China Offshore 7th Annual Company Formation Guide by John Yang

www.chinaoffshore.com.hk

公司建立年度指南第七辑

7th 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:

Michael Liu, Regan Shum, Rochy Chan, Wendy Wei

Liang Han, Morris Huang, Zhanjiang Ren, Haibo Xu Dongming Liu, Marlene Elsensohn, Hiu Chee Fatt Stylianos N. Christoforou, John Yang Alexandros Philippides, Philip Yu

美术总监 Art Director: Yan Chen

美术编辑 Designer:

Tank Hu

研究员 Researcher:

Stacy 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, Orin Pitkin, Isabella Fu 销售助理 Sales Assistant:

Yuanyuan Wu

发行经理 Circulation Manager: Iris Gao

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编者的话 | LETTER FROM THE EDITOR

有些观察家们认为离岸金融是全球化资本主义的痼疾所在。甚至对此持有怀疑态度的那些人也知道，离岸金融在任意分配企业所得税方面也扮演了极为重要的角色，这在本国和国际金融司法辖区中亦是如此，离岸金融中心让众多高净值和拥有巨额财富的人能够用合法的方式节省大量的税收。此外，也有不少人曾试图把离岸金融和财政上的不稳定性甚至经济危机联系在一起，但这种想法已经被证明是错误的。来自各个国家，对金融机构客户信息进行交换的压力正在不断更增加，这就让那些意图避税的人无处躲藏。巴拿马是一个例子，但是所谓“离岸账户信息”的泄漏事件也逼迫了随后的标准出台：政府必须接受由众多富裕国家组成的俱乐部——经合组织监管的《通用申报标准》，这一标准正成为全球数据分享的公认准则。意即“自动”——也就是定期、系统化地交换信息，并已于2017年正式开始。本期《中国离岸公司建立年度指南》将有更多的数据、分析和专业见解，对日趋全球化的国际信息交换潮流及其造成的影响进行剖析。离岸公司的组建一定会成为这个对税务信息透明化日趋严苛的世界更受欢迎的工具。欢迎阅读！ Some observers see offshore finance as the epitome of all of the ills of global capitalism. Even those skeptical of so broad an indictment usually acknowledge that it plays a critical facilitating role in apportioning the corporate income tax capriciously, both domestically and among national jurisdictions, and that it allows massive tax savings by many persons of high income and wealth. In addition, a few have tried to link the offshore system to financial instability and crisis. Growing peer pressure on countries to exchange information about clients of their financial firms has left tax evaders with few places to hide. Panama was one, but the "Panama Papers" revelations have forced it into line: its government is poised to embrace the Common Reporting Standard (CRS), administered by the OECD, a club of mainly rich countries, which is becoming the global benchmark for sharing data. "Automatic" that is, regular and systematic - exchange has already begun in 2017. In this issue of China Offshore's Annual Company Formation Guide, we'll have more data, more analysis and more insights of global trends toward international information exchange and the subsequent tax saving methods, offshore incorporation will surely become more popular in this tightening world. Enjoy!

John Yang

Editor, China Offshore editorial@chinaoffshore.com.hk

Company Formation Guide CHINA OFFSHORE

观点 | OPINION

006

中国超高净值家族应对 CRS 浪潮之传承规划 Inheritance Planning for China's Ultra-high Net Worth Families in Response to CRS

014

CRS 内容浅析及误读辨析

052 塞浦路斯，把握投资机遇的首选辖区 Cyprus, the Preferred Place for Investment Opportunities

056 列支敦士登控股公司、资产保护和资产传承计划 Liechtenstein Holding Companies, Asset Protection & Asset Succession Planning Instruments

Basic Analysis of the Common Reporting Standard (CRS) and Related Misunderstandings

022 私人信托公司的设立与治理 Establishment and Governance of Private Trust Company

030 离岸公司注册，企业走向世界的通行证 Offshore Company Registration, A Worldwide Pass for Businesses

034

要在 2017 年设立离岸公司，您需要考虑哪些方面的问题？ To Establish an Offshore Company in 2017, What Do You Need to Consider?

040

股权信托在家族企业传承中的运用 The Application of Share Trusts in the Inheritance of Family Enterprises

046 世界新规则：追逐透明度和实质性的新潮流 The New World Order: Chase or Be Chased by Transparency and Substance

Company Formation Guide

225

目录 CONTENTS 064 股东互保策划 Shareholder Protection Planning

070 中国公司的海外注册潮流 Chinese Companies' Offshore Incorporation

特别报道 | FEATURED REPORT

080

通用申报标准在香港做生意的外国人应该担心吗？

Common Report Standard Should Foreign Businessmen Operating in Hong Kong be Worried?

084 塞浦路斯司法辖区一览 Cyprus at a Glance

096 为什么选择卢森堡成立您的离岸公司？ Why Luxembourg?

104 离岸公司建立的常见问题解答 Offshore Company Formation FAQ

2017 热点 | HIGHLIGHTS

110

司法辖区 | JURISDICTIONS

114

速查指南 | REFERENCE BOOKLET

260

Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

Member Contribution

中国超高净值家族应对 CRS 浪潮之传承规划

Inheritance Planning for China's Ultra-high Net Worth Families in Response to CRS Morris Huang

Morris Huang 黄文鸿黄文鸿先生现任磐合家族办公室董事总经理兼联合创办人，曾任国际知名信托公司大中华区业务董事总经理，拥有十多年丰富的经验，熟知新加坡、香港、开曼群岛、台湾以及中国大陆财富管理、信托与私募基金之相关法规，曾服务于德勤会计师事务所，专注于转让定价、税收协议、国际遗产规划、欧洲及美国税法、以及跨国公司国际税务筹划。 Morris Huang is Managing Director and Co-Founder of Panhe Family Ofﬁce. He was formerly Managing Director of a prestigious trust company, and worked as an expert in legal regulations for wealth management, family trusts and private funds in Singapore, Hong Kong, Cayman Islands, Taiwan and Mainland China, where he has over 15 years’ experience in supporting UHNW families and major fund houses around the globe to optimize their structures. Previously, Morris worked for Deloitte, focusing on transfer pricing, tax treaties, international estate planning, EU and US tax law, and international tax planning for multinational enterprises.

Company Formation Guide

he past decade has witnessed tremendous changes in wealth management's legal and tax environment worldwide. Ten years ago, the global private banking business reached its peak, and a reversal as substantial as seen today was unthinkable at that time. The first aspect is the full implementation of FATCA, and while countries and major financial institutions around the world were busy implementing FATCA locally, the European Organization for Economic Cooperation and Development (OECD) launched CRS with remarkable success.

offshore structures and offshore trusts to internationalize enterprises and families, so as to legally protect information about assets and lower the cost of taxation to a reasonable extent, as well as to achieve the optimal allocation of assets worldwide in compliance with the relevant provisions of CRS and FATCA. The following case will shed light on the importance of holistic thinking and clever planning. Study of a typical case, extending from an enterprise to a family

With the continuous development of China's capital market and steady growth of a number of ultra-high net worth families, coupled with major changes in legal and taxation compliance, taxation planning for ultra-high net worth families involves nationality and tax registration, as well as registration for individuals and enterprises. A series of changes in internal and external factors have made planning for ultra-high net worth families more complex.

Background: The client is the owner of Company A, a major raw material processing enterprise in China. One buyer overseas plans to buy Company A. But if the company is acquired directly, the income tax for the property transfer will be as high as RMB 200 million. The client hopes we can help the company lower their tax burden while achieving the goal of protecting the family's wealth and inheritance through a lawful offshore structure for diverse wealth allocation and tax planning.

One issue of vital importance for existing ultra-high net worth families in China is the preservation and inheritance of wealth by combining

Planning and implementation: First of all, we tried to gain a comprehensive understanding of Company A's shareholding structure.

观点 | OPINION CHINA OFFSHORE

近

十年来全球财富管理的法律与税务环境已发生了翻天覆地的变化, 十多年前全球私人银行业务达到前所未有的高峰, 在当时绝无法想象现今会有如此本质性的翻转。首先是美国FATCA的全面执行，而当全球各国及各大金融机构尚为FATCA的落地执行忙得焦头烂额之际，欧洲经济合作与发展组织（简称 OECD）又以不可思议的进程推行了 CRS 并取得巨大的成果。随着中国资本市场的持续发展并以稳定的效率持续产出中国超高净值家族，在上述法律与税务合规环境的巨大变化影响下, 中国超高净值家族的税务筹划不只关涉到个人与企业，往往还有家族成员的国籍与税籍问题。这一系列的内外因素变化，导致超高净值家族客户的规划复杂性大为提高。如何结合离岸架构与离岸信托，促进企业与家族走向国际化，实现财富保全与传承，达到合法保护资产信息、合理降低税收成本，并在符合 CRS 与 FATCA相关规定下实现全球资产最佳配置, 是当前中国超高净值人群最重要的课题。以下将透过实际案例，分析综合考虑与合理规划的重要性。解读典型案例，从企业延伸到家族案例背景：客户是国内A公司的企业主，该公司是一家资产规模相当大的原料加工企业。有一海外收购方想收购A公司。但如果采取直接收购，则境内的财产转让所得税将高达2亿。于是客户希望我们能够透过合法合规的离岸架构，进行合理分散配置与税务筹划，达到企业合法降低税收成本并同时完成个人家族资产传承与保护的效果。规划实施：我们首先对A公司的股权架构进行全

Then we advised Company A to inject capital into the buyer overseas to expand shares and thereby hold 75% equity in Company A. In this way, it was transformed into a joint venture. Now there are four major shareholders in Company A after equity restructuring, who will then set up an offshore company, and set up a company in Hong Kong with a controlling stake. Finally, the Hong Kong company will acquire the remaining 25% shares of Company A in the mainland, finishing the red chip structuring of the equity. After that, the overseas buyer will buy the Hong Kong company, thus indirectly acquiring the remaining 25% equity of Company A, and finally acquire 100% equity of Company A. Through this scheme, the property transfer income tax for the acquisition is sizably lowered, creating a seamless link to the inheritance planning of the future family assets.

Extension of personal planning: Among Company A's four shareholders, one holds more than a 60% stake. How can one reasonably plan for the personal income tax and inheritance in respect of this 60% equity? Extension of family planning: In the beginning, the client only requested an acquisition. Upon further investigation however, we find that the client has a complex family background. His spouse and two sons are all US green card holders. He has another family with one child. He also has substantial assets in the mainland held by others on his behalf (which is common among Chinese high net worth individuals). The family members have multiple nationalities, tax registration, complicated marital relationships and the risk of assets being held by others, all affecting the long-term planning overall. The key issue in this case is to take all

Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

面梳理，然后让 A公司对海外收购方进行增资扩股，使其拥有A公司75%的股权。于是A公司就成为了中外合资企业。而A公司股权经过梳理之后归纳为 4位大股东，他们在境外开设一家离岸公司，并控股设立一家香港公司，再以香港公司来收购境内A公司25%的股权，从而完成股权的红筹架构。接着海外收购者通过收购香港公司，间接收购A公司国内剩余的25%股权，从而完成了对A公司100%的收购。经过如此设计，此收购案的财产转让所得税合理降低, 同时也无缝衔接对未来个人家族资产的传承规划。个人规划延伸： A公司的4位股东中，有一位持有超过 60%的股权。如何对这60%的股权进行合理的个人所得税与传承规划 ?

Company Formation Guide

those elements into consideration when planning for asset inheritance, protection, taxation and the global allocation of assets. As for the red chip structure and offshore trust in this case, the following benefits can be ensured: • The optimization of tax costs for overseas acquisition; • The structure of an offshore trust will tackle the risk of assets being held by others; • The complex problems of tax and wealth inheritance facing the family can be solved by creating an offshore trust with full consideration of the nationality and tax registration of the client and beneficiary. • Large insurance policies overseas will be included in the trust

structure, the savings and security plan of the family members will be established, and a reasonable cash flow arrangement will be made for family members in the future, so as to achieve a more comprehensive and effective wealth inheritance planning; • The plan is intended to meet the needs for a possible return investment in the future. Although a lot of ultra-high net worth clients have assets overseas, there is still a high possibility of a return investment, taking into account the prospects for the domestic market. A balanced offshore structure will facilitate future investment moves. Things to consider: Back to basics Faced with the complexity of ultra-

观点 | OPINION CHINA OFFSHORE

家族规划延伸：客户最初的需求只是完成海外并购案。但是在深入了解之后，我们发现客户的家庭背景非常复杂：首先其夫人及两位儿子都持有美国绿卡；其次他还有另一个家庭，并育有一子；而客户在国内有相当多的资产，均由别人代持 (这也是国内高资产人士普遍存在的情况)。家族成员存在的多种国籍、税籍，复杂的婚姻关系，以及资产代持的风险等因素，都会影响整体的长远规划。如何综合考虑这所有方方面面而实现对其家族资产传承、保护，税务与全球投资优化的全面梳理，成为了本案的重要课题。本案中适当的红筹架构规划以及离岸信托，可产生以下有利影响： • 海外并购交易税赋成本的优化； • 透过设立离岸信托，为客户解决巨额资产长期代持的风险问题； • 为其家族成员解决相关税务及复杂的传承问题 : 综合考虑委托人与受益人的国籍、税籍情况进行离岸信托的架构设计； • 将海外大额保单置入信托架构，建立家族成员的储蓄与保障计划，为家族成员未来做好现金流的合理安排，从而实现更全面有效的财富传承规划； • 满足未来可能的返程投资需求。尽管不少超高净值客户在海外拥有大量产业，但考虑到国内市场的发展前景，仍存在高度可能返程投资需求。而合理完善的离岸架构设计，也有助于未来的投资安排。

high net worth families and the CRS trend, we need to simplify the situation and boil it down to two basic points, so as to effectively reshuffle the property, allow for longterm planning, and optimize the tax planning structures.

he locate his family? First choice for tax resident planning: emigrate to Singapore?

For one thing, we need to understand the essence of CRS, and seize the key points in planning. CRS is a set of standards for the automatic exchange of relevant international tax information largely based on Model 1 IGA of FATCA, whereby financial institutions identify tax-related information in the financial accounts of the taxpayer, and automatically activate the exchange procedure. Therefore, in the tax planning of CRS, the residential status of the taxpayer is a key factor. We also need to allow for the future development needs of the individual and their family members. For example, which country will the client consider for long-term business operations and in which country will

Many of the richest people in mainland China have obtained nationality or tax resident status in Singapore, including famous movie stars Jet Li and Zhao Wei. There are possibly two major reasons for such a decision: • Singapore is one of the countries with the lowest individual income tax rates. As of 2017, the highest personal income tax rate in Singapore stood at 22%, less than half of China's 45%. • Singapore's personal income tax is subject to the principle of territorial jurisdiction; that is, only income from Singapore is subject to taxation, while overseas income is not calculated in the tax base. For many wealthy people overseas, this is a key factor for wanting to be naturalized in Singapore.

回归基本的考虑面对中国众多超高净值家族的复杂现状与CRS的浪潮，我们需要先化繁为简，回归两大基本要点，才能进行有效的产权梳理与长远的架构规划，实现税务筹划结构的优化：

Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

一是理解 C R S 的实质，抓住筹划的关键考虑点。C R S 基本上是以美国 FATCA的Model 1 IGA为基础版本，设计出的一套有关国际税务情报自动交换的新标准，由所有金融机构去识别纳税义务人的金融账户涉税信息，并且进行自动交换的程序。因此在有关 CRS的税务筹划中，税务居民身份是关键因素。二是要回归到客户个人及其家族成员未来事业与家庭的发展需求。例如，客户将来考虑在哪个国家进行长远事业的经营，其家庭居住重心会落在哪个国家等。税务居民筹划首选 : 新加坡移民 ? 国内不少名人富豪都取得了新加坡的国籍或者税务居民身份，例如著名的影星李连杰、赵薇等。主要原因可能有两个： • 因为新加坡可以说是个人所得税最低的国家之一。从2017年开始，新加坡个人所得税的税率最高只有22%，相较于中国最高45%的税率还不到一半。 • 因为新加坡的个人所得税是属地主义，即来源于新加坡当地的所得才需缴纳个人所得税，来自海外的所得不包含在税基之中。这是很多国际富豪想入籍新加坡的关键重要因素。但是否就意味着新加坡是所有高净值客户移民的最佳选择呢？答案是不尽然。一是由于近年来，很多国际富豪都想成为新加坡的税务居民，造成新加坡移民申请案暴增，审核条件远比以前严格。二是需要考虑企业主及其家人的事业与家庭规划需求，未来是否会移至新加坡。这点非常重要，也是新加坡政府在审核是否批准移民身份时非常重要的关键点。思考CRS系统之外的美国美国在全世界以无比坚定的力量与意

Company Formation Guide

But does that mean that Singapore is the best choice for all high net worth clients? It depends. Firstly, there has been a dramatic rise in immigration applications in Singapore in recent years because many wealthy people wish to become tax residents, so the approval conditions are much more stringent than before. Secondly, the career and family needs of business owners and their families should be taken into account. Is there a need for them to move to Singapore in the future? This is a very important and

critical point for consideration, as well as for the Singaporean government's approval of immigrant status. Shift attention to other countries out of the CRS system - the United States The United States is vigorously advocating for FATCA around the world, but refuses to join the CRS declaration system. It seems that it has begun to attract a lot of overseas wealth into the country. According to

观点 | OPINION CHINA OFFSHORE

志去推行FATCA，却拒绝加入CRS的申报系统，似乎也因此开始吸引了不少海外财富进入美国。彭博新闻社撰文指出，某些知名国际财富管理机构已经协助某些来自土耳其或俄罗斯的客户，把资产从巴哈马岛国转移到美国的内华达州。基于美国是CRS非参与国的原因，目前市场上有不少人认为它会是一个新的国际避税天堂。但实际操作起来有这么简单吗？如果没有具备足够经验的专家或团队协助与适当的架构规划，将资产简单转移到美国，虽然在表面上可能短时间脱离CRS的天罗地网，但却极有可能在FATCA Model 1 IGA双向互惠的政策下被交换回国内。而且，将钱存放于美国金融体系，必须慎重考虑《美国洗钱防治法》的相关规定，否则将引发难以预料的风险。最近一个著名的例子是：2017年2月中国著名导演英达在美国因为涉嫌洗钱被逮捕。他已放弃庭审机会，并就刻意规避申报要求进行现金拆分的行为指控而认罪。他将最高面临十年的刑期以及最高50万美元的罚款。

Bloomberg, well-known international wealth management institutions have helped clients from Turkey and Russia to transfer their assets from the Bahamas to Nevada. As the US is not a member of CRS, one common belief in the market is that it will be a new international tax haven. Is the actual operation so simple? If, without assistance from experienced experts or teams, and appropriate structure planning – and if assets are directly transferred to the United States – they may be out of the reach of CRS in the short term, but it's highly likely that these assets will be moved back to China under the reciprocal policy in the FATCA Model 1 IGA. Moreover, when depositing money in the US financial system, we must carefully consider the American Money Laundering Act, which can lead to unpredictable risks. One typical case is that Ying Da, a famous Chinese director, was arrested in the United States in February 2017 for

suspected money laundering. He has given up the court trial and pleaded guilty to charges of deliberately breaking the reporting requirements for cash splits. He faces up to ten years in prison and a maximum fine of US $500,000. The allegation of the US prosecutor shows that Ying Da lives in Connecticut, and from April 2011 to March 2012, he deposited US $464,400 into an account jointly held by him and his wife. In order to bypass the monitoring and avoid the transaction reporting requirements, he kept the deposit amount each time deliberately under US $10,000, and completed the transaction over 50 separate deposits. For the purpose of covering up this trick, he and his wife opened 6 accounts in 4 banks at the same time. The consequence is that he will be subjected to up to ten years in prison for ignorance of the anti-money laundering regulations of the US and violation of the relevant

Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

美国检方的指控书显示，英达居住于康州，在2011年 4月到2012年3月之间，先后把46.44万美元存入他和他妻子的联名账户，而他为了绕开监控，避开上交交易报告的要求，每次存钱的额度都刻意低于1万美元，并前后分了 50次存入。同时为了掩人耳目，他和他妻子也分别在4家银行开了6个账户。由于不熟悉美国的洗钱防治相关规定，触犯了美国洗钱防治法，导致可能面临最高10年的刑期。除了《美国洗钱防治法》，不管是美国的联邦所得税还是州税，也需要非常注意。因为美国的联邦所得税，个人最高可能高达39.6%，而遗产税最高也达 40%。而在某些特定的州还有州税。因此当资产转移到美国，在专业团队的协助之下进行美国当地的税务规划，是不可缺少的步骤。考虑欠周，则得不偿失关于CRS的税务筹划，现在市场上充斥着很多简单粗暴的方式，比如认为购买岛国护照就能避开CRS的合规性审查，但这种方式已经受到经济合作与发展组织OECD的高度关注，甚至有可能在即将推出的修正版的补充解释当中围堵这种行为。在香港与新加坡等国际金融中心，现在已有部分银行开始不接受第三国岛国的身份开户，甚至要求原有岛国护照的客户进行关户的动作。总而言之，对于中国超高净值家族身份的整体规划，需要考虑的要素非常多。作为家族办公室的从业者，我认为最核心的服务就是要解决客户的问题，坚守“买方”定位，回归到客户个人与家族成员发展需求的重心，站在客户的立场上，综合市场形势、政策环境、客户自身状况等因素，为其家族构建定制化财富管理系统，才是周全之计。

Company Formation Guide

provisions. In addition to the American Money Laundering Act, special attention should also be paid to the rules on federal income tax or state tax. In terms of federal tax, the maximum rate may be as high as 39.6%, while the highest inheritance tax rate may be up to 40%. And in certain states there is a state tax. Therefore, local tax planning with assistance of experts is an indispensable step when transferring assets to the United States. Reckless actions lead to loss Now the market is flooded with simplistic and futile methods to deal with CRS tax planning. For example, some people think that possessing a passport from an island country can circumvent CRS compliance review. Actually, the practice has drawn close attention from the OECD,

which may include such behavior in the supplementary explanation in its upcoming revision. In some international financial centers, including Hong Kong and Singapore, some banks do not accept opening requests with the identity of a third island country, and even require the client holding an island passport to close the account. All in all, countless factors have to be reckoned with in overall planning for ultra-high net worth families in China. As a family office practitioner, I think that solving a client's problems, holding fast to the "buyer" position, and focusing on the developing needs of the client and his/her family is at the core of our service. The optimal strategy is to customize a client's wealth management system in line with his/her position while accounting for the market situation, policy and actual condition of the client.

观点 | OPINION CHINA OFFSHORE

Member Contribution

CRS 内容浅析及误读辨析

Basic Analysis of the Common Reporting Standard Zhanjiang Ren & Dan Li (CRS) and Related Misunderstandings

中

国加入CRS的新闻一出，对于投资海外市场并积累大量财富的企业家不啻于一记响雷，关于CRS的文章、讲座也如雪花般纷至沓来。多领域专家的解读固然为企业家揭开CRS的面纱具有积极的推动作用，但是企业家却很难在乱花渐欲迷人眼的文章与讲座中真正解决关于CRS以及企业税务筹划的疑惑，因此，本文以CRS的内容为基础，对企业家的某些误读观点进行针对性辨析。 CRS的含义及内容经合组织（OE CD）于2014 年7月发布的《统一报告标准》（C o m m o n

Zhanjiang Ren 任战江

he news that China would become a signatory of CRS shocked entrepreneurs who have invested in foreign markets and accumulated enormous wealth. Articles and lectures on CRS have since appeared in a continuous stream everywhere. The interpretations offered by experts in various fields encouraged entrepreneurs to unveil CRS, but such a great number of articles and lectures still cannot really help them to resolve their doubts about CRS and corporate tax planning. Therefore, this article will dispel some common misunderstandings

Dan Li 李丹

任战江律师，中国山东省委、省政府法律专家库专家，长期致力于国际投资、并购、贸易等领域的法律服务。

李丹律师，本科与研究生均毕业于中国政法大学，主要执业领域为外商投资、国际贸易、境外发债、跨境担保等。

Attorney Zhanjiang Ren, an expert listed in the Legal Expert Pool of the Provincial Party Committee and Provincial Government of Shandong, China, specialized in the legal services in the ﬁelds like international investment, merger and acquisition and trading for years.

Attorney Dan Li, With both bachelor's and master's degree obtained in China University of Political Science and Law, Li is mainly engaged in the legal practices in the ﬁelds like foreign investment, international trade, overseas bond issuance and crossborder guarantee.

Company Formation Guide

about entrepreneurs, based on the contents of CRS. CRS contents and connotations The Organization for Economic Co-operation and Development (OECD) issued the Common Reporting Standard (CRS) in July 2014, and called upon jurisdictions to obtain tax-related information from their financial institutions, and to automatically exchange that information with other jurisdictions in order to fight cross-border tax avoidance. CRS consists of nine sections, including General Reporting Requirements, General Due Diligence Requirements, Due Diligence for Pre-existing Individual Accounts, Due Diligence for New Individual Accounts, Due Diligence for Pre-existing Entity Accounts, Due Diligence for New Entity Accounts, Special Due Diligence Rules, and Defined Terms and Effective Implementation. Categories of accounts for automatic information exchange under CRS CRS specifies the reporting objects, accounts or financial institutions exempted from reporting, the specific information to be exchanged, and the identification of tax residents in the

观点 | OPINION CHINA OFFSHORE

Reporting Standard ，即CRS），旨在呼吁各国开展金融账户涉税信息获取和自动交换工作，打击跨境避税行为。 CRS共分为九个部分，包括：申报要求、尽职调查要求、已有个人账户的尽职调查、新设个人账户的尽职调查、已有公司账户的尽职调查、新设公司账户的尽职调查、特殊调查规定、术语释义以及实施手段。

Is the entity account holder a passive non-financial entity?

以已有公司账户为例，金融机构首先需要对账户总资产进行核查，在信息交换的承诺截止日前，该账户内的资产不足25万美元的无需申报，超过25万美元则需要申报。而对于25万美元以上的账户，金融机构则需要按照两步走的步骤逐级审查并予以认定。

Not required to report

Yes Is the aggregate account balance or value lower than USD 1,000,000?

Yes

CRS自动交换账户的类别 CRS规定了自动交换资料框架下的申报对象、豁免申报的账户或金融机构、交换的具体资料、税务居民的认定等内容。其中，托管账户、存款账户、投资实体的股权权益或负债权益、现金值保险合同以及年金合同均属于自动交换资料涵盖的账户，申报机构应当对上述账户中的总资产进行申报。而满足一定条件的退休金、抚恤金账户、人寿保险合同、税收优惠账户及因法院判令开立的账户等无需审查或申报。

Yes

Does the information collected by the financial institution indicate controlling person is resident in a reportable jurisdiction?

Required to report controlling person

No No

Has the selfcertification required by the financial institution been obtained?

Does the selfcertification offered by the entity or the controlling person Yes Yes indicate controlling person is resident in a reportable jurisdiction?

Not required to report controlling person

framework of automatic information exchange. The custodial account, depository account, equity interests or debt equity of investment entity, cash value insurance contract, and annual premium contract are all accounts covered by the automatic information exchange framework. The reporting institutions shall report the total assets in the above-mentioned accounts. Retirement and pension funds, lifelong insurance contracts, tax-favored accounts, and accounts established in connection with court orders or judgments that satisfy all relevant requirements are excluded from examination or reporting. In the case of a pre-existing entity account for example, the financial institution shall first check its

Required to report controlling person

Does a data search indicate that the controlling person is resident in a reportable jurisdiction?

Not required to report controlling person

aggregate account balance. If the balance does not exceed USD 250,000 as of the promised deadline for information exchange, it is not required to be reported. If the balance exceeds USD 250,000, it must be reported. For accounts with a balance of more than USD 250,000, the financial institution shall review and identify them in two steps. Firstly, it needs to determine whether the entity is a reportable person. The financial institution needs to determine whether the account holder is a tax resident in the country or region which is a signatory of CRS according to the information submitted by the account holder. It is mainly determined by the place where an organization is incorporated, or the

Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

否

公司账户持有人是否为消极非金融机构？

and identify the actual controlling person. If the controlling person is determined as a tax resident in the country or region which is a signatory of CRS, the financial institution needs to report the controlling person and this entity's account. With regards to the actual controlling person of a pre-existing entity account, CRS has more complicated regulations on due diligence procedures. For details, see Figure 1.

无需申报

是是

是

金融机构搜集的信息是否显示其控制人数与签署国家的税务居民？

需要申报控制人

否

金融机构要求其提供的自我证明是否已获取

公司或其控制人提供的自我证明是否显示控制人属于签署国家的税务居民？

无需申报控制人

首先，需要认定公司是否构成申报人。金融机构需要根据账户持有人提交的信息认定其是否为签署CRS国家或地区的税务居民，主要从公司注册、经营地址等方面认定。其次，需要认定公司是否构成消极非金融实体（passive non-financial entity，以下简称P-NFE），以及该公司控制人是否构成申报人。在此步骤中，金融机构需要综合审核账户持有人是否为消极非金融机构，公司控制人是否为账户持有人，控制人是否构成申报人等方面决定该账户是否需要申报。如果公司控制人构成申报人，该账户将被一定会被认定为申报账户。由于 OE CD的“穿透原则”，在审查时，金融机构需要“穿透”P-NFE的架构，找到其背后的实际控制人并予以识别，如果控制人被认定为签署CRS 国家或地区的税务居民，则金融机构需要申报控制人以及该公司账户。因此，在已有公司账户的实际控制人方面，CRS有着更为复杂的尽职调查程

否

账户余额或总资产是否低于 100 万美元？

Company Formation Guide

是

否

数据搜索是否显示控制人属于签署国家的税务居民？

需要申报控制人

否

无需申报控制人

address of the entity. Secondly, it needs to determine whether the entity is a passive nonfinancial entity (hereinafter referred to as P-NFE) and whether the entity's controlling person is a reportable person. At such stage, the financial institution needs to determine whether the account is reportable by comprehensively reviewing whether the account holder is a P-NFE, whether the controlling person is the account holder, and whether the controlling person is a reportable person. If the entity's controlling person is a reportable person, the account must be treated as a reportable account. As a result of the OECD's "penetration principles", during review the financial institution needs to "penetrate" the P-NFE structure

Therefore, it cannot be generalized that all offshore accounts established by entities or individuals are reportable. The financial institution shall determine whether an account is reportable according to the selfcertification submitted by the account holder and other information obtained in connection with the opening of the account, and accordingly start the reporting procedure. Misunderstandings and clariﬁcation of CRS rules

观点 | OPINION CHINA OFFSHORE

序规定，详见附图1。因此，不可一概而论的认为所有的公司或个人开立的海外账户均需要申报，金融机构通过账户持有人提交的自我证明以及开户时其他材料综合认定该账户是否符合申报条件，进而启动申报程序。 CRS规则的误读及厘清是否可以在未签署CRS国家或地区的金融机构开立账户？就目前OECD发布的已经签署或者承诺签署CRS的国家和地区清单来看，美国、菲律宾、泰国、台湾地区等并未被OECD纳入国家名单，因此某些个人或公司认为中国居民在未签署CRS国家的资产信息不用自动上报给中国税务局，可以借此逃避CRS的申报系统以达到避税的目的。首先，单就 C R S 来讲，上述想法在 OECD的“穿透”原则面前十分苍白无力。在前文关于已有对公账户的举例中，本文已提及“消极非金融实体”，按照CRS第八部分“释义”第四章“申报账户”第6 条、第8 条、第9 条关于 “控制人”、 “消极非金融实体”和“积极非金融实体”的定义，金融机构需要 “穿透”P-NFE的层层架构，找到其背后的实际控制人并予以识别。

Is it possible to open an account at a ﬁnancial institution in a country or region which is not a signatory of CRS? According to the list of countries and regions which have already signed or promised to sign CRS which has been issued by OECD, so far the U.S., the Philippines, Thailand and Taiwan have not been included in the list. Therefore, some individuals or entities assume that the information about the assets of Chinese residents in nonCRS countries is not required to be submitted to Chinese tax authorities, and are considering this a way to evade the CRS reporting system in order to avoid tax. Firstly, such an assumption is both feeble and futile when confronted with the "penetration principles" of the OECD. In the aforementioned examples of pre-existing entity accounts, we have already mentioned a "Passive Non-financial Entity". According to the definitions of

"Controlling Person", "Passive Nonfinancial Entity" and "Active Nonfinancial Entity" in Article 6, 8 and 9, Paragraph D "Reportable Account", Section VIII "Defined Terms" of CRS, the financial institution needs to "penetrate" the structure of P-NFE to identify and determine the actual controlling person behind the scenes. Secondly, in view of the actual operation, opening an account blindly in a country or region which is not a signatory of CRS may result in risks and losses in other aspects. If a country or region which is not a signatory of CRS is assessed by an authority as a negative country, the consequence of tax avoidance may turn into an extremely substantial and high-risk loss. Meanwhile, to open an account in a global financial institution with an excellent reputation and high security is no doubt the best choice for all entrepreneurs. However, branches of international banks normally operate in accordance

其次，在实际操作层面，盲目的前往未签署CRS的国家或地区开立账户，可能产生其他方面的风险和损失。未签署CR S的国家或地区如果被权威机构评定为负面国家，避税的结果可能会演变为高风险的巨额损失。同时，选择信誉高、安全性高覆盖全球的金融机构开户无疑是所有企业家的不二选择，但是国际性银行的支行一般是根据总行政策开展工作，因此即使在未签署CRS的国家设立账户，也可能属于CRS申报范围。而如果放弃国际性

Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

金融机构转向地方性机构，其资金流的稳定性和账户安全性显然无法与国际性金融机构相媲美，且地方性金融机构更容易受到本国政治动荡和经济形势变化的影响。因此，无论是在“穿透”规则下，还是实际操作层面，为了躲避本国的高额税负而盲目前往未签署CRS的国家开立账户并非明智之选。即使未签署CRS 的国家或地区其政治经济环境较为稳定，这种以时间换空间的做法只能暂时解决燃眉之急，并非长久之计。在现有个人账户存放少于豁免价值的资产？个人账户方面，根据CRS第三部分“已有个人账户尽职调查”第三章第6条规定， “如果已有个人账户在该国承诺期限前非高净值账户，但是之后的某个会计年度达到高净值标准，负有申报义务的金融机构必须在达到标准的当年年底前根据本章的规定对该账户进行加强审查。如果审查结果认定该账户为申报账户，金融机构必须每年申报该账户总资产等信息，除非账户持有人被认定为非申报个人。”

Company Formation Guide

with the policies of the head office. Accounts opened in a country which is not a signatory of CRS may also be reportable by CRS rules. If you choose a regional financial institution instead of an international institution, the stability of capital flow and the security of the account will be on a par with an international financial institution. Furthermore, regional financial institutions are more susceptible to domestic political unrest and changes in economic situation. Therefore, in view of both "penetration principles" and actual operations, it is not a wise choice to open an account in a non-CRS country for the purpose of avoiding high tax rates at home. Even if the country or region that is not a signatory of CRS has a relatively stable political and economic environment, such a way of trading time for space can only represent a solution in matters of extreme urgency. It is definitely not a

permanent solution. Can deposit assets be less than the exempt value in pre-existing accounts? With regards to individual accounts, according to Article 6, Paragraph C, Section III "Due Diligence for Preexisting Individual Accounts" of CRS, "If a Pre-existing Individual Account is not a High Value Account as of the deadline promised by the country, but becomes a High Value Account as of the last day of a subsequent calendar year, the Reporting Financial Institution must complete the enhanced review procedures described in paragraph C with respect to such an account within the calendar year following the year in which the account becomes a High Value Account. If, based on this review, such an account is identified as a Reportable Account, the Reporting Financial Institution must report the required information about this account with respect to

观点 | OPINION CHINA OFFSHORE

公司账户方面，根据CRS第五部分“已有公司账户尽职调查”第二章、第三章规定， “B. 如果已有公司账户资产在该国承诺期限前超过25万美元，或者到期时未超过25万美元但是在之后的某各会计年度超过25万美元，金融机构必须根据第四章的审查程序对该账户进行审查。C.如果第二章中规定的账户由超过1名以上的申报人持有，或者由1名以上的控制人控制的消极非金融机构持有，则该等账户将被认定为申报账户。” 由此可知，如果将现有账户存放的资产降低为豁免价值以下并不会永久性的避免金融机构的审查和申报，一旦账户中资产超过CRS规定的标准，金融机构将立即启动审查和申报程序，且不论该账户日后资产多少，金融机构均会持续审查和申报该账户。设立家族信托搞定所有问题？无论是旷日持久的“前亚洲女富豪” 龚如心遗产案，还是“前亚洲女歌神” 梅艳芳遗产继承案，亦或是“李锦记” 家族财富传承的成功案例，都让企业家们意识到信托对于资产安全的保护性、保密性、灵活性和税务节省性。但是，我们需要首先厘清的是，信托并不是偷逃税款的工具，而是旨在使用一种灵活的理财方式和法律行为，拓宽投资者的投资渠道以及规避和分散资产风险，在不同的信托架构下，受托人管理的各项资产仍然需要缴纳所在国家或地区的税款，只是通过合理的架构进行科学的税务筹划，避免公司或个人资产被双重征税或交纳不合理的税款。一般的信托架构如下图（附图2）所示，由设立人委托信托公司设立，并指定受益人，同时信托架构下设离岸控股公司，由该公司管理设立人的主要资产，如保单、房地产、现金、存款、企业股权等，对设立人复杂的资产进行科

Trustee

Founder (Client)

Protector

Insurance policy

Beneficiary (client and his/her family)

Trust

Offshore Controlling Entity

Investment portfolio

Real estate

the year in which it is identified as a Reportable Account, and subsequent years on an annual basis, unless the Account Holder ceases to be a Reportable Person." As for entity accounts, according to Paragraph B and C, Section V "Due Diligence for Pre-existing Entity Accounts" of CRS, "A Pre-existing Entity Account that has an aggregate account balance or value that exceeds USD 250,000 (as of the deadline promised by the country) and a Preexisting Entity Account that does not exceed USD 250,000 (as of the deadline promised by the country) but with an aggregate account balance or value that exceeds USD 250,000 (as of the last day of any subsequent calendar year) must be reviewed in accordance with the procedures set forth in paragraph C. With respect to Pre-existing Entity Accounts described in paragraph B, only accounts that are held by one or more Entities that are Reportable Persons, or by Passive NFEs with one or

Cash

Deposit

Enterprise stock equity

more Controlling Person who are Reportable Persons, shall be treated as Reportable Accounts." Therefore, decreasing the assets deposited in a pre-existing account to below the exempted value is not a permanent way to avoid examination and reporting by financial institutions. Once the assets in the account exceed CRS standards, the financial institution shall immediately start the procedures of examination and reporting, and shall continuously examine and report such an account in spite of the assets deposited. Can I solve these problems by establishing a family trust? Seen from the perspective of the protracted case on the legacy of former richest woman in Asia, Nina Wang, the case of Asian singing star Anita Mui's legacy, or the case of the family wealth inheritance of Lee Kum Kee, entrepreneurs have started to realize that security, confidentiality, flexibility and low tax rates for assets

Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

complicated assets, and effectively to protect the security and independence of the founder's assets.

受托人

受益人（客户及其家人）

信托

设立人（客户）

保护人离岸控股公司

保单

投资组合

房地产

学合理的规划，有效保护设立人资产的安全性和独立性。但是，上图仅为一般信托架构，由于客户拥有的资产种类各不相同，具有极大的特殊性和复杂性，因此信托公司往往根据对客户的前期尽职调查，针对客户需求而量身打造一个甚至几个独特的信托结构。而架构的种类又包括保险信托、全权管理信托、私人信托公司、基金会等，因此信托作为资产配置的一种方式，可以安全有效、保密而灵活地管理和分配设立人的资产，但是却并非唯一或万能的解决方式。结语虽然CRS下的第一次全球性金融账户涉税信息自动交换要在今年9月份开始，但是英国皇家税务和海关署已经开始调查高净值个人，这无疑更加快了企业家们税务筹划和资产配置的步伐。客户应当寻求专业、权威的服务机构，聘请律师事务所、会计师事务所、信托公司等专业机构共同制定税务筹划方案，及时申报真实的个人和资产信息，降低不必要的税负，保证资产的安全性，维护自己的合法权益。

Company Formation Guide

现金

存款

企业股权

can be ensured by trusts. However, we should first clarify that trusts are not a tool for evading taxes, but a flexible financial and legal method to expand investors' investment channel and to mitigate and spread asset risks. In different trust structures, all assets under the management of the trustees still need to pay taxes in the jurisdiction. Only with reasonable tax planning based on rational structures can entities or individuals avoid double taxes or irrational taxes on their assets. The structure of an ordinary trust is shown in Figure 2 (below). The founder entrusts a trust company to set up the trust and appoints beneficiaries. Meanwhile, an offshore holding company shall be set up within the trust structure to manage the main assets of the founder (such as insurance policies, real estate, cash, deposits, and enterprise stock equity) to develop reasonable and rational planning for the founder's

However, the diagram above only represents the normal structure of trusts. Due to the different categories and the extreme particularity and complexity of assets owned by clients, the trust company often offers clients one or even several unique trust structures customized to client's demands according to the early due diligence. The categories of trust include insurance trusts, sole management trusts, private trust companies and foundations. As a tool for allocating assets, the trust can safely, effectively, confidentially and flexibly manage and allocate the assets of the founder. However, it is not a unique or universal solution. Conclusion The first automatic exchange of taxrelated information for financial accounts worldwide under the framework of CRS will start this September, but Her Majesty's Revenue and Customs has already started to investigate high net worth individuals. It will no doubt accelerate entrepreneurs' tax planning and asset allocation. Clients should seek professional and authoritative service institutions, employ professional institutions including law firms, accounting firms and trust companies to jointly develop tax planning schemes, report accurate information on individuals and assets in time, reduce unnecessary taxes, ensure the security of assets, and maintain their own legal interests.

观点 | OPINION CHINA OFFSHORE

Member Contribution

私人信托公司的设立与治理

Establishment and Governance of Private Trust Company Liang Han & Yanfei Zhang

Liang Han 韩良韩良律师的执业领域为家族信托与投资基金、公司与证券、海外投融资等业务。在他主导下，成立了京都律师事务所家族信托法律事务中心，该中心是我国第一家专门从事家族信托法律事务研究与服务的机构，韩律师现任中心主任, 曾主持和参与了几十项境内外家族信托法律架构的设计和法律服务工作。 Mr. Liang Han's field of practice is family trust, investment fund, corporate and security, overseas financing and investment, etc. Under his leadership, King & Capital Law Firm Family Trust Legal Affairs Center was founded, the center is China’s first dedicated family trust legal affairs research and service center, and Mr. Han is now director of this organization. Mr. Han has also taken the lead or participated in the design and legal service jobs of dozens of home and overseas family trust legal structures and legal service.

私

人信托公司是一种新型的、区别于自然人受托人和持牌信托公司的受托人制度。私人信托公司由一个或数个家族成员设立，专门作为家族信托和相关信托的受托人。

Company Formation Guide

rivate trust company is a new trustee system different from natural person trustee or licensed trust company. Private trust company is a trustee established by one or several family members specialized in family trust and relevant trust. Incorporation and Main System Functions of Private Trust Company In 2000, Jersey Island issued Financial Services (Trust Company Business Exemptions) (Jersey) Order 2000 and formally introduced the private trust company system. In 2002, Bermuda issued Trusts (Regulation of Trust Business) Exemption Order 2002 and formally recognized the legal status of private trust company. In 2007, BVI issued Financial Services (Exemptions) Regulations 2007, allowing the private trust company which is exempted from trust license to be established in BVI. In 2007, the amendment of Guernsey Trusts (Guernsey) Law 2007 and the promulgation of Bahamas Banks and Trust Companies (Private Trust Companies) Regulations 2007 also made Guernsey and Bahamas offshore centers with private trust company system. By far, besides the countries or regions above, the offshore centers where the private

trust company is allowed to be established also include Cayman Islands, Jersey, Isle of Man, Nevis, Cook Islands, Gibraltar, Mauritius, and Singapore. Private trust company mainly features the following system functions. Firstly, it can satisfy diversified objectives and demands of family trust. With greater flexibility in family trust planning, the private trust company can design exclusive family trust governance structure and special trust property management structure. Secondly, it can flexibly solve difficulties in the ownership and control rights of properties. On the premise of ensuring the effectiveness of trust structure, the trust management and the control of trust property can be maintained to a certain extent by appointing family members as board members of the private trust company. Thirdly, it can effectively mitigate the duties and risks of the trustee. While the private trust company functions as

观点 | OPINION CHINA OFFSHORE

私人信托公司的产生及主要制度功能 2000年，泽西岛颁布《金融服务（信托公司业务）（泽西）规则》（Financial Services (Trust Company Business Exemptions) (Jersey) Order 2000），正式引入了私人信托公司制度。2002 年，百慕大颁布了《信托（信托业务规定）豁免规则（2 0 02）》（Tr u st s ( R e g u l at io n o f Tr u s t B u s i ne s s) Exemption Order 2002），正式确立了私人信托公司的合法地位。2007年 BVI颁布了《金融服务（豁免）规则》（Financial Services (Exemptions) Regulations, 2007），允许在BV I设立豁免信托执照的私人信托公司。 20 07年，根西岛《信托法》（Tr usts (Guernsey) Law, 2007）的修订及巴哈马《银行和信托公司（私人信托公司）规定（2007）》（Banks And Trust Companies (Private Trust Companies) Regulations 2007）的颁布，也使根西岛和马哈马加入了建立私人信托公司制度的离岸中心阵营。除上述国家或地区外，目前允许设立私人信托公司的离岸中心还包括开曼群岛、泽西岛、马

the trustee, the private trust company shall bear the fiduciary duties and limited responsibilities on trust. The board of directors of the private trust company can dispel misgivings about the responsibility for bearing fiduciary duties and be actively engaged in the investment and management of trust. Fourthly, it features higher stability and confidentiality. Natural person as trustee may be exposed to the risk of death and incapacity. Licensed trust institution as trustee may be exposed to the risk of being acquired or dissolved or the change of management. In contrast, the private trust company can be stable and sustainable for a long time. Besides, the private trust company needs to disclose very little information to the public. The members of the board of directors are mostly family members and private consultants, so it can ensure the security and confidentiality of the family affairs and company information. Fifthly, the

cost of management and operation is lower. In traditional trust, the annual management fee of trustee shall be charged by a certain ratio of the trust property, so the cost is quite high. In contrast, the operation cost of private trust company is very low because it doesn't need to pay property management fee and it doesn't require the client to offer compensation. Establishment and Operation of Private Trust Company Conditions to establish private trust company • A legal company name is required. In BVI, Cayman Islands, and Bahamas, the name of private trust company is usually required to include "Private Trust Company" or its English abbreviation "PTC", thus distinguishing it from licensed trust company which solicits business from the public. In offshore centers like Bermuda, Jersey and Nevis, the normative documents use other nouns, such as "exempted trust company", "international company" or "commercial company" instead of the direct expression "Private Trust Company". • The minimum registered capital must comply with legal provisions. Offshore centers usually have low requirements or even no requirements on the minimum registered capital of company. For example, Bahamas requires the minimum registered capital of private trust company to be no less than USD 5,000. However, BVI, Cayman Islands and Bermuda have no requirements on minimum registered capital.

Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

恩岛、尼维斯、库克群岛、直布罗陀、毛里求斯、新加坡等。私人信托公司主要具有以下制度功能：第一，可以满足家族信托的多样化目的需求。私人信托公司可以为家族信托规划提供更大的灵活性，设计专属于家族的信托治理结构与特殊信托财产管理架构；第二，可以灵活解决财产所有权与控制权的难题。在保证信托结构有效性的前提下，通过将家族成员任命为私人信托公司的董事会成员，可以在一定程度上保持对信托管理和信托财产的控制权；第三，可以有效减轻受托人的责任和风险。在私人信托公司担任受托人的情况下，由私人信托公司对信托承担信义义务及有限责任，私人信托公司的董事会可以打消承担信义义务的责任顾虑，积极投入信托的投资和管理；第四，具有更高的稳定性与保密性。自然人担任受托人会面临会死亡、丧失行为能力的风险，持牌信托机构担任受托人会面临被兼并、解散或变更管理人员的风险。而私人信托公司可以长久稳定存续。另外，私人信托公司需要对外披露的信息很少，董事会成员大部分由家族成员和私人顾问构成，因此可以确保家族事务、公司信息的安全性和保密性；第五，管理和运营成本更为低廉。在传统信托中，受托人的管理年费通常按信托财产的一定比例收取，成本很高。而私人信托公司运营运费很低廉，不需缴纳财产管理费用，且不需要委托人提供酬劳，因而成本相对较低。私人信托公司的设立与经营私人信托公司的设立条件 • 要有合法的公司名称 BVI、开曼群岛和巴哈马通常规定私人信托公司的名称中必须包含“私人信托公司”或其英文缩写“PTC” 字样，使之可以与面向公众招揽业务

Company Formation Guide

• A registered office is required. Normally, offshore centers require the private trust company to set up a registered office. Besides, the registered office has to be physical and shall not be replaced by a post office box address. Most offshore centers stipulate that such registered office has to be located in the offshore center and has to be maintained during the existence of the private trust company. Jersey stipulates that only company incorporated in Jersey Island is required to set up registered office. Bahamas only requires maintaining statutory instruments in the office of the registered agent. Registered agent of private trust company Offshore centers usually stipulate that private trust company must entrust a registered agent, which has to be a local licensed trust institution.

For example, BVI stipulates that the registered agent must have Level A Trust License in BVI. Normally, the registered agent assumes the following duties: first, to prove to the financial supervisory authority in offshore center that the private trust company which it represents is established in accordance with legal regulations, has no operations prohibited by laws, and meets the requirements on the exemption of trust license; second, to continuously monitor and regularly check the situation of private trust company, and report to the financial supervisory authority in time once the private trust company cannot meet the requirements on the exemption of trust license; third, to report to the financial institution the transactions of the private trust company suspected of funding terrorism and other crimes; fourth, to act as the director of the private trust company; fifth, to provide

观点 | OPINION CHINA OFFSHORE

的持牌信托公司相区别。而百慕大、泽西岛和尼维斯等离岸中心的规范性文件中并无对“私人信托公司” 的直接表述，而是适用了其他名词，如“豁免信托公司”“国际公司”或 “商业公司”等。 • 最低注册资本符合法律规定离岸中心对公司的最低注册资本的要求普遍比较宽松，甚至对注册资本没有要求。例如巴哈马规定私人信托公司的最低注册资本金不低于 5,000美金，而BVI、开曼群岛和百慕大则对最低注册资本没有要求。 • 要有注册办公室离岸中心普遍规定私人信托公司需要设置注册办公室，且注册办公室必须是实体的，不能用邮箱地址代替。多数离岸中心规定该注册办公室须设立在离岸中心，且在私人信托公司存续期间须保持该办公室。泽西岛规定只有在本岛成立的公司才需要设置注册办公室。巴哈马要求只需在注册代理机构的办公室保存法律规定的文件即可。私人信托公司的注册代理离岸中心普遍规定私人信托公司必须委托注册代理机构，该注册代理机构必须是本地的持牌信托机构，例如 BV I规定注册代理机构必须持有BV I 一级信托执照。注册代理机构一般承担如下几项职责：第一，向离岸中心的

regular administrative services. Operation of private trust company Different from licensed trust company, the private trust company is subject to limited scope of business. Firstly, the private trust company can only carry out trust business within the scope provided by the law. Most offshore centers stipulate that the private trust company can only carry out "relevant trust business". It means that the private trust company can only operate the trust established by the appointer and relevant trust established by the affiliated person of the client and cannot solicit trust business from the public. Secondly, the private trust company can only manage a limited number of trusts. For example, Cook Islands has strict regulations and requires the private trust company to manage no more than three trusts. Thirdly, it cannot be engaged in "business other than the permitted ones". For example, BVI stipulates that the private trust company cannot be engaged in nontrust business or any business other than "non-profit trust business" and "relevant trust business".

