China offshore 2011 Summer Edition by John Yang

www.chinaoffshore.com.hk

逆境中的导航 Navigating Amidst Turbulent Times 在美上市的中国企业遭遇了审查

Cavalier PRC Corporations Suffer Under US Market Scrutiny

观点：王汉齐深度解读“点心”债券的法律问题 OPINION: Wang Han Qi on Legal Issues Revolving Around Dim Sum Bonds

特刊：离岸游艇 EXCLUSIVE REPORT: Offshore Yacht Registration

聚焦：巴巴多斯 SPOTLIGHT: Barbados

看点：众神的游乐场－塞浦路斯 EYE ON: Cyprus – Playground of the Gods

Letter From Editor | 编者的话雷暴雨退去，天气炎热而潮湿。我们已然迈过了夏至的门槛。今年，气候从冰封到炎热的转变之间几乎没有间隔，这与中国经济有相似之处。本期的《中国离岸》杂志进一步帮助我们的读者拓宽对离岸市场的认识。在观点部分中，来自大成律师事务所的资深律师和高级合伙人王汉齐先生会与大家分享自己对“点心”债券的深度解读，这是中国在人民币国际化问题上迈出的重要一步；而来自金杜律师事务所的知名律师和合伙人赵晓红女士与我们一起探讨了那些在美国上市却丑闻缠身的中国公司所遇到的法律问题。这些文章仅仅是他们自己的看法，但并不代表《中国离岸》的观点。本次夏季刊的特别报告是为那些希望出海远航的人度身订制的。它描述了全球和中国的奢侈游艇行业最近的发展情况，为游艇爱好者对他们的船只进行登记提供了一个创新型的替代解决方案。我们的焦点栏目关注的是巴巴多斯，这是一颗熠熠生辉的加勒比海珍珠。我们很荣幸地采访到了该国的总理 Freundel J. Stuart 阁下，他于 6 月中旬访问了中国。我们的封面故事讲述了中国企业是如何通过离岸结构在美国上市的，并浅谈在美上市的中国公司最近所遭遇到的困扰。随后，我们带领您来到塞浦路斯和乌拉圭，来看一下这两个地方能够为您的离岸规划提供些什么。《中国离岸》旨在帮助您轻松地从离岸金融安排中获得好处，与此同时继续保持在岸的实际运营。我们一直以来都欢迎阁下的意见和建议，敬请给我们的编辑发送邮件：james.zhang@chinaoffshore.com.hk。

《中国离岸》编辑张天语总编辑 Editor in Chief: James Zhang 编辑 Editor: Bradley Gardner 撰稿人 Contributor: Anas Almasri 研究员 Researcher: Charles Bird 美术总监 Art Director: Susan Shen 美术编辑 Art Editor: Tank Hu 执行总监,亚洲 Production Director, Asia: Matthew Sumner 客户总监, 亚洲 Sales Director, Asia: Kimberly Hartman 客户总监，美洲 Sales Director, Americas: Spencer Hall 客户经理，亚洲 Accounts Manager: Matthew Edward Spriegel 发行经理 Circulation Manager: Iris Gao

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Thunder rains ebbed, hot and humid, we have already passed the threshold of the summer solstice. This year the climate changed from freezing to scorching with nearly no interval in between, which bears resemblance to Chinese economy. This edition of China Offshore further expands the offshore perspective of our readers. In the opinion section, Mr. Wang Han Qi, a veteran attorney and senior partner of Dacheng Law Firm, contributes his insight on Dim Sum Bonds, a significant move in China’s drive to internationalize its currency; Ms. Zhao Xiao Hong, a popular attorney and partner at King & Wood, looks into the legal problems that the handful of scandal-ridden US-listed Chinese companies have encountered. The views in the opinions are their own and are not on China Offshore’s behalf. The Summer Edition special report is tailor-made for those who wish to sail offshore. It features the world’s as well as China’s latest development in the luxury yacht industry, and presents yachting enthusiasts with an innovative, alternative solution for registering their vessels. Our spotlight is Barbados, a shimmering Caribbean pearl and we are honored to have interviewed her Prime Minister, Mr. Freundel J. Stuart, who visited China in mid-June. Our cover story probes how Chinese organizations have become US-listed through the offshore structure and discusses a bit the recent plight annoying US-listed red chips. Afterwards, we lead you to Cyprus and Uruguay, to see what the two destinations can offer for your offshore planning. China Offshore aims to help you reap the hassle-free benefits of going offshore financially whilst in the meantime staying physically onshore. As it has always been, comments are welcome via emails to the editor: james.zhang@chinaoffshore.com.hk. Editor, China Offshore James Zhang

