度的司法辖区。BVI 的信托法颁布于 1961 年并在 1993 年、2003 年和 2013 年进行了修改。依据这成熟的现行信托法律制度，中国高净值客户喜欢在 BVI 设立 VISTA 信托。这个信托的特点在于增加了一个由受托人拥有的来持有资产的控股公司，而信托资产的管理和控制由公司的董事会决定，董事会成员通常为委托人的家族成员或者信任的顾问，这就能很好地满足拥有家族企业的委托人加强企业控制权或者传承企业管控权的诉求。此外，2013 年 5 月 16 日后设立的信托，时限从 100 年增加到了 360 年（除无限期的慈善信托或目的信托外）。当设立信托的委托人长眠于地下，而其设立的家族信托却依然惠及子孙，生生不息。

We may say that the British Virgin Islands (BVI) is the preferred place for China’s high net worth individuals to establish offshore trusts and/ or offshore foundations. Trusts were originally developed within the equitable legal system of Britain, and have boomed for a century. Additionally, since BVI belongs to Britain, it is a jurisdiction having completely and perfectly inherited the systems in relation to trusts and foundations. The Trust Law of BVI was enacted in 1961 and was amended in 1993, 2003 and 2013 respectively. Such a mature trust law system encourages China's high net worth individuals to establish VISTA trusts in BVI. The peculiarity of such a trust is that a controlling company is added which is owned by the trustee to back the assets, whereas the management and control of the assets under the trust is determined by the board of directors of the company. The members of the board of directors are generally the family members of the trustee or advisors they trust. This satisfies the desire for a trustee-owned family enterprise to strengthen its controlling power, or to inherit the managing and controlling power over the enterprise. In addition, the period of validity of trusts established after May 16, 2013 has been increased from 100 years to 360 years (apart from charity trusts or purposed trusts with an infinite validity period). After the trust founders die, their descendants from generation to generation can still benefit from the family trust established by such trust founders. So, offshore financial jurisdictions won’t crumble, despite the approach of a metaphorical storm in such jurisdictions.

所以，虽然有风暴来袭，国际金融中心不会坠落。 2016 China Offshore Company Formation Guide CHINA OFFSHORE

2016 热点 | HIGHLIGHTS

中国 CHINA | 东盟 ASEAN

最近双方新签署的升级版合作协议令中国—东盟自贸区在双方的国际合作和贸易发展中更加重要。 The newly signed enhanced FTA agreement between China and the ASEAN will be even more important for the international trade and cooperation in the regions.

中国——东盟自贸区升级版正式签署 China, ASEAN Sign Enhanced FTA

修订 < 中国 - 东盟全面经济合作框架协议 > 及项下部分协议的议定书》

Total trade between China and ASEAN member countries

（简称《议定书》）。

increased from only USD54.8bn in 2002 to USD480.4bn in 2014.

015 年 11 月 22 日，在李克强总理和东盟十国领导人的共同见证下，中国商务部部长高虎城与东盟十国部长分别代表中国政府与东盟十国政府，在马来西亚吉隆坡正式签署中国 - 东盟自

贸区升级谈判成果文件——《中华人民共和国与东南亚国家联盟关于

protocol to upgrade the free trade agreement between China and the 10-member Association of Southeast Asian Nations was signed on November 22 in Kuala Lumpur,

Malaysia.

China is already ASEAN's largest trading partner, accounting for 据介绍，《议定书》共 500 多页，内涵丰富。“现有的中国 - 东盟自贸区零关税已经覆盖了双方 90%-95% 税目的产品，货物贸易自由化水平很高。因此，双方在此次升级谈判中，主要通过升级原产地规则和贸易便利化措施，进一步促进双边货物贸易发展。”上述负责人说。

14.5 percent of ASEAN's total trade, and ASEAN is China's thirdlargest. The two sides are targeting total trade of USD1 trillion by 2020. The ASEAN-China FTA went into effect in 2010, and its enhancement was agreed after only four rounds of negotiations.

在海关程序与贸易便利化领域，中国 - 东盟自贸区相关协定原来未包含这方面的内容。这次升级谈判双方根据双方贸易情况的发展，纳入了相关内容。

Gao also expressed the hope that the conclusion of the protocol will boost moves towards regional economic integration in the region, and in particular completion of the proposed Regional Comprehensive Economic Partnership, which involves ASEAN and

《议定书》的达成和签署，将为双方经济发展提供新的助力，加快建设

its six current FTA partners – China, Japan, South Korea, India,

更为紧密的中国 - 东盟命运共同体，推动实现 2020 年双边贸易额达到

Australia, and New Zealand.

1 万亿美元的目标，并将促进《区域全面经济伙伴关系协定》谈判和亚太自由贸易区的建设进程。

China Offshore Company Formation Guide 2016

2016 热点 | HIGHLIGHTS

耿西岛 GUERNSEY

耿西岛与中国签订投资谅解备忘录 Guernsey Signs Investment Sector MoU with China “耿西岛投资基金协会”（GIFA）近日和“中国私募股权协会”（CAPE）签订了谅解备忘录。

“英国私募股权和风险资本协会”旗下所属的“海峡群岛工作组” （BVCA CIWG）也是该备忘录的签署方。

he Guernsey Investment Fund Association (GIFA) has signed a Memorandum of Understanding with the China Association of Private Equity (CAPE).

The British Private Equity & Venture Capital Association's Channel Islands Working Group (BVCA CIWG) was also a signatory to the agreement.

谅解备忘录由 CAPE 秘书长 Li Weiqun 和耿西岛金融服务部国际商务开发总监 Kate Clouston 代表 GIFA 和 BVCA CIWG，在今年三月初在 CAPE 的北京办公室签署。备忘录在培训、公司管理、活动、研究和公众事务方面达成了合作意向。

It was signed at CAPE's Beijing offices earlier in March by CAPE's Secretary-General, Li Weiqun, and Guernsey Finance's Director of International Business Development, Kate Clouston, on behalf of GIFA and the BVCA CIWG. It sets out a statement of intent to facilitate collaboration in the areas of training, corporate governance,

CAPE 成员中的 15 名代表参加了签署仪式，仪式上，Clouston 就耿西

events, research, and public affairs.

岛的基金行业展开讨论，并总结了该岛对加深和中国之间双边关系所做出的努力。

About 15 representatives of the CAPE membership attended the signing at which Clouston discussed the island's funds industry offering and summarized the territory's efforts to deepen its

在谅解备忘录的签署之后，耿西金融服务部亚洲代表 Wendy Weng 就

relationship with China.

耿西岛的基金架构选择做了演讲，并介绍了中国信达金融（2014 年） II 在海峡群岛证券交易所（CISE）的上市内容。这也是中国证券发行商

Following the signing of the MoU, Wendy Weng, Guernsey Finance's

首次在 CISE 上市。

Asia Representative, gave a presentation on fund structuring options in Guernsey, noting the recent China Cinda Finance (2014) II listing on the Channel Islands Securities Exchange (CISE). This was the first ever Chinese issuer listing on the CISE.

CAPE 成员中的 15 名代表参加了签署仪式，仪式上，Clouston 就耿西岛的基金行业展开讨论，并总结了该岛对加深和中国之间双边关系所做出的努力。 About 15 representatives of the CAPE membership attended the signing at which Clouston discussed the island's funds industry offering and summarized the territory's efforts to deepen its relationship with China.

2016 China Offshore Company Formation Guide CHINA OFFSHORE

2016 热点 | HIGHLIGHTS

海峡群岛 CHANNEL ISLANDS

中国信达金融有限公司（2014）最近在海峡群岛的证券交易所上市，这也是中国大型金融集团母公司首次在海峡群岛上市。

中国公司首次在海峡群岛上市 Groundbreaking Chinese Listing for Channel Islands' Exchange

中

国信达金融有限公司（2014）最近在海峡群岛的证券交易所上市，这也是中国大型金融集团母公司首次在海峡群岛上市。

China Cinda Finance (2014) II Limited has been listed on the Channel Islands Securities Exchange, the first such listing with an ultimate parent company domiciled in China.

hina Cinda Finance (2014) II Limited has been listed on the Channel Islands Securities Exchange, the first such listing with an ultimate parent company domiciled in China.

中国信达资产管理有限公司为该上市公司的母公司，1999 年成立于北京，且在 2013 年在香港证交所（HKEx）上市。

China Cinda Asset Management Co. Ltd, the issuer's ultimate parent, was incorporated in Beijing, China, in 1999 and listed on the Hong Kong Stock Exchange (HKEx) in 2013.

离岸律所 Mourant Ozannes 对该公司股票的上市提供了法律服务。 Offshore law firm Mourant Ozannes acted on behalf of China Cinda 海峡群岛证交所首席执行官 Fiona Le Poidevin 表示：“我对中国公司在

Finance (2014) II Limited.

海峡群岛的首次上市而感到非常高兴。我们是一家国际化的证交所，

Fiona Le Poidevin, Chief Executive Officer of the CISE, said: "I am

非常期待为来自全世界的客户提供服务。鉴于海峡群岛最近几年在亚

delighted to welcome this ground-breaking listing to the CISE. We

洲取得的成绩，本次上市对我们来说具有里程碑式的意义，我们很乐意

are an international exchange and keen to welcome business from

接收新的想法和为包括来自于中国市场的高质量公司提供架构服务。”

all over the globe. Given the Channel Islands' progress in Asia over recent years this is a significant milestone for us at the Exchange, where we are always open to new ideas and structures, including quality listings originating from markets such as this."

China Offshore Company Formation Guide 2016

2016 热点 | HIGHLIGHTS

韩国 SOUTH KOREA

中韩自贸协定正式实施 South Korea-China FTA to Enter Into Force

015 年 12 月 9 日，韩国驻华大使金相台和中国商务部副部长王受文交换了外交文件，并把 2015 年 12 月 20 日定于两国之间自贸协定（CSKFTA）正式实施的日期。

中韩自贸协定在 2012 年 5 月的首次谈判后不久，于今年的 6

n December 9, South Korea's Ambassador to China, Kim Jang-soo, and China's Vice Minister of Commerce, Wang Shouwen, exchanged diplomatic notes that set December 20, 2015, as the date for the entry into force of the free trade agreement (CSKFTA) between the two countries.

月 1 日正式签订。由于预计协定签订后将会对韩国的经济增长起到显著作用，韩国政府对议会施加了相当大的压力来促使年底前协议的正式实施。韩国为中国重要贸易伙伴，自贸协定的签订将给中国对外经贸关系乃至亚太地区的经贸深度融合带来巨大推动力。中韩自贸协定是中国迄今为止对外签署的涉及国别贸易额最大、覆盖议题范围最广的自贸协定。韩国各界普遍认为，协定将为双边经贸发展注入活力，给两国企业和个人带来实实在在的好处，还将对亚洲以及世界经济发展产生积极影响。分析人士称，随着中韩自贸协定生效，中国消费者可买到更质优价廉的韩国商品、无需出国便可享受韩国整形服务、赴韩旅游更容易、能吃到正宗韩国泡菜等。而物美价廉的“中国制造” 也将进入韩国百姓的日常生活。此外，韩国的化妆品、娱乐等产业也将迎来重大利好。

The CSKFTA was signed on June 1 this year, soon after negotiations commenced in May 2012. As the most substantial FTA South Korea has signed, and given its expected effect of increasing South Korean economic growth prospects, the Government applied a significant amount of pressure in Parliament for its ratification by the end of 2015. That ratification occurred on November 30, and the agreement is now able to come into effect, following subsequent approval by China's State Council. As the CSKFTA will come into force in 2015, the tariff reductions for its first year will occur immediately. Its scheduled second year reductions will take effect on January 1, 2016. China is already South Korea's primary trading partner, receiving a quarter of its exports, and South Korea is China's third-largest trading partner. The total value of trade between the two countries is expected to reach more than USD300bn this year.

在北京的“亚太经济合作” （APEC）会议期间，中国国家主席习近平和韩国总统朴瑾惠在人民大会堂的两国国旗背景前握手。 China's President Xi shakes hands with South Korea's President Park in front of Chinese and South Korean national flags during a meeting at the Great Hall of the People, on the sidelines of the Asia Pacific Economic Cooperation (APEC) meetings, in Beijing.

2016 China Offshore Company Formation Guide CHINA OFFSHORE

行政特区 | JURISDICTIONS

非洲

AFRICA

塞舌尔 Seychelles

China Offshore Company Formation Guide 2016

2016 China Offshore Company Formation Guide CHINA OFFSHORE

Seychelles

行政特区 | JURISDICTIONS

Member Contribution

概况

塞舌尔

General

Seychelles

公司类型

国际商业公司

法律类型

混合

Type of Company

IBC

建立新公司所需时间

1天

公司税

无

Time to Establish a New Company

1 day

双重征税协议

否

股本或等值股本标准货币

美元

允许使用货币

任何币种

最低付清股本

无最低限制

法定股本要求

无限制

董事董事最低人数

1人

本地董事

否

公开记录权限

否

会议地点

任何地方

股东股东最低人数

1人

公开记录权限

否

会议地点

任何地方

公司秘书是否需要

否

是否为注册地或者有资质人员

无

账户账户准备要求

否

审计账户

否

账户登记记录

否

公开记录权限

否

Type of Law

Corporate Taxation

Double Taxation Treaty Access

Hybrid Nil

Share Capital or Equivalent

Standard Currency

US$

Minimum Paid Up Share Capital

No minimum

Permitted Currencies

Usual Number of Shares Issued

Any

Directors

Any

Minimum Number

One

Publicly Accessible Records

Local Required

Location of Meetings

Shareholders

Anywhere

Minimum Number

One

Location of Meetings

Company Secretary

Anywhere

Required

Publicly Accessible Records

Local or Qualified

Accounts

N/A

Requirements to Prepare

Requirements to File Accounts

Audit Requirements

Publicly Accessible Records

No No

By Seychelles Investment Board

行政特区 | JURISDICTIONS

简介 Introduction

塞

舌尔是热带天堂的代名词。115 个靠近赤道的岛屿和旋风带以外的地理位置，让它成为令人艳羡

行政特区：塞舌尔所属地区：印度洋，非洲官方货币：塞舌尔卢比官方语言：英语、法语所在时区： UTC+4

的度假天堂。塞舌尔的主岛，马希，有一

电话区号： +248 通讯设施：优秀公司建立成本： 600-2000 美元公司建立时间： 1-3 天公司维护费用： 400-800 美元 Country: Seychelles Region: Indian Ocean, Africa Currency: Seychellois rupee (SCR) (SR) Languages: English, French Time Zone: UTC +4 Phone Code: +248 Communications: Good Formation Cost: 600-2000 USD$ Formation Time: 1 - 3 days Maintenance cost: 400 - 800 USD$

个且非常优良的港口，维多利亚港。塞舌

he Seychelles are a byword for tropical beauty. The 115 islands, near the equator and outside the

cyclone belt, are indeed unspoiled. The main island, Mahe, has an airport and a very good port, Victoria. Most of the 89,000

尔 89000 名居民中的大部分居住在马希，

inhabitants live on Mahe, and are a blended

混居着法国和非洲人种，说克里奥尔语，

mixture of French and African, speaking

但也说英语和法语，特别是在商务环境中

Creole, but also English and French,

更是如此。英国允许塞舌尔在 1976 年独立；

especially in business. The British granted

塞舌尔是一个独立的共和制民主国家，有总统制的政府。塞舌尔总统 Albert Renee

independence only in 1976; the Seychelles are an independent democratic republic with a presidential style of government.

从 1977 年掌权至 2004 年，经历了这个国

The President from 1977 until 2004, Albert

家从一个“渔业和香蕉”型的经济转型为

Renee oversaw the conversion of a 'fishing

现代化的旅游胜地，并成为一个发展完备

and bananas' type of economy into a

的离岸金融中心，具有较强的竞争力。

modern tourist mecca, alongside a carefully created offshore financial centre which has

塞舌尔的服务业为该国经济贡献了 70% 的

taken good notice of its competition.

产值，其中包括旅游业、海产品加工和商业。

The service sector contributes 70% of the

塞舌尔的国际自由贸易区非常成功，且正

Seychelles's economy, which is based on

快步成为印度洋上的贸易集散中心，这也

tourism, fish processing and commerce. The

是塞舌尔政府公开宣布的目标。塞舌尔政

International Trade Zone is successful, and

2016 China Offshore Company Formation Guide CHINA OFFSHORE

行政特区 | JURISDICTIONS

府由家长式管理作风（非常法国化）和经济自由主义（非常英国化）

the Seychelles are on the way towards becoming an Indian Ocean

的风格一分为二，但两者哪个占据上风却不好说。

trading entrepot, which is their avowed goal. The Government is

直到 2004 年底，在海啸造成了相当大的损失后，经济开始有所复苏，

torn between Colbertian paternalism (very French) and economic liberalism (very English) and it is hard to say which is winning.

但失业率和财政赤字仍旧居高不下。当地的居民对经济奇迹并不十

Until late 2004, when the tsunami did substantial damage, there was

分感冒，和政府希望把塞舌尔打造成印度洋上的新加坡的意愿相驳。

growth but also unemployment and a deficit. The local population

2004 年塞舌尔发布了一个新的宏观经济调控缩写为 MERP 的计划，

is not always willing to be cast in the role of economic superstars,

旨在纠正财政和经济发展的不平衡现象，进行加税和政府的缩编。

to the despair of the Government, which privately would like the Seychelles to be a new Singapore. A macro-economic programme

塞舌尔的物价飙升，货币储备短缺和高通胀率都让这个国家在 2008 年年中入不敷出，因此进行了进一步的财政紧缩，政府转而

under the acronym MERP, launched in 2004, aimed to correct fiscal and economic imbalances with increased taxation and government retrenchment. The commodity price spike, a shortage

求助于国际货币基金组织要求获得金融支援。2009 年底，国际货

of currency reserves and high inflation has prompted a further

币基金组织同意向该国注资 3100 万美元。在该组织 2011 年 6 月

round of fiscal tightening after the country defaulted on much of

组团访问塞舌尔进行调查时，塞舌尔政府因为其“结构革新和财政

its debt in mid-2008, when the government turned to the IMF for

制度取得的进步”而受到该组织的赞扬。

financial assistance. By the end of 2009, an Extended Fund Facility (EFF) of USD31m was approved by the IMF. Following a visit by an IMF mission in June, 2011 the Government of the Seychelles was

适合于 : 财富管理、银行业、基金管理、航运、游艇、货物贸易、金融贸易、

praised for its' fiscal policies and the progress achieved in structural reforms.

控股公司 Suitable for:

离岸工具种类：有限公司、公众有限公司、信托、单一所有制公司、通用合伙制和有限合伙制公司

Wealth Management, Banking, Fund Management, Shipping, Yachting, Trading Goods, Trading Financial, Holding Companies Vehicle Types: Limited companies, public limited companies, trusts, sole

资本主要营运区域：

proprietorships, general partnerships and limited partnerships

维多利亚 Capital primary business districts:

关系良好国家：中国、印尼、瑞士、英国

Victoria Good Relationships: China, Indonesia, Switzerland, United Kingdom

关系不佳国家：缅甸、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏

Bad Relationships:

丹、叙利亚

Burma, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria

税务负担——商务：极轻

Tax Burden - Business: Very Light

税务负担——个人：

Tax Burden - Individual:

极轻

Very Light Headline tax rates:

总体税率： CIT 25-33% ( 个体营业者和合伙制 18.75%-33%), PIT 0%, 增值税 15%

CIT 25-33% (sole traders and partnerships 18.75%-33%), PIT 0%, VAT 15% Treaty Jurisdictions:

合约签订国：

Bahrain, Barbados, Botswana, China, Cyprus, Indonesia, Isle of

巴林、巴巴多斯、博兹瓦纳、中国、塞浦路斯、印尼、马恩岛、卢

Man, Luxembourg, Malaysia, Mauritius, Oman, Qatar, San Marino,

森堡、马来西亚、毛里求斯、阿曼、卡塔尔、圣马力诺、南非、泰

South Africa, Thailand, United Arab Emirates, Vietnam, Zambia

China Offshore Company Formation Guide 2016

行政特区 | JURISDICTIONS

国、阿联酋、越南、赞比亚

TIEA Jurisdictions: Cayman Islands, Denmark, Faroe Islands, Finland, Greenland,

税务信息交换协议签订国：

Guernsey, Iceland, Netherlands, Norway, Sweden, Switzerland

开曼群岛、丹麦、法罗群岛、芬兰、格陵兰岛、耿西岛、冰岛、荷兰、挪威、瑞典、瑞士

2016 China Offshore Company Formation Guide CHINA OFFSHORE

行政特区 | JURISDICTIONS

Q &A 塞舌尔 Seychelles

1. 行业研究表明中国在能预见到的未来是最大的客源国，您是否在公司建立方面也注意到了这方面的趋势？

Member Contribution

1. Industry research suggests that China will soon rank first in the world as a source of clients. Have you experienced an increase in demand for your company incorporation services from this region?

是的。

Yes.

2. 贵金融辖区对中国客户来说的最佳优势是什么？请列举一

2. What is the single most important advantage your jurisdiction provides for Chinese clients?

个。保密性。在注册时，无需提供任何公司详情，因此公司信息不会被公开。 3. 中国客户为什么要选择贵地建立公司？向中国递送公司文件所需时间“长”（从塞舌尔至中国至少需要 4-5 天时间）是中国公司使用空壳公司的主要原因。因此，服务供应商将会在他们的香港公司或中国公司保有一批空壳公司，这样他们可以立即分配给客户。

China Offshore Company Formation Guide 2016

Confidentiality. There is no requirement for filing any details about the company with the Registrar, and therefore information is not publicly available. 3. What is the main reason a Chinese client would consider using a shelf company in your jurisdiction? The “long” time frame for delivery of company documents to China (a courier from Seychelles may take at least 4-5 days to reach China) is the main reason for a Chinese client to use shelf companies. Service providers would therefore keep a batch of shelf companies at their China or Hong Kong office so that they may allocate them to clients immediately.

行政特区 | JURISDICTIONS

Q &A 现在由于时差关系，名称检查和公司成立时间在塞舌尔所需时间较长，因此中国客户发现塞舌尔空壳公司是一个非常不错的备选方案。 4. 贵金融辖区对中国客户来说在离岸公司设立方面的独特卖点是什么？公司成立即日生效 5. 有数据表明中国客户仍然关心价格方面的问题。您是否同意这一观点？您认为这会在未来几年内有所改变吗？您是否也经历中国客户从价格到质量要求上的转变？是的，价格仍是主要因素。由于市场竞争激烈，近年来价格很难产生变化。没有真正的重视质量，价格仍是主要因素。

In view of the time difference, name checks and incorporation time, Chinese clients find Seychelles shelf companies to be a very good alternative.

6. 在一些金融辖区开立银行账户比较困难。请问贵辖区是否也是如此？在贵辖区的公司开立银行账户能有多快？

4. What is your jurisdiction’s unique selling point in setting up offshore companies for Chinese clients?

在塞舌尔开设银行账户所需时间各银行间均不相同，因为他们

Efficient same day incorporation.

每个都有各自的要求。我们可以在三周内（非中国客户）开设一个银行账户，甚至需要更长时间。对中国客户而言，主要问题是需以必要的格式提供尽职调查。来源 : Seychelles Investment Board

5. It has been suggested that price remains a major factor for consideration for Chinese clients. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? Yes, price remains a major factor. It is quite difficult to see a change in the years to come due to the high competition in the market. And there is no real emphasis on quality. Price remains the main factor. 6. Opening a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is this the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? The timeframe to open a bank account in Seychelles would vary from bank to bank as they each have their own requirements. We could open a bank account within approximately three weeks for a nonChinese client. For Chinese clients, one major problem is when it comes to providing the due diligence in the required format. Contributed by: Seychelles Investment Board

2016 China Offshore Company Formation Guide CHINA OFFSHORE

行政特区 | JURISDICTIONS

亚洲 ASIA

香港 Hong Kong

China Offshore Company Formation Guide 2016

行政特区 | JURISDICTIONS Hong Kong

2016 China Offshore Company Formation Guide CHINA OFFSHORE

Member Contribution

概况公司类型法律类型现成公司可用率

General 香港私营公司，上市公司和担保 Type of Company 有限责任公司 Type of Law 香港法 Shelf Company Availability 是

建立新公司所需时间

1周

公司税

简单税制与世界上最低的利率。 16.5％的利润税只适用于香港的收入。

双重征税协议股本或等值股本标准货币允许使用货币最低付清股本法定股本要求董事

Time to Establish a New Company

Corporate Taxation

广泛的避免双重征税协定网（截止出版时有 43 个国 Double Taxation Treaty Access 家处于协商，待决或有效） Share Capital or Equivalent 港币，但是可以使用其他 Standard Currency 货币港币，但是可以使用其他 Permitted Currencies 货币

没有规定的最低股本。出于实用的目的，不低于一千港 Minimum Paid Up Share Capital 币或等值外币

没有标准 ; 然而 1 股的最低 Usual Number of Shares Issued 价值为 1 元港币 Directors

董事最低人数

不限国籍或居住地至少一名董事（个人或企业）。如 Minimum Number 果提名的公司董事，还必须有一个自然人总监。

本地董事

否

公开记录权限

是，一些服务提供商可能提 Publicly Accessible Records 供提名董事

Local Required

会议不限香港

Location of Meetings

股东最低人数

1人

公开记录权限

Minimum Number

是，一些服务提供商可能提 Publicly Accessible Records 供提名董事

会议地点

Shareholders

股东

会议地点

会议不限香港

是否需要是否为注册地或者有资质人员

Location of Meetings

Company Secretary

公司秘书

是，每家公司都必须有一个公司秘书，并在香港注册办 Required 事处地址。

账户

本地。公司秘书必须是香港 Local or Qualified 永久性居民（个人或企业）

账户准备要求

是

审计账户

是

账户登记记录

税务计算，基于账户 / 审计 Requirements to File Accounts 报表，由税务代表提交了

公开记录权限

Accounts

无

Requirements to Prepare

Audit Requirements

Publicly Accessible Records

Hong Kong private company, public company and company limited by guarantee Hong Kong Law

Available

1 week

Simple tax system with rates among the lowest in the world. Profit tax of 16.5% applies only to Hong Kong sourced income.

Extensive double taxation treaty network (43 negotiated, pending or in force at the time of publication)

HK$. However any other currency denomination can be used HK$. However any other currency denomination can be used No prescribed minimum share capital. For practical purposes, this is not less than HK$1,000 or the equivalent in foreign currency No standard; however as a minimum would be 1 share of value HK$1

At least one director (individual or corporate) of any nationality or residence. If there is a corporate director nominated, there must also be an individual director who is a natural person. No local director requirement Records are publicly accessible. Some service providers may offer nominee director arrangements No requirement that meetings need to be held in Hong Kong

At least one shareholder. Records are publicly accessible. Service providers may offer nominee shareholder services No requirement that meetings need to be held in Hong Kong.

Required. Every company must have a company secretary and a registered office address in Hong Kong. Local. The Company Secretary must be a Hong Kong permanent resident (individual or corporate)

Required

Required Tax computation, based on the accounts/ audited statements, is filed up by tax representative Not publicly accessible

By First Advisory Group

行政特区 | JURISDICTIONS

简介 Introduction

香

港作为亚太地区诸多国家贸易中转站和集散地的角色，以及作为低成本制造业中心，一直以来都

行政特区：香港所在地区：亚洲官方货币：港币（HKD）（HK$）官方语言：粤语、英语所属时区： UTC+8 电话区号： +852 通讯设施：极佳

让它成为一个繁荣的行政特区，现在它业

公司建立成本： 2000-2800 美元公司建立时间： 12-20 天公司维护费用： 600-1200 美元

资的障碍也非常少。香港政府一直以来都

Country: Hong Kong Region: Asia Currency: Hong Kong Dollar (HKD) (HK$) Languages: Cantonese, English Time Zone: UTC +8 Phone Code: +852 Communications: Very Good Formation Cost: 2000 - 2800 USD$ Formation Time: 12 - 20 days Maintenance Cost: 600 - 1200 USD$

已成为服务业，特别是金融服务业的首选

ong Kong has thrived historically as a trading entrepot serving many Asia Pacific countries and also as a low-

cost manufacturing center, and has turned towards the provision of services, particularly financial services. Its economic success is

地。香港的经济成功很大程度上是基于纯

largely based on a whole-hearted adherence to

粹的免税和自由贸易区，其价值体现在基

free and open trade, the values encompassed

于英国普通法的法律体系和自由制度，政

in a British common law legal system and a

府对经济的干涉降低到最小程度。外国投

laissez-faire, non-interventionist attitude on

遵循对外国商业行为友善的政策，并继续

the part of government. There are few if any significant barriers to investment by foreigners. The government has consistently followed

保持。它并不是一个“离岸”的行政特区，

business friendly policies and continues to do

但税率也非常低廉，且只针对在香港获得

so. It is not an 'offshore' jurisdiction as such,

的收入征收。这里没有资本利得税，没有

but has low tax rates which are levied only

预提税，没有销售税，没有增值税，没有

on Hong Kong-source income. There is no

年度资产净值税和公司保持收入而非分配收入时获得的资本累积税。

capital gains tax, no withholding tax, no sales taxes, no VAT, no annual net worth taxes and no accumulated earnings taxes on companies which retain earnings rather than distribute

香港并不是传统意义上的离岸中心，相反

them.

它更是一个由“领地概念”提供无差别待 2016 China Offshore Company Formation Guide CHINA OFFSHORE

行政特区 | JURISDICTIONS

遇的低税率中心，在这一概念下只有在香港产生的收入才是可征税的，让这个行政特区成为控股公司的理想之选。因此它的吸引力并非建立在高度的保密性和最少的公司曝光率，或者和某些普通法岛屿行政特区一样的管理需求，而是建立在低税率、慷慨的可抵扣税率、仅针对在该特区内产生的收入征税的政策以及完全没有资本利得税、预提税、利息税、销售税和增值税的基础上。如果不在香港当地产生利润，在香港建立一个办公室并不意味着需要提交利润税。因此香港无疑是地区总部设立的最佳选择。根据一份由香港投资部和统计局在 2010 年 10 月出具的年度调查报告显示，在香港运作的海外和中国大陆的公司在过去一年内上升了 2.6%，达到 6561 家的总数。香港投资部是香港政府负责外国直接投资提供海外、中国大陆和台湾在香港建立公司或在香港扩张的部门。该“香港以外母公司在香港设立公司年度调查”旨在充分理解这些公司和他们对香港的商务环境看法。适合于：银行业、保险、基金管理、航运、货物贸易、金融贸易、知识产权 / 许可证、控股公司、电子商务、不动产所有权

Suitable for: Banking, Insurance, Fund Management, Shipping, Trading Goods,

离岸工具种类：

Trading Financial, Intellectual Property/Licensing, Holding Companies,

有限公司、公众有限公司、信托、分公司、通用合伙制、有限合伙

E-commerce, Property Ownership

制和单一所有权公司 Vehicle Types:

资本主要商务区域：维多利亚港、九龙

Limited companies, public limited companies, trusts, branches, general partnerships, limited partnerships and sole proprietorships Capital primary business districts:

关系良好国家：

Victoria, Kowloon

中国大陆、新加坡、美国 Good Relationships: China, Singapore, United States

关系不佳：缅甸、古巴、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚

Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria

税务负担——商务： Tax Burden - Business:

轻

Light

税务负担——个人：轻

Tax Burden - Individual: Light

总体税率：

Headline tax rates:

CIT 16.5%, PIT 15%, 增值税 0%

CIT 16.5%, PIT 15%, VAT 0%

合约签订行政辖区：

China Offshore Company Formation Guide 2016

Treaty Jurisdictions: Austria, Belgium, Brunei, Canada, China, Czech Republic, France,

行政特区 | JURISDICTIONS

澳大利亚、比利时、文莱、加拿大、中国、捷克共和国、法国、耿

Guernsey, Hungary, Indonesia, Ireland, Japan, Jersey, Kuwait,

西岛、匈牙利、印尼、爱尔兰、泽西岛、科威特、列支敦士登、卢

Liechtenstein, Luxembourg, Malaysia, Malta, Mexico, Netherlands, New

森堡、马来西亚、马耳他、墨西哥、荷兰、新西兰、葡萄牙、卡塔

Zealand, Portugal, Qatar, Spain, Switzerland, Thailand, United Kingdom,

尔、西班牙、瑞士、泰国、英国、越南税务信息交换协议签定国家：丹麦、法罗群岛、格陵兰岛、冰岛、挪威、瑞典、美国

Vietnam TIEA Jurisdictions: Denmark, Faroe Islands, Greenland, Iceland, Norway, Sweden, United States

2016 China Offshore Company Formation Guide CHINA OFFSHORE

行政特区 | JURISDICTIONS

Q &A 香港 Hong Kong

1. 行业调研结果显示，中国将很快成为世界最大的新公司来源国。传统上说，贵行政特区最受世界上哪个地区的客户欢迎？最适合在贵特区建立公司的业务类型是什么？香港以身为世界级城市的角色和毗邻中国内地的地理位置，成为中国客户趋之若鹜的首选辖区。香港成为国际金融中心的主要原因是它地处进入中国的门户身份和作为东亚地区的商业中心的地位。香港为客户提供竞争力极强的金融中心服务和世界一流的基础设施。香港公司在国际上得到广泛使用，尤其适合那些希望在亚洲和香港营商的客户。香港作为公司建立的金融辖区，既不被视为离岸，也不被视为在岸。香港提供在岸金融辖区能提供的稳定性和良好的金融背景（其它例子包括英国、加拿大或澳大利亚），也具有很大的灵活性，能提供离岸金融辖区（比如英属维尔京群岛、开曼群岛）的极低或零税率，但香港同时又不具有不受待见的，某些离岸辖区所面对的媒体曝光率。

China Offshore Company Formation Guide 2016

Member Contribution

1. Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for? What types of business activity is most suitable for incorporating in your jurisdiction. Hong Kong stands out as a jurisdiction of choice for Chinese clients in view of its role as a World City,and given its proximity to China. Key factors for Hong Kong are its function as the gateway to China and as the regional hub for East Asia. The city state provides clients with access to a highly competitive financial centre with world-class infrastructure. Hong Kong companies are used internationally, but in particular by clients who are looking to do business in Asia and in Hong Kong. In regard to Hong Kong as a company formation jurisdiction, it is seen as a jurisdiction which is neither offshore, nor onshore. It offers the stability and sound background of an onshore jurisdiction (eg United Kingdom, Canada or Australia), the flexibility and low or nil tax rates of offshore jurisdictions (eg BVI, Cayman Islands), but none of the unwelcome media exposure which offshore jurisdictions are currently experiencing. Some people therefore classify Hong Kong companies

行政特区 | JURISDICTIONS

Q &A 所以很多人把香港归为一个“中岸”的金融辖区。这是一个在创建客户架构方面极好的舒适地带。香港的公司适合于商业公司、投资控股和融资公司。受监管的公司，比如银行、保险和其它金融业务机构都需要申请营业执照。 2. 对中国客户来说，贵特区能提供的最重要优势是什么？中国客户在作为金融辖区的香港会很快适应，他们能充分利用香港的公司架构和双语环境。香港的工作语言和香港公司的建立和维护是中英双语的。香港的公司注册网站有简体中文、繁体中文和英语三个版本。公司注册（电子注册）是完全电子化和现代化的，提供随时随地提交注册申请的 24 小时服务。公司注册表格和文件都能在网上唾手可得，同时还可以通过中文或英文的方式提交。

asbeing from a “mid-shore” jurisdiction. This is a very comfortable zone for creating client structures. Hong Kong companies are suitable for commercial business, investment-holding and financing. Licences will be required for regulated businesses such as banking, insurance and other financial operations. 2. What is the single most important advantage your jurisdiction provides for Chinese clients? The Chinese client will feel immediately comfortable working with Hong Kong as a jurisdiction, and using Hong Kong companies, given the bilingual environment. The everyday working languages in Hong Kong, and used for the set-up and maintenance of Hong Kong companies are both Chinese and English. The Companies Registry website appears in simplified Chinese, traditional Chinese and English language versions. The Companies Registry (“e-Registry”) is fully electronic and modern, providing a 24 hour portal which allows electronic submissions, from anywhere and at any time. The companies registration forms, and documentation are readily accessible online, and can be completed and submitted in either of Chinese or English.