Governance of Private Trust Company System of shareholders and board of shareholders Shareholders are responsible for the appointment and dismissal of directors of the private trust company. The shares of private trust company are solely held by a natural person, company, special purpose trust or foundation. The company laws in offshore centers don't require companies to establish a board of shareholders. Therefore, the private trust company often has only shareholders but no board of shareholders. Besides, shareholders don't have to be residents in the offshore centers. The private trust company needs to maintain a register of shareholders, recording the names, duties, addresses and other basic information of shareholders, which has to be kept in the registered office. Normally, offshore centers allow the shares of the private trust company to be held on other's behalf. System of directors and board of directors Offshore centers have loose

Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

金融监管机构证明其代理的私人信托公司的设立符合法律规定，没有经营法律禁止经营的业务，且满足信托执照豁免的要求；第二，持续监督及定期检查私人信托公司的情况，在私人信托公司不能满足信托执照豁免的条件时，要及时向金融监管机构报告；第三，向金融机构汇报私人信托公司涉嫌资助恐怖主义和其它犯罪的交易；第四，担任私人信托公司的董事；第五，提供日常行政管理服务。私人信托公司的经营私人信托公司不同于持牌信托公司，经营范围具有限定性：第一，私人信托公司只能在法律规定的范围内经营信托业务，大多数离岸中心都规定私人信托公司只能经营“相关信托业务”。即只能经营指定人设立的信托及委托人的关联人设立的相关信托，不能面向公众招揽信托业务；第二，私人信托公司能够管理的信托数量也是有限的，例如库克群岛规定得比较严格，私人信托公司管理的信托不能超过三个；第三，不能从事“限定业务以外业务”。例如BVI规定私人信托公司不能从事非信托业务，不能从事除了“不获利信托业务”和“相关信托业务”以外的业务。私人信托公司的治理股东和股东会制度股东负责任命和解任私人信托公司的董事。私人信托公司由自然人、公司、目的信托或基金会单一持股，离岸中心的公司法都不强制要求公司建立股东会，因此私人信托公司往往只有股东，不设置股东会，股东也不必是离岸中心居民。私人信托公司需要设置股东名册，记载股东的姓名、职责、住址等基本信息，股东名册需要保存在注册办公室。针对私人信托公司的股份是否允许代持的问题，离岸中心一般给予肯定态度。

Company Formation Guide

requirements on the directors of the private trust company. Director might be natural person or company, which doesn't have to be resident in the offshore center. According to the regulations of BVI and Cayman Islands, the private trust company shall at least have two directors. For the private trust company, the board of directors is the main body liable for the trust management. The

board of directors can also set up internal committee, select members of the committee, and entrust the duties for investment, distribution and daily management to the committee. Most offshore centers have no mandatory provisions on the meeting of directors. Some offshore centers require the meeting of directors to be held at least once per year, but there are no requirements on the location. It is not

观点 | OPINION CHINA OFFSHORE

董事和董事会制度离岸中心对私人信托公司董事规定的比较宽松，董事可以是自然人，也可以是公司，但都不必是离岸中心居民。 BVI和开曼群岛规定，私人信托公司不得少于两名董事。对于私人信托公司来说，董事会是真正负责信托管理的主体。董事会还可以设置内部委员会、选择委员会成员，并将投资、分配和日常管理的职责委托给委员会。大部分离岸中心，对董事会会议没有强制性规定，有些离岸中心虽规定每年需要召开至少一次董事会会议，但对地点没有要求，无须在私人信托公司所在地召开。行政管理制度为了确保公司的合规经营和专业管理，很多离岸中心建议由持有信托牌照的注册代理机构或持牌信托公司来负责私人信托公司的行政管理事务。也有离岸中心，如泽西岛和马恩岛，采取强制性规定，要求私人信托公司的行政事务由公众信托公司负责。私人信托公司的法律风险及防范私人信托公司管理的信托被宣告为虚假的风险泽西皇家法院的两个判例Abdel Rahman v Chase Bank（CJ）Trust C ompa ny Li m ited和Re E steem Settlement（Abacus (CI) Limited as Trustee）Grupo Torras SA v Al Sabah 表明，若信托在设定之初，委托人和受托人并无设立信托的真实意图，而是借助信托的法律外观进行虚假交易，且委托人在信托管理中取得了实质控制或有效控制，则有可能被法院宣告为虚假的风险。但以上任何一个条件单独成立都无法构成信托虚假。

necessary to hold such meeting in the location of the private trust company. Administrative management system To ensure the regular operation and professional management of the company, many offshore centers suggest that the administrative management of private trust company shall be handled by the registered agent with trust license or licensed trust company. Some offshore centers like Jersey and Isle of Man adopt mandatory provisions, requiring the administrative management of the private trust company to be handled by the public trust company. Legal Risks of Private Trust Company and Risk Prevention Risk that the trust managed by the private trust company is declared as false Two cases judged by the Royal Court of Jersey, namely Abdel Rahman v Chase Bank (CJ) Trust Company Limited and Re Esteem Settlement (Abacus (CI) Limited as Trustee) Grupo Torras SA v Al Sabah, show that if the client and the trustee

aim to use the legal appearance of the trust for false transactions and accordingly obtain the substantial or effective control of the trust without true intention of establishing the trust, such private trust company can be exposed to the risk of being declared as false. However, false trust cannot be determined when any of the above conditions is satisfied alone. Risk that the private trust company acts as the shareholder of trusted company An early case in the U.K., Bartlett v Barclays Bank Trust Co., Ltd., established the Bartlett Rules, which require the trustee to actively perform the duties of the shareholders, participate in the company governance and monitor the operation of company. Strict standards on the duty of care result in risks of heavy burdens and duties on trustees. The trust laws of Cayman Islands, Jersey and Guernsey have provisions on "reserve powers" of the client. The "Rules of the Board of Directors" established by the VISTA Act in BVI can effectively mitigate the risk that the private trust company bears the duty of care as the shareholder of the trusted company.

私人信托公司担任信托项下公司股东的风险

Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

英国早期的判例Bartlett v Barclays Bank Trust Co Ltd 确立了Bartlett规则，要求受托人积极履行股东义务，参与公司治理，监督公司运行情况。由于过严的注意义务标准，给受托人带来了过重的负担和责任的风险。开曼群岛、泽西岛、根西岛等地的信托法规定了委托人“保留权力”条款，BV I的 V ISTA法案设立的“董事会规则”都可以有效减免私人信托公司担任信托项下公司股东的注意义务风险。私人信托公司董事承担信托责任的风险在Royal Brunei Airlines v Tan Kik Ming一案中，法院认为董事对信托公司的信托义务，可以被视为一项“可以追踪的财产”，在受托人公司不愿或不能行使该权利时，该权利可以转让给受益人。这就是所谓的“Dog-Leg”索赔。现在Dog-Leg索赔只能适用于私人信托公司管理单独信托的情况，尚存在该情况下受益人追索私人信托公司董事责任的风险。私人信托公司适用免责条款的风险信托文件中的免责条款是指，免除在特定情况下，私人信托公司因违反信托义务或给信托财产带来损失而引起的责任。通过判例Armitage v Nurse 确立的英国免责条款规则认为，除了欺诈外，允许豁免受托人因其他任何情形给信托带来损失的责任。BVI、开曼群岛、百慕大和巴哈马的信托法继承了英国规则，并将英国规则中的“欺诈”修改为“故意违约”。而泽西规则相较于英国规则来说更为严格，不允许免责条款免除受托人因欺诈、故意的违法行为及重大过失带来的责任。因此在选择私人信托公司设立地时，要综合考虑免责条款的严格程度与风险程度的关系。

Company Formation Guide

Risk that the director of the private trust company bears the ﬁduciary duties In the case of Royal Brunei Airlines v Tan Kik Min, the court argued that the fiduciary duty of the trust company can be considered as "traceable property". When the trustee company is not willing or not able to exercise such right, such right can be transferred to the beneficiary. This is so-called "Dog-Leg" Claim. At present, "Dog-Leg" Claim is only applicable to the trust solely managed by the private trust company. In such situation, there is the risk that the beneficiary recourse obligations of the directors of the private trust company. Risk that the exemption clauses apply to private trust company The exemption clauses refer to exempting the private trust company from being liable for the breach of

fiduciary duty or the loss of trusted property under special circumstances. The exemption clause rules in Britain determined by the case Armitage v Nurse argue that it is allowed to exempt the trustee from being liable for the loss of trust arising from any situation other than fraud. The trust laws in BVI, Cayman Islands, Bermuda and Bahamas inherit the British rules and change the term "fraud" used in British rules into "willful default". Stricter than rules in Britain, the rules in Jersey don't allow exemption clauses to exempt the trustee from being liable for the consequences of fraud, willful misconduct and gross negligence. Therefore, while selecting the place to set up private trust company, the strictness of exemption clauses and relevant risks shall be taken into overall consideration.

观点 | OPINION CHINA OFFSHORE

Member Contribution

离岸公司注册，企业走向世界的通行证

Offshore Company Registration, A Worldwide Pass for Wendy Wei Businesses

近

年来，市场经济高度发展，很多企业面临着转型或者需通过自身品牌的影响力打开国际和海外市场，离岸法域、离岸公司也由此成为内地投资者关注的焦点。就全球市场来看，每年都有数以万计新

Wendy Wei 魏晓嵘深圳市港丰投资顾问有限公司创始人，高级国际财务管理师，深圳国际潮青会委员，深圳福田区工商联合会（总商会）执委理事，亚洲离岸协会会员，美国EB5 投资移民行业协会(IIUSA)会员。作为离岸业务操作及税务规划培训发起第一人，魏晓嵘女士为离岸注册行业培养专业精英过百。 Wendy Wei is the founder of Shenzhen Gangfeng Investment Consulting Co., Ltd., a senior international ﬁnance manager, a member of the International Teochew Youth Federation (Shenzhen), an executive committee member of Shenzhen Futian District’s Chamber of Commerce and Industry (General Chamber of Commerce), a member of the Asia Offshore Association, and a member of Invest in the USA (IIUSA). As a pioneer in organizing the training of offshore business operation and tax planning, Ms. Wei has trained over 100 professionals and experts in the offshore registration industry.

Company Formation Guide

ith the high-speed development of the market economy in recent years, many enterprises have been compelled – either through transformation or the strength of their brand's influence - to enter international and foreign markets. Offshore jurisdictions and offshore companies have accordingly become domestic investors' focus. From the perspective of the global market, tens of thousands of offshore companies are registered every year. Business operation via offshore companies has gradually become a common instrument in international markets. Overview of Offshore Company Registration With the world's economy becoming increasingly integrated, crossborder commerce is becoming more developed and more common. Domestic enterprises routinely use cross-border operations to enhance strength, expand business operations, and improve their international image. Offshore companies, as a trustworthy carrier for commercial transactions with foreign customers, are given many attractive names, such as a "graceful turning point" for IPOs, "soft armor" for venture capital investments, "face-changing place" for absorbing anything and

everything, and "land of treasures" for legal tax saving, all of which show us that offshore companies have several magical powers. Offshore companies, also known as non-resident companies, refer to limited liability companies or companies limited by shares incorporated in offshore jurisdictions. Such a company has three characteristics: a high degree of confidentiality, a reduced tax burden, and no foreign exchange control. Offshore jurisdictions expressly stipulate that all information about shareholders, stock rights proportions and the earnings of offshore companies will be kept confidential. Governments don't levy any tax on such enterprises in offshore jurisdictions, and only charge a small annual management fee, which helps a lot of foreign trade enterprises bypass trade barriers. Meanwhile, all major international banks will facilitate the account opening process and financial operations for offshore companies. Therefore, investors can conduct business all over the world without having to do so in person. Offshore Company Registration Process The registration process for offshore companies is very simple, and the

观点 | OPINION CHINA OFFSHORE

注册的离岸公司出现，通过离岸公司进行商业操作,已逐渐成为国际市场的惯用手段。离岸公司注册概述当今世界经济日益一体化，商业越来越呈现跨国界的发展趋势，国内企业通常会用跨国经营来增强企业实力，扩大企业经营区域，并提升企业国际形象。离岸公司,从中扮演与外国客户进行商贸来往的一个可以彼此信赖的载体，有着诸多美丽的称谓，如曲线上市的“优美拐点”、风险投资的“软猬宝甲”、兼收并蓄的“变脸之地”、合法节税的“风水宝地”等，这些无不向我们展示，离岸公司有着种种神奇的魔力。离岸公司，也称非居民公司，泛指在离岸法区内成立的有限责任公司或股份有限公司。这类公司有三大特点：高度保密性、减免税务负担、无外汇管制。离岸法区有明文规定，凡是离岸公司的股东资料、股权比例、收益状况等，均享有保密权利。而且，离岸法区政府对这类企业不征收任何税款，只收取少量的年度管理费，这就帮助了很多外贸企业规避贸易壁垒。同时，所有国际大银行都承认此类公司，为其设立银行帐号及财务运作提供方便。因此，投资人不用亲临当地，其业务运作即可在全球的任何地方直接开展。离岸公司注册流程离岸公司的注册程序非常简单，无须注册人亲临注册地，只需提供与注册企业、公司股东和董事等相关的资料，便可直接由专业的注册代理机构全程代办。一般成立一家新公司的手续费在一万元人民币以下，所有注册程序在 3周左右即可完成。值得要注意的是，注册离岸公司程序

registrant is not required to be present in the place of registration. The whole registration process can be directly handled by a professional registration agency by providing them with data related to the registered company and its shareholders and directors. Normally, the commission charges for incorporating a new company are less than RMB 10,000, and the whole registration process can be completed in about three weeks. It is worth noting that the procedures for registering an offshore company are not complex, but relevant laws and regulations in offshore jurisdictions must be taken into consideration. It is recommended that enterprises and individual investors who are not familiar with the local market employ a reputable agency to handle company registration, which is an efficient way of obtaining professional services. With nearly 20 years of professional

experience in the offshore company registration industry, Gangfeng has set up offshore registration platforms in over 60 countries, and successfully helps a large number of enterprises to operate on a global scale. Selecting a location for Offshore Company Registration For individuals who hope to establish enterprises overseas or manage personal assets, the primary factor to be considered while selecting an offshore registration location is the political and economic stability there. Secondly, we should assess the availability of professional institutions because all offshore companies need legal and accounting services. Accordingly, there should be law firms and accounting firms in line with international standards present in the jurisdiction.

Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

虽不复杂，但涉及到离岸注册地的相关法律法规，不熟悉当地市场的企业和个人投资者，最好找专业的有实力的代理公司进行代理注册，不仅省心省力，而且能得到更多专业的服务。港丰在离岸公司注册行业，已专业执业近 20年，具有超过60多个国家离岸地注册平台，成功帮助了不计其数的企业迈向全球。离岸公司注册地选择在选择离岸注册地时，对于希望在海外创建企业或管理个人资产的人来说，离岸注册地的政治经济是否稳定，这是首先要考虑的一个条件。其次，我们要衡量专业机构是否健全，因为所有海外公司都要求有法律和会计服务，这就要求该管辖区有能够提供符合国际标准服务的律师事务所和会计师事务所。此外，还需要考察当地的银行服务，虽然大部分海外公司都能够在世界各地与银行打交道，但也有许多人选择在公司注册地开立账户。因此，一个司法管辖区要有全面的银行服务，并能使用国际银行设施。最后一点，公司法管辖区判定的海外公司法应能满足不同的国际贸易需求，最基本的标准是，法规是现代的，灵活的，应包括下列特点：资本要求低，法定的登记备案义务最少或任意选择，能够在全球任何地方举行董事会议或股东会议，能够任命职业董事、高级职员和名义股东，发行无记名股票，以及对会计记录不要求审计，或对会计记录的审计要求可任意选择。而且立法最好可保障客户商业活动的保密性和完全隐私权。离岸公司运营与管理离岸公司后期的运营管理，主要是年

Company Formation Guide

In addition, local banking services must be investigated. Most offshore companies can do business with banks all over the world, but many companies choose to open accounts in the jurisdiction where the company is registered. Therefore, various banking services and international banking facilities must be available in the jurisdiction. Lastly, offshore companies in the jurisdiction should satisfy different international trade requirements. The most basic standard is modern and flexible regulations, which should include the following features: low capital requirements, minimum or freely selected statutory duties for registration and recording, being able to hold director or shareholder meetings anywhere in the world, being able to appoint professional directors, senior officers and nominal shareholders, the issuing of unregistered shares, and either no auditing of accounting records

or freely selected requirements for the auditing of accounting records. Furthermore, legislation should guarantee the confidentiality and full privacy of customers' business activities. The Operation and Management of Offshore Companies The operation and management of offshore companies at later stages mainly includes annual auditing and taxation. Of course, after the establishment of an offshore company, making optimal use of the structure for business operations and maximizing its functions are also important. If an offshore company needs to carry out business at home, it has to be filed at home. There are three common operation modes: brand licensing, establishing offices, and establishing a Sino-foreign joint venture company or a wholly foreign-

观点 | OPINION CHINA OFFSHORE

审和审计报税等。当然，离岸公司成立之后，如何更好的利用离岸公司来进行业务操作，如何发挥离岸公司最大的作用也是后期运营管理的一个重要方面。如果离岸公司要在国内经营，就必需要在国内备案。通常运营模式会包含以下三种：品牌授权、成立办事处、成立中外合资或外商独资公司。关于品牌授权，就是用离岸公司注册商标，通过与国内公司签署商标授权协议，对外宣称该品牌是由境外公司持有并授权使用的。成立办事处只能用于联络用，如果需要实际经营业务，必须在国内设立外商投资公司，需要由律师对公司资料进行公证，银行出具资信证明，再向当地的外经委申请审批并经工商登记，就可以在内地经营。最后，在此特别提醒，在离岸公司操作上可能会遇到的风险，比如选错法定注册代理；没有受到由顾问签署的“公司无经营证明函”；中介机构的违法操作，非法制作“避税方案”；债权人风险；公司违反章程进行操作；不进行年检和缴纳年费；购买现成公司的风险；注册地机构服务不专业；注册和维持成本高；代理机构在香港或国内没有机构；秘书公司或代理人未代离岸公司向法定注册代理人缴纳年费；股东董事之间发生纠纷；公司被除名，股东董事被检控；非法定注册代理人非法操作，提供虚假文件；违反法律规定制作离岸操作方案；使用高风险国家和地区的公司等。

owned company. Brand licensing is registering trademarks via an offshore company. By signing trademark licensing agreements with a domestic company, it is declared that such a brand is held and licensed by a foreign company. Established offices can only be used for liaising. If actual business operations at home are required, it is necessary to establish a foreign investment company at home with the company data notarized by lawyers. A credit certification issued by a bank is also required. An application for examination and approval shall be filed with a local foreign trade and economy commission, thereby completing the industrial and commercial registration. Be cautious of potential risks related to running an offshore company, such as: selecting the wrong legal registration agency; failing to obtain the "Non-Operational Company certificate"; illegal operations or illegal "tax avoidance plans" designed by agencies; creditor risks; company operations in breach of articles of association; lacking an annual inspection or failing to pay annual fees; risk of acquiring an

existing company; unprofessional institutional services in the location of registration; high cost of registration and maintenance; no agency offices in Hong Kong or mainland China; failure of the secretary company or agent to pay annual fees to legal registration agencies on behalf of the offshore company; disputes between shareholders and directors; expulsion of the company; shareholders or directors being prosecuted; illegal operation or provision of fake documents by a non-legal registration agency; creation of offshore operation plans in violation of laws or regulations; and use of companies in high risk countries and regions. Therefore, while registering an offshore company, it is particularly important to select a professional agency. For success, select Gangfeng! As a leading one-stop offshore service provider, Gangfeng specializes in the registration of offshore companies, annual auditing and tax services, as well as trademark registration. Gangfeng is a personal offshore steward who helps you to implement your investment plans.

因此，在注册离岸公司时，是否选择一家专业的代理机构就显得尤为重要了！成功有路，智选港丰！港丰领跑海外一站式服务，专业办理海外公司注册、年审报税及商标注册等业务，作为您的贴心离岸管家，助您实践投资大计！

Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

Member Contribution

要在 2017 年设立离岸公司您需要考虑哪些方面的问题？

To Establish an Offshore Company in 2017 What Do You Need to Consider? Michael Liu

Michael Liu 刘有辉刘有辉先生自2001年创始CIL，于北京、上海有两个办公室，CIL 以离岸公司与信托为核心，专注为客户提供全球的税务与投资优化，为高净值客户提供隐私、传承和保全的财富管理解决方案。作为中国本土的中立咨询机构，多年的专注让CIL在其主要的实践领域保持了最前沿的水平。刘有辉先生至今已从事离岸投资咨询十几年，尤其擅长综合使用各类公司、信托、基金会、保险、贷款、匿名等工具实现客户在国际贸易、对外投资以及家族财富管理等方面隐私、传承、保全和节税的目标。刘有辉先生也经常在国内的财富管理论坛发表演讲，并在《中国经济评论》、《第一财经》、《中国经营报》、《环球财经》、《财富管理》、《中国离岸》等专业刊物发表多篇专业文章。 CIL Group Ltd. was founded by Michael in 2001, with two ofﬁces in Beijing and Shanghai. CIL has its core business in the ﬁeld of offshore incorporation and trust, dedicated to offering wealth management solutions in global tax

Company Formation Guide

ndoubtedly, CRS is the most popular term in the financial circle in 2017. An increasing number of lectures and courses on CRS are held everywhere. Up to January 2017, over 100 tax jurisdictions in the world undertake

信托与遗产执业者协会会员上海瑞岸投资管理有限公司执行董事 Member of STEP CIL Group Ltd. Managing Director and investment optimization, privacy, succession and protection for HNWI clients. As a Chinese local neutral consultancy organization, many years of dedication makes CIL become the leader in its ﬁeld of practice. Michael has been engaging in offshore investment consulting industry for more than ten years, and is good at using vehicles such as incorporations, trusts, foundations, insurances, loans, and anonymity to achieve the goals in international trading, outbound investment and family wealth management for the privacy, succession, protection and tax-efﬁciency for the clients. Michael is also a frequent speaker in various wealth management forums in China, and has published articles in many professional publications such as China Economic Review, CBN Weekly, China Business, Global Business & Finance, Wealth Management and China Offshore.

to implement the automatic financial account information exchanging system. In such context, the applicable scope of offshore company and the designed purpose of overseas company structure have gone through fundamental changes. Let's check on the primary considerations for the establishment of offshore company this year from the practical point of view. "Conﬁdentiality" in a naive sense no longer exists In 2017, supposedly no jurisdictions would use the slogans like "keeping information confidential" or "requiring no information for registration" to advertise themselves. The global trend of compliance stimulates all jurisdictions to abide by new rules on due diligence, or implement requirements on document compliance which were not put into place before, such as requiring registered agents to update the expired identity documents or

观点 | OPINION CHINA OFFSHORE

无疑问，2017年CRS是一个金融圈最流行的词汇，铺天盖地的关于CRS的讲座和课程如火如荼。截至2017年1月，全球已超过100个税务管辖区承诺实施金融账户信息的自动交换。这样的背景之下，离岸公司的适用场景，海外公司结构的设计初衷，多已发生根本性转变。让我们就从实践的角度看看今年设立离岸公司的时候要着重考虑哪些问题。

毫

简单粗暴的“保密”已不复存在 2017年，恐怕再也没有哪个司法辖区会给自己用上“信息保密”、 “无需信息登记”的广告语了。在席卷全球的合规风潮中，各个司法辖区都开始遵循新的尽职调查规则，或是着手实施之前并没有落地的各种文件合规要求，比如，要求各注册代理人更新过期的身份证明文件和地址证明文件，补充最终受益人的信息，登记董事、股东登记册等等。对于客户来说，更新这些文件虽然是增加了费用（部分地区对于某些文件还有认证要求）和时间成本，却为公司换来了合规的保障。由于各个司法辖区对信息收集和披露的程度和程序各不相同，所以如何在合规的基础上有效地设置隐私机制，是首先要考虑的问题。司法辖区的稳定性非常关键在时局多变的今天，每天都有新的法律法规发布，或是不断推出新产品、新工具，以满足全球客户各式各样的需求。但并非所有新产品都真的好用，也不是每个司法辖区都值得“托付”，比如日前，文莱政府已经决定，要关闭所有离岸业务，当下正在讨论现有离岸公司的归属问题。其实对于投资者来说，只有两条路可选：关闭文莱公司，或者

address registration documents, supplementing the information of final beneficiary, updating list of directors and members, etc. For customers, the updating of such documents results in the increase of expenses (some documents are required to be certified in some jurisdictions) and time cost, but it guarantees the company's compliance with relevant rules. Different jurisdictions have different requirements on the degree and procedures of information collection and disclosure, so primary considerations shall be given to the effective establishment of privacy mechanism based on compliance. The stability of jurisdiction is critical As everything is changing rapidly, new laws and regulations are promulgated

every day and new products and new tools are continuously released to satisfy various demands of global customers. However, not all products are useful and not all jurisdictions are worth "being trusted". Lately, Bruneian government has decided to terminate all offshore business and is now discussing the way to deal with the jurisdiction of existing offshore companies. As a matter of fact, only two ways are available: to close Bruneian companies or to redomicile Bruneian companies. For companies which have been operating for years, it is definitely not the wisest choice to set up new companies and open new accounts. By far, however, the registry office has not released definite requirements on the procedures and documents of redomiciling. It has caused troubles for Bruneian companies which are expected to submit annual reports

Company Formation Guide CHINA OFFSHORE

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将文莱公司迁册。对于已经经营多年的企业，设立新公司，再开新账户，肯定不是最明智的选择。可截止今日，注册处也未能给出明确的迁册流程与文件要求。这给那些正好在公司成立日附近，需要周年申报的文莱公司造成了不小的麻烦：拿不到原司法辖区（文莱）出具的新文件，也没有办法马上迁去新司法辖区获得更新，以至于银行对公司账户的年审也无法通过。从长远来看，一个国家的实力、国际关系、离岸金融方面的人才等诸多的原因都会影响一个离岸金融中心的长期稳定发展，笔者认为选择稳定的离岸中心关键是要看那个国家的人，只有你觉得那个司法辖区的专业人士让你觉得放心，你才能期望他们可以提供持续的有效的服务，否则你就需要三思而后行了。结构复杂就会更有效吗？应该注意的是，无论多么完美的离岸结构，最终都是为资金服务。复杂、完

then. Without new documents issued by the original jurisdiction (Brunei), such companies cannot update their registration in the new jurisdiction and cannot pass the annual auditing of corporate accounts in banks. In the long run, the long-term stable development of an offshore financial center shall be impacted by the power, international relations and offshore finance specialists of the country. I think the critical factor to choose a stable offshore center relies on people. Only in jurisdictions where the specialists are trustworthy can you expect continuous and efficient service. Otherwise, you need to think carefully before you act. Is the complex structure more effective? It should be noted that the ultimate purpose of any perfect offshore structure is to serve the funds. From the theoretical perspective,

the complex and perfect structure is designed to achieve various goals of customers. However, in practical operations like bank audition, such structure becomes an obstacle. How to maintain the effectiveness of structure in practical operation is the key point. Special attention shall be paid to the following points: communication address in bank, registered address, identity and tax identity of actual controller, and if the corporate business is actively or passively determined in the self-proof certificate. While establishing offshore company, we have to understand that not all multi-level structures or complex structures can achieve better results. The effectiveness of structure relies on the purpose of the structure and the applicable financial environment, especially the compliance environment. Only the structure which is accepted by financial institutions, especially banks, is a useful structure. Let alone a good structure.

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美的结构，从理论角度貌似能够实现客户的种种目标，然而在实际操作过程中，比如面对银行的审查时，却被层层穿透，这于是就变成了纸上谈兵。如何在实操中保持结构的有效性，才是需要关注的重心。尤其要注意以下几点：在银行的通讯地址与注册地址，谁是实际控制人，他/她的税务身份，还有自证证明中公司业务主动还是被动的判定。在设立离岸公司的时候，我们必须理解，并非多层结构，或者复杂的结构就能起到更好的效果，结构的有效在于符合结构的用途和将要运用的金融环境，尤其是合规环境，只有被金融机构尤其是银行说接受的结构才能成为一个有用的结构，还不要说是一个好的结构。在今天的国际环境中，一个结构是否有效已经不是简单的让注册代理人来说的事情了，这需要有多年经验的受托人来进行全面的综合的判断，所以在注册之前，就某一结构进行付费的专业咨询其实是不错的选择，因为方向比速度重要，那个南辕北辙的故事里面主人公的错误就在于他认为自己的盘缠够多，马也快，但他的方向却反了。选择合适的受托人很多时候，一个企业家可能会从成本考虑，不就是注册一个公司吗？找一个最便宜的做完不就行了吗？这个想法是有问题的，尤其在当前的环境下，因为即使你的公司的上面并没有增加信托，但由于基于离岸公司所做的法律和金融行为多数是通过你的注册代理来实现的，甚至你如何选择一个银行、选择一个金融产品、股权的设计是会受到这个机构的影响的，一间公司的成本不高，但她承载的往往是家族财富的净值。

In the current international environment, the effectiveness of a structure can only be determined by experienced trustees rather than registered agent based on overall consideration. Therefore, before the registration, the paid professional consultation on certain structure is a good choice. The direction is more important than speed. In the story named Going South by Driving the Chariot North, the protagonist thinks that he is bounding to arrive at the destination if only he has enough money and a fast horse. But he makes a mistake that he is heading towards the wrong direction. Select appropriate trustee At times, an entrepreneur may only take the cost into consideration. To incorporate a company? The cheapest way is definitely the best way. It is problematic, especially in the current environment. Even if your company has no trust structure, most legal and financial acts of an offshore company are conducted through your

registered agent. The way you choose a bank or a financial product and the stock right design of your company is impacted by such agent. The cost to incorporate a company is not high, but the company often bears the net value of family wealth. From this perspective, it becomes very important to choose the right one to help you incorporate a company. The relationship between you and this organization is the relationship between the trustor and the trustee. You have to make sure that this organization is trustworthy and it can bring you a steady flow of innovative impetus to escort the growth and change of your future wealth structure. Be more cautious about entrustment In Chinese context, there are no strict legal regulations on "entrustment". And in many cases, the trust is the passive trust without complete and effective documents, which means

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从这个角度来看，选择谁帮助你去注册就变得很重要，你和这间机构的关系也是委托人和受托人的关系，你必须确认这个机构是值得托付的，你从这里开始是否能够为你未来财富的结构的成长和变化带来源源不断的创新动力。更加谨慎的看待代持中国语境下的“代持”是没有严格的法律规进行管辖的，往往也没有完整有效文书的消极信托，即受托人仅承受所有权名义而不负管理处分义务的信托。处于隐私或其他方面原因， “代持”在华人世界中非常的普遍。但在 CRS的时代，使用代持的人要重新考虑这个问题。首先受托人如果是一个高税区的税务居民，在没有CRS的情况下，他持有的海外账户的信息是不会交换回本国的，所以可以相安无事多年，但在目前，这样的代持却可能造成很大的问题。比如，一个中国公民不希望自己的名字出现在一个离岸公司的股东和董事名单上，于是他让自己的澳大利亚的侄女来帮他开设离岸公司，并在香港开了账户。那么在CRS开始交换信息的时候，澳大利亚的侄女如何向自己的税务局去解释这笔巨款呢？是不是专业的受托人更加可靠呢？是不是即使产生了一些税收，但专业的受托人更加有保障呢？总之，在2017年当CRS杀入离岸金融圈的时候，我们必须要面对“透明”这个原素的注入对整个生态的改变。这需要客户重新审视自己的核心需求，理性的看待自己的目标，重新选择合适的伙伴，并努力寻求增加专业的意见，逐渐抛弃非专业的陋习，只有这样才能让自己的财富结构更加健康稳定。

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the trustee only bears the ownership in name but not be liable for administrative sanctions. For privacy or other reasons, "entrustment" is a popular term among Chinese businessmen. In the era of CRS, people using entrustment have to reconsider such an issue. At first, if the trustee is a tax resident in a high-tax jurisdiction where there is no CRS, the information of his/ her offshore account will not be exchanged back to the native country. Therefore, everything will be fine for many years. At present, however, such entrustment will cause a significant problem. For example, a Chinese citizen doesn't want to have his name registered in the list of shareholders and directors of an offshore company, so he asks his niece in Australia to help him establish an offshore company and open an account in Hong Kong.

Therefore, when CRS requires information exchange, how does his niece in Australia explain the source of such a colossal sum of money to the tax authority? Is a professional trustee more reliable? In spite of some taxes, is a professional trustee more secure? In a word, when CRS enters the offshore financial circle in 2017, we have to face the change of the entire environment arising from the injection of the element "transparency". It requires customers to reconsider their core demands, treat their objectives in a rational way, reselect appropriate partner, make great efforts to seek professional advice, and gradually give up non-professional and bad habits. Only by such way can your wealth structure become more stable and healthier.

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股权信托在家族企业传承中的运用

The Application of Share Trusts in the Inheritance Haibo Xu & Dongming Liu of Family Enterprises

股

权信托即以股权为信托财产的信托。股权信托存续期间，受托人根据信托计划持有股权，并行使股东权利，承担股东义务。同时，股权、股息分配以及因股权处置所获得的一切收益均归于信托财产，不属于受托人的固有财产。信托的设立、存续以及信托财产的管理，均应遵

Haibo Xu 许海波许海波律师，北京金诚同达律师事务所高级合伙人，上海分所金融业务部负责人，复旦大学金融学硕士，是公司治理、金融创新、金融诉讼和商业谈判领域的专家律师。主要执业领域包括金融、公司重组与并购、跨境投融资、私募基金、房地产开发与基础设施建设、争议谈判和诉讼，尤其在信托、票据、产业基金、资产证券化领域有非常精深的造诣。 Mr. Haibo Xu graduated from Fudan University with a Masters in Finance and is asenior partner of Beijing Jincheng Tongda & Neal Law Firm, and Headof the Financial Business Department of its Shanghai branch. He is an expert lawyer in the fields of corporate management, financial innovation, financial litigation and business negotiations.

hare trusts are trusts with equity as trust property. For the duration of an equity trust's existence, trustees hold equity under a trust plan, and exercise the rights and assume the obligations of a shareholder. Meanwhile, all benefits obtained

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2013年获国家法律职业资格，先后在多家大型事务所实习，参与大量买卖合同纠纷、金融借款纠纷、著作权维权类及保险追偿类民商事诉讼类业务。后于美国明尼苏达州明尼阿波利斯市州立法院民事庭实习，熟悉各类民刑事案件，参与多起违反交通法规类刑事案件的庭外讨论及法律意见梳理。 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, Liu Dongming has undertaken various legal affairs on company securities, merger and acquisition, and trust.

liudongming@jtnfa.com

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through the distribution of equity, dividends, and disposal of equity belongs to the trust property, instead of the trustee's inherent property. The establishment and existence of a trust and the management of the trust property must comply with the provisions of the Trust Law. Trustees as shareholders hold shares and exercise shareholders' rights. In terms of appearance, they shall comply with the provisions of the Company Law as it relates to modern corporate governance. Based on the innovative arrangements and operations in practice, this article discusses practices within China and in external judicial territories. Share trusts' establishment and framework The fundamental framework of share trusts Establishing share trusts presents two paths. One is to have the original shareholders of the company directly serve as a client to establish a trust with the equity they hold as trust property, the client transfers the equity to the trustees, and then registers them in the trustee's name. The trustees manage and dispose of the equity according to the provisions of the trust documents, and distribute trust interests such as dividends and other benefits in accordance with the

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守《信托法》的规定。而信托受托人作为股东持有股份并行使股东权利，就其外观而言，应遵守《公司法》关于现代公司治理之规定。本文以实务中的创新安排和操作为依托，讨论股权信托在中国境内和境外司法领域内的操作与实践。

Client transfer of equity trusteeship

Bank

股权信托的构架与设立股权信托的基本架构股权信托的设立，从操作上有两种路径：其一是直接以公司原股东作为委托人，以所持股权作为信托财产设立信托，由委托人将股权转移给受托人，登记在受托人名下，受托人依信托文件规定，对股权进行管理和处分，并按照信托文件的规定，向受益人分配股息红利等信托利益（其基本框架见图 1）；实践中的另一种做法，即先设立资金信托，再通过信托计划资金购买股权，将信托财产置换为目标股权。中国境内高净值家庭设立家族信托的路径针对信托财产的所在地，境内高净值家庭设立家族信托的安排通常有三种路径：第一，财产在境内，信托也设在境内。即通过境内信托计划持有境内资产，以股权为例，即以股权设立信托或以境内设立的资金信托收购境内公司股

Target Company

management operation nominal holding Trustee

provisions of the trust documents. This basic framework is shown in Figure 1. Another approach in the practice is to establish a trust fund, and then to buy shares through the trust plan's funds, and replace the trust property as the target shares. The path for establishing family trusts for high net worth families in China There are three ways for Chinese high net worth families to arrange a family trust in different jurisdictions where the trust property resides: Firstly, their property is in China, and the trust is also established in China, and domestic assets are held through a domestic trust plan. Let's take equity as an example. Such a plan

受托人

银行

目标公司

托管

名义持股

Share Trust

转让股权股权信托管理处分受托人

分配利益

受益人

监督

保护人

distribution of interests sup

er v

Beneficiary

isio

Protector

is equivalent to establishing a trust through equity or buying the domestic companies' shares with the trust fund established in China. The question posed by the market is: If a share trust is established in such a way, how can tax issues be resolved, and how will the registration and isolation of trust property be addressed? In practice, some innovative arrangements can help overcome some of the obstacles for establishing share trusts effectively in China. Secondly, the assets are located abroad, and so is the trust. This is purely an issue of offshore trusts. Generally, it requires cooperation between China's advisory bodies, offshore international attorneys, and trust management companies. Thirdly, it follows an offshore trust model, whereby the assets are in China, but the trust is established abroad. Offshore equity trusts play an important role in corporate red-chip listings, inheritance of family wealth, tax planning and other aspects. The basic structure of China's offshore equity trust is shown in Figure 2. The signiﬁcance of share trusts in

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权。市场的质疑在于，如果以这种方式设立股权信托，税收问题如何解决，信托财产的登记与隔离问题怎么解决。从实践来看，通过一些创新安排仍然可以克服一些障碍并有效设立境内股权信托。

受托人

委托人

转让股权

管理运用

SPV

境内控股公司

子公司

股权信托在现代公司治理中的意义

modern corporate governance

随着企业管理的深入与企业控制权的变迁，职业经理人的引入、非家族成员管理层的出现、合伙人关系变动等因素，企业所有权和控制权可能存在分离，企业控制权旁落的风险。利用股权信托控股家族企业的优势之一是可以将股权集中，避免股权分散，从而持续掌握企业控制权。受益人安排及利益分配信托实现，将财权和事权分开。以离岸信托为例，私人信托公司（PTC）因其灵活多元的服务吸引了众多客户。在私人信托公司模式（详见图 3）中，在信托合同中可约定由私人信托公司的董事局决策和管理具体信托事务、进行公司治理，董事局由家庭成员和专业顾问组成。在境内的家族信托中，可借鉴相关制度，通过委托人设立家族管理人公司作为受托人管理信托财产。

With the deepening of enterprise management and change of corporate control, introduction of professional managers, appearance of nonfamily member managers, changes in partnership and other factors, there may be a risk of separation of enterprise ownership from control rights, and enterprise control falling into someone else's hands. One of the advantages of holding share trusts for family businesses is to enable equity concentration, thus avoiding equity separation, which then guarantees that the family continues to control the enterprise. Beneficiary arrangements and the distribution of benefits are realized through trusts that can help separate property ownership from responsibilities.

信托制度起源于英国，本身就是一

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境外境内

第三，资产在境内，信托设在境外的离岸信托模式。

国内设立股权信托的实践思考

受益人

境外控股公司

第二，资产在境外，信托也设在境外。这是一个纯粹的境外信托问题。一般需要中国境内顾问机构和境外国际律师、信托管理人公司合作完成。

离岸股权信托在企业红筹上市、家族财富的传承、税收筹划等方面发挥着重要作用。我国离岸股权信托基本结构如图2所示。

分配利益

信托

Taking offshore trusts as example, private trust companies (PTC) can

子公司

attract many clients due to their diversified services. In the private trust company model (as shown in Figure 3), a trust contract may stipulate that the Board of Directors of a private trust company makes decisions and manages specific trust businesses and handles corporate governance, and the Board of Directors is made up of family members and professional advisors. In the family trusts inside China, the relevant systems can be referenced and a client can be delegated to establish a family management company to manage the trust property as a trustee. Practical thoughts on the establishment of share trusts in China The trust system originated from the United Kingdom, and is itself a result of practice. China's Trust Law was introduced in 2001. According

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property registration. There have not been any related regulations or rules at the domestic level. Starting from the system recommendations, the author suggests that relevant departments should formulate the corresponding laws to support its practical operations.

Trustee Management & Application Client

Transfer of Equity

Distribution of Interests

Trust

Beneficiary

Offshore Holding Company

SPV Offshore Domestic Domestic Holding Company

Subsidiary

个实践的产物。中国的信托法已经于 2001年出台，根据该部法律规定，以及对于信托资产的契约化管理，从业人员完全可以基于法律规定和私法自治的原则，通过信托文件的创设和“一事一议”的沟通，来达成信托产品的构设。以下意见和建议为实践中的一些思考和建议。股权信托的登记问题信托财产登记有两方面的含义：其一是按照法律规定将需要登记的财产登记到受托人名下；其二是信托财产的公示登记，即通过公示登记，从外观上即表明这一财产为信托财产，而并非受托人的固有财产。我国《信托法》第十条对信托财产登记只做了泛泛规定。国内一直没有出台相关的条例或细则。从制度建议出发，笔者认为，相关部门应制定相应的配套法律制度来支撑其实务操作。以股权信托为例，工商行政部门可制定信托持股的登记办法，在公司章程及股东一栏明确注明公司股东为受托人，公司

Subsidiary

to the provisions of the law and the contract management of trust assets, practitioners can construct trust products based on legal provisions and the principle of private regulation autonomy, and through the creation of trust documents and case-bycase communication. The following observations and recommendations are thoughts and suggestions in the practice. Registration of share trusts Trust property registration has two meanings: one is to register the property under the name of the trustee by legal provisions; the second is public registration of trust property, through which this property is indicated to be trust property from its appearance, rather than being an inherent property of the trustee. Article 10 of China's Trust Law only gives general provisions on trust

Taking share trusts as an example, the industrial and commercial administrative departments can develop the approach of registration for trust holdings, and explicitly indicate that the corporate shareholders are the trustees in the Articles of Association and the Shareholder column, and the company shares are held by the trustees based on trust relationship, and the trust contracts, etc. are filed on record. Within the existing legal framework, the regional administrative departments can provide guidelines and breakthroughs in this aspect without the special provisions of the higher-level regulations. Handling of tax issues Given the lack of share trust registration systems, in order to solve the problem of the share trust registration, a registration of changes in equity can only be realized through a traditional equity transfer. This inevitably involves two levels of tax liability in the process of equity transfer caused by the share trust's establishment and termination namely, the enterprise income tax or personal income tax paid by the trustees when the client establishes a trust and the equity is transferred to such a trust, and the corresponding

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专业顾问

immediate family members, then tax issues can be considered by referring to the appearance of the transaction tax system established by the share trust.

家庭成员

董事局

私人信托公司

信托 2

信托 1

信托 3

资产持有主体

资产、股票和现金等

股权是受托人基于信托关系持有，并对信托合同等进行备案。在现有的法律框架内，区域性的行政部门即可作这方面的指引和突破，不需要上位法的特别规定。税收问题的处理鉴于股权信托登记的制度缺失，为解决股权信托的登记问题，进行股权变更登记只能按照传统的股权转让方式办理，而这必然涉及到因股权信托设立环节及终止环节引起的股权流转过程的两层税负问题，即委托人设立信托时，股权转让给受托人缴纳的企业所得税或个人所得税，及信托终止时股权转让的相应税费。一般认为，股权信托的设立并非股权交易行为，而是形式上的股权转移。受托人不享有股权的收益、分红等信托收益，是作为委托人的受托人代其管理信托财产，最终由受益人享有股权增值部分的收益。如果委托人设立股权信托之后的受益人仍然是自己或其直系亲属，则参照股权信托设立的外观交易税收制度，来考量税收问题。

Company Formation Guide

taxes from equity transfer when the trust is terminated. Generally, the establishment of a share trust is not an act of equity transaction, but equity transfer in form, and the trustee does not enjoy trust equity like returns on equity, dividends and other incomes, but the trustee as a client manages the trust property on its behalf, and the beneficiaries ultimately enjoy the benefits from the value-added part of equity. If, after the client has established the share trust, the beneficiaries are themselves or their

Appointment of trustees and their eligibility restrictions According to provisions of Article 24 of the Trust Law, the trustee shall be a natural person, legal person or another organization with full capacity for civil conduct. Under the provisions of Article 7 of the Administrative Rule of TIC, the commercial trust shall obtain prior approval of the China Banking Regulatory Commission. As far as the share trust is concerned, we cannot classify it into an operational trust as we thought. Only when the trust company is the trustee of the share trust, we can deem it as an operational trust, and if the trustee is not a trust company, like other special-purpose companies or natural persons, then we can of course deem it as a civil trust. In practice, this leaves room for us to choose a trustee flexibly. This, of course, must be considered in combination with the trustee's moral risks, registration and public arrangements of trust property, so as to urge the eligible family businesses to establish a family

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受托人的选任及其资格限制根据《信托法》第二十四条的规定，受托人应当是具有完全民事行为能力的自然人、法人或其他组织。根据《信托公司管理办法》第七条规定，从事营业信托应事先获得中国银行业监督管理委员会批准。就股权信托而言，我们显然不能当然地将其划归为营业信托。或者说，仅信托公司担任股权信托的受托人时，我们可以视其为营业信托；当如果受托人不是信托公司，比如其他特殊目的公司或自然人，则我们当然可以视其为民事信托。这为我们在实践中可以灵活地选择受托人留下了空间。当然，这要和受托人的道德风险、信托财产的登记和公示安排统筹考虑，并促使符合条件的家族企业成立家族办公室，处理本家族企业和家族事务，推动家族信托的发展。信托保护人制度问题我国《信托法》仅在公益信托中规定了信托监察人制度，并未在商事信托或民事信托中设定信托保护人制度、也未明确规定其权利义务关系。但在信托存续期限较长的家族信托中，信托需要弱化委托人的权利，制约受托人的权利，故而通过设定信托保护人来确保委托人意愿的执行和受益人的利益的实现。尽管我国信托法没有针对私益信托规定保护人制度，但基于信托财产的契约化管理和私法自治的原则，以及委托人作为法定信托保护人的法律规定，我们可以在为家族企业设立股权信托时，通过信托文件的约定来设立保护人制度，由委托人担任初始保护人，由初始保护人选任继任保护人。同时，授予保护人监督信托财产管理和运用的权利，授予保护人任命或者解任受托人的权利，从而在一定程度上确保信托财产用于符合信托目的的特定用途，保障受益人权益。

Professional Consultant

Family Members

Board of Directors

Private Trust Company

Trust 2

Trust 1

Trust 3

Asset Holding Subject Asset, Stock, Cash, etc.

office to deal with the family business and family affairs, and promote the development of family trusts. Issues with the trust protector system The Trust Law of China offers only the trust supervisor system in the public trust, but does not set up a trust protector system for civil or commercial trusts, nor has clearly stipulated its rights and obligations. But in family trusts with a long trust duration, trusts need to weaken the client's rights, and restrict the trustee's rights, thus ensuring the implementation of the wishes of the client and the realization of the interests of the beneficiaries by setting up a trust protector. Although China's trust law provides no protector system for the private trust, based on the principle of the contract management of trust property and autonomy of private regulation

and the legal provisions that the client serves as the statutory trust protector, we can set up a protector system through the provisions of the trust documents. The client serves as the initial protector, and the initial protector serves as the successor protector when establishing a share trust for a family business. Meanwhile, the protector shall be granted the right to supervise the management and application of the trust property, and the right to appoint or remove a trustee, thus ensuring to a certain extent that the trust property is used in the way that meets the specific purposes of the trust, so as to protect the interests of the beneficiaries.

黄欣欣律师对本文亦有贡献 Attorney Xinxin Huang also contributed to this article

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Member Contribution

世界新规则：追逐透明度和实质性的新潮流

The New World Order: Chase or Be Chased by Transparency and Substance Hiu Chee Fatt

Hiu Chee Fatt 邱梽法纳闽岛国际商务和金融中心业务拓展总监 Labuan IBFC Inc Director, Business Development cheefatt@libfc.com

通用申报标准》（C om mon Reporting Standard, CRS）目前在金融服务领域和国际商务中是热门课题。何为通用申报标准？为什么它引起多方注意？它产生怎样影响？而我们又该如何做好准备？

《

简单而言，《通用申报标准》是由经济合作与发展组织（OECD）牵头，以税务为目的，促进税务信息的自动交换（AEOI），由经合组织和20国集团（G20）通过全球透明度论坛进行倡议的标准。经合组织是一个34个市场经济体国家政府合作的论坛，以推广经济增长、合作和永续发展为宗旨。除了34个经济

Company Formation Guide

he Common Reporting Standard (CRS) is currently the hot topic amongst those in the financial services industry and international business. So what is CRS and why is it attracting so much attention? How does it impact us and how can we prepare for it? Simply put, CRS is a standard set

by a multilateral body known as the Organization for Economic Cooperation and Development body (OECD), aimed at facilitating the Automatic Exchange of Information (AEOI) for tax purposes, which in turn is an initiative by both the OECD and the Global Forum on Transparency, which is a sub-grouping of the G20 nations.