Summer, 2011 China Offshore

逆境中的导航

Navigating Amidst Turbulent Times 在美上市的中国企业遭遇了审查

Cavalier PRC Corporations Suffer Under US Market Scrutiny

封面故事 cover story

新闻 news 04 全球离岸新闻

A CALL FOR MERCY

聚焦 Spotlight 19 巴巴多斯

Offshore World NEWS

赵晓红分析在美国上市的中国公司

BARBADOS

离岸世界所有最近发生的信息

所遇到的法律问题

加勒比地区的离岸金融服务大佬

All the latest news from

Zhao Xiao Hong on legal problems

A Caribbean offshore financial services

across the offshore world 观点 opinion

08 “点心”债券的深度解读 Insight on Dim Sum Bonds

recently annoying US-listed Chinese companies

封面故事 Cover story 14 逆境中的导航

王汉齐解读“点心”债券的法律问题

Navigating Amidst

Wang Han Qi on legal issues revolving

Turbulent Times

around Dim Sum Bonds

11 寻求宽恕

Summer, 2011

在美上市的中国企业遭遇了审查 Cavalier PRC Corporations Suffer Under US Market Scrutiny

stalwart

22 巴巴多斯银行业 BARBADIAN BANKS 竭诚为离岸客户服务 Standing for clients from afar

26 专访巴巴多斯总理阁下

INTERVIEWING THE PRIME MINISTER OF BARBADOS

SUMMER 2011 夏季

目录 Contents 看点 eye on

32 众神的游乐场 PLAYGROUND OF THE GODS 被经合组织列入白名单后的塞浦路斯更具吸引力 OCED-whitelisted Cyprus has more allure

42 乌拉圭 URUGUAY 拉丁美洲的离岸天堂 Latin American offshore paradise

离岸指南 Offshore Hand book

48 世界海上管辖权和他们的服务供应商 Practioner’s guide to some of the

World’s offshore jurisdictions and their service providers 会议 Conferences

52 2011年中国离岸IPO峰会 Initial Public Offering

Strategies for Chinese Companies

Offshore Registration

离岸游艇 OFFSHORE YACHTING 管理您离岸游弋的财富 Wealth management for your luxury assets floating offshore 专访巴哈马海事局区域总监 Malcolm Keast

Q&A with Malcolm Keast, Regional Director, Bahamas Maritime Authority

Summer, 2011 China Offshore

新闻 | NEWS 全球概览 Global update

北美 North America 纽约 New York

亚洲 ASIA 香港 Hong Kong

淘米网在纽约证券交易所上市，发行价每股9美元，但翌日暴涨24%

香港将成为人民币离岸贸易结算和投资中心

淘米网（NYSE：TAOM），一家经营儿童娱乐网站的中国公司，6月8日首次公开发行

截至4月底，在香港银行的人民币存款总额已达到人民币5100亿（787亿美元）。去

股票，售价在其预计发行区间的下限。

年七月，人民币存款总额只有900亿。高速增长得益于去年内地及香港当局施行的致力于

淘米网以每股9美元的价格出售720万股美国存托股，融资6470万美元，其预计发行

使人民币国际化的政策。

区间为每股9至11美元。该公司于6月9日登陆纽约证券交易所，此时在美上市的中国公司正受到会计和可能的卖空自己股票丑闻的困扰。

人民币存款总额每月增加500亿人民币，很大程度上是人民币贸易结算的结果。人民币存款总额明年年初将达到10000亿。作为让人民币成为贸易和资本账户下可自由兑换货币的长远计划的一部分，香港将成