2016 China Offshore Company Formation Guide CHINA OFFSHORE

行政特区 | JURISDICTIONS

Q &A

3. 在选择离岸行政特区时，据说价格仍是客户做决定时的主要因素。您是否同意上述说法？这一趋势在未来几年里是否会改变？您是否有注意到从关注离岸架构的价格向质量的转变趋势？在选择离岸服务提供商建立公司时，客户还应该考虑哪些因素？亚洲的客户历来对价格都比较敏感，现在更应该警惕所谓“假省钱”的危险。虽然价格一直是选择离岸行政辖区建立公司时的考虑因素之一，最近几年内发生的一系列事件中，便宜的离岸金融辖区已经是“信息泄露”的代名词，牵扯到的事件包括私人客户的信息泄露等，因此，“安全”和实至名归的离岸金融辖区，比如香港，正再次受到大众的青睐。在香港选择服务提供商时，客户还应该检查该服务提供商的内部安全系统，以及信息储存和维护的模式。 4. 您是否认为在行业监管日趋严格的趋势下，中国客户会更倾向于选择透明度更高的行政特区？我们看到，客户转而选择更为实至名归的金融辖区的趋势非常明显。

China Offshore Company Formation Guide 2016

3. It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider? Clients in Asia who are traditionally more price-sensitive, should also now be more aware of the dangers of “false economy”. While price has traditionally been a factor for consideration of offshore companies, in recent years, incidents where more cheaper offshore jurisdictions became synonymous with “information leaks” involving private client details has placed a new spotlight on the need for identifying “safe” and substantive jurisdictions, such as Hong Kong. In choosing a services provider in Hong Kong, clients should also look further at the internal security systems of such provider, and the mode in which information is stored and maintained. 4. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent? We are seeing a clear trend in clients moving towards more substantive jurisdictions. The benefit of a jurisdiction such as Hong Kong is that it has always been above regulatory scrutiny and appears on the “white list” of

行政特区 | JURISDICTIONS

Q &A

离岸金融辖区，比如香港的优势在于它一直凌驾于监管审查之上，且位于著名行政特区的“白名单”。很多竭尽全力摆脱“黑名单”（和灰名单）的行政辖区发现，要在他们的架构上做出很大的妥协，比如说，英属维尔京群岛的服务提供商现在需要提供最终受益所有人的信息。香港一直都在监管和自由，透明度和客户私密信息的保护之间保持着良好的平衡 5. 过去几年里，在一些行政特区内开设银行账户变得困难。贵特区内是否也是如此？离岸公司在贵特区内开户的时间能多快？由于香港公司具有极高的信誉和透明度，银行也很乐意和香港的公司打交道。香港的公司能避免目前很多其它行政特区所面临的合规问题，上述问题会导致银行账户的申请被拒。香港公司的银行账户能在所有文件齐全和客户能够面见银行的前提下，在两周之内开设完毕。来源：First Advisory Group (Europe and Hong Kong)

reputable jurisdictions. Other jurisdictions who have tried to leave the black (and grey) lists have found that they need to make major compromises in their structuring eg ultimate beneficial ownership information is now required by service providers for places such as BVI. Hong Kong has always maintained a comfortable medium between regulation and freedom; transparency and protection of client confidentiality of information. 5. Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is it the casein your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? In view of the high reputation and transparency ofHong Kong companies, banks are very comfortable working with Hong Kong companies. Hong Kong companies escape the compliance problems which nowadays affect companies of many other offshore jurisdictions, and lead to rejection of bank account applications. Bank accounts for Hong Kong companies may be set up within two (2) weeks assuming that all documents are in order, and subject to the client’s availability to meet with the bank. Contributed by: First Advisory Group (Europe and Hong Kong)

2016 China Offshore Company Formation Guide CHINA OFFSHORE

Labuan

纳闽岛 Labuan

Member Contribution

General

概况

纳闽岛

公司类型

按照 1990 年纳闽公司法规定，无论是合股或担保有限公司， Type of Company 有限合伙责任制也可以

法律类型

普通法

现成公司可用率

否

建立新公司所需时间

24 小时，取决于提供完整的文件和信息

公司税双重征税协议

Type of Law

Shelf Company Availability

Time to Establish a New Company

每年选项：审计为纯利率 3 ％ Corporate Taxation 或令吉 20,000 的统一价格是，马来西亚有超过 70 个国家的双重征税协议

Double Taxation Treaty Access Share Capital or Equivalent

股本或等值股本标准货币

美元

允许使用货币

除了马来西亚令吉的外汇

最低付清股本

1 美元

法定股本要求

1 到 1400 美元

董事董事最低人数

1人

本地董事

否

公开记录权限

否

会议地点

任何地方

股东股东最低人数

1人

公开记录权限

否

会议地点

任何地方

公司秘书是否需要

是

是否为注册地或者有资质人员

当地

账户准备要求

是

审计账户

如果公司已付令吉 20000 则不需要

账户登记记录

如果公司已付令吉 20000 则不需要

公开记录权限

否

Labuan Company as prescribed in Labuan Companies Act 1990, either limited by shares or guarantee. Limited Liabiity Partnerships are also available Common Law No

24 hours, subject to the complete submission of documentation and information A yearly option: Either 3% of net audited profits or a flat rate of MYR20,000

Yes; via Malaysia's network of over 70 DTAs

Starndard Currency

US$

Minimum Paid Up Share Capital

US$1

Permitted Currencies

Usual Number of Shares Issued

In any foreign currency except Ringgit Malaysia

Directors

US$1 - US$1,400

Minimum Number

One

Publicly Accessible Records

Local Required

Location of Meetings

Shareholders

Anywhere

Minimum Number

One

Location of Meetings

Company Secretary

Anywhere

Required

Yes

Publicly Accessible Records

Local or Qualified Accounts

账户

Labuan

Local

Requirements to Prepare

Yes

Requirements to File Accounts

Not required if company pays a flat tax rate of RM20,000

Audit Requirements

Publicly Accessible Records

Not required if company pays a flat tax rate of RM20,000 No

By Labuan IBFC

行政特区 | JURISDICTIONS

简介 Introduction

纳

闽岛虽然隶属马来西亚，但它却有自己的“离岸”制度。纳闽岛公司可以利用马来西亚广阔的免

双重征税协议网络，因此该岛也成为外国行政特区：纳闽岛所属地区：亚太官方货币：美元（USD）、马来西亚林吉特（MYR）（RM）官方语言：英语、马来语、汉语、泰米尔语所在时区：UTC+8 电话区号：+608 通讯设施：极佳公司建立成本：3200-4600 美元公司建立时间：1-2 天公司维护费用：2200-2800 美元

直接投资进入东盟国家的优选渠道。纳闽

has its own ‘offshore’ regime. Labuan companies can make use of Malaysia's

extensive double tax treaty network, and as a result the island has become a preferred conduit for FDI to a number of ASEAN

岛有一个主要为伊斯兰金融债券上市问题

countries. A stock exchange aimed primarily

所准备的股票交易市场，且已取得了相当

at the listing of Islamic financial debt issues

的成功。从事贸易业务的离岸公司需要缴

has had considerable successes. Offshore

纳 3% 的税负或者可选择缴纳一笔 20000

companies engaged in trade pay 3% tax or can

马来西亚林吉特（约 6500 美元）的固定费用；所有其它类型的离岸公司均可免缴上

elect to pay a fix sum of RM20,000 (approx. US$6,500); all other offshore companies are exempt. There are many incentives and

述费用。马来西亚本岛所赚取的大多数利

exemptions which make it possible for most

润，可通过许多政府提供的激励和豁免政

mainland Malaysian profits to be repatriated

策，通过纳闽岛以免税的方式回汇。联邦

tax-free through Labuan. The FSA has built an

安全署（FSA）已建立了一个电子商务的

e-commerce infrastructure which can be used

Country: Labuan Region: Asia-Pacific Currency: US dollar (USD) (US$), Malaysian Ringgit (MYR) (RM) Languages: English, Malay, Chinese, Tamil Time Zone: UTC +8

基础设施用作进入岛内的电子商务运营和

Phone Code: +608 Communications: Very Good Formation Cost: 3200 - 4600 USD$ Formation Time: 1 - 2 days Maintenance cost: 2200 - 2800 USD$

lthough Labuan is part of Malaysia, it

新金融市场。

by incoming e-commerce operations and new financial markets. Suitable for:

适合类型：

Wealth Management, Banking, Insurance,

财富管理、银行业务、保险、基金管理、

Fund Management, Shipping, Aviation, Trading

航运、航空、贸易货物、贸易金融、知识

Goods, Trading Financial, Intellectual Property/

产权 / 许可证、控股公司

Licensing, Holding Companies Vehicle Types:

离岸工具种类：

Limited companies, public limited companies,

有限公司、公众有限公司、分公司、信托、

branches, trusts, foundations, general

2016 China Offshore Company Formation Guide CHINA OFFSHORE

行政特区 | JURISDICTIONS

partnerships, limited partnerships and protected cell companies Capital primary business districts: Labuan Town, Kuala Lumpur Good Relationships: China, India, Indonesia, Japan, Malaysia, Singapore, United States Bad Relationships: Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia Tax Burden - Business: Very Light Tax Burden - Individual: Light

基金会、通用合伙制、有限合伙制和受保护的单元公司

Headline tax rates: CIT 25% (offshore trading company 3%; non-trading 0%), PIT 26%, VAT

资本主要业务区：纳闽岛镇、吉隆坡关系良好国家：中国、印度、印尼、日本、马来西亚、新加坡、美国

0% Treaty Jurisdictions: Albania, Australia, Austria, Bahrain, Bangladesh, Belgium, Brunei, Canada, China, Croatia, Czech Republic, Denmark, Egypt, Fiji, Finland, France, Hong Kong, Hungary, India, Iran, Ireland, Italy, Jordan, Kazakhstan, Korea, Republic of, Kuwait, Kyrgyzstan, Laos, Lebanon, Malta, Mauritius,

关系不佳国家：

Mongolia, Morocco, Myanmar, Namibia, New Zealand, Norway, Pakistan,

古巴、伊朗、朝鲜（朝鲜民主主义共和国）、利比亚、索马里

Papua New Guinea, Philippines, Poland, Qatar, Romania, Russia, San

税务负担——商业：

Marino, Saudi Arabia, Singapore, Sri Lanka, Sudan, Switzerland, Syria, Taiwan, Thailand, Turkey, Turkmenistan, United Arab Emirates, Uzbekistan, Venezuela, Vietnam, Zimbabwe

非常轻 TIEA Jurisdictions:

税务负担——个人：轻总体税率： CIT 25%（离岸贸易公司为 3%；非贸易公司为零），PIT 26%，增值税 0% 协议签订国家：阿尔巴尼亚、澳大利亚、奥地利、巴林、孟加拉国、比利时、文莱、加拿大、中国、克罗地亚、捷克共和国、丹麦、埃及、斐济、芬兰、发过、香港、匈牙利、印度、伊朗、爱尔兰、意大利、约旦、哈萨克斯坦、韩国、科威特、吉尔吉斯斯坦、老挝、黎巴嫩、马耳他、毛里求斯、蒙古、摩洛哥、缅甸、纳米比亚、新西兰、挪威、巴基斯坦、巴布亚新几内亚、菲律宾、波兰、卡塔尔、罗马尼亚、俄罗斯、圣马力诺、沙特阿拉伯、新加坡、斯里兰卡、苏丹、瑞士、叙利亚、台湾、泰国、土耳其、土库曼斯坦、阿联酋、乌兹别克斯坦、委内瑞拉、越南、津巴布韦 TIEA 签订国家：百慕大

China Offshore Company Formation Guide 2016

Bermuda

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Q &A 纳闽岛 Labuan

1. 行业调研结果显示，中国将很快成为世界最大的新公司来源国。传统上说，贵行政特区最受世界上哪个地区的客户欢迎？最适合在贵特区建立公司的业务类型是什么？

公司数量年增长率 %

2012

125

16.8

2013

147

17.6

2014

354

140.8

来源：2014 年年度报告我们的数据和行业研究的结果保持一致，纳闽岛中国公司的成立数量增长迅猛，从 2012 年的 147 家猛增两倍，到 2014 年达到了 354 家。我们预计，随着中国的投资者蜂拥至东盟国家，这一数字会在未来的几年内继续增加，利用纳闽岛 IBFC 作为他们的投资渠道。 2. 对中国客户来说，贵特区能提供的最重要优势是什么？

China Offshore Company Formation Guide 2016

1. Industry research suggests that China will soon rank first in the world as a source of clients. Have you experienced an increase in demand for your companyincorporation services from this region? Number of companies 2012 125 2013 147 2014 354 Source: Annual Report 2014

Annual growth, % 16.8 17.6 140.8

Our data is consistent with the industry research as the number of Labuan incorporated companies from China has significantly increased, with the number of companies more than doubling from 147 in 2012 to 354 to 2014. We expect this number to increase in the coming years as Chinese investors continue to flock to ASEAN, using Labuan IBFC as an investment conduit. 2. What is the single most important advantage your jurisdiction provides for Chinese clients? • Our solutions in wealth management, fund management and tax planning coupled with a balanced supervisory and regulatory framework and our strategic location in the heart of Asia Pacific

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Q &A

·我们在财富管理、基金管理和税务筹划方面能提供的解决方案，以及监管和制度之间的平衡，加上我们位于亚太地区心脏地位的战略性地理位置，都让我们成为中国客户理想的离岸金融辖区。 ·纳闽岛 IBFC 作为马来西亚的一部分，和它作为东盟国家最

provides an ideal jurisdiction for Chinese clients. • The fact that Labuan IBFC is part of Malaysia, its largest trading partner in ASEAN is also a key element. We are a known entity to Chinese investors and families who have grown to appreciate that while Labuan IBFC is a part of domestic Malaysia, it is a special zone that facilitates international cross border investments, financing as well asset and wealth management.

大贸易伙伴的地位，都是关键因素。我们是中国投资者家族所熟知的公司实体，前者越来越认可，虽然纳闽岛 IBFC 是马来西亚国家的一部分，但它也是一个特别经济区，为国际跨境投资、融资、资产和财富管理提供服务。 3. 在选择离岸行政特区时，据说价格仍是客户做决定时的主要因素。您是否同意上述说法？这一趋势在未来几年里是否会改变？您是否有注意到从关注离岸架构的价格向质量的转变趋势？在选择离岸服务提供商建立公司时，客户还应该考虑哪些因素？ ·从我们和中国商务人士的互动经验中，我们注意到，中国公司喜欢物有所值的交易（比如说，他们需要一个提供税收效益、成本效率和高标准服务之间达成合理平衡的金融特区）。 ·一些公司会继续寻找最为物有所值的行政辖区，因为经营成本（税赋、关税等）预计会继续提高。

3. It has been suggested that price remains a major factor for consideration for Chinese clients. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shifting emphasis on price to an emphasis onthe quality of offshore structures? • From our interactions with the Chinese businesses, we have noticed that Chinese businesses want value for money (e.g. where a jurisdiction provides the right balance of tax efficiency, cost efficiency and high service standards). • Some businesses will continue to search for the best value for money jurisdictions, as costs of business (taxation, tariffs,etc.) are expected to rise. • Having said that as the drive towards tax transparency gathers even more momentum, Chinese clients will realise that while value for money is important, it is even more essential that structures and companies set up are “future proofed” by allowing for substance creation. This is when they will do well to consider Labuan solutions and companies.

·话虽如此，随着税务信息透明化已成大势所趋，中国客户将会意识到物有所值最为重要，其离岸架构和公司设立将会通过物质的创造“经受时间的考验”而变得更为重要。这也会是他

4. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent?

们选择纳闽岛的公司和解决方案的重要原因。

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Q &A

4. 您是否认为在行业监管日趋严格的趋势下，中国客户会更倾向于选择透明度更高的行政特区？ ·是的，随着政府和非政府组织对大型公司和高净值人士纳税状况的关注不断提高。

• Yes, as there is increased attention by governments and NGOs on the tax profiles of large organisations and also high net worth individuals. • This is due to the gradual shift towards more complex tax laws and information reporting obligations that all countries must adhere to. Additionally, there is more information sharing between governments on tax information.

·这是由于各国都在更成熟复杂的税法和税务信息报告责任等方面变得更为成熟。此外，政府间就税务信息的交换分享也将变得更深入。 ·在这一大前提下，中国公司正在寻找能够遵守税务法律、报告规则和透明度的行政辖区，比如纳闽岛 IBFC 就是一例，我们是一个中岸行政辖区，满足营商的便利性和符合国际标准的监管要求。

China Offshore Company Formation Guide 2016

• With this new landscape, Chinese businesses are looking for jurisdictions that satisfy tax laws, reporting and transparency such as Labuan IBFC as we are a mid-shore jurisdiction, satisfying the need for ease of business and international standards of regulatory compliance. • In addition, as mentioned earlier the ever increasing need to create economic substance can be satisfied in Labuan especially for Asian based clients like the Chinese.

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Q &A ·另外，正如上面说到的，客户对于物质需求的不断增加也能在纳闽岛得到满足，特别对来自中国的客户来说更是如此。

5. Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is this the casein your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up?

5. 过去几年里，在一些行政特区内开设银行账户变得困难。贵特区内是否也是如此？离岸公司在贵特区内开户的时间能多快？ ·开设银行账户所需要的时间取决于提交文件的完整性和纳闽岛银行的审批政策。大多数的纳闽岛银行就开户方面都有严格的审批流程和尽职调查政策。 ·尽管如此，如果所有提交的材料都完整有效，必要的尽职调查得以通过的话，开户的审批流程应该不会需要很长的时间。

• The time needed for opening a bank account will depend on the completeness of the documentationand theapproval policies of the Labuan banks. Most Labuan banks have stringent approval processes in place and due diligence policies for opening bank accounts. • However, there shouldn’t be any significant delaysif all submitted documents are in order and the necessary due diligence has been performed. Contributed by: Labuan IBFC

来源：Labuan IBFC

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新加坡 Singapore

100

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Singapore

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Member Contribution

概况

新加坡

General

Singapore

公司种类

私人有限公司

法律类型

公司法

Type of Company

Private Limited Company

Shelf Company Availability

Yes

Type of Law

现成公司可用率

是

建立新公司所需时间

Time to Establish a New 收到所有文件后的 5-7 个工作日 Company

公司税

双重征税协议

17%，初创公司享受前三个连续评估年的第一笔金额为 10 万新 Corporate Taxation 元的可征税收入的完全免税无 - 免除双重征税协议（A "DTA"）是新加坡与国际其他司法体签订的税务协定中的一项

Share Capital or Equivalent

股本或等值股本标准货币

新元

允许使用货币

新元

最低付清股本

1 新元

法定股本要求

最低 1 新元

本地董事公开记录权限会议地点

1人

公开记录权限会议地点

是否为注册地或者有资质人员

任何地点

审计账户账户登记记录公开记录权限

Singapore dollar Singapore dollar

Usual Number of Shares Issued minimum 1 (one) Minimum Number

Location of Meetings Shareholders

1人

任何地点

Anywhere

Location of Meetings

Anywhere

是的——有必要的知识和经验，也要对公司不遵守法律要求的后 Required 果负责是的——在新加坡本地居住且他 / 她不能够是公司的单一董事。 Local or Qualified 公众公司的秘书必须遵守公司法弟 171 节（1AA）的条款规定 Accounts Requirements to Prepare

是——合格的“小型公司”能从 Audit Requirements 2015 年 7 月 1 日起免于审计是——私人公司（非 EPC）、破产 EPC 和公众公司

YES-ordinarily resident in Singapore-the director’s usual place of residence is in Singapore YES-Electronic Register of Directors/ CEOs/Secretaries/Auditors is accessable at ACRA website 1 (one)

Company Secretary

是

1 (one)

Minimum Number

是的——成员的电子注册信息能 Publicly Accessible Records 从 ACRA 的网站上获取

账户账户准备要求

No-Singapore has concluded the Avoidance of Double Taxation Agreements ("DTAs") as one of its international tax agreements

Minimum Paid Up Share Capital S$ 1 (one)

是的——董事 /CEO/ 秘书 / 审计师的电子注册信息能从 ACRA 的 Publicly Accessible Records 网站获取

公司秘书是否需要

Permitted Currencies

是的——新加坡普通居民——董 Local Required 事的常见居住地应该位于新加坡

股东股东最低人数

Standard Currency

5-7 working days upon reciept of all required documents 17%, new startup companies enjoy full tax exemption on the first S$100,000 of chargeable income for its first three consecutive Years of Assessment (YA)

Directors

董事董事最低人数

Double Taxation Treaty Access

Company Act

Requirements to File Accounts

是——公公司合规和金融资料能 Publicly Accessible Records 从 ACRA 网站上获取（取决于 XBRL 账户归档记录的有效性）

YES-Electronic Register of Members is accessable at ACRA website YES- possess the requiste knowledge and experience, also be held liable for the company's failure to comply with the law in certain situations YES-residing locally in Singapore and he/she must not be the sole director of the company.The secretary of a public company must comply with section 171 (1AA) of the Companies Act YES

Yes-qualified "small company" will be exempted from audit with effect from 1 July 2015 Yes-for Private Company (Non EPC), Insolvant EPC and Public Company YES-Corporate Compliance and Financial Profile is accessible at ACRA website (subject to the availability of XBRL accounts filing record)

By ERI Organization PTE Ltd.

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简介 Introduction

新加坡提供非常优厚的公司组建政策来鼓

Singapore offers generous tax incentives to

励亚太或国际公司在这里设立总部。这里

companies that locate their global or AsiaPacific regional headquarters there. It has

金融辖区：新加坡地区：亚太货币：新加坡元 (SGD) (S$) 语言：英语、马来语、汉语、塔米尔语时区：UTC+8

有非常优秀的电信通讯设施和良好的交通

坡提供税务和金融刺激政策来鼓励在新加

tonnage, transshipment and containers. It

区号：+65 通讯设施：优秀

坡多元化的方案和基金下注册船舶。银行

offers tax advantages and financial incentives

业的保密性是新加坡法律所保护的，对不

to Singapore-registered vessels under various

公司建立费用：1300-2500 美元公司建立时间：2-4 天公司维护成本：800-1400 美元

合法的账户或金融信息泄露所采取的法律

schemes and funds. Banking secrecy remains

Country: Singapore Region: Asia-Pacific Currency: Singapore dollar (SGD) (S$) Languages: English, Malay, Chinese, Tamil Time Zone: UTC +8 Phone Code: +65 Communications: Very Good Formation Cost: 1300 - 2500 USD$ Formation Time: 2 - 4 days Maintenance cost: 800 - 1400 USD$

设施。新加坡港是世界最大的港口（就吨位吞吐量、转运和集装箱量来说）。新加

制裁非常严厉。新加坡还是世界银行中心发展最快的国家之一。公司在这里享受丰

excellent telecommunications and good transport links. The Port of Singapore is the world’s largest in terms of total shipping

enshrined in Singapore law, with heavy penalties for wrongful disclosure of financial details or accounts. It is one of the world’s

厚的税收刺激计划，对小型创始型公司和

fastest growing banking centers. Companies

科技公司提供优惠。专业服务在这里非常

benefit from a plethora of tax incentives, aimed

高效和具有性价比。英语和中文是通用的

particularly at start-ups and the technology

官方语言。

sector. Professional services are efficient and not unduly costly. English is the business language alongside Chinese.

离岸工具：财富管理、财资管理、银行业、保险、基

Suitable for:

金管理、航运、航空、游艇、贸易货运、

Wealth Management, Treasury Management,

金融贸易、知识产权和认证、控股公司、

Banking, Insurance, Fund Management,

电子商务

Shipping, Aviation, Yachting, Trading Goods,

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离岸工具种类：有限公司、公众有限公司、信托、单一所有制公司、分公司、通用合伙制和有限合伙制公司资本主要营商区域：新加坡关系良好国家：中国、印度、美国关系不佳国家：缅甸、古巴、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚

Trading Financial, Intellectual Property/Licensing, Holding Companies, E-commerce

税务负担——商务：轻

Vehicle Types: Limited companies, public limited companies, trusts, sole proprietorships,

税务负担——个人：轻

branches, general partnerships and limited partnerships Capital primary business districts: Singapore

总体税率： CIT 17%, PIT 2%-20%, 增值税 7%

Good Relationships: China, India, United States

协议签订国家：

Bad Relationships:

阿尔巴尼亚、澳大利亚、奥地利、巴林、孟加拉、白俄罗斯、文莱、

Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya,

保加利亚、加拿大、中国、塞浦路斯、捷克共和国、丹麦、埃及、

Somalia, Sudan, Syria

爱沙尼亚、斐济、芬兰、法国、格鲁吉亚、德国、耿西岛、匈牙利、印度、印度尼西亚、爱尔兰、马恩岛、以色列、意大利、日本、泽西岛、哈萨克斯坦、韩国、科威特、拉脱维亚、利比亚、立陶宛、

Tax Burden - Business: Light

卢森堡、马来西亚、马耳他、毛里求斯、墨西哥、蒙古、缅甸、荷

Tax Burden - Individual:

兰、新西兰、挪威、阿曼、巴基斯坦、巴拿马、巴布亚新几内亚、

Light

菲律宾、波兰、葡萄牙、卡塔尔、罗马尼亚、俄罗斯、沙特阿拉伯、斯洛伐克共和国、斯洛文尼亚、南非、西班牙、斯里兰卡、瑞典、

Headline tax rates:

瑞士、台湾、泰国、土耳其、乌克兰、阿联酋、英国、乌兹别克斯

CIT 17%, PIT 2%-20%, VAT 7%

坦、越南

Treaty Jurisdictions:

税务信息交换协议签订国：百慕大

Albania, Australia, Austria, Bahrain, Bangladesh, Belarus, Belgium, Brunei, Bulgaria, Canada, China, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Fiji, Finland, France, Georgia, Germany, Guernsey, Hungary, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Japan, Jersey, Kazakhstan, Korea, Republic of, Kuwait, Latvia, Libya, Lithuania, Luxembourg, Malaysia, Malta, Mauritius, Mexico, Mongolia, Myanmar, Netherlands, New Zealand, Norway, Oman, Pakistan, Panama, Papua New Guinea, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Slovak Republic, Slovenia, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Taiwan, Thailand, Turkey, Ukraine, United Arab Emirates, United Kingdom, Uzbekistan, Vietnam TIEA Jurisdictions: Bermuda

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Q &A 新加坡 Singapore

1. 行业调研结果显示，中国将很快成为世界最大的新公司来源国。传统上说，贵行政特区最受世界上哪个地区的客户欢迎？最适合在贵特区建立公司的业务类型是什么？传统上受东盟国家、欧美及亚洲发达地区客户欢迎，而现在随着中国企业的国际化及对外投资的加强，作为贸易自由港及金融自由区且有华人文化基础的新加坡，更是受到中国企业的青睐与认同。最适合在新加坡建立的公司是私人有限公司，大宗商品交易、

Member Contribution

国际贸易、投资、区域总部、船务、医疗、能源类等客户都可

2. 对中国客户来说，贵特区能提供的最重要优势是什么？

The most suitable company established in Singapore can be classified as: private limited company, commodity trade, international trade, investment, regional headquarters, shipping, healthcare, and energy, etc.

东盟是中国“一带一路”国家战略的重要沿线国家，而新加坡

2. What is the single most important advantage your jurisdiction provides for Chinese clients?

适用。

是东盟的核心成员国，是亚洲国家全球化运营的桥梁与跳板。

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Q &A 新加坡与中国属同一个时区，有良好的外交关系，是获批的人民币离岸中心，政局与金融环境稳定健康，政府高效廉洁，法律制度完善，国际声誉良好，是中国客户对外投资与全球化运营第一站最佳选择地。 3. 在选择离岸行政特区时，据说价格仍是客户做决定时的主要因素。您是否同意上述说法？这一趋势在未来几年里是否会改变？您是否有注意到从关注离岸架构的价格向质量的转变趋势？在选择离岸服务提供商建立公司时，客户还应该考虑哪些因素？价格已经不是客户考虑的主要因素了，在未来的趋势里一定是以能否帮助客户解决实际的问题，控制风险及合理合法经营与布局。现在离岸架构已不再是简单粗暴的低价式，而是更向质量转变。选择离岸服务供应商，客户应该考虑的是公司是否能解决后续的多种问题，是否专业，是否得到专业团队及人士的支持，是否能伴随公司的成长与发展。

Singapore is an essential member of ASEAN, where its geostrategic importance stems from China's "One Belt and One Road Initiative". Also, as a worldwide transportation hub with the most extensive network paves the way for Asia's globalization, Singapore has built a diplomatic and strategic relationship with China, locate in the same time zone with each other and establish a permitted offshore RMB center. Also, Singapore is well renowned for its stable and conducive political and economic environment, an efficient and transparent government with extremely sound legal system, which ranks the best offshore destination for Chinese investment and business expansion. 3. It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider? In the future, price competition won't be the major factor but the solution to solve the problem, risk control and legal operation and layout shall be the main concern.

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Q &A

4. 您是否认为在行业监管日趋严格的趋势下，中国客户会更倾向于选择透明度更高的行政特区？是的，透明度越高的地区，国际声誉与可信任度也会越高，在国际投融资活动中的信任度也会更强，更有助于建立中国客户的形象与声誉。 5. 过去几年里，在一些行政特区内开设银行账户变得困难。贵特区内是否也是如此？离岸公司在贵特区内开户的时间能多快？新加坡是一个金融自由港，目前银行账户开立并没有变得更困难。开户时间一般取决于客户背景与所提供的资料，我们秘书会提供相应协助，一般资料齐全与客户背景良好情况，账户设立是可以很快的。来源：ERI Organization PTE Ltd.

The offshore structure is nowadays not only attractive by price; the quality issue tends to be the top priorities. As so, when you choose your offshore service provider, you should take various considerations into account such as the ability to provide solution, the professionalism, the team support, in order to facilitate your business’s growth and development. 4. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent? Yes, the more transparent the jurisdictions perceived the higher global reputation and trustworthiness it gets. It helps the Chinese business build their own image and reputation. 5. Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is it the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? The time needed for account opening depends on the background and the documents provided by the client, our company will assist at our best. Generally, the account can be set up in a short time if the client has a strong background and the info needed is all in order. Contributed by: ERI Organization PTE Ltd.

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Q &A

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RAK

哈伊马角 Ras Al Khaimah

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Member Contribution

概况公司类型法律类型

阿联酋

General

自由贸易区（哈伊马角， Type of Company 阿吉曼，迪拜等）阿联酋普通法

现成公司可用率

否

建立新公司所需时间

4-6 周

Type of Law

Shelf Company Availability Time to Establish a New Company

Free Zone (Ras Al Khaimah- RAK, Ajman - AFZA, Dubai - DMCC, Dubai South etc) UAE Company Law No

4 - 6 weeks

Share Capital or Equivalent

0% Tax. No personal, corporate, capital tax or VAT

Standard Currency

AED

Minimum Paid Up Share Capital

Subject to specific activity and Authority

股本或等值股本

0% 税，无任何个人， Corporate Taxation 公司，资本税或增值税

标准货币

阿联酋迪拉姆

允许使用货币

阿联酋迪拉姆

最低付清股本

取决于具体事例和部门

法定股本要求

待定

公司税

UAE

Permitted Currencies

AED

Usual Number of Shares Issued TBD Manager

董事董事最低人数

1人

本地董事

否

公开记录权限

否

会议地点

任何地方

Minimum Number

One only as per license

Publicly Accessible Records

Local Required

Location of Meetings Shareholders

股东股东最低人数

1 人，个人或者公司

外国所有权

100%

公开记录权限

否

会议地点

任何地方

公司秘书是否需要

否

是否为注册地或者有资质人员

无要求

账户账户准备要求

是

审计账户

是

账户登记记录

是

公开记录权限

否

Anywhere

Number of Shareholders

Min 1 Individual/Corporate

Publicly Accessible Records

Foreign Ownership

Location of Meetings

100%

Secretary

Anywhere

Required

Local or Qualified Accounts

No specific requirements

Requirements to Prepare

Required

Requirements to File Accounts

Required

Audit Requirements

Publicly Accessible Records

Required No

By Clearview Group

行政特区 | JURISDICTIONS

简介 Introduction

哈

伊马角隶属阿联酋，但和其它酋长国建立在石油基础上的财富不同，哈伊马角的经济依靠的是制

行政特区：哈伊马角所在地区：阿联酋——中东（EMEA）官方货币：迪拉姆（AED）（DH）官方语言：阿拉伯语、英语所属时区：UTC+4

造业。哈伊马角的自贸区内有 5000 多家公司进驻。除了石油工业和国内的银行业之

as Al Khaimah’s is part of the United Arab Emirates, but unlike its oil-rich peers its wealth has largely been built

on manufacturing. The Free Trade Zone is home to more than 5,000 companies. Apart from the oil industry and domestic banking

外，这里并无所得税或资本利得税，也没

there are no income or capital taxes, and no

有预提税。RAK 通过阿联酋和多个高税率

withholding taxes. RAK has a number of double

的国家有免双重征税协议，能被公司用作

tax treaties with high-tax countries through

电话区号： +9717 通讯设施：优良

税务筹划之用。这里有一个离岸公司的注

the UAE which can be used by companies for

公司建立成本： 5000 -13000 美元公司建立时间： 13-21 天公司维护费用： 3000 - 5000 美元

性，在这里注册的公司已超过 2000 家。这

Country: Ras Al Khaimah Region: UAE - Middle East (EMEA) Currency:Dirham (AED) (DH) Languages:Arabic, English Time Zone: UTC +4 Phone Code: +9717 Communications: Good Formation Cost: 5000 - 13000 USD$ Formation Time: 13 - 21 days Maintenance cost: 3000 - 5000 USD$

册机构，向国际投资者提供高水平的保密

tax planning purposes. There is an offshore companies registry offering international investors a high degree of confidentiality, which

里正在建设一个叫做“RAK 金融城”的现

is already home to more than 2,000 companies.

代化设施，将成为“离岸”行业的中心城市，

A modern complex known as the RAK Financial

提供信托、基金会、保险业、基金和其它

City is under development, which is intended

金融和法律方面的服务。

to become the home of the ‘offshore’ sector, specializing in trusts, foundations, insurance business, funds and other financial and legal

适合于：航运、游艇、商品贸易、房地产所有权

services. Suitable for:

离岸工具种类：

Shipping, Yachting, Trading Goods, Property

有限公司、公众有限公司、控股公司、国

Ownership

际商务公司、单一所有制公司、分公司、通用合伙制和有限合伙制公司

Vehicle Types: Limited companies, public limited companies,

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资本主要业务区域：

shareholding companies, international business companies, sole

哈伊马角

proprietorships, branches, general partnerships and limited partnerships Capital primary business districts:

关系良好国家：

Ras Al Khaimah

中国

Good Relationships:

关系不佳国家：

China

缅甸、古巴、朝鲜（民主主义人民共和国）、利比亚、索马里 Bad Relationships:

税务负担——商务：极轻

Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia Tax Burden - Business:

税务负担——个人：

Very Light

极轻 Tax Burden - Individual: Very Light

总体税率： CIT 0%, PIT 0%, 增值税 0%

Headline tax rates: CIT 0%, PIT 0%, VAT 0%

协议签订国家：阿尔及利亚、亚美尼亚、奥地利、阿塞拜疆、白俄罗斯、比利时、

Treaty Jurisdictions:

波黑、保加利亚、加拿大、中国、塞浦路斯、捷克共和国、埃及、

Algeria, Armenia, Austria, Azerbaijan, Belarus, Belgium, Bosnia and

爱沙尼亚、芬兰、法国、格鲁吉亚、德国、圭亚那、印度、印度尼西亚、爱尔兰、意大利、哈萨克斯坦、韩国、拉脱维亚、黎巴嫩、卢森堡、马来西亚、马耳他、毛里求斯、蒙古、黑山共和国、摩洛

Herzegovina, Bulgaria, Canada, China, Cyprus, Czech Republic, Egypt, Estonia, Finland, France, Georgia, Germany, Guinea, India, Indonesia, Ireland, Italy, Kazakhstan, Republic of Korea, Latvia, Lebanon, Luxembourg, Malaysia, Malta, Mauritius, Mongolia, Montenegro, Morocco,

哥、莫桑比克、荷兰、新西兰、巴基斯坦、菲律宾、波兰、葡萄牙、

Mozambique, Netherlands, New Zealand, Pakistan, Philippines, Poland,

卡塔尔、罗马尼亚、塞尔维亚、塞舌尔、新加坡、西班牙、斯里兰

Portugal, Qatar, Romania, Serbia, Seychelles, Singapore, Spain, Sri

卡、苏丹、瑞士、叙利亚、塔吉克斯坦、泰国、突尼斯、土耳其、

Lanka, Sudan, Switzerland, Syria, Tajikistan, Thailand, Tunisia, Turkey,

土库曼斯坦、乌克兰、乌兹别克斯坦、委内瑞拉、越南、也门

Turkmenistan, Ukraine, Uzbekistan, Venezuela, Vietnam, Yemen

税收信息交换协议签订国：无

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TIEA Jurisdictions: None

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哈伊马角：国家简介和外商投资总览 Ras Al Khaimah: Country and Foreign Investment

虽

然外部经济环境总体艰难，哈伊马角自贸区（RAK FTZ）在过去的几年里仍然保持较为稳定的增长势头。

2010 年是哈伊马角自贸区正式启用的第十个年头。哈伊马角自贸区在这一年有 1740 家新公司进行了注册，而它的国际公司分部则注册了创纪录的 1499 家——和 2009 年相比，注册公司的总数上升了 14.65%。到 2010 年年底为止，哈伊马角自贸区内的活动公司总数已经稳超 5000 家。

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自贸区介绍 Free Trade Zone

efying the challenging economic environment, the RAK FTZ has continued to achieve steady growth during the last few years.

In 2010, its 10th year in operation. RAK FTZ registered 1,740 new free zone companies during the year, while its International Companies (IC) division registered a record number of 1,499 – a 14.65 percent increase in the total number of registrations compared to 2009. As of the end of 2010, the total number of actively operational registered companies in RAK FTZ stood at over 5,000.

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哈伊马角自贸区在 2010 年创造的其它成绩包括一个新的手机网站（英语和阿拉伯语双语），在哈伊马角自贸区商务园区内的 1 号商务中心新启用的“Mazeed”服务办公室和“迪拜节日城”（Dubai Festival City）内新成立的推广和创新力中心，向现有和未来的客户提供各类服务，以满足不断上升的商务要求。此外，哈伊马角自贸区也在其商务园区内开设了一个新的 RAK 商务中心，作为向国际市场和各行业展开双臂拥抱新机遇的工作的一部分。

在 2011 年的第一季度有 522 家新公司在此地注册（比 2010 年同期上升了 17%），哈伊马角自贸区首席执行官 Oussama El Omari 表示： “2011 年一季度新注册的公司和许可证续签的数量，进一步印证了我们作为中东最具吸引力的投资区域的地位。我们的开放式经济发展政策对全球投资者信心的提升大有帮助，这在新公司注册和许可证续签的数量上可见一斑。更重要的是，成长和繁荣的经济环境已成为哈伊马角自贸区的标志，是各地投资者最为欣赏的因素。”

RAK FTZ’s other achievements in 2010 included the launching of a new mobile phone website (English and Arabic), the unveiling of the new ‘Mazeed’ Service Desk at Business Centre 1 in the RAK FTZ Business Park and the opening of a new Promotion and Innovation Centre at Dubai Festival City, which offers a range of services to meet the growing business needs of its existing and prospective clients. Additionally, RAK FTZ also opened a new RAK Business Centre location in its Business Park, as part of its efforts to reach out to the investor community and corporate businesses across all markets and sectors. After 522 new companies registered inj Q1 of 2011 (17 percent up on 2010), Oussama El Omari, CEO of RAK FTZ, said: “The tremendous increase in new registrations and licence renewals in the first quarter of 2011 reinforces our reputation as one of the most attractive investment zones in the Middle East. Our open door economic development policy has gone a long way towards gaining investor confidence from across the globe, as is evident from both the new registrations and the renewals. More importantly, the environment to grow and flourish has become a hallmark of RAK FTZ that is greatly admired by our investors.”

2012 年的新公司注册量持续上升，哈伊马角自贸区在 2013 年上半年的新公司注册量比去年同期上升了 70%，期间有创纪录的 1994 家公司进驻自贸区。2013 年上半年注册的新公司中有来自英国、印度、土耳其和德国等国家。新注册的公司也来自各个行业，其中包括咨询业、通用贸易、物流和工业制造等。

New registrations continued to rise in 2012, and the RAK FTZ reported a 70 percent year-on-year increase in new company registrations for the first half of 2013 a period in which a recordbreaking 1,994 new companies joined the free zone. New companies registered in the RAK FTZ during H1 2013 included business from the

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United Kingdom, India, Turkey, and Germany, among others. A broad range of industries were represented in the new registrations including consultancy, general trading, logistics, and industrial manufacturing. RAK FTZ’s impressive growth comes amidst large-scale infrastructure development currently under way in the Northern Emirates, with support from the UAE Federal government. This includes a USD43.3m plan to construct a 36-kilometre main pipeline to provide Ras Al Khaimah with water, as well as a solar island project. “The unlimited support that we receive from the government of Ras Al Khaimahespecially from HH Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, and HH Sheikh Faisal Bin Saqr Al Qasimi, RAK FTZ Chairman, has been a key factor in our successful positioning of the Emirate of Ras Al Khaimah as an important international investment hub,” says El Omari. Ras Al Khaimah: Types of Company Introduction The draft commercial companies law (CCL) is at the time of writing being considered by the Committee on Financial Affairs at the Federal National Council. The new law is designed to enable the UAE to keep pace with domestic and global economic issues.

哈伊马角自贸区令人称羡的增长势头得益于北阿联酋地区大范围的基础设施的发展，也得到了阿联酋联邦政府的支持。这包括一个投资总额为 4330 万美元的建设一个总长度为 36 公里的向哈伊马角送水的工程，和一个太阳能岛的工程项目。

El Omari 还表示：“来自哈伊马角政府的不断支持，特别是最高议会成员和哈伊马角统治者 Sheikh Saud Bin Saqr Al Qasimi 阁下，和哈伊马角自贸区主席 Sheikh Faisal Bin Saqr Al Qasimi 阁下的支持，都是哈伊马角巩固作为重要的国际投资中心地位的主要因素。

哈伊马角：公司种类介绍

商业公司法草案（CCL）正处于由联邦国家委员会的金融事务理事会的修正时期。新法的目的是让阿联酋能和国内和国际经济态势保持同步。

新法规定，阿联酋内阁将有能力颁布法令，允许特定公司的外国所有权超过 49%。草案还进一步提议让现在阿联酋自贸区内运作的公司在自贸区外从事业务活动。

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Under the new law, the UAE cabinet will be able to issue decrees to allow for a more than 49% foreign ownership in certain companies. The draft law further proposes to allow companies currently operating

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法案还进一步提议公众合股公司的创始人必须认购最少为 30% 的已发行股本。（目前的最低比重是 20%）

该栏目的剩余条款则规定了现有商务公司法的其它方面：

根据阿联酋法律，自贸区以外建立的合资公司必须有阿联酋当地人持有 51% 的股份。要在阿联酋经商的外国公司或个人必须至少有一名赞

in UAE Free Zones to carry out business activities outside of the Free Zone Area. The draft law further proposes that founders of a Public Joint Stock Company must subscribe to a minimum 30% of issued capital. (Current rules require a minimum of 20%). The remainder of this section deals with the aspects of the current commercial companies’ law:

助人或服务经纪人，并取得营业执照。哈伊马角投资管理局可以选择与投资人进行合作，且该项目达到阿联酋的总体要求。在阿联酋建立公司的方法很多，大部分途径都有强制性的当地人参与规定。外国人在阿联酋设立公司的最常见方法包括：

· 指派一名商业经纪人 · 在阿联酋成立一家有限责任公司 · 成立外国公司的分公司或代表处 · 成立专业合伙制或专业单一所有制公司

Under the UAE law, nationals must have at least 51% shareholding in joint or foreign ventures established outside free zones. Foreign companies or individuals wanting to do business in the UAE must at least have a sponsor or service agent and obtain a trade license. The RAK Investment Authority may choose to partner with investors on request and where the project meets the overall objectives of the emirate. There are several ways of establishing a business presence in the UAE, most of which have varying degrees of compulsory local participation. The most commonly used methods by which foreign businesses establish a presence in the UAE are:

· 在其中的一个自贸区内成立一家国际商务公司

总体上说，私营部门的外国公司能在阿联酋国内直接向顾客供应产品，因此不需要指派经纪人。不过这种运营方式在没有客户基础或营业额较高的情况下并不见得适合。此外，外国公司有可能需要指派一名商业经纪人在阿联酋进行投标（比如石油和天然气服务这样的政府项目）。

· Appointing a commercial agent · Incorporating a limited liability company in the UAE · Establishing a branch or representative office of a foreign company · Establishing a professional partnership or professional sole proprietorship · Incorporating an international business company in one of the free zones.