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体成员，经合组织还包括70多个非成员国经济体，众所周知，为《通用申报标准》的参与司法辖区。一般而言，《通用申报标准》的执行，是自动信息交换的关键工具，通过参与成员国和司法辖区之间进行的信息自动交换，来防止避税的目的。其主要理念简单有效，毕竟它是关于信息的分享和扩大信息的访问范围。《通用申报标准》要求在管辖区内持证的金融机构签署协议，申报在特定管辖区被视为外国实体的个人或法人实体、直接或间接持有的金融账户的财务报告。因此，为了识别身份，账户持有人必须提供大量信息，诸如税务居留、个人身

The OECD is a forum where 34 governments with market economies work together to promote economic growth, co-operation and sustainable development. Besides these 34 member economies, OECD also comprises more than 70 nonmember economies, known as CRSparticipating jurisdictions. In general, the implementation of CRS is a key vehicle of the AEOI which is aimed at preventing tax evasion via the global automatic exchange of information between participating jurisdictions. The principle idea is simple yet effective; after all it is about sharing information and enlarging the circle of access to that information. CRS requires financial institutions licensed in a jurisdiction signed up to this protocol, to report financial accounts held, directly or indirectly by account holders, both individuals and incorporated entities that are deemed foreign entities in that particular jurisdiction. Therefore, for the purpose of identification account holders will be required to furnish a vast amount of information such as tax residency, personal identification, and bank accounts as well as balances. In short, the implementation of CRS will unveil information that was previously protected under banking confidentiality, foundations or trusts. This requirement of transparency and the need for compliance will soon be the new normal for all future financial activities. The other initiative by OECD, Base Erosion Profit

Shifting (BEPS) also seeks to create a global level playing field in the way corporations are taxed in the multiple jurisdictions that they operate in. BEPS adopts tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations. Under this framework, over 100 countries and jurisdictions collaborate to implement these measures. Together, the CRS and BEPS initiatives will change the way businesses and individuals operate across borders. With such an imminent change looming, how does this affect us? Tax Planning in A New Normal Globalized World With globalization permeating every business activity, it is normal and even expected that companies operate in multiple jurisdictions. The fact remains cross-border activities still carry with it a vast amount of operational and statutory friction, as such international financial centers (IFCs) exists, and thrive based on the fact that these jurisdictions are adept at reducing this friction. IFCs offering tax incentives and business-friendly legislation encourage the intermediation of trade and investments. Indeed, some business experts have compared IFCs to the oil that lubricates globalization, and unless we subscribe to the belief that globalization is dead, the question remains: How do businesses and

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份、银行账户和余额。简而言之，《通用申报标准》的执行将公开曾受到银行、基金会或信托保护的保密信息。

individuals continue to benefit from IFCs in this landscape of enhanced transparency?

the jurisdiction where the company is operating, creating a lack of economic substance.

对于这一透明度要求和遵守该要求的必要性，将很快成为未来所有金融活动的新常态。经合组织的另一项倡议——税基侵蚀和利润转移（BEPS）也以创造一个全球公平的竞争环境为目的，使公司在营运的多个司法辖区内缴税。

Substance is a common tax concept used in assessing cross-border tax situations, which calls into question the level of operational activity and decision-making process which is conducted in a particular jurisdiction.

Simply put, tax residency will not be automatically applied even if a company is registered in a particular jurisdiction.

税基侵蚀和利润转移采用节税策略，利用税收规则中的差距和不匹配，人为地将利润转移到较低税率或免税的地区。在此框架下，有超过100个国家和司法辖区正开展合作，执行这些措施。《通用申报标准》、税基侵蚀和利润转移举措，将改变企业和个人跨境经商的方式。这种变化趋势已经来临，会对我们造成什么样的影响？全球税务筹划的新常态随着全球化的概念对商务活动的不断渗透，常见，同时也是意料中的是，企业将更多地在多个司法辖区中运营。事实上，跨境经营活动中仍然存在大量营运上的法律摩擦。因此，国际金融中心（IFC）让这些司法辖区得以减少这类摩擦，从而取得蓬勃的发展。国际金融中心提供税务优惠和有利营商的政策条例，鼓励贸易和投资经纪参与其中。的确是这样，一些商务专家将国际金融中心比喻为全球化的润滑剂。除非我们不再保持国际化的信念，否则问题依旧存在：企业和个人要如何透明度不断加深的环境中，继续从国际金融中心受益？实质性是评估跨境税务情况时常见的税务概念，这就会让特定司法辖区的

Company Formation Guide

In general, a company needs to demonstrate that it has substance in its functional structure such as a physical office, staff administering the day-to-day operations of the company and the necessary operating tools or equipment. Domestic management staff should have basic decision-making authority to run the business while key decisions are made by the board of directors in the jurisdiction. Without such arrangements, the tax authorities would conclude that key management decisions for a particular company are not made in

There has to be substance to the operations of a company in any jurisdiction it operates in, towards creating and evidencing economic substance. As there is no exhaustive list or a version of the "universal truth" when it comes to defining or curating substance - substance needs to be carefully planned in order to avoid potential challenges by tax authorities. It does not help that the criteria accepted in one jurisdiction as satisfying substance requirements may be deemed insufficient in another. It is also paramount that companies planning to set up cross-border

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部分经营活动和决策过程接受质询。一般来说，一家公司需要证明其功能架构的实质性，比如说实体办公室、负责日常公司营运的行政员工，以及必要的营运工具或设备。当地管理人员应有基本决策权以经营业务，而主要决策权则由司法辖区内的董事会做出。如果没有这种安排，税务当局可能会得出这样的结论，认为该公司的主要管理决策并未在公司经营所在地的司法辖区内做出，因此会给人缺乏经济实质性的印象。简单地说，即便一家公司在一个司法辖区内注册，也不会自动成为税务居民，必须是在这个司法辖区的经营活动运有实质意义，才得以创造和证明经济活动的实质性。由于在定义或策划实质性时，并没有详细清单或“普遍的真理”，因此需要谨慎规划，以避免造成在税务当局审核时的不必要风险。在一个司法辖区内所批准的条款，在满足实质性准则要求的同时在另一个司法辖区内则可能被视为不足。

structures consider incorporating their business units in jurisdictions that have double tax treaty with their home country. This will provide certainty with regard to establishing tax residency of a company. Becoming a tax resident means that the company is taxed based on the tax rules of that treaty party as prescribed in the double tax treaty. In contrast, a cross-border company structure operating in jurisdictions without double tax treaty agreements may risk higher withholding taxes and possible risk of having to pay double tax. It is also worth noting that companies without substance may not be considered as a tax resident of the treaty party, denying treaty benefits. Establishing a company in a particular jurisdiction with the hope that its mere incorporation via registering a company with a fiduciary service provider or a trust company in that said jurisdiction will provide access to the tax treaty network is simply wishful thinking.

Yes, building substance incurs additional cost but considering the business interruption risk, wasted resources and the tax burden a company may have to risk when the structure is challenged by the tax authorities, it is always better to be safe than sorry, especially when the company's reputation is at stake. To this end, companies that established cross-border structures may consider restructuring its existing business structure to ensure the creation of sufficient substance. Towards this, the re-domiciliation of these structures or corporate entities to jurisdictions which enable substance creation which give access to a wide range of double tax treaties may be a good start. Re-domiciliation: A Possible Solution? Re-domiciliation occurs when a company undergoes a relocation process from one jurisdiction to another, while retaining its legal identity.

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同样重要的是，计划设立跨境架构的公司，应考虑将其业务部门设立在与其母国拥有免双重征税协议的司法辖区内。这将为公司的税务居民身份提供确定性。成为税务居民意味着，公司将根据免双重征税协议中的条款纳税。相比之下，在没有免双重征税协议的司法辖区内经营的跨境公司架构，则可能会面临更高的预提税税率，以及需要上缴双重税款的潜在风险。值得注意的是，没有实质性的公司，不被视为协议缔结方的税务居民，不享受协议所提供的福利。在特定司法辖区内设立一家公司，希望通过提供受托人服务的服务提供商或信托公司组建公司，达到经由这个司法辖区进入税务条约网络的目的，看来只是一厢情愿的想法。是的，创造公司的实质性或许会产生额外的成本，但考虑到公司有业务中断的风险、造成资源浪费和税务负担，当公司架构受到税务当局怀疑的时候，安全总比后悔要好，特别是这么做这还会造成公司的声誉受损。有鉴于此，组建跨境结构的公司可考虑重组当前的业务架构，以确保企业有足够的实质性。要达到这一目的，将这些架构或公司实体重新迁册到那些拥有广泛免双重征税协议网络的司法辖区内，以实现实质性目的，也许会是一个好的开始。迁册：可能是解决方案？迁册指的是一家公司从一个司法辖区，搬迁到另一个司法辖区，同时保留其法律身份的过程。该公司不需要经历清算过程，也没有必要将资产和债务转移到新成立的公

Company Formation Guide

The company does not need to go through a liquidation process and there is no need to transfer its assets and liabilities to a newly incorporated company. Nor is it necessary to liquidate the original company to avoid possible tax and other statutory implications in the country of origin. A key advantage is the fact that the business of the company can continue operating without disruption and hence, reduce operational down time and benefit from a significant savings in administration and miscellaneous costs. Indeed, this is by no means a stretch of the imagination to state that the process of re-domiciliation allows companies to have the freedom to choose a jurisdiction according to their current needs, while ensuring business continuity. It is worth noting that as the creation of substance becomes increasingly important, it is essential that Asian-

based businesses with cross-border structures consider re-domiciling their entities closer to home. In the long run, this makes for a more cost-efficient way to develop economic substance in the region of origin. This is where we believe Labuan IBFC is well placed to benefit from the global drive towards transparency and substance. When considering building substance, it is imperative to consider jurisdictions that have both operational and cost advantages. For example, being in the same time zone and accessibility of that jurisdiction to headquarters are some key factors. Other key considerations in choosing a jurisdiction to re-domicile is the jurisdiction's compliance to international laws and standards, the range of the double tax treaties it provides access to, availability of infrastructure and human talent.

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司名下。同时也不需要对原始的母公司进行清算，以避免在原始国可能产生的税务或其它法定影响。一个最重要的优势是，迁册可以让公司的业务在不中断的前提下继续进行，因此减少了业务中断的时间，并可显著节约行政和其它各项成本。

Inevitably, business owners and members of senior management need to start looking at future proofing their cross-border operations. The world of international tax planning is undergoing a drastic change and as always, it pays to plan early.

Without a doubt, the automatic exchange of information and transparency is now the new normal. In this new world order, the choices are simple: businesses either chase or be chased by standards of transparency and substance.

实际上，这绝非天方夜谭式的凭空想象，迁册能让企业根据当前需求，在确保业务持续运作的前提下，自由选择司法辖区。值得注意的是，随着实质性的创造变得越来越重要，拥有跨境架构的亚洲企业必须考虑把公司实体迁册回更接近家乡的地方。长远来看，在企业始发地发展实质性经济更具性价比。这就是我们认为纳闽岛国际商务和金融中心能在全球透明度和实质性潮流中受益的原因。当考虑到组建实质性公司时，必须考虑选择具有营运和成本优势的司法辖区。举例来说，该司法辖区和总部处于同一时区且能很方便地到达，就很可能是值得考虑的主要因素之一。选择择迁册至一个司法辖区时应考虑的因素还包括它是否符合国际法律和标准、所提供的免双重征税协议网络、辖区能提供的基础设施和人才。企业主和高级管理层免不了要放眼未来，正视公司的跨境经营问题。国际税务筹划正在发生巨大变化，而未雨绸缪，提早计划则永远是明智的选择。毋庸置疑的是，税务信息的自动交换和信息的透明已是当前的新常态。在这个世界新秩序下，企业是选择选择拥抱新规则，还是被透明化标准追到走投无路，答案其实很简单。

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Member Contribution

塞浦路斯，把握投资机遇的首选辖区

Cyprus, the Preferred Place for Investment Opportunities Stylianos N. Christoforou

W which will:

Stylianos N. Christoforou 法学士（荣誉学士）和法学硕士，专业为国际商法。英格兰和威尔士特许钟才学会会员，法学资格讲师，破产资格执行员。 Stylianos在多个执业领域拥有杰出的法律专业，这些领域包括：协助高净值人士在塞浦路斯和欧盟经济中投资，获得塞浦路斯的公民权和利用税务、公民权和财富管理优势。 LLB (Hons), LLM International Commercial Law. Member of the Chartered Institute of Arbitrators of England and Whales, Qualified Lecturer of Law, Qualified Insolvency Practitioner. Stylianos possesses an outstanding legal expertise in a spectrum of practices including: assisting highnet-worth individuals to invest in the Cypriot and European economy, acquire Cypriot Citizenship and utilise the tax, citizenship and wealth management benefits.

要 • • • •

选择一个合法合规的低税率司法辖区，你会考虑以下因素：

能提供良好的投资机遇；能成为进入欧洲的跳板；能提供资产保护和财富规划服务；以及有全新的公民权计划，通过此

Company Formation Guide

hen one is looking for a legitimate low tax regulated jurisdiction,

• offer great investment opportunities, • serve as a stepping stone to Europe, • provide asset protection and wealth planning， • and also a new Citizenship through which, one will, within three months be converted to a European Citizen, with access to the best schools, medical facilities and business opportunities in Europe. Then that is Cyprus! The Republic of Cyprus is an independent state with a presidential system of government and it is a member of international organisations such as the European Union, the United Nations, the British Commonwealth, the Council of Europe, the International Monetary Bank and the World Bank. The structure of government is similar to other western democracies where human rights, political pluralism and private property are safeguarded. The Head of State is the President who is elected for a fiveyear term of office. The Council of Ministers, appointed by the President, is the executive organ of the Republic.

Legislative power lies with the House of Representatives whose members hold office for five years. A multi-party system is in operation and the electoral system is based on proportional representation. Cyprus is a beautiful, scenic island, with an area of 9,251 km2. It lies in a basin, at the south-eastern part of the Mediterranean, at the hub of three continents and close to the busy trade routes linking Europe with the Middle East and the Far East. The Island enjoys a temperate climate with very long periods of sunshine, mild winters and warm summers. The mean temperature in winter

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计划，投资者能在三个月之内就变成欧洲公民，享受欧洲最好的学校，最好的医疗设施和投资机遇。所以，塞浦路斯是您的不二选择！塞浦路斯共和国是独立的总统制民主国家，是多个国际组织，比如欧盟、联合国、英联邦、欧洲理事会、国际货币基金组织银行和世界银行的成员国。塞浦路斯的政府架构和其它西方民主国家相似，人权、政治多元化和私有财产都得到了很好的保护。国家元首是总统，选举上台后任期为五年。内阁成员由总统任命，是共和国的执行机构。立法权由众议院实施，众议院议员任期也为五年。塞浦路斯实行多党制的政治体系，选举制度为比例代表制。塞浦路斯是一个风景秀丽的岛国，面积9,251平方公里。它位于一个盆地之内，处于地中海东南方。塞浦路斯地处

varies between 18˚C and 20˚C and in summer between 34˚C to 36˚C. Because of the Island being a colony of the British Empire from 1878 to 1960, when it gained its independence, the legal system and all statutes regulating to commercial matters are essentially based on the English Common Law model. As of 1st May 2004, the Republic of Cyprus is a full member of the European Union and as of 1st January 2008 it became a full member of the European Union's Economic and Monetary Union. The Cypriot economy is an open market one, based on a free enterprise system with its private sector being the backbone of all economic activities. Cyprus' per capita Gross

Domestic Product is estimated around US$17,500, one of the highest in the region. The government pursues an economic policy aimed at the promotion of favourable investment conditions, supporting private initiative as well fosters the development of entrepreneurship and innovation. The country's main sources of foreign earnings are financial services and tourism. The banking system is solely based on British banking arrangements and practices and is of a very high standard. The competent supervisory authority for the banking is the independent Central Bank of Cyprus which is itself supervised by the European Central Bank.

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三大洲交汇处，紧挨着繁忙的贸易通路，把欧洲和中东和远东连接起来。塞浦路斯地处温带，终年阳光普照，冬季气温不低，夏季温暖。冬季平均气温处于18到20摄氏度之间，夏季平均温度为34到36摄氏度。由于塞浦路斯在1878年到1960年间是英国殖民地，在它获得独立后，法制体系和所有商业法章程都是基于英国普通法模式的。到2004年5月1日，塞浦路斯成为欧盟的正式成员国，到2008年1月1日，塞浦路斯正式成为欧盟下属的经济和货币联盟成员国。塞浦路斯经济是一个开放式市场经济，以自由企业体系为基础，私营部门是所有经济活动的中流砥柱。塞浦路斯的人均国内总产值约为17,500美元，是地区内最高的国家之一。塞浦路斯政府的经济政策旨在提供有利的投资环境，为私营企业和创业与创新提供支持。塞浦路斯的主要外国收入来源为金融服务业和旅游业。塞浦路斯的银行体系完全以英国银行业的方式和实践标准为基准，且标准很高。银行业的监督主管部门为独立的塞浦路斯中央银行，改行自身则由欧盟中央银行负责监管。所有塞浦路斯的银行在全球都有联系网络，提供SWIFT、路透、Telerate和其它服务，因此对世界银行网络有完全访问的权力。塞浦路斯股票交易中心于1996 年运营，至今已有150多名成员，有全套的电算化在线交易、清算和结算系统。提供投资或金融服务的企业都受到监

Company Formation Guide

All Cyprus based banks maintain correspondent networks around the globe and subscribe to SWIFT, Reuters, Telerate and other services thus having full access to the worldbanking network. The Cyprus Stock Exchange commenced operating in 1996 and today it boasts over 150 members and a fully computerised on-line trading, clearing and settlement system in operation. Companies providing investment or financial services are supervised and their operations monitored by the Cyprus Securities and Exchange Commission.

The general advantages offered by Cyprus are enhanced by considerable tax incentives. In sum up Why Cyprus is a great financial and investment hub are: • Full member of the European Union. • Liberal Foreign Direct Investment regime allowing up to 100% foreign participation in most sectors of the economy. • Attractive Citizenship Via Investment Programme. • Great investment opportunities in Real Estate, Companies and Bonds. • Low corporate tax with a maximum of only 12.5% on profits. • Democratic country with a free market economy.

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管，运营的业务由塞浦路斯证券和交易委员会负责监督。塞浦路斯能提供的总体优势为重要的税务激励政策。这也是为什么塞浦路斯是一个极佳的金融和投资中心辖区的原因： • 欧盟正式成员国； • 自由的外国直接投资制度，在经济中的大多数领域都允许100%的外国控股； • 投资移民政策提供极具吸引力的公民权计划； • 房地产、公司和债券领域都有极佳的投资机遇； • 公司税极低，利润收入的课税最高仅为12.5%； • 采用自由市场经济的民主国家； • 现代化和高效的法律、会计和银行业务，以英国的专业实践为基础； • 位于三大洲交汇的战略要地； • 和40个国家签订免双重征税协议； • 公司的组建和运营费用低廉。极佳的配套设施和服务； • 完美的电信通讯设施和便捷的海运和空运； • 有利的营商环境，有高技术和高学历的管理、业务和科技人才队伍，薪资待遇比其它工业化国家低； • 可观的年度折旧补贴； • 工业自贸区提供现代化的设施，靠近港口和一个国际机场； • 在工业区内运营的企业可免缴关税和消费税/费。在自贸区内成立的工业企业可以进口机械、设备和原材料并免税； • 无外汇管制。利润、利息、红利、资本投资和出售股份所获得的资本利得都能无限制地向国外回汇； • 保税仓库和工厂。投资者能在自贸区外的任何地点运营保税工厂。这些保税工厂和仓库的关税状况总体来说和工业自贸区内的保持一致。保税仓库一般来说可以租用，任何投资者都可获得私人保税仓库的照。

• Modern and efficient legal, accounting and banking services based on English professional practices. Democratic country with a free market economy. • Strategic location at the crossroads of three continents. • Double Tax Treaties with 40 countries. • Low set up and operating costs for companies. Excellent support facilities and services. • Perfect telecommunications and easy access by air and sea. • Favourable business environment with highly qualified and skilled managerial, clerical and technical staff available at rates of pay lower than in industrialised nations. • Significant annual depreciation allowances. • Industrial estates, at a low rent, providing building sites with all necessary facilities. • Industrial Free Zone offering modern facilities close to a port and

an international airport. • Exemption from customs and excise duties/charges for operations within the Industrial Free Zone. Industries established within the Industrial Free Zone may import machinery, equipment and raw materials free of customs duty. • Freedom from exchange control. Profits, interest and dividends, capital invested and capital gains from the disposal of shares can be freely remitted abroad with no limitation. • Bonded warehouses and factories. Investors may operate bonded factories in any area other than the Industrial Free Zone. The custom duties status of these bonded factories and warehouses is generally the same as in the Industrial Free Zone. Bonded warehouses are generally available for rental or an investor may be granted licence to operate his own private bonded warehouse.

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Member Contribution

满足富有的中国投资人的需求

列支敦士登控股公司、资产保护和资产传承计划

To Serve the Needs of Affluent Chinese Investors Liechtenstein Holding Companies, Asset Protection & Asset Succession Planning Instruments Marlene Elsensohn

General overview In 2017, along with the substantial global political changes occurring as well as rapid economic and digital development, high-net-worth individuals in China are becoming increasingly aware that asset diversification, asset protection and asset succession planning are more and more important.

Marlene Elsensohn Marlene Elsensohn, TEP是ELSON Trust Establishment的创始人兼执行董事。三十多年来她活跃于国际贸易服务、资产保护及资产继承计划领域。她还是列支敦士登专业信托学院成员，STEP信托及财产从业社团及亚洲离岸协会会员。 Marlene Elsensohn, TEP, is the founder and managing director of ELSON Trust Establishment and has been active in supporting internationally traded companies as well as in asset protection and asset succession planning for more than 30 years. She is a member of the Liechtenstein Institute of Professional Trustees and Fiduciaries, STEP Society of Trust and Estate Practitioners and Asia Offshore Association.

www.elson.li

Company Formation Guide

The needs of wealthy Chinese families are similar to other wealthy families around the world: security and harmony within the family, privacy and freedom of choice, security and asset protection, new green low-carbon urban development, and growth and innovation both inside the country and on a global level. When Chinese President Xi Jinping attended the WEF in Davos for the first time ever in January 2017, he called on the world to the "jointly shoulder responsibility of our times and promote global growth". He also said "Pursuing protectionism is like locking oneself in a dark room. While wind and rain may be kept outside, that dark room will also block light and air".

The Principality of Liechtenstein is a leading traditional and modern international financial centre which is also home to a strong industrial manufacturing sector. It is home to companies such as Hilti AG, Thyssenkrupp Presta AG, Neutrik AG and others which are leading global suppliers, as well as LGT Bank AG and other financial institutions which are specialised in private banking and asset protection. This combination makes the small country unique. Liechtenstein was an early adopter of the OECD global standard on the Automatic exchange of information agreement in tax matters (AEOI) in accordance with the provisions of the Common Reporting Standard (CRS). As of February of this year, the country has entered into 56 double taxation agreements (DTA), Tax Information Exchange Agreements (TIEA) and AEOI agreements with other countries. The TIEA with China and the DTA with Hong Kong, Singapore, the United Kingdom, Germany and Switzerland are of particular interest here. The rating agency S&P once again confirmed Liechtenstein's AAA rating in July 2016. The country's political

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概述 2017年，随着全球重大政治变革，经济及数字化的迅速发展，中国的高净值个人日益认识到资产多样化、资产保护以及资产继承计划的重要性。富有中国家族的需求和全球其他富裕家族的需求类似：家族稳定及和谐，选择的隐私性及自由化、资产保护安全性、城市全新绿色低碳的发展、国内及全球层面的发展以及创新。 2017年1月，习近平主席首次出席达沃斯世界经济论坛，他呼吁全世界“共同为我们的时代负责，促进全球发展”。他还说道， “追求贸易保护主义就相当于把自己关进小黑屋。虽然可以躲得过风雨但也隔绝了阳光和空气”。

stability is coupled with a stable social, legal and economic order and direct access to two markets (Switzerland and the EU). Liberal economic policies, the stability of the Swiss franc, good infrastructure and its direct administrative channel distinguish Liechtenstein as a centre for business activities, asset protection and asset succession planning. The needs and wishes of individual Chinese families can vary, however: Some families emphasise ownership - who will own the assets - and therefore a Liechtenstein holding company could be the right solution. Other families may emphasise asset protection and asset succession, and

would therefore prefer to differentiate between legal ownership and their personal assets. Holding companies for investments in Switzerland The DTA with Switzerland went into effect on 1 January 2017. This means the Swiss withholding tax (WHT) of 35% will be entirely waived on interest payments to natural persons and legal entities domiciled in Liechtenstein. The tax rate on dividends will be reduced to 15%, or will be entirely waived, depending on the size of shareholding. This means that a holding company domiciled in Liechtenstein for Swiss companies or

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列支敦士登共和国是领先的传统又现代的全球金融中心，也是工业制造业的故乡。它还是喜利得公司、蒂森克虏伯股份有限公司、纽崔克公司以及其他全球领先供应商的总部所在地，同时是列支敦士登银行及其它金融机构的总部所在地。这些金融机构专注于私人银行和资产保护领域。这样的多重身份使得这个小国变得独一无二。列支敦士登很早就按照《通用报告准则》，执行经济合作与发展组织的金融账户涉税信息自动交换的国际标准。截至今年二月，该国已经签订了56国的 “免双重征税协议”，同其他国家签订了涉税信息交换协议和金融账户涉税信息自动交换协议。该国与中国大陆签订的涉税信息交换协议，与中国香港、新加坡、英国、德国、瑞典签订的免双重征税协议在此具有特殊意义。 2016年7月，评级机构标准普尔将列支敦士登评为AAA级。该国政治、法律以及经济秩序稳定，两个市场（瑞典及欧盟）直接准入。自由的经济政策、瑞士法郎的稳定、良好的基础设施建设以及直接的管理渠道，这些都使得列支敦士登成为商业活动、资产保护以及资产继承计划的中心。每个中国家族的需求以及愿景各不相同，但是，一些家族更关注所有权，即对财产的拥有，因此在列支敦士登成立控股企业就能把问题解决。其他家族可能看重资产保护及资产继承，因此更倾向于将法律意义上的所有权和他们的个人资产区别对待。瑞士的控股投资企业和瑞士签署的避免双重征税协议于 2017年1月1日生效。这意味着向列支敦士登的自然人及法人支付的利息将免征35%代扣所得税。个人税率降至 15%或完全免税，取决于控股规模。

Company Formation Guide

a corporate holding foundation may be an effective option for long-term corporate succession agreements. A holding company as a legal entity is subject to standard taxation in Liechtenstein, and is deemed to be domiciled in the country for the purpose of the DTA between Switzerland and Liechtenstein. The same is also true for holding companies which are effectively only liable for the minimum corporate income tax because of the tax exemption of dividends and capital gains on holdings, as well as the deductibility of taxable equity in accordance with Liechtenstein tax law. From 2017 a Liechtenstein holding company that meets substance requirements can pass on dividends from a Swiss company free of WHT to shareholders who reside in countries

that have also entered into equivalent DTAs. Protected Cell Company as a holding company A protected cell company (PCC) as a Liechtenstein holding company could be a solution that meets the needs of Chinese families. The possibility of segregating legal entities is not entirely a departure for Liechtenstein, since this is already included in other statutory provisions. A company can be organised as a protected cell company (PCC), also known as the segregated portfolio company (SPC). A PCC consists of a core or non-cellular part and one or more separate cells. One distinctive feature of the PCC is that the assets of the individual cells and the assets of the core are always kept separate

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这对于瑞士企业或企业控股基金会来说，在列支敦士登设立控股公司可以作为长期企业继承协议的有效选择。作为一个法人实体，控股企业需要遵守列支敦士登的标准税制，办公地点应设立在该国，以便执行瑞典及列支敦士登的免双重征税协议。对于控股企业来说也是同理，按照列支敦士登税法的规定，对控股分红以及资本收益免征税，只需要缴纳最低额的企业所得税，应税权益可进行抵扣。

from one another. Both the core assets and the individual cells of the PCC constitute separate, mutually independent bodies of assets.

对于有需求的中国家族来说，在列支敦士登成立受保护细胞公司作为控股公司是一个办法。

In order to qualify as a PCC, legal entities have to meet several requirements, including the company's stated purpose. For a holding company, the purpose required is for example "the acquisition, administration and realisation of holdings in other companies (subsidiaries)". This kind of organisation offers economic actors recourse to a legal entity which provides them with enhanced flexibility and legal certainty with regards to the distribution of liability when they are structuring their assets in the future. A PCC can be a better and more cost-effective way to structure a holding company.

将法人实体进行拆分是可行的，并不意味着要彻底搬离列支敦士登，其它法律条文已经涵盖了这一点。

Liechtenstein Venture Cooperative for innovation development and holding companies

自2017年起，满足主体要求的列支敦士登控股企业，能够将免征代扣所得税的瑞士企业的分红转移到相应的避免双重征税国家的股东上去。受保护细胞公司作为控股企业

A Liechtenstein Venture Cooperative (LVC) is the term for one type of small cooperative as defined by Article 483 et seq. of the Liechtenstein Persons and Companies Act (Personen- und Gesellschaftsrecht - PGR). An LVC is a legal entity under Liechtenstein law. Alongside other possibilities for working together, an LVC is a platform that allows several parties to work together to develop an innovation. Consequently, establishing a LVC makes sense if several people are working together on the innovation, and if the people are spread around the world. For some inventors, this may be the case at a fairly late stage, while in other instances it may be the case relatively early on, possibly even before the invention has been conceived. Innovation is understood as the development of a business idea for market launch at one's own expense. The development of an innovation in an LVC can be financed, for example,

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公司的组织形式可以是受保护细胞公司，即所谓的独立投资组合公司。受保护单元公司包括一个核心，或者非单元部分，以及一个或者多个独立单元。受保护单元公司的一个显著特点是独立单元资产与核心资产之间彼此分离，也就是受保护单元公司的核心资产及独立单元构成了相互独立的资产实体。为了达到设立受保护单元公司的要求，法人实体需满足几个条件，包括公司的设立目的。对于控股企业来说，设立目的可以是：对其他企业（附属企业）进行收购、管理及实现控股。这种组织形式使得经济参与者转而设立法人实体，考虑到未来进行资产重组时的责任分配，后者弹性更强、法律确定性更大。相比成立控股企业来说，成立受保护单元公司更好且节约成本。在列支敦士登进行创新开发的合资合作公司以及控股公司列支敦士登合资合作公司代表一种小型的合作企业，在《列支敦士登个人及公司法》（Pe r s o n e n - u n d Gesellschaftsrecht，PGR）第483条及下文进行了解释。列支敦士登合资合作公司是一种执行列支敦士登法律的法人实体。除了在一起工作的可能性外，列支敦士登合资合作公司作为一个平台，能使若干方共同进行创新开发。因此，如果若干方分散在世界各地，又正在从事创新工作，那么成立一家列支敦士登合资合作企业就很可行。对有些投资者而言，这可能在相对晚期才会涉及到，但在某些情况下也可能早期就涉及，或在酝酿发明之前就会遇到。创新被认为是对商业设想的开发，市场投放需要自掏腰包。在列支敦士登，合资合作企业对创新的想法进行开发可以通过融资来实现，比如通过资本

Company Formation Guide

through capital investment and investments in labour. The LVC can hire staff for this purpose and award contracts to third parties. The key element is that the inventors can agree on their roles and how they will participate in the outcome of the innovation before investing a great deal of money. They can apply for a commercial licence, conduct commercial market research and test the market. An LVC is subject to normal tax liabilities, in particular income tax. If the innovation or the project goes

well, then the investors have the possibility to found a new underlying company, for example a corporation, and maintain the LVC as a holding company. Private limited company (GmbH) The definition of a private limited company in accordance with Article 389 PGR was amended and entered into effect on 1 January 2017. The main amendments are: • the minimum capital requirement of CHF/EUR/USD 30,000.00 has been reduced to CHF/EUR/USD 10,000.00;

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投资或者劳动力投资。合资合作企业可为此雇佣员工或者委托第三方。关键点在于投入大笔资金之前，各方投资者要对各自的角色以及如何参与分配创新成果方面达成一致。可以通过商业授权、进行商业市场调研以及市场测试。列支敦士登的合资合作企业正常纳税，尤其是所得税。若创新项目进展顺利，投资者就可以成立一家新的附属公司，比如成立法人以保持合资合作企业的控股地位。私人有限公司（股份有限公司）对私人有限公司的定义遵照第389条

• only one shareholder is required, but if there are not more than three shareholders and one manager, the administrative requirements to found the company are reduce; • the responsibilities of the shareholder and liabilities vis-àvis the capital of the private limited company had been clarified. What kind of asset protection and asset succession planning vehicles does Liechtenstein have to offer Chinese families? Often, when it comes to wealth planning, affluent families want to

"keep it in the family", but still need to distance themselves from their wealth for asset protection or asset succession planning purposes. A family office in Liechtenstein is one possible solution which combines the knowledge of excellent, trusted national and international advisors from China and Liechtenstein with a stable, low-tax jurisdiction in Europe. Why should an individual or a family use a Liechtenstein vehicle? What are the legal entities that Liechtenstein has to offer? Investment in or management of

Company Formation Guide CHINA OFFSHORE

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及其后的规定，修订后于2017年1月1 日生效。主要修订处有： • 最低资本要求从30,000瑞士法郎/欧元/美元降到了10,000瑞士法郎/欧元/美元； • 只要求一位股东，但是在不超过三位股东及一位经理的前提下，成立公司的管理要求可以降低； • 私人有限公司资本相关的股东责任以及义务已经明确。列支敦士登要为中国家族提供什么样的资产保护以及资产继承计划？通常所谓的资产计划，在富裕家族看来就是“把财富留在家里”，但是他们仍然希望将财产和自己分离开，以便进行资产保护或者资产继承。在列支敦士登设立家族办公室是一个可行的办法，能够汇聚来自中国和列支敦士登的出色、可信的国内及国际顾问，在稳定的欧洲辖区享受税收优惠。为什么个人或者家族需要列支敦士登这一渠道？列支敦士登的法人实体能够提供什么？投资或管理一般包括直接/间接持有公司大部分股份、不动产、专利、艺术品等的个人。但是参与人是不确定的，所处的环境也是如此。这种变化莫测的情形可能导致十分严重的财务后果。对某些家族成员、家族财富及管理企业和员工等影响都存在不确定性。在抵御这种潜在的麻烦并保证持存续的前提下，设立基金会、信托、基金、单一法人实体或者保险的办法可能比较有利。清楚计划的时间点以及思考最佳解决办法很重要。这一过程很耗时但是值得投入。按照列支敦士登的法律规定，可以设立不同类型的基金会。基金会作为法人实体，创始人不得将财产转移给股

Company Formation Guide

a structure generally involves an individual (settlor/founder) who holds, directly or indirectly, the majority of the shares of a company, properties, patents, works of art, etc. But people are unpredictable, as are the circumstances in which they may find themselves, and the financial consequences of such vagaries can

be severe. There can be uncertainty around certain family members and their impact on family wealth, the management of a company, employees, and so on. The use of a foundation, trust, fund, segregated legal entity or insurance may be advantageous in terms of

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东或者合伙人（专项资产），如转移公司股份、不动产、专利、艺术品等。基金会的董事会按照创始人服务于受益人的意愿，对资产进行管理和使用。私人利益基金会（家族维护基金）是最常见的。作为一种非商业性实体，通常用于为创立者及家人为了名义受益人或者受益人群体持有不同类型的私人财产。私人利益基金会还可以以家族商业性质的控股公司的形式存在。在列支敦士登，慈善性基金会更受欢迎，执行的法律为2009年实施的基金会法修正案。慈善基金会的监管机构为列支敦士登基金会监管局，同时需要一位审计员。设立私人利益和慈善性质混合型基金会也是可行的办法。列支敦士登拥有编纂成文的信托法，这是欧洲唯一一部将盎格鲁·撒克逊信托法写进民法的国家。但是，列支敦士登信托协议已经吸引了大量资本，仍然被喜欢信托而非基金会的客户广泛使用。特定用途信托也用于列支敦士登的并购交易当中。此外，列支敦士登的税收制度很有利，包括： • 企业税或利润税税率为12.5%； • 股权资本的利息可减免4%； • 分红、资本收益或者清算收益不纳税； • 对收益、分红或资本转移无限制； • 符合私人资产结构规定的公司或者信托每年只需缴纳1,800瑞士法郎的企业所得税； • 没有继承税。设立控股公司或者作为资产保护及资产继承计划为何选择列支敦士登？列支敦士登代表着安定、可信、安全、保障、透明，国际私人银行、欧洲市场准入，控股公司、家族办公设施，以及可行性、高质量服务，和低税体制。

guarding against such potential difficulties and ensuring continuance. It is important to be aware of the time frame for planning and consideration of the best solution. This process is time-consuming but it is a worthwhile investment! Different types of foundations are possible under Liechtenstein law. A foundation is a legal entity without shareholders or partners (earmarked assets) to which the founder transfers assets, for example shares in a company, property, patents, works of art, etc. These assets are then managed and used by the foundation's Board of Directors in line with the wishes of the founder for the benefit of the beneficiaries. A private interest foundation (family maintenance foundation) is the most popular. As a non-commercial entity, it is generally used to hold various types of private assets for the founder or his family for the benefit of named beneficiaries or a given class of beneficiaries. A private interest foundation can also act as a holding company for family businesses. Charitable foundations became more attractive in Liechtenstein with the implementation of the amendments to the foundation law in 2009. Foundations that are predominately charitable are subject to supervision by the Liechtenstein Foundation Supervision Authority and require an auditor. Foundations with a combination of private interest and charitable purposes are also possible. Liechtenstein has a codified trust law and is the only civil law jurisdiction in Europe which has introduced the

Anglo-Saxon trust legislation into its civil code. However, the Liechtenstein Trust Settlement has attracted considerable interest and is still widely used by clients who prefer to have a trust rather than a foundation. Purpose trusts are also used in merger and acquisition transactions in Liechtenstein. In addition, Liechtenstein has a favourable taxation system in place which includes: • 12.5% tax on corporate or other profits; • Interest deduction of 4% on equity capital; • No tax on dividends, capital gains or liquidation gains; • No limitations on the transfer of profits, dividends or capital; • Companies and trusts that qualify as Private Asset Structures (PAS) are only liable for a minimum payment of corporate income tax of CHF 1,800 yearly; • No inheritance tax. Why choose Liechtenstein to establish a holding company or for your asset protection and asset succession planning? Liechtenstein stands for stability, reliability, safety, security and transparency, international private banking, market access to the EU and Switzerland, holding companies, family office facilities and possibilities, high quality of services, and a low-tax system.

Company Formation Guide CHINA OFFSHORE

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Member Contribution

股东互保策划

Shareholder Protection Planning

013年由陈可辛执导，黄晓明、邓超、佟大为三人主演的《中国合伙人》大获好评，故事描述三位青年创业的奋斗史，兄弟情谊故事，壮志豪情，热血圆梦。故事以新东方的创业背景作蓝图改编，而正正此合伙创业的成功故事就是近10年中国无数成功实例的缩影之一。然而在现实中巨人倒下的案例屡见不鲜，努力不懈的股东们在长时间忘我奔波的工作状态下，过度透支、身心劳

n 2013, the movie American Dreams in China, directed by Peter Chan and starring Huang Xiaoming, Deng Chao and Tong Dawei, was very highly praised. It is a story of three young men's success in building a great enterprise, and a story full of brotherhood, lofty idealism, great aspiration and passion. It was recomposed based on the true story of the establishment and development of New Oriental. Such

Regan Shum 沈俊威香港中国金洋 (1282.HK) 旗下中国金洋财富管理总监、澳洲注册管理会计师CMA、英国特许证券与投资协会会员MCSI、澳洲公共会计师 FIPA、英国注册财务会计师FFA、澳新保险与金融学会 ANZIIF (Snr Assoc) CIP 认证保险师、美国GLG 格理集团亚洲金融服务部之Council Member。沈先生为香港资深财富管理人员，毕业于英国布拉德福德大学就读金融服务文学士，英国少数夺得「苏格兰银行奖」的华人。曾于曼彻斯特市及列斯市之会计师事务所工作，后回流香港，先后在多间上市公司任职财富管理部门要員。 Mr. Shum (Regan), the Director of China Goldjoy Wealth Management, a subsidiary of China Goldjoy (1282.HK), Certiﬁed Management Accountant of Australia (CMA Aus), Member of The Chartered Institute for Securities &

Company Formation Guide

Investment (MCSI UK), Fellow member of Institute of Public Accountants (FIPA Aus), Fellow member of The Institute of Financial Accountants (FFA UK), Senior Associate CIP (Certiﬁed Insurance Professional) of Australian and New Zealand Institute of Insurance and Finance, and Council Member (Asia Financial and Business Services) of Gerson Lehrman Group. Mr Shum graduated from Bradford University, UK, with a BA Honors degree in Financial Services. He was among the very few Chinese to be bestowed the “Bank of Scotland Award”. He had worked in accounting ﬁrms in London and Manchester, before returning to Hong Kong. He had worked in a key position in the wealth management departments of three listed companies.

Regan Shum

a successful partnership epitomizes the innumerable successful cases of Chinese enterprises in recent decades. However, there are also a great number of cases of giant companies' failure. Shareholders are always absorbed in ongoing hard work. When they get exhausted and burn out, it creates an inestimable impact on the enterprise. Particularly when the development of the enterprise is not very sound and stable, once the financial channel cannot be effectively managed, it has a direct impact on the normal operations of the business. The consequent domino effect will result in the loss of confidence of employees and partners. The significant change of core management will directly reduce the confidence of banks and financing institutions in the development of the enterprise, resulting in a disastrously sharp decrease in credit volume. Many individual cases in the past show that during the application for an IPO by listed companies, the sudden death of an important shareholder may delay the application or even cause the cancellation of the qualification for an IPO due to the unclear structure of stock rights. Problems which may be encountered by living shareholders after the death of a shareholder: • Problem 1: Do you want to continue

观点 | OPINION CHINA OFFSHORE

损，一旦倒下将会对企业造成难以估计的影响。特别是当企业发展尚未十分成熟稳健时，财政一但无法有效疏通，将会直接影响企业正常的运作。连带产生的骨牌效应下，引致到员工、生意伙伴等失去信心。若然核心管理层发生的重大变化更直接打击银行、贷款机构对企业发展的信心，继而收紧其信贷额等致命后果。过去亦有不少个案，公司正处于联交所上市的申请中，重要股东不幸离世，导致申请进程因股权不清澈被暂援或甚至被取消上市资格等的严重后果。以下是当股东离世后，在生股东将会遇到的各种难题： • 难题1：你愿意与离世伙伴的承继人合作吗？有否想过可会产生管理上的分歧。 • 难题2：如身故伙伴的承继人决定退回所占份额，谁愿意购入？合理的价格是多少？ • 难题3：如各方未能达成协议，或须将公司变卖、出让或解散，出售价极有可能低于企业的实质价值，令股东有所损失！古语有云： “人有悲欢离合，月有阴晴圆缺。”不幸之事难以一一避免。同样事件发生在制度发展成熟的地区中，大多已具备完善的应对方案。如在欧美、香港、新加坡等风险管理意识较为成熟的体系里，很多股东从公司成立起步之时，股东之间已经做好共同经营、共担风险和共享收益的准备。万一股东不幸离世，预早作出风险管理规划的企业方可顺利渡过难关，其中「股东互保（或称业务继承）规划」的专属保障或许能在此风险管理上发挥一定功能。公司股东万一不幸身故，在生的股东或企业本身可以使用股东互保计划的赔偿金购买身故股东的股份。股东可以继续如常运作企业业务，减少发生

cooperation with the successor of the deceased partner? Have you ever thought about a possible divergence in management? • Problem 2: If the successor of the deceased partner decides to withdraw his/her shares, who will purchase these shares? What is a reasonable price? • Problem 3: If no agreement is reached or it is necessary to sell, transfer or dissolve the company, it is highly possible that the selling price is lower than the substantive value of the enterprise, resulting in shareholders' loss. As the old saying goes, "Men have sorrow and joy; they part and meet again. The moon dims or shines; it waxes or wanes." Unfortunate accidents are inevitable - but if they happen in a jurisdiction with a welldeveloped system, appropriate solutions are available in most cases. For example, in jurisdictions like

Europe, the U.S., Hong Kong, and Singapore which have an awareness of mature risk management, many shareholders make preparations for joint operations, share of risks, and share of benefits upon commencing the incorporation process. Once a shareholder dies, enterprises which have done risk management planning in advance will successfully tide over any difficulties. Among others, the exclusive security of Shareholder Protection (or business inheritance) Planning might play a role in this kind of risk management. Once a shareholder dies, the living shareholders or the enterprise may use the compensation from shareholder protection planning to purchase the shares of the deceased shareholder. Shareholders may continue to operate as usual to reduce disputes related to stock rights and to prevent other undesirable shareholders from participating in the

Company Formation Guide CHINA OFFSHORE

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股权争议的机会，同时避免其他非理想的股东参与企业运作。股东互保案例 ABC公司由3名自然人股东A，股东B，股东C各出2,000万元所创，注册资金共计6,000万元。2年后公司净资产评估值已达9,000万元，但账面流动现金只有100余万元。某日股东B在与重要客户交际应酬时突发急症身故，股东 B的家属及后提出了共2,585万元的权益主张申请，细眀如下： • 撤回原投资款2,000万元; • 领回2年间公司应分未分之分红85万元; • 股东B是在为公司拓展业务的时候发生风险，请求公司给予抚恤金500 万元。因家中子女年幼，股东B妻子多年来一

Company Formation Guide

enterprise's operation. Shareholder Protection Cases ABC Company with a registered capital of 60 million Yuan was founded by three natural person shareholders, namely Shareholder A, Shareholder B, and Shareholder C, who contributed 20 million Yuan each. After two years, the assessed value of the net assets of the company reached 90 million Yuan, but the current cash flow amount was only about 1 million Yuan. One day, Shareholder B died of a sudden disease while entertaining an important company client. The family members of Shareholder B subsequently lodged a claim for 25.85 million Yuan, the details of which are listed as follows:

• To withdraw the original investment, 20 million Yuan; • To obtain the divided but undistributed dividends of the company in two years, 850,000 Yuan; • Shareholder B died when he tried to expand business for the company, so they claimed for a pension of 5 million Yuan from the company. The wife of Shareholder B had been a devoted housewife for years, taking care of their young children, so she had never been engaged in the operation of the company. Due to the sudden death of Shareholder B, she became helpless, placing a huge financial burden on them. The wife of Shareholder B hoped to leave that sad place with her children and to

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心相夫教子，从来不沾手先夫生前公司业务。股东B的离世令遗霜一时手足无措，家中失去经济支柱，家庭负担及各种压力亦非常巨大，因此股东B妻子希望离开伤心地，带着年幼子女移民外地，安享生活。对于股东B遗留下来的业务及股权，她跟本无心继承，加上她对另外两位股东们是心存万分不满，因为多年来在节庆假日里的应酬事务上往往都安排股东B代为参与，另股东B与家人在节庆日子里聚少离多，对于先夫的离世她认为股东A及C需要负上一定责任。因此她对股东作出的权益申索亦相对苛刻，及此，她透过代表律师要求企业及股东们在一个月内支付权益。如达不到要求，股东B妻子将在保留第3项请求的同时，将股权以 2,300万元转让给该ABC公司的竞争对手XYZ公司。此要求让股东A和C非常为难：特别是股东A与股东B生前交情甚好，很愿意为股东B家属妥善处理身后安排，但同时亦很希望维护三位股东辛辛苦苦打拼下来公司股权得到完整的安排。一直以来，X YZ公司是ABC公司市场上多年来的主要竞争对手，如业务不能顺利延续，XYZ公司将会很顺理成章地陆续吞拼A BC公司的市场占有率，慢慢地令ABC公司走向下坡。而且，XYZ 公司在股东B离世后，不停地向市场传达ABC公司资金流不足、股权斗争、人才流走、竞争力下降等等的负面讯号。在内外压力夹击下ABC公司面临重大危机，现时ABC财务状况如下： • 此时A B C 公司净资产评估值已达 9,000万元； • 但账面流动资金只有100余万元； • 银行业务贷款约2,000万元； • 每年支出约720万元，毛利约240万元。

emigrate to a foreign country. She had no interest in inheriting the business or stock rights left by Shareholder B. Besides, she was very dissatisfied with the other two shareholders. That's because for many years, Shareholder B had always been responsible for social engagement on behalf of the company and accordingly seldom spent time with his family during festivals and holidays. Therefore, she accused Shareholder A and Shareholder C of being partly liable for the death of her husband. As a consequence, she lodged a claim with these shareholders via a counsel, demanding that the company and shareholders pay her interests within one month. If her demands could not be satisfied, she would reserve Claim 3 and transfer the stock rights at the price of 23 million Yuan to Company XYZ, a competitor of Company ABC. Such claims put Shareholder A and Shareholder C in a pretty pickle. Shareholder A had a good relationship

with Shareholder B and was willing to help the family members of Shareholder B to properly deal with affairs after his death. However, he also wanted to keep the stock structure of the company intact, which was built with great effort by all three shareholders. For a long time, Company XYZ has been Company ABC's main competitor in the market. If Company ABC's operations were stuck, Company XYZ would naturally grab Company ABC's market share and gradually squeeze Company ABC out of the market. Furthermore, after the death of Shareholder B, Company XYZ ceaselessly spread negative signals about Company ABC in the market, saying they had insufficient capital flow, stock right disputes, brain drain, and decreasing competitiveness. Company ABC was confronted with a major crisis due to the combination of internal and external pressure, the financial status of Company ABC then was as below: • The assessed value of the net assets

经过与银行贷款部协商后，银行同意延长ABC公司的还款期，但始终对ABC 公司业务信心有所下降，因此拒绝向

Company Formation Guide CHINA OFFSHORE

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from the wife of Shareholder B. Shareholder C did not want to sell his own properties or be attacked by the competitor, so he suggested applying for a guaranteed loan with a financial institution together with Shareholder A. In such way, the profits of the company for a whole year would be used to cover the interest expenditure, but the distribution of stock rights could be properly handled. From that point onwards, the two shareholders began to have different opinions, thus greatly impacting the development of the company and demoralizing the employees. As an outsider, what's your suggestion to the two shareholders? 股东互保运作说明 Instructions on Shareholder Protection Planning

股东A及C作出更多的额外贷款安排。与此同时，股东 A 向股东C 表示有意（则使在有一点亏损的情况下）变卖自己的一个物业及股票套现，并换取股东B遗霜的部份股权。股东C一方面不希望变卖家产，一方面又不想被竞争对手入侵，所以股东C反建议股东A共同向财务机构作担保贷款，虽然利息支出大大侵食了整年的营利，但总算可以妥善处理股份分配问题。两位股东意见开始有所分歧，业务托展亦受到重大影响，公司上下市气低落。作为局外人，你又会替两位股东有何打算？股东互保策划可为公司带来以下效益： • 避免股权落入不熟悉业务人手上； • 减低对现有股东于财务及业务上的冲击； • 可如常运作业务及继续进行扩充等计划； • 无须被迫放弃吸引的商机。

Company Formation Guide

* 运作说明并不包括所有可能情景 * The instructions don't cover all possible circumstances.

of Company ABC was 90 million Yuan; • The working capital in accounts was only 1 million Yuan; • It had a bank loan of about 20 million Yuan; • It had an annual expenditure of about 7.2 million and gross profits of about 2.4 million Yuan. After negotiations with the loan department of the bank, Company A had its repayment period prolonged. With lower confidence in the business operation of Company ABC, however, the bank refused to grant additional loans to Shareholder A and C. Meanwhile, Shareholder A said to Shareholder C that he had an intention of selling some of his properties and stocks (in spite of certain losses) and purchasing some stock rights

Shareholder protection planning will benefit the company in the following ways: • It will prevent the stock rights from being controlled by those who are not familiar with the business; • It will reduce the financial and business impact on the existing shareholders; • It can operate as usual and continue plans like business expansion; • It can avoid being forced to give up attractive business opportunities. Key documents for shareholder protection arrangements: • Documents: Shareholder Protection Agreement Effect: signed by all shareholders to guide all other documents on shareholder protection. • Documents: Insurance Contract Effect: designate beneficiaries, insurance benefit, premium, payment of insurance benefit, etc. • Documents: Articles of Association Effect: agreements are reached

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股东互保安排核心档： • 文件：股东互保协议作用：全体股东订立，统领股东互保的其他文件。 • 文件：保险合同作用：约定受益人、保险金、保险费、保险金支付方式等。 • 文件：公司章程作用：约定股权不得继承，而应由其他股东购买；约定转让股权的情况下，受让方同意股东互保的安排并继续履行相关义务。 • 文件：继承人安排作用：被保险股东订立遗嘱或者由继承人出具放弃股权同意函。近年境外投资创业的公司众多，若不了解当地法例的话，问题可能比上述情况更糟糕，有些地区法例定明除非合伙人之间另有协议，否则任何合伙人身故，合伙即告解散；另外，身故合伙人的合伙财产份额更有可能会被视为在世合伙人的债项处理。而在中国境内，亦有可能因离世股东之承继人为外籍人士，造成公司变成一家合资公司，形成额外的审批义务与可能的经营范围的限制。股权继承的风险方面，虽然出现过诸多的不愉快甚至悲剧收场的案例，但似乎并未引起投资界与创业人士的重视，在公司章程与股东协议中关于股权继承的规定也并不多见，或者只是寥寥数句，并不能完全防范各种风险的暴露。若不未雨绸缪，及早订立股东买卖合约及股东互保策划，更多的难题可能随即出现。

so that the stock rights shall be purchased by other shareholders instead of being inherited, and in the case of the transfer of stock rights, the transferee shall consent to the shareholder protection agreements and continue to fulfill relevant obligations. • Documents: Inheritor Arrangement Effect: The insured shareholders obtain a will, or their inheritors sign a written consent to give up stock rights. In recent years, there have been an increasing number of companies that invest in building new companies overseas. Without a profound understanding of local laws and regulations, they may be confronted with even worse problems. Some regional regulations stipulate that, unless otherwise agreed by the partners, the partnership will be dissolved if any of the partners dies. Besides, the share of partnership property owned by the deceased partner may be considered as the debt of the living partners. In China, it is

also possible that if the inheritor of a deceased shareholder has foreign nationality, the relevant company will become a joint venture company and accordingly be subject to additional examinations and possible limitations on the scope of business. In spite of many unpleasant and even tragic cases, the risks related to stock right inheritance have not been taken seriously by investors and entrepreneurs. In the articles of association and shareholder agreement, there are insufficient or even no stipulations on the inheritance of stock rights. Accordingly, the exposure to various risks cannot be fully prevented. If no precautions are taken through shareholder agreements and shareholder protection planning, more problems could appear at any time. To ensure the continuous inheritance of business, a well-organized business inheritance strategy supplemented by proper planning and arrangements is especially important.