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Generally a foreign business operating in the private sector can supply products to its customers directly in the UAE and therefore does not need to appoint an agent. However this method of operation may not be appropriate where no client base has been established or a potentially high volume of business is to be conducted. In addition, foreign companies may be required to appoint a commercial agent in order to tender for projects in the UAE (examples include government projects such as oil and gas supply services). The UAE Agency Law provides that only UAE nationals or 100% UAE-owned companies may be registered as commercial agents. Registered agency agreements must be formally notarized before being registered with the Federal Ministry of Economy & Commerce. Registered commercial agents are given substantial protection under the UAE Agency Law, including the exclusive right to market and sell a specified product in at least one Emirate. Where the principal or another agent sells such products in the same Emirate, the registered agent will be entitled to commission payable on these transactions regardless of whether the registered agent contributed to them.

阿联酋经纪公司法要求唯有阿联酋人或 100% 阿联酋所有的企业，才有注册成为商业经纪人的资格。注册经纪人协议在向联邦经济和商业部登记前必须得到正式公证。注册的商业经纪人受到阿联酋经纪公司法的强大保护，包括市场专用权和在至少一个酋长国内销售特定产品的权利。在委托人或另一名经纪人在同一个酋长国内销售同一产品的情况下，不管注册经纪人是否促成交易，都将有权收取上述交易的佣金。

也可以和无法在联邦经济和商业部进行注册的经济公司签订协议。阿联酋经纪公司法不适用于未注册的经纪人协议，因此独占权和终止与注册商业经纪人之间的关系通常不会造成问题。不过对未注册商业经纪人的实际保护在各个酋长国之间也各不相同。

严格上说，向按照未注册协议要求的经纪公司供应产品的外国公司会不会由法庭强制支付上述产品的费用。不过根据阿联酋民事法的要求则有可能进行索赔听证。因此建议要求付款保证或和经纪人签订补充协议列明支付方式是明智的选择。就一切情况而论，商业经纪人协议应该慎重起草，且建议在签订前寻求专业法律的建议。

想要在哈伊马角运作的公司，必须从哈伊马角投资管理局获得每年续签一次的营业执照，且要签订形式上的土地租赁协议。长期的土地租赁可达 25 年且能续签同样长的时间。设立有限责任公司或分公司的其它同类文件也要一并提交。

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It is possible to enter into an agency agreement that is not capable of registration with the Federal Ministry of Economy & Commerce. The UAE Agency Law does not apply to unregistered agency agreements and therefore the difficulties associated with exclusivity and terminating registered commercial agents generally should not arise. However the practical protection afforded to unregistered commercial agents varies from emirate to emirate. Strictly speaking, a foreign business that supplies products to its agent pursuant to an unregistered agreement may be precluded from enforcing payment for such products through the courts. However, claims can be heard under the provisions of the UAE Civil Code. It is nonetheless advisable to insist on a guaranteed method of payment or alternatively enter into a separate side agreement with the agent that details the required method of payment. In all cases, commercial agency agreements should be carefully drafted and it is advisable to seek competent legal advice before entering into one. Companies wishing to operate in Ras Al Khaimah must obtain a suitable license, renewable annually, from RAK Investment Authority and enter into a pro-forma lease agreement for land. Long-term leasing of land is possible with 25 years renewable to similar periods. Various corporate documents similar to those required for the setting up of LLCs or branch offices must be also submitted.

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Q &A 哈伊马角 Ras Al Khaimah

1. 行业调研结果显示，中国将很快成为世界最大的新公司来源国。传统上说，贵行政特区最受世界上哪个地区的客户欢迎？最适合在贵特区建立公司的业务类型是什么？迄今为止，我们的 RAK 离岸服务在欧洲、中东和独联体国家最受欢迎。包括贸易、控股公司和商务咨询在内的商务活动最适合在我们的辖区内进行公司建立。 2. 对中国客户来说，贵特区能提供的最重要优势是什么？

·100% 的所得税豁免——100% 公司税豁免——100% 的资本和利润回汇——没有资本利得税——没有增值税——没有预提税 ·绝对的保密性，隐私性和资产信息的保护

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• 100% income tax exemption - 100% corporate tax exemption 100% capital and profit repatriation - No capital gains tax - No Valueadded tax - No Withholding tax

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Q &A • Absolute privacy, confidentiality and protection of assets and information • Ability to maintain bank accounts in the UAE • Own properties • Annual Audit Report to be submitted • Sate of the art compliance procedure 3. It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider? Mostly of our client emphasize quality of offshore structure instead of the price. Besides in the current worldwide economic situation, RAK is becoming very efficient place to incorporate your offshore company as the reputation of discretion for some of “old jurisdictions” is being eroded. When choosing an offshore jurisdiction, clients need to consider the one with reputation as a secure, tax-free jurisdiction for international banking and company incorporation, confidentiality and protection of assets and information. In addition to a level of compliance as per the international standards. 4. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are provided as more transparent?

·能够在阿联酋保留银行账户 ·持有房地产

We have been promoting our jurisdiction in China since 2012 with an accelerative rate of business growing. RAK Offshore is becoming more and more popular in this region and we believe Chinese clients are interested in our jurisdiction due to the match between our competitive offers and the requirements of the clients. We will

·需提交年度审计报告 ·先进的合规流程 3. 在选择离岸行政特区时，据说价格仍是客户做决定时的主要因素。您是否同意上述说法？这一趋势在未来几年里是否会改变？您是否有注意到从关注离岸架构的价格向质量的转变趋势？在选择离岸服务提供商建立公司时，客户还应该考虑哪些因素？我们的大部分客户都更重视离岸架构的质量而不是价格。而且在当今世界的经济形势下，RAK 正成为离岸公司设立的极为高效的地方，因为有很多“老牌的辖区”的名声已受到了损害。

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Q &A

在选择离岸行政特区的时候，客户应该考虑的因素包括国际银行业务和公司建立方面的安全和免税，资产保护和信息的保密。此外，还有对国际标准的合规水平。 4. 您是否认为在行业监管日趋严格的趋势下，中国客户会更倾向于选择透明度更高的行政特区？我们从 2012 年开始就已在中国推广我们的行政特区且成效卓著。RAK Offshore 在这个地区正越来越受欢迎，我们相信中国客户对我们的辖区很感兴趣，因为我们的竞争力和对客户需求的满足。我们将继续专注于这个世界最大的潜力市场并遵守“透明化”要求，让 RAK Offshore 成为客户的更佳选择。

continue focusing on the biggest potential market and will follow the “Transparency” requirement as per the international standards so to keep RAK Offshore as a better option for our clients. 5. Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is it the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? Bank account opening has never been a challenge for us, especially to have a bank account opened in the UAE. Actually it is one of our outstanding advantages for clients to have a bank account. 90% of the banks in UAE accept RAK offshore, and they have online banking system; some of the banks can provide current card which can be used globally and even withdraw the cash. Moreover, clients can have multiple currency account which includes Chinese currency account RMB.

5. 过去几年里，在一些行政特区内开设银行账户变得困难。贵特区内是否也是如此？离岸公司在贵特区内开户的时间能多快？

Contributed by: RAK International Corporate Centre

开设银行账户对我们辖区来说从来都易如反掌，特别是在阿联酋开户更是如此。事实上，为客户进行银行开户正是我们的最大优势之一。阿联酋有 90% 的银行能接受 RAK Offshore，他们都有网上银行系统；其中有一些银行能提供流通银行卡，能在全球使用，甚至能直接取现。此外，客户还能有多种货币账户，其中还包括中国的货币人民币。要开设一个 RAK 国际商务公司的银行账户通常需要 5 个工作日左右的时间。来源：RAK International Corporate Centre

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To have a RAK IBC bank account, it takes around 5 working days.

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Q &A

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美洲 AMERICAS

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The Bahamas

巴哈马 The Bahamas

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Member Contribution

概况

巴哈马

General

The Bahamas

公司类型

国际商业公司

法律类型

普通法

Type of Company

IBC

现成公司可用率

是

Shelf Company Availability

Yes

Type of Law

公司税

1 至 3 个工作日，新增 Time to Establish a New Company 电子服务

双重征税协议

否

建立新公司所需时间

否

股本或等值股本标准货币

美元

允许使用货币

任何币种

最低付清股本

任意

法定股本要求

5 千至 5 万美元

董事最低人数

1人

本地董事

否

公开记录权限

是

会议地点

任何地方

股东股东最低人数

1人

公开记录权限

否

会议地点

任何地方

公司秘书是否需要

否

是否为注册地或者有资质人员

任何

账户账户准备要求

是

审计账户

无

公开记录权限

1-3 Working Days, New eServices for incorporation

Corporate Taxation

Double Taxation Treaty Access

None

Share Capital or Equivalent

None

Standard Currency

US$

Permitted Currencies

Any

Minimum Paid Up Share Capital Any

Usual Number of Shares Issued US$ 5,000 - US$ 50,000

Directors

董事

账户登记记录

Common

Minimum Number

One

Publicly Accessible Records

Yes

Local Required

Location of Meetings

Shareholders

Anywhere

Minimum Number

One

Location of Meetings

Company Secretary

Anywhere

Required

Publicly Accessible Records

Local or Qualified

Accounts

Any

Requirements to Prepare

Yes

Audit Requirements

否，必须合法建立帐户， Requirements to File Accounts 无需备案否

Publicly Accessible Records

None

No filing

By Bahamas Financial Service Board

行政特区 | JURISDICTIONS

简介 Introduction

巴

哈马在 1973 年正式从英国独立

The Bahamas became independent from the

出来，当然英国女王仍然是该国

UK in 1973, although the Queen remains Head

的首脑。坐落于距离美国佛罗里

达州 50 英里外的加勒比海上，巴哈马有 700 个岛屿，人口仅为 35 万人左右。巴哈

of State. Beginning 50 miles off Florida, in the Caribbean, The Bahamas has 700 islands and a population of just over 350,000. The official language is English. The capital is Nassau,

行政特区：巴哈马所在地区：加勒比官方货币：巴哈马元官方语言：英语所属时区：UTC-5

马的官方语言是英语，首都是拿骚。巴哈

there are a number of international airports

马有数个国际机场连接世界各地，并有非

with good connections, and there are excellent

常精良的港口设施。巴哈马属于亚热带气

port facilities. The climate is sub-tropical. The

候。威斯敏斯特型的政府架构对营商非常

Westminster-style government is business-

电话区号：+1242 通讯设施：良好

有利。2012 年 5 月，选民弹劾了 Hubert

公司建立成本：1300-2900 美元公司建立时间：9-15 天公司维护费用：1000-2000 美元

Country: The Bahamas Region: Caribbean Currency: Bahamian Dollar (BSD) (B$) Languages: English Time Zone: UTC -5 Phone Code: +1242 Communications: Good

Ingraham 首相的自由国家运动党政府，38

Party (PLP) replaced Prime Minister Hubert Ingraham's Free National Movement Party, with

个议会席位中有 29 个把票投给了由 Perry

29 of the 38 House of Assembly seats going to

Christie 领导的进步自由党。Christie 先生

the PLP, led by Perry Christie, who was sworn

从 2012 年 5 月 8 日起宣誓就职巴哈马首相。

in as Prime Minister on May 8, 2012.

巴哈马早在 20 世纪早期曾是一个信托和旅游业的离岸金融辖区，但发展成为金融中心则比较晚。该国经济主要依赖旅游业（每

The Bahamas was a trust and tourist jurisdiction very early in the 20th century. The economy is heavily dependent on tourism (6m visitors a year), but financial services have grown

年 400 万游客），但是金融服务业也正成

in importance, with an existing full toolkit of

为重要产业之一。GDP 在 2012 年是 112.4

products and services. GDP was USD 9bn

亿美元（估计）。2012 年人均 GDP 约为

in 2015 (est.) at purchasing power parity,

31900 美元，这在当地是高于平均值的，但是也是远远落后于那些最成功（和更小

Formation Cost: 1300 - 2900 USD$ Formation Time: 3-5 days Maintenance cost: 1000 - 2000 USD$

friendly. In May 2012, the Progressive Liberal

型）的行政特区，比如开曼群岛和英属维

and GDP per head was about USD 25,794 in 2015 (est.) at PPP. This is above average for the region.

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全球金融危机对该国影响颇大，GDP 缩水不少，财政赤字也在增加。

The global financial crisis left its mark on the country's economy with GDP

当然随着旅游业的增长，特别是来自美国的投资已经扭转了颓势。

contracting and the budget deficit increasing. However increased tourism,

旅游业的投资提升的游客数量对未来的增长至关重要。这里有一家证交所，名为巴哈马国际证券交易所（BISX）。到

particularly from the US and new investments, have reversed the decline. Investment in the tourism sector and increased visitor numbers are vital for further growth.

2014 年年底为止，BISX 有 5 家经纪公司进行普通股、优先股和债

There is a stock exchange, The Bahamas International Securities

券的的交易，总价值为 36.53 亿美元。另外，到 2014 年 12 月 31

Exchange (BISX). At the end of 2014 BISX had 5 Broker-Dealers that trade

日位置，有 32 只基金在 BISX 上市，管理的资产总额为 22 亿美元。

in ordinary shares, preference shares and bonds, with a collective value of $3.653 Billion. And, as at December 31, 2014 there were 32 funds listed

巴哈马位居领先的产业为银行业（到 2015 年底为止有 249 家银行）

on BISX with approximately $2.2 billion in Assets Under Management.

和投资基金（到 2015 年底为止有 898 只）。信托管理也前景广阔。

Leading sectors are banking (249 banks at the end of 2015) and

离岸运作通过国际商务公司或其它免税形式实现。保险业的资产

investment funds (898 at the end of 2015). Trust management is also

有 260 万美元。专业服务领域非常出色。船舶注册对大型船只来

prominent. Offshore operations take place through International Business

说非常成功。这里没有所得税、资本利得税、销售税、使用税或

Companies or other tax-exempt forms. The insurance sector has assets

财富税。企业需要向政府缴纳年费，还有国家保险和印花税、增

of USD2.6m. Professional services are excellent. The shipping registry has

值税和物业税。巴哈马和 33 个国家签订了税务信息交换协议（TIEA）。

been very successful for larger vessels. There is no income tax, capital gains tax, sales or use tax or wealth tax. Annual government fees are imposed on businesses and there are national insurance, stamp duties, VAT and property taxes.

适合于：

The Bahamas has signed 33 Tax Information Exchange Agreements

财富管理、银行业、航运业、航空、游艇、知识产权 / 许可证、控

(TIEAs).

股公司

Suitable for: Wealth Management, Banking, Shipping, Aviation, Yachting, Intellectual

离岸工具种类：

Property/Licensing, Holding Companies

有限公司、公众有限公司、信托、外国公司、有限合伙制公司、豁免有限合伙制和分离账户公司

Vehicle Types: Limited companies, public limited companies, trusts, foreign companies,

资本主要商务区域 : 拿骚

limited partnerships, exempted limited partnerships and segregated account companies, IBCs. Capital Primary Business Districts:

税务负担——商务：

Nassau

极轻 Tax Burden - Business:

税务负担——个人：极轻

Very Light Tax Burden - Individual: Very Light

总体税率： CIT 0%, PIT 0%, 增值税 7.5%

Headline Tax Rates: CIT 0%, PIT 0%, VAT 7.5%

税务信息交换协议签订国：阿根廷、阿鲁巴、澳大利亚、比利时、加拿大、中国、捷克共和国、丹麦、法罗群岛、芬兰、法国、德国、英国、格陵兰、耿西岛、冰岛、印度、印度尼西亚、爱尔兰、日本、韩国、马耳他、墨西哥、

TIEA Jurisdictions: Argentina, Aruba, Australia, Belgium, Canada, China, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Great Britain & Northern Ireland, Greenland, Guernsey, Iceland, India, Indonesia, Ireland,

摩纳哥、新西兰、挪威、波兰、圣马力诺、南非、西班牙、瑞典、

Japan, Korea, Malta, Mexico, Monaco, New Zealand, Norway, Poland,

荷兰、美国

San Marino, South Africa, Spain, Sweden, The Netherlands, United States

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Q &A 巴哈马 The Bahamas

1. 行业调研结果显示，中国将很快成为世界最大的新公司来源国。传统上说，贵行政特区最受世界上哪个地区的客户欢迎？最适合在贵特区建立公司的业务类型是什么？选择巴哈马作为投资管理、移民目的地或海外房产所有权的高净值人士和家族来自世界各地；虽然历史上大部分来自北美、英国和欧洲。巴哈马继续把注意力集中在为资本所有者提供高质量的服务上。这一关注点也是建立在政府和私营行业的共同愿景“向前进，成为具有全球竞争力的美洲和新兴市场上的财富管理、资本投资和居住地的国际商务中心”之上的。

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Q &A 2. 对中国客户来说，贵特区能提供的最重要优势是什么？私人财富管理的血统——巴哈马在私人银行业和信托服务上的成熟角色已为大量的金融服务，包括银行业、遗产规划、资产管理和基金管理服务提供了发展机遇。巴哈马也向国际资本市场、保险和海事行业提供服务。公司注册、法务和会计服务是巴哈马能提供的各类服务的核心所在。 3. 在选择离岸行政特区时，据说价格仍是客户做决定时的主要因素。您是否同意上述说法？这一趋势在未来几年里是否会改变？您是否有注意到从关注离岸架构的价格向质量的转变趋势？在选择离岸服务提供商建立公司时，客户还应该考虑哪些因素？在价格方面必须有竞争力的同时，客户也同样应该对产品和服务的质量更加关注，所提供的解决方案是要否能给完全满足他们的私人财富管理的需要。这不仅仅是建立一家公司这么简单——这是获得强有力的建议，关于怎样和其它产品一起使用这家公司来达到每位顾客不同目的的需求。这家公司是建设巴哈马离岸工具大厦的第一块砖。 4. 您是否认为在行业监管日趋严格的趋势下，中国客户会更倾向于选择透明度更高的行政特区？我们生活在一个日益透明化的世界上。负责任的国际金融中心知道提供合作和满足国际最佳实践的需求——巴哈马对此承诺

2. What is the single most important advantage your jurisdiction provides for Chinese clients? Private Wealth management pedigree - The Bahamas’ established role and expertise in private banking and trust services has given birth to a comprehensive and compelling array of financial services that includes private banking, estate planning, asset management, and fund administration services. The Bahamas also provides services to the international capital markets, and to the insurance and maritime industries. Corporate registry and legal and accounting services are at the core of the multitude of services available in The Bahamas. 3. It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider?

说到做到。监管良好的行政辖区能吸引更多的客户。 Whilst pricing must be competitive, clients should be equally concerned with the quality of the product and services provided and that the solution being offered is comprehensive in meeting their complete needs for private wealth management. It is not simply about incorporating a company - it is about getting solid advice as to how this company can be used along with other products to meet the complete needs of the individual customer. The company is a basic building block in the Bahamas toolkit 4. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent? We are in a more transparent world. Responsible IFCs understand the need to me cooperative and to adhere to international best practices – The Bahamas is committed to this. Clients are attracted to well-regulated jurisdictions.

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Q &A The transformation of the global economy has not left The Bahamas’ international financial services industry unchanged. With 33 tax information exchange agreements under its belt, The Bahamas has surpassed the G20 and Organization for Economic Cooperation and Development (OECD) standard for tax cooperation and transparency. The OECD has acknowledged that The Bahamas has “substantially implemented” the internationally agreed tax standard. The decision to endorse this international standard reinforces The Bahamas’ unwavering commitment to be a trusted jurisdiction for clients, and to be a responsible member of the international community. The Bahamas has committed to implementing Automatic Exchange of Information / The Common Reporting Standard on a bi-lateral basis.

全球经济变革的大形势下，巴哈马国际金融服务行业并没有裹足不前。已签订的信息交换协议已超过了 33 个国家，巴哈马符合 G20 和经合组织的税务合作和透明化标准。经合组织认为巴哈马“总体执行”了国际承认的税务标准。巴哈马对国际标准的完全遵守是它向客户提供可信赖的金融辖区，和成为国际社会负责任的一员的坚定承诺。巴哈马承诺严格执行税务信息的自动交换 / 基于双边的通用报告标准的要求。巴哈马继续坚守承诺，确保个人有权对自己的行为保守秘密。除此之外，尊重法律规定也是巴哈马金融服务行业的优势和成功的基石。所以，客户可以相信，巴哈马仅会根据协定的透明化协议来交换信息。所有巴哈马签订的协议都符合经合组织和

The Bahamas remains strongly committed to the principle that persons have a right to privacy with respect to the conduct of their affairs. Moreover, respect for the rule of law always has been fundamental to the success and strength of the financial services industry in The Bahamas. As such, clients can be assured that The Bahamas will only exchange information on agreed and transparent protocols. All of the agreements signed by The Bahamas are in accordance with the OECD model TIEA and Double Taxation Agreement. As such, the basis on which The Bahamas will cooperate with countries is the same as all countries that adopt Article 26. In particular, through the agreements, The Bahamas commits to cooperate only upon written requests where specific information is provided. This requirement for specific information is critical in furtherance to The Bahamas’ stated position to prevent so called “fishing expeditions”. 5. Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is it the casein your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up?

TIEA 和免双重征税协议的标准模式。巴哈马对此进行合作的基础和其它国家一样，都符合第26条的要求。特别要指出的是，通过这些协议，巴哈马承诺只会根据书面要求提供必要的信息。这一针对特定信息的要求是巴哈马整个国家反抗“非法调查” 的立足之本。

Contributed by: Bahamas Financial Services Board

5. 过去几年里，在一些行政特区内开设银行账户变得困难。贵特区内是否也是如此？离岸公司在贵特区内开户的时间能多快？巴哈马在私人银行业的专业性让营商变得更为高效。巴哈马对金融产品非常熟悉，只要所有的尽职调查都已完成，开户应该会变得易如反掌。来源 : Bahamas Financial Services Board

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The Bahamas’ expertise in private banking makes conducting business more efficient. There is a familiarity with the products, once all the necessary due diligence is provided, account opening should be a seamless process

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Q &A

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英属维尔京群岛 British Virgin Islands

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BVI

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概况

英属维尔京群岛

General

BVI

公司类型

有限公司

法律类型

普通法

Type of Company

现成公司可用率

是

建立新公司所需时间

24 小时 *

Shelf Company Availability

Yes

公司税

无

双重征税协议

否

股本或等值股本标准货币

美元

允许使用货币

任何币种

最低付清股本

1 美元

法定股本要求

5 万美元

董事董事最低人数

1人

本地董事

否

公开记录权限

否

会议地点

任何地方

股东股东最低人数

1人

公开记录权限

否

会议地点

任何地方

公司秘书是否需要

可选

是否为注册地或者有资质人员

否

账户账户准备要求

是

审计账户

否

账户登记记录

否

公开记录权限

否

Type of Law

Time to Establish a New Company Corporate Taxation

Double Taxation Treaty Access

Common 24hrs* Nil

Share Capital or Equivalent

Standard Currency

US$

Minimum Paid Up Share Capital

US$ 1

Permitted Currencies

Usual Number of Shares Issued

Any

Directors

US$ 50,000

Minimum Number

One

Publicly Accessible Records

Local Required

Location of Meetings

Shareholders

Anywhere

Minimum Number

One

Location of Meetings

Company Secretary

Anywhere

Required

Optional

Publicly Accessible Records

Local or Qualified

Accounts

Requirements to Prepare

Yes

Requirements to File Accounts

Audit Requirements

Publicly Accessible Records

No No

*Note: the processing time differs by the agents, but once the application is submitted to the registry and accepted, the company is incorporated within 24 hours. * 注意：申请的处理时间在各个经纪人之间有所不同，但只要申请递交给注册处并被接受，公司就能在 24 小时之内建立起来。

By BVI House Asia

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简介 Introduction

英

属维尔京群岛的经济很大程度上依赖于旅游业和金融服务业。英

行政特区：英属维尔京群岛所属地区：加勒比官方货币：美元（USD）（US$）官方语言：英语所在时区：UTC-4

属维尔京群岛的共同基金和专属

保险行业独占鳌头。该岛的金融服务委员会确保对金融机构进行独立和有效的监管。

he economy is highly dependent on tourism and financial services. The BVI has significant mutual fund and captive

insurance sectors. The Financial Services Commission ensures independent and effective supervision of financial institutions. The BVI

和其它处于竞争地位的加勒比国家相比，

is a reasonably cheap jurisdiction compared

英属维尔京群岛相对来说比较便宜，且专

to competing Caribbean countries, and has

电话区号：+1284 通讯设施：优秀

业服务也相对较强。英属维尔京群岛政府

relatively strong professional services. The

对国内的商务需求有求必应，其大部分法

government is responsive to the country’s

公司建立成本：900-1700 美元公司建立时间：2-4 天公司维护费用：400-800 美元

规比较灵活和直接。岛上有免税的离岸工

Country:British Virgin Islands Region: Caribbean Currency: US dollar (USD) (US$) Languages: English Time Zone:UTC -4 Phone Code: +1284 Communications: Good Formation Cost: 900 - 1700 USD$ Formation Time: 2 - 4 days Maintenance cost: 400 - 800 USD

具（国际商务公司），且国内税率大部较低。

business needs, and its legislation is mostly flexible and straightforward. No-tax offshore vehicles (IBCs) are available, and domestic

英属维尔京群岛已成为新兴市场公司金融

taxes are not high in any event. The BVI has

行业的领先国家。

emerged as a leader in emerging market corporate finance.

适合的离岸工具：财富管理、银行业务、保险、基金管理、航运、航空、游艇、贸易金融、知识产权 / 许可证、控股公司、电子商务、房地产所有权

Suitable for: Wealth Management, Banking, Insurance, Fund Management, Shipping, Aviation, Yachting, Trading Financial, Intellectual Property/ Licensing, Holding Companies, E-commerce, Property Ownership

离岸工具种类：有限公司、公众有限公司、信托、通用合伙制公司、有限合伙制和国际商务公司

Vehicle Types: Limited companies, public limited companies,

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资本主要商务地区：

trusts, general partnerships, limited partnerships and international

罗德城

business companies Capital primary business districts:

关系良好国家：

Road Town

英国、美国

Good Relationships:

关系不佳国家：

United Kingdom, United States

缅甸、古巴、伊朗、朝鲜民主主义共和国、利比亚、索马里、苏丹、 Bad Relationships:

叙利亚

Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya,

税务负担——商务：极轻

Somalia, Sudan, Syria Tax Burden - Business: Very Light

税务负担——个人： Tax Burden - Individual:

极轻

Very Light

总体税率： CIT 0%, PIT 0%, 增值税 0%

Headline tax rates: CIT 0%, PIT 0%, VAT 0%

签订条约国：

Treaty Jurisdictions:

瑞士

Switzerland

税收信息交换协议签订国：阿鲁巴、澳大利亚、奥地利、加拿大、中国、库拉索、捷克共和国、

TIEA Jurisdictions: Aruba, Australia, Austria, Canada, China, Curacao, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey,

丹麦、法罗群岛、芬兰、法国、德国、格陵兰、耿西岛、冰岛、印

Iceland, India, Ireland, Japan, Netherlands, New Zealand, Norway,

度、爱尔兰、日本、荷兰、新西兰、挪威、波兰、葡萄牙、圣马丁

Poland, Portugal, Sint Maarten, Sweden, United Kingdom, United States

岛、瑞典、英国、美国

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英属维尔京群岛：公司种类简介 British Virgin Islands: Types of Company

007 年 1 月 1 日，《2004 年英属维尔京群岛商务公司法案》（the BVI BC Act）成为这个行政特区唯一的商务公司法案，创造了一个金融机构和公司能够利用多种多样的资产架构来保护金融交

易的有利营商环境。

2004 年 10 月，BVI 首相 D. Orlando Smith 博士通知该国的立法委员会，将有为期两年的过渡时期确保新法案的平稳过渡，新法案把当地和国际商务公司的所得税降至 0%，并从实际上消除了“离岸”和“在岸” 实体公司之间的差别。

n 1 January 2007 the British Virgin Islands Business Companies Act 2004 (the BVI BC Act) became the sole Business Companies Act in the jurisdiction, creating an environment where financial institutions and corporations can undertake a wide range of structured asset and project finance transactions in the BVI. In October 2004 Chief Minister Dr. D. Orlando Smith had informed the country’s Legislative Council that a two-year transition period would be put in place to smooth the changeover to the new Business Companies Act, which lowered the income tax rate to 0% for both local and International Business Companies and effectively removed the distinction between 'offshore' and 'onshore' entities.

新实施的国际商务公司法规的目的，是为了确保这个行政特区能够完全遵守欧盟储蓄税指令和欧盟商务税收的行为准则，上述法规是由英国对其所有海外属地提出的要求。

过渡过程中，新成立的公司有可能在 2005 年一整年内都遵守旧法案。从 2006 年开始，新成立的公司就需要按照新颁布的商务公司法案的要求来成立，当然已经注册的公司还被允许在旧的“国际公司法案”（IBC

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The new IBC legislation was drafted to ensure the territory was fully compliant with the European Union (EU) Savings Tax Directive and EU Code of Conduct on Business Taxation, as required by the United Kingdom of all its Overseas Territories. Under the transition arrangements, new incorporations were possible under old legislation throughout 2005. From 2006, new incorporations had to be made under the new Business Companies

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Act, although companies already on the register were permitted to operate under the old IBC Act or Companies Act for an additional year. The Act requires companies to use a registered agent to ensure compliance with the new laws. Under the 1984 IBC Act, which preceded the 2004 Business Companies Act, just one corporate form was available, that of the company limited by shares. Under the new regime, several different types of companies can be incorporated. These are: · Companies limited by shares. Likely to remain the most popular form of BVI company; · Companies limited by guarantee not authorized to issue shares. This corporate form is likely to prove useful for not for profit organizations; · Companies limited by guarantee authorized to issue shares. This 'hybrid' type of company provides greater flexibility in structuring transactions, as a result of its combined equity and guarantee membership; · Unlimited companies authorized to issue shares. This structure provides greater transparency, as it is possible to look through the company to its shareholders; and · Unlimited companies not authorized to issue shares. This type of company could be used to ensure effective estate planning.

Act）或“公司法案”的要求再运行额外的一年。

法案要求所有公司都采用注册经纪人来确保遵守新颁布的法律。

在 2004 年商务公司法案颁布之前的 1984 年国际商务公司法案的要求下，只允许一种公司形式的存在，必须是股份有限公司。新法则允许多种形式的公司，它们是：

The Act also allows companies to be registered as Restricted Purposes or Segregated Portfolio Companies. The former would likely be used primarily in structured finance transactions, while the latter's use will be limited to mutual funds and insurance companies. The legislation allows more flexibility on the name that can be used by a BVI business company, and allows the re-use of the name of a company which has been previously struck off from the register, has changed their name, or been dissolved. The Act also permits company names to contain foreign characters, which should be particularly attractive to company owners in the Far East.

·股份制有限公司。有可能继续成为 BVI 最受欢迎的公司形式； ·无权发行股票的有限担保责任公司。这一公司形式很可能成为非赢利性组织的首选；

The BVIBC Act has abolished the concept of authorized share capital and replaced it with a maximum number of shares that the company is entitled to issue.

·有权发行股票的有限担保责任公司。这一“混血”的公司种类对架构交易提供更大的灵活性，因此有结合股权和会员担保； ·有权发行股票的无限责任公司。此架构提供更大透明度，因为可以获取公司股东的信息；以及

It has also removed the requirement that a dividend can only be declared and paid out of 'surplus', leaving in place the pre-existing solvency test requirement, and has boosted the rights of minority shareholders.

·无权发行股票的无限责任公司。这类公司可被用来确保高效的遗产规划。

As previously stated, a registered agent must apply to form the

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法案也允许公司作为受限制目的或隔离投资组合公司进行注册。前者有可能主要被用来架构金融交易，而后者则被限制于共同基金和保险公司之用。

法规允许 BVI 商务公司采用的名称上有更大的灵活性，允许重新使用从注册机构注销、更名或解散的公司名称。法案也准许公司名称中包含外国字，这对远东客户来说尤具吸引力。

BVIBC Act （英属维尔京群岛国际公司法案）废除了授权股份资本的概念，并用公司有权发行的最大股份数量来代替。

法案也取消了仅允许以“盈余”来公告和支付红利的要求，不过现有的清偿测试要求不变，并提升了少数股东的权利。

前面提到过，公司组建必须由注册经纪人申请，还必须提供书面的行动同意书，但公司的注册办公室并不需要和注册经纪人的一致，当然还是需要位于 BVI 境内。

新法案还把公司的簿记规则进行了规范化和正式化处理。

无记名股票现在是被禁止的，除非经由备忘录或协会条文授权，且无记名股票证书必须由监管人保管，此监管人需经 BVI 金融服务委员会许可。

已经有无记名股票的公司（在 2005 年 1 月 1 日前创建），且在 2007 年 1 月 1 日重新登记的，有义务在 2009 年 12 月 31 日前将无记名股票存放在合适的保管人处。

能有资格成为“得到授权”的保管人是在 BVI 金融服务法规定下持证的服务提供商，公司法人团体成立于 BVI 之外且不位于 BVI，且在 BVI 并无业务。有资格成为“受到认可的”保管人是在“金融行动特别组” 的成员国之内的，进行证券、清算或结算系统操作投资交易或清算的组织。

所有成为“得到授权”保管人的申请人都需要满足金融服务委员会的特定“和适合恰当”的条件，并有必要和合适的系统来确保他们所保管的无记名股票的安全性。对于法人团体来说，委员会会考虑审慎监管和反洗钱规则，这也是法人团体必须遵守的规则。

发行无记名股票的公司必须向保管人提供：

·股份受益所有人的全名；和

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company and provide a written consent to act, but the registered office of the company need not be the address of the registered agent, although it must be within the BVI. The Act has also formalized and tightened the record keeping obligations of companies. Bearer shares are now prohibited unless authorized by the memorandum or articles of association, and bearer share certificates must be deposited with a custodian who has been approved by the BVI Financial Services Commission. A company which had existing bearer shares (created before 1 January 2005), and which re-registered on 1 January 2007, was obliged to deposit its bearer shares with an appropriate custodian on or before 31st December 2009. Those eligible to apply as an “authorized” custodian are service providers licensed under any BVI financial services legislation, as well

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·其他在该股份占有利益的人的全名或大致意思是没有其他人对该股份占有利益的一份声明。

不过在 2007 年 7 月，英属维尔京群岛金融服务委员会（FSC）宣布对新颁布的公司法案进行了一系列修订工作，其中包括创建全新和简化的规则，方便无记名股票公司向非无记名股票公司的过渡。

原来的过度规则要求公司在 2010 年 12 月 31 日前完全固定他们的股份。不过，FSC 表示他们对行业表现的顾虑有所知晓，认为遵守过渡安排将会对行业造成极大的压力，考虑到新公司法的最近实施和新网上公

as bodies corporate incorporated or formed outside the BVI that are not resident in, and do not have a place of business in, the BVI. Those eligible to apply as a “recognised” custodian are investment exchanges or clearing organizations that operate securities clearance or settlement systems in a jurisdiction which is a member of the Financial Action Task Force. All applicants to be “authorized” custodians have to satisfy the Financial Services Commission that they meet certain “fit and proper” criteria and have the necessary systems in place for safe custody of their bearer shares. For bodies corporate, the Commission will consider the prudential regulation and anti-money laundering regulations with which the bodies have to comply.

司注册系统的刚刚启用。 A company issuing bearer shares must provide the Custodian with: FSC 认为：“也许更重要的是，它会对公司董事和前身为 IBC（国际商务公司）的企业主造成极大的不便，他们需要就修改公司的公司章程而决策通过解决方案。”

委员会表示：“BVIBCA 和之前的 IBC 法案被设计用来向公司的建立提供法律机制而不必有太多的监管负担。要遵守现行的过渡法规所做的努力，和我们潜在的思想方式并不一致。”

· The full name of the beneficial owner of the shares; and · The full name of any other person having an interest in that share or a statement to the effect that no other person has any interest in the share. However, in July 2007, the British Virgin Islands Financial Services Commission (FSC) announced that several amendments were being readied to the new Business Companies Act that would, among other things, establish new, simplified provisions for the transitioning of bearer share companies to non-bearer share companies.

FSC 表示已经听从了来自行业代表的意见，并力求找到一个可行的解决方案，完成在 2010 年之前固定所有无记名股票的目的，此举能对 BVI 公司的监管降至最低。

The original transitional provisions required companies to fully immobilize their shares by 31 December 2010. However, the FSC said that it had become aware of industry concerns that compliance with the transitional arrangements would place a huge burden on the 2016 China Offshore Company Formation Guide CHINA OFFSHORE

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由执行委员会颁布的命令要求每家前身是 IBC 的公司的备忘录都将在过渡日期后得到修改，旨在禁止无记名股票的发行，除非该公司认为该法规不适用，并逐步取消在 2008 年和过渡日期之间逐年增加的公司年费。

FSC 宣布，鉴于大部分的无记名股票公司向非无记名股票公司的过渡是一个直截了当的过程，过渡日期从 2010 年 12 月 31 日被提前至 2009 年 12 月 31 日。

2008 年和 2009 年期间，前身为 IBC 的无记名股票公司和非无记名股

sector, given the recent introduction of new companies legislation and a new online company’s registry.

票公司支付同样的费用。到 2009 年 12 月 31 日，之前为 IBC 公司的备忘录被修改后用来禁止无记名股票的发行，而该公司则变为非无记名股票公司。每家前身为 IBC 的公司都可以选择不遵守此项公认条款。根据 FSC 的说法，结果是，前身为 IBC 的公司中的大部分什么都不需要做。希望继续发行无记名股票的 IBC 公司必须选择不遵守此项新法案。

"Perhaps even more important, it would cause considerable inconvenience to the directors and owners of former IBCs who will have to pass resolutions amending their memoranda of association," the FSC observed. "The BVIBCA and the IBC Act before it were designed to provide a legal mechanism for incorporating companies without unnecessary administrative burdens. The effort that would be required to comply with the existing transitional provisions is not consistent with this underlying philosophy," the Commission noted. The FSC said that it had listened to the representations that it had received from industry, and had tried to find a workable solution that would achieve the immobilization of all bearer shares before 2010, but which would impose the minimum administration on BVI companies. An Order by the Executive Council attempted to achieve this by deeming that the memorandum of every former IBC will be amended with effect from the transition date to prohibit the issue of bearer shares, unless the company elects that the deeming provision should not apply; and by abolishing the staged increases in annual fees between 2008 and the transition date. The FSC announced that, given this will make the transitioning of most bearer share companies to non-bearer share companies a straightforward process, the transition date was brought forward one year from 31 December 2010 to 31 December 2009. During the years 2008 and 2009, a former IBC that is a bearer share company paid the same fee as a non-bearer share company. On 31 December 2009, the memorandum of a bearer share former IBC was deemed to be amended to prohibit the issue of bearer shares, and the company became a non-bearer share company. It was open to any bearer share former IBC to elect to disapply this deeming provision. As a consequence, the vast majority of former IBCs needed to do nothing, according to the FSC. An IBC that wished to continue to issue bearer shares had to disapply the provisions of the new Act.