为确定保业务得以传承永续，一套结构良好的业务继承策略，配合适切的规划和安排尤为重要。

Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

中国公司的海外注册潮流

Chinese Companies' Offshore Incorporation

016年起，中国经济增长的气球开始漏气。诸多高调的外国公司正相继撤出中国市场。

麦当劳此前发布一条令人吃惊的消息，它将以高达 21亿美元的价格将其中国业务打包卖给一家中国国有企业集团。肯德基的母公司百胜餐饮集团选择分拆百胜中国，在纽约证券交易所

Rocky Chan Mind Fund（思维基金）集团合伙人兼首席财务官 Mind Fund Group Partner and CFO 思维基金是香港的一家风投基金和创业工作室，专业领域涉及金融科技、人工智能和区块链等领域。此前，Rocky是百度家族办公室（Baidu Family Office）的主管，负责监管所有投资、私人飞机事宜、慈善事业以及与百度董事会的谈判。 Mind Fund is a VC fund and Startup Studio based in Hong Kong, focusing on ﬁntech, AI, blockchain, etc. Previously, Rocky was the head of Baidu Family Ofﬁce overseeing all the investments, private jet issues, philanthropy works and negotiation with Baidu's Board of Directors.

Company Formation Guide

ince 2016, the balloon of China's economy growth is leaking gas. Way too many high profiled foreign companies have been quitting their China's markets. The eyepopping news came from McDonalds which is selling its China business in a deal worth up to $2.1B to a state-owned Chinese conglomerate. Yum, the parents of KFC chose to spin off Yum China as a separately list company on the New York Stock exchange, widely viewed as a pre-step to sell it to China's investors. Oracle closed out its R&D in China. Mark & Spencer is shutting down its retail stores in a large scale.

Rocky Chan

steps in attempt to move a large part of its glass manufacturing to USA. A name of treason is pressuring upon Mr. Cao not to take the initiatives. All these cases and developments highlight the unprofitable business practices and unfriendly business climate in China, not only toward foreign companies but also to its own domestic companies in a big favor to state-owned and state run entities.

Carrefour supermarkets shrinks its exposure in China in light of losing sales to ecommerce like Aliababa, Jingdong and Yihaodian. This leaving China trend, unfortunately, is not limited to foreign companies in China. Mr. Li Ka Shing, the richest person in Hong Kong, continues to unload his major commercial properties in Shanghai and keeps building up his investment inventories in Australia, Europe, especially UK.

Increasing labor costs, insane property hikes, notorious greed on China's taxation system, unpredictable governmental policies, unbearable environmental hazards are just some of the many reasons why all kind of companies decide to vote by feet, leaving China altogether. This massive exit from China will not only bring away massive capital and funds, but also push up the real unemployment rate to a stunning level and lower the real China's GDP to unbelievable bottom. Unfortunately, all these massive exits have produced no earthquakes to the mind of Chinese authorities to do any things significant different to reverse the trend and save the economy.

To may it worse, even locally born Chinese companies take on this bandwagon and ready to depart China. Fuyao Group (the dominant glass product maker) and its owner Mr. Cao De Wang are taking serious

The decrease on tax revenue from the shrinking pool of corporates in China has been easily matched and made up from the massive increase on the hikes in numerous forms of taxes and from the alarming rate of

观点 | OPINION CHINA OFFSHORE

独立挂牌交易，人们普遍认为这是百胜为向中国投资商出售百胜中国所做的准备。甲骨文公司关停了其在中国的研发业务。玛莎百货将大规模关停其零售店。因为被阿里巴巴、京东和一号店等电商抢走销量，家乐福超市也关停了中国的不少门店。不幸的是，这种离开中国的趋势并不局限于在中国经营的外国公司。香港首富李嘉诚先生仍在继续抛售其在上海的大型商业地产，转而加大在澳大利亚、欧洲尤其是英国的投资。

increase from the transaction price of real properties thru out China's major cities. Study shows that up to 70-80% of the price of the new property on the markets goes directly to the pocket of the Chinese government. The incentive for the Chinese government continues to push the value of property higher is so obvious. This significant revenue form inflated value of properties is not only significant enough to cover the gigantic holes of bad loans from the local and state government, but also high enough to make Chinese government to become

one of the richest governments in the whole, while ignoring the fact that its own citizens are largely living in a developing country. Not totally occupied by the naysayers, there are still some hopes left in any miserable situation. That is the positive trends of high tech innovation ecosystem. China has been do well over the past decade on innovation and proudly ranked #2 after the United States as the most successful high tech developing center of the world, thanks to super star companies

Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

可能更糟糕的是，即便是土生土长的中国公司也加入了这种潮流，准备逃离中国。福耀集团（占主导地位的玻璃产品制造商）及其所有人曹德旺先生有意将其大部分玻璃制造业务迁往美国，且已经付诸实施。有人以叛国的罪名向曹先生施压，期望其不要带这个头。所有这些情况和发展都凸显了中国商业活动盈利性差、商业环境不友好的事实，这不仅对外国公司不利，也拖累了中国本土的公司，只对国有国营企业有巨大的好处。劳动力成本的不断提高、房地产价格的疯狂上涨、中国相对较为严苛的税收系统、难以预测的政府政策以及难以承受的环境危害，这些都是一些公司决定撤离中国的诸多原因中的几项。这种撤离的趋势不仅仅带走了大量的资本和资金，还将中国的失业水平提高到了一个相较于以往更高的水平，也让中国大陆的GDP增幅面临变缓的威胁。但不幸的是，这种大规模撤离的趋势并未让主管当局的管理手段有重大改变，他们目前还没有采取多少逆转这种趋势、提高经济的重大举措。通过各种税负的大幅增长、中国各大城市房地产交易价格的急剧上涨，可以轻易弥补中国公司数量缩减所造成的税收减少。研究表明，市售新地产价格的一大部分进入了中国政府的口袋，所以中国政府进一步拉高房地产价格的诱因是显而易见的。房地产膨胀价格所带来的巨大收益不仅能够弥补地方和国家政府不良贷款的巨大缺口，还能够让中国政府成为世界上比较富有的政府之一，这也让人们忽略了一个事实，即中国人民很大程度上还是生活在一个发展中国家。任何悲惨的情况下，总会有一些希望留存，不会被否定者完全占据。这种希望就是高科技创新生态系统的积极趋

Company Formation Guide

such as Tencent, Alibaba, Baidu, Jingdong, Huawei and so on. Chinese government witnesses this new positive trend and plays a supporting role in the development this new ecosystem. Major corporation achievements include Tencent's huge success on gaming and Wechat popularity. It is the flagship company to build a massive net on startup ecosystem in Shenzhen and it has proudly become the most valuable companies in Asian in terms of market capitalization. Alibaba, another highly discussed company, created a unique and critical platform for millions of merchants to do business online. Its huge IPO success in Nasdaq empowers and expand it to many vertical of industries. We can now see the many new potentials of Alibaba on how to equip and help some businesses through-out China win the tough competition against the U.S. counterparts. The low margin profit

from manufactures and raw materials will not be the only source of income for small Chinese merchants. The big data, cloud based computing, blockchain and Artificial Intelligence technology from Alibaba's new platform will be significant enough for the small Chinese merchant to gain the battle of higher margin parts of product cycle such as design, order and sales. Lastly, we cannot go without mentioning the super star Huawei, which works so diligently to muster its power to win major battles with Qualcomm on cell phone patent rights and standard, beat Cisco on products pricing and innovation speed cycle, and create the "cleanest business practice" in China by not going to IPO. All the success stories from these giant companies do not only lift up our spirits but also bring new hopes to save China from sinking deep into territory of negative GDP, from continuous depreciation of RMB and

观点 | OPINION CHINA OFFSHORE

势。过去十年间，中国在创新方面取得了丰硕的成果，借助腾讯、阿里巴巴、百度、京东、华为等超级明星企业，成为了仅次于美国的世界第二大高科技发展中心。中国政府见证了这种新的积极趋势，推动了此种新生态系统的发展。主要的公司成就包括腾讯在游戏及微信普及度方面取得的巨大成功。腾讯是在深圳打造创业生态系统巨大网络的旗舰公司，在市值方面，腾讯骄傲地成为亚洲价值最高的公司。阿里巴巴是另一个被广泛讨论的公司，它为千百万商人打造了一个独一无二的、进行在线交易的重要平台。阿里巴巴在纳斯达克的首次公开募股取得了巨大成功，将公司的业务拓展到了众多行业。现在，我们可以看出，阿里巴

drastic increase from unemployment. Interesting enough, all the good development in China somehow has to do with foreign involvement and big influence from oversea. On the backdrop of the success of each of these companies mentioned above, we can easily see the foreign shadow. For examples, Alibaba could not possible be today's Alibaba if not because of the ground-breaking support from Softbank and Yahoo. Tencent cannot become the communication king if not because of its sharp learning from AOL's ICQ. Baidu cannot become the search engine giant if not because of swift and keen copy of Google and its political power to sweep Google away from mainland China.

With the welcomed new concept of creating a China's Bay Area and the powerful push from Pony Ma, we may very soon witness the birth of a huge ecosystem for startups and venture capital. Shenzhen, Hong Kong, Macau and probably Zhuhai complete the scope of this China's Bay Area, mimicking the Silicon Valley Bay Area. Coincidently, the Hong KongZhuhai-Macau bridge which is under construction at the moment, will shorten the transportation distance within this region. It will no double strengthen the connection of the Pearl River Delta and fuel the growth of China's Bay Area. This 50 Kilometers bridge is due to open in December 2017, although its open schedule has been delated multiple times so far.

Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

巴为中国的某些企业带来了诸多新潜能，帮助后者在与美国竞争对手的激烈竞争中胜出。制造和原材料的低边际利润将不再是中国小型企业的唯一收入来源。来自阿里阿巴巴新平台的大数据、云计算、区块链和人工智能将足以帮助中国小型企业在设计、订单和销售等产品环节，攫取更高的边际利润。最后，我们必须要提到另一个超级明星企业——华为。通过艰苦奋斗，厚积薄发，华为在手机专利权和标准方面打败了高通，在产品定价和创新速度方面超越了思科，并通过不上市策略，打造了中国“最干净的商业实践”。这些企业巨头所取得的辉煌成就不仅激发了我们的斗志，也给我们带来了避免中国陷入GDP负增长旋涡、避免人民币持续贬值、避免失业率大幅上升的新希望。有趣的是，中国实现的所有这些积极的发展，在一定程度上都有外国公司的参与，都离不开来自海外的巨大影响。在上述这些公司每一辉煌成就背后，我们都可以轻易看到外

Company Formation Guide

During the past two years, the whole world seems to be riding on the fat of building up high tech ecosystem which involves the major effort of setting up startups incubators, accelerators and venture capital funds. We can see increasing number of startup companies coming from Taiwan, Korean and Japan to Silicon Valley for funding, capital and tenants. While Silicon Valley is rich for capital and high tech expert, very soon, these foreign startup companies will come to realize that Silicon Valley only offer limited helps. The majority of funding and support are still coming from their own countries. Now, realizing the trend to go oversea for business survival, technology influence and ultimate success on China's Bay Area, we may want to explore the methods and options on how to create offshore company, especially in the U.S. Creating a

business entity really is a broad topic. Depending on various factors and considerations such as your citizenship, your target markets, your line of business, your business strategies and so one, you may find many options on offshore business structure. For instance, if you are US citizen or US green card holder, you can select to set up your entity as a C corp, S corp, Limited liability Company (LLC), limited liability partnership (LLP). These options are largely based on the legislation of various state laws. Here are some examples for you to choose from. If you are the sole owner of your business, you can just ignore setting up a company. All you have to do is to run your company well, do a good job on bookkeeping and report all the business revenue and expenses on your schedule C of your Form 1040 (individual income tax form, filed annually).

观点 | OPINION CHINA OFFSHORE

国公司的影子。比如，如果没有日本软银和雅虎史无前例的支持，阿里巴巴就不可能成为今天的阿里巴巴。如果不是积极学习美国在线公司的ICQ，腾讯不可能成为通讯领域的王者。如果不是因为快速、敏锐的复制谷歌，借助政治力量将谷歌赶出中国大陆市场，百度就不可能成为搜索引擎巨头。马化腾提出并大力推动打造中国湾区的新理念，也许用不了多久，我们就能见证一个新创公司及风险资本的巨大生态系统的诞生。以硅谷的湾区为蓝本，深圳、香港、澳门和珠海构成了中国湾区的范围。巧合的是，此时仍在建设的港珠澳大桥将缩短这一区域内的交通距离。毫无疑问，它会加强珠江三角洲的联系，推动中国湾区的增长。这座长达50千米的大桥按计划应在2017 年12月通车，不过其公开的日程表迄今为止已发生了多次变化。过去两年间，整个世界似乎都在积极打造高科技生态系统，在创建新创企业孵化器、加速器和风险资本基金方面付出了巨大努力。我们可以看到，越来越多的新创企业从台湾、韩国和日本奔赴硅谷，谋求资金、资本和人才。尽管硅谷是资本和高科技专家的富集地，但用不了多久，这些外国新创公司就会意识到硅谷所能提供的帮助只是非常有限的。大部分资金和支持仍将源于自己的国家。现在，在意识到这种远迁海外谋求企业生存的趋势、技术影响以及中国湾区的最终成功之后，我们可能想要探索在海外——尤其是美国——成立离岸公司的方法和选择。成立公司真的是一个很宽泛的主题。因为各种因素和考虑事项的不同，比如您的国籍、目标市场、营业范围、商业战略等等方面，您可以选择多种不同的离岸公司

If you have partners or cofounders for your startup business, other formal legal company structure may fit your better or at least provide you a legally protected structure to work with others. LLP is popular entity structure for professionals such as attorney, accountant and consultant. Each partner is not only protected by limited liability but is also treated the same on tax filing regarding the receipt of his own shares of income and expense. LLC will be a good option for one or more business owners to enjoy the liability protection. Majority of small business owners in the US will chose this option to set up their company. The tax filing is little easier than other forms of business structure. C Corp is the preferred one if the business owners have the ambition to file IPO for their company in the future. However, there are many drawback of setting up and running a C Corp along the way. Double taxation,

complicated filing and registration process, hideous and numerous broad of director's and organization mandates are just some of the trouble that required many manpower to make it function. S Corp would be a better choice if you care about cutting cost and easier filing, registration and maintaining. However, some major limitations of selecting S Corp as your desired legal structure are the number of owners (limited only to 75 owners) and citizen of owners (nonUS citizen owner is not allowed). If you find it very complicated and prone to make mistakes on this important task, it may be good advice for you to seek professional consultation such as attorney and CPA to help you select the one which fits you the best. Alternatively, you can consider forming a company based on offshore (non-US and non-China) jurisdictions. Some of the most popular destinations include Cayman Island, British Virgin Island, Bahamas, Isle of Man, Cyprus, Belize, Ireland, etc. Favorable tax heaven status, friendly

Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

结构。比如，如果您是美国公民或持有美国绿卡，那么您就可以选择注册成立C类公司、S类公司、有限责任公司（LLC）和有限责任合伙企业（LLP）。这些选择很大程度上是基于各州的法律法规。下面是几个可供您选择的例子。如果您是企业的唯一所有人，您就可以不考虑成立公司的问题。您要做的就是把公司经营好，记好账，按照税表 1040（个人所得税表，每年填写一次）附件C的要求报告所有的业务收入和支出。如果您新创立的公司有合伙人或者共同创立者，其它正式的公司结构可能更适合您，或者至少要为您提供一个合法保护您与其他人合伙经营事宜的结构。有限责任合伙企业是深受律师、会计师和顾问等专业人士欢迎的实体结构。每位合伙人不仅能受到有限责任的保护，在收到自己的收支分成后，也能在纳税申报方面获得同等的待遇。有限责任公司是一位或多位企业所有人享受责任保护的一个好选择。美国大多数小型公司的所有人都选择成立有限责任公司。其纳税申报比其它类型的公司结构要简单一些。如果公司所有人有志打造一家上市公司，则 C类公司是首选结构。但是，设立及经营C类公司也有诸多缺点。双重征税、复杂的申报和登记流程、繁多的董事会指令和组织指令，这些是其中几个需要大量人力投入才能解决的麻烦。如果您更关心减少成本，简化申报、登记及维持流程，那么S类公司就是更好的选择。但是，选择S类公司作为您理想的法律结构也有几大限制因素，包括所有人的数量（不超过 75人）以及所有人的国籍（仅限美国公民）。如果您觉得这是一个非常复杂的

Company Formation Guide

business laws and acceptable VIE structure for potential IPO filing are some of the attractive points hard to ignore. It was all good and sound on the offshore business structure until the recent US government's drastic attempts to break it apart. The ever-increasing cost on building up its military muscle and the gigantic amount of economic stimulus measure to jump start the economy right after the 2008 subprime mortgage crisis places huge pressure on US government to look for greater source of revenue. Finally, the US government found the Swiss banks, especially UBS, were just the right targets to go after. Swiss banks were accused of helping many wealthy American clients evade taxes by hiding income offshore. After years of wrestling between US tax authority and UBS, IRS won the battles. The U.S. crackdown on Swiss banks has imposed more than $1.3 billion in

penalties on 80 banks in settlements involving more than 34,000 accounts that held as much as $48 billion. IRS won a big fat check. This big win-fall has substantially enlarged US appetite and propelled the IRS to look for even bigger tax revenue. Ultimately a huge monster - Foreign Account Tax Compliance Act (FATCA) was born. This is a U.S. legislation that primarily aims to prevent tax evasion by US taxpayers by using non-US financial institutions and offshore investment instruments. It is an unpresidential and most arrogant piece of US laws ever created to force all major foreign financial institutions to comply and cooperate with this Act. This Act was in place since 2014 but nobody takes it seriously until recently. Many foreign banks and financial institutions try to avoid dealing with this complicated and highly demanding Act by rejecting all US citizens to be their new clients.

观点 | OPINION CHINA OFFSHORE

选择，您很可能会在这一重要决策上犯错，那么寻求专业的顾问意见可能是一个不错选择，比如让律师及注册会计师帮您做出最好的选择。此外，您也可以考虑在离岸（非美国及非中国）辖区成立公司。最受欢迎的一些辖区的包括开曼群岛、英属维尔京群岛、巴哈马群岛、马恩岛、塞浦路斯、伯利兹和爱尔兰等。优惠避税港的地位、友好的商业法以及潜在首次公开募股申请可接受的VIE结构是其中几个令人难易忽视的吸引点。从各个方面来说，离岸公司结构都是最明智的好选择，直到美国政府最近开始采取强烈措施打击避税天堂。美国在打造军事力量方面投入的成本不断加大，2008年次贷危机之后，又采取了大量的经济刺激措施来促进经济复苏，这些都迫使美国政府要找到更大的收入来源。最后，美国政府将目标锁定在瑞士银行，尤其是瑞士联合银行。瑞士银行被控以隐瞒海外收入的方式，帮助美国富人避税。美国国税局与瑞士联合银行缠斗多年，并最终取得胜利。美国针对瑞士银行采取了严惩措施，对80家银行征收了13亿美元的罚款，涉及34000个总存款额达到480亿美元的账户。美国国税局赢得了一张巨额支票。

One of my friends, for example, complained a couple years ago that the HSBC in Hong Kong rejected his application to open a regular bank account while he was staying in Hong Kong for the summer break. The reason for rejection is simply because of his US citizen status. All of the sudden, US citizens become the street rats everyone hates thanks to this crazy Act. Many ordinary US citizens are penalized and ripped of basic human rights just because they are taking a vacation in other countries. Since 2016, IRS has stepped up efforts to push, harass and even

threaten all foreign countries and foreign financial institutions (FFI) to adopt and comply with this hideous Act. Foreign Financial Institutions (including banks, mutual funds, hedge funds, private equity funds, certain types of insurance companies with investment products) are required to register with IRS and must agree to report to the IRS certain information about their US owners' accounts. These FFIs will face 30% tax withholding on US source payments made to them if they do not register and comply with the Act. The maximum penalty has to be the lifetime ban of the

这次大胜让美国政府胃口大开，也推动美国国税局寻求更多的税收收入。最终，《海外账户纳税法案》（FATCA）——这个巨型怪兽诞生了。这部美国法律主要是防止美国纳税人通过非美国金融机构及离岸投资工具避税。这是美国历史上颁布的最自大的一部法律，迫使所有外国金融机构与之合作，遵守此法案。该法案2014 年就颁布了，但从没有人认真对待它，直到最近。很多外国银行和金融机构为了避免处理这一复杂、高要求的法案，都拒绝接受任何美国公民成为其

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观点 | OPINION CHINA OFFSHORE

新客户。比如，笔者的一个朋友几年前曾抱怨道，在他居留香港过暑假期间，香港汇丰银行拒绝了其普通银行账户的开户申请。拒绝的原因就是其美国公民身份。因为这部疯狂的法案，突然之间，美国公民成为了人人讨厌的过街老鼠。很多普通的美国公民只因为去其它国家度假就受到了惩罚，被剥夺了基本人权。自2016年起，美国国税局加大努力，推动、骚扰甚至威胁所有其它国家及外国金融机构（FFI）采纳并遵守这部可怕的法案。外国金融机构（包括银行、共有基金、对冲基金、私募股权基金以及出售投资产品的特定类型的保险公司）被要求在美国国税局进行登记，且必须同意向美国国税局报告与其美国客户账户相关的特定信息。这些外国金融机构如果不登记、不遵守这部法案，其美国来源的收款都要面临30%的预扣税款。如果外国金融机构故意忽视并违反这部法案，那么其可能面临的最大惩罚是终身禁止在美国开展业务。最终，包括中国和俄罗斯在内的很多国家不得不向这部法案低头。有传言称，唐纳德•特朗普总统将废除这部荒谬的法案。但是，这位总统曾毫无证据地随口指控前任总统窃听，我们可以真正信赖他吗？我们能否真正信赖一个与俄罗斯合作拉低总统竞选对手获胜几率的家伙？期望有好运吧！总而言之，要在美国之外创立离岸公司，我们将面临诸多阻碍。而中国不友好的商业环境也会让我们遭遇巨大的困难。与其待在中国、获得美国绿卡，我们可以考虑一种新趋势——申请新西兰国籍，因为新西兰具有优美的自然环境、不断增多的商业机会以及政府在创业方面推行的友好举措。

Company Formation Guide

FFI from doing business in the USA if they intentionally ignore and violate this Act. This ultimate bully Act successfully forced many countries to surrender including China and Russia. There is a rumor that President Donald Trump will abolish this ridiculous Act. Well, can we really rely on someone who can easily accuse the prior president on wiretapping without any evidence? Can we really trust a guy who may work with Russia to lower the chance of his opponent on the presidential election? Good luck on that.

In conclusion, we are facing many obstacles in creating offshore companies from US. We are also suffering greatly from the unfriendly China's business environments. Instead of staying in China and getting a US green card, we may consider this new trend -- applying a New Zealand citizenship, thanks to its naturally beautiful environment, rising business opportunities and friendly government practices on starting up business.

特别报道 | FEATURED STORY CHINA OFFSHORE

Member Contribution

通用申报标准在香港做生意的外国人应该担心吗？

Common Report Standard, Should Foreign Businessmen Operating in Hong Kong be Worried?

T Philip Yu Philip Yu是成立于1973年的家族企业冯兆林余锡光会计师事务所（Fung, Yu & Co CPA Ltd）的合伙人。Philip和他的团队通过在香港、上海、北京、广州以及巴黎的办事处，为超过2000家创业公司、中型私企以及上市公司在中国香港及中国大陆在投资架构，税务合规性以及资本回汇等方面提供服务。 Philip毕业于多伦多大学会计专业，其后获得了伦敦大学法学位，在中国香港、美国及澳大利亚都有会计从业资格。 Philip YU heads his family practice Fung, Yu & Co CPA Ltd that established in 1973. Philip and his team caters more than 2,000 entrepreneurship companies, mid-size private companies and listed companies for their in-bound investment structuring, compliance and profit repatriation in China Hong Kong and Mainland China through their offices in Hong Kong, Shanghai, Beijing, Guangzhou and Paris. Philip was graduated from the University of Toronto in accounting, and then an LL.B (law) degree from the University of London. He is a qualified accountant in Hong Kong, US and Australia.

philipyu@fungyucpa.com

Company Formation Guide

Philip Yu

he short answer is yes they should be. The tax legislation on implementing the CRS in Hong Kong is effective since 30th June 2016. As a second participating jurisdiction, Hong Kong financial institutions will start to collect information in 2017 and report to the Hong Kong Inland Revenue Department in 2018. In the past a lot of financial institutions which are required to report under CRS: • • • •

Deposit taking institutions; Investment taking entities; Custodial institutions; Specified insurance companies.

Accordingly, all banks (retail banks, investment banks and private banks), securities firms, insurance companies (mainly policy with dividend), trust companies and mutual funds are all covered. Account holder under the name of individual and corporate accounts will all be targeted. As a result, the information collected by Hong Kong Inland Revenue Department will be transmitted or make available to the relevant national tax authorities of the foreign businessmen.

It should be noted that among the 100+ countries that have declared to commit to the CRS implementation China, Canada, Japan, Singapore, New Zealand, France, Germany, Switzerland & United Kingdom etc. are notably expected to exchange information in either 2017 or 2018. In other words, a businessman holding a passport from any of these jurisdictions will likely have the information of his Hong Kong bank account and/or financial investment activities in Hong Kong shared with the tax authorities of his own country.

特别报道 | FEATURED STORY CHINA OFFSHORE

答

案很简单，是的。香港通用报告准则执行的税制于2016年 6月30日生效。作为第二个执行该准则的辖区，香港金融机构将于 2017年开始收集信息，2018年向香港税务局报告。过去很多财务机构需要根据通用申报标准进行报告： • • • •

吸储机构；吸收投资实体；监管机构；特定保险公司。

该准则涵盖了全部的银行（零售银行、投资银行以及私人银行），证券公司、保险公司（主要为分红政策）、信托公司以及互惠基金公司，面向以个人和公司名义开立的账户持有人。因此，香港税务局收集的信息可以传送或提供给外国生意人所属国的相关税务机关。需要指出的是，已经有超过一百个国家声明执行了通用申报标准，尤其是中国、加拿大、日本、新加坡、新西兰、法国、德国、瑞士及英国等，将在2017或 2018年实现信息互换。由于其税务机构和香港实现了信息共享，持有上述国家护照的生意人在中国香港的银行账户和/或在中国香港的金融投资活动信息将被共享到对方的税务机关。目前为止，鉴于该制度的披露要求在按步骤执行，从银行能够获取的信息还很少。香港的汇丰银行已经就此向客户发布了通知。如下为引述： “为了抵制逃税，保护税务制度的完整性，各国政府均要求金融机构采用新的信息收集和报告制度。这就是众所周知的通用申报标准（简称CRS），我们乐于向您解释它对您的意义所在。按照通用申报标准，我们需要确认您作为纳税居民的所在地（通常是您缴纳利润税或者企业所得税的地

So far, little information is available from banks regarding the steps to be taken concerning the disclosure requirements of the system. HSBC in Hong Kong has issued a circular in this respect to their clients. To quote: "To help fight against tax evasion and protect the integrity of tax systems, governments around the world are introducing a new informationgathering and reporting requirement for financial institutions. This is

known as the Common Reporting Standard (the CRS) and we'd like to help you understand what it means for you." "Under the CRS, we are required to determine where you are 'tax resident' (this will usually be where you are liable to pay income or corporate taxes). We will base this on information we have already or we may ask you for additional details." "If you are tax resident outside the

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方）。这依据我们已经了解的或者将进一步与您沟通的信息。” “如果您作为纳税居民，不在账户银行所在国，那么我们需要提供细节信息，包括与您账户相关的信息，提供给账户所在国的税务机关。他们可以和您作为纳税居民所属国家（或多国）的税务机关进行信息共享。” “无论您是我们的个人客户，还是和我们之间存在商务关系，通用申报标准都对您有影响。对您的影响取决于： • 在我处持有账户的类型或者产品； • 往来银行所在地； • 生意的经营地。” 必须强调的是，这一制度的深远影响超出人们的想象。事实上，众所周知的避税天堂，如百慕大、英属维尔京群岛及开曼群岛也采用了通用申报标准，这意味着持有采用全球收入税制国家护照的公民很可能发现他们在这些离

Company Formation Guide

country where you bank then we may be required to provide details, including information relating to your accounts, to the national tax authority in the country where the account is held. They may then share that information with the tax authority of the country (or countries) where you are tax resident." "Whether you are an individual customer or you have a business relationship with us, the CRS may affect you. The impact will depend on factors such as: • the type of account or product you hold with us • where you bank with us • where you live or operate as a business." It must be emphasized that the system has a deeper and far-reaching

implications than one cares to envisage. The fact that well-known tax haven jurisdictions such as Bermuda, British Virgin Islands, Cayman Islands are participating in the CRS means that people holding passports from countries which impose worldwide income taxation will likely find their investments in these offshores countries blown wide open. It has been a common practice for years that businessmen around the world operate businesses via offshore companies with corporate bank accounts in Hong Kong. Under the CRS, financial institutions in Hong Kong will actually report back to the countries where their clients are the tax residents. Note that profits generated from these offshore companies will be questioned

特别报道 | FEATURED STORY CHINA OFFSHORE

岸国家的投资完全被公开。多年来，全球的通用做法是生意人通过离岸公司进行经营，将公司账户设立在香港。按照通用申报标准的要求，香港的金融机构实际上要将客户信息报告给其作为纳税居民的所属国。需要注意的是，多数国家税务局都会过问这些离岸企业所产生的利润，尤其是当这些利润尚未缴税时。确实，如果利润来自香港之外，且在香港没有业务，这些利润在香港免征税。但是，现在这种做法在很多国家都面临问题，如区域纳税概念不适用或者所有居民收入全球纳税。产生的另一个问题是（虽然不直接和通用申报标准相关），企业主退休，计划回到祖国，未完税收入利润无疑将成为其祖国税务局的目标。即便香港税务局已经官方授予了其免税资格，该准则也同样适用于收入。这实在是有悖于“收入必须征税”的信条。讽刺的是，美国现在并没有采用通用申报标准。相反地，他们使用自己的报告准则，即过去几年里实行的海外账户纳税法案。

by tax bureau in most countries especially if such profits have not been taxed. It is true that if profits are aroused or derived outside of Hong Kong and the business has no operations in Hong Kong, such profits should be exempted from Hong Kong tax. However, it becomes a problem in a lot of countries, where either the tax concept of territorial does not apply or simply all residents' income are taxed globally. Another issue which arises (although not directly related to CRS) is that, if the business owner retires and seeks to relocate back to their home countries, profits from untaxed income will undoubtedly become the target of the tax bureau in their home country. This applies to income even if official tax exemption status was granted by the Hong Kong Inland Revenue Department - this indeed, contradicts the general belief that "income must be taxed somewhere." One last point for the CRS system is, ironically, the United States of

America is currently not committed to the CRS. Instead, the country has been implementing its own reporting standard known as Foreign Account Tax Compliance Act (FATCA) for the past few years. Would this lead to a new trend of international entrepreneurs parking their funds in the US? As for now it is still unclear; however whether parking funds in US may trigger any US tax concern must be considered do not try to jump into one rabbit hole in order to avoid another rabbit hole! There has been different tactics and schemes on market in trying to tackle the CRS. My personal observation is that CRS is an evolving scheme that there is no one single solution that "cures all". In addition, with the implementation of new technologies and increased co-operation of tax bureaus among different jurisdictions, the landscape of international tax planning is greatly reshaped. In other words, the CRS implementation has triggered a paradigm shift.

这会不会导致新一轮的国际企业家将资金留置美国？目前尚未可知，但是在美国留置的资金会引起美国税务机关的注意，这必须要考虑到，不要为了跳出一个兔子洞，而跳进了另一个。市场上有不同的破解通用申报标准的策略和方案。通过我个人观察，通用申报标准是在不断进化的，没有一个办法能够“解决所有问题”。此外，随着不同辖区实施了新技术，以及税务机关开展合作，国际税务计划的情形已经大大改变。换言之，通用申报标准的实施已经引发了思维模式的变革。

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Member Contribution

塞浦路斯司法辖区一览 Cyprus at a Glance Alexandros Philippides

塞

浦路斯是地中海上的第三大岛，总面积为 9, 2 5 0 平方公里，海岸线长度为648公里，人口86万。塞浦路斯为亚热带气候，夏季很长，文化遗产丰富，被认为是地中海上最具吸引力的旅游胜地，同时也有发达的经济，在关乎生活质量的人类发展指数上也得分颇高。塞浦路斯的政体为总统民主共和制，官方语言为希腊语和土耳其语。英语广为使用，是主要的商用语言。塞浦路斯在2004年5月1日加入欧盟，官方货币为欧元。支柱产业为旅游业、服务业、航运、房地产和能源业。

Alexandros Philippides Alexandros是Oneworld公司董事之一，主攻塞浦路斯和阿联酋的税务和法律服务。他在协助客户的国际事务架构，尤其是金融服务方面有丰富的经验。他还曾参与包括税务筹划、金融服务公司的执照申请、内部审计、合规功能和监管事务等多个项目。 Alkexandros是一名注册会计师，获得英国诺丁汉大学的学士学位。他是Oneworld有限公司旗下的中东有限公司国际税务、法律和金融服务事务顾问。 Alexandros is a director of our company specializing on tax and legal services

Company Formation Guide

yprus is the third largest island in the Mediterranean Sea, with a total area of Cyprus is 9,250 km2 with a coastline of 648 km and population of 860,000. Combining its sub-tropical climate and its extensive summer with its cultural heritage Cyprus is considered as one of the most popular tourist destinations in the Mediterranean and at the same time remains a developed economy with a high human development index (HDI) regarding to living and quality of life. The political system of the island is

both in Cyprus and the UAE. He possesses considerable experience in advising clients to structure their international activities with emphasis on financial services. He has been involved in diverse projects covering tax planning, licensing of financial services companies, internal audit, compliance functions and regulatory issues. Alexandros qualified as a Chartered Accountant and holds a bachelor’s degree from the University of Nottingham. He is an adviser to Oneworld ltd and to Oneworld MidEast Ltd for international tax, legal and financial services issues.

presidential democratic republic and Greek and Turkish are the official languages. English is prevalent and is the principal business language. Cyprus became a member of the EU on 1 May 2004, with its official currency being the euro (€). The principal economic activities of the island are tourism, services, shipping, real estate and energy. Cyprus is a recognized financial centre and a significant gateway for EU inbound and outbound investments. It complements the traditional links Cyprus has with central and eastern Europe, Russia, India and China. Further, the harmonization of the EU capital markets, the adoption of the "Single EU Passport", the introduction of Alternative Investments Law in the EU etc have paved the way to significant cross border opportunities for investors wishing to engage in the wider EU business market using Cyprus tax efficient structures. The island hosts a noteworthy expatriate community, having the third highest percentage of foreign citizen residents in the EU. Why choose Cyprus • geographical location, being at

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塞浦路斯是公认的经济中心，是欧盟重要的对内对外投资的门户。塞浦路斯在历史上和中东欧、俄罗斯、印度和中国都有来往。不仅如此，欧盟资本市场的融合，和欧盟单一护照的使用，以及欧盟颁布的备选投资法，都为希望通过塞浦路斯高效的架构来涉足欧盟商务市场提供了极为便利的跨境机遇。塞浦路斯有极为可观的外国人群体，是欧盟国家中外国人占人口比重第三高的国家。为什么选择塞浦路斯 • 地理位置优越，位于三大洲的交汇处——欧洲、亚洲和非洲 • 时区为GMT+2 • 西方总统制民主制度下的稳定经济 • 低税率和有利的国际免双重征税协议网络 • 无遗产税 • 基于英国普通法的法制体系 • 英语广为使用，也是广为接受的商务用语 • 高水平和极为成熟的服务行业 • 技术高超的劳动力队伍 • 有著名的私立和公里学府，包括位于塞浦路斯的众多英国大学 • 欧盟国家中犯罪率最低 • 生活成本低 • 不动产价格合理 • 高质量的医疗保健 • 申根申请国之一，即将成为成员国 • “塞浦路斯独立经济区”在石油和天然气勘探方面有巨大的经济成长潜力 • 极佳的通讯和航空网 • 塞浦路斯有四个联合国教科组织认可的世界遗产地塞浦路斯公司和信托投资者可以利用欧盟能提供的跨境机遇，选择塞浦路斯来持有投资，并利用

General

Cyprus

Type of Company

Limited Liability Company

Type of Law

Company Law

Shelf Company Availability Time to Establish a New Company Corporation Tax Double Taxation Treaty Access

On request 5-10 working days Corporate Income Tax 12,5%, VAT 19% Yes (with more than 50 countries)

总体

塞浦路斯

公司类型

有限责任公司

法律类型

公司法

是否可利用现成公司

有需要时

公司税

公司所得税 12.5%，增值税 19%

成立新公司所需时间免双重征税协议网络标准货币

Standard Currency

EUR

Permitted Currencies

Any

Minimum Paid Up Share Capital Usual Number of Shares Issued

1 share of any denomination 1.0 shares of 1 EUR each

发行股票的常见数量

Minimum Number

最低数量

Local Required

No (but may affect Company's residency)

欧元

允许货币

任何

最低付清股份资本

Yes Not required to be held in Cyprus (but it effects company's residency)

Minimum Number

1 Yes

Location of Meetings

Anywhere

本地所需

不需要在塞浦路斯举行（但会影响到公司的所在地）股东

会议地点

Yes

Local

是否需要本地

Accounts

Yes

是否需要准备

Yes

Tax year

1 January to 31 December Yes

是任何地点

公司秘书是无所在地要求账户

审计要求

Requirements to File Accounts

Publicly Accessible Records

可向公众公布记录

No residency requirements

Audit Requirements

是

会议地点

最低数量

Required

Yes

无（但会影响到公司的所在地）

可向公众开发记录

Company Secretary

Requirements to Prepare

每股 1 欧元

Shareholders

Publicly Accessible Records

任何面额 1 股

董事

Directors

Location of Meetings

是（超过 50 个国家）

股份资本或同等

Share Capital or Equivalent

Publicly Accessible Records

5-10 个工作日

账户归档要求税年

是否向公众公开记录

是是是 1 月 1 日 -12 月 31 日是

Company Formation Guide CHINA OFFSHORE

特别报道 | FEATURED STORY CHINA OFFSHORE

它作为跳板，从事其它业务活动，募集资金或在所选的欧盟资本市场上进行股份上市。公司的创建和注册流程包括各个行政管理要求，一般来说能在两周时间内完成。符合塞浦路斯所得税法的要求，如果一家公司的管理和控制都位于塞浦路斯共和国之内，则该公司就是塞浦路斯的税务居民。这也符合经合组织关于“有效管理地点”的模式。因此，作为最低限度的管理，管理权的地点被视为董事会的会议和决策地点。

• • • • • •

• •

在塞浦路斯创建公司的主要税务激励政策包括： • 公司税税率为12.5%，为欧盟最低 • 大多数情况下红利收入可免税 • 大多数情况下外国常设机构所获利润可免税 • 股份、证券、债券和单元的利润收入免税 • 红利、利息和版税收入的资本回汇可免缴预提税 • 广泛的免双重征税协议网络 • 可利用欧盟指导方针 • 无受控外国公司（CFC）意味着所得的外国收入也可免税控股公司塞浦路斯最为常见的是被作为控股公司的媒介司法辖区，在如下情况下尤其适用： • 在塞浦路斯之外的地方投资，目标位红利收入的国内外群体来说 • 有极大的资本增值期望可在未来分拆或出售的子公司的控股。出售所获利润在塞浦路斯是免税的 • 可利用塞浦路斯广泛的免双重征税协议网络，欧盟的母公司指导方针和其它指令 • 需要一个外国公司法规的有限控制

Company Formation Guide

•

• • • • • •

the crossroads of three continents Europe, Asia and Africa timezone is GMT+2 stable economy in a western-type presidential democracy low tax rates and favourable international double tax treaties no inheritance tax legal system based on English common law English language is widely spoken and is the accepted language for business high level and mature professional services industry highly trained professional labour force access to reputable private and public schools including British universities based in Cyprus lowest crime level in the EU low cost of living reasonably priced immovable property high quality healthcare Schengen applicant state, with membership pending Cyprus Exclusive Economic Zone holds significant economic growth

potential in oil & gas exploration • excellent telecommunication and air travel connections • rich history with four UNESCO World Heritage Sites in Cyprus Cyprus companies and trusts Investors can reap the benefits of cross border opportunities within the EU by selecting the island to host their investment holding and use it as a springboard to carry out business activities, raise funds or list their shares in EU capital markets of their choice. The formation and registration procedures including various administrative needs can normally be completed within a period of two weeks. In accordance with Cyprus' Income Tax Laws, a company is a tax resident of Cyprus if its management and control is exercised in the Republic of Cyprus. It is evident that the definition follows the OECD model

特别报道 | FEATURED STORY CHINA OFFSHORE

• no tax of profits from foreign Permanent Establishment (PE), in most instances • exemption from tax on profits from shares, securities, bonds and units • no withholding tax on the repatriation of income as dividends, interest and royalties • extensive double tax treaties network • access to EU Directives • absence of Controlled Foreign Company (CFC) rules thus exempting foreign income received Holding companies

权的司法辖区 • 根据允许红利、利息、版税支付的塞浦路斯税法，可利用塞浦路斯有利的资本回汇条款，大多数情况下，不必支付预提税 • 适用于任何基金或投资工具，因为证券交易免税，即使上述交易是贸易行为也是如此 • 在未来的某些时候可用免税的方式（股份出售可无条件免税，红利的免税取决于一些很容易满足的条件，清算或资本向非塞浦路斯居民股东的减资）来放松控股公司架构

convention in relation to "place of effective management". Therefore, as a minimum management and control is considered to be exercised where the board of directors meets and takes decisions. The main tax incentives for locating a business in Cyprus include: • 12,5 percent corporation tax, the lowest in the EU • exemption from tax on dividend income, in most instances

Cyprus is most commonly used as an intermediate holding company jurisdiction and is of particular interest in the following circumstances: • for groups, international or domestic, investing outside Cyprus, aiming at dividend income streams. Such dividend in most cases will be tax exempt in Cyprus • to hold subsidiaries that have scope for significant capital appreciation that may be spun off or sold in the future. Profits arising from disposals are not taxable in Cyprus • to benefit from the favourable withholding tax provisions of the Cyprus double tax treaty network, the EU Parent Subsidiary Directive and the other directives • where a jurisdiction is required that has limited controlled foreign company legislation • to avail of the favourable repatriation provisions under Cypriot tax law which allows payment of dividend, interest and royalties, in most cases, without payment of withholding tax

Company Formation Guide CHINA OFFSHORE

特别报道 | FEATURED STORY CHINA OFFSHORE

也很重要。 • 为流出免税退出通道而持有的知识产权公司。由于塞浦路斯对股份出售免税（塞浦路斯房地产所获得的收入例外）。塞浦路斯公司提供知识产权公司持有的理想方式。用向未来投资者出售知识产权子公司股份的方式，可对无形资产的处置进行有效免税参与集团内部贷款的融资公司对普通行政管理开支的减免税十分宽宏大量。向非居民支付的利息也可以免缴预提税。知识产权公司虽然新条款于2016年7月1日生效，适用于塞浦路斯知识产权法匹配经合组织BDS的第五行动方案的所得税法，塞浦路斯知识产权法仍然是欧盟最具吸引力的，有效税率极低。国际信托塞浦路斯国际信托（CIT）根据1992 年到2013年颁布实施的国际信托法建立，对岛上的国际信托的建立和管理进行监管。信托是由个人（授予人）建立的，是财产（信托财产）由一人或多人（受托人）为另一人或多人（受益人）以特定目的来持有的方式。授予人可以是受托人，授予人和受托人或两者之一都可以成为受益人。保护人也可以是授予人，且能被指派为信托的监督人。 CIT是免税的，并能有效地用于税务和其它规划工具，和其它普通法国际司法辖区相比，为各类投资者提供具吸引力的机遇。 CIT享受重要的税务优势，为利益方提供可观的税务筹划机会。以下税务优势都是节税方面的重要指标：

Company Formation Guide

• suitable for any fund or investment vehicle, as there is no tax on transactions in securities even if this is the trading activity of the entity • where it may be important to unwind the holding company structure at some stage in

the future in a tax free manner (unconditional exemption on profit on disposal of shares, dividends exempt from taxation subject to easily met conditions, no taxes on liquidation or capital reduction to non Cyprus resident shareholders) • to hold intellectual property

特别报道 | FEATURED STORY CHINA OFFSHORE

• CIT（比如信托的资产位于塞浦路斯，收入来自塞浦路斯以外地方）产生的所有收入，无论是贸易或其它收入都可在塞浦路斯免税 • 信托从塞浦路斯公司获得的红利、利息或其它经济收入也可免税，也可不必缴纳预提税，前提是受益人不免税 • 塞浦路斯的税务居民。虽然在塞浦路斯公司有股份的信托可以不是一个CIT，免税的前提是塞浦路斯税务仅对塞浦路斯居民征收。由于受益人并非塞浦路斯居民，信托所获得的分配收入也可免税 • CIT的资产出售收入在塞浦路斯可免缴资本利得税 • 在塞浦路斯创建CIT，并在塞浦路斯退休的外国人，如果所有财产和收入都在外国所得，即使他是受益人，也仍然可以免税 • 以遗产责任规划为目的建立的CIT 在塞浦路斯可免除遗产税本地信托，比如此信托的授予人或任何受益人为塞浦路斯居民的话，仍将被当作透明化工具来对待，用于所得税目的。在塞浦路斯离岸信托的案例中，如果没有产生当地利润，他们的收入、资本利得或分红所得就不必缴纳塞浦路斯税赋。塞浦路斯公民权总览根据内阁部长的决议规定（日期为 2016年9月13日），非塞浦路斯投资者可以通过归化来获得塞浦路斯公民权（根据2002-2013年民事注册法的例外要求）。这让塞浦路斯投资移民计划成为欧盟最具吸引力的公民权计划。投资移民的门槛已大幅度降低，因此能让更多的外国投资者受益。投资额现在已降低为200万欧元，并保留三年时间。申请流程缩短为三个月时间，没

companies for a tax free exit route. Since Cyprus imposes no tax on the disposal of shares (with the exception of gains derived from real estate situated in Cyprus), a Cyprus company offers an ideal way of holding an IP company. By selling the shares in the subsidiary IP company to a prospective investor effectively allows for the tax free disposal of the intangible assets Financing companies engaged in intra group loans Generous tax deductibility of general administration expenses. No withholding tax on payments of interest to non-residents Intellectual property (IP) companies Although, new provisions, effective from 1 July 2016, have been introduced to the application of the Cyprus IP regime to align the Income Tax Law with OECD Action 5 of BEPS, the Cyprus IP regime remains one of the most attractive in the EU with very low effective tax rate. International trusts Cyprus International Trusts (CIT) are set up under the International Trust Laws enacted between 1992 till 2013, regulating the establishment and administration of international trusts in the island. A trust is established by an individual (the Settlor) and is a means whereby property (the Trust Property) is held by one or more persons (the Trustees) for the benefit of another or others (the Beneficiaries) or for

specified purposes. The Settlor can be a Trustee and the Settlor and the Trustees or any of them can be Beneficiaries. A Protector who can be the Settlor may be appointed to oversee the work of the Trustee. CIT are exempt from taxation and can be used effectively for tax and other planning considerations fact that provides attractive opportunities for a wide range of investors as compared to the other common-law international jurisdictions. CIT enjoy important tax advantages providing significant tax planning opportunities to interested parties. The following tax privileges are indicative of the possible options for tax minimization: • all income, whether trading or otherwise, of a CIT (ie a trust whose property is located and income is derived from outside Cyprus) is not taxable in Cyprus • dividends, interest or other income

Company Formation Guide CHINA OFFSHORE

特别报道 | FEATURED STORY CHINA OFFSHORE

有在塞浦路斯居住的移民监要求，塞浦路斯的公民权以家庭为单位签发，现在也已包含了申请人的父母。塞浦路斯公民权计划的主要优势： • 人员的自由迁移：在欧盟自由旅行、居住和工作 • 所有家庭成员都可以获得塞浦路斯国籍：包括了申请人的配偶、18岁以下子女和受抚养的子女（18岁以上，最高为 28岁），以及申请人的父母。申请人和其配偶都没有达到财务要求的硬性要求 • 资本的自由转移：从任何欧盟国家向另一国家转移任意金额的资金，可在任何欧盟成员国购买房地产和从事任何投资活动 • 服务业的自由转移：服务的创办和自由移动——个人公民和公司可以在任何欧盟国家中从事服务活动而不受阻碍