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Q &A 英属维尔京群岛 British Virgin Islands

1. 行业调研结果显示，中国将很快成为世界最大的新公司来源国。传统上说，贵行政特区最受世界上哪个地区的客户欢迎？最适合在贵特区建立公司的业务类型是什么？英属维尔京群岛（BVI）作为中国和亚太地区的首选营商地已经超过 25 年。中国和亚洲经济的高速增长，上述地区的商业领袖们选择 BVI 作为业务增长的首选地。BVI 商业公司是用来达成上述目的的上市、合资公司、资产控股公司、开放式和封闭式基金的工具。BVI 在进出中国的投资中扮演着重要的架构角色，也是中国跨境投资的首选合作伙伴，这在它位于中国对内和对外直接投资排名位于前列的位置中可见一斑。BVI 让资金的东西向流动成为可能，帮助亚洲公司打开通路，通过外国上市和并购的方式获得西方的资金或技术。

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1. Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for? What types of business activity is most suitable for incorporating in your jurisdiction. The BVI (British Virgin Islands) has been the jurisdiction of choice to facilitate business for China and the Asian Pacific Region over the past 25 years. With China and Asia’s incredible growth, the region’s business leaders have chosen the BVI as a facilitator for this growth. BVI business companies are used for such diverse purposes as listing vehicles, joint venture companies, asset holding companies, and open and close-ended fund vehicles. Playing an important role in structuring investments into and out of China, the BVI has been the chosen partner for Chinese cross-border investment, exemplified by its top ranking in China’s inward and outward foreign direct investment flows. The BVI enables the flow of capital from East and West, helping Asian companies gain access to Western capital or

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Q &A 2. 对中国客户来说，贵特区能提供的最重要优势是什么？

technology through foreign listings and acquisitions.

BVI 是最受中国客户欢迎的行政辖区，因为它向客户证明所

2. What is the single most important advantage your jurisdiction provides for Chinese clients?

花资金的真正价值，提供直截了当，灵活和真实有效的架构，是过去 25 多年来，领先的中国公司和个人们的成功之选。我们能够用广泛的专业知识和成熟的位于地区内的基础设施架构来为客户获得最大的利益。在中国日益全球化的大背景下，BVI 将成为中国离岸投资的必选之地。除了 BVI 在地区内历经考验的成熟基础设施和离岸架构之外，BVI 的其它优势还包括：它是久负盛名的离岸金融辖区、它的高性价比和高效率，以及它所能提供的法律和商业上的确定性，和税收和外汇管制的中立性。

The BVI is most popular jurisdiction for Chinese clients because it provides clients true value for money, offering straightforward, flexible and proven structures that leading Chinese businesses and individuals have used successfully for more than 25 years. We are able to leverage our extensive knowledge and mature infrastructure across the region to maximise our benefits to clients. As China continues to go global, the BVI will be the go-to jurisdiction for China’s offshore investment. In addition to having tested and proven structures with a mature infrastructure in the region, the other BVI advantages are that it’s a well-known jurisdiction, it’s cost effective and efficient, and it provides legal and commercial certainty, as well as tax and foreign exchange neutrality.

3. 在选择离岸行政特区时，据说价格仍是客户做决定时的主要因素。您是否同意上述说法？这一趋势在未来几年里是否会改变？您是否有注意到从关注离岸架构的价格向质量的转变趋势？在选择离岸服务提供商建立公司时，客户还应该考虑哪些因素？众所周知，客户在选择离岸辖区时对价格是很敏感的。因此，

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Q &A

BVI 能提供客户花费的最大价值，也被认为是最具有性价比的营商之地。在 BVI 设立公司、合伙制、基金或信托的费用都是相对比较低廉的。除了性价比之外，使用 BVI 还能获得业务成功、效率、灵活性、法律和商业确定性、广博的知识面和地区内成熟的基础设施等的额外好处。

According to the reports, clients are cost-sensitive when choosing an offshore jurisdiction. In this respect, the BVI provides best value for money and is known as the most cost-effective jurisdiction in which to do business. Set up and operating fees for a company, partnership, fund or trust are relatively low. In addition to cost-effectiveness, using the BVI adds the extra benefits of proven success, efficiency, flexibility, legal and commercial certainty and extensive knowledge and mature infrastructure across the region.

4. 您是否认为在行业监管日趋严格的趋势下，中国客户会更倾向于选择透明度更高的行政特区？对于透明化来说，国际标准对全球金融服务业的监管压力也与日俱增。因此，全球金融服务行业正变得更加透明，其服务标准也在不断改进。中国公司将继续选择遵守国际标准，如 BVI 这样的，能提供最佳服务质量和成功率，同时又保持客户看重的私密性和隐私权的金融辖区。 5. 过去几年里，在一些行政特区内开设银行账户变得困难。

4. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent? There is a global trend and increasing regulatory pressures from the international standard setters toward more transparency. As a result, the global financial services industry is becoming more transparent and the quality of standards have improved. Chinese businesses will continue to gravitate to jurisdictions like the BVI that comply with the international standards,providethe best in quality service and have proven success while still maintaining the confidentiality and privacy that they value.

贵特区内是否也是如此？离岸公司在贵特区内开户的时间能多快？世界范围内，金融机构对客户进行的尽职调查和合规标准正在

5. Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is it the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up?

不断提高。KYC（知晓你的客户）要求更为严格，任何想和银行打交道的人，比如说开户，不论他们的公司注册地在哪里，都必须遵守更为严苛的标准。不论需要进行常规或深入的尽职调查，如果客户能从一开始就提供银行需要的所有信息，那开户的成功率就会大大增加。来源：BVI House Asia

Globally, the standards for compliance and due diligence in terms of financial institutions knowing their customers has risen. The KYC requirements are more stringent and anyone who wants to do business with a bank, such as opening an account, has to comply with the more rigorous standards regardless of which jurisdiction the company is registered in. The chances of success in opening an account increase if the customer provides all the information that the bank requires from the outset whether regular or enhanced due diligence is required. Contributed by: BVI House Asia

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开曼群岛 Cayman Islands

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IMS

International Management Services Ltd - Providing oﬀshore services since 1974 国际管理服务有限公司——1974年起就开始提供离岸服务

• • • • • • • •

Trust and Company formation and management Services to Family Oﬃces Selection of suitable Cayman banks and assistance with account opening Private Trust Companies Captive Insurance Companies Yacht registration Holding companies Limited Partnerships

国际管理服务有限公司从1974年起，就已在开曼群岛提供多种多样的公司和信托服务。我们积累了丰富的经验和行业领先的专业水准，每时每刻都为满足客户的需求而努力。 • • • • • • • •

信托和公司的创建和管理为家族办公室提供服务选择合适的开曼群岛银行并协助开户私人信托公司专属保险公司游艇注册控股公司有限合伙制公司

For more information, visit www.ims.ky, or contact us as follows: 欲知详情，请访问www.ims.ky或用以下方式联系我们：

International Management Services Ltd. P.O. Box 61, Harbour Centre Grand Cayman KY1-1102, Cayman Islands Call: +1 (345) 949 4244 Email: contactus@ims.ky Fax: +1 (345) 949 8635

IMS

Cayman

International Management Services Ltd., has provided a range of corporate and trust services in the Cayman Islands since 1974. We have developed a wealth of knowledge and leading expertise in this area and leverage this to the beneﬁt of our clients’ needs on a daily basis.

概况

开曼群岛

General

Cayman

公司类型

豁免公司

法律类型

公司法

Type of Company

Exempted

现成公司可用率

无

建立新公司所需时间

Shelf Company Availability

按标准费率为 2 至 3 个工作日，支付额外费用可加快至 Time to Establish a New Company 1 个工作日

公司税

无需征收豁免公司的收入，资本收益，公司增值税或印花税。支付额外费用从开曼政府获取“无税”豁免长达 20 年（通常可续期 10 年）

双重征税协议

否

股本或等值股本标准货币

美元

允许使用货币

任何币种

最低付清股本

无

法定股本要求

分数股份及无面值股份可以发行。股份可完全发行，部分发行或未缴股款股份可在一个以上的货币计价

董事董事最低人数

1人

本地董事

否

公开记录权限

否

会议地点

没有要求必须在开曼群岛

股东股东最低人数

1人

公开记录权限

否

会议地点

没有要求必须在开曼群岛

公司秘书是否需要

否

是否为注册地或者有资质人员

否

Corporate Taxation Double Taxation Treaty Access

是

审计账户

否

账户登记记录

否

公开记录权限

否

Companies Law 2-3 business days at standard rates but can be reduced to 1 business day for an additional fee

No income, capital gains, corporation value added taxes or stamp taxes imposed on an exempted company additional fee to receive “no taxation” undertaking for up to 20 years from the Cayman Government (usually renewable for a further 10 years)

Share Capital or Equivalent

Standard Currency

US$

Minimum Paid Up Share Capital

None

Permitted Currencies

Any

Directors

Fractional shares and shares of no par value may be issued. Shares may be issued fully, partly or nil paid Shares may be denominated in more than one currency

Minimum Number

One

Publicly Accessible Records

Usual Number of Shares Issued

Local Required

Location of Meetings

Shareholders

Not required to be held in Cayman

Minimum Number

One

Location of Meetings

Company Secretary

Not required to be held in Cayman

Required

Publicly Accessible Records

Local or Qualified Accounts

账户账户准备要求

Type of Law

Requirements to Prepare

Yes

Requirements to File Accounts

Audit Requirements

Publicly Accessible Records

No No

By International Management Services

行政特区 | JURISDICTIONS

简介 Introduction

开

曼群岛是世界上最大的离岸银行业中心，也是排名在百慕大之后，世界第二大离岸专属保险基地。

这里没有直接或间接税；政府收入来自于行政特区：开曼群岛地区：加勒比货币：开曼群岛元

关税、印花税和向公司征收的年费。最近

ayman is the largest offshore banking centre in the world, and the second largest offshore captive insurance

base after Bermuda. There are no direct or indirect taxes; government revenue comes from customs duties, stamp duty and annual fees

试图征收的一项工资税因为工作签证费的

levied on corporations. A recent attempt by

不断增加而搁浅。因此在这里雇佣外国人

the administration to impose a payroll tax was

区号：+1345 通讯设施：良好

很困难，也很昂贵。开曼群岛的经济高度

withdrawn in favour of a substantial increase

依赖旅游业和金融服务业。从 1997 年开曼

in work permit fees. It is thus difficult and

公司建立成本：2900-4500 美元公司建立时间：2-3 天公司维护费用：1400-2200 美元

群岛股票交易市场开市以来，互惠基金已成为一个主要的增长行业，整个群岛已成

expensive to employ expats. The economy is highly dependent on tourism and financial services. Since the opening of the Cayman

为世界上最主要的对冲基金、债务抵押债

Islands Stock Exchange in 1997, mutual funds

券（CDO）和其它证券形式的注册基地。

have become a growing sector, and the islands

Country: Cayman Islands Region: Caribbean Currency: Cayman Islands dollar (KYD) (CI$) Languages: English Time Zone: UTC -5

虽然开曼群岛有成熟的营商基础设施和灵

have emerged as a predominant registration

活多变的法规制度，它仍是一个比较昂贵

base for hedge funds, CDOs and other

Phone Code: +1345 Communications: Good

开曼群岛是一个以英语为官方语言的英国

Formation Cost: 2900 - 4500 USD$ Formation Time: 2 - 3 days Maintenance cost: 1400 - 2200 USD$

的行政特区。

securitization instruments. Although Cayman has an established commercial infrastructure and a flexible approach to regulation, it is an expensive jurisdiction.

附属地，位于加勒比海地区的古巴和中美洲之间。这里有两个国际机场，一个在乔

Suitable for:

治城，大开曼群岛，另一个位于开曼湾。

Wealth Management, Treasury Management,

几条主要的航线都经停开曼群岛，每天都有航班飞往迈阿密，每周都有航班飞往北

Banking, Fund Management, Shipping, Aviation, Yachting, Trading Financial, Intellectual Property/Licensing, Holding Companies

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美和欧洲的主要城市。开曼元对美元的比值是固定的，比率定为 1 开曼元比 1.2 美元。这里并没有外汇管制。开曼是一个比较昂贵的行政特区，商业基础设施比较完善，法律灵活多变，对个人隐私保持足够的尊重。开曼群岛在西半球有良好的声誉，但是在欧洲被视为“避税天堂”，很大程度上是因为媒体宣传而并没有事实依据。事实上开曼群岛努力立法来和国际标准保持一致，使自己成为“干净”的离岸中心，甚至在 2001 年接受了针对财政不道德行为的调查，至少当犯罪在国际上和开曼群岛上已成为公认事实的时候更是如此。通常的看法是开曼群岛仍然在没有犯罪事实的前提下最大限度地保护个人隐私。虽然开曼群岛被 FATF（金融行动特别组）列为没有力量对抗洗钱活动的名单之一，2001 年开曼群岛收到 FATF 的表扬，认为它在针对洗钱的斗争中表现出色，包括出台反洗钱法规，修改货币财政法律和刑事犯罪法。银行和信托公司法和公司管理法等也得到了修订，2002 年底还出台了金融公司强制许可证制度。适合于：财富管理、资产管理、银行业、基金管理、航运、航空、游艇、贸易金融、知识产权 / 许可证、控股公司资本主要商务区域：乔治城 Capital primary business districts:

关系良好国家：

George Town

巴哈马、巴巴多斯、百慕大、伯利兹、加拿大、多米尼加、印度、牙买加、蒙特色拉特岛、圣基兹和尼维斯、圣卢西亚、圣文森特和格林纳达、特立尼达和多巴哥、特克斯和凯科斯群岛、美国

Good Relationships: Bahamas, Barbados, Bermuda, Belize, Canada, Dominica, India, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, Turks and Caicos Islands, United

关系不佳：

States

缅甸、古巴、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚

Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya,

税务负担——商务：极轻

Somalia, Sudan, Syria Tax Burden - Business: Very Light

税务负担——个人： Tax Burden - Individual:

极轻

Very Light

总体税率： CIT 0%, PIT 0%, 增值税 0%

Headline tax rates: CIT 0%, PIT 0%, VAT 0%

协议签订国家：

Treaty Jurisdictions:

英国

United Kingdom

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税务信息交换协议签订辖区：阿根廷、阿鲁巴、澳大利亚、比利时、巴西、加拿大、中国、库拉索、捷克共和国、丹麦、法罗群岛、芬兰、法国、德国、格陵兰岛、耿西岛、冰岛、印度、爱尔兰、意大利、日本、马耳他、墨西哥、荷兰、新西兰、挪威、波兰、葡萄牙、卡塔尔、塞舌尔、圣马丁岛、

TIEA Jurisdictions: Argentina, Aruba, Australia, Belgium, Brazil, Canada, China, Curacao, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, India, Ireland, Italy, Japan, Malta, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Qatar, Seychelles, Sint Maarten, South Africa, Sweden, United Kingdom, United States

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Q &A 开曼群岛 Cayman Islands

1. 行业调研结果显示，中国将很快成为世界最大的新公司来源国。传统上说，贵行政特区最受世界上哪个地区的客户欢迎？最适合在贵特区建立公司的业务类型是什么？中国客户对开曼群岛豁免公司的组建需求在近几年里持续增长。中国客户称赞开曼群岛公司的灵活性、资产安全性和运营、维护和控制的便利性，这里的收费也极具竞争力。中国客户也认可开曼群岛提供成熟的营商环境和提供的多种多样的服务，这些服务包括银行、信托公司、律师、会计师、保险经理、共同基金经理和管理人，以及所有期望得到的支持服务。开曼群岛是世界上最优秀的行政辖区之一，吸引来自世界各地的客户，尤其是来自美国、中国和亚洲其它地区的客户。

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1. Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for? What types of business activity is most suitable for incorporating in your jurisdiction. The demand for incorporation of Cayman Islands exempted companies from Chinese clients continues to increase yearly. Chinese clients appreciate the flexibility, asset security, ease of operation, maintenance and control afforded by Cayman Islands companies, as well as the highly competitive fees charged. Chinese clients also appreciate that the Cayman Islands offers a sophisticated business environment with a full range of services including banks, trust companies, lawyers, accountants, insurance managers, mutual fund managers and administrators, and all the expected support services. The Cayman Islands is one of the premier offshore jurisdictions attracting clients from all over the world but particularly the United States, China, and other parts of Asia.

行政特区 | JURISDICTIONS

Q &A 开曼群岛架构作为理想的金融交易和 / 或投资所在地的理由包括：能以中文汉字命名的公司；在文件归档的基础上能在一个工作日内完成公司建立；公司董事无需在开曼群岛居住；股东和记录簿的注册地能在其它行政辖区内持有；股东无需举行年度普通大会；最高级别的保密性——股东或会计信息无需向公众注册处公开；红利分配或资本收益无需纳税；红利其它分配无需缴纳利得税；没有赠与税、遗产税或继承税；没有外汇管制。 2. 对中国客户来说，贵特区能提供的最重要优势是什么？开曼群岛公司架构让中国客户能够享有最大程度的灵活性，在国际金融交易和 / 或投资中利用这一架构的其它好处为：用控股公司架构集群业务来达到投资和节税的最大化、有效的 IPO、和另一家开曼群岛公司，或一家来自于其它行政辖区的公司进行合并或整合，使之能和外国实体公司进行合并或整合，达成摘牌和进行私下交易，以及公司税务架构的节税目的；能够使用开曼群岛公司架构来实施节税目的的财富管理和传承管理。

Cayman Islands structures are ideal for international finance transactions and/or investments for many reasons, including: incorporation with name written in Chinese characters; incorporation within one business day of documents being filed; no requirement for directors to be resident in Cayman; register of shareholders and minute books can be held in another jurisdiction; no requirement for shareholders’ annual general meeting; maximum confidentiality - with no requirement to publicly file register of shareholders or accounting information; no taxes on distributions or on capital gain; no withholding taxes on dividend or other distribution; no gift, estate or inheritance taxes; no foreign exchange restrictions. 2. What is the single most important advantage your jurisdiction provides for Chinese clients? Cayman Islands corporate structures allows Chinese clients to maximise the flexibility and other benefits of utilizing such structures in international finance transactions and/or investments: the ability to structure group businesses with a holding company to maximise investment and tax efficiency, effect IPOs, merge or consolidate with another Cayman Islands company or a company from another jurisdiction that permits mergers or consolidations with a foreign entity, to effect de-listings, and take-private transactions, and generally achieve efficient tax structuring of businesses; the ability

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Q &A

3. 在选择离岸行政特区时，据说价格仍是客户做决定时的主要因素。您是否同意上述说法？这一趋势在未来几年里是否会改变？您是否有注意到从关注离岸架构的价格向质量的转变趋势？在选择离岸服务提供商建立公司时，客户还应该考虑哪些因素？价格一直是客户选择离岸辖区时的首要考虑因素，并且会一直保持如此。当然，客户还会考虑的，也是让开曼群岛遥遥领先于加勒比地区其它竞争对手的因素包括 1）高水平的专业度和响应速度，2）高水平的商业保密性，3）税收中性，和 4）一个成熟的营商环境和多种多样的服务，包括银行、信托公司、律师、会计师、保险经理人、共同基金经理和管理人，和所有客户期待得到的支持服务。对于那些希望通过组建公司的方式进行首次公开募股（IPO）、或投资基金和 / 韩国其它投资交易的客户来说，开曼群岛仍然是离岸金融中心中的首选辖区。

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to use Cayman Islands corporate structures to facilitate tax efficient wealth management and succession planning. 3. It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider? Price is always a major factor of consideration for clients when choosing an offshore jurisdiction and will continue to be the case. However, other factors that clients take into account which puts the Cayman Islands a huge distance ahead of its offshore competitors in the Caribbean include (i) the high level of professionalism and responsiveness, (ii) the high degree of commercial confidentiality, (iii) tax neutrality, and (iv) a sophisticated business environment with a full range of services including banks, trust companies, lawyers, accountants,insurance managers,mutual fund managers and administrators,and all the expected support services. For clients who are seeking to incorporate companies for IPOs, or investment funds

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Q &A and/or other investment transactions, the Cayman Islands still remain the offshore jurisdiction of choice.

4. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent? It is difficult to predict how business from China and elsewhere are reacting and will react to the ever changing regulatory environment for offshore jurisdictions, including the introduction of tax information exchange regimes such as FATCA and the Common Reporting Standard. 5. Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is it the casein your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? The process of setting up a bank account in the Cayman Islands for newly incorporated entities varies depending on the nature of the business to be undertaken by the entity, the level of turnover, and the profile of its shareholders and directors. It typically takes 3-4 weeks to complete the process. Contributed by: Loeb Smith Attorneys

4. 您是否认为在行业监管日趋严格的趋势下，中国客户会更倾向于选择透明度更高的行政特区？要准确预测来自中国或其它地方的公司需要应对离岸行政辖区内变化多端的监管环境是非常困难的。这些监管措施包括税务信息交换协议，比如 FATCA，以及通用报告标准等制度。 5. 过去几年里，在一些行政特区内开设银行账户变得困难。贵特区内是否也是如此？离岸公司在贵特区内开户的时间能多快？新成立公司实体在开曼群岛设立银行账户的流程各不相同，取决于该实体的业务性质、营业额水平、股东和董事获得的利润水平等。通常来说，需要 3 到 4 周来完成。来源：Loeb Smith Attorneys

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尼维斯 Nevis

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Nevis

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概况

尼维斯

公司类型

国际商业公司，有限责任公司

法律类型

普通法

现成公司可用率

无

建立新公司所需时间 24 小时公司税

双重征税协议

圣基茨和尼维斯联邦已与二十四（24 ）个国家签署双重征税协议

标准货币

东加勒比海元

允许使用货币

任何币种

最低付清股本

无

董事

1人无

公开记录权限

无

公开记录权限

否

是否需要

None

Time to Establish a New Company

None for IBCs and LLCs. Local companies 33%

Standard Currency

Eastern Caribbean Dollars

Permitted Currencies

All

Minimum Paid Up Share Capital None

Minimum Number

One

Publicly Accessible Records

None

Local Required

Minimum Number

Publicly Accessible Records

要求有年会，其他会议可以 Location of Meetings 在法定时间和地点举行

Company Secretary

是

账户

账户准备要求

是

审计账户

否

公开记录权限

24 hours

Share Capital or Equivalent

Required

nnual meeting required; other meetings may be held at a time and place fixed by laws One

None

Annual meeting required; other meetings may be held at a time and place fixed by the by laws Yes

Accounts

Requirements to Prepare

Yes

Audit Requirements

是，如果国际商业公司同时 Requirements to File Accounts 也是专业自保公司无

No (qualifications as per the articles of incorporation)

是否为注册地或者有无（由公司章程规定资质） Local or Qualified 资质人员

账户登记记录

English Common Law

The Federation of St. Kitts & Nevis has signed Tax Information Exchange Agreements (TIEAs) with twenty four (24) countries

Double Taxation Treaty Access

Shareholders

1人

公司秘书

Shelf Company Availability

Type of Law

要求有年会，其他会议可以 Location of Meetings 在法定时间和地点举行

股东最低人数

会议地点

IBCs and LLCs

Directors

本地董事

股东

Type of Company

The number of shares is stated 法定股本在公司章程中指定 Usual Number of Shares Issued in the company’s articles of incorporation

董事最低人数

会议地点

Nevis

国际商业公司和有限责任公 Corporate Taxation 司无税，当地公司为 33%

股本或等值股本

法定股本要求

General

Publicly Accessible Records

None

Yes, if IBC is also licensed as a captive insurance company None

By Nevis Investment Promotion Agency

行政特区 | JURISDICTIONS

简介 Introduction

圣

基兹和尼维斯（尼维斯）是加勒比海上的群岛国家，人口大约在 5 万左右。该国的首都位于圣基

行政特区：尼维斯所在地区：加勒比官方货币：东加勒比元（XCD）（EC$）官方语言：英语所属时区：UTC-4

兹的巴斯特尔，岛上还有布拉德肖国际机场，有航班往返北美和欧洲。该国的法律

t Kitts and Nevis (Nevis) are islands in the Caribbean Sea with a population of approx. 50,000. The capital is

Basseterre, on St Kitts, the location of Bradshaw International Airport, which serves North America and Europe. The legal system

体系基于英国普通法。虽然蔗糖直到 2005

is largely based on English Common Law.

年还占据该国的农产品大头，之后蔗糖不

Although sugar dominated the agricultural

再是该国的主要农作物，而其它产业，比

sector until 2005, when it was finally abandoned

电话区号：+1869 通讯设施：极佳

如旅游业、出口导向的制造业和离岸银行

as a major crop, activities such as tourism,

公司组建成本：1200-2000 美元公司组建时间：8-13 天公司维护费用：900-1300 美元

2008 年的增长率达到了 3.2%，但在 2009

Country: Nevis Region:Caribbean Currency: East Caribbean dollar (XCD) (EC$) Languages:English Time Zone: UTC -4 Phone Code: +1869 Communications: Very Good Formation Cost: 1200 - 2000 USD$ Formation Time: 8 - 13 days Maintenance cost: 900 - 1300 USD$

业开始在经济中扮演重要角色。GDP 在

export-oriented manufacturing, and offshore banking have assumed larger roles in the economy. GDP grew by 3.2% in 2008, but then

年却急速下滑了 9.6%。GDP 在 2012 年的

shrank sharply in 2009, by 9.6%. GDP growth

增长率是 2%。圣基兹和尼维斯作为联邦

is estimated at 2% for 2012. St Kitts and Nevis

国家有离岸法规，但尼维斯却也有自己的

has offshore legislation as a Federation, but so

独立法规。

does Nevis independently. On the whole, St Kitts focuses on attracting inward industrial and

总体来说，圣基兹重点在吸引外国的工业和旅游业投资，而尼维斯则专注于离岸资

tourist investment, while Nevis concentrates more on offshore asset protection. Nevis has been particularly successful with its LLC

产保护。尼维斯的 LLC（有限责任公司）

(Limited Liability Company) legislation. There is

法规尤为成功。这里没有资产净值税、赠

no net worth tax, gift tax, turnover tax, or estate

与税、营业税或遗产税。公司税和预提税

duty on St Kitts and Nevis. Corporate tax and

适用于当地公司，但不适用于和非居民之间进行商务活动的实体。

withholding tax apply to domestic companies, but not to entities carrying on business solely with non-residents.

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Suitable for:

适用于：航空、游艇、控股公司、房地产所有权

Aviation, Yachting, Holding Companies, Property Ownership Vehicle Types:

离岸工具种类：

Limited companies (Nevis), public companies, IBCs (Nevis), trusts,

有限公司（尼维斯）、公众公司、国际商务公司（尼维斯）、信托、

foundations (Nevis), limited partnerships and exempt limited partnerships

基金会（尼维斯）、有限合伙制公司和豁免有限合伙制公司 Capital primary business districts:

资本主要商务区域：巴斯特尔

Basseterre Good Relationships: Bahamas, Barbados, Bermuda, Belize, Canada, Cayman Islands, China,

关系良好国家：

Cuba, Dominica, France, Jamaica, Korea (Republic of), Russia, Saint

巴哈马、巴巴多斯、百慕大、伯利兹、加拿大、开曼群岛、中国、古巴、

Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, Turks and

多米尼加、法国、牙买加、韩国、俄罗斯、圣卢西亚、圣文森特和

Caicos Islands, United Kingdom, United States

格林纳达、特立尼达和多巴哥、特克斯和凯科斯群岛、英国、美国

Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya,

关系不佳国家：缅甸、古巴、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚

Somalia, Sudan, Syria Tax Burden - Business: Very Light

税务负担——商务：极轻

Tax Burden - Individual: Very Light

税务负担——个人 :

Headline tax rates:

极轻

CIT 0% (resident companies 35%), PIT 0%, VAT 0%

总体税率：

Treaty Jurisdictions:

CIT 0% ( 当地公司 35%), PIT 0%, 增值税 0%

Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Monaco, Saint Lucia, Saint Vincent and the Grenadines, San Marino, Switzerland, Trinidad and Tobago

协议签订国家：安提瓜和巴布达、巴巴多斯、伯利兹、多米尼加、格林纳达、圭亚

TIEA Jurisdictions:

那、牙买加、摩纳哥、圣卢西亚、圣文森特和格林纳达、圣马力诺、

Aruba, Australia, Belgium, Canada, Curacao, Denmark, Faroe Islands,

瑞士、特立尼达和多巴哥

Finland, France, Germany, Greenland, Guernsey, Iceland, Liechtenstein, Netherlands, New Zealand, Norway, Portugal, SintMarteen, Sweden,

税收信息交换协议签订国家：阿鲁巴、澳大利亚、比利时、加拿大、库拉索、丹麦、法罗群岛、芬兰、法国、德国、格陵兰、耿西岛、冰岛、列支敦士登、荷兰、新西兰、挪威、葡萄牙、圣马丁岛、瑞典、英国

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在西印度群岛的尼维斯建立公司 Incorporation at Nevis, West Indies

作

为“圣基兹和尼维斯联邦”的一部分，区别于相邻的圣基兹，尼维斯群岛有自己的金融服务

部门。

许我们对尼维斯的中意恰恰是因为它是一个知名度相对不高的行政辖区，但金融法规却享有很高的声誉——在其它行政辖区遭受批评的时候它却够出污泥而不染，全身而退。圣基兹和尼维斯联邦属于伊丽莎白一世女皇管辖下英联邦的一部分，在 1983 年从英国获得独立。它作为主权国家而不受伦敦控制的地位，正越来越多地被我们的客户所重视，我们看到越来越多的客户从英属独立领地，比如英属维尔京群岛、开曼群岛和凯科斯群岛转投圣基兹和尼维斯。尼维斯也有涉足美国市场的丰富经验。它的“有限责任公司”（LLC）形式对那些希望和美国金融机构交易的客户来说是相当熟悉的，而消息灵通的美国资产保护律师基本上都对尼维斯作为世界上两个法定资产保护最高水平的金融辖区之一的地位非常认可。尼维斯行政辖区的主要优势： • 政治稳定，政府着力于国际金融行业的持续发展。 • 监管成熟和合规的行政辖区，对资产有足够的安全保障措施。 • 对源自尼维斯以外的收入免征所得税或公司税。 • 往来账目的强制性记录，但没有归档或审计要求。 • 没有外汇管制，利润和资本可以自由回汇。 • 常见的公司架构，具有良好的声誉，在尼维斯或者世界其它地方开户非常容易。

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By Jelena Abramenkova

art of the Federation of Saint Kitts and Nevis, the island of Nevis has its own financial services sector, separate from that of neighboring St Kitts. We like Nevis precisely because it's a relatively unknown jurisdiction with a reputation for good regulation – it has successfully avoided many of the scandals that have tarnished other IFCs. The Federation, whilst remaining part of the British Commonwealth under Queen Elizabeth I, gained independence from the United Kingdom in 1983. Its status as a sovereign state, not under direct control from London, is increasingly important to our clients who are moving here from British Dependent Territories like BVI, Cayman and TCI. Nevis also has experience dealing with the US market. Its LLCs are particularly familiar for clients looking to do business with USA financial institutions, while American asset protection lawyers in the know generally agree that Nevis is one of the two jurisdictions in the world offering the strongest level of statutory asset protection. Key advantages of the jurisdiction • Political stability coupled with the Government’s policy of maintaining the International Financial Sector.

Jelena Abramenkova NTL 信托有限公司专业客户部——总监 Director - Professional Clients Dept. NTL TRUST LIMITED

• Well regulated, compliant jurisdiction with adequate safeguards. • There are no personal or corporate taxes levied on income derived from outside Nevis. • It is mandatory to prepare accounts, but there are no filing or audit requirements. • No exchange controls with free repatriation of profits and capital. • Familiar corporate structure and a good reputation make it easy to open bank accounts in Nevis and worldwide. Nevis Limited Liability Corporation (LLC) An LLC formed under the Nevis Limited Liability Company Ordinance is a legal entity with separate rights and liabilities, distinct from its managers or members. Therefore, the LLC shall be liable for its own debts, obligations

Member Contribution

尼维斯有限责任公司（LLC）所有基于《尼维斯有限责任公司条例》创建的有限责任公司都被视为具有独立权利和义务的，不同于其经理人和成员的法律实体。因此，有限责任公司应该对其自身的债务、义务和责任负责。有限责任公司可以由其公司成员或第三方进行管理。主要特点和优势 • 有限责任公司就税务目的来说是透明（可忽略）的。 • 经营协议具有很大的灵活性，侧重点在于合同的自由性和可执行性。有限责任公司更适合小型企业。对运营活动公司或资产持有来说十分理想。 • 公司成员、经理人、所有人或董事无需进行公众备案。 • 可在世界上任何地方维护公司账目。 • 对公司的常规手续，如会议、会议记录等没有要求。 • 转移至有限公司的资产成为该有限公司的财产，且不再受公司成员的控制，这表示经理人承担了和受托人一样的角色，却没有信托的诸多限制。例如，有限责任公司能从事业务活动。 • 有限责任公司架构容易，以便划分控制权和成员利益。有限责任公司的资产由一名尼维斯经理人控制，不论他身处世界何处，都受制于尼维斯法庭的专属管辖权。外国法庭的判决对此无效且资产不可能被强制遣返。 • 和公司股份不同，债权人不能夺取有限责任公司的成员利益。债权人受限于不创造成员权利或给予业务控制权的财产扣押令。有限责任公司成员利益资产的公平价值交换在未来欺诈性交付的要求中受到法律保护。 • 尼维斯有限责任公司是我们客户在业务和资产保护目的方面受青睐的离岸工具，其税务透明的特点使其完全避免税务问题，相对普通的公司来说，能提供更大程度的灵活性和资产保护，同时在世界范围内比信托更为世人所熟知。

and liabilities. The LLC may be managed either by its members or by third parties. Key features and benefits: • LLCs are transparent (disregarded) for tax purposes. • Substantial flexibility within operating agreements with an emphasis on freedom and enforceability of contract. LLCs are more adaptable to the needs of small businesses. They are ideal for carrying on an active business or holding assets. • No public record requirement of members or managers, owners or directors. • Records may be maintained anywhere in the world. • No requirement for typical corporate formalities like meetings and minute books. • Assets transferred to an LLC become property of the LLC and are no longer under control of the member, meaning that the manager assumes a role similar to that of a trustee, but without many of the restrictions of a trust. For example, the LLC may conduct an active business. • An LLC can easily be structured so as to divide control and membership interests. Assets of the LLC controlled by a Nevisian manager, wherever in the world they are situated, are

subject to exclusive jurisdiction of the Nevis courts. A foreign court order is not valid and forced repatriation of assets is not possible. • Unlike shares in a corporation, a creditor cannot seize a membership interest in an LLC. Creditors are restricted to a charging order that does not create membership rights or give any control over the business. A fair value exchange of assets for an LLC membership interest is statutorily protected against future claims of fraudulent conveyance. • The Nevis LLC is our clients' preferred vehicle for both business and asset protection purposes given that it completely avoids any tax complications by being tax transparent, and it offers greater flexibility and asset protection than a corporation, while being more readily understood worldwide than a trust. An LLC may be combined with other structures or with other LLCs for more complex planning solutions. Its simplicity and corporate personality makes international banks and financial service providers very comfortable with the LLC, thus facilitating account opening and full due diligence procedures in the shortest possible time.

有限责任公司能和其它架构或其它有限责任公司合并使用，成为更复杂的财富规划解决方案。它简单明了的公司特征让国际银行和金融服务提供商很乐于和

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有限责任公司合作，因此能在最短的时间内完成账户开户和完全的尽职调查。尼维斯国际商务公司（IBC）《尼维斯商务公司条例》是尼维斯的首个国际金融服务法规，于 1984 年颁布。法规由美国的律师基于特拉华公司法的模型撰写。它是标准国际商务公司（IBC）的尼维斯版本，向那些为自己的业务或控股运营寻找传统股份制公司架构的人提供服务，在灵活性和优势等方面经历了时间的考研。公司架构因其独立法人以及与股东的权利和责任分离的特点而在世界上得到广泛的认可和理解。尼维斯也提供法规的私密性、广泛的权利和一个快速而高效的注册流程。尼维斯商务公司（Nevis IBC）的主要优势： • 可在世界上任何地方经营合法业务的完全权利，仅受制于尼维斯对当地公司实行的特定限制。 • 公司名称可用任何语言注册，可选择的后缀名如 Inc、S.A.、Limited、BV、 SARL、KFT 等。然而公司名称应该用拉丁文 / 英文字母表来撰写。 • 来自任何管辖区的任何人或公司都可在尼维斯建立国际商务公司。可允许有公司董事和单一订户公司。 • 在尼维斯的完全免税。 • 管理层和所有权详细信息的保密。 • 可允许公司迁入或迁出尼维斯，其中包括紧急迁册。 • 根据海牙公约实行的文件认证。 NTL 和国际银行界的良好关系意味着我们严格遵守“了解客户”的工作流程，在短至一到两天之内创建国际商务公司和开设银行账户是有可能的。请知晓 NTL 不再为客户创建计划发行无记名股票的尼维斯公司。尼维斯多形式基金会《尼维斯多形式基金会条例》在 2004 年颁布，基于诸多金融辖区，如列支敦士登和巴拿马等的大陆法“基金会”，

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Nevis Business Corporation (IBC) The Nevis Business Corporation Ordinance was Nevis' first international financial services legislation, passed in 1984. It was drawn up by US lawyers and based on the Delaware Corporation law model. It is Nevis' version of the typical IBC or International Business Corporation and it has stood the test of time by offering flexibility and benefits to those seeking a traditional share-based corporate structure for their business or holding operations. Corporations are recognized and understood worldwide as being separate legal persons with rights and liabilities separate from those of their shareholders. Nevis also offers statutory confidentiality, broad powers and a fast and efficient registration process. Key benefits of the Nevis Business Corporation (Nevis IBC): • Complete power to engage in any legitimate business worldwide, subject only to certain limitations on local business in Nevis. • Name may be registered in any language, with your choice of suffix such as Inc, S.A., Limited, BV, SARL, KFT, etc. The name must; however, be written in the Latin/English alphabet. • Any person or company from any jurisdiction may incorporate a Nevis IBC. Corporate directors and single subscriber companies are permitted. • Complete exemption from Nevis taxes. • Details of management and ownership remain private. • Redomiciliation permitted into and out of Nevis, including emergency redomiciliation.