Company Formation Guide

received by a trust from a Cyprus company are also neither taxable nor subject to withholding tax provided that the beneficiaries are not • tax residents in Cyprus. Even though a trust with shares in a Cypriot company may not be a CIT, the exemption relies on the fact that Cypriot tax is imposed only on Cyprus residents. As the beneficiaries are not residents of Cyprus, no tax is imposed on the distributions made to the trust • gains on the disposal of the assets of a CIT are not subject to capital gains tax in Cyprus • an alien who creates a CIT in Cyprus and retires in Cyprus is still exempt from tax if all the property settled and the income earned is abroad, even if he is a beneficiary

• a CIT created for estate duty planning purposes would not be subject to estate duty in Cyprus Local trusts ie trusts under which either the settlor or any beneficiary is a Cypriot resident, will still be treated as transparent vehicles for income tax purposes. In the case of Cypriot offshore trusts, provided that no local profit is included, no Cypriot tax will be levied on their income, capital or distribution. Cyprus Citizenship In general On the basis of a Council of Ministers Decision (dated 13 September 2016), non Cypriot Investors, can acquire the Cyprus Citizenship by Naturalization (by exception on the basis of the

特别报道 | FEATURED STORY CHINA OFFSHORE

• 商品的自由移动：欧盟成员国内生产的所有商品可以从任何国家自由移动到另一国 • 不必在塞浦路斯实际居住：在申请前或拿到公民权之后均可 • 免签证旅行：全球157个国家免签，包括所有欧盟国家、加拿大、澳大利亚等等 • 投资年限仅为三年：投资者的投资必须保留三年，之后就能自由处置。没有赠与或捐献要求 • 快速的申请流程：流程快速——约三个月的批准时间 • 历史和语言：没有任何历史和语言测试要求财务要求和其它条件如下财务要求必须满足其中一条： • 在塞浦路斯的直接投资达到200万欧元，至少持有三年时间，在如下的任何一个领域： • 在房地产、土地开发和基建项目中的投资 • 购买，创建或参与塞浦路斯运营的公司和业务。上述公司需在塞浦路斯有实际地址，至少雇佣五名塞浦路斯公民 • 在另类投资基金（AIF）中的投资并由CySEC认证的，仅在塞浦路斯的投资。这一要求包括塞浦路斯公司或组织由CySEC批准后的金融资产 • 上述要求的合并金额达到200万欧元。在这一要求下，申请人也可购买塞浦路斯政府债券，最高50万欧元除了满足上述要求外，申请人还必须满足下列条件： • 母国和/或塞浦路斯警方无犯罪记录 • 确认申请人的姓名没有在欧盟财产被冻结的名单之列 • 在塞浦路斯拥有私宅，不含增值税价格必须超过50万欧元。如果是对房地产直接投资，这一要求则不适用 • 若投资者父母也在申请人之中，可以购买额外的价值50万欧元的房产，

Civil Registry Law 2002-2013). That made the Cyprus program the most attractive in the EU. The investment threshold has been reduced significantly thus enabling more foreign investors to take advantage. The investment is now reduced to €2mn and kept only for 3 years, express procedure of 3 months is retained, there is no requirement to reside in Cyprus and citizenship is granted to the family and now the parents of the investor also. Key beneﬁts of the Cyprus Citizenship program • Free Movement of People: Freely travel, reside and work within the EU • All family can obtain Cyprus citizenship: It includes spouse of applicant, children under 18 years, and adult dependent children (over 18 years and up to 28 years) as well as the parents of the applicant. Neither the

•

spouse nor the children are obliged to meet any financial criteria Free Movement of Capital: Transfer any amount of money from any EU Member State to another, purchase of property in any EU Member State and invest in any activities of choice Free Movement of Services: Establishment and free movement of services - individual citizens and companies can offer services without hindrance in all EU Member states Free Movement of Goods: All goods produced in EU Member States can be transferred freely from any Member State to another No Requirement to Physically Reside in Cyprus: Either before the application or after obtaining the citizenship Visa Free Travel: Visa free travel to 157 countries worldwide, including all the EU countries, Canada and Australia, amongst others Investment for 3 Years: Only the investor must retain the investment made for 3 years after which he/she is free to realize it. There is no gift or donation Express Procedure: A fast process - around 3 months to be approved No History or Language: No history and language proficiency tests are required

Financial criteria and other conditions One of the following financial criteria must be met: • direct Investments in Cyprus amounting to a minimum of €2mn,

Company Formation Guide CHINA OFFSHORE

特别报道 | FEATURED STORY CHINA OFFSHORE

或投资者和父母共同购买一处塞浦路斯房产，总价至少为100万欧元 • 居住和公民权须同时申请 • 至少访问塞浦路斯一次要牢记在心的几个要点： • 申请人不成为塞浦路斯的税务居民，除非他/她在一年里在塞浦路斯的居住时间超过183天 • 是否批准申请人的公民权申请由塞浦路斯内阁部长做出相关决定 • 申请文件由内政部提交。财政部负责评估财政要求是否达标 • 申请人的配偶和主申请人的申请同时提交。在批准上述申请时，接着处理子女的申请 • 在两个部门评估后，申请将交由内阁部负责 • 申请流程通常为时三到四个月 • 维持投资的期限为三年 • 政府收取的申请归档费用极低 • 允许双重国籍，获得的塞浦路斯国籍不会向其它国家透露塞浦路斯永久居留许可法律依据塞浦路斯政府在2013年5月颁布了修

Company Formation Guide

•

held for at least 3 years, in any of the following investment in real estate, land development and infrastructure projects purchase, creation or participation in Cyprus businesses and companies based and operating in Cyprus. Such companies are required to have a physical presence in Cyprus and to employ at least 5 Cypriot citizens investments in Alternative Investment Funds ("AIF") established in Cyprus and licensed by the CySEC which invest exclusively in Cyprus. This criterion includes financial assets of Cypriot companies or organizations issued after approval by the CySEC combination of the aforementioned criteria amounting to €2mn. In the context of this criterion, the applicant may also purchase Cyprus government bonds of a maximum amount of €500,000

In addition to the above criteria the

applicant must fulfil the following conditions: • hold a clear criminal record from the country of origin or/and the Cyprus police • confirm that the applicant's name is not included in the list of persons whose property is ordered to be frozen within the EU • privately owned residence in Cyprus, the costs of which must exceed the amount of €500,000 excluding VAT. If the direct investment is made in residential property, this requirement is not applicable • in case the investor's parents are included in the application either purchase an additional property of at least €500,000 or the investor and parents acquire one residential property of a total value, minimum, €1mn • a simultaneous application for both residency and citizenship must be made • have at least one visit to Cyprus Key information to keep in mind • applicant does not become a tax resident in Cyprus, unless he/she spends more than 183 days in any one calendar year • the approval of Citizenship under the relevant Decision is granted by the Cyprus Council of Ministers • the application package is submitted to the Ministry of Interior. The Ministry of Finance assesses the financial criteria • spouse's application is submitted concurrently with the application of the main applicant. Upon the approval of these applications, children's applications follow

特别报道 | FEATURED STORY CHINA OFFSHORE

改后的要求和条件，对外国人申请永久居留许可的办法作出修改。主要优势 • 无期限签发，没有续签要求 • 没有最低居住时间要求 • 可以立即搬入购买的房产 • 快速居住权可以在两个月之内签发 • 让持有人免于移民入关的流程 • 可用于整个家庭 • 此后可申请塞浦路斯（欧盟）公民权 • 在欧盟的旅行更为便利其它考虑因素 • 向非欧盟公民签发 • 进入并在塞浦路斯居住没有限制 • 申请人每两年访问塞浦路斯一次的情况下不会过期 • 经济上依赖申请人的，年龄最高达25 岁的成年子女也可申请 • 不可在塞浦路斯工作 • 申请向尼科西亚的塞浦路斯民事注

• after examination by the two Ministries, the application is presented to the Council of Ministers • the application processing usually takes 3-4 months • keeping investments for a period of minimum 3 years • low government fees for the filling of the application • dual citizenship is permitted and the acquisition of citizenship in Cyprus is not reported to other countries

Permanent Residence permits to foreign investors.

Cyprus Permanent Residence Permits

Key beneﬁts • granted for indefinite duration, no renewal required • no minimum residence stay required • can move to house purchased, immediately • fast track residency can be granted in 2 months • exempts holders from immigration entry procedures • applies to whole family • can lead to Cyprus (EU) citizenship • easier travel within the EU

Legal basis The Cyprus Government introduced in May 2013 amended criteria and conditions for the issuance of Cyprus

Other considerations • granted to non-EU nationals • enter and remain in Cyprus with no limitations

Company Formation Guide CHINA OFFSHORE

特别报道 | FEATURED STORY CHINA OFFSHORE

册和移民局提交，并由出入境管制局评估 • 最终由塞浦路斯内务部批准 • 申请流程最长为12个月可选项目希望获得塞浦路斯永久居留权的外国投资者有两个选择则，分别是类别6 （2）快速通道和类别F。类别6（2）快速通道 • 以最低30万欧元外加增值税购买位于塞浦路斯的房产 • 在申请前支付至少20万欧元的购买价格 • 在塞浦路斯银行存入最低三万欧元，为期三年 • 显示有稳定的至少为三万欧元的收入。这一金额每增加一位亲属、妻子、子女而增加5,000欧元。这笔资金必须来源于海外 • 出示由母国签发的无犯罪记录证明申请每两个月评估一次。类别F • 购买一处塞浦路斯的房产，价格至少为30万欧元，另加增值税 • 支付最低房屋价格的30% • 提供证明，证明他/她有能力在塞浦路斯舒适地生活 • 出示母国签发的无犯罪记录证明申请的处理时间为六到八个月时间。所需文件： • 申请人有效护照的认证副本 • 申请人简历，包括学历 • 申请人有最低三万欧元的来自海外的稳定年收入。每增加一位亲属在年收入上须增加5,000欧元 • 申请人出示的正式申明，申明他/她不会在塞浦路斯工作或不会从事任何业务活动

Company Formation Guide

• does not expire if the applicant visits Cyprus once every 2 years • financially dependent adult children up to the age of 25 are also eligible • no right to work in Cyprus • applications are submitted to the Civil Registry and Migration Department in Nicosia and reviewed by the Immigration Control Board • final approval is granted by the Cyprus Minister of Interior • application processing may take up to 12 months to complete Options available Foreign persons who want to obtain Cyprus Permanent Residency through investment have two options available, Category 6 (2) Fast Track and Category F. Category 6 (2) Fast Track • purchase a property located in Cyprus of at least €300,000 plus VAT • pay at least €200,000 of the purchase price prior to application

• deposit a minimum €30,000 in a Cyprus bank for at least 3 years • show a stable means of income of at least €30,000. This amount increases by €5,000 for every dependent, wife or child. The funds must originate from abroad • demonstrate clean criminal record issued by the country of origin The application is reviewed within 2 months. Category F • purchase a property located in Cyprus of at least €300,000 plus VAT • pay a minimum of 30 percent of the property price • provide proof that he/she has adequate funds to live comfortably in Cyprus • demonstrate clean criminal record issued by the country of origin The application is processed within 6 to 8 months. Documentation required • certified copy of valid passport of the applicant • curriculum vitae including academic qualifications • declaration of the applicant of a secured annual income of at least €30,000 from abroad. The necessary annual income is increased by €5,000 for each dependent person • official statement by the applicant that he/she does not intend to work or be engaged in any form of business in Cyprus • certified copy of clean criminal record

特别报道 | FEATURED STORY CHINA OFFSHORE

Member Contribution

为什么选择卢森堡成立您的离岸公司？ Why Luxembourg?

Anton Baturin, Solicitor of England & Wales Member of Luxembourg Bar Liability Company (SA) and the Private Limited Liability Company (Sàrl). In both company forms, the shareholders' liability is limited to their contribution in the share capital.

卢

森堡地处欧洲核心腹地，政治经济稳定，是中国投资人进入欧洲乃至更广阔西方市场的理想通道。

卢森堡是为数不多的三A级国家之一，具有多样化的创新环境,是一个多民族、全球化的国家，竭诚欢迎高技能、跨文化、多语种的劳动力。卢森堡通过提供多种公司及投资基金的法律形式及优惠的税制，吸引海外投资人。公司 SA与Sàrl 卢森堡可提供多种公司形式，其中最受欢迎的两种是：公共有限责任公司（SA）和私人有限责任公司（Sàrl）。在这两种公司形式中，股东所负的责任均以其股本出资额为限。 SA要求的最低股本为31,000欧元，且在公司注册成立时必须至少付讫 25%。股份可自由转让流通，无需其他股东的同意，公司章程中另有规定者除外。Sàrl的最低股本要求为12,000 欧元，必须在公司成立之时全额付讫。与SA不同，如果要将Sàrl的股份转让给第三方，必须获得代表至少四分之三股本的股东同意。不论对本国还是外国投资人而言，在卢森堡成立公司的程序都是简单快捷的。一般情况下，是在公证人的见证下召开会议成立公司。

Company Formation Guide

uxembourg with its political and economic stability as well as its central location in the heart of Europe is an ideal gateway for Chinese investors to enter the European, and more broadly, the Western market. Luxembourg belongs to one of the few AAA rated countries. It offers a diversified and innovative environment. It is multinational and cosmopolitan, accommodating highly skilled, multicultural and multilingual workforce. Luxembourg attracts foreign investors by offering a variety of legal forms of entities and investment funds, and favourable tax regimes. Companies SA and Sàrl There are several corporate forms available in Luxembourg, but the two most popular are the Public Limited

A SA requires a minimum share capital of EUR 31,000 of which at least 25% must be paid up at the incorporation of the company. The shares are freely transferable and negotiable without any requirement for consent by the other shareholders, unless the articles of association provide otherwise. The minimum share capital for a Sàrl is EUR 12,000 and must be fully paid up at the formation of the company. Contrary to a SA, in Sàrl a transfer of shares to third parties will require consent by the shareholders representing at least ¾ of the share capital. Company formation procedure in Luxembourg is straightforward and quick for national and foreign investors. A company is normally formed at a meeting held in front of a public notary. Prior to the formation of a SA or Sàrl it is highly recommended to verify the availability of the chosen name with the Luxembourg Trade and Companies Register. It is also necessary to open a bank account in the name of the company in

特别报道 | FEATURED STORY CHINA OFFSHORE

强烈建议在成立SA或Sàrl之前，在卢森堡贸易与公司登记处核实所选择公司名称的可用性。且一定要以所成立公司的名义开立一个银行账户，在签署公司章程之前，将股本存入该账户。由银行出具一份冻结证明，向公证人确认已收到股本。一旦公司注册完成，将由公证人向银行出具解冻证明以解冻资金，供公司使用。股本可以现金或实物的形式支付。之后，由股东或其代表在卢森堡公证人的面前，以公证书的形式签署最终公司章程。公司章程可采用法语、德语或英语撰写。如采用英语，则必须包含法语或德语的翻译。在某些投资基金框架中，不要求此种翻译。完成公证书的公证之后，公司即存在单独的法人资格。上述公司章程由公证人提交给卢森堡贸易与公司登记处，并以电子公报的形式发布。

formation where the share capital shall be deposited before the articles of association are signed. The bank issues a blocking certificate confirming to the notary the receipt of the share capital. A de-blocking certificate to the bank will be issued by the notary once the company is incorporated in order to release the funds and make them available to the company. The share capital can be paid up in cash or in kind. The finalised articles of association are then signed in the form of a notarial deed by the shareholders or their representatives in front of a Luxembourg notary. The articles of association may be drawn up in French, German or English. If they are prepared in English, a translation

into French or German has to be included. Such translation is not required in the framework of certain investment funds. The company's separate legal personality exists immediately after the deed has been notarised. The said articles are lodged by the notary with the Luxembourg Trade and Companies Register and published in the Electronic Gazette. Usual costs involved are the notary and lawyer fees and the cost for the publication in the Electronic Gazette. The incorporation of a company usually takes a few days. However, more time might be required depending on the complexity of the structure the investors are planning to establish. It may take several

Company Formation Guide CHINA OFFSHORE

特别报道 | FEATURED STORY CHINA OFFSHORE

通常所涉及的成本为公证人及律师费用以及在电子公报上发布的成本。完成公司注册手续通常要花费几天的时间。但是，取决于投资人计划创立公司结构复杂性的不同，也可能需要更多的时间。对于诸如投资基金在内的受管制公司，可能需要花费几个月的时间，因为必须要花费时间拟定章程性文件并获得监管部门的必要审批。 1欧元Sàrl-S 卢森堡新近引入一种非常具有吸引力的Sàrl类型，名为简化有限责任公司（Sàrl-S）。设计这种公司结构主要是为了加快公司成立流程，缩减手续和成本，为首次创业者提供一个立即参与经济活动的工具。通过非公证文书就可以成立Sàrl-S，最低股本要求为1欧元，但股东必须至少划拨每年净收益的5% 作为特别储备金，直到股本及此类特别储备金的金额达到12,000欧元。只有个人可以成立Sàrl-S，法人实体不可以成为股东。个人不可以同时一家以上Sàrl-S的股东。

Company Formation Guide

months for regulated companies such as investment funds, due to the time necessary to draw up the constitutional documents and the time to obtain the requisite approval from the regulator. 1 EUR Sàrl-S A very attractive type of Sàrl was recently introduced in Luxembourg which is called a Simplified Limited Liability Company (Sàrl-S). It was generally designed to accelerate formation process, reduce formalities and costs and aims to be a vehicle for the immediate access to economic activity for the first-time entrepreneurs. A Sàrl-S can be incorporated by a private deed without a notary. The minimum share capital requirement is EUR 1. However, the shareholders must allocate to a special reserve a minimum of 5 % of the net profits each year until the share capital and such special reserve reach an amount of EUR 12,000. Sàrl-S can

be established only by individuals, legal entities cannot be shareholders. An individual cannot be a shareholder in more than one Sàrl-S at the same time. Financial Holding Company (Soparﬁ) Both, SA and Sàrl, can operate under a tax regime of a Soparfi which can be used by any type of investors and for any type of assets. A Soparfi is a fully taxable company in terms of corporate income tax, municipal business tax and net wealth tax, which may, however, benefit from Luxembourg double taxation treaties. Dividends and capital gains from qualifying participations may benefit from participation exemption. No withholding tax is levied on dividends to eligible parent companies, liquidation proceeds, royalties and interest payments, if certain conditions are met. Soparfi does not require the approval of the Luxembourg regulator and is not subject to any supervisory authority.

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金融控股公司（Soparﬁ）不论SA还是Sàrl，都可以在Soparfi税制下运营，任何类型的投资人都可以使用Soparfi，可将之用于任何类型的资产。Soparfi在企业所得税、市政营业税及净财富税方面都是完全应税公司，但此种公司可从卢森堡双重征税协定中受益。符合条件的参股股息及资本受益可能享受到参股免税方面的收益。符合条件的母公司股息、清盘程序、版税及利息支付，在满足特定条件情况下，可以免征预扣税。Soparfi不需要卢森堡管理部门的审批，也不会受到任何监管部门的监管。商业活动如果公司的企业目标是从事工业、贸易或任何其它商业活动，则必须获得经营许可证。必须在卢森堡具有固定的实体机构，才可以获颁经营许可证（“信箱公司”无法获得经营许可证）。此种经营许可证通常与公司运营或管理的负责人挂钩。该负责人需要满足必要的法定资质条件，具有相关活动的职业操守。特殊合伙公司为了提高对私募股权、风险资本及房地产交易的吸引力，卢森堡新近引入了一种新的特殊合伙公司类型，即 SCSp。这种合伙公司没有法人资格。可以设立为非受管制机构或受管制机构。这种合伙公司不需要公证人介入，因此可以提供前所未有的结构灵活性，在合伙协议内提供最高程度的契约自由。

Commercial Activity If the corporate object of a company is to carry out industrial, trade or any other commercial activity a business permit is required. It is only granted if the business has a fixed physical establishment in Luxembourg ('letterbox companies' are not granted business permits). Such business permits are always linked to a person responsible for the operation or management of the business. Such person needs to satisfy the required legal conditions of qualification and professional integrity for the activity concerned. Special Partnership To become more attractive for private equity, venture capital and real estate transactions Luxembourg recently introduced a new form of a special partnership, the SCSp. This partnership does not have legal personality. It may be set up as an unregulated or a regulated vehicle. This partnership does not require notary intervention, therefore offering unprecedented structuring flexibility and the highest level of contractual freedom within the partnership

agreement. There is no requirement for the SCSp to file its annual accounts with the Luxembourg Trade and Companies Register, hence preserving confidentiality. SCSp are deemed to be fully tax transparent and neutral in respect of income tax and net wealth tax. If the SCSp exercises a business activity it will then be subject to municipal business tax. Investment Funds Luxembourg with its businessfriendly environment is the second largest fund centre in the world after the US with almost EUR 3.36 trillion of assets under management. It is the leading fund centre in Europe and the leader in cross-border fund distribution. There is a wide range of investment funds types and forms: UCITS, SIFs, SICARs and other. UCITS UCITS are Undertakings for Collective Investments in Transferable

SCSp无需向卢森堡贸易与公司登记处提交年度账目，因此可以维持保密性。同时，SCSp被视为完全免税体，无需缴纳所得税和净财富税。如果 SCSp从事商业活动，则需要缴纳市政营业税。

Company Formation Guide CHINA OFFSHORE

特别报道 | FEATURED STORY CHINA OFFSHORE

投资基金卢森堡具有优良的企业发展环境，是仅次于美国的世界第二大基金中心，管理的资产总额达到3.36万亿欧元左右。它是欧洲顶尖的基金中心，也是跨境基金分配的领军者。卢森堡可提供各种各样的投资基金类型和形式：UCITS、SIF、SICAR及其它等等。 UCITS UCITS指的是可转让证券集合投资计划。这是一种受管制基金，因此可以提供较高的保护度。卢森堡UCITS可由卢森堡或任何其它欧盟管理管理公司进行管理，但中央管理机构必须位于卢森堡。得益于欧盟护照，UCITS 可以提供最大的跨境可销售性和灵活性。全球70%以上的UCITS都在卢森堡注册成立。 UCITS可以设立为共同投资基金（ F C P）、可变资本投资公司（S I C AV），或固定资本投资公司

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Securities. They are regulated funds and therefore provide a high degree of protection. Luxembourg UCITS can be managed by a Luxembourg or any other EU-based management company, however, the central administration must be in Luxembourg. UCITS benefit from a European passport providing maximum cross-border marketability and flexibility. More than 70% of UCITS distributed internationally are domiciled in Luxembourg. UCITS can be established as a Common Investment Fund (FCP), an Investment Company with Variable Capital (SICAV) or an Investment Company with Fixed Capital (SICAF). FCPs have no legal personality and must be managed by a management company. SICAVs and SICAFs may be self-managed. All these funds may be set up as stand alone funds or umbrella funds which create separate sub-funds.

The minimum capital requirement for a SICAV/SICAF is EUR 300,000 and should reach the amount of EUR 1,250,000 within 6 months of its authorisation. The net asset for a FCP should not be less than EUR 1,250,000. A sufficiently experienced depositary and two conducting officers must be appointed when setting up a UCITS. As regulated vehicles, UCITS are subject to the prior authorisation and ongoing supervision of the Luxembourg regulatory authority, CSSF. The fund's documentation such as the Management Regulations (for FCPs), Prospectus, Key Investor Information Document (KIID), the Risk Management Process (RMP), Business Plan, the Article of Association, CVs of directors of the fund, documents regarding the investment manager and the main agreements with the service providers - must be all submitted to the CSSF

特别报道 | FEATURED STORY CHINA OFFSHORE

（SICAF）。 FCP没有法人资格，必须由管理公司进行管理。SICAV和SICAF可以自我管理。所有这些基金既可以设为独立基金，也可以设为伞型基金，打造多个单独成分基金。 S I C AV/ S I C A F 的最低资本要求为 300,000欧元，且应在获批后6个月内达到1,250,000欧元。FCP的净资产不得低于1,250,000欧元。在设立UCITS时，必须指定一位具有充分经验的受托人和两位执行官。作为受管制机构，UCITS需提前获得审批并接受卢森堡监管机构 C S SF 的持续监督。管理规定（针对FCP）、创办计划书、关键投资人信息文件（KIID）、风险管理流程（RMP）、商业计划、公司章程、基金董事简历、投资管理人相关文件及服务提供商主协议等基金文件必须全部提交给CSSF 进行审批。 SIF和SICAR 专业投资基金（SIF）和风险资本投资公司（SICAR）仅限于知情投资人，即机构投资人、专业投资人，和以书面形式确认自己符合“知情”投资人条件且公司投资金额不低于125,000欧元或者经过信贷机构、投资公司或者管理公司评估，认证该投资人的专业技能、经验及知识足以对SIF或风险资本投资做出充分评估的任何个体投资人。 SIF的设立和启动必须获得CSSF的审批。SIF的章程文件必须在成立之前提交给CSSF。具有另类投资基金资质的SIF必须由获得授权且将从欧盟护照中受益的管理人进行管理。SIF是一种灵活的投资工具，在投资政策方面没有任何限制。

for approval. SIF and SICAR Specialised Investment Funds (SIFs) and Investment Companies in Risk Capital (SICARs) are limited to well informed investors, i.e. institutional investors, professional investors, and any individual investors who confirm in writing that they adhere to the status of "well-informed" investor and who either invest a minimum of EUR 125,000 in the company or have been assessed by a credit institution, investment firm or management company which certifies the investor's expertise, experience and knowledge in adequately appraising an investment in the SIF or the risk capital. The setting up and launching of a SIF requires the approval of the CSSF. The constitutional documents of the SIF have to be submitted to the CSSF prior to the formation of a SIF. A SIF that qualifies as an alternative

investment fund must be managed by an authorised manager which will benefit from the EU passport. SIF is a flexible investment vehicle with no restrictions on investment policy. A SIF can be structured as SICAV/ SICAF and FCP. SICAV/SICAF can take the legal form of, inter alia, an SA, Sàrl or SCSp. The net asset of EUR 1,250,000 must be reached within 12 months of the authorisation and at least 5% must be paid up on subscription. SICAR allows investments in risk capital (private equity, venture capital, qualifying real estate). Subscribed share capital of EUR 1,000,000 must be reached within 12 months of authorisation. It is required to appoint an AIFM, if a SICAR qualifies as an alternative investment fund. This vehicle can be structured as, inter alia, an SA, Sàrl or SCSp and is subject to the prior authorisation and ongoing supervision of the CSSF. Similar documentation as for SIF must be submitted for approval.

Company Formation Guide CHINA OFFSHORE

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SIF可以采用SICAV/SICAF和FCP结构。SICAV/SICAF可以采用SA、Sàrl 或SCSp等法律形式。净资产在获得批准后12个月内必须达到1,250,000欧元，且在认购时必须至少付讫5%。 SIC A R允许进行风险资本投资（私募股权、风险资本、符合条件的不动产）。认购股本在获批后12个月内必须达到1,000,000欧元。如果SICAR具有另类投资基金资质，则必须指定一个另类投资基金经理。此种工具可采用 SA、Sàrl或SCSp等结构，需提前获得审批并接受CSSF的持续监督。必须提交与SIF类似的文件获得审批。另类投资基金另类投资基金（AIF）指的是欧盟可转让证券集合投资计划指令中未涵盖的所有基金，包括对冲基金、私募股权和风险资本基金、基础设施基金以及不动产基金。

Alternative Investment Funds AIFs are all funds that are not covered by the EU Directive on UCITS, including hedge funds, private equity and venture capital funds, infrastructure funds, real estate funds.

limited to well-informed investors. It may be established under a FCP, a corporate legal form (S.A. or S.à.r.l.), a corporate partnership limited by shares (SCA) or a partnership form (SCS or SCSp).

非管制RAIF 保留另类投资基金（R AIF）是卢森堡新近引入的基金类型。RAIF无需接受监管机构CSSF的审批和监督。

AIFs are also subject to the prior approval and ongoing supervision of the CSSF. There are no legal restrictions on the type of assets in which AIFs may invest, but the investment policy must be approved by the CSSF. There are certain requirements regarding risk diversification, but these are less strict than for UCITS.

RAIF仅可由获得授权的外部另类投资基金管理人进行管理，且仅限于知情投资人。R AIF可采用FCP、合法公司形式（SA或Sàrl）、股份有限合伙公司（SCA）或合伙公司（SCS或SCSP）的形式创立。

Non-regulated RAIF A Reserved Alternative Investment Fund (RAIF) was recently introduced in Luxembourg.RAIF is not subject to the approval and supervision of the regulator, CSSF.

The minimum net asset of a RAIF of EUR 1,250,000 must be reached within a period of 6 months following authorisation and only 5% of the capital needs to be paid up on subscription. A RAIF is subject to a reduced subscription tax of 0.01% p.a. on the net asset value, if it does not invest in a portfolio of risk capital (subject to exemption). RAIF (subject to certain exceptions) enjoys the benefits of Luxembourg double tax treaties.

RAIF的最低净资产在获得批准后6个月内必须达到1,250,000欧元，且在认购时必须至少付讫5%。如果不对风险

RAIF can only be managed by an authorised external alternative investment fund manager and is

A IF也需提前获得审批并接受CSSF 的持续监督。对于A IF可以投资的资产类型没有任何法定限制条件，但投资政策必须获得CSSF的批准。在风险分散方面有特定的要求，但并不比 UCITS严格。

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How Wilson Associates Can Help Wilson Associates is an international business law firm. We advise medium and small-sized enterprises as well as large corporations and wealthy individuals on diverse matters of

特别报道 | FEATURED STORY CHINA OFFSHORE

资本组合进行投资，则RAIF必须根据其净资产价值缴纳每年0.01%的减少认购税（例外情况除外）。RAIF（特定例外情况除外）可享受卢森堡双重征税协定带来的好处。 Wilson Associates可以提供哪些帮助 Wilson Associates是一家国际商业法律事务所。我们为中小型企业、大型公司及富有的个人提供国际商法各方面事宜的咨询服务。我们的法律专业知识涵盖： • 公司法 • 税法 • 投资基金 • 公司金融 • 并购 • 不动产 • 合同法 • 信托 • 欧盟法律 • 纠纷解决

international business law. Our legal expertise covers: • Corporate law • Tax law • Investment funds • Corporate finance • M&A • Real estate • Contract law • Trusts • EU law • Dispute resolution We offer our clients a comprehensive range of creative and tailored solutions for their business. Our legal expertise results in our clients benefiting from jurisdictions around the world which offer the most

favorable destinations for their wealth and business opportunities. We can help set up or relocate your business to Europe and would be able to advice on various matters of Luxembourg and EU law. Our team is comprised of Luxembourgish, English, French, Irish and Russian qualified lawyers, but also includes trust officers in charge of corporate services and our clients' financial operations. We speak English, French, German, Luxembourgish, Russian, Italian, Portuguese, Gaelic and Albanian. Chinese is our next target!

我们针对客户的具体业务，提供各种创新及量身定制的解决方案。凭借专业知识，我们可以帮助客户在全球范围找到可提供最优惠条件的辖区，为客户创造最多的财富及商业机遇。我们可以帮助客户创立公司或将公司迁至欧洲，还可以就卢森堡及欧盟法律各个方面的事宜提供咨询服务。我们的团队不仅包括来自卢森堡、英格兰、法国、爱尔兰以及俄罗斯的合格律师，还有专门负责公司服务及客户财务运营的信托人员。我们可以提供英语、法语、德语、卢森堡语、俄语、意大利语、葡萄牙语、盖尔语及阿尔巴尼亚语服务。汉语是我们的下一个目标。

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离岸公司建立的常见问题解答

Offshore Company Formation

FAQ John Yang

以下所列的常见问题解答是在离岸公司建立过程中读者最有可能遇到的问题以及本刊汇总的权威解答。

Q: 何为公司年报？

这是一个在公司注册建立成功后需要每年填写，并在公司注册处或相关的法定管理部门处进行归档的年度申报表。公司年报包含公司登记在案的办公地址、董事、公司秘书、股东和注册押记等常见信息。公司年报的申报目的是确保在公司注册处保留的信息保持完整和更新。

Q: 何为审计？

审计指的是在向股东提交公司的财务报表之前，由独立的专业审计师进行检查的行为。在某些司法辖区，在向税务局或其它法律监管当局进行归档之前，也需要对公司的财务报表进行审

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This FAQ contains answers to the most frequently asked questions relating to offshore company formation.

Q: What is an annual return? This is a form which is completed every year following the company formation and filed with the Registrar of Companies or other equivalent statutory authority. The annual return contains information on such matters as the company's registered office address, directors, company secretary, shareholders and registered charges. The purpose of the annual return is to ensure that the information maintained by the Registrar of Companies is maintained up to date.

Q: What is an audit? An audit is the independent examination of a company's financial statements by a professional auditor before they are presented to the company's shareholders. In some jurisdictions, financial statements also need to be audited before being filed with tax or other statutory authorities. The choice of jurisdiction for the company formation will determine whether the company's financial statements need to be audited or not.

Q: What are bearer shares? Bearer shares are shares which are not registered in the name of the shareholder but instead issued in such a form that they belong to the person who physically holds the share

特别报道 | FEATURED STORY CHINA OFFSHORE

计。而选择在哪个司法辖区内成立公司，也是该公司的财务报表是否需要审计的决定性因素。

Q: 何为无记名股份？

无记名股份是不以股东姓名进行登记的股份，相反，它是以股价证书的实际持有人来发行的。股份的转让就是简单地把股价证书递交给新股东。现在已经很少有司法辖区会继续允许公司以无记名股份的形式建立，并且在得到允许的情况下，通常会附有股价证书的实际持有地点的相关条件。

Q: 何为受益所有人？

公司股份的最终法定所有人被称为受益所有人。在公司组建的过程中，股份有可能以受益所有人的名字进行直接登记，但是如果他们希望保持身份保密的话，股份就可以以名义股东的姓名进行登记。

Q: 何为受益人？

受益人是有权接受信托产生的收入或资金的人，这个和信托契约书所列的条款保持一致。务必不可和公司的受益所有人相混淆。

certificate. The shares are transferred by simply delivering the share certificate to the new shareholder. Very few jurisdictions continue to allow a company formation with bearer shares nowadays and if they are allowed, there will usually be conditions attached as to where the share certificates may physically be kept.

Q: What is a beneﬁcial owner? The person who is the ultimate legal owner of a company's shares is called the beneficial owner. During the company formation, it is possible for the shares to be registered directly in the names of the beneficial owners but if they prefer to keep their identity confidential, then the shares can be registered in the name of nominee shareholders.

Q: What is a beneﬁciary? A beneficiary is a person who is entitled to receive distributions of

income or capital from a trust, in accordance with the terms of the trust deed. Not to be confused with the beneficial owner of a company.

Q: What is the function of a company secretary? In some jurisdictions it is mandatory to appoint a company secretary at the time of the company formation. The company secretary is responsible for maintaining certain official records of the company, such as the minutes of all meetings of the directors and shareholders and information relating to the company's officers and shareholders. Where an annual return needs to be submitted, this is usually done by the company secretary.

Q: What is a director? A director is a person appointed by the company's shareholders or by the board of directors, who is responsible for managing and controlling the business affairs of the company.

Q: 公司秘书的作用是什么？

某些司法辖区会在公司组建的过程中会强制委任一名公司秘书。公司秘书负责维护公司特定的正式记录，比如所有董事和股东会议的会议记录和公司主管和股东的相关信息等。在需要提交公司年报的时候，通常会由公司秘书来负责此事。

Q: 何为公司董事？

董事是由公司股东或董事会任命的人，负责公司业务和相关事宜的管理和掌控。董事须对股东负责，并且从法律意义上讲，也对公司所进行的交易和从事的活动负责。某些司法辖区允许一家公司来担任另一家公司的董事，这种方式被称为企业董事。在大多数的司

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法辖区内，公司在组建时必须任命至少一名董事。

Q: 何为受托人？

受托人是一名被赋予权力来处理另一人资产或事物的人，受托人为此人的最大利益着想并有责任始终都对他负责。值得一提的是，受托人不能够滥用权力来谋求自己的个人利益或利润。

Q: 何为代理人？

代理人是代表另一人来持有资产的人。在公司组建的过程中，公司股份由代理（名义）股东代表受益所有人来持有的情况非常普遍。由一家公司作为另一家公司的代理人也是可以的。

Q: 何为代理董事？

这并不是一个符合法律条文的提法，但通常被用来描述一名被任命为公司董事的人，其任务其实就是单纯地接受这一委任并获得报酬，一般来说，此人从公司的业务活动会获得少量收益或完全没有收益。

Q: 何为代理股东？

代理（名义）股东是以注册股东的身份出现在公司组建过程中的人，但他代表另一人，一般来说是身份保密的人来持有股份，这个人也被称为受益所有人。代理股东可以是个人，也可以是另一家公司。

Q: 何为离岸金融中心？

任何一个非居住所在地，且拥有金融

The directors are answerable to the shareholders and are legally accountable for the company's transactions and activities. Some jurisdictions allow one company to act as director of another. This is called a corporate director. In most jurisdictions, at least one director must be appointed at the time of the company formation.

Q: What is a ﬁduciary? A fiduciary is a person who has been given the power to deal with another person's assets or affairs, in whose best interests he has a duty to act at all times. In particular, the fiduciary may not abuse his position in such a way as to achieve personal gain or profit for himself.

Q: What is a nominee? A nominee is a person who holds assets on behalf of another person. In the case of a company formation, it is common for the shares of the company to be held by nominee shareholders on behalf of the beneficial owners. It is also possible for a company to act as a nominee of

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another person or company.

Q: What is a nominee director? This is a term of no legal standing, often used to describe the appointment of a person as director of a company, whose business simply is to accept such appointments in exchange for a fee and who typically takes a superficial or no interest in the company's business activities. This is not a term which Offshore Company Solutions supports, nor a service which we provide. Where Offshore Company Solutions is requested to provide professional directors for a company formation, the directors will act in a professional manner, complying with the legal duties and responsibilities carried by this office.

Q: What is a nominee shareholder? A nominee shareholder is the person who appears as the registered shareholder in a company formation but who holds the shares on behalf of another person, normally undisclosed, who is called the beneficial owner. The nominee shareholder can be an

特别报道 | FEATURED STORY CHINA OFFSHORE

服务，通常具有低税率特点或完全免税的国家都能被称为离岸金融中心。

Q: 公司组建的过程中，注册经纪人所担任的角色是什么？

不实际存在于公司注册所在地的公司通常都需要有一名当地的注册经纪人。注册经纪人是持证和合规的专业人士或公司。注册经纪人的作用首先是实施公司组建的工作。随后，这名注册经纪人会维护公司的特定记录并代表公司处理和接受官方公告或通信。

Q: 何为注册办公室？

位于公司组建所在国的公司的正式地址被称为注册办公室。注册办公室通常是公司、公司人员和公司事物相关的金融和法定记录所保管的地点。某

individual or another company.

Q: What is an offshore ﬁnancial centre? Any country which is located away from a person's country of residence and where financial services are available, usually with reduced or no tax obligations, can be called an offshore financial centre.

Q: What is a registered agent's role in company formation? Companies which have no physical presence in their country of incorporation are normally required to maintain a registered agent there. A registered agent is a licensed and

regulated professional individual or firm. The function of the registered agent is first to carry out the company formation. After that, the registered agent will maintain certain records and receive and deal with official notices or correspondence on the company's behalf.

Q: What is a registered ofﬁce? The official address of a company in the country of the company formation is called its registered office. The registered office is where financial and statutory records relating to the company, its officers and its affairs are normally kept. Some jurisdictions allow for these records to be kept in

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些司法辖区允许上述记录可以在公司有业务活动的其它地点保管。

Q: 公司注册官的作用是什么？

有权对公司的组建活动进行监管，并负责对某个司法辖区内组建的公司信息进行维护的政府官员被称为公司注册官。根据所在司法辖区的不同，由公司注册官保管的公司信息可以公示也可以不公示。

Q: 何为授予人？

授予人是通过向受托人转移资产的方式来创建信托的人。受托人有义务为这个被称为受益人的群体对上述资产进行管理。

Q: 何为股东？

在有限股权责任公司持股的人成为股东。这个股东通过委任董事的方式实行对公司事物的控制权，并有权接受公司的利润分红。在公司需要清算时，所有剩余的资产都会被分配给股东。

Q: 何为受托人？

受托人是持有信托所辖资产的人，此人也以信托受益人的利益为宗旨，对这笔资产负责。受托人在信托创建时就永远与授予人所下达的指令保持一致，这也在信托契约的相关文书中做了规定。

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other locations where the company has a place of business.

Q: What is the function of the Registrar of Companies? The government officer who has the power to administer company formation and the responsibility to maintain information on all companies registered in a jurisdiction is called the Registrar of Companies. Depending on the jurisdiction concerned, the information kept by the Registrar of Companies may or may not be available to the public.

Q: What is a settlor? The settlor is the person who creates a trust by transferring assets to a

trustee. The trustee has the obligation to administer those assets for the benefit of a group of people known as beneficiaries.

Q: What is a shareholder? A person who holds shares in a company formation limited by shares is called a shareholder. The shareholder exercises control over the company's affairs through the appointment of directors and is entitled to receive dividends from the company's profits. In the event of a company's liquidation, any remaining assets are also distributed to its shareholders.

Q: What is a trustee? The trustee is the person who holds the assets belonging to a trust and who is responsible for the administration of these assets for the benefit of the trust's beneficiaries. The trustee always acts in accordance with the directions given by the settlor upon creation of the trust, as documented in the trust deed.

2017 热点

HIGHLIGHTS

中国 China | 亚洲 ASIA

中国上市公司购买理财产品金额创纪录 Chinese Companies Park Record $110bn in Wealth Products 手握大量现金的中国企业现在找不到什么投资渠道。万得资讯（Wind Financial Information）的数据显示，去年中国经济增长放缓、投资机会逐渐减少，上市公司用大量闲置资金购买金融产品（主要是银行发售的金融产品），总金额达1100亿美元，创下了纪录。 2016年，中国国内生产总值（GDP）增长6.7%，达到政府目标的上端，但仍为1990年以来增速最慢的年份。企业资金大量流入理财产品（较上年增长约40%）表明，许多中国企业在经济放缓时期不愿进行有风险的企业扩张，而宁愿进行短期投资。这些企业购买的产品当中，有近一半的期限为1至3 个月。中国企业投资理财产品的钱当中，有大约640亿美元是通过首次公开发行（IPO）和定向增发从投资者手中筹得的。这表明了，尽管企业投资兴趣低迷，但中国的企业仍然寻求坚持持有资金。过去4 年里，中国监管机构向上市企业施加了压力，要求它们定期派发股息，希望以此让中国内地的交易所更加符合国际标准。而购买理财产品之举表明，许多国有企业仍拒绝向股东返还现金。

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根据万得资讯（Wind Financial Information）的数据显示，去年中国经济增长放缓、投资机会逐渐减少，上市公司用大量闲置资金购买金融产品（主要为银行发售的金融产品），总金额达1100亿美元，创下了纪录。 As economic growth cooled and investment opportunities ebbed in China last year, listed companies moved a record $110bn of idle cash into ﬁnancial products, mainly at banks, according to data from Wind Financial Information.

Cash-rich Chinese corporations are running out of places to invest. As economic growth cooled and investment opportunities ebbed in China last year, listed companies moved a record $110bn of idle cash into financial products, mainly at banks, according to data from Wind Financial Information. China's gross domestic product grew 6.7 per cent in 2016, hitting the high end of a government target but still the slowest pace of growth since 1990. The ﬂood of company funds into wealth management products - up some 40 per cent on the previous year was a sign that many groups in the country shunned risky corporate expansion amid the economic slowdown, instead preferring short-duration investments. Almost half of the products bought by companies had a maturity of one to three months. About $64bn of the cash companies invested in wealth products had been raised from investors through initial public offerings and private placements, indicating that despite the low appetite for corporate investment, Chinese groups still sought to hold on to cash.

2017 热点

HIGHLIGHTS

英属维尔京群岛 BVI | 美洲 AMERICA

英属维尔京群岛金融服务委员会最近开出了该岛史上最昂贵罚单，律所“摩萨科·冯塞卡” （Mossack Fonseca）作为所谓 “巴拿马文件”信息泄露的焦点接受了处罚。 The British Virgin Islands Financial Services Commission has issued its largest ever ﬁne, to Mossack Fonseca, the ﬁrm at the center of the "Panama Papers" leak.

英属维尔京群岛监管机构开出 “离岸信息泄露”罚单

BVI Regulator Fines 'Panama Papers' Law Firm

英属维尔京群岛金融服务委员会最近开出了该岛史上最昂贵罚单，律所“摩萨科·冯塞卡”（Mossack Fonseca）作为所谓“巴拿马文件”信息泄露的焦点接受了处罚。

The British Virgin Islands Financial Services Commission has issued its largest ever fine, to Mossack Fonseca, the firm at the center of the "Panama Papers" leak.

英属维尔京群岛政府表示，莫塞克·冯塞卡英属维尔京群岛有限公司（Mossack Fonseca & Co.）因为违反《英属维尔京群岛反洗钱和恐怖主义金融职业守则和英属维尔京群岛监管守则》而遭致了总额为44万美元的罚款。根据政府报告，该罚单是特别针对在记账、风控和顾客尽职调查信息的充分更新方面的违规而采取的惩罚手段。

The BVI Government said Mossack Fonseca & Co (BVI) Limited has been fined USD440,000 for contravening "numerous sections of the Anti-Money Laundering and Terrorist Financing Code of Practice and BVI Regulatory Code." The fine relates specifically to failures in record keeping, risk assessment, and updating of customer due diligence.

英属维尔京群岛总理和金融服务部部长奥兰多·史密斯表示， “今天我们采取的法律行动很清楚地表明英属维尔京群岛这一金融管辖区内独立监管机构的有效性，对违规行为所采取的严肃态度，通过对风险控制框架所采取的调整手段和对加强法律制度建设方面的承诺，都确保了上述法律手段的长远适用性。在国际监管日益加强的今天，能够达到这一目标，是对我们金融监管机构的一次考验，也是我们通过这一彻底的调查意愿而显示出惩处违反辖区金融法规和架构的零容忍态度。自始至终，我们都对其它国际法律机构所采取独立调查要求持合作态度，我们也将继续这么做。”

BVI Premier and Minister of Finance Orlando Smith said, "Today's enforcement action clearly demonstrates the effectiveness of the territory's independent regulator, the seriousness with which it tackles any breaches of its code, and, through the adjustments made to its Risk Assessment Framework, an on-going commitment to strengthening its regime to ensure this remains fit for purpose. Achieving this outcome in the face of intense international scrutiny is testament to the FSC's conviction, dedication, and willingness to conduct such a thorough investigation.

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HIGHLIGHTS

美国 US | 美洲 AMERICA

去年放弃国籍的美国人数量再创新高！ Record Number of US Citizens Give Up Passport in 2016 ! 美国国税局（IRS）最近发布了2016年第四季度的数据，数据表明过去的一年里，宣布放弃国籍的美国公民数量达到了史上最高：公开宣布放弃国籍的海外美国人在去年第四季度达到了 2365人，而2016年整年的数字创下了5411人的历史新高。与2014 和2015年相比，放弃国籍的美国公民数量分别上升55%和26%。根据Mitchel的分析，放弃国籍的美国人数量与日俱增是和“无法对海外相关交易进行申报”所进行的数个税务惩罚措施分不开的。不仅如此，福布斯的Robert Wood近日也表示，另一项有可能让这一数字在未来激增的法规，是IRS新得到的权力，让IRS 有能力取消拒绝纳税美国公民的护照。尚有一个因素能让美国人打消放弃国籍的念头，就是整个流程所需费用，这个费用在过去几年里呈现了几何级数的增加。 Wood写道： “之前申明放弃国籍的收费是450美元，直接废除的话则为免费。但是两个流程的最准确区别却往往容易让人混淆。目前两个流程的费用各为2350美元。这是宣布放弃国籍的费用从450美元直接上涨到了2350美元，而直接废除的费用上涨则更为明显，是从零费用上涨到了2350美元。美国国会认为费用的上涨是由于需求和纸面工作量的增加，但是放弃国籍的海外美国人则在费用上涨后仍在不断增加。”

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Company Formation Guide

放弃国籍的美国人数量与日俱增是和“无法对海外相关交易进行申报”所进行的数个税务惩罚措施分不开的。 This growing trend is the result of a rapid increase in the number of tax penalties hitting US expats for "failing to report certain foreign-related transactions."

With the Internal Revenue Service's (IRS) release of data for the fourth quarter of 2016, this past year broke all records for the number of US citizens who have opted to renounce their citizenship: the number of published expatriates for the quarter was 2,365, bringing the total number of published expatriates in 2016 to 5,411. In other words, compared to 2014 and 2015, the number of US expatriates giving up their passports has increased by 55 and 26 percent, respectively. According to Mitchel, this growing trend is the result of a rapid increase in the number of tax penalties hitting US expats for "failing to report certain foreign-related transactions." Furthermore, as explained by Robert Wood in Forbes, another key regulation that could boost these numbers moving forward is the IRS' newfound ability to revoke citizens' passports if they have not paid their taxes. One small factor that might deter US citizens from renouncing their passports could be the fee charged for the process, one that has increased exponentially during the past few years.

2017 热点

HIGHLIGHTS

中国 China | 亚洲 ASIA

很多西方投行的高管们私底下表示，他们正在重新考虑在中国内地的合作关系。摩根大通正在讨论将旗下合资企业的股份卖给合作伙伴。 Executives at many Western investment banks privately said they are rethinking partnerships on the mainland. J.P. Morgan is discussing selling its stake in the joint venture to its partner.

中国考虑给予华尔街银行更多内地准入

China Weighs Giving Wall Street Investment Banks Greater Mainland Access

据《华尔街日报》报道，中国高层知情人士透露，中国政府正在考虑允许华尔街企业在内地经营属于自己的投资银行业务。这一让人翘首企盼的举动，将给予华尔街银行更多的中国国内市场准入。据悉，目前规定下，美国的银行必须与中国内地券商设立合资公司，而且只能占少数股权。此举被作为美国-中国新贸易和投资框架的一部分来讨论。高盛集团、摩根大通等华尔街企业都有可能在中国内地拥有属于自己的投资银行业务。当前，华尔街银行要想在中国内地经营投行业务，必须要与中国企业共同创建的合资公司的中国国内券商配对进行。该知情人士谨慎表示，谈判并未完成。细节内容还需与中国监管机构反复推敲，而且任何协议都将需要通过美国参议院的批准。对于华尔街企业来说，更近距离地接触中国市场的可能性，是一种突破。全球银行在上海和深圳的股票交易所，以及中国国内债券市场的准入受限。在伦敦和东京等全球市场，这些大型银行能够轻而易举地经营自己的业务。据消息人士声称，任何有关可进入中国国内投行市场的交易，对于所有外国银行而非仅就美国银行来说，都意味着业务的延伸。中国财政部、商务部和中国证券监督管理委员会，均未就此事发表评论。美国贸易代表办公室的女发言人也未就此事表态。

Beijing is considering allowing Wall Street firms to run their own investment-banking businesses on the mainland, according to people briefed on the discussions, a longawaited step that would give them more access to China's hard-to-crack domestic market. The move is being discussed as part of a new U.S.-China trade and investment framework. Firms such as Goldman Sachs Group Inc. and J.P. Morgan Chase & Co. potentially could operate investment-banking business in China on their own. Currently, the firms must pair with domestic brokerages in joint ventures. The people briefed on the discussions caution negotiations aren't finalized. Details need to be hashed out with Chinese regulators, and any agreement would need to be ratified by the U.S. Senate. The possibility of getting closer to the Chinese market is a breakthrough for Wall Street firms. Global banks have limited access to the $7.48 trillion stock markets of Shanghai and Shenzhen and China's domestic bond market, compared with the ease they can operate in global markets such as London and Tokyo.

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非洲

AFRICA

毛里求斯 Mauritius

Mauritius

Member Contribution 概况

General Type of Company

Global Business License Category Two

公司类型

全球商业执照类别二

Type of Law

Hybrid English Common Law and French Civil Law

法律类型

英国普通法和法国民法的混合型

Shelf Company Availability

Yes

现成公司可用率

式

Time to Establish a New Company

2 to 3 working days

新公司建立时间

2 到 3 个工作日

Corporate Taxation

0.00%

公司税

无

Double Taxation Treaty Access

双重征税协议

无

Share Capital or Equivalent

股本或等值股本

Standard Currency

USD / GBP / EUR

标准货币

美元 / 英镑 / 欧元

Permitted Currencies

Any except Mauritian Rupees

允许使用货币

除毛里求斯卢比外的任何货币

Minimum Paid Up Share Capital

USD1 or equivalent

最低付清股本

1 美元或同等面值

Usual Number of Shares Issued

Depends on the business activities

法定股本要求

取决于商业活动类型

Directors

董事

Minimum Number

最低董事人数

一名

Local Required

本地董事

无

Publicly Accessible Records

公开记录权限

无

Location of Meetings

Anywhere

会议地点

任何地点

Shareholders

股东

Minimum Number

最低股东人数

一名

Publicly Accessible Records

公开记录权限

无

Location of Meetings

Anywhere

会议地点

任何地点

Company Secretary

公司秘书

Required

需要

否

Local or Qualiﬁed

是否为注册地或有资质人员

否

Accounts

账户

Requirements to Prepare

Yes

账户准备要求

是

Audit Requirements

审计要求

否

Requirements to File Accounts

Yes

账户登记记录

是

Publicly Accessible Records

公开记录权限

否

Source: ABC Global

司法辖区

JURISDICTIONS

简介 | Introduction 司法辖区：毛里求斯所属地区：印度洋，非洲官方货币：毛里求斯卢比官方语言：英语、法语所在时区：UTC+4 电话区号：+230 通讯设施：极佳

公司建立成本：2300-3900美元公司建立时间：12-20天公司维护费用：1100-1900美元 Country: Mauritius Region: Indian Ocean, Africa Currency: Mauritian rupee Languages: English, French Time Zone: UTC+4 Phone Code: +230 Communications: Very Good Formation Cost: USD $23003900 Formation Time: 12-20 days Maintenance cost: USD $11001900

蔗糖（当然这个肯定是来自于某个地方）一直保持着毛里求斯最主要的农作物和占据其三分之二的出口。出口外向型的当地制造业和服务业提供商们从中获利匪浅。政府以许多投资刺激政策、自由贸易区和一个自由港的方式来打造更佳的制造业。服装生产是一个非常成功的例子，其次是它的金融服务业，包括一个股票交易所也被发展起来。毛里求斯政府对电子商务兴趣浓厚，并已建成一个“网络城市”。该国几乎所有行业都能享受15%的平税政策。毛里求斯签订了超过40个税务协定，且作为外国投资通路，特别是对印度的通路而存在，充分利用其税务优惠的政策。毛里求斯从1968 年开始就是英联邦的独立成员国，在1992年成为共和国。这个多火山的国家人口数为130万（2013年7月预估数），其中有15万人生活在这个国家的首都，路易斯港。该国气候属于亚热带气候类型；日平均气温从17到30摄氏度；毛里求斯会比较潮湿，相对格林威治时间早4小时。

Sugar (well it has to come from somewhere) remains the dominant crop and accounts for one third of exports. Export-oriented domestic manufacturers and service providers get favored treatment. The government has tried hard to create a manufacturing sector with a range of investment incentives, free trade zones and a Freeport. Garment manufacture has been a particular success, and a financial services sector including a stock exchange has also developed. The government is enthusiastic about e-commerce and has built a 'Cyber City'. There is a flat tax rate of 15% in almost all areas. Mauritius has signed more than 40 tax treaties, and acts as a conduit for FDI, particularly to India, which would like to trim back its tax advantages. Mauritius has been an independent member of the Commonwealth since 1968, and became a republic in 1992. The mostly

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毛里求斯官方语言为英语；占大多数的种族是印度——毛里求斯人，印度教是最受欢迎的宗教。毛里求斯政府实行总统制，有一个选举出来的国民大会和一个首相领导的内阁会议。该国的法律体系体现了法国和英国的渊源，管理模式则偏向于法式政治。

volcanic island has a population of just over 1.3 million (July 2013 est.), with around 150,000 living in the capital, Port Louis. The climate is sub-tropical; average daily temperature ranges from 17 to 30 Celsius; it can be wet. The time zone is 4 hours ahead of GMT.

旅游业已成为该国经济的主要贡献来源。机场和世界各个主要国家通航。人均GDP是15800美元（2012年数据），处于欧洲中端水平，经济增长率在2012年约为3.3%（2011年约为 3.8%）；失业率为8.1%（2011年数据），属于比较高的。

The official language is English; the dominant ethnic group is Indo-Mauritian and the most popular religion Hindu. The Government is presidential, with a single elected National Assembly and a Council of Ministers headed by a Prime Minister. The legal system reflects mixed French and British ancestry, and administration can be bureaucratic in the French style.

直到1998年，离岸公司和国际公司（和IBC相同）允许对一系列的离岸行为，包括银行业、航运、保险和基金管理，以及在该国的自贸区内都施行零关税。在2001年一系列新法规出台后，这两种类型的公司被称为全球商务公司类别1和2 （GBC1和GBC2）。毛里求斯决定成为一个“值得尊敬”的国际境外金融中心（IOFC）且现在在几乎所有领域都有比较平抑的为15%的税率。一些外国税收抵免积分从2003年开始。但是，毛里求斯和超过40个国家签订了税务条约，它们能和离岸法制一起起到很好的效果，特别是对印度的贸易和

Tourism has become a major contributor to the economy. The airport has good connections with a wide range of countries. GDP per head of USD15,800 (2012 est.) is in a middle range while growth was estimated at 3.3% in 2012 (3.8% in 2011 est.); and unemployment at 8.1% (2011 est.) is on the high side. Mauritius has quite good land so that sugar became and remains the dominant crop; it still accounts for one third of exports. Apart from encouraging tourism, the Government has tried hard to create a manufacturing sector with a range of investment incentives, free trade zones and a freeport, although these are being phased out as part tax reforms aimed at simplifying the system for all users. Garment manufacture has been a particular success. More recently, a financial services sector has developed, including a stock exchange, to take advantage of Mauritius' location offshore India and Africa. The Government is enthusiastic about e-commerce and has built a 'Cyber City'. Until 1998, the Offshore Company and the International Company (equivalent to an IBC) allowed zero taxation across a range of offshore activities including banking, shipping, insurance and fund management, as well as in the free trade zones. Since a raft of new legislation in 2001 these two types of company are known as Global Business Companies Categories 1 and 2 (GBC1 and GBC2). Mauritius has decided to be a 'respectable' IOFC and there is now a flat tax rate of 15% in almost all areas. Some dilution of the foreign tax credit applied from 2003. However, Mauritius has signed tax treaties with

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适合于：资产管理、银行业、保险业、基金管理、航运、游艇、金融贸易、知识产权管理/许可证、控股公司、电子商务

more than 40 countries, and they can be combined with the offshore regime to give a good result, especially for trade and investment in India. Mauritius was one of six offshore jurisdictions which wrote 'commitment letters' to the OECD in May 2000 in order to avoid being included on the OECD's list of jurisdictions offering 'unfair' tax competition. In 2009, Mauritius committed to the OECD's new tax standard (12 TIEAs).

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、通用合伙制公司和有限合伙制公司

Suitable for: Treasury Management, Banking, Insurance, Fund Management, Shipping, Yachting, Trading Financial,

投资方面。毛里求斯是2000年5月向经合组织提交“义务承担书”的六个行政特区之一，为了避免被经合组织列入提供 “不公正”税务竞争的名单。2009年，毛里求斯向经合组织承诺了其新的税务标准（12 TIEA）。

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Intellectual Property/Licensing, Holding Companies, E-commerce Vehicle Types: Limited companies, public limited companies, trusts, sole proprietorships, branches, general partnerships and limited partnerships Capital Primary Business Districts: Port Louis Good Relationships: China, South Africa, United States

资本主要经营区域：路易港关系良好国家：中国、南非、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、叙利亚税务负担—商务：轻税务负担—个人：轻总体税率： CIT 15% (离岸贸易公司3%), PIT 15%, 增值税15% 协议签订国家：澳大利亚、孟加拉、巴巴多斯、比利时、博兹瓦纳、中国、克罗地亚、法国、德国、印度、意大利、科威特、莱索托、卢森堡、马达加斯加岛、马来西亚、摩纳哥、莫桑比克、纳米比亚、尼泊尔、阿曼、巴基斯坦、卡塔尔、卢旺达、塞内加尔、塞舌尔、新加坡、南非、斯里兰卡、斯威士兰、瑞典、泰国、突尼斯、乌干达、阿联酋、英国、赞比亚、津巴布韦税收信息交换协议签订国：澳大利亚、丹麦、法罗群岛、芬兰、格陵兰、耿西岛、冰岛、挪威、美国

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Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Light Tax Burden - Individual: Light Headline Tax Rates: CIT 15% (offshore trading company 3%), PIT 15%, VAT 15% Treaty Jurisdictions: Australia, Bangladesh, Barbados, Belgium, Botswana, China, Croatia, Cyprus, France, Germany, India, Italy, Kuwait, Lesotho, Luxembourg, Madagascar, Malaysia, Monaco, Mozambique, Namibia, Nepal, Oman, Pakistan, Qatar, Rwanda, Senegal, Seychelles, Singapore, South Africa, Sri Lanka, Swaziland, Sweden, Thailand, Tunisia, Uganda, United Arab Emirates, United Kingdom, Zambia, Zimbabwe TIEA Jurisdictions: Australia, Denmark, Faroe Islands, Finland, Greenland, Guernsey, Iceland, Norway, United States

司法辖区

JURISDICTIONS

Member Contribution

毛里求斯 Mauritius

离岸问答 | Q&A

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，贵司法辖区最受世界上哪个地区的客户欢迎？最适合在贵辖区建立公司的业务类型是什么？毛里求斯是国际公认的金融中心；这个岛国在多个国际机构获得了认证，包括 IOSCO、IAIS、FATF、 IFSB 等，这些国际机构让毛里求斯得到了全球投资者的信赖。毛里求斯已成为一个可靠和极具竞争力的金融中心，可用于财富管理和投资架构。毛里求斯把自身定位为一个为主要来自亚洲国家，比如印度和非洲国家投资者服务的首选司法辖区。作为一个全球商务平台，毛里求斯一直以来都被那些需要建立离岸控股或投资公司，或者贸易子公司的企业作为首选的公司建立基地。其它的商务活动包括集体投资计划、金融商务活动、贸易、顾问、封闭式基金、电子通讯和知识产权等。

对中国客户来说，贵辖区能提供的最重要优势是什么？

因为极轻的税制，在毛里求斯投资比在世界上其它

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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? Mauritius is recognised internationally as a Financial Centre; the island has earned the trust of global investors through its recognition by international bodies such as IOSCO, IAIS, FATF and IFSB. Mauritius has become a reliable and competitive hub where investments are structured and managed. It has positioned itself as the preferred jurisdiction for investors mainly in Asian countries such as India and African countries. As a global business platform, Mauritius is often chosen as a base by firms needing to set up an offshore holding or investment company, or trading subsidiary. Other activities include inter alia collective investment schemes, financial business activities, trading, consultancy, closed-ended funds, ICT and intellectual property.

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

司法辖区

JURISDICTIONS

许多地方投资更具吸引力。毛里求斯的主要税务优惠政策如下： • • • • • •

• • • •

低税率——范围从 0 到 15% 不等；分公司利润的回汇没有资本预提税；利息、版税和红利都没有资本预提税；无资本利得税；亏损结转的抵扣税无限制；向跨国公司的外国子公司支付的版税、利息和服务费可被认作支出。前提是它们是合理的且符合真正的开支金额；无房产税、遗产税、财富税或赠与税；无饮印花税、注册税和登记税；全球商务交易享受增值税零税率；和包括中国在内的众多伙伴国家建立了免双重征税协议网络和投资促进和保护协议网络。

Investing in Mauritius is more attractive than many other places because of a very light tax regime. The main tax benefits in Mauritius are as follows: • • • • • •

Low tax rate – ranging between 0% to 15%. No withholding tax on remittance of branch profits. No withholding tax on interest, royalties and dividends. No capital gains tax. No limit on the carry forward of tax losses. Royalties, interest and service fees payable to foreign affiliates are allowed as expenses. Provided they are reasonable and correspond to actual expenses incurred. • No estate duty, inheritance, wealth or gift taxes. • No stamp duties, registration duties and levy. • Zero rated Value Added Tax for global business transactions. • Double Tax Avoidance and Investment Promotion & Protection agreements with key partners including with China.

在选择离岸司法辖区时，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？

我们同意以上的说法。不过这一现象会在不久的将来有所改变，离岸行业正变得越来越透明。随后要遵守的就是 CRS、FATCA 和其它各种国际标准，客户需要有实质性的架构。我们据此相信为客户量身打造的，符合客户个案情况的解决方案菜会成为理想司法辖区的基础，高质量的投资将会得到长远的收益。

We agree with the statement. However, this aspect will change in the future as the offshore sector is becoming more transparent. It follows that with the implementation of the CRS, FATCA and the other

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international standards, clients need structures that have substance. We therefore believe that a solution tailored to your specific needs will be the driving vehicle to conclude the ideal jurisdiction that fit your case and investing in quality will lead to long term benefits. Choosing a prestigious service provider is vital in the company’s successful evolution. A prestigious provider in Mauritius will offer more than a fixed model in order to reach promised outcomes. Therefore, factors that someone should take into account when choosing a provider is years of experience and strong management (the provider should have the right talent). It follows that these factors allow a provider to design and adjust solutions that will meet your requirements. 选择一个高质量的服务提供商对公司的成长来说至关重要。毛里求斯的高质量服务提供商能提供的不仅仅是一个固定的架构来达成承诺的目标。所以在选择提供商时，需要考虑的因素是多年的经验和强有力的管理团队（提供商有正确的人才队伍）。这就意味着上述因素将会让服务提供商根据您的需求来设计和调整他们的现有解决方案。

您是否认为行业监管越来越严格，比如 CRS、 AEOI 和 FATCA 等，中国企业是否会更倾向于进入更透明的司法辖区？我们同意这一说法，因为在一个透明和可信的司法辖区中，向客户提供专业服务和担任恰当顾问的提供商不会违反或规避任何国际公认标准和法制框架。毛里求斯恰好满足上述要求；为确保与国际透明化的标准保持一致，毛里求斯颁布和实施了多个指导方针和政策。比如说，毛里求斯位列经合组织 “司法辖区白名单”之列，大幅地实施了国际公认的税务标准。通过位于毛里求斯实体对此地进行投资的客户因此也能保证自身的名誉不会受到任何损害。

过去几年里，在一些行政特区内开设银行账户变得困难。贵辖区内是否也是如此？离岸公司在贵辖区内开户的时间能多快？在毛里求斯的银行开户并不困难。毛里求斯的银行提供多币种的离岸账户和在线的运营设施。毛里求斯的银行账户可在 48 小时内开户成功，前提是关于客户详细资料的相关文件都已得到提交，并也进行过尽职调查。

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Do you agree that as the industry comes under increasing regulatory pressure, e.g. CRS, AEOI, FATCA, etc., Chinese business will gravitate to jurisdictions that are perceived as more transparent? We agree since it is imperative to work through a transparent and trustworthy jurisdiction having service providers that provide professional services and apposite advices to clients that will not be in breach of or bypass any international framework and standards. Mauritius equals to the above; to ensure compliance with international standards on transparency, Mauritius has put into place various guidelines and policies. For instance, Mauritius is in the OECD "white list" of jurisdictions that have substantially implemented internationally agreed tax standards. Clients investing through Mauritian based entities can therefore be guaranteed that their reputation will remain unblemished.

Opening a bank account in Mauritius is not a challenge. Banks in Mauritius provide for multicurrency offshore accounts with secure on-line operation facilities. A bank account can be opened within 48 hours provided that all relevant documents have been submitted in terms of know your client and due diligence processes.

来源：JurisTax Contributed by JurisTax

毛里求斯：雄踞非洲和亚洲的投资中心 Mauritius: Investment Centre for Africa & Asia

毛

里求斯位于亚、非交汇处的战略性地理位置，是一个全球化的商业司法辖区。毛里求斯作为国际金融中心的声誉在于它的全球美誉度、服务高质量和技术超群的专业人才队伍。集团提供的服务包括公司、基金和信托的组建和管理、基金监理和管理、受托人服务等。

auritius is a strategic Global Business jurisdiction situated at the crossroads of the Asia and Africa. The reputation of Mauritius as an International Financial Centre rests on its global recognition, quality of its services and its pool of highly qualified professionals. Services offered include Company, Funds and Trust formation and administration, fund administration and management and trusteeship services among others. Category

Tax Holiday

ABC Global Management Services Ltd ABC Global管理服务有限公司是一家企业和信托服务提供商，通过毛里求斯金融服务委员会的认证。这也是ABC Global集团公司的成立之本，是毛里求斯最大的企业集团之一。集团在银行业和金融服务行业的涉足很广。比如说，ABC 银行业务的总部位于毛里求斯，在香港还有代表处，ABC资本市场的专业在于财富管理，ABC国际服务也获得了塞舌尔金融服务管理局的认证。 ABC Global Management Services Ltd is a corporate and trust service provider licensed by the Financial Services Commission in Mauritius. It forms part of the ABC Group of Companies, one of the largest conglomerates in Mauritius. The group has a strong presence in the Banking and Financial Services Sector. For instance, ABC Banking with its headquarter in Mauritius and a representative ofﬁce in Hong Kong, ABC Capital Markets specialises in wealth management and ABC International Services is licenced by the Seychelles Financial Services Authority.

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The authorities have recently introduced a string of measures to promote the country as a business hub (refer to the table as below). Some multinationals such as Huawei, Sino-steel, Tata, Axa have set up their operational, administrative and financial base in Mauritius as a result of its friendly business environment.

Substance Requirement/conditions to be satisﬁed

Global Headquarters Administration

8 year

• Must be engaged in the provision of at least 3 of the following services to at least 3 related corporations: Administration and general management; Business planning and development and coordination; • Economic or investment research and analysis; Services related to international corporate headquarters in Mauritius; Such other global headquarters administration services as may be specified in FSC Rules

Global Treasury Services

5 year

• Employment of 4 professionals with at least 1 at managerial position • Annual Expenditure of MUR 2 Million to be incurred in Mauritius

Overseas Family Ofﬁce (Single)

5 year

• Employment of at least 1 professional • Asset under Management of more than USD 5 million

Overseas Family Ofﬁce (Multiple)

5 year

• Employment of at least 3 professionals • Asset Under Management of more than USD 5 Million for each family

Investment Banking

5 year

May by way of business engage in one or more of the following activities: investment dealer (full services including underwriting), investment adviser (unrestricted), Investment advisor (Corporate Finance Advisory), Asset management, distribution of financial products or such similar activities as may be approved.

Global Legal Advisory Services

5 year

Employment of at least 5 Lawyers

Asset & Fund Managers managing a minimum asset base of USD 100 million

5-year tax holiday for employees

• The officer must be resident in Mauritius • The asset base being managed must be an average of USD 100 million over the last financial year

www.abcmanagementservices.com 毛里求斯管理当局最近出台了一系列政策以推广其商业中心地位，这些政策如表所示。由于营商环境友好，一些跨国公司，比如华为、中铁、塔塔、金盛保险等都已经在毛里求斯开展了他们的运营、管理和金融业务。毛里求斯所提供的优势包括一个有利的财政环境和可利用的免双重征税协议网络，能够雇佣外国人的可能性，无外汇管制，有利和高效的监管系统，可利用著名的服务提供商和高素质的专业人才队伍等。不仅如此，毛里求斯还提供多种服务使其金融生态环境趋于完整，这包括企业服务提供商、会计和审计服务、国际法律服务、投资顾问、资产管理、经纪公司和顾问等。非公民要获得毛里求斯居留权的方法有很多，途径之一是通过《永久居留许可》计划（PRP）来申请。PRP是专为希望在毛里求斯生活和工作的外国人所设计，投资者能用50万美元的投资额来申请永久居留权。PRP的有效期为十年，能让投资者购买以个人居住为目的的房地产。要获得毛里求斯的永久居留身份无需满足法定要求。有资格申请的行业是：制造业、酒店业、旅游业和相关行业、自由港运营、金融服务业、信息科技和电影制片业。

Sponsored Article

类别

免税时间

全球总部管理

8年

• 必须从事至少三年的以下服务和三家相关公司：监理和总体管理；商业规划和开发和协调 • 经济或投资研究分析；国际公司位于毛里求斯总部的相关服务；上述其它全球总部的管理服务，可在 FSC 规则中提及

全球财政服务

5年

• 雇佣四名专业人士，至少有一人在管理岗位任职 • 在毛里求斯花销的年开支额为 200 万毛里求斯元

5年

海外家族办公室（多元）

• 雇佣至少一名专业人士 • 管理的资产至少达到 500 万美元

5年

• 雇佣至少三名专业人士 • 管理的资产每个家族至少为 500 万美元

投资银行业务

5年

全球法律顾问服务

通过业务方式可从事一个或以上的如下业务：投资经纪（全套服务包括承销）、投资顾问（非限制）、投资顾问（公司金融顾问）、资产管理、金融产品分销或上述相似的获批业务

5年

雇佣至少 5 名律师

海外家族办公室（单一）

资产和基金管理的资产基础是最少达到 1 亿美元

雇员享受 5 年期的免税优惠

实质性需求 / 需满足的条件

• 管理人员必须在毛里求斯居住 • 管理的资产基础必须在过去的财政年度里达到平均 1 亿美元

Benefits include a favourable fiscal environment and access to double taxation treaties, possibility to employ expats, no exchange control, proven and efficient regulatory system, access to internationally known service providers, and easy availability of highly efficient professionals, amongst others. Moreover, Mauritius offers a host of

services that completes its financial eco-system, including Corporate Services Providers, Accountancy, tax and auditing services, International legal services, Investment advisory, Asset Management, Brokerage houses and Consultancy. There are a number of ways for a non-citizen to obtain a residence permit in Mauritius and one of them is through the Permanent Residence Permit (PRP). The PRP is targeted to foreigners wishing to stay and live in Mauritius, upon an investment of USD$500,000, the investor will be eligible for PR status. The PRP is valid for 10 years and entitles the investor to acquire real estate for personal use. There is no statutory requirement to obtain permanent residency status. Qualifying activities are: manufacturing, hotel, tourism and related activities, freeport operations, financial services, information technology, and film production.

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塞舌尔 Seychelles

Seychelles

Member Contribution 概况

General Type of Company

International Business Company (IBC)

公司类型

国际商务公司（IBC）

Type of Law

Hybrid

法律类型

混合型

Shelf Company Availability

Yes

现成公司可用率

是

Time to Establish a New Company

One business day

新公司建立时间

一个工作日

Corporate Taxation

公司税

无

Double Taxation Treaty Access

双重征税协议

无

Share Capital or Equivalent

股本或等值股本

Standard Currency

USD

标准货币

美元

Permitted Currencies

Any

允许使用货币

任何

Minimum Paid Up Share Capital

No requirements

最低付清股本

无要求

Usual Number of Shares Issued

1 or 100,000

法定股本要求

1 或 100,000

Directors

董事

Minimum Number

One

最低董事人数

1名

Local Required

本地董事

否

Publicly Accessible Records

公开记录权限

否

Location of Meetings

Any

会议地点

任何

Shareholders

股东

Minimum Number

One

最低股东人数

1名

Publicly Accessible Records

公开记录权限

否

Location of Meetings

Any

会议地点

任何

Company Secretary

公司秘书

Required

需要

否

Local or Qualiﬁed

Any

是否为注册地或有资质人员

任何

Accounts

账户

Requirements to Prepare

No, but a company is required to keep proper accounting records

账户准备要求

无要求，但是公司需要正确保管会计记录

Audit Requirements

审计要求

否

Requirements to File Accounts

No, but optional filing is available

账户登记记录

否，但是可选是否需要登记归档

Publicly Accessible Records

公开记录权限

无

Source: Uniwide

司法辖区

JURISDICTIONS

简介 | Introduction 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 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 Languages: English, French Time Zone: UTC+4 Phone Code: +248 Communications: Good Formation Cost: USD $6002000 Formation Time: 1-3 days Maintenance cost: USD $400800

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，让它成为令人艳羡的度假天堂。塞舌尔的主岛，马希，有一个且非常优良的港口，维多利亚港。塞舌尔89,000名居民中的大部分居住在马希，混居着法国和非洲人种，说克里奥尔语，但也说英语和法语，特别是在商务环境中更是如此。英国允许塞舌尔在1976年独立；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从1977 年掌权至2004年，经历了这个国家从一个 “渔业和香蕉”型的经济转型为现代化的旅游胜地，并成为一个发展完备的离岸金融中心，具有较强的竞争力。塞舌尔的服务业为该国经济贡献了70%的产值，其中包括旅游业、海产品加工和商业。塞舌尔的国际自由贸易区非常成功，且正快步成为印度洋上的贸易集散中心，这也是塞舌尔政府公开宣布的目标。塞舌尔政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）的风格一分为二，但两者哪个占据上风却不好说。

The 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 inhabitants live on Mahe, and are a blended mixture of French and African, speaking Creole, but also English and French, especially in business. The British granted independence only in 1976; the Seychelles are an independent democratic republic with a presidential style of government. The President from 1977 until 2004, Albert Renee oversaw the conversion of a 'fishing and bananas' type of economy into a modern tourist mecca, alongside a carefully created offshore financial centre which has taken good notice of its competition. The service sector contributes 70% of the Seychelles's economy, which is based on tourism, fish processing and commerce.

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司法辖区

JURISDICTIONS

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，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。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，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。

The International Trade Zone is successful, and the Seychelles are on the way towards becoming an Indian Ocean trading entrepot, which is their avowed goal. The Government is torn between Colbertian paternalism (very French) and economic liberalism (very English) and it is hard to say which is winning.

塞舌尔物价飙升、货币储备短缺和高通胀率都让该国在 2008年年中入不敷出，因此进行了进一步的财政紧缩，政府转而求助于国际货币基金组织要求金融支援。2009年底，国际货币基金组织同意向该国注资3,100万美元。在该组织 2011年6月组团访问塞舌尔进行调查时，塞舌尔政府因为其 “结构革新和财政制度取得的进步”而受到该组织的赞扬。

Until late 2004, when the tsunami did substantial damage, there was growth but also unemployment and a deficit. The local population is not always willing to be cast in the role of economic superstars, to the despair of the Government, which privately would like the Seychelles to be a new Singapore. A macro-economic programme 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 of currency reserves and high inflation has prompted a further round of fiscal tightening after the country defaulted on much of its debt in mid2008, when the government turned to the IMF for 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 praised for its' fiscal policies and the progress achieved in structural reforms.

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、控股公司离岸工具种类：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资本主要营运区域：维多利亚关系良好国家：中国、印尼、瑞士、英国关系不佳国家：缅甸、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、苏丹、叙利亚

Suitable for: Wealth Management, Banking, Fund Management, Shipping, Yachting, Trading Goods, Trading Financial, Holding Companies Vehicle Types: Limited companies, public limited companies, trusts, sole proprietorships, general partnerships and limited partnerships Capital primary business districts: Victoria Good Relationships: China, Indonesia, Switzerland, United Kingdom Bad Relationships: Burma, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria

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司法辖区

JURISDICTIONS

税务负担—商务：极轻

Tax Burden - Business: Very Light

税务负担—个人：极轻

Tax Burden - Individual: Very Light

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%

Headline tax rates: CIT 25-33% (sole traders and partnerships 18.75%-33%), PIT 0%, VAT 15%

合约签订国：巴林、巴巴多斯、博兹瓦纳、中国、塞浦路斯、印尼、马恩岛、卢森堡、马来西亚、毛里求斯、阿曼、卡塔尔、圣马力诺、南非、泰国、阿联酋、越南、赞比亚

Treaty Jurisdictions: Bahrain, Barbados, Botswana, China, Cyprus, Indonesia, Isle of Man, Luxembourg, Malaysia, Mauritius, Oman, Qatar, San Marino, South Africa, Thailand, United Arab Emirates, Vietnam, Zambia

税务信息交换协议签订国：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

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Company Formation Guide

TIEA Jurisdictions: Cayman Islands, Denmark, Faroe Islands, Finland, Greenland, Guernsey, Iceland, Netherlands, Norway, Sweden, Switzerland

司法辖区

JURISDICTIONS

Member Contribution

塞舌尔 Seychelles

离岸问答 | Q&A

是的。

Yes.

保密性和现代法律框架之间取得的最佳平衡。无须向公司注册处上报公司的股东和受所有人信息，也无需上报公司的金融年报。因此公司的主要敏感信息是无需公示的。与此同时，塞舌尔还有现代化和先进的企业法规，与经合组织保持一致，还有对国际商务公司来说永不会改变的免税制度。

Optimal balance of confidentiality and modern legal framework. There are no requirements to file the information of a company's shareholders and beneficial owners with the Registrar, as well as no requirements to file annual financial statements. As a result, the key sensitive information about a company is not publicly available. At the same time Seychelles have modern and advanced corporate legislation compliant with the OECD recommendations along with the changeless tax-exempt regime for International Business Companies.

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，贵司法辖区最受世界上哪个地区的客户欢迎？最适合在贵辖区建立公司的业务类型是什么？

对中国客户来说，贵辖区能提供的最重要优势是什么？

中国客户选择在贵辖区采用现成公司的主要原因是什么？

在标准化的，按部就班地进行公司组建的流程中，向中国递交公司文件的过程相对来说比较漫长（从塞舌尔发往中国的快递至少需要 4-5 天才能到达）。

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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?

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

What is the main reason a Chinese client would consider using a shelf company in your jurisdiction?

司法辖区

JURISDICTIONS

这就是中国客户想要采用现成公司的主要原因。因此服务提供商也能在他们在中国内地或香港办公室保留数个现成公司，在客户有需求的时候就能立即分配给他们。对于时差问题，名称检查和公司组建时间，中国客户都觉得塞舌尔的现成公司是一个相当不错的选择。

中国客户在贵辖区建立离岸公司的独特卖点是什么？

极为高效，公司组建在当天内即可完成。

在选择离岸司法辖区时，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？是的，价格仍然是众多因素中在重要一环。不过，我们预计随着时间的流逝，客户将会在价格和质量之间找到一个完美的折衷点。

过去几年里，在一些行政特区内开设银行账户变得困难。贵辖区内是否也是如此？离岸公司在贵辖区内开户的时间能多快？在塞舌尔开设银行账户所需的时间在各个银行之间有所不同，因为每家银行都有自己的独特需求。总体上来说，为中国客户开设银行账户（不管是企业或个人账户）所需的时间平均约为三周。中国客户对所实施的限制并不多虑，比如说，他们并不来自于受制裁的国家；不过，他们都需要经历标准的 KYC（理解你的客户）和尽职调查流程。客户名下为开设账户所准备现有的或创始公司所要面临的合规评估则完全取决于各家银行。

Comparatively long timeframe for delivery of company documents to China in case of a standard step-by-step incorporation (a courier from Seychelles may take at least 4-5 days to reach China). This is the main reason for a Chinese client to use shelf companies. Service providers would therefore keep a batch of shelf companies at their Mainland China or Hong Kong office so that they may allocate them to clients immediately. In view of the time difference, name checks and incorporation time, Chinese clients find Seychelles shelf companies to be a very good option.

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

Efficient, same day incorporation.

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 still remains one of the main factors. However, we estimate that the clients will seek the best compromise between price and quality in the course of time.

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. At the average, opening a bank account (either corporate or personal) for a Chinese client may take approximately three weeks. Chinese clients do not suffer from restrictions imposed, for example, on residents of sanctioned countries; however they go through all standard KYC and due diligence procedures. The compliance assessment of a client's existing or starting business for purposes of account opening is entirely at the discretion of a bank.

来源：Uniwide Contributed by: Uniwide

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137

亚洲 ASIA

迪拜 Dubai

Dubai

Member Contribution 概况

General Type of Company

Offshore / Free Zone / Main Land

公司类型

离岸 / 自贸区 / 内地

Type of Law

Federal Law / Common Law

法律类型

联邦法律 / 普通法

Shelf Company Availability

Yes

现成公司可用率

是

Time to Establish a New Company

3 days

新公司建立时间

3天

Corporate Taxation

Zero

公司税

无

Double Taxation Treaty Access

Available

双重征税协议

有

Share Capital or Equivalent

股本或等值股本

Standard Currency

AED

标准货币

迪拉姆

Permitted Currencies

AED / Euro / GBP / USD

允许使用货币

迪拉姆 / 欧元 / 英镑 / 美元

Minimum Paid Up Share Capital

1 AED

最低付清股本

1 迪拉姆

Usual Number of Shares Issued

1 to 4 as standard - additional permitted

法定股本要求

标准为 1 到 4 股—也能允许更多

Directors

董事

Minimum Number

最低董事人数

Local Required

本地董事

无

Publicly Accessible Records

公开记录权限

无

Location of Meetings

No requiernment to have this in UAE

会议地点

在阿联酋无此要求

Shareholders

股东

Minimum Number

最低股东人数

Publicly Accessible Records

公开记录权限

无

Location of Meetings

No requiernment to have this in UAE

会议地点

在阿联酋无此要求

Company Secretary

公司秘书

Required

Yes

需要

是

Local or Qualiﬁed

Qualified

是否为注册地或有资质人员

有资质人员

Accounts

账户

Requirements to Prepare

Depending on Structure

账户准备要求

取决于所用架构

Audit Requirements

Depending on Structure

审计要求

取决于所用架构

Requirements to File Accounts

Depending on Structure

账户登记记录

取决于所用架构

Publicly Accessible Records

公开记录权限

无

Source: Europe Emirates Group

司法辖区

JURISDICTIONS

简介 | Introduction 行政特区：迪拜所属地区：阿联酋-中东（EMEA）官方货币：迪拉姆官方语言：阿拉伯语、英语所在时区：UTC+4 电话区号：+9714 通讯设施：优秀

公司建立成本：8000-14000美元公司建立时间：13-21天公司维护成本：3000-5000美元 Country: Dubai Region: UAE-Middle East (EMEA) Currency: Dirham Languages: Arabic, English Time Zone: UTC+4 Phone Code: +9714 Communications: Good Formation Cost: USD $800014000 Formation Time: 13-21 days Maintenance cost: USD $30005000

迪拜是阿联酋的一部分，也是杰贝阿里（Jebel Ali），一个巨型人造港口和地区内最大，有5500家公司进驻的自贸区的所在地。这里还将建成一个世界最大的机场。迪拜有业界顶尖的航空货运设施，确保世界最高速度的海空运输能在4小时内完成。这里没有外汇管制、限额或贸易壁垒。进口关税也极低，许多产品都享受免税待遇。阿联酋迪拉姆能够自由兑换且和美元挂钩。迪拜的其它自贸区还包括迪拜国际金融中心（DIFC），一个已有1000家国际金融机构进驻的金融中心，以及一个有1400家企业进驻的迪拜互联网城。除了石油工业和国内银行业之外，迪拜没有所得税或资本税，也没有资本预提税。迪拜和多个国家签订了免双重征税协议，是经常被世界各大公司用作国际税务规划的金融辖区。适合于：财富管理、财政管理、银行业务、保险、基金管理、游艇、商品贸易、金融贸易、控股公司、房地产所有权

Dubai, part of the UAE, is home to Jebel Ali, a huge man-made port with the largest free-trade zone in the region and 5,500 resident companies. A new airport will be the world's largest. Dubai's state-ofthe-art air cargo village helps ensure the world's fastest sea-air transport in as little as 4 hours. There are no foreign exchange controls, quotas or trade barriers. Import duties are extremely low, and many products are exempt. The UAE dirham is freely convertible and is linked to the US dollar. Other tax-free zones in Dubai include the Dubai International Financial Centre (DIFC), a financial centre with nearly 1,000 international financial institutions, and Dubai Internet City, which already hosts 1,400 resident companies. Apart from the oil industry and domestic banking, there are no income or capital taxes in Dubai, and no withholding tax. Dubai has a number of double tax treaties with high-tax countries and is often used in

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离岸工具种类：有限公司、公众有限公司、控股公司、通用合伙制公司、有限合伙制公司、分公司和单一所有制公司资本主要业务区域：迪拜关系良好国家：中国关系不佳：缅甸、古巴、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里税务负担—商务：极轻税务负担—个人：极轻总体税率： CIT 0%, PIT 0%, 增值税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、波黑、保加利亚、加拿大、中国、塞浦路斯、捷克共和国、埃及、爱沙尼亚、斐济、芬兰、法国、格鲁吉亚、德国、希腊、圭亚那、印度、印尼、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、摩洛哥、莫桑比克、荷兰、新西兰、巴基斯坦、巴拿马、菲律宾、波兰、葡萄牙、罗马尼亚、塞尔维亚、塞舌尔、新加坡、西班牙、斯里兰卡、苏丹、瑞士、叙利亚、塔吉克斯坦、泰国、突尼斯、土耳其、土库曼斯坦、乌克兰、乌兹别克斯坦、委内瑞拉、越南、也门税收信息交换协议签订国：无

international tax planning by major corporations. Suitable for: Wealth, Treasury Management, Banking, Insurance, Fund Management, Yachting, Trading Goods, Trading Financial, Holding Companies, Property Ownership Vehicle Types: Limited companies, public limited companies, shareholding companies, general partnerships, limited partnerships, branches and sole proprietorships Capital Primary Business Districts: Dubai Good Relationships: China Bad Relationships: Burma, Cuba, Iran, North Korea, Libya, Somalia Tax Burden - Business: Very Light Tax Burden - Individual: Very Light Headline Tax Rates: CIT 0%, PIT 0%, VAT 0% Treaty Jurisdictions: Algeria, Armenia, Austria, Azerbaijan, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Canada, China, Cyprus, Czech Republic, Egypt, Estonia, Fiji, Finland, France, Georgia, Germany, Greece, Guinea, India, Indonesia, Ireland, Italy, Kazakhstan, Korea, Republic of, Latvia, Lebanon, Luxembourg, Malaysia, Malta, Mauritius, Mongolia, Montenegro, Morocco, Mozambique, Netherlands, New Zealand, Pakistan, Panama, Philippines, Poland, Portugal, Romania, Serbia, Seychelles, Singapore, Spain, Sri Lanka, Sudan, Switzerland, Syria, Tajikistan, Thailand, Tunisia, Turkey, Turkmenistan, Ukraine, Uzbekistan, Venezuela, Vietnam, Yemen TIEA Jurisdictions: None

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Member Contribution

迪拜 Dubai

离岸问答 | Q&A

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，贵司法辖区最受世界上哪个地区的客户欢迎？最适合在贵辖区建立公司的业务类型是什么？在迪拜组建公司能享受比其它司法辖区更多的优势，其中最大的优势就是，迪拜是一个位于真实国家里的实实在在的经济体，没有任何负面记录。迪拜现在已成为一个从商的合理选址地，向投资者提供独特和全面的业务增值平台。

阿联酋法律中和隐私保护有关的最重要条款，就是刑法中认为“任何因为自己的职业、手艺、状态或艺术品被赋予保密任务，以及在法律允许的情况之外泄密，或被用于自己或其他人的获利用途的人，这一切除非该人所赋予的秘密得到同意可以泄密或加以利用”应该对其进行“一年以上的监禁”和 / 或 “至少 2 万迪拉姆的罚款”的惩罚。因此，对保密信息进行未经授权的泄密是违法的。

对中国客户来说，贵辖区能提供的最重要优势是什么？

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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. Establishing your Company in Dubai provides a vast array of advantages over other jurisdictions and in essence the main ones being that Dubai is a Real Country with a Real Economy and holds no negative stigmas. It has now become the logical place to do business, providing investors with a unique and comprehensive value added platform. One of the most the important legal provision relating to privacy in the law of the UAE, is the provision in the criminal law which states that "any individual who, by reason of his profession, craft, situation or art is entrusted with a secret and who disclosed it in cases other than those permitted by the law, or who uses it for his own advantage or another person's advantage, all this unless the individual to whom the secret pertains has consented that it be disclosed or used" shall be punishable by "imprisonment for a minimum period of one year" and/or by "a fine of at least twenty thousand Dirhams". Therefore, the unauthorized disclosure of confidential information is illegal.

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迪拜开放的经济政策，最低程度的政府控制和私营部门的法律法规在吸引外国直接投资方面起到了重要作用。迪拜的企业不必缴纳公司利润的直接税或个人所得税。企业可以利用资本和利润 100% 的回汇优势。没有外汇管制、贸易配额或贸易壁垒。美元和迪拉姆之间的汇率一直稳定在 1 美元对 3.678 迪拉姆之间。自由的签证政策能让几乎任何国家的拥有不同技术水平的技术劳工方便地进出。中国人现在已经可以获得落地签证。

我们深知市场是千变万化的，客户希望他们得到的服务也是专业的，他们的事务由专业人士打理并有追踪记录，有经验丰富的人士和相关的认证信息

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

Dubai's open economic policy, minimal government control and private sector regulation have played an instrumental role in attracting vast foreign direct investment (FDI). Businesses in Dubai do not pay direct taxes on corporate profits or personal income Businesses can avail of 100% repatriation of capital and profits. There are no foreign exchange controls, trade quotas or barriers. A stable exchange rate exists between the US Dollar and the UAE Dirham (US$1.00=AED 3.678). Liberal visa policies permit easy import of expatriate labour of various skill levels from almost anywhere in the world, Chinese nationals are now able to obtain Entry Visas on arrival

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得以证明。从看重价格向着重服务质量转变的趋势是确定的，但是这并不意味着企业服务提供商收取的费用应该远高于当前的市场价格。我们对此深有感触，作为一家领先的服务提供商，我们提供“价格保证计划”，该计划被设计用于我们公司的客户一直都能得到最高性价比的服务。

您是认为行业监管越来越严格，比如 CRS、 AEOI 和 FATCA 等，中国企业是否会更倾向于进入更透明的司法辖区？这是毫无疑问的，而且这也是迪拜有竞争优势的原因所在，我要重申的是，作为一个位于真实国家和有真是经济体的没有负面影响的司法辖区，迪拜提供恰到好处的法律框架，让业务获得成功并在国际上享有正面声誉，同时又享受 100% 免税的待遇以及在 CRS 和 OECD 合规的优势。

过去几年里，在一些行政特区内开设银行账户变得困难。贵辖区内是否也是如此？离岸公司在贵辖区内开户的时间能多快？迪拜是一个如假包换的成熟的金融中心，广受世界各国的认可，有一流和无可比拟的银行服务质量。许多银行都提供 24 小时的公司组建服务；这对没有银行账户的公司来说是很有用的。我们和所有的银行都紧密合作并与您的需求相匹配，上述银行都有完全的在线多币种服务和许多其它服务特点，比如借记卡和信用卡。利用我们的服务，我们就能探索未知并能在自贸区公司组建后的七天内，让银行服务到位，企业开始运营。

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 conscious that the market is undergoing a process of evolution in which clients are now more sensitive to ensuring that the services they are requiring are delivered in a professional way and that their matters are dealt with by professionals that have a track record and have the experience and credentials to back this up. There is certainly a shift from emphasis on pricing weighted more towards quality of service however this does not mean that Corporate services providers fees should be over and above current market prices. We are sensitive to this and as a Leading Service Provider, we offer a PRICE GUARANTEE PROGRAM designed to ensure that our firm's clients always obtain best value for money.

Do you agree that as the industry comes under increasing regulatory pressure, e.g. CRS, AEOI, FATCA, etc., Chinese business will gravitate to jurisdictions that are perceived as more transparent? Absolutely and this is why Dubai has the competitive advantage, I reiterate that being a real country with a real economy and no negative stigmas it provides the right regulatory frame work in which business can be successful and looked at positively by the rest of the world and simultaneously benefiting from 100% Tax free Status and in compliance with CRS and OECD

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? Dubai is indeed a fully developed Financial Centre with worldwide recognition with top quality banking services which are second to none. Many jurisdictions are offering Establishment of Companies in 24 hrs; however what use is a company without a bank account. We work closely with all Banks and we will match your profile to that of the bank, note these have full online multi-currency and a range of other features as for example debit cards and credit cards.

来源：Europe Emirates Group Contributed by: Europe Emirates Group

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By using our services, we are able to mitigate the unknown and have banking in place and operational 7 DAYS after the incorporation of the Free Zone Company

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纳闽岛 Labuan

Labuan

Member Contribution 概况纳闽岛

General Labuan Type of Company

Labuan Company as prescribed in Labuan Companies Act 1990, either limited by shares or guarantee.

公司类型

按照 1990 年纳闽公司法规定，分为股份有限或担保有限公司

Type of Law

Common Law

法律类型

普通法

Shelf Company Availability

现成公司可用率

否

Time to Establish a New Company

24 hours, subject to the complete of documentation and information

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

Corporate Taxation

A yearly option: 3% of net audited profits or a flat rate of MYR20,000

公司税

每年选项：审计为纯利率 3 ％或令吉 20,000 的统一价格

Double Taxation Treaty Access

Yes; via Malaysia's network of 80 DTAs

双重征税协议

是，马来西亚有 80 个国家的双重征税协议

Share Capital or Equivalent Starndard Currency Permitted Currencies

股本或等值股本 US$

标准货币

美元

In any foreign currency except Ringgit Malaysia

允许使用货币

除了马来西亚令吉的外汇

Minimum Paid Up Share Capital

US$1

最低付清股本

1 美元

Usual Number of Shares Issued

Minimum USD1

法定股本要求

1 美元起

Directors

董事

Minimum Number

One

董事最低人数

1人

Local Required

本地董事

否

Publicly Accessible Records

公开记录权限

否

Location of Meetings

Anywhere

会议地点

任何地方

Shareholders

股东

Minimum Number

One

股东最低人数

1人

Publicly Accessible Records

公开记录权限

否

Location of Meetings

Anywhere

会议地点

Company Secretary

任何地方公司秘书

Required

Yes

是否需要

是

Local or Qualiﬁed

Resident Secretary provided by Trust Company

是否为注册地或者有资质人员

信托公司提供的居民秘书

Accounts

账户

Requirements to Prepare

Yes

账户准备要求

是

Audit Requirements

Not required for non-trading activities but required for trading activities, if the company chooses to pay a flat tax rate of RM20,000.

审计账户

非贸易活动不需要，但如果公司选择缴纳 20000 马币的固定税率，则需要贸易活动。

Requirements to File Accounts

Not required for non-trading activities but required for trading activities, if the company chooses to pay a flat tax rate of RM20,000.

账户登记记录

非贸易活动不需要，但如果公司选择缴纳 20000 马币的固定税率，则需要贸易活动。

Publicly Accessible Records

公开记录权限

否

Source: Labuan IBFC

司法辖区

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简介 | Introduction 司法辖区：纳闽岛所属地区：亚太官方货币：美元、马来西亚林吉特官方语言：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

Country: Labuan Region: Asia-Paciﬁc Currency: US dollar, Malaysian Ringgit Languages: English, Malay, Chinese, Tamil Time Zone: UTC+8 Phone Code: +608 Communications: Very Good

纳闽岛虽然隶属于马来西亚，却拥有自己的 “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直接投资进入东盟国家的优选渠道。纳闽岛有一个主要为伊斯兰金融债券上市所准备的股票交易市场，且已取得了相当的成功。从事贸易业务的离岸公司需要缴纳 3%的税负或者可选择缴纳一笔20,000马币（约6,500美元）的固定费用；所有其它类型的离岸公司均可免缴上述费用。马来西亚本岛所赚取的大多数利润，可通过许多政府提供的激励和豁免政策，通过纳闽岛以免税的方式回汇。纳闽岛联邦安全署（FSA）已建立了一个电子商务的基础设施用作进入岛内的电子商务运营和新金融市场。纳闽岛离岸公司纳闽岛有三种离岸公司形式，分别是：纳闽岛公司、纳闽岛外国公司和纳闽岛受保护单元公司。马拉西亚居民和非马来西亚居民都被允

Although Labuan is part of Malaysia, it 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 countries. A stock exchange aimed primarily at the listing of Islamic financial debt issues has had considerable successes. Offshore companies engaged in trade pay 3% tax or can elect to pay a fix sum of MYR20,000 (approx. US$6,500); all other offshore companies are exempt. There are many incentives and exemptions which make it possible for most mainland Malaysian profits to be repatriated tax-free through Labuan. LabuanFSA has built an e-commerce infrastructure which can be used by incoming e-commerce operations and new financial markets. Labuan Offshore Companies

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许成立纳闽岛公司。按照《1990年纳闽岛公司法案》（LCA 1990）的规定，允许纳闽岛公司允许和居民商业来往，但须通知纳闽岛金融服务管理局（Labuan FSA）。

There are three types of offshore companies in Labuan: Labuan Company, Labuan Foreign Company and Labuan Protected Cell Company.

在纳闽岛国际商务和金融中心组建的公司可以享受

Residents and non-residents of Malaysia are allowed to establish Labuan companies. Under Section 7(5) of the Labuan Companies Act 1990 (LCA 1990), a Labuan company is allowed to deal with a resident subject to notification to Labuan Financial Services Authority.

受惠于马来西亚与超过80个国家的双重税务协议；具竞争力税务机制的纳闽岛商业活动，根据1990年纳闽岛商业活动税务法案（LBATA 1990）提供： • 从事贸易活动的公司，每年缴纳经审核纯利的3%作为税收，或缴纳固定税率20,000马币； • 从事非贸易活动的公司不必纳税，即零税率； • 在LBATA 1990第3A 条文中，公司可选择根据《1967年马来西亚所得税法案》纳税，即首笔500,000马币的收入须缴纳20%公司税，之后为24%。纳闽岛商业活动及其课税方式 • 纳闽岛非贸易活动：纳闽岛控股实体或以其名义所持有的证券、股票、股份；贷款、存款或其它产业的投资活动 ——无需纳税； • 纳闽岛贸易活动：包括银行、保险、贸易、管理、船运营

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Companies incorporated in Labuan IBFC may enjoy Access to Malaysia's Double Tax Agreements with over 80 countries; A competitive tax regime Labuan business activities as defined in the Labuan Business Activity Tax 1990 (LBATA 1990) which provides: • Taxation of 3% of net audited profits or a flat rate of MYR20,000 to be elected yearly, if the company is undertaking trading activities. • Companies carrying a non-trading activities is not charged tax, i.e. 0%.

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运、执照或其它非纳闽岛的非贸易活动——每年经审核账目纯利的3%，或选择每年20,000马币的固定税率； • 共同从事纳闽岛贸易和非贸易活动，即被视为纳闽岛的贸易活动——与纳闽岛贸易活动相同的课税方式（每年经审核账目纯利的3%，或选择每年20,000马币的固定税率； • 非纳闽岛商业活动——在1967年马来西亚所得税法案的规定下征税——24%。

• Under Section 3A1 of the LBATA 1990, a company can elect to be taxed under the Malaysia Income Tax Act 1967, i.e. subject to corporate tax rate of 20% (on the first MYR500,000) and thereafter 24%.