• Certification of documents under the Hague Convention. NTL's excellent relationships with international banks mean that (subject to full compliance with our strict knowyour-customer procedures) it may be possible to form an IBC and open a bank account within one to two days. Kindly note that NTL no longer incorporates Nevis companies which plan to issue bearer shares. Nevis Multiform Foundation The Nevis Multiform Foundation Ordinance, passed in 2004, created a new and innovative Nevis corporate entity based on the civil law 'Foundation' that is well known in jurisdictions such as Liechtenstein and Panama. While many Foundations are formed for charitable purposes, continental European families have been using Private Foundations for asset and succession protection since well before the second world war. A Foundation may provide an easier asset management tool, particularly where assets or residents are located in civil law countries. They key difference between a Foundation and a Trust is that a

创造了一个创新的尼维斯公司实体。虽然许多基金会的创建目的都是慈善，欧洲大陆早在第二次世界大战前，就已经开始用私人基金会进行资产和遗产保护。基金会能提供更方便的资产管理工具，特别是那些资产或居住权位于大陆法系国家的人。基金会和信托之间的区别是，基金会和公司或有限责任公司相似，有自己独立和独特的法律特征，而信托在受托人的法律特性下运作。信托由于其灵活性很容易被曲解，而此曲解可以通过基金会的形式来解决。多形式基金会是一种没有所有人的混合型工具，由监理会代表其受益人根据明确定义的章程来管理。尼维斯基金会属于“多形式”因为它可以有普通慈善基会、私人利益基金会、信托、公司、合伙制或税务居民基金会的形式，并能在其使用期内改变形式。尼维斯多形式基金会的主要特点： • 现有外国和本国商务实体继续、转移、转换、巩固或联合成为一个多形式基金会的条款。 • 出于管理目的，它能成为信托、公司、有限责任公司或合伙制的形式。 • 这一形式能在不影响其存在性、权利或义务的前提下随时改变。 • 章程在注册处归档，且能被认证或旁注等，但不受公开审查。 • 多形式基金会能选择由外国法律进行部分或完全的监管。 • 基金会的名称必须由单词“基金会” 或缩写“FDN”结尾。 • 不需要指明受益人。 • 基金会默认是免税的，但它能在需要时选择成为尼维斯的税务居民并支付最高为 1% 的税率，以利用尼维斯的税收协定优惠待遇。 • 任何针对基金会的法律诉讼必须仅在尼维斯执行，除刑事诉讼外，任何诉讼行为都将在尼维斯执行。 • 欺诈性转让索赔的时限为一年。按照适用法的规定，伊丽莎白法规不被应用在多形式基金会上。 • 把基金会当作自身拥有的架构能在其它金融辖区免于 CFC 的法规监管。

Foundation (like a company or LLC) has its own separate and distinct legal personality, whereas a Trust operates under the legal personality of its trustee. A trust is frequently misunderstood, and the very flexibility of a trust can lead to misunderstandings which may be solved by the use of a Foundation. The Multiform Foundation is a hybrid vehicle without owners, managed by a supervisory board on behalf of its beneficiaries and according to a defined constitution. The Nevis Foundation is 'multi-form' because it may take the form of an ordinary charitable foundation, a private interest foundation, a trust, a company, a partnership or a tax-resident foundation and it may change its form during its lifetime. Key features of Nevis Multiform Foundations: • Provision for existing foreign and domestic business entities to continue, transfer, convert, consolidate or merge into a Multiform Foundation. • For administrative purposes, it may take the form of a trust, a company,

an LLC or a partnership. • This form may be changed at any time without affecting existence, rights or obligations. • By-laws are filed upon registration and may be certified etc. but are not subject to public inspection. • A multiform foundation may choose to be governed by foreign law either completely or in part. • The name of the Foundation must end with the word 'Foundation' or the abbreviation 'FDN.' • There is no requirement for beneficiaries to be named. • The Foundation is tax-exempt by default, but it may elect to become tax-resident of Nevis and pay taxes at a maximum rate of 1% in order to qualify for treaty benefits if desired. • Any legal action against the Foundation must be brought exclusively in Nevis and any proceedings apart from criminal proceedings will be held in private. • Statute of limitations of one year for fraudulent conveyance claims. Statute of Elizabeth is excluded from Multiform Foundations by the governing law. • Use of the Foundation as a selfowned structure may avoid CFC legislation in other jurisdictions.

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Q &A 尼维斯 Nevis

1. 行业调研结果显示，中国将很快成为世界最大的新公司来源国。传统上说，贵行政特区最受世界上哪个地区的客户欢迎？最适合在贵特区建立公司的业务类型是什么？中国的海外金融交易在全球范围内的影响力正在不断增加。在对外投资方面，海外房地产市场已经被中国的投资者大量占据。考虑到这些因素，尼维斯已成为世界上国际金融服务业和房地产和旅游业对内投资方面最具吸引力的行政辖区之一。尼维斯作为国际金融服务中心有超过 31 年的丰富经验，并以其专业、高效、遵守国际监管标准的承诺和丰富的财富管理和资产保护工具而得到国际认可。国际商务公司、信托、有限责任公司、基金会和专属保险认证等形式的架构建立，是尼维斯商务活动中不可分割的部分。此

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1. Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for? What types of business activity is most suitable for incorporating in your jurisdiction. China’s overseas finance is becoming increasingly influential globally. In terms of outward investment, a considerable amount of our real estate market has been dominated by the Chinese investor. With this in mind, Nevis has become one of the most attractive jurisdictions for investors from around the world for international financial services and inward investment in real estate and tourism. Nevis has over 31 years experience as an International Financial Services Centre and is recognized worldwide for its professionalism, efficiency, commitment to meeting international regulatory standards, and prolific wealth management and asset protection tools. The incorporation of IBCs, Trusts, LLCs, Foundations and the

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Q &A 外，我们战略性的财富管理服务还包括专属保险和银行业务。传统上说，尼维斯在美国、欧洲、南美和亚洲十分受欢迎。国际金融服务业有大量竞争力强的注册经纪人，有资格提供信托和资产管理、法律、金融、会计、税务和银行业方面的服务。 2. 对中国客户来说，贵特区能提供的最重要优势是什么？尼维斯提供高效的公司架构的国际金融工具，可被用作财富管理和资产管理。我们快速的反应时间、对最新科技的利用和在公司注册方面的改进对选择尼维斯的中国客户来说十分有利。我们先进的系统让客户能在 24 小时之内完成注册。我们还对加急服务收取最低的费用。尼维斯也是一个井然有序和高度发达的国际金融中心，为您的投资提供高效和增值的服务。 3. 在选择离岸行政特区时，据说价格仍是客户做决定时的主要因素。您是否同意上述说法？这一趋势在未来几年里是否会

licensing of captive insurance forms an integral part of Nevis’ business activity. Additionally our strategic wealth management services include Captive Insurance and banking. Traditionally, Nevis is quite popular in the US, Europe, South America and Asia. The international financial services sector boasts an impressive collection of competent registered agents qualified in trust and asset management, law, finance, accounting, taxation and banking. 2. What is the single most important advantage your jurisdiction provides for Chinese clients? Nevis provides the efficient incorporations of international financial vehicles that can be utilized for wealth management and asset protection purposes. The quick turn-around time, owing to the recent technological developments and improvement in our Companies Registry, is quite beneficial for the Chinese client who chooses Nevis. Our state of the art system allows for business to be done in 24 hours. There is also provision for expedited service for a minimal fee. Nevis is also a well-regulated and well-developed international financial centre that provides efficient and value-added services for your investment.

改变？您是否有注意到从关注离岸架构的价格向质量的转变趋势？在选择离岸服务提供商建立公司时，客户还应该考虑哪些因素？尼维斯一直以来都被誉为处于创新力和执行力前沿的行政辖区。我们的价格具有很强的竞争力且对高质量增值服务而感

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Q &A 到自豪。此外，我们还提供高效和高度专业化的投资架构。我们重视营商的便利和简便性，因此正大刀阔斧地对这些服务进行不断改进。在选择尼维斯作为国际金融中心时要考虑的其它因素，包括这个行政辖区监管框架的力量，国家的稳定性、税务制度、税收豁免、私密性、免双重征税协议和政府对公司服务提供商的监管。 4. 您是否认为在行业监管日趋严格的趋势下，中国客户会更倾向于选择透明度更高的行政特区？尼维斯一直遵守国际监管标准的同时保持友好的监管措施，对我们的国际金融产品和服务进行严格管理。不仅如此，在灵活性和通融性方面，尼维斯也享有盛誉。在商务活动的最前沿确保客户的所有需要得以满足，保证我们的工作远超预期。事实上，尼维斯曾被“全球离银行和金融服务评论”和“国际金融杂志”评为“加勒比最佳国际金融服务中心”。 5. 过去几年里，在一些行政特区内开设银行账户变得困难。贵特区内是否也是如此？离岸公司在贵特区内开户的时间能多快？实际应用和设立流程在尼维斯是比较简单的。批准流程一般需要 3 到 5 个工作日，前提是政府机构及时收到所有所需的文件。为了加快流程，客户可以提交电子版的文档来进行预先批准。不过，由于我们的国际银行产品符合国际标准和监管要求，之后必须提交文件的原件，必要时必须提供公证件。为了获得额外的便利性，客户也能申请一张信用卡。为国际客户服务的网上银行也正在改进当中。来源： Nevis Investment Promotion Agency

Nevis continues to be a highly regarded jurisdiction at the forefront of innovation and practicability. Our prices are very competitive but we take pride in offering added value and quality of service. Also, we provide investment structures with efficiency and professionalism. We have noted an emphasis on the ease of doing business and convenience; therefore we are making well-appreciated strides towards further refining these aspects. Other factors to consider when choosing Nevis as an itnernational financial centre would be the strength of the jurisdiction’s regulatory framework, the stability of the country, tax regime, exmeptions, privacy, double taxation treaties and the regulatory oversight of your corporate provider. 4. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent? Nevis continues to adhere to international regulatory standards while maintaining client friendly legislation to govern the use of our International financial products and services. However, Nevis is well known for being an accommodating and flexible jurisdiction. We ensure that our clients’ needs are kept at the forefront of our business activities, thus making certain that expectations are far exceeded. In fact, Nevis has been previously awarded Best Offshore International Financial Services Destination in the Caribbean by the Global Banking and Finance Review and the International Finance Magazine (IFM). 5. Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is it the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? The application and set-up process is fairly hassle-free. The approval process usually takes 3-5 business days provided that all required documents have been submitted to the institution on time. To jump start the process, clients are allowed to submit electronic copies of the necessary documents for pre-approval. However, since our international banking product adheres to international standards and regulatory compliance, hard copies must later be submitted and notarized or apostilled where necessary. As an added convenience, clients may be able to acquire a credit card. Improvements are being made to the online banking capabilities for international clients. Contributed by: Nevis Investment Promotion Agency

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Q &A

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欧洲 EUROPE

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塞浦路斯 Cyprus

Cyprus

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概况

塞浦路斯

General

Cyprus

公司类型

有限责任公司

法律类型

公司法

Type of Company

Limited Liability Company

现成公司可用率

按要求

建立新公司所需时间 5 至 15 工作日公司税双重征税协议

Type of Law

Shelf Company Availability

Time to Establish a New Company

企业所得税 12.5％， Corporate Taxation 增值税 19％

是

标准货币

欧元

允许使用货币

任何币种

最低付清股本

1 欧元

法定股本要求

1 欧元的 1000 股

5 - 15 working days

Corporate Income Tax 12,5%, VAT 19%

Double Taxation Treaty Access Yes

Starndard Currency

Permitted Currencies

EUR

Any

Minimum Paid Up Share Capital 1 EUR

Usual Number of Shares Issued 1000 shares by 1 EUR

Directors

董事

Minimum Number

董事最低人数

1人

本地董事

否

公开记录权限

是

会议地点

不要求在塞浦路斯举行，但它会影响公司 Location of Meetings 的居住权

股东最低人数

1人

公开记录权限

是

会议地点

任何地方

公司秘书是否需要

On request

Share Capital or Equivalent

股本或等值股本

股东

Company Law

是

是否为注册地或者有否资质人员账户账户准备要求

是

审计账户

是

账户登记记录

是

公开记录权限

是

Local Required

Publicly Accessible Records

One

Yes

Shareholders

Not required to be held in Cyprus but it affects company residency

Minimum Number

One

Publicly Accessible Records

Yes

Location of Meetings

Company Secretary

Anywhere

Required

Yes

Local or Qualified

Accounts

No residency requirements

Requirements to Prepare

Yes

Audit Requirements

Yes

Publicly Accessible Records

Yes

Requirements to File Accounts Yes

By Legalspace.co

行政特区 | JURISDICTIONS

简介 Introduction

塞

浦路斯是一个独立的民主共和国，也是英联邦成员国。它的国民生产总值相当不错，人均约为

行政特区：塞浦路斯地区：欧洲货币：欧元语言：希腊语、英语时区：UTC+2

21000 美元（2010 年）。该国经济主要以来服务业，旅游业非常重要。而失业率也

yprus is an independent democratic republic, and a member of the Commonwealth. It is prosperous: GDP

US$21,00 (2010) per head. The economy is dominated by services, with tourism particularly important. Unemployment is low.

不高。 The Cyprus Government worked hard to

塞浦路斯政府努力创造有利的离岸税务政

create a favorable offshore tax regime while at

区号：+357 通讯设施：良好

策环境，同时也维持本国经济的持续增长，

the same time maintaining a normal-looking

公司建立成本：2800-4600 美元公司建立时间：5-9 天公司维护费用：1600-2200 美元

一成功主要归因于从 1975 年起就在塞浦路

Country: Cyprus Region: Europe Currency: Euro (EUR) (€) Languages: Greek, English Time Zone: UTC +2 Phone Code: +357 Communications: Good Formation Cost: 2800 - 4600 USD$ Formation Time: 5 - 9 days Maintenance cost: 1600 - 2200 USD$

就国际标准衡量该国的税率属于偏低。这

domestic economy, albeit with rates of taxation that are low by international standards. The success of this programme is attested by

斯注册的成千上万的离岸公司。虽然如此，

the tens of thousands of offshore companies

塞浦路斯在 2004 年加入欧盟则意味着对

registered in Cyprus since 1975. However,

税制的重组，重组在 2003 年 1 月 1 日施

the island's entry to the EU in 2004 meant a

行。本国和离岸公司现在需要缴纳的税率

restructuring of the tax regime, which took

是 10%。

place on 1st January 2003. Domestic and offshore companies alike now pay 10% tax.

塞浦路斯和超过 40 个国家签订了免双重征

Cyprus has double-tax treaties with more

税协议，其中包括几个主要的西方“高税

than 40 other countries, including most major

率“国家，以及大多数的中欧和东欧国家。

Western 'high-tax' countries, and most Central

这对一个国际离岸金融中心来说并不常见，

and Eastern European states. This is unusual

但塞浦路斯是一个面向新兴市场的控股公司和投资公司非常有效的选址地。

for an international offshore financial centre and the effect is that Cyprus is a very effective location for holding and investment companies

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适合于：财富管理、资产管理、航运、游艇、知识产权 / 许可证、控股公司、不动产所有权离岸工具种类：有限公司、公众有限公司、分公司、通用合伙制公司、有限合伙制公司、单一所有制和信托公司资本主要营商区域：尼科西亚、利马索尔、拉纳卡 aimed at emerging markets.

关系良好国家：奥地利、比利时、保加利亚、克罗地亚、捷克共和国、丹麦、爱沙

Suitable for:

尼亚、芬兰、法国、德国、希腊、匈牙利、爱尔兰、意大利、拉脱

Wealth Management, Treasury Management, Shipping, Yachting,

维亚、立陶宛、卢森堡、马耳他、荷兰、波兰、葡萄牙、罗马尼亚、

Intellectual Property/Licensing, Holding Companies, Property Ownership

俄罗斯、斯洛伐克、斯洛文尼亚、西班牙、瑞典、英国

Vehicle Types: Limited companies, public limited companies, branches, general

关系不佳国家：

partnerships, limited partnerships, sole proprietorships and trusts

缅甸、埃及、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚、土耳其

Capital primary business districts: Nicosia, Limassol, Larnaca

税务负担——商务：轻

Good Relationships: Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania,

税务负担——个人：

Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Russia,

中等

Slovakia, Slovenia, Spain, Sweden, United Kingdom

总体税率：

Bad Relationships:

CIT 10%, PIT 20-35%, 增值税 18%

Burma, Egypt, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria, Turkey

协议签订国家：

Tax Burden - Business:

亚美尼亚、奥地利、阿塞拜疆、白俄罗斯、比利时、保加利亚、加

Light

拿大、中国、捷克共和国、丹麦、埃及、爱沙尼亚、芬兰、法国、德国、希腊、匈牙利、爱尔兰、意大利、科威特、吉尔吉斯斯坦、黎巴嫩、马耳他、毛里求斯、摩尔多瓦、黑山共和国、挪威、波兰、葡萄牙、卡塔尔、罗马尼亚、俄罗斯、圣马力诺、塞尔维亚、塞舌尔、新加坡、斯洛伐克、斯洛文尼亚、南非、瑞典、叙利亚、塔吉

Tax Burden - Individual: Moderate Headline tax rates: CIT 10%, PIT 20-35%, VAT 18%

克斯坦、泰国、乌克兰、阿联酋、英国、美国、乌兹别克斯坦 Treaty Jurisdictions:

税务信息交换协议签订国：

Armenia, Austria, Azerbaijan, Belarus, Belgium, Bulgaria, Canada, China,

无

Czech Republic, Denmark, Egypt, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Kuwait, Kyrgyzstan, Lebanon, Malta, Mauritius, Moldova, Montenegro, Norway, Poland, Portugal, Qatar, Romania, Russia, San Marino, Serbia, Seychelles, Singapore, Slovakia, Slovenia, South Africa, Sweden, Syria, Tajikistan, Thailand, Ukraine, United Arab Emirates, United Kingdom, United States, Uzbekistan TIEA Jurisdictions: None

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从公民权的角度解读塞浦路斯移民法 A Glimpse Into Cyprus Immigration Law with An Emphasis on Citizenship Iosif Frangos is the managing attorney of I.Frangos & Associates LLC, a Cyprus Bar Association licensed law firm, mainly engaged in corporate, tax, commercial, insurance, tort and banking law. Mr. Frangos, is the founder of I.Frangos & Associates LLC, a purely litigation law firm and its subsidiary Bybloserve Management Ltd which is specifically designed to provide a specialized fiduciary and corporate management service to international corporate clients. He is a graduate of UCL London (LLB) and LSE London (LLM), a member of the Cyprus Bar Association and the International Tax Planning Association.

Iosif Frangos Advocate (LLB, LLM) Executive Partner BYBLOSERVE MANAGEMENT LIMITED 律师 ( 法学学士、法学硕士 ) 执行合伙人 BYBLOSERVE MANAGEMENT LIMITED

塞

浦路斯是寻求移居海外宜居地人士的理想之选。这个岛国具有很高的生活水平、精彩绝伦的旅游胜地和叹为观止的自然景观，还有地中海的温和气候和稳定、高效、现代化的营商环境和先进的基础设施。因此塞浦路斯是寻求定居世外桃源，寻找营商和就业机会人士的极佳选择。此外，塞浦路斯有利的地理位置也让它成为通往欧洲的理想门户。塞浦路斯是地中海居于西西里岛和撒丁岛之后的第三大岛，位居地中海流

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Iosif Frangos 是 I. FRANGOS & ASSOCIATES LLC 的管理律师 , 该公司为一家获得塞浦路斯律师协会许可的律师事务所 , 主要从事与企业、税务、商业、保险、侵权和银行法律相关的业务。 Frangos 先生是 I. FRANGOS & ASSOCIATES LLC（一家纯粹的诉讼律师事务所）及其子公司 Bybloserve Management Ltd（专门为国际企业客户提供专业的受托人和企业管理服务）的创始人。 Frangos 先生毕业于伦敦大学学院（法学学士）和伦敦政治经济学院 ( 法学硕士 )，是塞浦路斯律师协会和国际税务筹划协会的会员。

yprus constitutes the ideal destination for those seeking to embark upon a new and desirable habitat. The island offers high living standards, extraordinary outdoor attractions and sceneries, a Mediterranean climate in conjunction with a stable, sound and contemporary business environment with quality infrastructure. In this way, the island signifies a suitable destination for a wide range of individuals either

seeking a permanent oasis or potential business and employment opportunities. In combination with its ideal location, Cyprus offers a considerably advantageous gateway to Europe. The third largest Mediterranean island after Sicily and Sardinia, Cyprus is located in the North – Eastern Basin of the Mediterranean Sea, at the crossroads of 3 major continents,

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域的东北面，和欧洲、亚洲和非洲这三个大洲接壤。它以有利的地理位置和充满活力和有多种选择的营商环境，高教育水平的劳动力队伍成为金融行业发展的领头羊。这里必须着重强调一个事实，根据 2014 年 3 月 19 日部长会议的决议，非塞浦路斯公民可通过特许入籍程序获得塞浦路斯公民身份。申请入籍的主要资金要求是至少五百万欧元的投资，投资于塞浦路斯政府债券（A.1 标准）、塞浦路斯的公司或组织的金融资产（A.2 标准）、房地产、土地开发和基础设施建设项目（A.3 标准）、购买或创建或参与塞浦路斯的企业或公司（A.4 标准）或者在塞浦路斯银行存款（A.5 标准）。此外，如果总投资金额等于 500 万欧元，也允许按照上述几种标准的组合继续申请入籍。上述决议还提供了通过重大集体投资申请入籍的选项。具体来说，要求投资者按照上述 A.1 到 A.4 中的任一标准至少投资 250 万欧元，且明确地参加了一个特殊的集体投资计划，但前提是投资的总价值至少为 1250 万欧元。在上述的每一种情形下，申请人都必须在塞浦路斯共和国拥有私有住房，该住房的市场价值须至少为 50 万欧元（加增值税）。但是，如果投资人独立在永久私有住房中投资达到 500 万或 250 万欧元（视情况而定），则其无需再购买额外的住房。

assets of Cypriot companies or Cypriot organizations (Criteria A.2) or Real Estate, Land Development and Infrastructure Projects (Criteria A.3) or Purchase or Creation or Participation in Cypriot businesses or companies (Criteria A.4) or Deposits in Cypriot banks (Criteria A.5). It is further permitted to proceed with a combination of the above described Criteria, provided that the total amount of the investment equals €5.000.000. The said decision also provides for the option of proceeding with a Major Collective Investment. Specifically, an investment of at least €2.500.000 in either of the Criterions A.1 – A.4 is required for investors, who demonstrably participate in a special collective investment scheme, provided that the total value of the investment is at least €12.500.000.

namely Europe, Asia and Africa. It is widely accepted that the crucial position of the Country along with the existence of a dynamic and flexible entrepreneurship and a highly educated labour force has to a great extent fostered its prospects for financial development. The Council of Ministers decision dated 19/03/2014, by virtue of which amendments were made to the Scheme for Naturalization of Investors in Cyprus by Exception, as intended by the Cyprus Government, has proved to be attractive to foreign investors. Consequently, the interest expressed by foreign Investors regarding the aforesaid has increased substantially over the past year. This is firstly, due to the benefits attached to Cyprus citizenship including but not limited to free movement within the European Union and secondly, the attractiveness and flexibility offered by the said scheme. The primary financial requirement entails an investment of at least €5.000.000 in Cyprus Government bonds (Criteria A.1 ) or Financial

In brief, the benefits of acquiring Cyprus Citizenship include inter alia, the following: • Citizenship is granted to the applicant & his/her dependent family members. • The timeframe for the completion of the examination procedure is approximately 3 (three) months from the date of submission of the applications. • There are no Greek language proficiency requirements and no obligation to reside in Cyprus. • Freedom of movement and establishment within the EU. • Free movement of capital, services and goods. • The acquisition of Cyprus citizenship does not require the renouncement of existing citizenship, which may thereby be retained. • A combination of investments is

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获得塞浦路斯公民身份的好处包括但不限于： • 申请人及其抚养或赡养的家庭成员也可获得公民身份。 • 自提交申请之日算起，完成审查程序大约需要 3（三）个月的时间。 • 对希腊语熟练程度没有要求，也无需在塞浦路斯定居。 • 在欧盟范围内移动及创立机构的自由。 • 资本、服务和商品的自由移动。 • 获得塞浦路斯公民身份不需要宣布放弃现有公民身份，该公民身份也可以保留。 • 通过使用投资组合，可以分散投资人的投资风险。 • 自申请获得部长会议批准之日算起，应在 3（三）年内结束投资。 • 塞浦路斯岛提供高水准的生活质量和教育水平，和地中海的温和气候 • 塞浦路斯法律框架基于英国普通法制度 • 塞浦路斯共和国不仅和欧洲建立了坚固的外交和经济关系，还和其它主要国家，如俄罗斯、中国、印度、北美和中东等国建立了稳固的关系。 • 庞大的免双重征税国家网络还要注意的是，根据《外籍人士及移民法》第 6 条第（2）款的规定，内政部决定向满足特定金融标准的第三国申请人发放永久居留许可。此类标

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available hence, allowing the investor to spread investment risks. • The investments are required to be maintained for no longer than 3 (three) years from the date of approval of the application by the Council of Ministers. • The island offers high standard of living and Education as well as a Mediterranean Climate • Cyprus is characterized by a modern legal framework rooted in UK Common Law. • The Republic of Cyprus has managed to facilitate exceptional diplomatic and economic associations with not only Europe, but also with jurisdictions such as Russia, China, India, North America and the Middle East. • Large network of Double tax treaties. It is further noted that in pursuance of the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of Interior has decided to issue Permanent Residency Permits to applicants from third countries that satisfy certain financial criteria. Cyprus Permanent Residency is granted to the applicant & his/her dependent

family members, the estimated timeframe for issuance of the permit is 2 (two) months from the date of submission of the applications. Lastly, it is noted that the Permit is granted on a permanent basis and thereby, renewal is not required. In addition, it is noted that recently, representatives voted on significant amendments to the Cyprus tax laws thereby, further improving the long established comprehensive and transparent character of the Cypriot tax system. The amendments of primary significance are as follows: • For property acquisitions taking place prior to the31/12/2016 the transfer fees payable at the Land Registry are reduced by 50% and totally abolished for those properties carrying VAT. • For property acquisitions taking place prior to 31/12/2016, no Capital Gains Tax is payable whenever this property is subsequently sold. • After obtaining citizenship or residency the holder may opt to

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准包括购买至少价值 30 万欧元的住房以及塞浦路斯银行 3 万欧元的存款，至少冻结 3（三）年。最后，申请人及其配偶应证明他们每年从国外获得的固定可支配年收入最少为 3 万欧元，且每增加一个要赡养或抚养的成员，就要多增加 5000 欧元。申请人及受其赡养或抚养的家庭成员都可以获得塞浦路斯永久居留权，自提交申请之日算起，发放许可预计需要 2（两）个月的时间。此外，值得注意的是，最近塞浦路斯税务法被投票做了相当显著的修正，修正案更进一步加强了塞浦路斯税务系统的全面性和透明度特征。具有重要意义的修正案如下： • 对于发生在 2016 年 12 月 31 日之前发生的资产收购，应向土地注册处支付的过户费可以减半，而含增值税的资产可以完全免除。 • 对于发生在 2016 年 12 月 31 日之前发生的资产收购，该资产此后任何时候被销售都不收取资本利得税。 • 在获得公民身份或居留权之后，持有人每年在塞浦路斯居住超过 183 天，就可以选择成为塞浦路斯税务居民。即便做出了此项选择，持有人从任何公司实体获得的任何股息依然无需缴纳特别国防贡献税。

become a Cyprus tax resident by residing in Cyprus for more than 183 days per annum. Albeit he may so elect, he will still remain exempted from the Special Defence Contribution tax on any dividends received from any corporate entity. As a Firm, we have for many years been involved in the provision of immigration services and our primary objective has always been the provision of high standard services characterized by immense professionalism and tailored to the specific necessities of each Client. With regards to the acquisition of Cyprus citizenship or residency, our

Firm is a fully equipped “one stop shop”, with separate Real Estate, Legal, Corporate and Banking Departments. Evidently, our Firm may undertake the entire procedure as at the commencement of all initial investment proceedings until the final conclusion of the naturalization process for both the investor and his family. Hard work, a Client based service, a constant personal relationship, high speed response, flexible and competitive pricing but most of all honesty and trust, allow us to fully satisfy the expectations of our Clients. Our local knowledge and professional expertise are at your disposal.

作为一家塞浦路斯的公司，我们多年来一直在向客户提供移民服务，我们的主要目标一直都是针对每一客户的具体需求，量身打造极其专业的高标准服务。在获得塞浦路斯公民身份或居留权方面，我们公司拥有独立的房地产部、法务部、企业部和银行业务部，是配备完善的“一站式服务提供商”。很明显，我们公司可以替投资人及其家属完成所有手续，从着手处理所有初始投资程序一直到最终完成入籍流程。兢兢业业地提供以客户为本的服务，拥有稳固的客户关系，高速的回应，灵活且具有竞争力的定价，以及最重要的真诚与信任，我们可以完全满足客户的所有期望。我们的本地知识和专业技能可任由您支配。

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Q &A 塞浦路斯 Cyprus

1. 贵金融辖区对中国客户来说的最佳优势是什么？请列举一个 1) 在塞浦路斯成立控股公司的主要优势就是节省大量的税费。以下核心因素使塞浦路斯成为成立控股公司的最好金融辖区： a) 免受预提税或者以减免税率从运营中公司提取股息的能力 b) 塞浦路斯拥有广泛的双重税收协定网络——最高税率 15%，多个国家甚至为零税率。 2）无需缴纳资本利得税或运营国家的类似税费即可处理运营中公司投资的能力。资本利得无需纳税。 3）在控股公司的金融辖区内无需缴纳地方股息税和资本利得税 c) 控股公司从其本地及外国子公司处收到的股息无需在塞浦路斯纳税。 d) 处置投资无需缴纳资本利得税。

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1. What is the single most important advantage your jurisdiction provides for Chinese clients? 1) Cyprus’s main advantage is that it’s a prime location for holding companies, which can lead to substantial tax savings. The following key factors make Cyprus the best jurisdiction for a holding company: a) The ability to extract dividends out of the operating company free of withholding tax or at a reduced rate b) Cyprus’s wide network of double tax treaties allows this – the highest tax rate is 15% and several countries have a zero tax rate 2) The ability to dispose of investment in an operating company without any liability for capital gains tax or its equivalent in the operating country. Capital gains are exempt from tax. 3) Exemption from local tax on dividends and capital gains in the holding company jurisdiction

行政特区 | JURISDICTIONS

Q &A

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Q &A

4）从控股公司提取股息、在控股公司金融辖区内不会产生任何费改税的能力。 e) 塞浦路斯征收的唯一预扣税就是在塞浦路斯境内由权利或资产的使用所衍生的版税预扣税，税率为10% （以条约规定为准）。 f) 向塞浦路斯居民支付的所有其他股息、利息和版税款项均无需扣税。 2. 中国客户选择贵金融辖区建立公司的主要原因是什么？对股息、利息、版税均不征收预扣税，不论是否存在双重征税协定，也不论接收方的居住国是哪里。如果中国客户想要持有外国股份（资产）并有意在未来以零税率将其销售给第三方，那么从税收的角度来看，购买塞浦路斯空壳公司是最佳的解决

c) Dividends received by a holding company from its local and foreign subsidiaries are exempt from Cyprus tax d) There is no tax on capital gains upon disposal of investments 4) The ability to extract dividends from the holding company without charging tax in the holding company jurisdiction e) The only withholding tax levied by Cyprus is a 10% withholding tax on royalties derived from the use of a right or asset within Cyprus (subject to treaty provisions) f) All other dividends, interest and royalty payments made to nonresidents of Cyprus may be made without deduction of tax 2. What is the main reason a Chinese client would consider using a shelf company in your jurisdiction?

什么？

There are no withholding taxes on dividends, interests or royalties irrespective of the existence of a Double Tax Treaty or the recipient’s country of residency. If a Chinese client wants to hold foreign shares (assets) and sell them with no tax to a third party in the future, the purchase of a Cyprus Shelf Company is the best solution from a tax point of view. Gains from disposing of any securities (shares, options, swaps, forward contracts, FX, GDR etc) are exempted from tax in Cyprus. Unilateral tax credit relief is available for taxes paid abroad if the respective income is subject to tax in Cyprus. Cyprus is also good for using within a holding “sandwich” between the EU and rest of the world.

个人（500 万欧元投资起）投资计划（1 个家庭）及集体投资

3. What is your jurisdiction’s unique selling point in setting up offshore companies for Chinese clients?

方案。处置任何证券（股份、期权、互换、远期合同、FX、 GDR 等）的所得无需在塞浦路斯缴纳任何税费。如果相关收入需在塞浦路斯缴纳税费，在海外缴纳的税费可享受单边税收抵免。塞浦路斯也是在欧盟与世界其他地方之间作为控股“三明治”的理想选择。 3. 贵金融辖区在为中国客户建立离岸公司方面的独特卖点是

计划（5 个家庭 250 万欧元）可在 3 个月内通过投资获得塞浦路斯公民身份。此种集体或个人投资计划在欧洲是最有效率的，塞浦路斯宪法不要求放弃现有护照，一般来说，建立塞浦路斯

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Obtaining citizenship by investment in Cyprus within three months for individuals (from a five million euro investment for one family), or from a collective scheme of investments of 2.5 million euro from five

行政特区 | JURISDICTIONS

Q &A 控股公司应该是最有效的方式。 4. 有数据表明中国客户仍然关心价格方面的问题。您是否同意这一观点？您认为这会在未来几年内有所改变吗？您是否也经历中国客户从价格到质量要求上的转变？只有在建立客户关系的初始阶段，我才同意这种说法，一开始客户会害怕为不合格、低质量或反馈慢的服务支付过高的价格。一开始会担心自己所支付的高昂费用打了水漂，这很正常。但是，大多数理性的商人、中国客户已经将重点放在质量以及建立业务关系后的彼此信任之上，注重核实及确认公司服务供应商的可靠性。因为所需的人员和资质级别需要服务供应商做出充分的投入，所以高质量服务的价格不会特别低。 5. 在一些金融辖区开立银行账户比较困难。请问贵辖区是否也是如此？在贵辖区的公司开立银行账户能有多快？塞浦路斯在为新公司创立账户方面拥有巨大的优势。塞浦路斯坚持灵活的政策，以国际业务为导向，这也是塞浦路斯经济成功的关键所在。塞浦路斯银行拥有专业的国际业务部门，多语言能力的员工，主要货币付款的延长截止时间。除了百慕大（因为仅用于认证的账户在 4 个月内开立）和金融行动特别工作组列出的金融辖区（无法开立账户）以外，任何公司在提交了所有必要的文件之后，都可以在 10 个工作日内开立账户。在为

families. These collective or individual schemes are most effective in Europe, and Cyprus’s Constitution does not require applicants to give up their current passport. Normally, this would be structured most effectively by setting up a Cyprus holding company. 4. It has been suggested that price remains a major factor for consideration for Chinese clients. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? I would agree with this statement only as it applies to the initial stage of client relations – when a client may be afraid to pay a high price for unqualified, low quality or slow services. This is an initial fare to pay high fees for nothing and it is normal. But as the majority of Chinese clients are reasonable businessmen, after receiving the corporate service provider’s verification and confirmation of their reliability – and once a business relationship has been established – they shift their emphasis to quality and mutual trust. High quality comes at a cost because personnel’s qualifications and caliber requires adequate investment from the service provider’s side.

股票经纪人和股票市场投资工具快速开立账户方面，塞浦路斯拥有无以伦比的优势。来源 : Legalspace. co

5. Opening up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is this the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? Cyprus has a great advantage in setting up accounts for new companies. Cyprus remains flexible and oriented towards international business as a key to success for the island’s economy. Cyprus banks have specialized international business units with multilingual staff and extended cut-off times for the main currency payments. Almost any company can set up an account within ten working days of the day that full documents are submitted – apart from Bermuda (due to specific certification, this only applies to accounts opened within four months) and FATF listed jurisdictions, where no accounts can be opened. Cyprus has an excellent advantage in fast-tracking the opening of accounts for stock brokers and investment vehicles for stock markets. Contributed by: Legalspace.co

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列支敦士登 Liechtenstein

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Liechtenstein

Member Contribution

概况

列支敦士登

General

Liechtenstein

公司类型

股份公司

法律类型

民法

Type of Company

Aktiengesellschaft

现成公司可用率

否

建立新公司所需时间

文件递交后大约 3 至 5天

Shelf Company Availability

公司税

最低年税 1200 瑞士法郎的 12.5%, 纯收入 Corporate Taxation 的 12.5%

双重征税协议

是

股本或等值股本标准货币

瑞士法郎

允许使用货币

任何币种

最低付清股本

是

法定股本要求

5 万瑞士法郎

Type of Law

Time to Establish a New Company

Double Taxation Treaty Access

Civil

Approx. 3-5 days after all documents are received

12.5% with min annual tax of CHF 1,200, 12.5% on net earnings

Share Capital or Equivalent

Yes

Standard Currency

CHF

Permitted Currencies

Any

Minimum Paid Up Share Capital Yes

Usual Number of Shares Issued CHF50,000 Directors

董事董事最低人数

1人

本地董事

是

公开记录权限

是

会议地点

任何地方，但是建议在列支登士敦

股东股东最低人数

1人

公开记录权限

否

会议地点

任何地方，但是建议在列支登士敦

公司秘书是否需要

否

是否为注册地或者有资质人员

否

账户账户准备要求

是

审计账户

是

账户登记记录

是

公开记录权限

否

Minimum Number

One

Publicly Accessible Records

Yes

Local Required

Yes

Shareholders

Anywhere, but recommended in Liechtenstein

Minimum Number

One

Location of Meetings

Company Secretary

Anywhere, but recommended in Liechtenstein

Required

Location of Meetings

Publicly Accessible Records

Local or Qualified

Accounts

Requirements to Prepare

Yes

Requirements to File Accounts

Yes

Audit Requirements

Publicly Accessible Records

Yes No

By Interadvice Anstalt

行政特区 | JURISDICTIONS

简介 Introduction

列

支敦士登公国是一个极小的，本国及周边邻国均为内陆国的国家，位于瑞士和奥地利之间，地处莱

茵河山谷的群山山麓之间。行政特区：列支敦士登所在地区：欧洲官方货币：瑞士法郎（CHF）（CHF）官方语言：德语所属时区： UTC+1 电话区号： +423 通讯设施：优秀公司建立成本： 12000-22000 美元公司建立时间： 4-6 天公司维护费用： 5000-13000 美元

Phone Code: +423 Communications: Good Formation Cost: 12000 - 22000 USD$ Formation Time: 4 - 6 days Maintenance cost: 5000 - 13000 USD$

doubly-landlocked country tucked away between Switzerland and Austria and

with mountain slopes rising above the Rhine valley.

列支敦士登曾作为传统的节税天堂而赚得

It owes much of its wealth to its traditional

盆满钵满，当然该国在最近几年里力求改

status as a tax haven, though the country has

变作为避税天堂的形象，把自己重新定位

in recent years taken steps to shake off its

为一个合法的金融中心。

image as a tax haven and to reposition itself as a legitimate financial center.

列支敦士登目前的形象要追溯到 2000 年公

This status came under the spotlight in 2000

布的两个报道，报道公开批评它松懈的金

when two international reports criticized

融管控力度，声称列支敦士登的银行系统

Liechtenstein for lax financial controls. The

被来自俄罗斯、意大利和哥伦比亚的匪帮

reports said that the Liechtenstein banking

所利用，为犯罪所得的财富进行洗钱。 Country: Liechtenstein Region: Europe Currency: Swiss franc (CHF) (CHF) Languages: German Time Zone: UTC +1

he Principality of Liechtenstein is a tiny,

经合组织（OECD）随即开始对列支敦士登

system enabled gangs from Russia, Italy and Colombia to launder money from their criminal activities.

的金融法规进行了特别关注——且在 2008

The Organization for Economic Co-operation

年的国际金融萧条时对它进行了加倍关注。

and Development (OECD) began to take a close interest in Liechtenstein's financial regulations -

各国政府由于税收收入的直线下降，故决定把隐秘在避税天堂的大量财富昭示天下，

a process that received a further impetus when the international recession took hold in 2008.

而列支敦士登也开始面对银行业需要增加

Governments affected by plummeting tax

更大透明度的压力。

incomes became determined to flush out

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在饱受批评后，列支敦士登逐渐对该国的法律进行了一系列的改

assets hidden in tax havens, and Liechtenstein came under considerable

革，并和几个国家达成了税务协议——这些国家包括德国、英国和

pressure to apply greater banking transparency.

美国——旨在鼓励上述国家的公民对在列支敦士登银行里的财产来源进行澄清。

Stung by the criticism, Liechtenstein gradually reformed some of its laws. It reached tax agreements with several countries - including Germany, the UK and the US - aimed at encouraging citizens of those countries to

列支敦士登在第二次世界大战中保持中立。一份由政府在 2001 年

come clean about any assets they might have in Liechtenstein's banks.

出示的报告中表明，对列支敦士登的银行在二战中和纳粹合作的职责是毫无根据的。报告还指出来自纳粹集中营的苦力在奥地利做苦

Liechtenstein remained neutral in World War II. A report commissioned

工，不过列支敦士登只是一名旁观者而非事实的实施者。

by the government in 2001 after allegations that the country's banks had

列支敦士登对世袭君主制度的政治角色和权力问题发生过很长时间

had dealings with the Nazis found that the banks' actions had been above board. It also found that slave labour from Nazi concentration camps had been used on Crown estates in Austria, but described the principality as a

的争论。

bystander rather than a perpetrator.