适合类型：财富管理、银行业务、保险、基金管理、航运、航空、贸易货物、贸易金融、知识产权/许可证、控股公司

• Labuan non-trading activity - Holding of investments in securities, stock, shares, loans, deposits or any other properties held by a Labuan entity on its own behalf: Not subject to tax; • Labuan trading activity - Includes banking, insurance, trading, management, shipping operations, licensing or any other activity which is not a Labuan non-trading activity: 3% of net profits per audited accounts, or MYR20,000 upon yearly election; • Carrying out both Labuan trading and non-trading activities, deemed to be Labuan trading activity: Same tax treatment as Labuan trading activity (3% of net profits per audited accounts or MYR20,000 upon yearly election)； • Non-Labuan business activities: Taxed under domestic or

离岸工具种类：有限公司、公众有限公司、分公司、信托、基金会、通用合伙制、有限合伙制和受保护的单元公司资本主要业务区：纳闽岛镇、吉隆坡关系良好国家：中国、印度、印尼、日本、新加坡、美国

A summary of the description of Labuan business activities and its tax treatment

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税务负担—商业：非常轻税务负担—个人：轻税率：每一家离岸公司审核账户纯利的3%；或可选每年20,000马币；非贸易公司为0%）协议签订辖区：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、智利、中国、克罗地亚、捷克共和国、丹麦、埃及、斐济、芬兰、法国、德国、匈牙利、印度、印度尼西亚、伊朗、爱尔兰、意大利、日本、约旦、哈萨克斯坦、韩国、科威特、吉尔吉斯斯坦、老挝、黎巴嫩、卢森堡、马耳他、毛里求斯、蒙古、摩洛哥、缅甸、纳米比亚、荷兰、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、塞舌尔、新加坡、南非、西班牙、斯里兰卡、苏丹、瑞典、瑞士、叙利亚、泰国、土耳其、土库曼斯坦、阿联酋、英国、乌兹别克斯坦、委内瑞拉、越南、津巴布韦 TIEA签订国家：百慕大

Malaysia Income Tax Act 1967 - 24%. Suitable for: Wealth/Fund Management, Banking, Insurance, Shipping, Aviation, Trading Goods, Trading Financial, Intellectual Property/Licensing, Holding Companies Vehicle Types: Limited companies, public limited companies, branches, trusts, foundations, general partnerships, limited partnerships and protected cell companies Capital Primary Business Districts: Labuan Town, Kuala Lumpur Good Relationships: China, India, Indonesia, Japan, Singapore, United States Tax Burden - Business: Very Light Tax Burden - Individual: Light Tax Rate: Offshore trading company 3% of net profits per audited accounts; or MYR20,000 on yearly election; non-trading tax Treaty Jurisdictions: Albania, Australia, Austria, Bahrain, Bangladesh, Belgium, Brunei, Canada, Chile, China, Croatia, Czech Republic, Denmark, Egypt, Fiji, Finland, France, Germany, Hungary, India Indonesia,Iran, Ireland, Italy, Japan, Jordan, Kazakhstan, Korea, Republic of, Kuwait, Kyrgyzstan, Laos, Lebanon, Luxembourg, Malta, Mauritius, Mongolia, Morocco, Myanmar, Namibia, Netherlands, New Zealand, Norway, Pakistan, Papua New Guinea, Philippines, Poland, Qatar, Romania, Russia, San Marino, Saudi Arabia, Seychelles, Singapore, South Africa, Spain, Sri Lanka, Sudan, Sweden, Switzerland, Syria, Thailand, Turkey, Turkmenistan, United Arab Emirates, United Kingdom, Uzbekistan, Venezuela, Vietnam, Zimbabwe TIEA Jurisdictions: Bermuda

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Member Contribution

纳闽岛 Labuan

离岸问答 | Q&A

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，贵司法辖区最受世界上哪个地区的客户欢迎？最适合在贵辖区建立公司的业务类型是什么？在纳闽岛国际商务和金融中心（Labuan IBFC）组建的实体中有超过七成的公司 * 来自亚洲，这个中岸金融中心是一个颇受欢迎的投资目的地，也是跨国企业在亚洲，尤其是东盟国家市场扩张的理想切入点。的确是这样，纳闽岛国际商务和金融中心在从前和现在都一直是专注于亚洲的金融中心。纳闽岛国际商务和金融中心在营商便利性和符合国际最佳实践经验和标准之间取得了理想的平衡，能提供综合性的中岸解决方案。这个中岸金融中心欢迎所有类型的企业或贸易行为，尤其是租赁、商品贸易、财富管理和专属保险行业的公司进驻。

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. More than 70% of the entities* established in Labuan IBFC are from Asia and the midshore centre is a favourable destination and an ideal entry point for multinational companies looking to expand into Asia, particularly into the ASEAN market. Indeed, Labuan IBFC is and has always been very much Asia focused. Labuan IBFC presents a comprehensive midshore solution striking the ideal balance between the ease of doing business and compliance with international best standards and practices. The midshore centre welcomes all types of business or trading activities especially in niches such as leasing, commodity trading, wealth management and captive insurance.

* 根据伦敦金融服务局 2015 年年报的数据

对中国客户来说，贵辖区能提供的最重要优势是什么？

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* Based on Labuan Financial Services Authority 2015 Annual Report

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

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业务解决方案以纳闽岛广泛的金融服务提供商们提供保证，具有恰到好处的监管和有利营商的框架，我们位靠近中国的战略性地理位置能为中国客户提供理想的离岸司法辖区服务。

The business solutions found in a wide spectrum of financial services providers available in Labuan, , coupled with a balanced regulatory and business friendly framework and our strategic location close to China provides an ideal jurisdiction for Chinese clients.

纳闽岛国际商务和金融中心隶属马来西亚，马来西亚也是中国在东盟最大的贸易伙伴，上述两点都是选择纳闽岛的关键性因素。我们是中国投资者和企业称道的司法辖区，并且一直籍此快速成长，纳闽岛国际商务和金融中心也是一个实行国际跨境贸易和投融资，以及资产和财富管理的特别经济区。当然，纳闽岛国际商务和金融中心也有众多大型的中国金融服务企业，比如中国工商银行和平安飞机租赁公司等企业进。

The fact that Labuan IBFC is part of Malaysia, China's largest trading partner in ASEAN, is also a key element. We are a known jurisdiction to Chinese investors and businesses that have grown to appreciate that Labuan IBFC is a special zone that facilitates international cross-border trades, investments, financing as well as asset and wealth management. And of course, Labuan IBFC is home to some of the largest Chinese financial services firms such as International and Commercial Bank of China (ICBC) and Ping An Aircraft Leasing.

在选择离岸司法辖区时，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？在我们和中国客户大量接触的业务活动中，我们注

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? From our many interactions, we have noticed that Chinese businesses have always sought to achieve value for money. And we expect this to continue as businesses will continue to search for the best value-for-money jurisdictions, as costs of business (services charges, regulatory cost etc.) are expected to rise in challenging global economic conditions. Having said that, we believe that cost is not the key driver. There are many other considerations for example reputation of the centre itself, availability of quality service providers, good set of business-friendly legal framework, choice of financial and asset planning structures and convenience of conducting businesses.

Do you agree that as the industry comes under increasing regulatory pressure, e.g. CRS, AEOI, FATCA, etc., Chinese business will gravitate to jurisdictions that are perceived as more transparent? The various international initiatives on enhancement of transparency will level the playing field of financial and business centres.

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意到中国的企业一直都很重视性价比的体现。不仅如此，我们预计这种趋势将会继续，企业会继续寻找物有所值的司法辖区，因为在目前的国际经济状况下，企业的运营成本也都在日益看涨。除此之外，我们相信费用并非主要的驱动力。还有许多其它考虑因素，比如金融中心本身的声誉，是否有高质量的服务提供商，良好的对营商有利的法律框架，对金融和资产规划架构的选择，以及营商便利性等。

您是否认为行业监管越来越严格，比如 CRS、 AEOI 和 FATCA 等，中国企业是否会更倾向于进入更透明的司法辖区？多种多样的对透明度进行加强的国际方案都会对

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For Labuan IBFC, the need to conform to these new international regulatory requirements has always been key to our principles and aim of ensuring the reputation of the jurisdiction itself. At the same time, it has also provided opportunities to Labuan IBFC, for example, in the need to pass the test of "economic substance" which will highlight Labuan IBFC's advantages as the midshore centre is able to offer a wide range of substance-enabling solutions, from having a bank account to setting up a physical presence in Labuan IBFC itself. Coupled with the other value propositions mentioned earlier such as good regulatory framework, convenience, quality service providers, Labuan IBFC can stand out in the socalled gravitation to jurisdictions under the current environment of increasing transparency. This is the reason we strongly believe that Labuan IBFC is well-positioned for Asian-based businesses especially Chinese businesses.

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金融和商务中心的运行产生影响。对于纳闽岛国际商务和金融中心来说，遵照上述新的国际监管要求，一直以来都是我们的关键性理念和目标，也是维护这个金融辖区声誉的要求所在。与此同时，也对纳闽岛国际商务和金融中心提供机遇，比如说，需要通过“经济实质性”的测试要求，而纳闽岛国际商务和金融中心的优势之一是，我们是一个中岸金融中心，因为我们能提供广泛的实质性解决方案。这些方案包括银行账户的开立、在纳闽岛成立实体公司，以及上述所提及的其它价值，比如良好的监管框架，便利性，高质量的服务提供商等，这也是纳闽岛国际商务和金融中心在当下越发增多的透明度要求的大环境下能够脱颖而出的原因。这就是我们坚信纳闽岛国际商务和金融中心对亚洲企业（尤其是中国企业）来说是极为有利的原因。

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

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 difficulty in setting-up or opening a bank account is a universal problem or a challenge, across all jurisdictions and can only be expected with the global move towards greater transparency and compliance. It is not a situation unique to any particular jurisdiction or client. Having said that, once the requisite 'Know Your Customer' (KYC) requirements and disclosures are made, and if the potential account holder is legitimate in its structure and business plans, there should be no reason a bank account cannot be opened. Of course, the time needed for setting-up or opening a bank account will depend on the completeness of documentation and the approval policies and processes of respective banks. Labuan banks, like banks in other jurisdictions, have stringent KYC processes in place and due diligence policies for opening bank accounts. But there should not be any significant delay if all necessary documents are submitted on timely basis and necessary due diligence has been performed.

银行账户的开设是一个各个司法辖区内都存在的全球性难题或者说是一个挑战，在全球迈向更高透明度的趋势下这一问题会更加突显。这并不是某一个特定的司法辖区或客户所独有的问题。也就是说，只要满足“理解你的客户”（KYC）的要求和信息公开原则的要求，并且这个未来的账户持有人名下的架构和业务规划都合法，那么银行开户就不可能成为问题。当然，银行账户的开设也将取决于所提交文件的完整性，以及各银行的审批政策和流程。纳闽岛银行在开户前都有严格的 KYC 流程和尽职调查政策。但是如果提交的所有申请材料都及时提交，且尽职调查也已通过，那么银行开户就不会有明显的延误。

来源：纳闽岛国际商务和金融中心 Contributed by: Labuan IBFC

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RAK

Member Contribution 概况

General

Type of Company

Companies Limited By shares. Special Purpose Vehicle & Segragated Portofolio company are also available.

公司类型

股份有限公司。也有特殊目的工具和分离式投资组合公司

Type of Law

UAE Company law

法律类型

阿联酋公司法

Shelf Company Availability

现成公司可用率

无

Time to Establish a New Company

2 to 3 days

新公司建立时间

2-3 天

Corporate Taxation

0% Corporate Tax

公司税

公司税免税

Double Taxation Treaty Access

Yes

双重征税协议

是

Share Capital or Equivalent

股本或等值股本

Standard Currency

AED

标准货币

迪拉姆

Permitted Currencies

USD, EUR other currency subject to approval

允许使用货币

美元、欧元或其它获准使用的货币

Minimum Paid Up Share Capital

1 AED

最低付清股本

1 迪拉姆

Usual Number of Shares Issued

法定股本要求

Directors

董事

Minimum Number

最低董事人数

Local Required

本地董事

不需要

Publicly Accessible Records

公开记录权限

无

Location of Meetings

No Specific Requirements

会议地点

无特定要求

Shareholders

股东

Minimum Number

最低股东人数

Publicly Accessible Records

公开记录权限

无

Location of Meetings

No Specific Requirements

会议地点

无特定要求

Company Secretary

公司秘书

Required

需要

Local or Qualiﬁed

No Specific Requirements

是否为注册地或有资质人员

无特定要求

Accounts

账户

Requirements to Prepare

Yes

账户准备要求

是

Audit Requirements

审计要求

否

Requirements to File Accounts

账户登记记录

否

Publicly Accessible Records

公开记录权限

否

Source: RAK ICC

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简介 | Introduction 行政特区：哈伊马角所在地区：阿联酋 ― 中东（EMEA）官方货币：迪拉姆官方语言：阿拉伯语、英语所属时区：UTC+4 电话区号：+9717 通讯设施：优良

Country: Ras Al Khaimah Region: UAE - Middle East (EMEA) Currency: Dirham Languages: Arabic, English Time Zone: UTC+4 Phone Code: +9717 Communications: Good

哈伊马角市位于阿联酋北部景如画的哈伊马角酋长国，距离迪拜只有一个小时的车程。这个酋长国也以“上升的酋长国”之名而著称，最近以来以它强劲的经济发展势头和新兴的商务机遇而享誉世界。关于哈伊马角哈伊马角是阿联酋的七个酋长国之一。哈伊马角酋长国靠海，全年降水量充沛，因此土地肥沃，物产丰富。这个城市位于北部地区，有一个大型的国际机场，对商务人士来说交通十分便利。哈伊马角的自然风光秀丽，是一个十分静逸的城市，有众多的自然景观。城市依山傍水，一侧可以享受阿拉伯湾的海水，另一侧则有阿尔·吉宝山。与此同时，这里还有现代化的设施，自有房屋、游艇俱乐部和高尔夫球场无一缺席，提供独特的都市生活体验。城市的公共交通系统也极为优秀，哈伊马角能让你毫不费力地准时到达会议现场。道路建设一直都在不断改进，满足不断增长的

The city of Ras Al Khaimah itself is located in the picturesque northern Emirate of Ras Al Khaimah, just an hour's drive from Dubai. The Emirate is also known as the 'Rising Emirate', having gained a reputation for its recent economic growth and emerging business opportunities. About Ras Al Khaimah Ras Al Khaimah is one of seven emirates that form the UAE. The Emirate is known for its close proximity to the sea and is incredibly fertile due to generous rainfall throughout the year. The city is located in the north of the region and has a large international airport, making it convenient and easy for business travelers. Naturally beautiful and serene, it's a very peaceful city which boasts a variety of landscapes. It has the waters of the Arabian Gulf on one side and the mountain range of Ru'us Al Jibal on the other. At the

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交通流量需要，让您免受堵车之苦。邮政系统也十分快速高效，因此不用担心无法及时收到重要的商务文件，这对企业来说也是至关重要的。

same time, modern luxuries like freehold properties, yacht clubs and golf courses co-exist in this city to provide a very unique living experience.

港口设施哈伊马角有数个港口，确保货物的航运更为快捷便利。哈伊马角港位于这座城市之中，提供多种多样的现代化货运设施和服务，还有训练有素的安保服务，保证货物不会丢失，让港口设施的用户放心。这里还有客轮服务，满足越来越多的通过海路到达这里的乘客，或者享受邮轮之旅的游客的需求。

The public transport system is excellent, allowing you to get to meetings on time and without stress. There are constant improvements being made to the road system in order to cater for increasing amounts of traffic and to keep the roads free from congestion for a smoother traffic flow. The postal system is quick and efficient, so waiting for important documents and parcels is rarely a hassle, which is always vital in business.

酒店和食宿哈伊马角市有许多极好的酒店，满足商务顾客的需求。大多数酒店有舒适的会议设施或紧邻商务区域的便利的会议区域。您也许也同样会考虑把公司迁至哈伊马角，这样就能距离自己的业务运营地点更近。您能把注意力放在公司的运营情况上，亦步亦趋地掌握业务发展进度，同时让您及时高效地解决遇到的问题。别忘了，这座城市本身也是十分美丽和活力十足的。哈伊马角还有多种多样的生活和食宿设施供您租赁或购买。海边有漂亮的公寓和别墅，让您在工作之余得到充分放松，这样才能更好地规划业务的发展方向。这里的风景让人惊艳，城市气氛极为和谐安详。城里的更深处还有许多公寓和传统房屋，便利的设施和商务中心仅在咫尺之遥。哈伊马角的电力和供水价格十分低廉，生活成本极为平易近人。哈伊马角的休闲生活哈伊马角不仅有超棒的商务机遇和营商设施，更有极佳的休闲和娱乐场所。这里有许多让您放松的水疗馆，还有让人赞不绝口，在地区内口碑极佳的最佳餐厅和食物。哈伊马角还有水上公园和剧院，有艺术和历史博物馆供人参观。从购物中心到俱乐部，这座充满活力的城市里有适合任何人口味的娱乐形式。全年内还有多个节日，庆祝的内容从美味的食物到阿拉伯的奇幻文化等，应有尽有。关于哈伊马角国际企业中心哈伊马角国际企业中心（RAK ICC）是一个在阿联酋哈伊马角酋长国运营的公司注册机构。 R AK国际企业中心负责国际商务公司的注册和组建，也提供国际商务公司业务相关的全套注册服务。R AK国际企业中心是两家哈伊马角的公司注册中心的组合，这两家公司的

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Port Facilities Ras Al Khaimah has a number of port facilities available that make shipping goods an easier and smoother process. The Ras Al Khaimah port is based in the city itself and offers a range of modern cargo handling facilities and services, as well as a well-trained security service to ensure that no goods go missing providing peace of mind for those using the facilities. A passenger ship service is also available from the port meeting the demands of the growing number of people who wish to arrive by sea or those who enjoy leisurely cruises. Hotels and Accommodation In the city of Ras Al Khaimah there are a number of excellent hotels which meet the needs of business customers .Most of the hotels have comfortable conference facilities or meeting areas conveniently located close to business areas. You may also be considering relocating to Ras Al Khaimah so that you can be closer to the business you are operating. It allows you to keep a close eye on operations and keep in regular contact with progress, as well as allowing you to sort out any issues quickly and efficiently. Plus, the city itself is beautiful and vibrant. There are a range of living accommodation that you can select to rent or buy while living in Ras Al Khaimah. There are beautiful apartments and villas on the sea front that allow you to stay relaxed while you work and determine important business plans. The views are stunning and the atmosphere is serene. There are also a number of apartments and traditional houses available further in the city, keeping you close to local amenities and centres of

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business. Electricity and water prices are considerably low, making the cost of living very affordable to many. Leisure in Ras Al Khaimah Ras Al Khaimah not only has fantastic business opportunities and facilities, but also excellent ones for leisure and relaxation. There are a number of spas you can visit to de-stress after a long day, as well as some delicious traditional restaurants where you can sample some of the best food the region has to offer. There are water parks and theatres to visit, as well as museums for art and archaeology. From shopping to clubs, there is form of entertainment that suite everyone living in this vibrant city. There are also a number of festivals held every year that celebrate everything from food to the fascinating Arabic culture. About RAK ICC RAK International Corporate Centre (RAKICC) is a Corporate Registry operating in Ras Al Khaimah, United Arab Emirates. RAK International Corporate Centre is the consolidation of two company registries in Ras Al Khaimah; namely RAK International Companies (formerly a part of RAK Free Trade Zone) and RAK Offshore (formerly a part of RAK Investment Authority). RAK International Corporate Centre (RAKICC) was formed as per the Decree No.12 of 2015 and as amended by Decree No.4 of 2016.

名称分别为RAK International Companies（之前为哈伊马角自贸区的一部分）和RAK Offshore（前身为哈伊马角投资管理局的一部分）。哈伊马角国际企业中心（RAKICC）是根据 2015年第12号法令和2016年第4号法哈伊马角国际企业中心负责国际商务公司的注册和组建，提供国际商务公司有关的全套服务。哈伊马角国际企业中心是一个世界一流的现代化公司注册机构，完全符合国际商务公司组建行业的国际标准和最佳实践经验。哈伊马角国际企业中心将成为国际商务公司组建服务行业的前沿力量，继续开发我们的成套产品来满足顾客的需要。

RAK International Corporate Centre is responsible for the registration and incorporation of International Business Companies, as well as providing a full suite of Registry services related to International Business Company activity. RAK International Corporate Centre is a modern, world class Company Registry operating in full compliance with international standards and best practices in the International Business Company formation industry. RAK International Corporate Centre will be at the forefront of International Business Company formation services and continually develop our suite of products to meet the needs of our customers.

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Member Contribution

哈伊马角 RAK

离岸问答 | Q&A

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，贵司法辖区最受世界上哪个地区的客户欢迎？最适合在贵辖区建立公司的业务类型是什么？截至目前，哈伊马角国际企业中心（RAKICC）在世界上多个地区都颇受欢迎，这些地区包括欧洲、中东和北非、亚洲、独联体国家等。哈伊马角国际企业中心被认为是一流的公司组建服务司法辖区，高度符合全球标准的要求。大多数的公司形式都适合利用 RAKICC 来建立。（贸易、控股公司、顾问公司等等）。

对中国客户来说，贵辖区能提供的最重要优势是什么？

• 100% 的完全免税； • 100% 的公司税免税； • 100% 的资本和利润回汇； • 无资本利得税； • 无增值税； • 无预提税。以上这些都是 RAK 能提供的优势所在。

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

• • • • • •

100% Income tax exemption 100% corporate tax exemption 100% capital and profit repatriation No capital gain tax No Value-added tax No withholding tax.

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在选择离岸司法辖区时，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？虽然价格在选择辖区时仍然是一个重要因素，我们看到有向更高质量的国际商务公司架构的转变趋势，这一架构在 RAKICC 的 SPV 和 SPC 形式上也有提供。司法辖区的质量也变得越来越重要，RAKICC 提供理想和安全的免税司法辖区，有很高的合规标准，政治和经济稳定，位列白名单国家之一，符合国际标准，还有先进的银行系统和战略性的地理位置。

您是否认为行业监管越来越严格，比如 CRS、 AEOI 和 FATCA 等，中国企业是否会更倾向于进入更透明的司法辖区？是的。随着来自国际监管的压力越来越大，全球的公司，包括中国在内，都会寻找更透明的司法辖区。 RAKICC 正把自己定位成另一个全球范围内最合规的司法辖区，有透明化的法律和规定。

过去几年里，在一些行政特区内开设银行账户变得困难。贵辖区内是否也是如此？离岸公司在贵辖区内开户的时间能多快？在 RAK ICC 新成立的公司在阿联酋开户从未遇到过问题，因为我们和多家本地银行均有合作。不过和过去几年相比，银行执行了更为严格的合规流程。客户可以有多个货币账户，其中可以包括中国的货币人民币。银行开户的平均所需时间为七个工作日。

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 price is still an important factor when choosing a jurisdiction, we are seeing a shift towards a better quality of the IBC's structure, which can be provided in RAKICC through SPV's & SPC's. Compliance and international standards perspective to ensure any undertaking has the appropriate corporate governance required. Bermuda has a stellar reputation in the international business sector for its well-balanced and collaborative approach and is the preferred choice for sophisticated commercial enterprises.

Do you agree that as the industry comes under increasing regulatory pressure, e.g. CRS, AEOI, FATCA, etc., Chinese business will gravitate to jurisdictions that are perceived as more transparent? Yes, with the international regulatory increasing pressure, businesses around the world including Chinese will look for transparent jurisdictions. RAKICC is positioning itself among the most compliant jurisdictions worldwide with transparent laws & regulations.

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 in the UAE for RAKICC newly set-up companies have never been a challenge as such, as we are dealing with several local banks, however stricter compliance procedures are put in place by the banks compared to the previous years. Clients can have multiple currency account which includes Chinese currency account RMB. The average time frame for the bank account opening is 7 working days.

来源：哈伊马角国际企业中心 Contributed by: RAK International Corporate Center

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美洲

AMERICAS

百慕大 Bermuda

Bermuda

Member Contribution 概况

General Type of Company

Company limited by shares

公司类型

股份有限公司

Type of Law

Corporate

法律类型

公司法

Shelf Company Availability

N/A

现成公司可用率

不适用

Time to Establish a New Company

Minimum 1 day subject to receipt of appropriate documentation

新公司建立时间

根据收到的申请材料，最少一天

Corporate Taxation

Exempted companies can obtain a Tax Exemption Certificate

公司税

豁免公司可以获得免税证明

Double Taxation Treaty Access

Bermuda is an early adopter of the Common Reporting Standard

双重征税协议

百慕大是一个早期实行通用申报标准的国家

Share Capital or Equivalent

股本或等值股本

Standard Currency

US Dollars or Bermuda Dollars

标准货币

美元或百慕大元

Permitted Currencies

Any

允许使用货币

任何

Minimum Paid Up Share Capital

No requirement

最低付清股本

无要求

Usual Number of Shares Issued

10,000 at par value US$1.00

法定股本要求

1 美元面值标准 10000 股

Directors

董事

Minimum Number

最低董事人数

一名

Local Required

Not required if local Secretary or Resident Representative is appointed

本地董事

如果指定本地秘书或居民代理人就不需要

Publicly Accessible Records

公开记录权限

董事和公司官员注册

Location of Meetings

N/A

会议地点

不适用

Shareholders

股东

Minimum Number

最低股东人数

一名

Publicly Accessible Records

公开记录权限

成员注册

Location of Meetings

N/A

会议地点

不适用

Company Secretary

公司秘书

Required

Yes

需要

是

Local or Qualiﬁed

N/A

是否为注册地或有资质人员

不适用

Accounts

账户

Requirements to Prepare

Management Accounts

账户准备要求

管理账户

Audit Requirements

None unless regulated company

审计要求

无，除非是受监管公司

Requirements to File Accounts

N/A

账户登记记录

不适用

Publicly Accessible Records

None unless regulated company

公开记录权限

无，除非是受监管公司

Source: BeesMont

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简介 | Introduction 司法辖区：百慕大所属地区：大西洋官方货币：百慕大元官方语言：英语所属时区：UTC-4

Bermuda is seen as a reputable international finance centre with four of its own banks. Financial services and international business account for a significant majority of GNP, though tourism is also important and E-commerce is well developed. The Bermuda Stock Exchange trades electronically, is internationally recognised and provides global access to its settlement systems.

电话区号：+1441 通讯设施：非常好

百慕大被视以它四家银行而享誉国际金融界。金融服务业和国际商务是百慕大经济产值的支柱产业，当然旅游业也举足轻重，电子商务也极为发达。百慕大证券交易所以电子交易为主，得到国际认可，其结算系统连接全世界。百慕大的保险业、投资基金和信托产业尤其突出，有非常优良的顾问和金融基础设施，但也几乎是在所有方面都非常昂贵的一个金融辖区。和它的一些竞争对手一样，百慕大的就业法律让外国人在这里工作变得非常困难和高价。

Country: Bermuda Region: Atlantic Currency: Bermuda Dollar Languages: English Time Zone: UTC -4

百慕大的保险和再保险业、投资基金和信托行业十分发达，也有高度发展的顾问和金融基础设施。

Bermuda has particularly strong re/ insurance, investment fund and trust sectors, with very well-developed advisory and financial infrastructure.

百慕大当前的政治环境处于稳健时期，现任政府对商务的态度十分友好。政府实行的 “创造工作岗位激励政策”让负责为百慕大人创造工作机会的高级管理人才可以不用工作签证，并能在特定的情况下获得永久居留权。2015年，百慕大政府颁布了新的工作签证政策，利用新的工作签证类别来吸引国

Bermuda's current political climate is positive and the incumbent Government is very business-friendly. The "Incentives for Job Makers" scheme provides for senior executives who are responsible for creating jobs for Bermudians to be exempt from needing a work permit and able to obtain a

公司组建费用：5000-8000美元公司组建周期：公司组建最快一天之内获批公司维护成本：3500-6000美元

Phone Code: +1441 Communications: Very Good Formation Cost: USD $50008000 Formation Time: Incorporation approval minimum 1 day Maintenance cost: USD $3,500-6,000

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Permanent Resident's Certificate if applicable. In 2015 the Government released new Work Permit Policies with new categories to attract international investors to Bermuda. Bermuda's captive insurance sector is the world's largest. The housing market is carefully regulated to heavy demand from Bermudians and international homebuyers. The America's Cup will be held in Bermuda in Summer 2017 and has reinvigorated the jurisdiction.

际投资者。百慕大的专属保险行业规模位居世界第一。政府对房地产市场的监管十分谨慎，能够满足百慕大人和国际买家的强烈需求。2017年美洲杯将在百慕大举办，这一盛事已经让百慕大的经济得到重振。百慕大有成熟的基础设施和丰富的市场经济经验，百慕大还有一个国际认可的股票交易中心（百慕大股票交易中心）和一个健全和合理的监管制度。百慕大有世界一流的人才库，包括审计师、金融顾问、律师、 IT专家、精算师、保险和再保险承销商、经纪人、基金经理、公司秘书和在汉密尔顿市运行的全套支持服务设施。百慕大的所有税赋都是以实体存在和消费为基础来征收。不仅如此，有资格获得免税的公司还能在特定的税赋上获得免税证明。适合于：财富管理、保险、基金创建和管理、信托、航运和飞机、游艇、知识产权/许可证、电子商务、股票交易所上市（在岸或离岸方式均可）离岸工具种类：有限公司、公众有限公司、分离账户公司、信托、通用合伙制公司、有限合伙制和分公司、有限责任公司资本主要营商区域：圣乔治汉密尔顿市关系良好国家：美国、英国、巴哈马、巴林、巴巴多斯、伯利兹、加拿大、开曼

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Bermuda has a sophisticated infrastructure which includes depth of market of experience, an internationally recognised stock exchange (the Bermuda Stock Exchange) and a wellbalanced and sensible regulatory regime. Bermuda is home to a wealth of world-class talent including auditors, financial advisers, lawyers, IT specialists, actuaries, re/insurance underwriters, brokers, fund administrators, corporate secretaries and a full gamut of support services operate in the City of Hamilton. All Bermuda taxes are based on physical presence and consumption. Additionally, an exempted undertaking can obtain a tax exemption certificate in respect of certain taxes. Suitable for: Wealth Management, Insurance, Fund Establishment and Management, Trusts, Shipping and Aircraft, Yachting, Intellectual Property/Licensing, E-commerce, Stock Exchange Listings (on or offshore) Vehicle Types: Limited companies, public limited companies, segregated accounts companies, trusts, general partnerships, limited partnerships and branches, LLCs Capital primary business districts: City of Hamilton, St. George's Good Relationships: United States, United Kingdom, Bahamas, Bahrain, Barbados, Belize, Canada, Cayman Islands, China, Dominica, India, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines,

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群岛、中国、多米尼克、印度、牙买加、蒙特色拉特岛、圣基茨和尼维斯、圣卢西亚、圣文森特和格林纳达岛、特立尼达和多巴哥、特克斯和凯科斯群岛关系不佳国家：缅甸、古巴、伊朗、朝鲜、利比亚、索马里、苏丹、叙利亚税务负担—商务：极轻税务负担—个人：极轻总体税率： CIT 0%, PIT 0%, VAT 0% 合约签订国：巴林

Trinidad and Tobago, Turks and Caicos Islands Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Very Light Tax Burden - Individual: Very Light Headline Tax Rates: CIT 0%, PIT 0%, VAT 0% Treaty Jurisdictions: Bahrain

税务信息交换协议国：阿鲁巴、澳大利亚、巴哈马、加拿大、中国、捷克共和国、丹麦、法罗群岛、芬兰、法国、德国、格林兰岛、冰岛、印度、爱尔兰、日本、墨西哥、荷兰、新西兰、挪威、葡萄牙、瑞典、土耳其、英国

TIEA Jurisdictions: Aruba, Australia, Bahamas, Canada, China, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, India, Ireland, Japan, Mexico, Netherlands, New Zealand, Norway, Portugal, Sweden, United Kingdom

百慕大还是施行《通用申报标准》的早期成员国之一

Early adopter of Common Reporting Standard

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Member Contribution

百慕大 Bermuda

离岸问答 | Q&A

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，贵司法辖区最受世界上哪个地区的客户欢迎？最适合在贵辖区建立公司的业务类型是什么？百慕大是世界一流的商业中心，有营商友好的环境、稳健发展的经济和在主要行业中众多的人才和智慧资本，在世界上处于领先地位。百慕大的主要国际商务行业包括投资基金、保险和再保险、资产金融和金融服务、电子商务、电信、航运和飞机。百慕大也是跨国公司在海外上市的理想选择，百慕大股票交易所是世界上最大的全电子化交易的离岸证券市场。目前有超过 500 家在百慕大成立的公司在香港股交所上市。

对中国客户来说，贵辖区能提供的最重要优势是什么？

百慕大是英国的海外领地，英语是官方语言。百慕大位于欧洲和美国之间的优越地理位置，是一个极为成熟的离岸金融中心，在国际上享有盛誉。百慕大最近获得了梦寐以求的《欧盟偿付能力 II 级》评级，这也是对百慕大监管机构成熟度的一个印证。

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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. Bermuda is a world-class centre of commerce, featuring a businessfriendly environment, a stable and growing economy and an unmatched collection of talent and intellectual capital in key sectors. Bermuda's main international business sectors include investment funds, (re)insurance, asset finance and financial services, electronic commerce, telecommunications, shipping and aircraft. Bermuda is also ideal for incorporating global companies seeking to list on internationally recognised stock exchanges and the Bermuda Stock Exchange is the world's largest offshore fully electronic securities market. Currently there are over 500 Bermuda incorporated companies listed on the Hong Kong Stock Exchange.

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

Bermuda is an overseas territory of the United Kingdom and English is the official language. Bermuda is ideally located between

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百慕大享有税务中立，并继续对它的法律法规和基础设施进行现代化改造，为利益相关者和潜在投资者提供极具竞争力的控股和投资选择。

在选择离岸司法辖区时，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？百慕大提供极具性价比的价格，也可以从世界一流的，来自基金管理、家族办公室、信托、法律、会计和保险行业的服务提供商获得高质量的服务。这就让它对那些希望在一个高质量司法辖区内管理所有业务的公司具有极大的吸引力。在考虑价格时，人们也通常会考虑在监管、合规和国际标准方面为公司提供服务的基础设施，以确保所有商务活动都得到恰当的管理和制度保护。百慕大以健全协作的方式在国际商务领域声誉鹊起，是成熟企业优选地司法辖区。

您是否认为行业监管越来越严格，比如 CRS、 AEOI 和 FATCA 等，中国企业是否会更倾向于进入更透明的司法辖区？

Europe and the United States. It is extremely sophisticated and an internationally respected offshore financial centre. Bermuda recently achieved coveted EU Solvency II equivalency which served as validation of the Bermuda Regulator's sophistication. The jurisdiction enjoys tax neutrality and continuously modernises its legislation and infrastructure to offer competitive holding and investment options to its stakeholders and potential investors in Bermuda.

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? Bermuda is competitively priced and also benefits from a broad section of world-class service providers in the fund administration, family office, trust, legal, accounting and insurance sectors. This makes it an attractive location for companies looking to manage all aspects of their business from a quality jurisdiction. When considering price one also has to consider the underlying infrastructure involved in servicing companies from a regulatory,

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compliance and international standards perspective to ensure any undertaking has the appropriate corporate governance required. Bermuda has a stellar reputation in the international business sector for its well-balanced and collaborative approach and is the preferred choice for sophisticated commercial enterprises.

Do you agree that as the industry comes under increasing regulatory pressure, e.g. CRS, AEOI, FATCA, etc., Chinese business will gravitate to jurisdictions that are perceived as more transparent?

这是肯定的。全世界对透明度的要求在过去几年里不断增加，现在看起来也没有下降的趋势。中国企业和投资者应该放眼世界，寻找能提供适度监管和在国际上得到尊重的司法辖区。百慕大政府和监管机构和百慕大国际商界人士紧密合作，对法律和法规进行合作开发，为百慕大营商环境的不断改善出力。百慕大是经合组织白名单国家，还是《通用申报标准》和按国别申报标准的早期实施国家。中国投资者绝对应该关注百慕大，作为他们在一个离岸司法辖区进行投资和企业架构选择，因为百慕大也有适度的税务透明化政策。

过去几年里，在一些行政特区内开设银行账户变得困难。贵辖区内是否也是如此？离岸公司在贵辖区内开户的时间能多快？要在百慕大及时开设银行账户，我们建议客户首先要仔细检查相关银行的合规和商业计划要求，以满足新客户开户流程的需要。在提供详细申请材料的前提下，银行账户能在约四周内开户成功，不过根据企业性质的不同，这个时间也能够缩短。

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Absolutely. The global push for increased transparency has really taken off over the past few years and does not seem to be slowing down. Chinese business and investors should be looking for sophisticated jurisdictions which offer balanced regulation and are also internationally respected, such as Bermuda. The Bermuda Government and Regulator work closely with Bermuda's international business community to develop laws & regulations which enhance the business environment in Bermuda. Bermuda is on the OECD White List and is an early adopter of the Common Reporting Standard and Country-by-Country Reporting. Chinese investors should definitely be looking at Bermuda as a perfect option for structuring their investments and businesses in an offshore context as Bermuda is committed to proportionate tax transparency.

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? In order to open a bank account in Bermuda in a timely manner it is recommended that the client carefully review the relevant bank's compliance and business plan requirements in order to satisfy the new client account procedures. Where a detailed package is submitted an account can be opened in approximately four weeks although depending on the nature of the business this time frame can be shortened.

来源：BeesMont Law Limited, Bermuda Contributed by: BeesMont Law Limited, Bermuda

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英属维尔京群岛 British Virgin Islands

BVI

Member Contribution 概况

General Type of Company

Limited Liability

公司类型

有限责任

Type of Law

English Common Law

法律类型

英国普通法

Shelf Company Availability

Yes

现成公司可用率

是

Time to Establish a New Company

1 Day

新公司建立时间

1天

Corporate Taxation

None

公司税

无

Double Taxation Treaty Access

28 signed tax information exchange Agreements

双重征税协议

已签订 28 个信息自动交换协议

Share Capital or Equivalent

股本或等值股本

Starndard Currency

US Dollar

标准货币

美元

Permitted Currencies

Any major currency

允许使用货币

任何主要货币

Minimum Paid Up Share Capital

No concept of capital, based on authorized number of shares

最低付清股本

无资本概念，基于授权股份数量

Usual Number of Shares Issued

法定股本要求

Directors

董事

Minimum Number

最低董事人数

Local Required

本地董事

否

Publicly Accessible Records

Yes

公开记录权限

是

Location of Meetings

Anywhere

会议地点

任何地点

Shareholders

股东

Minimum Number

最低股东人数

Publicly Accessible Records

公开记录权限

否

Location of Meetings

Anywhere

会议地点

任何地点

Company Secretary

公司秘书

Required

需要

否

Local or Qualiﬁed

是否为注册地或有资质人员

否

Accounts

账户

Requirements to Prepare

账户准备要求

否

Audit Requirements

审计要求

否

Requirements to File Accounts

账户登记记录

否

Publicly Accessible Records

公开记录权限

否

Source: Harney Westwood Riegels

司法辖区

JURISDICTIONS

简介 | Introduction 司法辖区：英属维尔京群岛所属地区：加勒比官方货币：美元官方语言：英语所在时区：UTC-4 电话区号：+1284 通讯设施：优秀

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 Country: British Virgin Islands Region: Caribbean Currency: US dollar Languages: English Time Zone: UTC -4 Phone Code: +1284 Communications: Good Formation Cost: USD $9001700 Formation Time: 2-4 days Maintenance cost: USD $400800

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。和其它处于竞争地位的加勒比国家相比，英属维尔京群岛相对来说比较便宜，且专业服务也相对较强。英属维尔京群岛政府对国内的商务需求有求必应，其大部分法规比较灵活和直接。岛上有免税的离岸工具（国际商务公司），且国内税率大部较低。英属维尔京群岛已成为新兴市场公司金融行业的领先国家。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资本主要商务地区：

The 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 is a reasonably cheap jurisdiction compared to competing Caribbean countries, and has relatively strong professional services. The government is responsive to the country's business needs, and its legislation is mostly flexible and straightforward. Notax offshore vehicles (IBCs) are available, and domestic taxes are not high in any event. The BVI has emerged as a leader in emerging market corporate finance. Suitable for: Wealth Management, Banking, Insurance, Fund Management, Shipping, Aviation, Yachting, Trading Financial, Intellectual Property/Licensing, Holding Companies,

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罗德城

E-commerce, Property Ownership

关系良好国家：英国、美国

Vehicle Types: Limited companies, public limited companies, trusts, general partnerships, limited partnerships and international business companies

关系不佳国家：缅甸、古巴、伊朗、朝鲜民主主义共和国、利比亚、索马里、苏丹、叙利亚税务负担—商务：极轻税务负担—个人：极轻总体税率： CIT 0%, PIT 0%, 增值税 0% 签订条约国：瑞士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、丹麦、法罗群岛、芬兰、法国、德国、格陵兰、耿西岛、冰岛、印度、爱尔兰、日本、荷兰、新西兰、挪威、波兰、葡萄牙、圣马丁岛、瑞典、英国、美国

Capital primary Business Districts: Road Town Good Relationships: United Kingdom, United States Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Very Light Tax Burden - Individual: Very Light Headline Tax Rates: CIT 0%, PIT 0%, VAT 0% Treaty Jurisdictions: Switzerland TIEA Jurisdictions: Aruba, Australia, Austria, Canada, China, Curacao, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, India, Ireland, Japan, Netherlands, New Zealand, Norway, Poland, Portugal, Sint Maarten, Sweden, United Kingdom, United States

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Member Contribution

英属维尔京群岛 BVI

离岸问答 | Q&A

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，贵司法辖区最受世界上哪个地区的客户欢迎？最适合在贵辖区建立公司的业务类型是什么？英属维尔京群岛数十年来一直位居世界国际商务业界首选的一流司法辖区之列，在美国和亚洲更是如此。举例说，绝大多数在香港股票交易所上市的公司都是在离岸司法辖区，比如英属维尔京群岛这样的金融中心注册的。

对中国客户来说，贵辖区能提供的最重要优势是什么？

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

对市场变化的响应速度、灵活性、高性价比和管理的便利性。

Speed to market, flexibility, cost efficiency and ease of administration.

在选择离岸司法辖区时，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？价格虽然仍然是需要考虑的重要因素之一，一般来

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说并不是决定性因素。英属维尔京群岛仍然是设立离岸控股公司的首选司法辖区，当然在这个市场上还是有许多其它司法辖区与之进行价格竞争。英属维尔京群岛以它所提供的公司建立方面的法制框架和基础设施，仍然是亚洲客户的首选司法辖区。

您是否认为行业监管越来越严格，比如 CRS、 AEOI 和 FATCA 等，中国企业是否会更倾向于进入更透明的司法辖区？市场的力量看起来似乎正让这种趋势变得无法避免，这个趋势正向更高的透明度前进，而最近几年里全球范围内这一趋势正变得越来越明显。诸如英属维尔京群岛这样的离岸司法辖区，一直以来都在寻求合适的方式来满足透明化的要求，寻求在与避税、洗钱、恐怖主义金融和个人信息隐私的保护之间寻求平衡。

过去几年里，在一些行政特区内开设银行账户变得困难。贵辖区内是否也是如此？离岸公司在贵辖区内开户的时间能多快？包括英属维尔京群岛在内，这对所有在离岸司法辖区新成立的公司来说都是一个问题。这个问题对香港和新加坡的离岸银行来说尤其严重。也就是说，香港和新加坡的某些特定的在岸银行仍然提供这种类型的服务，虽然有时候开户的时间最高可长达两个月。离岸银行则提供了一个备选的方案，让开户有更高的成功率和更短的账户开户时间。在提交所有的“知道你的客户”（KYC）文件后，可以预计的是，在离岸银行开设的银行账户可以在数周之内完成。

incorporate in your jurisdiction consider when choosing a provider? Whilst price remains a consideration, it is usually not determinative. The British Virgin Islands remains the domicile of choice for the establishment of offshore holding companies, despite the fact that other jurisdictions compete with the British Virgin Islands on price in this market. The British Virgin Islands remains the default choice in Asia on the basis of the framework and infrastructure which the British Virgin Islands provides in terms of incorporations.

Do you agree that as the industry comes under increasing regulatory pressure, e.g. CRS, AEOI, FATCA, etc., Chinese business will gravitate to jurisdictions that are perceived as more transparent? Market forces appear to make such gravitation inevitable and this would follow the trend towards more transparency which has taken place across the world in recent times. Jurisdictions such as the British Virgin Islands have sought to take a measured approach in terms of transparency, seeking to strike the correct balance between the need to combat tax evasion, money laundering and terrorist financing with the rights of individuals to privacy and confidentiality.

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? This remains an issue for all newly incorporated companies, including those incorporated in the British Virgin Islands. The problem is particularly acute with onshore banks in Hong Kong and Singapore. That said, certain onshore banks in Hong Kong and Singapore remain in the market to service this type of business although it can take anywhere up to 2 months for a bank account to be opened. Offshore banks offer an alternative solution, with much higher acceptance rates and shorter account opening times. Once all of the relevant KYC documentation is provided, the expectation would be that a bank account with an offshore bank would be open within a matter of weeks.

来源：衡力斯James McKnight Contributed by: James McKnight, Harney Westwood & Riegels

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开曼群岛 Cayman Islands

Cayman Islands

Member Contribution 概况

General Type of Company

Exempted

公司类型

豁免公司

Type of Law

Companies Law

法律类型

公司法

Shelf Company Availability

现成公司可用率

无

Time to Establish a New Company

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

建立新公司所需时间

按标准费率为 2 至 3 个工作日，支付额外费用可加快至 1 个工作日

Corporate Taxation

No income, capital gains, corporation VAT or stamp taxes on an exempted company additional fee to receive "no taxation" undertaking for up to 20 years (usually renewable for a further 10 years)

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）

Double Taxation Treaty Access

双重征税协议

否

Share Capital or Equivalent

股本或等值股本

Standard Currency

US$

标准货币

美元

Permitted Currencies

Any

允许使用货币

任何币种

Minimum Paid Up Share Capital

None

最低付清股本

无

Usual Number of Shares Issued

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

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

Directors

董事

Minimum Number

One

董事最低人数

1人

Local Required

本地董事

否

Publicly Accessible Records

公开记录权限

否

Location of Meetings

Not required to be held in Cayman

会议地点

没有要求必须在开曼群岛

Shareholders

股东

Minimum Number

One

股东最低人数

1人

Publicly Accessible Records

公开记录权限

否

Location of Meetings

Not required to be held in Cayman

会议地点

Company Secretary

没有要求必须在开曼群岛公司秘书

Required

是否需要

否

Local or Qualiﬁed

是否为注册地或者有资质人员

否

Accounts

账户

Requirements to Prepare

Yes

账户准备要求

是

Audit Requirements

审计账户

否

Requirements to File Accounts

账户登记记录

否

Publicly Accessible Records

公开记录权限

否

Source: International Management Services

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JURISDICTIONS

简介 | Introduction 司法辖区：开曼群岛所在地区：加勒比官方货币：开曼群岛元电话区号：+1345 通讯设施：良好

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 Country: Cayman Islands Region: Caribbean Currency: Cayman Islands dollar Languages: English Time Zone: UTC-5 Phone Code: +1345 Communications: Good Formation Cost: USD $29004500 Formation Time: 2-3 days Maintenance cost: USD $14002200

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；政府收入来自于关税、印花税和向公司征收的年费。最近试图征收的一项工资税因为工作签证费的不断增加而搁浅。因此在这里雇佣外国人很困难，也很昂贵。开曼群岛的经济高度依赖旅游业和金融服务业。从1997年开曼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，整个群岛已成为世界上最主要的对冲基金、债务抵押债券（CDO）和其它证券形式的注册基地。虽然开曼群岛有成熟的营商基础设施和灵活多变的法规制度，它仍是一个比较昂贵的行政特区。开曼群岛是一个以英语为官方语言的英国附属地，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，一个在乔治城，大开曼群岛，另一个位于开曼湾。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美和欧洲的主要城市。

Cayman 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 levied on corporations. A recent attempt by the administration to impose a payroll tax was withdrawn in favour of a substantial increase in work permit fees. It is thus difficult and expensive to employ expats. The economy is highly dependent on tourism and financial services. Since the opening of the Cayman Islands Stock Exchange in 1997, mutual funds have become a growing sector, and the islands have emerged as a predominant registration base for hedge funds, CDOs and other securitization instruments. Although Cayman has an established commercial infrastructure and a flexible approach to regulation, it is an expensive jurisdiction.

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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。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：乔治城关系良好国家：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

Suitable for: Wealth Management, Treasury Management, Banking, Fund Management, Shipping, Aviation, Yachting, Trading Financial, Intellectual Property/Licensing, Holding Companies Capital Primary Business Districts: George Town 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 States Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Very Light Tax Burden - Individual: Very Light

税务负担—商务：极轻

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

税务负担—个人：极轻

Treaty Jurisdictions: United Kingdom

总体税率： CIT 0%, PIT 0%, 增值税 0%

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

协议签订国家：英国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、南非、瑞典、英国、美国

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Member Contribution

开曼群岛 Cayman Islands

离岸问答 | Q&A

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，贵司法辖区最受世界上哪个地区的客户欢迎？最适合在贵辖区建立公司的业务类型是什么？我们很高兴能成为众多中国客户在海外建立新公司时广受欢迎的选择，我们看到中国经济的强劲增长让每年新成立的公司如雨后春笋。从前，开曼群岛一直都是最受美国客户欢迎的司法辖区，现在也是另类基金和对冲基金公司的选择，但现在中国正在超越美国，成为建立传统控股公司最多的国家。

对中国客户来说，贵辖区能提供的最重要优势是什么？

对中国客户来说，开曼群岛作为一个离岸司法辖区的优势是，它是一个一流的金融中心，能提供高效和税务中立的平台，用稳定的政治环境和一个久经考验的，基于英国法的法制体系来促进国际投资，为正当生意提供优秀的资产保护产品。

在选择离岸司法辖区时，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？

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

For Chinese clients, the benefits of Cayman are that our jurisdiction is one of the premier financial centres, that offers an efficient, tax neutral platform to facilitate international investment through a politically stable jurisdiction with a legal system that is based on English law that has been tried and tested as a jurisdiction that can

司法辖区

JURISDICTIONS

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？开曼群岛是一流的离岸司法辖区，用不断加强法制建设和全球公认标准保持一致的方式，为成功的金融服务行业提供服务。这本身就让开曼群岛服务提供商的客户有信心知道，他们在这里的离岸架构是首屈一指的。当然，有些司法辖区的客户比较在意的因素是价格，但是我们还是能看到这一观念正在转变，越来越多的公司都由中国客户建立，他们都对我们的金融产品和服务表示十分认可，认为我们是开曼群岛上历史最悠久和最成熟的公司建立服务机构。

您是否认为行业监管越来越严格，比如 CRS、 AEOI 和 FATCA 等，中国企业是否会更倾向于进入更透明的司法辖区？我们相信合法的企业和客户都会被吸引到那些合规和符合透明化国际标准的司法辖区。不过客户应该注意的是，虽然上述国际标准能够创造一定程度的透明度，开曼群岛有严格的法律保护私密信息，绝对不会向公众公开。

过去几年里，在一些行政特区内开设银行账户变得困难。贵辖区内是否也是如此？离岸公司在贵辖区内开户的时间能多快？对于这个问题我们无法给出一个固定的时间点，因为每位客户的情况都各不相同。造成银行开户时间延误的主要原因包括开曼群岛银行所进行的尽职调查条款等因素。我们相信开曼群岛的客户也越来越认同尽职调查的重要性，在公司建立时也进行了越来越充分的准备，这当然会加快公司建立的流程和缩短银行开户的时间。

来源：国际管理服务有限公司 Contributed by: International Management Services Ltd.

offer superior asset protection products for legitimate business.