在经历了持久的争斗之后，终于在 2003 年 3 月，列支敦士登人民

The country has come through a lengthy political wrangle over the role

进行了宪法公民投票，给予 Hans-Adam 王子绝对的政治新权力。

and power of the hereditary monarchy.

这一投票结果的支持方仅占全部投票人数的 64%。投票生效后，列支敦士登事实上成为欧洲仅存的绝对君主制国家。让 Hans-Adam 王子有权组建和解散政府，而公众对日趋严峻的独

After an often bitter campaign, the people voted in March 2003 in a constitutional referendum to give Prince Hans-Adam sweeping new political powers. The outcome was decisive with just over 64% in favor of the changes.

裁威胁也感到恐慌。 In effect, the referendum made Liechtenstein Europe's only absolute

适合的离岸工具：银行业、基金管理、游艇、贸易金融、知识产权 / 许可证、控股公司

monarchy. It gave Prince Hans-Adam the power to hire and fire the government, despite publicly-expressed fears that the development could usher in dictatorship.

离岸工具种类：

Suitable for:

有限公司、公众有限公司和信托

Banking, Fund Management, Yachting, Trading Financial, Intellectual Property/Licensing, Holding Companies

资本主要商务区域：瓦杜兹、沙安

Vehicle Types: Limited companies, public limited companies and trusts

关系良好国家：

Capital primary business districts:

瑞士、英国

Vaduz, Schaan Good Relationships:

关系不佳国家：缅甸、埃及、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚

Switzerland, United Kingdom Bad Relationships: Burma, Egypt, Iran, Korea (Democratic People's Republic of), Libya,

税务负担——商务：轻

Somalia, Sudan, Syria Tax Burden - Business:

税务负担——个人：中等

Light Tax Burden - Individual: Moderate

总体税率： CIT 12.5%, PIT 21%, 增值税 8%

Headline tax rates: CIT 12.5%, PIT 21%, VAT 8%

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协议签订辖区：

Treaty Jurisdictions:

奥地利、德国、香港、卢森堡、圣马力诺、英国、乌拉圭

Austria, Germany, Hong Kong, Luxembourg, San Marino, United Kingdom,

税务信息交换协议签订国：安道尔、安提瓜和巴布达、澳大利亚、比利时、加拿大、中国、丹

Uruguay TIEA Jurisdictions: Andorra, Antigua and Barbuda, Australia, Belgium, Canada, China,

麦、法罗群岛、芬兰、法国、德国、格林兰岛、冰岛、印度、爱尔

Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland,

兰、日本、墨西哥、摩纳哥、荷兰、挪威、圣基茨和尼维斯、圣文

India, Ireland, Japan, Mexico, Monaco, Netherlands, Norway, Saint Kitts

森特岛和格林纳达岛、南非、瑞典、英国、美国

and Nevis, Saint Vincent and the Grenadines, South Africa, Sweden, United Kingdom, United States

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“多变时代值得信赖的伙伴”

«A reliable connection – even in times of continuous change» 作为列支敦士登领先的信托公司之一，我们自1929年至今就一直是一家值得信赖的国际信托和企业服务提供商。

As one of Liechtenstein’s leading trust companies, we have been a reliable provider of international trust and corporate services since 1929.

· 资产组合、财务规划和资产保护 Asset structuring, financial planning and asset protection · 家庭办公室服务 Family office services · 遗产和继承事宜规划 Inheritance and succession planning · 国际税收咨询和税务规划 International tax advice and tax planning · 法律咨询服务 Legal advice · 信托、基金会和企业 Trusts, foundations and companies · 控股和专利权管理公司 Holding and patent management companies · 商业交易的处理和结算 Handling and settlement of commercial transactions · 选择合适的银行机构 Selection of a suitable banking institution · 会计和审计 Accounting and auditing · 居住地改变 Change of residency

Allgemeines Treuunternehmen since 1929

Allgemeines Treuunternehmen · General Trust Company · Compagnie Fiduciaire Générale Aeulestrasse 5 · P.O. Box 83 · 9490 Vaduz · Principality of Liechtenstein T +423 237 34 34 · F +423 237 34 60 · info@atu.li · www.atu.li

行政特区 | JURISDICTIONS

Q &A 列支敦士登 Liechtenstein

1. 行业调研结果显示，中国将很快成为世界最大的新公司来源国。传统上说，贵行政特区最受世界上哪个地区的客户欢迎？最适合在贵特区建立公司的业务类型是什么？列支敦士登的公司法十分灵活，具有很大的吸引力。可以设立用于资产保护、控股和商务活动用途的基金会和普通法信托架构。此外，这个国家是授权许可证和专利权使用的极佳选择。通过其和欧盟和瑞士之间的自由进出制度，列支敦士登是向欧洲市场投资的基地。 2. 对中国客户来说，贵特区能提供的最重要优势是什么？列支敦士登的重要特征是它稳定的政治和经济环境。列支敦士登是欧洲经济区（EEA）的成员国，和瑞士之间有海关协定和货币联盟。

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1. Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for? What types of business activity is most suitable for incorporating in your jurisdiction. Liechtenstein has a very attractive tax law and flexible company law. It is possible to set up Foundations and common Law Trusts for asset protection and holding reasons as well as corporations for business activities. Further the country is an attractive jurisdiction for utilisations of licences and patents. Through its free access to the EU and Switzerland a good basis to invest in the European market. 2. What is the single most important advantage your jurisdiction provides for Chinese clients? Liechtenstein is characterised in particular by its stable political and economic environment. Liechtenstein is a member of the European Economic Area (EEA) and has a custom treaty and currency union with Switzerland.

行政特区 | JURISDICTIONS

Q &A 3. 在选择离岸行政特区时，据说价格仍是客户做决定时的主要因素。您是否同意上述说法？这一趋势在未来几年里是否会改变？您是否有注意到从关注离岸架构的价格向质量的转变趋势？在选择离岸服务提供商建立公司时，客户还应该考虑哪些因素？列支敦士登的价格是服务和质量的完美体现。通过其极具吸引力的税法，我们能和其它行政特区同台竞争。列支敦士登的服务质量是它为客户提供的特别优势。当地的服务提供商具有很高的可信度，此外，客户也受到法律确定性的最佳保护。 4. 您是否认为在行业监管日趋严格的趋势下，中国客户会更倾向于选择透明度更高的行政特区？金融行业受到的严格监管一直都存在。列支敦士登是一个完全符合国际监管标准的金融特区，同时也注重保护客户的隐私。 5. 过去几年里，在一些行政特区内开设银行账户变得困难。贵特区内是否也是如此？离岸公司在贵特区内开户的时间能多快？银行和受托人需要受益所有人提供身份证明和资金的合法来源证据。在所有信息都有效的情况下，一般来说开户的时间只需

3. It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider? Prices in Liechtenstein are in a good relation to service and quality. Through its attractive tax law we are able to compete with other jurisdictions. Liechtenstein had always to convince withquality and an extra benefit for the clients. Local providers are very trustworthy and further the clients are protected by legal certainty. 4. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent? Regulatory pressure is a fact in the financial industry. Liechtenstein is a jurisdiction which is fully compliant with international regulatory standards but protects the client’s business secrecy. 5. Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is it the casein your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? Banks and Trustees require identity of beneficial owner and evidence of the legal origin of funds. Once all information is available it takes normally a few days to set up a bank account.

要数天。 Contributed by: Interadvice Anstalt

来源：Interadvice Anstalt

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卢森堡 Luxembourg

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Hoche Partners信托服务公司为您提供卢森堡公司建立和管理的一站式服务 Website: www.hochepartners.lu For more information, please contact: info.asia@hochepartners.lu

Luxembourg

Hoche Partners Trust Services is a one-shop providing all services related to the incorporation and management of Luxembourg companies

General

概况

卢森堡

公司类型

股份责任有限公司，简易股份公司，股份联合 Type of Company 公司等

法律类型

民法

现成公司可用率

按要求

建立新公司所需时间

几天

公司税

取决于公司类型

双重征税协议

与 75 国签订

股本或等值股本标准货币

欧元

允许使用货币

任何币种

最低付清股本

12500 欧元

法定股本要求

无

Type of Law

Shelf Company Availability Time to Establish a New Company Corporate Taxation

Double Taxation Treaty Access

Luxembourg SA, SARL, SCS, SCA, SCSp… Civil law

Upon request Several days

Depends on the type of companies

Share Capital or Equivalent

75 double tax treaties

Standard Currency

Euro

Permitted Currencies

All

Minimum Paid Up Share Capital 12,500 Euros Usual Number of Shares Issued N/A

Directors

董事董事最低人数

1人

本地董事

否

公开记录权限

是

会议地点

无限制

股东股东最低人数

1人

公开记录权限

取决于公司类型

会议地点

无限制

公司秘书是否需要

否

是否为注册地或者有资质人员

否

Minimum Number

1 minimum

Publicly Accessible Records

Yes

Local Required

Location of Meetings

Shareholders

No restriction

Minimum Number

1 minimum

Location of Meetings

Company Secretary

No restriction

Required

Not required

Publicly Accessible Records

Local or Qualified

Accounts

账户账户准备要求

取决于公司类型

审计账户

取决于公司类型

账户登记记录

取决于公司类型

公开记录权限

取决于公司类型

Depends on the type of companies

Not required

Requirements to Prepare

Depends on the type of companies

Requirements to File Accounts

Depends on the type of companies

Audit Requirements

Publicly Accessible Records

Depends on the type of companies Depends on the type of companies

By Hoche Partners Trust Services

行政特区 | JURISDICTIONS

简介 Introduction

卢

森堡政府成功地鼓励国内多元化金融产业的崛起。卢森堡位于伦敦之后，有欧洲第二发达的银行

行政特区：卢森堡所属地区：欧洲官方货币：欧元（EUR）（€）官方语言：法语、德语所在时区：UTC+1

业，其私人银行业也可能是欧盟国家中最大的。卢森堡证交所专业从事集合投资基

uxembourg's government has successfully encouraged development of a diversified financial sector. It has

the second most extensive banking industry in Europe after London, and its private banking sector is possibly the EU’s biggest. The Stock

金且几乎占欧洲的压倒性地位。卢森堡特

Exchange specialises in collective investment

定种类的“控股”公司适合于国际投资，

funds and is close to dominant in this sector

当然它们是无法自行进行贸易行为的。UCI

in Europe. Luxembourg has certain types of

电话区号：+352 通讯设施：优秀

（集合投资基金）的征税税率也比较低。

'holding' company suitable for international

公司组建成本：9000-15000 美元公司组建时间：2-3 天公司维护费用：7000-11000 美元

资回报征收预提税。针对利润征收的所得

Country: Luxembourg Region: Europe Currency: Euro (EUR) (€) Languages: French, German Time Zone: UTC +1 Phone Code: +352 Communications: Good Formation Cost: 9000 - 15000 USD$ Formation Time: 2 - 3 days Maintenance cost: 7000 - 11000 USD$

根据“欧洲储蓄税务指令”对非居民的投

investments, although they cannot trade themselves. UCIs (collective investment funds) are also taxed on a low basis. There is a

税和市政营业税对本国内的贸易交易征收

withholding tax on non-residents' investment

税率几乎为 30% 的边际企业所得税，但这

returns under the EU Savings Tax Directive.

个看上去似乎并不相关。

Income Tax and Municipal Business Tax on Profits give a nearly 30% marginal corporation tax rate for domestic trading, but that hardly

适合于：财富管理、财政管理、银行业务、保险、

seems relevant.

基金管理、航运、商品贸易、金融贸易、

Suitable for:

知识产权 / 许可证、控股公司

Wealth Management, Treasury Management, Banking, Insurance, Fund Management, Shipping, Trading Goods, Trading Financial,

离岸工具种类：有限公司、公众有限公司、分公司、通用合伙制公司和有限合伙制公司

Intellectual Property/Licensing, Holding Companies

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资本主要商务区域：

Vehicle Types:

卢森堡

Limited companies, public limited companies, branches, general partnerships and limited partnerships

关系良好国家：奥地利、比利时、保加利亚、克罗地亚、塞浦路斯、捷克共和国、

Capital primary business districts: Luxembourg

丹麦、爱沙尼亚、芬兰、法国、德国、希腊、匈牙利、爱尔兰、意大利、拉脱维亚、立陶宛、马耳他、荷兰、波兰、葡萄牙、罗马尼

Good Relationships:

亚、斯洛伐克、西班牙、瑞典、英国

Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Malta, Netherlands, Poland, Portugal, Portugal, Romania,

关系不佳国家：缅甸、埃及、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚

Slovakia, Slovenia, Spain, Sweden, United Kingdom Bad Relationships: Burma, Egypt, Iran, Korea (Democratic People's Republic of), Libya,

税务负担——商务：轻

Somalia, Sudan, Syria Tax Burden - Business:

税务负担——个人：中等

Light Tax Burden - Individual: Moderate

总体税率： CIT 20%-29.2%, PIT 15%-42.8%, 增值税 15% 协议签订国家：亚美尼亚、奥地利、阿塞拜疆、巴林、巴巴多斯、比利时、巴西、

Headline tax rates: CIT 20%-29.2%, PIT 15%-42.8%, VAT 15% Treaty Jurisdictions: Armenia, Austria, Azerbaijan, Bahrain, Barbados, Belgium, Brazil,

保加利亚、加拿大、中国、捷克共和国、丹麦、爱沙尼亚、芬兰、

Bulgaria, Canada, China, Czech Republic, Denmark, Estonia, Finland,

法国、格鲁吉亚、德国、希腊、香港、匈牙利、冰岛、印度、印尼、

France, Georgia, Germany, Greece, Hong Kong, Hungary, Iceland, India,

爱尔兰、以色列、意大利、日本、哈萨克斯坦、韩国、拉脱维亚、

Indonesia, Ireland, Israel, Italy, Japan, Kazakhstan, Korea, Republic of,

列支敦士登、立陶宛、马其顿、马来西亚、马耳他、毛里求斯、墨

Latvia, Liechtenstein, Lithuania, Macedonia, Malaysia, Malta, Mauritius,

西哥、摩尔多瓦、摩纳哥、蒙古、摩洛哥、荷兰、挪威、巴拿马、波兰、葡萄牙、卡塔尔、罗马尼亚、俄罗斯、圣马力诺、塞舌尔、

Mexico, Moldova, Monaco, Mongolia, Morocco, Netherlands, Norway, Panama, Poland, Portugal, Qatar, Romania, Russia, San Marino, Seychelles, Singapore, Slovak Republic, Slovenia, South Africa, Spain,

新加坡、斯洛伐克共和国、斯洛文尼亚、南非、西班牙、瑞典、瑞

Sweden, Switzerland, Tajikistan, Thailand, Trinidad and Tobago, Tunisia,

士、塔吉克斯坦、泰国、特立尼达和多巴哥、突尼斯、土耳其、阿

Turkey, United Arab Emirates, United Kingdom, United States, Uzbekistan,

联酋、英国、美国、乌兹别克斯坦、越南

Vietnam

税收信息交换协议签订国：无

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TIEA Jurisdictions: None

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Q &A 卢森堡 Luxembourg

1. 行业调研结果显示，中国将很快成为世界最大的新公司来源国。传统上说，贵行政特区最受世界上哪个地区的客户欢迎？最适合在贵特区建立公司的业务类型是什么？卢森堡是外国对华和中国对外投资，特别是中国对欧洲投资的天然门户。时至今日，卢森堡是欧元区跨境人民币交易的最重要中心。一般来说，对欧洲的跨境私募股权和房地产投资都是通过卢森堡公司或基金来架构的。卢森堡屈居美国之后，现在是世界上第二大投资基金中心，卢森堡也是欧盟最重要的专属保险市场和私人银行中心。金融业是卢森堡经济支柱产业。 2. 对中国客户来说，贵特区能提供的最重要优势是什么？

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1. Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for? What types of business activity is most suitable for incorporating in your jurisdiction. Luxembourg is a natural gateway for investment flows in and out of China and especially for investments in Europe. Today, Luxembourg is the most important hub for cross-border RMB business in the Eurozone. Traditionally cross border private equity and real estate investments in Europe are structured through Luxembourg companies or funds. Luxembourg is today the second largest investment fund centre in the world after the United States, the premier captive reinsurance market in the European Union and the premier private banking centre in the Eurozone. The financial sector is the largest contributor to the Luxembourg economy. 2. What is the single most important advantage your jurisdiction

行政特区 | JURISDICTIONS

Q &A - 对投资者进行保护的悠久传统 - 稳定的民主体系和强健的经济 - 高效的税收制度 - 前瞻性的立法和 - 门类齐全的投资公司和基金种类 3. 在选择离岸行政特区时，据说价格仍是客户做决定时的主要因素。您是否同意上述说法？这一趋势在未来几年里是否会改变？您是否有注意到从关注离岸架构的价格向质量的转变趋势？在选择离岸服务提供商建立公司时，客户还应该考虑哪些因素？如果和客户的共同目标是建立一个长期的合作关系，我们相信能够在价格和质量之间取得平衡，同时把重点放在非常个性化和专业化的服务上。

provides for Chinese clients? - A strong tradition of investor protection - A stable democracy and strong economy - An effective tax regime - Proactive legislation and - A complete range of types of investments companies and funds 3. It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider? We are convinced that it is possible to offer a good price-quality relation, and to put the emphasis at the same time on a very personalized and professional service,if the mutual target with your client is to build a long term relationship.

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Q &A

4. 您是否认为在行业监管日趋严格的趋势下，中国客户会更倾向于选择透明度更高的行政特区？在一个与时俱进、富有创新力的法律和财政环境下，卢森堡作为一个投资公司选址和管理的行政辖区，在监管日益加强的世界上成功地保持和改进了它的竞争力优势此外，卢森堡现在还名列经合组织和世界上所有主流国家的白名单上。 5. 过去几年里，在一些行政特区内开设银行账户变得困难。贵特区内是否也是如此？离岸公司在贵特区内开户的时间能多快？到 2015 年年末，卢森堡的银行业有来自 28 个国家的 143 家信贷机构（其中 10 家中资机构）。卢森堡对世界的完全开放性，广阔的服务行业和银行系统，以及多语言和多元文化的环境，都让在卢森堡银行开户变得更加容易。来源：Hoche Partners Trust Services SA

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4. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent? With an up-to-date, innovative legal and fiscal environment, Luxembourg has succeeded to defend and improve its competitive position as a centre for the domiciliation and administration of investment companies in an increasing regulatory world. As such, Luxembourg is today on the white list of OECD and of all major countries of the world. 5. Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is it the casein your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? At the end of 2015, Luxembourg banking sector comprised 143 credit institutions (10 Chinese banks) from 28 different countries. This openness to the world, the wide range of services and banks and the multilingual and multicultural teams in charge, facilitates the setup of bank accounts in Luxembourg. Contributed by: Hoche Partners Trust Services SA

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Q &A

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马耳他 Malta

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Malta

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概况

马耳他

General

Malta

公司类型

有限公司

法律类型

公司法

Type of Company

Limited Company

现成公司可用率

否

Shelf Company Availability

建立新公司所需时间

公司税双重征税协议

提交所有相关文件后的 Time to Establish a New Company 一至两周 35%，某些案子可获得 Corporate Taxation 高至 30% 的返还是

Double Taxation Treaty Access Share Capital or Equivalent

股本或等值股本标准货币

欧元

允许使用货币

欧元

最低付清股本

1164 欧元的 20%

法定股本要求

1 欧元

Standard Currency

Permitted Currencies

Minimum Paid Up Share Capital

1 人（私人公司）

Minimum Number Local Required

本地董事

否

公开记录权限

第一任合并后的总监以及其他变化，名字，地 Publicly Accessible Records 址，和护照等

会议地点股东

任何地方，理想地为马 Location of Meetings 耳他 Shareholders

Minimum Number

股东最低人数

1人

公开记录权限

第一任合并后的总监以及其他变化，名字，地 Publicly Accessible Records 址，和护照等

会议地点公司秘书

任何地方，理想地为马 Location of Meetings 耳他

Company Secretary Required

是否需要

是

是否为注册地或者有资质人员

否，但必须可以执行任务，马耳他居民是理想 Local or Qualified 人选

账户

Accounts

账户准备要求

是

审计账户

是

账户登记记录

是

公开记录权限

是

Companies Act

Between 1 - 2 weeks from receipt of all required documentation 35% - with the possibility of up to 30% refund in certain cases Yes - treaties with many countries Euro Euro

20% of €1164 (rounded to 20% of €1200)

Usual Number of Shares Issued Ordinary shares of €1 Directors

董事董事最低人数

Type of Law

Requirements to Prepare Audit Requirements

Requirements to File Accounts Publicly Accessible Records

1 (for a private company) No

First directors in the M&A and subsequent changes. Name, address and ID/ passport of each Anywhere, but ideally in Malta for management & control 1

First shareholders in the M&A and subsequent changes.Name, address and ID/passport of each Anywhere, but ideally in Malta for management & control Yes

No - but must be capable of carrying out duties & ideally Maltese resident Yes Yes Yes Yes

By BDO Malta

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简介 Introduction

马

耳他政府企图创造一个高科技的制造业和创建一个加工和配销设施，为它高速发展的自由港服务。

金融辖区：马耳他地区：欧洲货币：欧元 (EUR) (€) 语言：马耳他语、英语时区： UTC+1 区号： +356 通讯设施：优良公司建立成本： 1600-4000 美元公司建立时间： 2-8 天公司维护费用： 1300-2900 美元

Country: Malta Region: Europe Currency: Euro (EUR) (€) Languages: Maltese, English Time Zone: UTC +1 Phone Code: +356 Communications: Good

这里有充足的投资刺激政策。几乎毋庸置疑，马耳他已成为欧盟的博彩服务业中心，

he government has attempted to create a high-technology manufacturing sector and to establish processing and

distribution facilities around its rapidly growing Freeport. There are extensive investment incentives. Almost without wanting to, Malta

且利润丰厚。马耳他的制造业、旅游业和

has become the leading EU provider of gaming

航运业也让人垂涎。马耳他的银行业、互

services, to its immense profit. Manufacturing,

惠基金、保险业和信托服务业等都蓬勃发

tourism and shipping are also rewarding. Its

展。马耳他为公司提供低税政策，虽然理

banking, mutual funds, insurance and trust

解起来有些复杂。

service sectors are growing. Malta offers lowtax regimes to companies, although they are hard to understand.

这里的商务和专业基础设施比较先进。商业和离岸金融业包括银行业、投资基金管

There is a reasonably sophisticated business

理（这里有股票交易市场和不少的互惠基

and professional infrastructure. Business

金上市公司）、信托管理、航运和投资控股。

sectors with offshore activity include banking, investment fund management (there is a stock exchange with a growing array of mutual fund

适合于：财富管理、银行业、保险业、基金管理、

listings), trust management, shipping and investment holding.

航运业、游艇业、电子商务、电子博彩、 Suitable for:

房地产所有权

Wealth Management, Banking, Insurance, Fund Formation Cost: 1600 - 4000 USD$ Formation Time: 2 - 8 days Maintenance cost: 1300 - 2900 USD$

Management, Shipping, Yachting, E-commerce,

离岸工具种类：有限公司、公众有限公司、可变股本的投

E-gaming, Property Ownership

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资公司、通用合伙制、有限合伙制、分公司、单一所有制公司和信托

Vehicle Types: Limited companies, public limited companies, investment companies with

资本主要业务区域：瓦莱塔、比尔吉卡拉

variable share capital (SICAV), general partnerships, limited partnerships, branches, sole proprietorships and trusts Capital primary business districts:

关系良好国家：

Valletta, Birkirkara

奥地利、比利时、保加利亚、克罗地亚、塞浦路斯、捷克共和国、丹麦、爱沙尼亚、芬兰、法国、德国、希腊、匈牙利、爱尔兰、意

Good Relationships:

大利、拉脱维亚、立陶宛、卢森堡、荷兰、波兰、葡萄牙、罗马尼

Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark,

亚、斯洛伐克、斯洛文尼亚、西班牙、瑞典、英国

Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom

关系不佳国家：缅甸、埃及、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马

Bad Relationships:

里、苏丹、叙利亚

Burma, Egypt, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria

税务负担——商务：中等

Tax Burden - Business: Moderate

税务负担——个人：

Tax Burden - Individual:

重

Heavy Headline tax rates:

总体税率： CIT 35%, PIT 20-35%, 增值税 18%

CIT 35%, PIT 20-35%, VAT 18% Treaty Jurisdictions:

协定签订国家：

Albania, Australia, Austria, Bahrain, Barbados, Belgium, Bulgaria, Canada,

阿尔巴尼亚、澳大利亚、奥地利、巴林、巴巴多斯、比利时、保加

China, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia,

利亚、加拿大、中国、克罗地亚、塞浦路斯、捷克共和国、丹麦、

Finland, France, Georgia, Germany, Greece, Hong Kong, Hungary, Iceland,

埃及、爱沙尼亚、芬兰、法国、格鲁吉亚、德国、希腊、香港、匈

India, Ireland, Isle of Man, Israel, Italy, Jersey, Jordan, Korea, Republic

牙利、冰岛、印度、爱尔兰、马恩岛、以色列、意大利、泽西岛、约旦、韩国、科威特、拉脱维亚、黎巴嫩、利比亚、立陶宛、卢森

of, Kuwait, Latvia, Lebanon, Libya, Lithuania, Luxembourg, Malaysia, Montenegro, Morocco, Netherlands, Norway, Pakistan, Poland, Portugal, Qatar, Romania, San Marino, Saudi Arabia, Serbia, Singapore, Slovak

堡、马来西亚、黑山共和国、摩洛哥、荷兰、挪威、巴基斯坦、波

Republic, Slovenia, South Africa, Spain, Sweden, Switzerland, Syria,

兰、葡萄牙、卡塔尔、罗马尼亚、圣马力诺、沙特阿拉伯、塞尔维

Tunisia, Turkey, United Arab Emirates, United Kingdom, United States,

亚、新加坡、斯洛伐克共和国、斯洛文尼亚、南非、西班牙、瑞典、

Uruguay

瑞士、叙利亚、突尼斯、土耳其、阿联酋、英国、美国、乌拉圭税务信息交换协议签订国家：巴哈马、百慕大、开曼群岛、直布罗陀、澳门

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TIEA Jurisdictions: Bahamas, Bermuda, Cayman Islands, Gibraltar, Macau

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利用马耳他控股结构对中国进行投资 Investing Into China Using A Malta Holding Structure By Tatyana Cilia ADVANTAGES

Tatyana Cilia Prospera Europe 有限公司总监 Director of Prospera Europe Ltd

优势在中国投资方面，马耳他是最具吸引力的控股公司注册地之一。全新的中马（中国和马耳他）优惠税收协定（自 2011 年 8 月 25 日生效）、马耳他有利的税收环境以及马耳他的控股公司制度，这三点优势使得马耳他正成为控股中国子公司的首选司法辖区。选择马耳他的控股公司有两个主要优势： 1) 中国子公司的股利可以用最低标准支付中国股息的预扣所得税（WHT），马耳他没有进一步的税收。 2) 处置中国子公司产生的利润（资本利得），在中国和马耳他免税。这两点优势，连同在马耳他成立控股公司的其他优势，均在以下列出。中国子公司的股利中国子公司向马耳他的控股公司支付的股利，享受最低税率： • A) 如果马耳他的控股公司在中国子公

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Malta is one of the most attractive holding locations for investment into China. A combination of the new favourable China-Malta Tax Treaty (effective as from 25th August 2011), Malta’s advantageous tax environment and Malta’s holding regime means that Malta is becoming the jurisdiction-ofchoice from which to hold Chinese Subsidiaries.

There are two main advantages of using a Maltese holding company: 1) Chinese dividend may be paid with the lowest level of Chinese withholding tax (WHT) and, no further Malta tax. 2) Profit (capital gain) arising on any disposal of a Chinese subsidiary can be exempt from both Chinese and Maltese tax. These advantages are outlined below, together with other benefits of locating holding companies in Malta.

Member Contribution

司中占有 25% 股份，中国的代扣所得税率仅为 5%（塞浦路斯的代扣所得税率为 10%），这是最低的中国代扣所得税率（与标准的 10% 税率相比）。 • B) 由于马耳他实行参与免税制度，因此中国子公司向马耳他的控股公司支付的股利免征公司所得税。就参与控股（控制马耳他境外的公司 10% 股权）所获得的股利而言，马耳他的公司可以从参与免税制度中获益。根据马耳他国内税法，对于马耳他境外公司向马耳他境内公司分配的股利，免征代扣所得税。处置中国子公司的股份处置中国子公司产生的利润，在中国和马耳他免税。 • A) 除股份的价值来自中国外，对于马耳他的控股公司出售中国子公司股份，不适用中国资本利得税。 • B) 如果马耳他的控股公司持有中国子公司 10% 股权，对于马耳他的控股公司出售中国子公司股份，不适用马耳他资本利得税。利息税和版税利息 - 如果利息由中国子公司向马耳他的控股公司支付，则代扣所得税不得超过利息总额的 10%。版税 - 全新的中马税收协定中规定，因使用（或使用权）工业、商业或科学设备而产生的版税，可以享受 7% 的更低代扣所得税（先前的代扣所得税为

DIVIDENDS FROM CHINESE COMPANIES

TAXATION OF INTEREST AND ROYALTIES

Dividends paid by Chinese subsidiaries to Malta holding companies benefit from a low rate of taxation: • A) The rate of Chinese withholding tax is only 5% (compared with the 10% withholding tax for a Cyprus holding company) once the Malta company has a 25% shareholding in the Chinese subsidiary. This is the lowest rate of Chinese withholding tax (compared to the standard 10% rate). • B) The Malta holding company is not subject to corporation tax on Chinese dividends as the participation exemption applies in Malta. Maltese companies benefit from the participation exemption in respect of dividends received from a participating holding (a holding of at least 10% in the equity of the company resident outside of Malta). By virtue of Maltese domestic tax legislation, no withholding tax is imposed on dividends distributed by Maltese resident companies to nonresidents.

Interest – when interest is paid by a Chinese company to a Maltese company, the withholding tax so charged shall not exceed 10% of the gross amount of the interest.

DISPOSAL OF CHINESE SHARES Profit or gain arising on any disposal of Chinese subsidiaries may be exempt from both Chinese and Maltese taxation: • A) No Chinese capital gain tax applies on the sale of Chinese shares by Maltese holding companies other than where the shares derive their value from Chinese land. • B) No Maltese capital gain tax applies on the sale of Chinese shares by Maltese holding companies where at least 10% shareholding in the equity capital of a Chinese company is held by a Maltese holding company.

Royalties – the new China-Malta Tax Treaty allows for a lower rate of withholding tax of 7% in respect of royalties derived from the use of (or the right to use) industrial, commercial or scientific equipment (compared to the previous rate of 10%). China is entitled to charge a maximum withholding tax of 10% on other royalties. No Maltese withholding tax is imposed on interest and royalties derived by non-residents. OBTAINING TREATY BENEFITS To obtain the benefits of the ChinaMalta tax treaty, Maltese holding companies must ensure that they meet the treaty ‘residence’ and ‘beneficial ownership’ test. In particular, from a Chinese perspective, the Maltese holding company must be treated as a ‘resident in Malta’ and as the ‘beneficial owner’ of the shares in the Chinese subsidiary. Companies are deemed to be resident in Malta when their management and control is exercised from Malta. There are various factors which indicate that effective management and control is exercised in Malta. The most important factors are the following: • Directors are resident in Malta • Office address of the company is located in Malta • Minutes of the board meeting

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10%）。中国有权对其他版税收取 10% 的最高代扣所得税。马耳他对其境外公司产生的利息和版税不征收代扣所得税。获得税收协定优惠为了从中马税收协定中获益，马耳他的控股公司必须确保自已符合“马耳他境内公司”和“受益所有权人”的验证。尤其是从中国的角度来看，马耳他的控股公司必须位于“马耳他境内”，必须是中国子公司的“受益所有权人”。如果公司的管理权和控制权在马耳他行使，则该公司视为在马耳他境内。有很多证据可以用来证明公司的管理权和控制权在马耳他境内行使。最重要的证据如下： • 董事居住在马耳他 • 公司的办公地址位于马耳他 • 董事会会议记录表明，最重要的决策 / 管理决策都是在马耳他做出的。 • 公司在马耳他银行设有银行账户。每一笔交易都需要有中国税务顾问的意见。由马耳他的控股公司缴纳所得股利、利息和版税可以由马耳他的控股公司支付，不含马耳他代扣所得税： • 马耳他的控股公司缴纳的境外股利免征代扣所得税。接收方可以是离岸公司或信托。 • 马耳他的控股公司缴纳的境外利息和版税免征代扣所得税。接收方可以是离岸公司或信托。通过马耳他投资的其他优势 • 马耳他没有“资本弱化”的规定（债转股比例）。对完全债务融资的马耳他的控股公司没有限制。 • 马耳他没有受控外国公司法则（CFC Rules），也没有转让定价规定。 • 不像其他低税收管辖区，马耳他拥有

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show that most important decisions are taken in Malta / Management decisions are taken in Malta • Company operates a Maltese bank account The input of a Chinese tax counsel is required for each particular transaction. PAYING INCOME FROM MALTA Dividends, interest and royalty payments can be made by Maltese companies without any Maltese withholding tax: • There is no withholding tax on outbound dividends from Malta. The recipient may be an offshore company or trust. • There is no withholding tax on outbound interest and royalties payments from Malta. The recipient may be an offshore company or trust. OTHER BENEFITS OF INVESTING THROUGH MALTA • Malta has no ‘thin capitalisation’ rules (debt-to-equity ratios). There is

no restriction on wholly debt-funded Maltese holding companies. • Malta has no CFC Rules and no transfer pricing rules. • Malta has a wide tax treaty network unlike many other low-tax jurisdictions. Currently, Malta has more than 60 tax treaties that have come into effect. Numerous additional treaties are currently being negotiated. • Malta is member of the EU and OECD; Malta is a white list country. • Effective tax rate on trading profit is 5%, lowest rate in Europe. AUDITING AND CONCLUSIONS • Annual audits and tax returns are required in respect of Maltese holding companies; • Malta is a first-choice platform for investments into China. It is onshore jurisdiction which can offer the combined benefits of; • the 5% Chinese dividend withholding tax rate; • the Chinese capital gain tax exemption; • established holding company regime.

Member Contribution

一个广泛的税收协定网络。目前，马耳他拥有 60 个税收协定，这些协定都已开始实施。其他大多数协定目前正在谈判之中。 • 马耳他是欧盟（EU）和经济合作与发展组织（OECD）的成员，而且还是“白名单国家”。 • 营业利润的实际税率为 5%，是欧洲最低的。审计和结论 • 马耳他的控股公司需要进行年度审计和纳税申报； • 马耳他是投资中国的首选平台。马耳他是可以提供各种优惠政策的在岸管辖区： • 5% 的中国子公司股利代扣所得税率； • 中国子公司资本利得税豁免； • 完善的控股公司制度。马耳他是中国子公司的控股公司的注册地。中国境外投资马耳他的贸易公司—— 实际税率 5%。 • 马耳他的公司所得税率为应纳税入息（营业利润）的 35%。但是，马耳他的公司的股东享受 6/7 的公司所得税退税，因此实际税率仅为 5%。对于积极经营所得，马耳他的公司所得税率是全欧盟最低的。 • 马耳他的公司需承担 35% 的税率，这表示该税率不受 CFC 法则管制。马耳他的控股公司制度马耳他的控股公司制度，可以被中国的公司用来控股欧洲和国际的集团子公司，在全球进行股份投资。结论从我们对中国客户、业务联系方和专业顾问的讨论中，可以清楚地看到，简单的在岸业务结构将不再被中国的税务部门所容许，将面临严重的税务风险。因此，我们一直在利用可靠的马耳他控股结构，为我们的客户找到解决方案。

MALTA AS A LOCATION FOR CHINESE COMPANIES. INVESTING OUTSIDE CHINA MALTESE TRADING COMPANIES – EFFECTIVE TAX RATE 5%. • The corporate rate of tax in Malta is 35% on chargeable income (trading profits). However, shareholders of a Malta company are entitled to 6/7ths refund of corporate tax paid so that the effective tax rate is only 5%. This

is the lowest corporate tax rate in the European Union applicable to active business income. • The Maltese company is subject to a tax rate of 35%, meaning it falls outside of the Chinese CFC rules. THE MALTESE HOLDING COMPANY REGIME The Maltese holding company regime already described can be used by Chinese companies to hold European and international group subsidiaries and share investments across the world. CONCLUSION It is clear from our discussions with Chinese clients, contacts and professional advisers that simple offshore structuring will no longer be tolerated by the Chinese tax authorities and presents a considerable tax risk. As a result of this we have been working on finding solutions for such clients through the use of robust Maltese structures.

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马耳他永居和签证计划管理办法 Malta Residence and VISA Programme Regulations By Josef Mercieca, BDO Malta

马

耳他最近颁布了一个新的居留权计划，规定满足特定条件的个人可由永久居留许可证来确保其在马耳他的入境权和永久居住权。许可证让受益人和其依附亲属有权在马耳他居住、定居和无限期停留，且包含一张电子居留卡，该卡的持有人能够配合有效的旅行证件在欧盟旅行而不必申请签证。许可证从签发之日起的五年内每年都要检验一次，核实其是否遵守相关规定，之后则只需每五年检验一次即可。法律规定登记在册的依附亲属，被定义为尚未从马耳他的其它居住计划中受益的个人，也没有和申请人有如下关系： a) 主申请人的一夫一妻制配偶或处于和婚姻同样或相似的状态的配偶。 b) 主申请人或其配偶的年龄在 18 岁以下的孩子、包括领养的孩子；或者未婚，年龄在 18 到 26 岁之间，没有独立经济能力且主要依附于申请人的孩子； c) 主申请人或者其配偶没有独立经济能力且依附于申请人的父母或祖父母；或者 d) 主申请人或其配偶的有特殊需求的孩子。按照新办法的规定，申请流程必须通过受到许可的注册经纪人或可信任的人员完成（BDO 马耳他公司是注册和获许可的经纪公司），且要求支付不可退款的管理费 5500 欧元。

alta has recently introduced a new residency scheme in terms of which a residency permit is granted confirming the right to land and remain permanently in Malta, to individuals who satisfy specified conditions. The certificate entitles the beneficiary and his dependants to reside, settle and stay indefinitely in Malta and constitutes an e-residence card entitling the holder to travel within the European Union, together with a valid travel document, without needing to request a visa. www.bdo.com.mt

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The certificate is monitored annually for the first five years from its issue, to verify adherence to the conditions and every five years thereafter. Registered dependants for the purpose of the regulations are defined as individuals who have not benefitted from any other residence scheme in Malta and have any of the following relations with the applicant: a) the spouse of the main applicant in a monogamous marriage or in another relationship having the same or a similar status to marriage;

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根据马耳他认证局（Identity Malta）签发的书面决议书，申请人必须满足作为受益人的条件，在许可证签发之前，申请人必须支付一笔金额为 3 万欧元的捐款费用（已支付的管理费可以抵扣），并需提交： a) 一份合格的不动产证明，如果是该不动产的所有人则必须是不低于 320000 欧元的价格购入（如果该不动产位于戈佐或马耳他南部，则此要求可降低至 270000 欧元），如果是租赁，则年租金应不低于 12000 欧元（如果该房产位于戈佐或马耳他南部，租金要求可降低至 10000 欧元）； b) 一项合格的投资证明，该投资的启动价值应不低于 250000 欧元。在走完尽职调查的流程和付清需要的捐款，并由马耳他认证局进行合适的背景调查之后就可以签发许可证。年度评估和核查在证书签发之后，马耳他认证局对申请人和他的依附家属进行年度核查，确保申请人一直满足以下所列的所有条件。

non-refundable administrative fee of €5,500.

b) a child, including an adopted child, of the main applicant or of his spouse who is less than eighteen years of age; or is between the age of eighteen and twenty-six years, who is not married, is not economically active and is principally dependant on the applicant; c) a parent or grandparent of the main applicant or of his spouse who is not economically active and is dependent thereon; or d) a special needs child of the main applicant or of the spouse of the main applicant. An application in terms of the new regulation must be completed through a registered approved agent or accredited person (BDO Malta is already registered as an approved agent) and requires the payment of a

Upon the issuance of a written determination by Identity Malta that the applicant qualifies as a beneficiary, prior to the issuance of the certificate, the applicant must pay a contribution of €30,000 (less the administrative fee already paid), plus present: a) a title to a qualifying immovable property, which if owned was purchased at a consideration of not less than €320,000 (reduced to €270,000 if the property is situated in Gozo or in the south of Malta) and if rented, taken on lease for a rent of not less than €12,000 (reduced to €10,000 if the property is situated in Gozo or in the south of Malta) per annum; b) a certificate to a qualifying investment which is an investment having an initial value of €250,000. The certificate is issued subsequent to a due diligence procedure and the

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a) 此人是第三国国民且不是马耳他，欧洲经济区或瑞士国民； b) 他未享受其它公民计划提供的福利； c) 从许可证签发当日起，他持有的合格房产的时间至少要达到五年； d) 从许可证签发的当日起，他持有的合格投资时间至少要达到五年； e) 在不影响该法规的其它任何条文的前提下，他能获得稳定和定期的资源，足够支付他和依附亲属的生活开支而不必求助于马耳他的社会福利系统； f) 他和他的依附亲属都持有有效的旅行证件； g) 他和他的依附亲属持有在欧盟国家内使用的，通常为马耳他人采用的所有疾病的医疗保险。 h) 他能提供一份宣誓文书，宣告从申请之日起从马耳他国外挣得的年收入不低于 10 万欧元，或者持有一笔不低于 50 万欧元的资金。如果上述条件中的任何一条没有一直得到满足，则根据规定，受益人获发的许可证不再有效。该计划也将在满足以下条件时失效： a) 成为一名长期居民（按照“长期居民状态”（第三国国民）的规定成为长期居民）；或者按照“长期居民状态”（第三国国民）法规申请第三国居留权；

confirmation of the payment of the required contributions and proper background checks carried out by Identity Malta. Annual Review and Verifications Once the certificate is issued, Identity Malta annually monitors the applicant and his dependants to ensure that all the following conditions are met on an ongoing basis: a) he is a third country national and is not a Maltese, EEA or Swiss national; b) he is not a person who benefits under other residence schemes; c) he holds a qualifying property for a minimum five (5) year period from the date of issuing of certificate; d) he holds a qualifying investment for a minimum period of five (5) years from the date of issuing of certificate; e) without prejudice to any other provision of this regulation, he is in receipt of stable and regular resources which are sufficient to maintain himself and his dependants without recourse to the social assistance system of Malta;

f) he and his dependants are, in possession of a valid travel document; g) he is in possession of sickness insurance in respect of all risks across the whole of the European Union normally covered for Maltese nationals for himself and his dependants; h) he provides an affidavit declaring that from the date of the application he either has an annual income of not less than hundred thousand euro (€100,000) arising outside Malta or has in his possession a capital of not less than five hundred thousand euro (€500,000). If any of these conditions are not satisfied on an ongoing basis, the beneficiary ceases to benefit from the certificate issued under the regulations. The benefits of the programme are also lost if the applicant: a) becomes a long term resident (that is a person who has long-term resident status in terms of the Status of Long-term Residents (Third Country Nationals) Regulations; or who applies for long-term resident status under the Status of Long-term Residents (Third Country Nationals) Regulations; or b) after the appointed day such individual stays legally and continuously in Malta for a period of four or more years; Following the death of the beneficiary, Identity Malta may at its full discretion determine that the certificate issued as referred to above is to be issued to a dependant of that deceased beneficiary. Tax Status Upon the issue of the certificate, once the beneficiary and his dependants take up residence in Malta, he will be deemed to be resident in Malta if

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b) 在指定日期之后，该个人在马耳他的合法和连续逗留期为四年或以上；在受益人死亡之后，马耳他认证局对于上述签发的许可证是否签发给已故受益人的依附亲属，具有完全的自由裁量权。税务状态在许可证签发之后，受益人和其依附亲属在马耳他开始居住，如果每年在马耳他住满 183 天，他将被视为马耳他居民。除非他表达了自己在马耳他无限期居留的愿望，他不被认为已经获得马耳他定居权。因此作为非永久居留的马耳他居民，他将在马耳他按照居民税率纳税（除非他是全球居民计划所规定的，源于外国的收入汇入马耳他的 15% 和马耳他获得的收入缴纳的 35% 统一税率的受益人），仅针对源自国外的且汇入马耳他的收入和在马耳他获得的收入。

on an annual basis he spends more than 183 days in Malta. Unless he expresses the intention of staying in Malta indefinitely he will not be deemed to have acquired a Maltese domicile. Therefore as a resident non domiciled individual he will be taxable in Malta at the resident tax rates (unless he is a beneficiary in terms of the Global Residence Programme which provides for a flat tax rate of 15% on foreign source income remitted to Malta and 35% on Malta

source income), only on foreign source income which is remitted to Malta and on Malta source income. Any foreign source capital gains are not brought to tax in Malta even if remitted to Malta. The taxation on remittance basis is applicable as long as the beneficiary does not become a long term resident or applies for long term residence status.

所有源自外国的资本利得，即使汇入马耳他，也无需在马耳他缴税。只要受益人不成为长期居民或申请长期居留状态，基于汇款的税负还是需要缴纳的。 www.bdo.com.mt 2016 China Offshore Company Formation Guide CHINA OFFSHORE

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Q &A 马耳他 Malta

1. 行业调研结果显示，中国将很快成为世界最大的新公司来源国。传统上说，贵行政特区最受世界上哪个地区的客户欢迎？最适合在贵特区建立公司的业务类型是什么？马耳他是来自美洲和新西兰和世界各国客户选择公司建立的首选行政辖区，但传统上它更受欧洲投资者的欢迎。马耳他公司是用来进行融资活动、控股架构、贸易活动和出入欧盟的节税工具，通过多种多样的可用架构，能够达到节税 5% 左右的效果。不仅如此，马耳他对基金设立来说也很受欢迎，总的来说，马

耳他税务目的设立的基金是税收中立的。

Moreover Malta is a very popular jurisdiction for fund setup which is generally tax neutral for Maltese tax purposes.

2. 对中国客户来说，贵特区能提供的最重要优势是什么？

2. What is the single most important advantage your jurisdiction provides for Chinese clients?

贸易活动中七分之六的退税比率被很多中国和亚洲的客户所使

The 6/7ths refund available on trading activities is used a lot by Chinese and Asian clients as it provides a setup with a nominal tax rate of 35%, 6/7ths thereof would be refunded to the shareholders of the Maltese company upon a dividend distribution. Such refund is payable within fourteen days from the tax payment date.

用，提供名义税率为 35% 的方案，其中七分之六通过分红的方式退回给马耳他公司的股东。退税可在税收支付日期的 14 天之内完成。

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Q &A

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Q &A 此外，马耳他还提供参股资产收益和红利支付的参股豁免；基本上为 10% 的持股或有权指派董事或不间断地持有近 120 万美元至少六个月的投资权利。 3. 在选择离岸行政特区时，据说价格仍是客户做决定时的主要因素。您是否同意上述说法？这一趋势在未来几年里是否会改变？您是否有注意到从关注离岸架构的价格向质量的转变趋势？在选择离岸服务提供商建立公司时，客户还应该考虑哪些因素？尽管客户对成本总会非常敏感，多年来他们对质量的关注也在不断上升。其它投资者关注的因素还包括：

Additionally Malta provides for a participation exemption on both dividend payments from, and gains on disposal of shares in a participating holding; basically a 10% shareholding or a shareholding which gives the right to appoint a director or an investment of nearly €1.2m held uninterruptedly for at last 6 months. 3. It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider? Even though clients will always remain cost conscious, over the years they are increasingly focusing on quality. Other factors which are generally considered by investors include:

·语言 ·连通性 ·可达性 ·职员资格和知识面 ·服务提供商的有效性 BDO 马耳他对自己的专注精神、专业知识和专业团队感到自豪，我们的团队反应时间非常迅捷，让我们提供的服务，即使是对价格最为敏感的客户来说，也是非常高效的。 4. 您是否认为在行业监管日趋严格的趋势下，中国客户会更倾向于选择透明度更高的行政特区？

· · · · ·

Language Connectivity Accessibility Staff qualifications and knowledge Service Providers’ availability

At BDO Malta we pride ourselves in having a dedicated, knowledgeable and professional team who have a swift response time which enables us to provide an effective and efficient service even to the most cost sensitive client. 4. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent? Yes and in this respect we expect much greater interest in Malta

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Q &A

是的，就这一点来说，我们期待的远不止仅把马耳他和一个离岸行政辖区作比较。马耳他是欧盟的成员国，它的税务体系需要符合欧盟的法律并由欧洲理事会所批准。不仅如此，马耳他就税务信息的交换和纳税协调等方面来说是完全透明的。马耳他也签署了 FATCA 和“通用报告标准”协议。 5. 过去几年里，在一些行政特区内开设银行账户变得困难。贵特区内是否也是如此？离岸公司在贵特区内开户的时间能多快？虽然马耳他的银行执行非常严格的尽职调查流程，但我们也能在两到三周之内申请到一个马耳他的银行账户。来源 : BDO Malta

when compared to offshore jurisdictions. Malta is a member of the European Union and its tax system is deemed to be fully compliant with EU law and approved by the European Commission. Moreover, Malta is fully transparent in terms of exchange of information and collaboration in terms of collection of taxes. Malta is also a signatory to both FATCA and the Common Reporting Standard. 5. Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is it the casein your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? Although banks in Malta carry out strict due diligence procedures, we are able to obtain a bank account in Malta within two to three weeks. Contributed by: BDO Malta

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荷兰 Netherlands

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Netherlands

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Member Contribution

概况

荷兰

General

Netherlands

公司类型

私营有限责任公司

法律类型

民法

Type of Company

现成公司可用率

是

建立新公司所需时间

1天

Shelf Company Availability

Yes

公司税

20%

双重征税协议股本或等值股本

是，与 100 多个国家签署 Double Taxation Treaty Access

标准货币

欧元

允许使用货币

任何币种

最低付清股本

1欧

法定股本要求

1欧

董事董事最低人数

1人

本地董事

否

公开记录权限

是

会议地点

任何地方

Type of Law

Civil Law

Time to Establish a New Company 1 day Corporate Taxation

20%

Share Capital or Equivalent

> 100

Starndard Currency

EUR

Minimum Paid Up Share Capital

€1

Permitted Currencies

Usual Number of Shares Issued

Any

Directors

€1

Minimum Number

Publicly Accessible Records

Yes

Local Required

Shareholders

Anywhere

Minimum Number

Location of Meetings

Company Secretary

Anywhere

是否为注册地或者有资质人员不相关

Required

账户

Accounts

Not relevant

Requirements to Prepare

Yes

Requirements to File Accounts

Yes

股东股东最低人数

1人

公开记录权限

是

会议地点

任何地方

公司秘书是否需要

否

账户准备要求

是

审计账户

否

账户登记记录

是

公开记录权限

简要陈诉

Location of Meetings

Publicly Accessible Records

Local or Qualified

Audit Requirements

Publicly Accessible Records

Yes

Abbreviated Statements

By INCO Business Group

行政特区 | JURISDICTIONS

简介 Introduction

荷

兰人对贸易和经商所持的开放态度由来已久。荷兰的税务系统非常成熟，有很高的边际税率，其

行政特区：荷兰所在地区：欧洲官方货币：欧元（EUR）（€）官方语言：荷兰语 / 英语所属时区： UTC+1

税务系统有极具吸引力的方面，这一切都让荷兰成为国际贸易运作的理想基地。荷

he Dutch have a long history of openness to trade and business. Although there is a sophisticated

tax system with high marginal tax rates some aspects of the system are extremely attractive, making the Netherlands an ideal

兰有广阔的免双重征税协议网络（其中少

location in which to base international trading

数国家没有任何反避税法规）和一个高速、

operations. There is an extensive network of

高效和先进的税务裁决流程。荷兰最近的

double taxation treaties (few of which contain

电话区号： +31 通讯设施：极佳

税务法规更新包括一系列的税务激励政策，

any anti avoidance provisions) and a speedy,

公司组建成本： 7000-11000 美元公司组建时间： 19-31 天公司维护费用： 2000-5000 美元

意盒子”来为研发投资提供保护，以及一

Country: Netherlands Region: Europe Currency: Euro (EUR) (€) Languages: Dutch, English Time Zone: UTC +1 Phone Code: +31 Communications: Very Good Formation Cost: 7000 - 11000 USD$ Formation Time: 19 - 31 days Maintenance cost: 2000 - 5000 USD$

鼓励企业家进行投资，其中包括一个“创

effective advance tax rulings procedure. Recent developments include a series of tax incentives aimed at entrepreneurs, including availability of

个改进过的亏损弥补政策。荷兰人几乎都

an ‘innovation box’ to shelter R&D investment,

会说流利的英语，荷兰的专业服务，虽然

and improved loss offsets. Almost all Dutch

算不上便宜，但却具有很高的效率。

people speak good English, and professional services, while not cheap, are very efficient.

适合的离岸工具：航运、航空、游艇、商品贸易、金融贸易、知识产权 / 许可证、控股公司

Suitable for: Shipping, Aviation, Yachting, Trading Goods, Trading Financial, Intellectual Property/ Licensing, Holding Companies

离岸工具种类：有限公司、公众有限公司、单一所有制公司、分公司、通用合伙制和有限合伙制公司

Vehicle Types: Limited companies, public limited companies, sole proprietorships, branches, general partnerships and limited partnerships

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资本主要商务区域：

Capital primary business districts:

阿姆斯特丹

Amsterdam Good Relationships:

关系良好国家：奥地利、比利时、保加利亚、克罗地亚、塞浦路斯、捷克共和国、

Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia,

丹麦、爱沙尼亚、芬兰、法国、德国、希腊、匈牙利、爱尔兰、意

Lithuania, Luxembourg, Malta, Poland, Portugal, Romania, Slovakia,

大利、拉托维亚、立陶宛、卢森堡、马耳他、波兰、葡萄牙、罗马

Slovenia, Spain, Sweden, United Kingdom

尼亚、斯洛伐克、斯洛文尼亚、西班牙、瑞典、英国 Bad Relationships: Burma, Egypt, Iran, Korea (Democratic People's Republic of), Libya,

关系不佳国家：缅甸、埃及、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚

Somalia, Sudan, Syria Tax Burden - Business: Light

税务负担——商务： Tax Burden - Individual:

轻

Heavy

税务负担——个人：重

Headline tax rates: CIT 20%-25%, PIT 1.95%-52%, VAT 19%

总体税率：

Treaty Jurisdictions:

CIT 20%-25%, PIT 1.95%-52%, 增值税 19%.

Albania, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, Bahrain,

条约签订行政特区：阿尔巴尼亚、阿根廷、亚美尼亚、阿鲁巴、澳大利亚、奥地利、阿

Bangladesh, Barbados, Belarus, Belgium, Bosnia and Herzegovina, Brazil, Bulgaria, Canada, China, Croatia, Curacao, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Georgia, Germany, Ghana, Greece, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy,

塞拜疆、巴林、孟加拉、巴巴多斯、白俄罗斯、比利时、波黑、巴

Japan, Jordan, Kazakhstan, Korea, Republic of, Kosovo, Kuwait, Latvia,

西、保加利亚、加拿大、中国、克罗地亚、库拉索、捷克共和国、

Lithuania, Luxembourg, Macedonia, Malaysia, Malta, Mexico, Moldova,

丹麦、埃及、爱沙尼亚、芬兰、法国、格鲁吉亚、德国、加纳、希

Mongolia, Montenegro, Morocco, New Zealand, Nigeria, Norway, Oman,

腊、香港、匈牙利、冰岛、印度、印尼、爱尔兰、以色列、意大利、

Pakistan, Panama, Philippines, Poland, Portugal, Qatar, Romania, Russia,

日本、约旦、哈萨克斯坦、韩国、科索沃、科威特、拉托维亚、立陶宛、卢森堡、马其顿、马来西亚、马耳他、墨西哥、摩尔多瓦、

Saudi Arabia, Serbia, Singapore, Sint Maarten, Slovak Republic, Slovenia, South Africa, Spain, Sri Lanka, Suriname, Sweden, Switzerland, Taiwan, Thailand, Tunisia, Turkey, Uganda, Ukraine, United Arab Emirates, United

蒙古、黑山共和国、摩洛哥、新西兰、尼日利亚、挪威、阿曼、巴

Kingdom, United States, Uzbekistan, Venezuela, Vietnam, Zambia,

基斯坦、巴拿马、菲律宾、波兰、葡萄牙、卡塔尔、罗马尼亚、俄

Zimbabwe

罗斯、沙特阿拉伯、塞尔维亚、新加坡、圣马丁岛、斯洛伐克共和国、斯洛文尼亚、南非、西班牙、斯里兰卡、苏里南、瑞典、瑞士、台湾、泰国、突尼斯、土耳其、乌干达、乌克兰、阿联酋、英国、美国、乌兹别克斯坦、委内瑞拉、越南、赞比亚、津巴布韦

TIEA Jurisdictions: Andorra, Anguilla, Antigua and Barbuda, Bahamas, Belize, Bermuda, British Virgin Islands, Cayman Islands, Cook Islands, Costa Rica, Dominica, Gibraltar, Grenada, Guernsey, Isle of Man, Japan, Jersey, Liberia, Liechtenstein, Marshall Islands, Monaco, Montserrat, Saint Kitts

税务信息交换协议签订国：

and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Samoa, San

安道尔、安圭拉、安提瓜和巴布达、巴哈马、伯利兹、百慕大、英

Marino, Seychelles, Turks and Caicos Islands, Uruguay

属维尔京群岛、开曼群岛、库克群岛、哥斯达黎加、多米尼加、直布罗陀、格林纳达、耿西岛、马恩岛、日本、泽西岛、利比亚、列支敦士登、马绍尔群岛、摩纳哥、蒙特色拉特岛、圣基兹和尼维斯、圣卢西亚、圣文森特和格林纳丁斯群岛、萨摩亚、圣马力诺、塞舌尔、特克斯和凯科斯群岛、乌拉圭

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INCO 企业集团：中小企业进驻荷兰的门户 INCO Business Group: Making The Netherlands accessible for SMEs

每

年有成千上万的企业选择在荷兰建立公司，辐射全球。荷兰有绝佳的基础设施，自由宽松的税收制度和欧洲的战略性地理位置。荷兰是企业向全球进军的理想运营基地。当然还有不少企业对荷兰的诸如高成本和耗时费力的官僚作风有着错误的认识，他们不得不退而求其次而选择其它并不成熟的地区开展业务。为了扭转这一错误认知，INCO 企业集团为中小企业设计了特殊的解决方案，极大地简化了整个流程和降低了费用，让蜂拥而至的中小企业充分利用荷兰有利的营商环境开展业务。

Dennis Vermeulen Dennis Vermeulen 是 INCO 企业集团的首席执行官和创始人，他对企业家精神充满热情，热衷于帮助企业家达成所愿。他是一位具有鲜明自我风格的，“为企业家服务的企业家”，把 INCO 从一家荷兰的初创公司发展成在国际上享有盛誉的企业，向全世界的中小企业提供可靠和全面的解决方案。 CEO and Founder of INCO Business Group, Dennis Vermeulen has a passion for entrepreneurship and working to help businesses achieve their global goals. A self styled ‘entrepreneur’s entrepreneur’, he’s grown INCO from a Dutch startup to an internationally respected firm providing reliable and comprehensive solutions to SMEs from all over the world.

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今天，许多中小企业都从荷兰对外国企业所做的支持获得好处。荷兰为数众多的有利税收政策和移民流程，都让荷兰成为一个对中小企业极具吸引力和便利的营商地之选。

By Dennis Vermeulen

very year thousands of businesses choose to expand their reach to a global audience by incorporating in the Netherlands. With its exceptional infrastructure, liberal tax regime and strategic location in Europe, the Netherlands is the ideal operating base for businesses with global ambitions. However, an inaccurate perception of high costs and time-consuming bureaucratic procedures has meant that many SMEs fail to take advantage of operating a Dutch company, instead choosing other less established regions. To challenge this perception, INCO Business Group has developed specialized solutions for SMEs,

Member Contribution

税制友好的营商环境作为一个贸易起家的国家，荷兰人很清楚，创造一个开放和友好的营商环境来吸引外国企业是一件多么重要的事。要达成上述目标的策略之一是执行税收激励政策，刺激国内的企业家和外国投资来到荷兰。企业所得税豁免荷兰的标准企业所得税税率（CIT）为 25%，对 20 万欧元以下的收入实行减税后的 20% 的税率。在达到“参与豁免” 的要求后，企业也能从 CIT 获得特定的税收豁免资格。此外，荷兰和众多国家和行政特区签订的税务协定网络也意味着，大部分的外国企业能从外国获得的利润避免被双重征税。甚至和没有签订协议的国家，荷兰的税务体系也提供单方面的税收优惠，降低当地公司的税率，以遵守外国的纳税义务。驱动创新力的税收减免作为企业创新力中心的荷兰在世界上声名卓著，荷兰税法对自行获得的无形资产利润提供特殊的税收制度，这一个制度名为“创新力盒子”，对来自这些无形资产的利润设定了更低的有效税率至 5%。荷兰的制度实践提供了确定性许多企业（特别是中小企业）在海外建立公司时面临的问题是纳税义务方面的确定性。复杂的税收规则往往意味着直到企业投资完成后也无法确定他们的纳税义务。为了改变这一不确定性，荷兰的制度实践是荷兰税务系统的一个特点，可以从荷兰税务局就特定的公司运营或交易获得预先批准和许可。企业可以获得有约束力的税务协议，同时也合乎经合组织和欧盟法律的规定。

making the entire process significantly more straightforward and affordable. This has resulted in an influx of SMEs taking advantage of the various benefits afforded to businesses in the Netherlands.

Corporate Tax Exemptions

Recently, many of our SME clients have benefitted from the Dutch philosophy of supporting foreign entrepreneurial endeavors. A range of attractive tax policies and immigration procedures make the Netherlands an attractive and convenient choice for foreign SMEs.

The standard corporate income tax (CIT) is set at 25% with a reduced rate of 20% applicable to taxable income below EUR 200,000. Businesses may also have certain income exempted from CIT where they meet the requirements for the Participation Exemption.

A Tax-Friendly Business Environment

Furthermore, the comprehensive network of tax treaties the Netherlands has in place with multiple jurisdictions means that most foreign businesses avoid double taxation on international profits. Even where no treaty is in place, the Dutch tax system provides for regulations that unilaterally lower a resident company’s taxes in order to account for foreign tax obligations.

As a nation of traders, the Dutch have long understood the importance of creating an open and welcoming business environment to entice foreign business. A key tactic for achieving this has been to implement tax incentives that stimulate entrepreneurship and foreign investment in the country.

Tax Breaks To Drive Innovation In keeping with its reputation as a hub for entrepreneurial innovation, Dutch tax law provides for a special regime that applies to profits that come from self-developed intangible assets. This regime, known as the ‘Innovation Box’ sets a lower effective tax rate of 5% on taxable profits that derive from these intangible assets. Dutch Ruling Practice Provides Certainty One difficulty that many businesses (in particular SMEs) face when incorporating abroad is uncertainty in terms of their tax liabilities. Complicated tax regulations often mean that a business cannot be

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外部审计的内部监管荷兰税收体制的另一个特点是提供一个更为自由和灵活的“横向监管”系统。在特定的情况下，荷兰税务局依赖公司自己的内部合规监管系统，降低了外部审计的需要。基于互相信赖和透明度的原则，横向监管提供了一个更为高效、更少干涉的税收框架，减少了平时花费在确保税收合规上的时间和成本。适用于 CIT、增值税、工资税和社会保险，横向监管对荷兰的税收创新制度具有象征性的意义，对企业和企业家提供更大的支持。对外国企业家发放的荷兰居留许可荷兰对企业家的价值和他们对刺激经济所做的贡献表示认可。荷兰坚信，企业家是经济持续增长和创造工作机会的源泉，并执行了一系列积极的移民政策来吸引商人和初创公司的企业家。对董事或股东签发的居留许可证要在荷兰工作和生活，商人和企业家必须获得自雇业者的居留许可证。许可证的签发基于打分系统，该系统被设计用来吸引对荷兰经济做出贡献的企业家。实际上，这一打分系统对那些来荷兰投资并创造工作机会，且又经验丰富的企业家来说十分有利。

certain of their liabilities until they’ve already invested. To combat this uncertainty, the Dutch Ruling Practice (a feature of the Dutch tax system) makes it possible to get pre-approval and agreement on certain operations or transactions from the Dutch Tax Authorities. Businesses can get binding tax agreements that are OECD and EU law compliant. Internal Monitoring Over External Audits Another feature of the Dutch tax scheme that provides greater freedom and flexibility is the system of ‘Horizontal Monitoring’. In certain conditions, Dutch Tax Authorities will rely on a company’s own internal compliance monitoring, reducing the need for external tax audits. Based on a relationship of mutual trust and transparency, horizontal monitoring provides a framework that is more efficient, less intrusive and helps to reduce the time and costs typically associated with ensuring tax compliance. Applicable to CIT, VAT, wage tax and social security, horizontal monitoring is symbolic

of the Netherland’s innovative approach to supporting business and entrepreneurship. Dutch Residence Permits for Foreign Entrepreneurs The Netherlands recognizes the value of entrepreneurs and the impact they have on stimulating economic growth. The belief that entrepreneurs are a source of economic renewal and job creation has encouraged the implementation of a progressive immigration policy towards businesses and start-ups. Residence Permits for Directors or Shareholders In order to reside and work in the country, business owners and entrepreneurs must secure a selfemployed residence permit. These permits are issued on the basis of a points system designed to attract entrepreneurs who will contribute to the Dutch economy. Practically speaking, the points system is weighted in favor of experienced entrepreneurs who bring in investment and create new jobs. The procedure takes a period of three to six months and, if granted, lasts for two years. Once the resident has been granted a visa three times consecutively, they will be eligible to apply for permanent residency with the possibility of applying for Dutch citizenship. The Start-Up Visa The Netherlands’ drive to support entrepreneurial spirit led to the introduction of a new regulation in 2015. Ambitious entrepreneurs can

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整个流程耗时 3-6 个月，一旦获得后有效期为 2 年。在连续获得三次荷兰的居留签证后，该企业家将有资格获得永久居留许可且有可能申请荷兰国籍。初创者签证荷兰对企业家提供的支持还表现在 2015 年颁布的新法规。有兴趣的企业家能获得临时居住许可证而不必满足针对自雇企业主的打分系统的要求。方案规定，经营创新力企业的外国企业家能申请一年期的居留签证，凭此他们就能在荷兰境内建立初创企业。一年期的居留到期后，该企业家就能满足打分系统并申请自雇居留的许可证。高技术移民的居留许可在申请人无法获得足够的点数来满足自雇居留许可证要求的情况下，就有可能获得一个高技术移民的居留许可。要满足获得这一许可证的条件，企业家必须把企业的 80% 股份转移给一名代名人或基金会，该人能代表他提交申请。公司作为该名企业家的赞助人。在公司从荷兰移民局获得“赞助人”的身份后，高技术移民的快速申请流程就能完成，申请人在区区数周内就能获得签证。公司建立流程简便，但是意义重大全世界没有一个税收和移民刺激政策是建立在繁琐的公司建立流程上的。 INCO 向中小企业提供合理化、灵活和透明的公司建立流程。有适应不同要求的各种公司种类可供选择，海外企业家能在不指定荷兰董事的前提下远程在荷兰建立公司。流程的简便，加上政府对外国企业家对荷兰经济起到中流砥柱作用的认可，都让荷兰成为世界上企业家和商人最为趋之若鹜的营商首选地。

apply for a temporary residence permit without the requirements of the self-employed residence points system. Under this scheme, a foreign entrepreneur with an innovative business can apply for a one-year residence visa during which they can launch their start-up in the country. If, after the year, the entrepreneur can satisfy the requirements of the points system, they can then apply for the self-employed residence permit. Residence as a Highly-Skilled Migrant

company has attained ‘sponsorship status’ from the Dutch immigration service, a fast-track procedure allows for resident permits for highly skilled migrants to be issued in just a few weeks. A Simple Formation Process Makes the Difference All the tax and immigration incentives in the world won’t bring new business if entrepreneurs struggle with the formation process.

In instances where an applicant may not be able to gain enough points to get a self-employed residence permit, it is possible to apply as a highlyskilled migrant.

INCO offers SMEs a streamlined, flexible and transparent formation process. With a range of company types available to suit different needs, overseas entrepreneurs can set up a Dutch company remotely without the need to appoint a resident director.

To satisfy compliance requirements for this permit, the entrepreneur must transfer 80% of their company’s shares to a nominee or Foundation, who then makes the application on their behalf. The company acts as the entrepreneur’s sponsor. Once a

This simple process, along with a national government that recognizes the pivotal role foreign entrepreneurs play in the economy, makes the Netherlands one of the most soughtafter locations for businesses around the world.

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Q &A 荷兰 Netherlands

1. 行业调研结果显示，中国将很快成为世界最大的新公司来源国。传统上说，贵行政特区最受世界上哪个地区的客户欢迎？最适合在贵特区建立公司的业务类型是什么？荷兰在过去几年里一直是对俄投资的第二大国，但我们在亚洲和中东也非常受欢迎。传统意义上说，我们一直是以被动投资活动，控股和知识产权管理而著称世界。但由于移民的变化，我们成为初创公司、中小型企业和希望通过在有利和稳定市场的投资而获得居留权的人士而为世界所熟知。 2. 对中国客户来说，贵特区能提供的最重要优势是什么？在一个金融状况良好，声名卓著的欧盟国家进行投资的同时，又能获得居住权的可能性。 3. 在选择离岸行政特区时，据说价格仍是客户做决定时的主要因素。您是否同意上述说法？这一趋势在未来几年里是否会改变？您是否有注意到从关注离岸架构的价格向质量的转变趋势？在选择离岸服务提供商建立公司时，客户还应该考虑哪些因素？

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Member Contribution

1. Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for? What types of business activity is most suitable for incorporating in your jurisdiction. The Netherlands has been the second biggest investor in Russia for the last years, but we also are very popular in Asia and the Middle East. Traditionally we have been known popular for the traditional passive investment activities, holding activities and to manage IP. But due to immigration changes, we have become popular for startups, SME as well who like to obtain a residency, while investing in a very interesting and stable market! 2. What is the single most important advantage your jurisdiction provides for Chinese clients? The possibility to obtain Residency, while investing safely in a financially sound EU member State with an excellent reputation. 3. It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors

行政特区 | JURISDICTIONS

Q &A “价格”能被看作金融服务业经纪人和 / 或金融辖区的官僚态度的一个符号。如果一个行政辖区比较昂贵，比如瑞士、卢森堡等，那么基本上客户还需要花很多时间应付官僚主义、合规问题，甚至很看重客户需求的服务提供商等。除了这个因素之外，我们还看到名声越大则费用越高的现象（在声誉很好的国家）也开始了新的发展势头；在这里客户得以投资全功能的办公室。不再“信任”信托提供商的服务，因为这很有可能让他们成为税务局的目标。INCO 商务集团对此发展表现出积极应对的态度，协助企业家在当地设立全功能的办公室，不需要很多的预算，却能享有完全的自主权。总的来说，我们的客户因为有“真实”的董事和“代名”董事而能省更多的钱。

should someone looking to incorporate in your jurisdiction consider when choosing a provider? ‘Prices’ can be a symbol for the attitude and bureaucracy of a service agent and/or jurisdiction. If a jurisdiction is expensive, like Switzerland, Luxembourg etc. then typically the client also needs to deal with lots of bureaucracy, compliance issues, and even service providers who take their clients business for granted. Aside from this element, we see that higher regulation and higher fees (in the reputable countries) has also started a new development; in which clients decide to invest in their fully fledged office. And no longer to ‘trust’ on the service of a fiduciary provider, which makes them an easy target for tax authorities anyway. INCO Business Group stimulates this development, and assists entrepreneurs to set up a local fully fledged office, with limited budget, and full autonomy. In overall, our clients are much cheaper off with ‘real’ directors, then with ‘nominee’ directors.

4. 您是否认为在行业监管日趋严格的趋势下，中国客户会更倾向于选择透明度更高的行政特区？

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Q &A

是的。不过不要低估了“离岸”国家，比如荷兰的能力。目的是有一个“良好声誉”和提供有利“离岸”工具的理想组合。把荷兰举例，我们有免税的荷兰基金会，是一个在最优前提下保护资产的同时进行投资的完美例子。甚至不用在荷兰的银行申报 UBO ！ 5. 过去几年里，在一些行政特区内开设银行账户变得困难。贵特区内是否也是如此？离岸公司在贵特区内开户的时间能多快？董事的到访是必要的，但是 IBAN 号码却能立即提供！客户在同一天就能获得银行账号。一些情况下，客户指派一名当地的临时董事，在他没有访问银行计划的时候，以加速申请流程。荷兰没有位列任何国家的黑名单（美洲的、俄罗斯、中国，甚至叙利亚都没有），但商务方面，常见的活动是不被允许的（成人、博彩、管控商品的交易等）。来源：INCO Business Group

4. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent? That’s right. However, don’t underestimate the ‘offshore’ opportunities that countries like Netherlands have in store. The goal, is to have the ideal combination of the ‘ good reputation’ while providing interesting ‘ offshore’ instruments. In The Netherlands for example, we have the tax free Dutch Foundation, which is perfect for investments while protecting your assets optimally. The UBO does not even have to be declared at the Dutch bank! 5. Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is it the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? A visit of the director is required, but the IBAN number will be provided instantly! The same day, the client will have his bank account. In some cases the clients appoints a local interim director, in order to speed up the process, when he has no trip scheduled to the bank yet. There is no blacklist of countries (Americans, Russians, Chinese, even Syrian are accepted) but for activities the usual activities are not allowed (Adult, gambling, trading in regulated goods, etc.) Contributed by: INCO Business Group

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Q &A

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瑞士 Switzerland

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Switzerland

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Member Contribution

概况

瑞士

General

Switzerland

公司类型

公司

法律类型

成文公司法

Type of Company

Corporation (Ltd.)

现成公司可用率

无

Shelf Company Availability

建立新公司所需时间

1-2 周（如果有各州促进署的支持），否则 3-4 周；但是：瓶颈是开放对非欧盟绿色环保领域的投 Time to Establish a New Company 资经营的银行账户。由于 KNEE 审查可能需要长达 3 个月。

As a rule, no.

公司税

企业所得税：12％ -25％（含 7.8％的联邦企业所 Corporate Taxation 得税），根据公司住所地的州和市。

双重征税协议

中 / 瑞士双重征税协议和香港 / 瑞士双重征税协议， Double Taxation Treaty Access 两者都受到控制。

Type of Law

Share Capital or Equivalent

股本或等值股本标准货币

瑞士法郎

允许使用货币

瑞士法郎

1-2 weeks (if supported by a cantonal location promotion authority), otherwise 3-4 weeks. Corporate income tax: 12%-25% (including 7.8% federal corporate income tax charge), dependig on the canton and municipality of the corporate domicile.

Sino/Swiss DTA, Hong Kong/ Swiss DTA both are subject to conduit rules.

Standard Currency

CHF (Swiss Franc)

Minimum Paid Up Share Capital

CHF 50,000.00 / if the company is administrated by a local swiss director as Trustee it is necessary to pay up the whole share capital

Permitted Currencies

最低付清股本

5 万瑞士法郎

法定股本要求

股份必要数量等于已发行股本每股面值分。最低股本为 10 万瑞士法郎，每 Usual Number of Shares Issued 股最低面值为 0.01 瑞士法郎。

董事

Statutory corporate (private) law

CHF (Swiss Franc)

Directors

Requisite number of shares equals the issued share capital divided by the face value per share. Minimum share capital is CHF 100,000.00, minimum face value per share is CHF 0.01.

Minimum Number

董事最低人数

1人

本地董事

至少有一个本地有资格签字绑定公司，但他 / 她不能是董事（法人）或总经理（有限责任公司 )。如果公司是由当地受托人管 Local Required 理，受托人通常有独家签约权，且由于反洗黑钱规定外国总监只能与本地受托人一同签约。

At least one local must have signatory power to bind the company, but he/she must not be a director (corporation) or managing director (LLC). If the company is managed by alocal trustee the trustee usually has sole signatory rights and furthermore the foreign director only signs jointly with the local due to anti money laundering regulations.

By Audina Treuhand AG

行政特区 | JURISDICTIONS

简介 Introduction

瑞

士喜欢把自己称为“最欧洲的欧洲国家”，虽然它从查理曼大帝时期就已经不是欧盟成员国。尽

行政特区：瑞士所属地区：欧洲官方货币：瑞士法郎（CHF）（CHF）官方语言：德语、法语、意大利语所在时区： UTC+1

管如此，瑞士签订的两套“双边协定”实际上正逐渐把瑞士拉入欧盟。瑞士被称为

witzerland likes to call itself 'the most European country', yet it has stayed outside the European Union since

Charlemagne. However two sets of 'bilateral agreements' are gradually bringing Switzerland within the EU in all but name. Switzerland is

世界最大的私人银行中心，全球超过三分之

said to be the world's biggest centre of private

一的私人财富都位于瑞士。瑞士的银行资产

banking, with more than a third of all private

已超过了 3 兆亿瑞士法郎。作为经合组织的

wealth based there. Swiss banking assets

电话区号： +41 通讯设施：优秀

成员国，瑞士虽然对经合组织在 2000 年宣

exceed three trillion Swiss francs. Although

公司建立成本： 6000-10000 美元公司建立时间： 8-13 天公司维护费用： 3000-6000 美元

见，瑞士一直都捍卫银行信息的保密制度。

Country: Switzerland Region: Europe Currency: Swiss franc (CHF) (CHF) Languages: German, French, Italian Time Zone: UTC +1 Phone Code: +41 Communications: Good

布的一项旨在确保信息交换的决定持赞同意

Switzerland, an OECD member, agreed in 2000 with an OECD declaration aimed at securing information exchange, it has fought

最近，瑞士和德国、英国等国家签订了一系

a rearguard action ever since to preserve

列的针对瑞士国民缴税的双边协定。瑞士并

banking secrecy. Most recently, it has entered

不是一个真正意义上的离岸金融辖区，但却

a series of agreements with Germany, the

有一系列的特殊公司形式，能被国际投资者

UK etc to tax their nationals Swiss assets

和跨国公司所利用，达到大幅度避税的目的。当然，作为一个民事法典国家，瑞士政府仍有官僚特征，意味着政府办事的低效率和昂

on a confidential basis. Switzerland is not an offshore jurisdiction as such, but has a series of specialised corporate forms which can be used by international investors and

贵的费用。瑞士和 100 多个国家签订了免

multinational companies to reduce their tax

双重征税协议。

bills to a significant extent. However, as a civil code jurisdiction, Switzerland tends to the

Formation Cost: 6000 - 10000 USD$ Formation Time: 8 - 13 days Maintenance cost: 3000 - 6000 USD$

bureaucratic, meaning slow and expensive.

适合于：财富管理、资产管理、银行业务、保险、

Switzerland has double tax treaties with more than 100 other countries.