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? Cayman is the premier offshore jurisdiction and is dedicated to maintaining a successful financial services industry by continually enhancing its regime in line with globally recognised standards. This in itself gives clients of Cayman service providers peace of mind that the quality of their offshore structures is second to none. Certainly clients in some jurisdictions have focused on price over most other factors, but we do see this shifting somewhat as more and more incorporations are coming from Chinese clients who are recognising the quality of our financial products and services as one of the longest establishes corporate service providers in Cayman.

Do you agree that as the industry comes under increasing regulatory pressure, e.g. CRS, AEOI, FATCA, etc., Chinese business will gravitate to jurisdictions that are as more transparent? We believe that legitimate businesses and clients will most certainly gravitate to jurisdictions which ensure compliance with international standards on transparency. Clients should note however, that whilst such international standards do create a degree of transparency, the Cayman Islands have strong laws protecting confidential information, which will not be made available to the public.

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? This is something that we cannot provide a set timescale for, since all clients are different. The main delaying factors when opening a new bank account in the Cayman Islands is the provision of due diligence documentation required by the banks. We believe that Chinese clients are increasingly recognising the importance of due diligence and are more and more prepared at the time a company is incorporated, which certainly speeds up both the incorporation process and the opening of bank accounts.

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圣基茨 Saint Kitts

St. Kitts

Member Contribution 概况

General Type of Company

Private Ordinary, Private Exempt, Public Company,External Company

公司类型

私人普通、私人豁免、上市公司、外部公司

Type of Law

Companies Act. Cap.21.03

法律类型

公司法 Cap.21.03

Shelf Company Availability

No. Companies must state the nature of business.

现成公司可用率

无。公司必须陈述公司的性质

Time to Establish a New Company

2 business days

新公司建立时间

两个工作日

Corporate Taxation

Only Exempt Companies are exempted form taxes.

公司税

仅有豁免公司可以免税

Share Capital or Equivalent

股本或等值股本

Standard Currency

Eastern Caribbean Currency (XCD)

标准货币

东加勒比货币

Permitted Currencies

United States Currency (US) Pounds (GBP)

允许使用货币

美元和英镑

Minimum Paid Up Share Capital

No minumum requirement

最低付清股本

没有最低要求

Usual Number of Shares Issued

One (1)

法定股本要求

Directors

董事

Minimum Number

One (1)

最低董事人数

Local Required

no requirement for local Director

本地董事

无本地董事要求

Publicly Accessible Records

All documents

公开记录权限

所有文件

Location of Meetings

as determined by the Articles of Incorporation

会议地点

由公司宪章决定

Shareholders

股东

Minimum Number

no minimun requirement

最低股东人数

没有最低要求

Publicly Accessible Records

All documents

公开记录权限

所有文件

Location of Meetings

as determined by the Articles of Incorporation

会议地点

由公司宪章决定

Company Secretary

公司秘书

secretary must be resident in the Federatation for ordinary Companies. For Exempt companies it the particulars of a Service Provider (Agent) is required for Registration.

Required

普通公司的秘书必须在联邦内居住。对豁免公司来说，由公司注册的服务提供商（经纪人）的特点决定

需要

Accounts

账户

Requirements to Prepare

must keep accounts

账户准备要求

必须保留账户

Audit Requirements

only for Public Companies

审计要求

仅针对上市公司

Requirements to File Accounts

requirement for Public Companies Only

账户登记记录

仅对上市公司有要求

Publicly Accessible Records

all documents

公开记录权限

所有文件

Source: St. Kitts Investment Promotion Agency

司法辖区

JURISDICTIONS

简介 | Introduction 司法辖区：圣基茨所在地区：加勒比官方货币：东加勒比元官方语言：英语所属时区：UTC-4 电话区号：+1869 通讯设施：极佳

公司建立费用：1200-2000美元公司建立时间：8-13天公司维护成本：900-1300美元 Country: Saint Kitts Region: Caribbean Currency: East Caribbean dollar Languages: English Time Zone: UTC-4 Phone Code: +1869 Communications: Very Good Formation Cost: 1200 - USD $2000 Formation Time: 8-13 days Maintenance cost: USD $9001300

圣基兹（和尼维斯）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。该国的法律体系基于英国普通法。虽然蔗糖直到2005 年还占据该国的农产品大头，之后蔗糖不再是该国的主要农作物，而其它产业，比如旅游业、出口导向的制造业和离岸银行业开始在经济中扮演重要角色。GDP在2008年的增长率达到了3.2%，但在2009年却急速下滑了9.6%。GDP在2012年的增长率是2%。圣基兹和尼维斯作为联邦国家有离岸法规，但尼维斯却也有自己的独立法规。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产保护。尼维斯的LLC（有限责任公司）法规尤为成功。这里没有资产净值税、赠与税、营业税或遗产税。公司税和预提税适用于当地公司，但不适用于和非居民之间进行商务活动的实体。适用于：

St Kitts (and 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 is largely based on English Common Law. Although sugar dominated the agricultural sector until 2005, when it was finally abandoned as a major crop, activities such as tourism, export-oriented manufacturing, and offshore banking have assumed larger roles in the economy. GDP grew by 3.2% in 2008, but then shrank sharply in 2009, by 9.6%. GDP growth is estimated at 2% for 2012. St Kitts and Nevis has offshore legislation as a Federation, but so does Nevis independently. On the whole, St Kitts focuses on attracting inward industrial and tourist investment, while Nevis concentrates more on offshore asset protection. Nevis

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航空、游艇、控股公司、房地产所有权离岸工具种类：有限公司（尼维斯）、公众公司、国际商务公司（尼维斯）、信托、基金会（尼维斯）、有限合伙制公司和豁免有限合伙制公司资本主要商务区域：巴斯特尔关系良好国家：巴哈马、巴巴多斯、百慕大、伯利兹、加拿大、开曼群岛、中国、古巴、多米尼加、法国、牙买加、韩国、俄罗斯、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、英国、美国

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has been particularly successful with its LLC (Limited Liability Company) legislation. There is no net worth tax, gift tax, turnover tax, or estate duty on St Kitts and Nevis. Corporate tax and withholding tax apply to domestic companies, but not to entities carrying on business solely with non-residents. Suitable for: Aviation, Yachting, Holding Companies, Property Ownership Vehicle Types: Limited companies (Nevis), public companies, IBCs (Nevis), trusts, foundations (Nevis), limited partnerships and exempt limited partnerships

司法辖区

JURISDICTIONS

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、叙利亚税务负担—商务：极轻税务负担—个人：极轻总体税率： CIT 0% (当地公司35%), PIT 0%, 增值税0% 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、圭亚那、牙买加、摩纳哥、圣卢西亚、圣文森特和格林纳达、圣马力诺、瑞士、特立尼达和多巴哥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

Capital primary Business Districts: Basseterre Good Relationships: Bahamas, Barbados, Bermuda, Belize, Canada, Cayman Islands, China, Cuba, Dominica, France, Jamaica, Korea (Republic of), Russia, Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, Turks and Caicos Islands, United Kingdom, United States Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Very Light Tax Burden - Individual: Very Light Headline Tax Rates: CIT 0% (resident companies 35%), PIT 0%, VAT 0% Treaty Jurisdictions: Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Monaco, Saint Lucia, Saint Vincent and the Grenadines, San Marino, Switzerland, Trinidad and Tobago TIEA Jurisdictions: Aruba, Australia, Belgium, Canada, Curacao, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, Liechtenstein, Netherlands, New Zealand, Norway, Portugal, Saint Marteen, Sweden, United Kingdom

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欧洲

EUROPE

列支敦士登 Liechtenstein

Liechtenstein

Member Contribution 概况

General Type of Company

Aktiengesellschaft

公司类型

股份公司

Type of Law

Civil

法律类型

民法

Shelf Company Availability

现成公司可用率

否

Time to Establish a New Company

Approx. 3-5 days after all documents are received

建立新公司所需时间

文件递交后大约 3 至 5 天

Corporate Taxation

12.5% with min annual tax of CHF 1,800, 12.5% on net earnings.

公司税

最低年税 1,800 瑞士法郎的 12.5%, 纯收入的 12.5%

Double Taxation Treaty Access

Yes

双重征税协议

是

Share Capital or Equivalent

股本或等值股本

Standard Currency

CHF

标准货币

瑞士法郎

Permitted Currencies

CHF/USD/EURO

允许使用货币

瑞士法郎 / 美元 / 欧元

Minimum Paid Up Share Capital

Yes

最低付清股本

是

Usual Number of Shares Issued

CHF50,000

法定股本要求

5 万瑞士法郎

Directors

董事

Minimum Number

One

董事最低人数

1人

Local Required

Yes

本地董事

是

Publicly Accessible Records

Yes

公开记录权限

是

Location of Meetings

Anywhere, but recommended in Liechtenstein

会议地点

任何地方，但是建议在列支登士敦

Shareholders

股东

Minimum Number

One

股东最低人数

1人

Publicly Accessible Records

公开记录权限

否

Location of Meetings

Anywhere, but recommended in Liechtenstein

会议地点

任何地方，但是建议在列支登士敦

Company Secretary

公司秘书

Required

是否需要

否

Local or Qualiﬁed

是否为注册地或者有资质人员

否

Accounts

账户

Requirements to Prepare

Yes

账户准备要求

是

Audit Requirements

Yes

审计账户

是

Requirements to File Accounts

Yes

账户登记记录

是

Publicly Accessible Records

公开记录权限

否

Source: ATU

司法辖区

JURISDICTIONS

简介 | Introduction 行政特区：列支敦士登所在地区：欧洲官方货币：瑞士法郎官方语言：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 Country: Liechtenstein Region: Europe Currency: Swiss franc Languages: German Time Zone: UTC+1 Phone Code: +423 Communications: Good Formation Cost: USD $1200022000 Formation Time: 4-6 days Maintenance cost: USD $500013000

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。列支敦士登曾作为传统的节税天堂而赚得盆满钵满，当然该国在最近几年里力求改变作为避税天堂的形象，把自己重新定位为一个合法的金融中心。列支敦士登目前的形象要追溯到2000年公布的两个报道，报道公开批评它松懈的金融管控力度，声称列支敦士登的银行系统被来自俄罗斯、意大利和哥伦比亚的匪帮所利用，为犯罪所得的财富进行洗钱。经合组织（OECD）随即开始对列支敦士登的金融法规进行了特别关注，且在2008年的国际金融萧条时对它进行了加倍关注。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，而列支敦士登也开始面对银行业需要增加更大透明度的压力。在饱受批评后，列支敦士登逐渐对该国的法

The Principality of Liechtenstein is a tiny, doubly-landlocked country tucked away between Switzerland and Austria and with mountain slopes rising above the Rhine valley. It owes much of its wealth to its traditional status as a tax haven, though the country has in recent years taken steps to shake off its image as a tax haven and to reposition itself as a legitimate financial center. This status came under the spotlight in 2000 when two international reports criticized Liechtenstein for lax financial controls. The reports said that the Liechtenstein banking system enabled gangs from Russia, Italy and Colombia to launder money from their criminal activities. The Organization for Economic Co-operation and Development (OECD) began to take a close interest in Liechtenstein's financial regulations - a process that received a further impetus

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JURISDICTIONS

律进行了一系列的改革，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。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工，不过列支敦士登只是一名旁观者而非事实的实施者。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的争论。在经历了持久的争斗之后，终于在2003年3月，列支敦士登人民进行了宪法公民投票，给予Hans-Adam王子绝对的政治新权力。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裁威胁也感到恐慌。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

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when the international recession took hold in 2008. Governments affected by plummeting tax incomes became determined to flush out assets hidden in tax havens, and Liechtenstein came under considerable pressure to apply greater banking transparency. 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 come clean about any assets they might have in Liechtenstein's banks. Liechtenstein remained neutral in World War II. A report commissioned by the government in 2001 after allegations that the country's banks had 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 bystander rather than a perpetrator. The country has come through a lengthy political wrangle over the role and power of the hereditary monarchy. After an often bitter campaign, the people voted in March 2003 in a constitutional referendum to give Prince Hans-

司法辖区

JURISDICTIONS

Adam sweeping new political powers. The outcome was decisive with just over 64% in favor of the changes. In effect, the referendum made Liechtenstein Europe's only absolute 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. Suitable for: Banking, Fund Management, Yachting, Trading Financial, Intellectual Property/Licensing, Holding Companies Vehicle Types: Limited companies, public limited companies and trusts 离岸工具种类：有限公司、公众有限公司和信托

Capital Primary Business Districts: Vaduz, Schaan

资本主要商务区域：瓦杜兹、沙安

Good Relationships: Switzerland, United Kingdom

关系良好国家：瑞士、英国

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

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

Tax Burden - Business: Light

税务负担—商务：轻

Tax Burden - Individual: Moderate

税务负担—个人：中等

Headline Tax Rates: CIT 12.5%, PIT 21%, VAT 8%

总体税率： CIT 12.5%, PIT 21%, 增值税 8%

Treaty Jurisdictions: Austria, Germany, Hong Kong, Luxembourg, San Marino, United Kingdom, Uruguay

协议签订辖区：奥地利、德国、香港、卢森堡、圣马力诺、英国、乌拉圭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、丹麦、法罗群岛、芬兰、法国、德国、格林兰岛、冰岛、印度、爱尔兰、日本、墨西哥、摩纳哥、荷兰、挪威、圣基茨和尼维斯、圣文森特岛和格林纳达岛、南非、瑞典、英国、美国

TIEA Jurisdictions: Andorra, Antigua and Barbuda, Australia, Belgium, Canada, China, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, India, Ireland, Japan, Mexico, Monaco, Netherlands, Norway, Saint Kitts and Nevis, Saint Vincent and the Grenadines, South Africa, Sweden, United Kingdom, United States

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Member Contribution

列支敦士登 Liechtenstein

离岸问答 | Q&A

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。

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。

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？

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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.

It has been suggested that price remains a major factor for consideration for clients when choosing an offshore

司法辖区

JURISDICTIONS

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。

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。

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要数天。来源：Philipp Kieber/Interadvice Contributed by: Philipp Kieber/Interadvice Anstalt

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 with quality and an extra benefit for the clients. Local providers are very trustworthy and further the clients are protected by legal certainty.

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.

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? 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.

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列支敦士登——财产保护及保值的中心地 A Centre for Wealth Protection and Wealth Preservation Ivo Elkuch, Managing Director of the Liechtenstein Institute of Professional Trustees and Fiduciaries

but not least, the creation of the Liechtenstein Company Law (Persons and Companies Act) in 1926, laying among others the cornerstone for the Liechtenstein private foundation as a legal entity – the only continental European equivalent of an AngloSaxon trust.

如

果忽略列支敦士登是一个小国，那么它的金融中心地位十分突出，可以作为资产保值的庇护地。列支敦士登地处欧洲中部，位于瑞士和奥地利之间，明年将要庆祝其独立三百年。自1945年来，该国的经济开始繁荣发展，使其获得当前突出的经济地位的因素有几个，主权国家 A A A评级（标普）：政治和法制稳定；自1924年起瑞士法郎成为列支敦士登的官方货币；持续自由的市场环境促进创业，以及该国工业的快速发展，最后一项重要的因素是1926年创立的列支敦士登公司法（个人及公司法案），为列支敦士登私人基金会的的合法实体地位奠定了基石。该国是欧洲唯一实施了盎格鲁撒克逊信托法的大陆国家。列支敦士登作为金融中心，有着悠久的财富保值、私人银行与资产管理的历史。1926年以来，当地受托人拥有大量处理资产构建以及进行管理的经验，致力于成为世界上最好的财富管理和保值地。现在，列支敦士登是世界上最先进和安定的国家之一，国家法制健全、运行良好。这依靠其以服务为导向的文化，包括法院和行政机关在处理财富保值方面的出色能力。列支敦士登国家高度统一，是主要国际组织成员，举例如欧盟、联合国、欧洲自由贸易联盟、欧洲经济区、世贸组织以及反洗钱评估专家委员会。列支敦士登拥有欧洲经济区会员资格，不仅可以对欧洲市场直接准入，还和瑞士及其经济区联系密切，使其能够进入以出口为主的国家以及金融业市

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rrespective of the fact that Liechtenstein is a tiny principality, its financial centre stands out as a shelter for wealth preservation. Liechtenstein, situated between Switzerland and Austria in the midst of Europe, will celebrate three centuries of existence as an independent country next year. From 1945 onward, its economy began to flourish, with several key factors leading to the present excellent economic situation, highlighted by the country's "AAA" rating (Standard & Poor's): political and legal stability; the Swiss franc as Liechtenstein's national currency since 1924; enduring liberal market conditions that fostered entrepreneurship and a rapid development of the Principality as a location for industry; and last

The Liechtenstein financial centre has a long-standing tradition of wealth preservation, private banking and asset management. Since 1926, local fiduciaries have gained huge experience dealing with asset structuring and administration, with the aim of being the world's best address for wealth management and preservation. Today, Liechtenstein is one of the most advanced and stable nations in the world, with a properly functioning state where the rule of law prevails. This is backed by a serviceoriented culture, including courts and administrative authorities which are highly competent in addressing matters in the name of wealth preservation. Liechtenstein is deeply integrated and a member of major international organisations such as the European Council, United Nations, European Free Trade Association (EFTA), European Economic Area (EEA), World Trade Organization (WTO) and the anti-money laundering institution Moneyval to name a few. With its membership of the EEA, Liechtenstein

Member Contribution

场。所有这些因素使得列支敦士登成为了财富保值的出色庇护地及枢纽。私人资本驱动着经济发展，历史已经证明私人资本布局是实现整体社会福祉持续不断的基础。不幸的是，相比福利国家采取的对私人财富进行分配的“更优越”措施不断受到的争议，私人财富的中心经济地位反而不那么受到重视。是时候强调私人财富的真实价值了，不单对家庭，对创业型及慈善型社会来说都是如此。因此，通过开展信托活动进行财富保值十分必要。在这样的环境下，列支敦士登基金会是一种经历史证实的，非常专业及可信的财富保护及保值的法律工具。在几十年甚至上百年的时间里，通过提供社会及金融保障，重新奠定了家庭作为社会基石的地位。列支敦士登基金

has not only direct access to the European market but also a close connection to Switzerland and its economic area, allowing enhanced market access to the export-oriented economy and also to the finance industry. The combination of all these factors enables Liechtenstein to act as an excellent shelter and hub for wealth preservation. Private capital drives the economy, and history has shown that the deployment of private capital is the basis for sustained overall social wellbeing. The central economic role of private wealth is unfortunately less in focus when compared to the ongoing debate about measures that

lead to a "preferable" distribution of private wealth on behalf of the welfare state. It is time to emphasise that private wealth is a genuine value, not only for families but also for society in terms of entrepreneurship and philanthropy, for example. Thus, the activities of trustees represent a crucial wealth-preserving necessity. In this context, the Liechtenstein foundation is a historically proven, supremely professional and reliable legal instrument for wealth protection and wealth preservation; it reinforces families as the backbone of society by providing social and financial security over decades or even centuries. The latter will be achieved with regard to Liechtenstein foundations in around

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会将在十年左右的时间内实现金融安全，到那时个人及公司法案已经实施了上百年。从包罗万象的金融服务来看，列支敦士登的公司法能够为每一客户的财务状况及需求提供理想方案。可以进行各种资产配置，并构建一系列模型对其进行控制，着力于保护财富代代安全免受风险或威胁。每一金融领域都能帮助客户实现多样化的财富保值需求，而受托人在各参与方中尤其发挥着关键作用。列支敦士登基金会已经成为一个很好的法律工具，其追求的长期计划和目标是财富保值。列支敦士登基金会的成功模式已经被转移到其它地区（奥地利、泽西或巴拿马），但是上述其它地区无法轻易复制列支敦士登的国家安定、司法确定性以及上文提及的其它优势。因此即便处于日益透明化的时代，列支敦士登基金会仍然具有独一无二的地位。最后需要指出的是，列支敦士登基金会已经屹立于数个世界危机而不倒，其实现财富代代安全保值的目标也不存在被破坏的风险。在列支敦士登，金融市场管理局要求进行托管必须有许可证，许可证只向具有必要知识的个人颁发，需要具有多年从事托管的合格经验，并要通过法律要求的考试。每个受托人或者授权信托公司都是列支敦士登信托协会的会员（截至2017年1月，会员数量为 400）。该协会是一家公法团体，目前的职责在于保护受托人的名誉、声望以及权益，并对其职责进行监管。作为一个重要的行业协会，列支敦士登信托协会促进了列支敦士登信托业的连贯性、稳定性以及多样性，同时促进了其作为金融中心的可持续发展。其活动的焦点在于参与项目立法、并对会员进行基本及持续培训。

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10 years, when the Persons and Companies Act reaches its centenary. From the background of its allencompassing financial services, Liechtenstein's company law offers ideal solutions for every client's financial situation and needs. It allows for varying options for structuring assets and a range of models for control over them, with the focus on safeguarding the wealth against risks and threats over generations. Each field of the financial industry contributes to fulfilling the complex needs of wealth preservation, while the trustee in particular represents the key interface for all of the parties involved. The Liechtenstein foundation has become one of the legal instruments of choice for wealth preservation when pursuing long-term plans and objectives. There have been attempts to transfer the successful model of the Liechtenstein foundation with its unique liberal nature to other jurisdictions (Austria, Jersey

or Panama) but the stability, legal certainty and the combination of the other previously mentioned benefits cannot be replicated so easily. Therefore, the Liechtenstein foundation remains in a unique position even in the age of increasing transparency. Ultimately, it should also be noted that the Liechtenstein foundation has outlasted several periods of world crisis without any risk at all of jeopardising the goals of wealth preservation across generations. In Liechtenstein, a licence issued by the Financial Market Authority is required to practise as a trustee and is granted only to persons who have acquired the necessary knowledge as the result of many years of qualified practice in the sphere of trusteeships and have passed the legally required examination. Every trustee or licensed trust company is a member of the Liechtenstein Institute of Professional Trustees and Fiduciaries (at January 2017, 400 members). This institute is a public-law corporation and it is incumbent upon it to safeguard the honour, the reputation and the rights of trustees, and also to supervise their duties. As an important association, the Liechtenstein Institute of Professional Trustees and Fiduciaries promotes the consistency, stability and diversity of the fiduciary sector in Liechtenstein as well as the sustainable development of the financial centre. An important focus of its activities consists of participation in legislative projects and ongoing basic and continuing training of its members.

马德拉 Madeira

Madeira

Member Contribution 概况

General Type of Company

Limited Liability companies (LDA) & Stock corporations (SA)

公司类型

有限责任（LDA）和股份公司（SA）

Type of Law

Civil Law

法律类型

民法

Shelf Company Availability

现成公司可用率

否

新公司建立时间

特殊部门可在一天内有条件完成。标准时间为 3 到 6 天

One day using special department, Time to Establish a New Company under certain conditions. Standard incorporation 3 to 6 days. Corporate Taxation

YES

公司税

是

Double Taxation Treaty Access

YES

双重征税协议

是

Share Capital or Equivalent

股本或等值股本

Standard Currency

EURO

标准货币

欧元

Permitted Currencies

EURO

允许使用货币

欧元

Minimum Paid Up Share Capital

1 euro for LDA, EUR 50.000 for SA.

最低付清股本

LDA 为 1 欧元，SA 为 5 万欧元

Usual Number of Shares Issued

Dependes on the number of shareholders

法定股本要求

取决于股东数量

Directors

董事

Minimum Number

One

最低董事人数

1名

Local Required

本地董事

是

Publicly Accessible Records

Yes

公开记录权限

否

Location of Meetings

Preferebly in Portugal

会议地点

最好在葡萄牙境内

Shareholders

股东

Minimum Number

1 for LDA - 5 for SA (with exceptions)

最低股东人数

LDA 为 1 名，SA 为 5 名（也有例外）

Publicly Accessible Records

Yes

公开记录权限

是

Location of Meetings

In Portugal

会议地点

在葡萄牙境内

Company Secretary

公司秘书

Required

需要

否

Local or Qualiﬁed

N/A

是否为注册地或有资质人员

不适用

Accounts

账户

Requirements to Prepare

Yes

账户准备要求

是

Audit Requirements

Yes for SA, depends on the volume of activity in LDA

审计要求

SA 需要，LDA 则取决于业务活动量

Requirements to File Accounts

Yes

账户登记记录

是

Publicly Accessible Records

Yes

公开记录权限

是

Source: Madeira Corporate Services

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司法辖区

JURISDICTIONS

简介 | Introduction 司法辖区：葡萄牙马德拉自治区所在地区：北大西洋官方货币：欧元官方语言：葡萄牙语（英语通用）所属时区：UTC+0/UTC+1（夏令时）电话区号：+351 通讯设施：极佳公司组建费用：3150美元（根据所建立公司类型而有所不同）公司组建周期：3-6天公司维护成本：4600-8600美元 Country: Autonomous Region of Madeira, Portugal Region: North Atlantic Ocean Currency: Euro Languages: Portuguese (English is widely spoken) Time Zone: UTC+0/UTC+1 (only in Summer) Phone Code: +351 Communications: Very good Formation Cost: USD $3150 (it varies with the type of company) Formation Time: 3-6 days Maintenance cost: USD $46008600

马德拉自治区从欧洲理事会和葡萄牙中央政府直接批准的特别税务制度中获得好处。马德拉具有独一无二的特点，作为一个司法辖区，国际上来说，马德拉并不完全符合离岸司法辖区的标准。这个税制政体，也就是马德拉国际商务中心（IBC-M）目前有三个投资项目所组成：工业自贸区、国际航运注册——MAR，和国际服务中心。上述辖区中国际商务中心的主要特点是，在该商务中心内运行的非居民实体或其它公司的业务运营所获得的利润，其企业税率降至5%。因此，马德拉对公司总部的国际化运营来说是一个极完美的选择。马德拉也有葡萄牙的黄金签证政策，这一签证被视为世界上就投资总额和类型来说的最佳签证，作为一个非常住居民税务辖区，马德拉允许个人可以免除所得税长达十年之久。

The Autonomous Region of Madeira benefits from a special tax regime that has been directly approved by European Commission and the Portuguese central government. Given its unique characteristics the regime does not qualify, internationally, as an offshore. This tax regime, known as the International Business Center of Madeira (IBC-M) comprises presently three sectors of investment: Industrial Free Trade Zone, the International Shipping Register – MAR and the International Services. The IBC-M main characteristic of the regime is a reduced corporate tax rate of 5% on profits derived from operations exclusively carried out with non-resident entities or with other companies within the the IBC-M itself. Therefore, Madeira is the perfect location to headquarter international operations.

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Madeira also has access to the Portuguese Golden Visa, one of the best in the world regarding the amount and types of investment available, and the Non-Habitual Resident Tax Regime, that allows for a personal income tax exemption for a period of 10 years. Suitable for: Management of trusts, holdings of participations, international trading, e-business and telecommunications, management services, consulting services, ownership of intellectual property, the development of real estate investments and industrial activities. Apart from the types of investment mentioned above, ships, oil rig platforms and pleasure yachts registration is also available.

适用的离岸工具：信托管理、参股公司的持股权、国际贸易、电子商务和通讯行业、管理服务、顾问服务、知识产权的持有、房地产投资和产业活动的开发除上述投资类型之外，马德拉还能进行船舶、石油钻井平台和游艇的注册。离岸工具种类：私人有限公司、单一合伙制公司、公众有限公司、分公司、控股公司、有限合伙制公司、通用合伙制公司资本主要业务区域：丰沙尔（首府）和卡尼科尔（位于马西库辖区内）关系良好国家：安哥拉、加拿大、中国、东帝汶、芬兰、法国、德国、印度、意大利、日本、黎巴嫩、马耳他、摩洛哥、莫桑比克、挪威、俄罗斯、南非、西班牙、瑞典、瑞士、土耳其、英国、美国关系不佳国家：阿富汗、白俄罗斯、波黑共和国、缅甸、布隆迪、埃及、伊朗、伊拉克、北韩、索马里、南苏丹、叙利亚、也门、津巴布韦

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Vehicle Types: Private limited companies, single partner limited companies, public limited companies, branch, holding companies, limited partnership company, general partnership company. Capital Primary Business Districts: Funchal (the capital) and Caniçal (in Machico municipality) Good Relationships: Angola, Canada, China, East Timor, Finland, France, Germany, India, Italy, Japan, Lebanon, Malta, Morocco, Mozambique, Norway, Russia, South Africa, Spain, Sweden, Switzerland, Turkey, United Kingdom, United States. Bad Relationships: Afghanistan, Belarus, Bosnia and Herzegovina, Burma (Myanmar), Burundi, Egypt, Iran, Iraq, Korea (DPRK), Somalia, South Sudan, Sudan, Syria, Yemen and Zimbabwe. Tax Burden - Business: Very light for companies registered within the IBC-M, otherwise moderate. Tax Burden - Individual: Exempt for 10 years (provided certain conditions are met),

司法辖区

JURISDICTIONS

税务负担—商务：在IBC-M内组建的公司税赋极轻，其它地方则中等税务负担—个人： 10年免税（前提是满足特定条件），否则为中等总体税率： CIT 5% 或21%, PIT 0%-48%, VAT 5%-22%. 协议签订司法辖区：阿尔及利亚、安道尔、奥地利、巴林、巴巴多斯、比利时、巴西、保加利亚、加拿大、佛得角、智利、中国、哥伦比亚、克罗地亚、古巴、塞浦路斯、捷克共和国、丹麦、东帝汶、爱沙尼亚、埃塞俄比亚、芬兰、法国、格鲁吉亚、德国、希腊、几内亚比绍、匈牙利、冰岛、印度、印度尼西亚、爱尔兰、以色列、意大利、象牙海岸、日本、韩国、科威特、拉脱维亚、立陶宛、卢森堡、马耳他、墨西哥、摩尔多瓦、黑山共和国、摩洛哥、莫桑比克、挪威、阿曼、巴拿马、巴基斯坦、秘鲁、波兰、卡塔尔、罗马尼亚、俄罗斯、圣马力诺、圣多美和普林西比、香港特别行政区、澳门特别行政区、沙特阿拉伯、塞内加尔、新加坡、斯洛伐克、斯洛文尼亚、南非、西班牙、瑞典、瑞士、荷兰、突尼斯、土耳其、乌克兰、阿联酋、英国、美国、乌拉圭、委内瑞拉、越南税务信息交换协议签订国：安道尔、安提瓜和巴布达、伯利兹、百慕大、英属维尔京群岛、开曼群岛、多米尼克、直布罗陀、耿西岛、马恩岛、泽西岛、利比里亚、塔克斯和凯科斯群岛、圣卢西亚、圣基茨和尼维斯

otherwise moderate. Headline Tax Rates: CIT 5% or 21%, PIT 0%-48%, VAT 5%-22%. Treaty Jurisdictions: Algeria, Andorra, Austria, Bahrain, Barbados, Belgium, Brazil, Bulgaria, Canada, Cape Verde, Chile, China, Colombia, Croatia, Cuba, Cyprus, Czech Republic, Denmark, East Timor, Estonia, Ethiopia, Finland, France, Georgia, Germany, Greece, Guinea-Bissau, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Ivory Coast, Japan, Korea (ROK), Kuwait, Latvia, Lithuania, Luxembourg, Malta, Mexico, Moldova, Montenegro, Morocco, Mozambique, Norway, Oman, Panama, Pakistan, Peru, Poland, Qatar, Romania, Russia, San Marino, São Tomé and Príncipe, SAR Hong Kong (China), SAR Macau (China), Saudi Arabia, Senegal, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, The Netherlands, Tunisia, Turkey, Ukraine, United Arab Emirates, United Kingdom, United States of America, Uruguay, Venezuela and Vietnam. TIEA Jurisdictions: Andorra, Antigua and Barbuda, Belize, Bermuda, British Virgin Islands, Cayman Islands, Dominica, Gibraltar, Guernsey, Isle of Man, Jersey, Liberia, Turks and Caicos Islands, Saint Lucia and Saint Kits and Nevis.

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Member Contribution

马德拉 Madeira

离岸问答 | Q&A

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，贵司法辖区最受世界上哪个地区的客户欢迎？最适合在贵辖区建立公司的业务类型是什么？信托管理、控股公司参股、国际贸易、电子商务和电信、管理服务、顾问服务、知识产权所有权、房地产投资的开发、航运公司和行业活动等。上述这些经济活动在大多数情况下吸引着来自欧洲、南美和非洲的投资者光顾。除了上述的投资类型之外，船舶、石油钻井平台和游艇注册（挂葡萄牙国旗）也有提供，并颇受德国籍的船主欢迎。

对中国客户来说，贵辖区能提供的最重要优势是什么？

• 马德拉公司的非居民单一和企业股东能享受马德拉公司所获红利预提税的免税政策。 • 向股东支付而非名列黑名单司法辖区中的股东支付的资本利得税。 • 全球范围内支付的利息、版税和服务费都可免缴

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

• Non-resident single and corporate shareholders of Madeira's companies will benefit from a full exemption from withholding tax on

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预提税。 • 位于工业自贸区内的制造型企业也可以享受应税所得的 50% 的减免优惠政策。 • 广泛的税务协定签订国网络。 • 葡萄牙和中国之间签订的免双重征税协议，为那些希望销售参股资本的企业提供特别优势。

在选择离岸司法辖区时，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？在选择司法辖区组建公司时，价格和税率已不再是唯一的考虑因素。除了公司建立之外，投资者还会关注移民项目、个人所得税优势和欧洲基金机遇等因素。所建立的架构质量对投资来说尚未成为一个首要的考虑因素，尤其对于公司实质来说更是如此。而马德拉成为首屈一指的选择，是因为它在建立架构时没有最低雇佣人数限制。在考虑选择服务提供商时，那些提供一站式精品服务的提供商能为投资者提供全套流程中的协调顾问服务，为顾客的实际需要出谋划策，所以也就能大幅度地降低费用。

您是否认为行业监管越来越严格，比如 CRS、 AEOI 和 FATCA 等，中国企业是否会更倾向于进入更透明的司法辖区？马德拉是一个完全透明化的司法辖区，事实上它已由欧洲理事会和葡萄牙中央政府直接批准，所以对国际立法目的来说，马德拉并没有资格被称为一个真正的离岸司法辖区。不仅如此，在马德拉的特别税制辖区内注册成立的每一家公司都必须遵守最低雇佣人数的规定。作为一个 100% 透明的司法辖区，根据马德拉特殊税制政策注册的公司已和其它司法辖区一样，遵守所有的欧洲、葡萄牙和马德拉法律法规。

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

dividend remittances from the Madeira companies. • Exemption on capital gains payments to shareholders not resident in black listed jurisdictions; • No withholding tax on the worldwide payment of interest, royalties and services. • Manufacturing companies in the Industrial Free Trade Zone may also benefit from a 50% reduction on the taxable income. • Extensive network of tax treaties. • The Agreement to Avoid Double Taxation between Portugal and China, provides special advantages to those selling their investment participations.

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? Incorporation has become more than price and tax rates when choosing a jurisdiction. Apart from incorporation, investors are looking at citizenship programs, personal income tax benefits and European funding opportunities too. Quality of the structures has also become a major concern for investors, specially their substance. In this regard, Madeira is surely the best option since there are minimum employment threshold requirements to be met, apart from setting up a structure. As for choosing a provider, those who operate as a one-stop-boutique can provide investors fully coordinated processes and better advice on the clients’ needs, therefore reducing costs.

Do you agree that as the industry comes under increasing regulatory pressure, e.g. CRS, AEOI, FATCA, etc., Chinese business will gravitate to jurisdictions that are perceived as more transparent? Madeira is a completely transparent jurisdiction, given the fact that its regime has been directly approved by the European Commission and the Portuguese central government, therefore not qualifying, for international legal purposes, as an offshore. In addition, any company registering in Madeira’s special tax regime must comply

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虽然这种情况在我们的辖区内有所发生，我们并不能告诉客户在这里开设户头能有多快，因为每家银行对 KYC（理解客户）和尽职调查的要求都不尽相同。

with minimum employment creation thresholds. As a 100% transparent jurisdiction, companies registered within the Madeira special tax regime already comply with all the European, Portuguese and Madeiran laws and regulations, as any other business.

来源：马德拉企业服务中心策略开发部主任经济学家罗思涵 Contributed by: Miguel Silva Reichinger PintoCorreia, Economist and Director of Strategic Development at Madeira Corporate Services

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A lthough this has been the case in our jurisdiction, we cannot tell our clients how quickly a company can set up a bank account since KYC requirements and due diligence varies from bank to bank.

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马耳他 Malta

Malta

Member Contribution 概况

General Type of Company

Private Limited Liability Company

公司类型

有限责任私人公司

Type of Law

Civil law jurisdiction with strong common law influences in companies, tax and financial services legislation

法律类型

民法司法辖区，在公司、税务和金融服务法规方面受到很强的普通法影响

Shelf Company Availability

现成公司可用率

无

Time to Establish a New Company

3-4 working days

新公司建立时间

3-4 个工作日

Corporate Taxation

low effective tax rates following full imputation tax refunds

公司税

低有效税率，外加全额归责退税

Double Taxation Treaty Access

over 70 ratified double taxation treaties

双重征税协议

超过 70 个免双重征税协议网络国家

Share Capital or Equivalent

股本或等值股本

Standard Currency

Euro

标准货币

欧元

Permitted Currencies

All major currencies including USD, GBP, AUD, HKD

允许使用货币

包括美元、英镑、澳元和港币在内的所有主要货币

Minimum Paid Up Share Capital

€1,200 (20% paid up)

最低付清股本

1200 英镑（20% 付讫）

Usual Number of Shares Issued

1,200

法定股本要求

Directors

1,200 董事

Minimum Number

最低董事人数

一名

Local Required

Not necessary but preferrable

本地董事

不一定需要但是最好有

Publicly Accessible Records

Yes - username and password protected

公开记录权限

是的—用户名和密码是受保护的

Location of Meetings

Anywhere preferably in Malta

会议地点

任何地点，最好位于马耳他

Shareholders

股东

Minimum Number

2 (possible to have 1 in small businesses)

最低股东人数

2 名（若公司规模小也可以 1 名）

Publicly Accessible Records

Yes - username and password protected

公开记录权限

是的—用户名和密码是受保护的

Location of Meetings

Anywhere preferably in Malta

会议地点

任何地点，最好位于马耳他

Company Secretary

公司秘书

Required

Yes - individual

需要

是的—个人

Local or Qualiﬁed

Not necessary

是否为注册地或有资质人员

不需要

Accounts

账户

Requirements to Prepare

Yes

账户准备要求

是

Audit Requirements

Yes

审计要求

是

Requirements to File Accounts

Yes

账户登记记录

是

Publicly Accessible Records

Yes - username and password protected

公开记录权限

是的—用户名和密码是受保护的

Source: RSM Malta

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简介 | Introduction 金融辖区：马耳他地区：欧洲货币：欧元语言：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 Languages: Maltese, English Time Zone: UTC+1 Phone Code: +356 Communications: Good Formation Cost: USD $16004000 Formation Time: 2-8 days Maintenance cost: USD $13002900

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。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，且利润丰厚。马耳他的制造业、旅游业和航运业也让人垂涎。马耳他的银行业、互惠基金、保险业和信托服务业等都蓬勃发展。马耳他为公司提供低税政策，虽然理解起来有些复杂。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、投资基金管理（这里有股票交易市场和不少的互惠基金上市公司）、信托管理、航运和投资控股。适合于：财富管理、银行业、保险业、基金管理、航运业、游艇业、电子商务、电子博彩、房地产所有权离岸工具种类：有限公司、公众有限公司、可变股本的投资公司、通用合伙制、有限合伙制、分公司、单

The 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 has become the leading EU provider of gaming services, to its immense profit. Manufacturing, tourism and shipping are also rewarding. Its banking, mutual funds, insurance and trust service sectors are growing. Malta offers low-tax regimes to companies, although they are hard to understand. There is a reasonably sophisticated business and professional infrastructure. Business sectors with offshore activity include banking, investment fund management (there is a stock exchange with a growing array of mutual fund listings), trust management, shipping and investment holding.

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资本主要业务区域：瓦莱塔、比尔吉卡拉

Suitable for: Wealth Management, Banking, Insurance, Fund Management, Shipping, Yachting, E-commerce, E-gaming, Property Ownership

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、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、卢森堡、荷兰、波兰、葡萄牙、罗马尼亚、斯洛伐克、斯洛文尼亚、西班牙、瑞典、英国

Vehicle Types: Limited companies, public limited companies, investment companies with variable share capital (SICAV), general partnerships, limited partnerships, branches, sole proprietorships and trusts

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

Capital primary Business Districts: Valletta, Birkirkara

一所有制公司和信托

税务负担—商务：中等税务负担—个人：

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Good Relationships: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Poland, Portugal, Romania,

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重总体税率： CIT 35%, PIT 20-35%, 增值税18% 协定签订辖区：阿尔巴尼亚、澳大利亚、奥地利、巴林、巴巴多斯、比利时、保加利亚、加拿大、中国、克罗地亚、塞浦路斯、捷克共和国、丹麦、埃及、爱沙尼亚、芬兰、法国、格鲁吉亚、德国、希腊、香港、匈牙利、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、卢森堡、马来西亚、黑山共和国、摩洛哥、荷兰、挪威、巴基斯坦、波兰、葡萄牙、卡塔尔、罗马尼亚、圣马力诺、沙特阿拉伯、塞尔维亚、新加坡、斯洛伐克共和国、斯洛文尼亚、南非、西班牙、瑞典、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辖区：巴哈马、百慕大、开曼群岛、直布罗陀、澳门

Slovakia, Slovenia, Spain, Sweden, United Kingdom Bad Relationships: Burma, Egypt, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Moderate Tax Burden - Individual: Heavy Headline Tax Rates: CIT 35%, PIT 20-35%, VAT 18% Treaty Jurisdictions: Albania, Australia, Austria, Bahrain, Barbados, Belgium, Bulgaria, Canada, China, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Georgia, Germany, Greece, Hong Kong, Hungary, Iceland, India, Ireland, Isle of Man, Israel, Italy, Jersey, Jordan, Korea, Republic of, Kuwait, Latvia, Lebanon, Libya, Lithuania, Luxembourg, Malaysia, Montenegro, Morocco, Netherlands, Norway, Pakistan, Poland, Portugal, Qatar, Romania, San Marino, Saudi Arabia, Serbia, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland, Syria, Tunisia, Turkey, United Arab Emirates, United Kingdom, United States, Uruguay TIEA Jurisdictions: Bahamas, Bermuda, Cayman Islands, Gibraltar, Macau

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Member Contribution

马耳他 Malta

离岸问答 | Q&A

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，贵司法辖区最受世界上哪个地区的客户欢迎？最适合在贵辖区建立公司的业务类型是什么？马耳他是一个政治稳定的欧盟国家，位于欧元区，提供一个久经考验的税务制度，对来自多个辖区的不同行业投资者的外国直接投资的吸引力正在与日俱增。马耳他之前已是一个进入地中海国家和欧盟地区的门户，但多年以来，来自远东、海湾和美国的投资。正在经历急速增长的行业包括金融服务业、特殊制造业、能源和在线服务行业。

对中国客户来说，贵辖区能提供的最重要优势是什么？

马耳他和中国一直以来都保持着良好和健康的关系，这在两国之间庞大的双边贸易额中就得到了证明。中国的公司在马耳他的多个行业都有投资，这些行业包括能源生产和移动科技等。马耳他不仅有有利营商的开放态度，它的地理位置，身为欧盟成员国之一的身份和地区内各国间的良好经济关系，都让马耳他成为中国的投资者进一步在欧盟扩张

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

Malta and China enjoy a long standing and healthy relationship which is evidenced by the large volume of bilateral trade between the two countries. Chinese companies have invested in Malta’s various industries including energy generation and mobile telephony.

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的桥梁。

在做任何商业决策之前，价格一直都是一个重要因素，这在公司建立行业也是一样。当然在选择产品时，要考虑能够得到什么。马耳他提供了一个正规和声誉良好的在岸辖区的选择，是一个在提供透明度的同时还有有利营商环境的司法辖区。越来越多的客户已经意识到这一点，并在众多的离岸司法辖区中选择马耳他。RSM 马耳他在这个稳定的司法辖区中提供一个极具竞争力的备选方案。

您是否认为行业监管越来越严格，比如 CRS、 AEOI 和 FATCA 等，中国企业是否会更倾向于进入更透明的司法辖区？越来越多的客户已经开始放弃传统的离岸司法辖区，而马耳他正成为他们的关注焦点。RSM 马耳他协助客户，在他们的业务范围内找到最佳解决方案。不仅如此，这已经成为马耳他在过去几十年里实施的，让马耳他从上世纪九十年代初期开始放弃离岸身份，转而成为一个欧盟国家，也是符合经合组织财政事务和记录标准的首个司法辖区之一。

过去几年里，在一些行政特区内开设银行账户变得困难。贵辖区内是否也是如此？离岸公

Coupled with Malta’s open for business attitude, its geographical location, membership to the EU and good economic relations within the region, Chinese investors are benefitting from Malta’s position as a bridge to further their investments in the Euromed region.

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? Cost has always been an important factor in any commercial decision, no less in the company formation sector, however when choosing one product over another, one has to also consider what one will be receiving. Malta offers a serious and reputable onshore alternative, being a jurisdiction that provides transparency while offering a business friendly environment. More and more clients appear to be appreciating this and are choosing Malta over various offshore or black listed jurisdictions. RSM Malta provides a competitive alternative in a stable jurisdiction.

Do you agree that as the industry comes under increasing regulatory pressure, e.g. CRS, AEOI, FATCA, etc., Chinese business will gravitate to jurisdictions that are perceived as more transparent? More and more clients are moving away from the traditionally offshore jurisdictions with a focus on deferral and Malta is picking

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司在贵辖区内开户的时间能多快？马耳他的银行一直以来都采取比较保守的经营方式，这让马耳他有欧盟最安全和最赚钱的银行体系。不仅如此，随着国际营商环境的改变，FATCA 和 CRS 的出台，金融机构对他们接受的客户类型表现的更为小心，银行更多关注经济的实质性，因此曾经很容易就被接受的客户现在则需要经历更详细的调查，也有可能是因为防止洗钱和恐怖主义基金的问题。不论怎样，通过 RSM 马耳他提供的专业协助，我们能够协助客户在合理的时间内在银行开户。

来源：RSM马耳他 Timothy Zammit博士和 Giannella Barbieri博士 Contributed by: Dr. Timothy Zammit, Dr. Giannella Barbieri, RSM Malta

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up a significant portion of that business. At RSM Malta we assist clients in finding the best solution within the ambit of the client’s obligations. Furthermore, this has been the direction adopted by Malta over the past decades having moved away from an offshore regime in the early nineties to becoming an EU Member State and one of the first jurisdictions to have reached an accord on fiscal matters with the OECD.

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? Maltese banks traditionally adopt a conservative approach which leads to Malta having one of the safest and most solvent systems within the EU. However, with changes to the international business environment, the introduction of FATCA and CRS, financial institutions are being ever more careful in the types of clients that they accept, banks are focussing on substance and economic sense so what was once easily acceptable is becoming scrutinized to a more detailed level possibly also under the shroud of a higher emphasis on prevention of money laundering and terrorist funding. Nevertheless, through the professional assistance of RSM Malta, we are able to assist in opening bank accounts within a reasonable time.

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在马耳他组建离岸公司 Corporate Set Up in Malta

Pierre Galea Musù UHY商务咨询服务有限公司合伙人 UHY Business Advisory Services Limited Partner

H Y 商务咨询服务有限公司从事各类咨询及专业服务，主要服务于机构和个人投资者，提供本土和国际税收，以及诸如银行业务、财务、事物部门等多项服务。公司包含不同的商务领域以及司法辖区内的国际贸易、石油、天然气及能源、财富和资产组合管理、保险、医疗保健、海运、航运和其它相关行业。在执行合伙人Pierre Galea Musù看来， “放眼欧盟及全球，马耳他的税制对投资者来说都很有利。马耳他的税制按照《马耳他所得税法与所得税管理法》、其它辅助制度及源自英国税制的法律执行，并参照既定规则。所有企业按应税利润35%的税率缴纳。” “在这个税制体系下，外商直投股东有权获得企业退税，这方面马耳他的优势明显。马耳他执行整套的归集抵免税制，公司支付的税金按照税务抵免归属收到分红的股东。实施这套体系的辖区并不多，欧盟当然更没有这样执行。同时马耳他不再向已发放红利

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HY Business Advisory Services Limited acts as a consultancy and professional services firm encompassing various services. The firm specialises in Corporate and private investor services, local and international tax together with supporting services such as banking, accounting, back office and a host of other services. The firm services a wide spectrum of clients coming from different business sectors and jurisdictions which include international trading, oil, gas and energy, wealth and portfolio management, insurance, healthcare, marine, and aviation, amongst others. According to Pierre Galea Musù, managing Partner, "Malta has one of the most investor friendly tax regimes

Pierre Galea Musù

in the EU and globally. The tax system is governed by the Malta Income Tax Act and the Income Tax Management Act, together with subsidiary rules and legislation which originate from the UK tax system, and are based on well-established principles. All companies are taxed at the normal rate of 35% on taxable profits. " "Under this tax system, upon a distribution of profits, a FDI shareholder may claim a refund of tax paid at corporate level. The Maltese tax system is very attractive in this respect," he continued. "Malta operates a full imputation system. The tax paid by the company is attributed

www.uhymalta.com

征收其他预扣税款或相对的税务。” 在马耳他当选2017欧盟轮值主席国后，避税问题成了近期媒体焦点， Pierre认为该问题在马耳他已经存在多年，马耳他加入欧盟之后进行了大量改进及调整，已经完全按照欧盟以及经济合作与发展组织的要求执行。来自中国的外商直投 2016 年7月，中国与马耳他政府在北京签署了五年中期合作计划谅解备忘录，这是未来两国开展多层面合作的蓝本。备忘录预计将为中马双方的商务发展提供很多机遇。回溯到1972年，马耳他是最早与中国建立外交关系的欧洲国家之一。自建交以来，中马一直保持着友好关系。这些年，中马双边经贸稳定发展。2015 年12月，中马贸易经济联合委员会恢复

as a tax credit to shareholders receiving the dividends. Not many jurisdictions are left adopting this system, certainly not in the EU. Furthermore, Malta does not impose further taxes, whether final withholding or otherwise, on the dividends being distributed." Commenting on the recent media attention on the issue of tax evasion as Malta took hold of the EU Presidency in 2017, Mr Musù stated that that the system has been in place in Malta for a good number of years and has been substantially reviewed and overhauled upon Malta's accession to the EU and has since been approved as fully compliant with EU and OECD requirements.