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General

概况

瑞士

公开记录权限

全名；企业的功能；公司签署权力；籍贯，住址（瑞士个人的情况下）；国籍， Publicly Accessible Records 居住地（以非瑞士个人的情况下）。

会议地点

不受监管。可以在任何地方

股东

Shareholders

Minimum Number

1人

公开记录权限

只有创始人的身份可通过商业注册访问。股票销售和所有非创始人股东是匿 Publicly Accessible Records 名不可公开访问。但公司本身必须有股东名册这也适用于不记名股票

会议地点

不受监管。可以在任何地方

是否需要

是但是实际上不强求

是否为注册地或者有资质人员

不要求

账户

Full name; corporate function; corporate signatory power; place of origin, residential address (in the case of Swiss individuals); nationality, place of residence (in the case of non-Swiss individuals). Not regulated. Location may be anywhere subject to abusive selection discrimating unwanted attendees

Location of Meetings

股东最低人数

公司秘书

Switzerland

Only the identity of the founders is accessible at the commercial register upon request. The sale of shares and all non-founder shareholders are anonymous and not publicly accessible. But the company itself has to have a register of shareholders this is also applicable for bearer shares

Company Secretary

Not regulated. Location may be anywhere subject to abusive selection discrimating unwanted attendees

Required

Yes, but in practice not enforced

Location of Meetings

Local or Qualified Accounts

Not required

Requirements to Prepare

Yes

账户准备要求

是

审计账户

是，除非公司有不超过 10 FTE（全职人力工时）的年均和全体股东一致通过豁免审计要求。此后各股东可以要求审计，直到 Audit Requirements 前 10 天的任何年度股东大会。如果该公司是由当地的受托人管理，大多数强制性的情况下审计是为了保护受托人。

账户登记记录

没有，除了上市公司有义务公布其经审计的年度财 Requirements to File Accounts 务报表，相关审计报告，其半年度中期财务报表。

公开记录权限

是

Publicly Accessible Records

Yes, unless the corporation has not more than 10 FTE (Full Time Equivalents) in the yearly average and all shareholders unanimously waive the audit requirement. Thereafter each shareholder may request an audit until 10 days prior to any annual general meeting. If the company is managed by a local Trustee and Audit is in most of the cases mandatory in order to protect the Trustee.

No, except that listed corporations are obliged to publish their audited annual financial statements, the relevant audit report and their half-yearly interim financial statements. Yes

By Audina Treuhand AG

行政特区 | JURISDICTIONS

基金管理、航运、航空、游艇、知识产权 / 许可证、控股公司、电

Suitable for:

子商务、电子博彩

Wealth Management, Treasury Management, Banking, Insurance, Fund

离岸工具种类：

Management, Shipping, Aviation, Yachting, Intellectual Property/Licensing, Holding Companies, E-commerce, E-gaming

有限公司、公众有限公司、单一所有权公司、分公司、通用合伙制

Vehicle Types:

公司和有限合伙制公司

Limited companies, public limited companies, sole proprietorships, branches, general partnerships and limited partnerships

资本主要商务区域：伯尔尼、苏黎世

Capital primary business districts: Bern, Zurich

关系良好国家：

Good Relationships:

奥地利、比利时、保加利亚、加拿大、克罗地亚、塞浦路斯、捷克

Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic,

共和国、丹麦、爱沙尼亚、芬兰、法国、德国、希腊、匈牙利、爱尔兰、

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland,

意大利、日本、拉托维亚、立陶宛、卢森堡、马耳他、荷兰、波兰、

Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland,

葡萄牙、罗马尼亚、斯洛伐克、斯洛文尼亚、西班牙、瑞典、英国

Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom

关系不佳：缅甸、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙

Bad Relationships: Burma, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria

利亚 Tax Burden - Business:

税务负担——商务：中等税务负担——个人：中等

Moderate Tax Burden - Individual: Moderate Headline tax rates: CIT 8.5% (partnership and sole proprietor 0%-11.5%) (cantonal and

总体税率： CIT 8.5%（合伙制和单一所有权公司 0%-11.5%）（州和市政税 6%-24%）、PIT 0%-11.5%、增值税 8%

municipal taxes 6%-24%), PIT 0%-11.5%, VAT 8% Treaty Jurisdictions: Albania, Algeria, Armenia, Australia, Austria, Azerbaijan, Bangladesh, Belarus, Belgium, Bulgaria, Canada, Chile, China, Colombia, Croatia,

合约签订国家：

Czech Republic, Denmark, Ecuador, Egypt, Estonia, Finland, France,

阿尔巴尼亚、阿尔及利亚、亚美尼亚、澳大利亚、奥地利、阿塞拜

Georgia, Germany, Ghana, Greece, Hong Kong, Hungary, Iceland,

疆、孟加拉、白俄罗斯、比利时、保加利亚、加拿大、智利、中国、

India, Indonesia, Iran, Ireland, Israel, Italy, Ivory Coast, Jamaica, Japan,

哥伦比亚、克罗地亚、捷克共和国、丹麦、厄瓜多尔、埃及、爱沙

Kazakhstan, Korea, Republic of, Kuwait, Kyrgyzstan, Latvia, Liechtenstein,

尼亚、芬兰、法国、格鲁吉亚、德国、加纳、希腊、香港、匈牙利、冰岛、印度、印尼、伊朗、爱尔兰、以色列、意大利、象牙海岸、牙买加、日本、哈萨克斯坦、韩国、科威特、吉尔吉斯斯坦、拉托

Lithuania, Luxembourg, Macedonia, Malaysia, Malta, Mexico, Moldova, Mongolia, Montenegro, Morocco, Netherlands, New Zealand, Norway, Pakistan, Philippines, Poland, Portugal, Qatar, Romania, Russia, Serbia, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sri Lanka,

维亚、列支敦士登、立陶宛、卢森堡、马其顿、马来西亚、马耳他、

Sweden, Taiwan, Tajikistan, Thailand, Trinidad and Tobago, Tunisia, Turkey,

墨西哥、摩尔多瓦、蒙古、黑山共和国、摩洛哥、荷兰、新西兰、

Turkmenistan, Ukraine, United Arab Emirates, United Kingdom, United

挪威、巴基斯坦、菲律宾、波兰、葡萄牙、卡塔尔、罗马尼亚、俄

States, Uruguay, Uzbekistan, Venezuela, Vietnam

罗斯、塞尔维亚、新加坡、斯洛伐克共和国、斯洛文尼亚、南非、西班牙、斯里兰卡、瑞典、台湾、塔吉克斯坦、泰国、特立尼达和多巴哥、突尼斯、土耳其、土库曼斯坦、乌克兰、阿联酋、英国、

TIEA Jurisdictions: Andorra, Greenland, Guernsey, Isle of Man, Jersey, San Marino, Seychelles

美国、乌拉圭、乌兹别克斯坦、委内瑞拉、越南税收信息交换协议签订国：安道尔、格陵兰、耿西岛、马恩岛、泽西岛、圣马力诺、塞舌尔

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Q &A 瑞士 Switzerland

1. 行业调研结果显示，中国将很快成为世界最大的新公司来源国。传统上说，贵行政特区最受世界上哪个地区的客户欢迎？最适合在贵特区建立公司的业务类型是什么？瑞士的商务活动非常活跃，商务形式多种多样。瑞士当之无愧是金融行业的翘楚，也是世界钟表和制药行业的龙头。总体来说，这里是高度发达的地区，由于这里绝佳的大学和应用科学专业，这里的公司能获得高素质的雇员。此外，这里的生活水准和恰到好处的税收制度也是公司蜂拥至瑞士的主要原因。 2. 对中国客户来说，贵特区能提供的最重要优势是什么？从外国向瑞士和欧洲的投资，以及把资产放在不同和稳定的货币区域。 3. 在选择离岸行政特区时，据说价格仍是客户做决定时的主要因素。您是否同意上述说法？这一趋势在未来几年里是否会改变？您是否有注意到从关注离岸架构的价格向质量的转变趋势？在选择离岸服务提供商建立公司时，客户还应该考虑哪些因素？

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Member Contribution

1.Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for? What types of business activity is most suitable for incorporating in your jurisdiction. Switzerland covers a high variety of business activity. Of course it is famous for its financial industry, watches and pharmaceutical. Overall it is very high developed region; companies have access to high educated staff due to excellent universities and universities of applied science. Furthermore the standard of living combined with adequate taxation is also a driving force to bring a company to Switzerland. 2. What is the single most important advantage your jurisdiction provides for Chinese clients? Investing from abroad into Switzerland and Europe as well as placing assets in different and very stable monetary area. 3. It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider?

行政特区 | JURISDICTIONS

Q &A

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Q &A

我们认为价格不应该是选择离岸金融辖区的驱动性力量。当然，有些客户只会选择价格低廉的地方，但很多情况下他们到最后反而付出更多。我们预计，服务质量、法律顾问和安全性在将来会成为更为重要的因素。到最后我们都会更注重怎样合作和相互信任。一个人可以任意选择一个地方开公司，或者他也可以根据个人经验和与对方建立信任的基础上开始，后者是更为明智的选择。 4. 您是否认为在行业监管日趋严格的趋势下，中国客户会更倾向于选择透明度更高的行政特区？监管在世界范围内正在与日俱增。瑞士承诺遵守经合组织的信息自动交换协议（AEOI），并将于 2018 年开始首次和签订互惠协议的国家互相提交相关信息。 5. 过去几年里，在一些行政特区内开设银行账户变得困难。贵特区内是否也是如此？离岸公司在贵特区内开户的时间能多快？如果银行账户是由当地的金融中介机构协助设立的，比如说 Audina 信托公司（Audina Trust SA）协助开户，那就会变得易如反掌。当然，还是有必要遵守反洗钱 /“了解你的客户”方面的相关规定。要求提供的材料包括受益所有人的护照认证件、所在地址证明、客户介绍、交易资料和汇入该银行户头的资金来源的合理解释。来源：Audina Treuhand AG

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We are of the opinion that price should not be the driving factor for choosing an offshore jurisdiction. Certainly some clients will only choose by price but in many cases they may pay more at the end. We expect that quality of services and legal advice as well as security will become much more important in the future. And finally we are talking about doing business and trust. One can start doing business only by picking some companies from a shelf list or start doing business based on personal meetings and building up trust which will become more important again. 4. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent? The regulations are increasing worldwide. Switzerland has committed to participate in the OECD Automatic Exchange of Information (AEOI) and will start to deliver such tax relevant information first time in 2018 to countries which have signed a mutual agreement. 5. Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is it the casein your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? If the Bank account is set up by a local financial intermediary, such as Audina Trust SA, it should not become a challenge. However it is necessary to comply with the anti-money-laundering / kyc regulations. It requires legalized copies of Passport of the beneficial owner, address prof, a client profile, a transaction profile and a plausible documentation of the source of the assets which will be transferred to the bank. Contributed by: Audina Treuhand AG

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Q &A

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大洋洲 OCEANIA

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萨摩亚 Samoa

255

Samoa

2016 China Offshore Company Formation Guide CHINA OFFSHORE

概况

萨摩亚

General

Samoa

公司类型

国际公司

法律类型

普通法

Type of Company

International Company (IBC)

现成公司可用率

是

建立新公司所需时间

24 小时内

Shelf Company Availability

Yes

公司税

无

双重征税协议

与亚洲辖区无此协议

股本或等值股本标准货币

无

允许使用货币

任何币种

最低付清股本

无限制

法定股本要求

无限制

Type of Law

Time to Establish a New Company Corporate Taxation

Common Law

within 24 hours or less NIL

Share Capital or Equivalent

Not with the Asian jurisdiction

Standard Currency

None

Double Taxation Treaty Access

Permitted Currencies

Any permitted currency

Minimum Paid Up Share Capital Unlimited Usual Number of Shares Issued Unlimited

Directors

董事董事最低人数

无

本地董事

无

公开记录权限

有限

会议地点

任何地方

股东股东最低人数

无要求

公开记录权限

否

会议地点

任何地方

公司秘书是否需要

是

是否为注册地或者有资质人员

资质符合

账户账户准备要求

是

审计账户

否

账户登记记录

否

公开记录权限

无

Minimum Number

None

Publicly Accessible Records

Limited

Local Required

Location of Meetings

None

Shareholders

Can be held anywhere

Minimum Number

Not required

Location of Meetings

Company Secretary

Can be held anywhere

Required

Yes

Publicly Accessible Records

Local or Qualified

Accounts

Qualified

Requirements to Prepare

Yes

Audit Requirements

None

Requirements to File Accounts None Publicly Accessible Records

NIL

By Samoa International Finance Authority

行政特区 | JURISDICTIONS

简介 Introduction

萨

摩亚由两个大岛和七个小岛组成，坐落于南太平洋的中心，和夏威夷和悉尼的距离相等，也是国际

行政特区：萨摩亚所在地区：南太平洋官方语言：英语官方货币：萨摩亚塔拉 / 美元所属时区： UTC-11

日界线的东面起始位置。这个岛国的土地面积大约为 2831 平方公里。其中的五个岛

amoa, which comprises two large islands and seven smaller isles, is situated in the centre of the Southern

Pacific Ocean, approximately equidistant between Honolulu and Sydney and immediately east of the International Date Line. The Islands

屿是无人居住的荒岛。岛国的政府和商业

have a total land area of approximately 2,831

中心都位于首都阿皮亚。萨摩亚的意思是

sq km. Five of the islands are uninhabited.

“宇宙的神圣中心”。

The administrative and commercial centre is situated in its capital, Apia. The name Samoa

电话区号： +685 通讯设施：良好

萨摩亚的人口约为 18 万。90% 的萨摩亚

means “Sacred centre of the Universe”.

人是本土的波利尼西亚人。人口的组成是

The population of the Islands is approximately

一部分萨摩亚人，另外一部分则是中国人

180,000. Ninety per cent of Samoans are

或欧洲移民。尽管如此，2001 年的人口普

indigenous Polynesians. The balance of the

查显示 114435 名萨摩亚人现在居住在新

population is part Samoan and part Chinese or

Country: Samoa Region: South Pacific Currency: Samoan Dollar (Tala)/US Dollar (USD/US$) Languages: English Time Zone: UTC-11

西兰，其中一半以上是在那里出生的。

of European extraction. However the census of

宪法规定国家是议会制，包括了传统的萨

Samoa was the first South Pacific Island to

Phone Code: +685 Communications: Good

摩亚社会组成架构和一个民主选举的制度。

achieve independence on 1st January 1962.

萨摩亚的立法会有 47 人组成，其中 45 人

Its Constitution provides for a Parliamentary

公司建立费用： 1000 美元公司建立时间： 5 天公司维护费用：最低 300 美元

Formation Cost: 1000 USD$ Formation Time: 5 days Maintenance cost: minimum 300 USD$

萨摩亚是南太平洋上第一个宣布独立的国家，独立日期为 1962 年 1 月 1 日。它的

是原萨摩亚的部落酋长（每一个大家族的头目），这些酋长由他们的平辈和两个在

2001 revealed 114,435 Samoans living in New Zealand, more than half of whom were born there.

Government, which combines the traditional Samoan social structure and a democratic voting system. There is a forty-seven member

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Legislative Assembly which consists of forty-five Matai title holders (the heads of each extended family) who are elected by their peers and two non-Samoan residents who are registered on the Universal Voters' Roll. Parliamentary elections are held every three years. Corporate Requirements: · Chinese character names are permitted and can be included in a company’s Certificate of Incorporation.

通用选票注册的非萨摩亚居民选举。议会选举每三年举行一次。

· All companies need at least one director, one shareholder and a secretary. Corporate directors are permitted. Bearer shares are no longer

萨摩亚的第一个高级法院掌控和管理所有的行政区域，其权力以确保萨摩亚的法律得以公正实现。萨摩亚的上诉法庭在民事和刑事法领域旁听所有判决、法令或高级法院命令的诉讼过程。

allowed. · All companies must have a registered office and a resident agent in Samoa, which must be a licensed trust company. There are requirements for Samoan companies to prepare Registers of Directors, Secretaries and Members and for these to be kept at the registered office. The Register of Members or a copy of the register must be created within six months

萨摩亚航空与新西兰、澳大利亚、斐济、库克群岛和夏威夷有直航

of the date of incorporation. Shareholders may waive the requirements

班机。这个国家有足够的港口且由太平洋地区航运服务公司提供最

annual general meetings and audited accounts.

佳的服务。

Suitable for:

萨摩亚有极佳的国际通讯设施，提供电传、传真和卫星国际长途直拨的服务。萨摩亚的经济主要依赖农业和经济作物，也有一部分的椰子供出口。因此它对自然灾害的防御力很低，比如飓风和农作物疾病等。萨摩亚成功进行了经济转型，其政府一直鼓励经济的多元化来降低对农业的依赖，且鼓励私有化的进程。这些政策让萨摩亚的经济得到了长足的发展，渔业得到了发展，新的制造业企业开始出现且离岸金融业也得以启动。旅游业的比重也在稳步上升。公司建立要求： ·萨摩亚的公司名称可以使用汉字且公司注册证明上也可以出现汉字。 ·萨摩亚的所有公司都至少需要一名董事，一名股东和一名秘书。也可以任命董事会。无记名股票已不再被允许。 ·所有萨摩亚注册的公司都必须有一个已登记的办公室和一家作为常驻代理人的公司，该公司须为持证的信托公司。萨摩亚公司要进行董事、秘书和公司成员的注册和上述人员在注册办公室内的登记是有要求的。公司成员的登记或者登记证书的副本必须在公司成立当日起的六个月之内创建。股东可以不必满足每年进行年会和审计账户决算的要求。适合于：保险业、航运、航空、控股公司、不动产持有

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Q &A 萨摩亚 Samoa

1. 行业调研结果显示，中国将很快成为世界最大的新公司来源国。传统上说，贵行政特区最受世界上哪个地区的客户欢迎？最适合在贵特区建立公司的业务类型是什么？ - 萨摩亚金融管辖区一直以来都以它的国际商务公司架构而广受亚洲，特别是中国大陆和台湾客户的欢迎。在萨摩亚金融辖区设立公司的首要理由，就是它的控股公司架构和财富管理行业。 - 从一开始，萨摩亚就意识到远东地区的潜力，因此把远东作为它的推广目标，也获得了巨大成功。由于上述地区的强劲增速，萨摩亚也将继续把亚洲作为它的推广重点地区。 2. 对中国客户来说，贵特区能提供的最重要优势是什么？

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Q &A - 萨摩亚的金融中心早在 1980 年代就已建立，当时萨摩亚是承认（十年前）中华人民共和国的国家之一，也已和中国建立了极佳的外交关系并延续至今。亚洲的经济表现非常强劲，被认为是“虎式经济”而广受关注。因此萨摩亚亚洲作为主要的目标市场是非常合乎逻辑的。 - 萨摩亚国际金融设施被亚洲客户广泛使用，我们能为来自远东的投资者量身打造合适的产品。比如说，能用中文字符注册公司名称，公司的法律文件能以中文为文件语言。SIFA 也能在受到申请后签发中英双语的公司注册证书。 3. 在选择离岸行政特区时，据说价格仍是客户做决定时的主要因素。您是否同意上述说法？这一趋势在未来几年里是否会改变？您是否有注意到从关注离岸架构的价格向质量的转变趋势？在选择离岸服务提供商建立公司时，客户还应该考虑哪些因素？ - 我们同意关于价格因素的说法，但作为一个遵纪守法的金融辖区，我们一直努力确保符合国际标准，因此我们相信，虽然离岸架构会有从价格到质量倾斜的趋势，我们所采取的立场一直是我们最新的法律框架来保护辖区的完整性和客户的最大利益。 4. 您是否认为在行业监管日趋严格的趋势下，中国客户会更倾向于选择透明度更高的行政特区？ - 尽管萨摩亚符合国际标准且希望自己是一个合规和积极的国际金融中心，我们仍能慢慢感受到这一趋势。在保持透明度的

- When Samoa’s finance centre was initially established back in the late 1980s Samoa was one of the first countries to recognize (a decade earlier) the People’s Republic of China and had already enjoyed excellent diplomatic relations with the PRC and which continues to date. The Asian economies were also performing strongly and had become known as the Tiger Economies. Hence it seemed logical for Samoa to look to the Orient as the primary market to target. - The predominantly Asian patronage of Samoa’s international financial facilities has also resulted in tailor making our products for investors in the Far East. For instance, you can register a company with Chinese characters in its name and or have the company’s constitution documents in the Chinese language. SIFA can also issue a dual language certificate in English and Chinese upon request. 3. It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider? - We agree with the statement in regards to the price factor however as a compliant jurisdiction we have always strived to ensure that we adhere to international standards thus believe that while there may be a shift from price to emphasis on the quality of offshore structures we have always maintained the stance to ensure that we have the most up to date legal framework to protect the integrity of our jurisdiction as well as the interests of clients. 4. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent? - We are slowly seeing this trend nonetheless Samoa adheres to international standards and hopes ensure that it is a compliant

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Q &A

同时，我们相信中国客户也会因为我们的良好声誉和特点而继续使用我们的辖区。 - 我们在严格和合规环境下，根据国际营商的透明化标准和金融辖区调取和交换信息的大环境下开展业务，因此中国和世界其它地方的客户都会更倾向于使用更透明化的金融辖区。 5. 过去几年里，在一些行政特区内开设银行账户变得困难。贵特区内是否也是如此？离岸公司在贵特区内开户的时间能多快？ - 银行账户是受托人公司要处理的问题，SIFA 并不负责。当然新成立的公司无可避免地都要面对银行账户的问题，我们还是维持一个合规的金融辖区的立场，希望能达到整合行业都能因为良好的记录而协助新设立的公司开设银行账户的程度。 - 这是一个即使不是全部，也是会影响到大部分提供离岸金融

and active international participant. Whilst we strive to maintain transparency we believe Chinese clients may continue to utilize our jurisdiction in in view of good repute and character. - We are currently operating under a strong compliance culture where the global standard is for transparency in how we do business and the ability of jurisdictions access and exchange information therefore Chinese and any all other businesses around the world will gravitate towards jurisdictions perceived to be more transparent. 5. Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the few years. Is it the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? - Bank accounts are an issue trustee companies deal with and not an issue for SIFA. Whilst the problem with bank accounts is inevitable for newly set up companies we maintain our stance as a compliant jurisdiction in the hope that achieving the level playing field may assist newly set up companies to obtain bank accounts in view of its good record.

服务的行政辖区的问题，所以萨摩亚当然也无可避免。

- This is an issue which is affecting most if not all jurisdictions offering offshore financial services and therefore Samoa too has been affected.

来源：Samoa International Finance Authority

Contributed by: Samoa International Finance Authority

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Q &A

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离岸指南 | OFFSHORE HANDBOOK

企业服务提供商

Corporate Services Provider

Singapore

Russia

British Virgin Islands

United Arab Emirates

Cayman Islands

IMS The IMS Group www.ims.ky Tel: +1 345 949 4244 contactus@ims.ky

ERI Organization PTE Ltd. www.erichina.cn www.erisingapore.com Tel: +65 64920079 service@erisingapore.com

Legalspace.co www.legalspace.world Tel: +8 800 333 67 36 a.zinoviev@legalspace.world

BVI House Asia www.bvihouseasia.com.hk Tel: +852 3468 8533 info@bvihouseasia.com.hk

Labuan 委托和信托服务

Liechtenstein

United Arab Emirates

Clearview Group www.clearview-group.com Tel: +971 4 385 77 27

Luxembourg 离岸律所

Offshore Law Firms

Hoche Partners Trust Services www.hochepartners.lu Tel: +352 26 21 14 1 info@hochepartners.lu

Hong Kong

Malta

Harney Westwood & Riegels www.harneys.com Tel: +1 441 405 1500 bermuda@harneys.com

Liechtenstein

亚洲离岸协会会员

Audina Group www.audina.com Tel: +423 237 7910 info@audina.com Nevis

China The Nevis Investment Promotion Agency www.nevisipa.org Tel: +1 869 469 0038 info@nevisipa.org

Samoa

Loeb Smith www.loebsmith.com Tel: +1 345 749 7590 gary.smith@loebsmith.com Cyprus

Netherlands

Nevis

Asia Offshore Association www.asiaoffshore.org Tel: +852 30732008 info@asiaoffshore.org

Asia Offshore Association Members

Cayman Islands

The Prospera Group www.prosperainfo.com Tel: +356 21 22 4847 info@prosperainfo.com

Labuan IBFC www.labuanibfc.com Tel: +603 2780 2180 info@libfc.com

Burmuda

Malta

BDO Malta www.bdo.com.mt Tel: +356 2131 3060 info@bdo.com.mt

Allgemeine Treuunternehmen www.atu.li Tel: +423 237 34 34 info@atu.li

专业机构

Professional Associations

Trust & Fiduciary Services

Liechtenstein Interadvice Anstalt www.interadvice.li Tel: +423 232 24 12 advice@interadvice.li

RAK ICC www.rakicc.com Tel: +971 50 432 9586 e.alania@rakicc.com

NTL Trust www.ntltrust.com Tel: +1 869 469 5500 sales@ntltrust.com

国际金融中心

International Financial Centres

Zhuoxin Economic Information Consulting Co., Ltd. www.hzzxqy.com Tel: +86 571 8677 2701 info@hzzzxqy.com China

Samoa International Finance Authority www.sifa.ws Tel: +685 66400 offshore@lesomoa.net

The Bahamas Seychelles

Jincheng Tongda & Neal (Shanghai) Law Firm www.jtnfa.com Tel: +86 21 6079 5656 shanghai@jtnfa.com Hong Kong

INCO Business Group www.incobusinessgroup.com Tel: +31 0 76 230 00 11 info@incobusinessgroup.com

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Bybloserve Management www.bybloserve.com Tel: +357 24812575 hr@bybloserve.com

China Offshore Company Formation Guide 2016

Bahamas Financial Services Board www.bfsb-bahamas.com Tel: +242 393 7001 info@bfsb-bahamas.com

Seychelles Investment Board www.sib.gov.sc Tel: +248 4295500 info@sib.gov.sc

First Advisory Group www.firstadvisorygroup.com Tel: +852 2537 9478 leon.mao@firstfep.com

离岸指南 | OFFSHORE HANDBOOK

中国和主要行政特区签订的免双重征税协议表 DTA Access of China with Major Jurisdictions 序号

行政特区

签署日期

生效日期

Serial No

Jurisdiction

Signed On

Effective From

1984.4.30

1986.11.21

1984.7.26

1984.12.23

1985.11.23

1986.9.14

1986.4.18

1986.12.11

1986.5.12

1986.12.29

1986.9.16

1986.12.17

1987.5.13

1988.3.5

1990.7.6

1991.9.27

1990.10.25

1991.10.5

1991.4.10

1992.11.1

1993.2.2

1994.3.20

1993.7.1

1994.7.14

1994.3.12

1995.7.28

1994.8.1

1995.5.4

1999.8.26

1999.12.17

2000.5.15

2000.10.27

2003.9.18

2005.5.22

2005.9.12

2006.3.1

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

美国 U.S.A.

英国 U.K.

马来西亚 Malaysia

新加坡 Singapore

加拿大 Canada

新西兰 New Zealand

荷兰 The Netherlands

瑞士 Switzerland

塞浦路斯 Cyprus

奥地利 Austria

马耳他 Malta

阿联酋 United Arab Emirates

卢森堡 Luxembourg

毛里求斯 Mauritius

塞舌尔 Seychelles

巴巴多斯 Barbados

特立尼达和多巴哥 Trinidad and Tobago

墨西哥 Mexico

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行政特区税 - 务信息交换网络 Jurisdictions - TIEA networks 266

安道尔 Andorra

奥利地 Austria

巴哈马 The Bahamas

百慕大 Bermuda

巴巴多斯 Barbados

英属维尔京群岛 British Virgin Islands

阿根廷 Argentina

安道尔 Andorra

阿根廷 Argentina

丹麦 Denmark

阿鲁巴 Aruba

澳大利亚 Australia

安圭拉 Anguilla

阿鲁巴 Aruba

法罗群岛 Faroe Islands

澳大利亚 Australia

奥利地 Austria

阿鲁巴 Aruba

澳大利亚 Australia

格陵兰岛 Greenland

加拿大 Canada

比利时 Belgium

巴哈马 The Bahamas

比利时 Belgium

中国 China

捷克 Czech Republic

巴林 Bahrain

加拿大 Canada

巴西 Brazil

捷克 Czech Republic

丹麦 Denmark

伯利兹 Belize

中国 China

加拿大 Canada

丹麦 Denmark

法罗群岛 Faroe Islands

百慕大 Bermuda

丹麦 Denmark

中国 China

法罗群岛 Faroe Islands

芬兰 Finland

开曼群岛 Cayman Islands

法罗群岛 Faroe Islands

捷克 Czech Republic

芬兰 Finland

法国 France

库克群岛 Cook Islands

芬兰 Finland

丹麦 Denmark

法国 France

德国 Germany

哥斯达黎加 Costa Rica

法国 France

法罗群岛 Faroe Islands

德国 Germany

格陵兰 Greenland

多米尼加国 Dominica

德国 Germany

芬兰 Finland

格陵兰 Greenland

冰岛 Iceland

直布罗陀 Gibraltar

格陵兰 Greenland

法国 France

耿西岛 Guernsey

列支敦士登 Liechtenstein

格林纳达 Grenada

耿西岛 Guernsey

德国 Germany

冰岛 Iceland

摩纳哥 Monaco

危地马拉 Guatemala

冰岛 Iceland

格陵兰 Greenland

印度 India

荷兰 Netherlands

耿西岛 Guernsey

印度 India

耿西岛 Guernsey

爱尔兰 Ireland

挪威 Norway

马恩岛 Isle of Man

日本 Japan

冰岛 Iceland

荷兰 Netherlands

波兰 Poland

泽西岛 Jersey

韩国 Republic of Korea

印度 India

新西兰 New Zealand

葡萄牙 Portugal

利比里亚 Liberia

马耳他 Malta

爱尔兰 Ireland

挪威 Norway

圣马力诺 San Marino

列支敦士登 Liechtenstein

墨西哥 Mexico

意大利 Italy

波兰 Poland

西班牙 Spain

中国澳门 Macao, China

摩纳哥 Monaco

日本 Japan

葡萄牙 Portugal

瑞典 Sweden

马绍尔群岛 Marshall Islands

荷兰 Netherlands

韩国 Republic of Korea

圣马丁岛 Sint Maarten

瑞士 Switzerland

毛里求斯 Mauritius

新西兰 New Zealand

马耳他 Malta

瑞典 Sweden

摩纳哥 Monaco

挪威 Norway

墨西哥 Mexico

英国 United Kingdom

蒙塞拉特岛 Montserrat

波兰 Poland

荷兰 Netherlands

美国 United States

萨摩亚 Samoa

圣马力诺 San Marino

新西兰 New Zealand

圣马力诺 San Marino

南非 South Africa

挪威 Norway

圣马丁岛 Sint Maarten

西班牙 Spain

波兰 Poland

特克斯和凯科斯群岛瑞典 Turks and Caicos Islands Sweden

葡萄牙 Portugal

乌拉圭 Uruguay

英国 United Kingdom

新加坡 Singapore

瓦努阿图 Vanuatu

美国 United States

英国 United Kingdom

英属维尔京群岛 British Virgin Islands

美国 United States

其他 others

China Offshore Company Formation Guide 2016

离岸指南 | OFFSHORE HANDBOOK

开曼群岛 Cayman Islands

库克群岛 Cook Islands

耿西岛 Guernsey

香港 Hong Kong

马恩岛 Isle of Man

泽西岛 Jersey

利比里亚 Liberia

阿根廷 Argentina

澳大利亚 Australia

奥利地 Austria

丹麦 Denmark

阿根廷 Argentina

澳大利亚 Australia

阿鲁巴 Aruba

丹麦 Denmark

巴哈马 The Bahamas

法罗群岛 Faroe Islands

澳大利亚 Australia

丹麦 Denmark

澳大利亚 Australia

法罗群岛 Faroe Islands

比利时 Belgium

格陵兰 Greenland

博茨瓦纳 Botswana

奥利地 Austria

法罗群岛 Faroe Islands

比利时 Belgium

芬兰 Finland

百慕大 Bermuda

冰岛 Iceland

加拿大 Canada

巴西 Brazil

芬兰 Finland

巴西 Brazil

法国 France

开曼群岛 Cayman Islands

挪威 Norway

中国 China

加拿大 Canada

法国 France

加拿大 Canada

德国 Germany

中国 China

瑞典 Sweden

捷克 Czech Republic

中国 China

加纳 Ghana

中国 China

希腊 Greece

丹麦 Denmark

美国 United States

丹麦 Denmark

捷克 Czech Republic

格陵兰 Greenland

捷克 Czech Republic

格陵兰 Greenland

法罗群岛 Faroe Islands

丹麦 Denmark

冰岛 Iceland

丹麦 Denmark

冰岛 Iceland

法国 France

芬兰 Finland

法罗群岛 Faroe Islands

印度 India

法罗群岛 Faroe Islands

爱尔兰 Ireland

德国 Germany

法国 France

芬兰 Finland

荷兰 Netherlands

芬兰 Finland

意大利 Italy

直布罗陀 Gibraltar

德国 Germany

法国 France

挪威 Norway

法国 France

韩国 Republic of Korea

格陵兰 Greenland

德国 Germany

波兰 Poland

德国 Germany

墨西哥 Mexico

匈牙利 Hungary

冰岛 Iceland

格陵兰 Greenland

葡萄牙 Portugal

格陵兰 Greenland

荷兰 Netherlands

冰岛 Iceland

印度 India

匈牙利 Hungary

南非 South Africa

耿西岛 Guernsey

新西兰 New Zealand

日本 Japan

印度尼西亚 Indonesia

冰岛 Iceland

瑞典 Sweden

冰岛 Iceland

挪威 Norway

列支敦士登 Liechtenstein

爱尔兰 Ireland

英国 United Kingdom

爱尔兰 Ireland

南非 South Africa

新西兰 New Zealand

意大利 Italy

瑞典 Sweden

挪威 Norway

日本 Japan

波兰 Poland

莱索托 Lesotho

墨西哥 Mexico

马耳他 Malta

葡萄牙 Portugal

墨西哥 Mexico

荷兰 Netherlands

墨西哥 Mexico

圣马力诺 San Marino

荷兰 Netherlands

新西兰 New Zealand

荷兰 Netherlands

塞舌尔 Seychelles

新西兰 New Zealand

挪威 Norway

新西兰 New Zealand

斯洛伐克 Slovakia

挪威 Norway

波兰 Poland

挪威 Norway

斯洛文尼亚 Slovenia

波兰 Poland

葡萄牙 Portugal

波兰 Poland

南非 South Africa

葡萄牙 Portugal

斯洛文尼亚 Slovenia

葡萄牙 Portugal

瑞典 Sweden

斯洛文尼亚 Slovenia

南非 South Africa

塞舌尔 Seychelles

瑞士 Switzerland

瑞典 Sweden

圣马丁岛 Sint Maarten

土耳其 Turkey

瑞士 Switzerland

南非 South Africa

英国 United Kingdom

土耳其 Turkey

瑞典 Sweden

美国 United States

英国 United Kingdom

美国 United States

英属维尔京群岛 British Virgin Islands

美国 United States

其他 others

其他 Others

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行政特区税 - 务信息交换网络 Jurisdictions - TIEA networks

列支敦士登 Liechtenstein

马耳他 Malta

毛里求斯 Mauritius

荷兰 Netherlands

新西兰 New Zealand

巴拿马 Panama

安道尔 Andorra

巴哈马 The Bahamas

澳大利亚 Australia

安道尔 Andorra

安圭拉 Anguilla

加拿大 Canada

安提瓜和巴布达 Antigua and Barbuda

百慕大 Bermuda

丹麦 Denmark

安圭拉 Anguilla

巴哈马 The Bahamas

丹麦 Denmark

澳大利亚 Australia

开曼群岛 Cayman Islands

法罗群岛 Faroe Islands

安提瓜和巴布达 Antigua and Barbuda

百慕大 Bermuda

法罗群岛 Faroe Islands

比利时 Belgium

直布罗陀 Gibraltar

芬兰 Finland

巴哈马群岛 Bahamas

开曼群岛 Cayman Islands

芬兰 Finland

加拿大 Canada

中国澳门 Macao, China

格陵兰 Greenland

伯利兹 Belize

库克群岛 Cook Islands

格陵兰 Greenland

丹麦 Denmark

冰岛 Iceland

百慕大 Bermuda

库拉索 Curacao

冰岛 Iceland

法罗群岛 Faroe Islands

挪威 Norway

英属维尔京群岛 British Virgin Islands

多米尼加国 Dominica

挪威 Norway

芬兰 Finland

开曼群岛 Cayman Islands

直布罗陀 Gibraltar

瑞典 Sweden

法国 France

库克群岛 Cook Islands

耿西岛 Guernsey

美国 United States

德国 Germany

哥斯达黎加 Costa Rica

马恩岛 Isle of Man

格陵兰 Greenland

库拉索 Curacao

泽西岛 Jersey

耿西岛 Guernsey

丹麦 Denmark

马绍尔群岛 Marshall Islands

冰岛 Iceland

多米尼加 Dominica

纽埃岛 Niue

印度 India

直布罗陀 Gibraltar

圣基茨和尼维斯 Saint Kitts and Nevis

爱尔兰 Ireland

格林纳达 Grenada

圣文森特和格林纳丁斯 Saint Vincent and the Grenadines

日本 Japan

耿西岛 Guernsey

萨摩亚 Samoa

墨西哥 Mexico

马恩岛 Isle of Man

圣马丁岛 Sint Maarten

摩纳哥 Monaco

日本 Japan

特克斯和凯科斯群岛 Turks and Caicos Islands

荷兰 Netherlands

泽西岛 Jersey

瓦努阿图 Vanuatu

挪威 Norway

利比里亚 Liberia

British Virgin Islands 英属维尔京群岛

圣基茨和尼维斯 Saint Kitts and Nevis

列支敦士登 Liechtenstein

圣文森特和格林纳丁斯 Saint Vincent and the Grenadines

马绍尔群岛 Marshall Islands

南非 South Africa

圣基茨和尼维斯 Saint Kitts and Nevis

瑞典 Sweden

萨摩亚 Samoa

英国 United Kingdom

圣马力诺 San Marino

美国 United States

塞舌尔 Seychelles 其他 Others

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萨摩亚 Samoa

塞舌尔 Seychelles

新加坡 Singapore

瑞士 Switzerland

阿联酋哈伊马角英国 UAE-RAK United Kingdom

瓦努阿图 Vanuatu

澳大利亚 Australia

开曼群岛 Cayman Islands

百慕大 Bermuda

安道尔 Andorra

丹麦 Denmark

安圭拉 Anguilla

澳大利亚 Australia

丹麦 Denmark

伯利兹 Belize

挪威 Norway

安提瓜和巴布达 Antigua and Barbuda

丹麦 Denmark

法罗群岛 Faroe Islands

格陵兰岛 Greenland

瑞典 Sweden

巴哈马 The Bahamas

法罗群岛 Faroe Islands

芬兰 Finland

格林纳达 Grenada

伯利兹 Belize

芬兰 Finland

格陵兰 Greenland

耿西岛 Guernsey

百慕大 Bermuda

法国 France

冰岛 Iceland

耿西岛 Guernsey

马恩岛 Isle of Man

巴西 Brazil

格陵兰 Greenland

爱尔兰 Ireland

冰岛 Iceland

泽西岛 Jersey

库拉索 Curacao

格林纳达 Grenada

日本 Japan

荷兰 Netherlands

圣马力诺 San Marino

多米尼加国 Dominica

冰岛 Iceland

墨西哥 Mexico

挪威 Norway

塞舌尔 Seychelles

直布罗陀 Gibraltar

爱尔兰 Ireland

摩纳哥 Monaco

瑞典 Sweden

格林纳达 Grenada

韩国 Republic of Korea

荷兰 Netherlands

瑞士 Switzerland

耿西岛 Guernsey

新西兰 New Zealand

马恩岛 Isle of Man

挪威 Norway

泽西岛 Jersey

圣马力诺 San Marino

利比里亚 Liberia

瑞典 Sweden

南非 South Africa

列支敦士登 Liechtenstein

瑞典 Sweden

马绍尔群岛 Marshall Islands 圣文森特和格林纳丁斯 Saint Vincent and the Grenadines 圣马力诺 San Marino 圣马丁岛 Sint Maarten 特克斯和凯科斯群岛 Turks and Caicos Islands 乌拉圭 Uruguay 英属维尔京群岛 British Virgin Islands

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