6月10日，在中国概念股普遍下跌的情况下，淘米网逆市大涨24.06%，收报于10.21

为人民币贸易结算和投资的离岸中心。目前人民币存款只占香港存款总额的百分之七，

美元。按收盘价计算，淘米网市值已达3.7亿美元。

但人们普遍相信，未来几年内这将增长至百分之二十。

在过去30天左右的时间里，在美国上市的中国企业遭遇了自第一只中国内地公司股

离岸人民币债券市场正迅速增长，虽然增速不如人民币存款的增速。最近已经突破了

票在美上市以来的滑铁卢。他们因财务和可能卖空自己股票的问题而被调查，前景从来

1000亿人民币，去年以来的政策松动是其关键。去年七月之前，一个公司或基金经理可

没有如此暗淡过。

以兑换人民币的额度，即CNH，很有限。

然而，淘米网的上市以及上市翌日的价格上涨给了正经历痛苦和磨难的在美上市的中国公司非常需要的希望之光。因为在美上市、一夜暴富、荣登福布斯排行榜，而非辛

中国人民银行鼓励香港作为人民币离岸投资中心的发展。今年四月，通过中国银行，央行降低了人民币在港存款利率，鼓励投资者多元化投资。

劳一生、一步一步地建立自己的企业帝国，是很多人中国的梦想。

Taomee Holdings Went Public at NYSE at Bottom US$9 Per Share But Skyrocketed by 24 Per Cent Second Day Taomee (NYSE: TAOM), a Chinese company operating a social networking and entertainment site for children that features virtual world, priced shares in its initial public offering (IPO) at the bottom of an expected range on 8th June. Taomee Holdings Ltd. sold 7.2 million American Depositary Shares for $9 each, raising $64.7 million, it had planned to sell shares ranging from $9 to $11 each. The company was coming aboard NYSE 9th June just as the bunch of US-listed Chinese companies has been under fire following a series of accounting scandals and alleged short sales of their own stocks. Up by 24.06 per cent from its IPO day closing price, Taomee closed at $10.21 on 10th June, the second day following its IPO, whilst most Chinese companies were not kept from plunging further on the same day. Thereby, Taomee’s market value reached US$ 370 million the day following the IPO. In the past 30 days or so, Chinese companies listed in the US suffered its Waterloo ever since the first Mainland Chinese company went public in the nation. They were cross-examined and scrutinized over the credibility of their accounts and their alleged misconduct of short sales of their own own stocks for profit. The prospect for Chinese cohorts has never been dimmer before. Yet the Taomee listing and ensuing price up bestowed US-listed Chinese companies in trials and tribulations a much-needed ray of light. To have a company listed in the US, that possibly changes one from featureless to Forbes overnight without the fatigue of diligently building up a business empire for a life, is the dream for many in China.

Summer, 2011

Hong Kong to Be Offshore Centre for RMB Trade Settlement and Investment At the end of April the total amount held in RMB deposits at Hong Kong banks had reached RMB 510bn ($78.7bn). This increase from RMB 90bn at the beginning of July last year has been driven by liberalization measures announced last year by the Chinese and Hong Kong authorities aimed at internationalizing the mainland currency. Such deposits are accumulating at an average of RMB 50bn a month and are largely the result of trade settlement, suggesting that these deposits will reach RMB 1,000bn early next year. As part of longer-term plans to allow the Chinese currency to be freely convertible for both the trade and capital accounts, China aims to establish Hong Kong as the offshore center for RMB trade settlement and investment. Currently RMB deposits account for only 7 per cent of total deposits in Hong Kong and there is widespread expectation that this will grow to 20 per cent in the next few years as the offshore currency market develops and more investment opportunities become available as part of the liberalization strategy. The market for offshore RMB-denominated bonds is growing quickly. Although this market has not kept pace with the accumulation of RMB deposits, it is currently approaching RMB 100bn with the period of rapid development only beginning last year, since the announcements concerning the lifting of key restrictions limiting ownership of the currency offshore. Prior to last July, the amount that a company or fund manager could convert in the offshore market, commonly referred to as CNH, was severely limited. The mainland’s central bank, the People’s Bank of China, is encouraging the development of Hong Kong as a centre for RMB investment. In April, through the Bank of China, it lowered RMB deposit rates available in Hong Kong, encouraging investors to consider alternatives to simply keeping money on deposit which ultimately was being parked with the central bank.

NEWS | 新闻

亚洲 ASIA 中国 China

亚洲 ASIA

中国政府年底前制定境外人民币对境内直接投资规则

香港和新加坡正在竞争以吸引来自中国的离岸投资

香港金融管理局表示，中国将在今年年底前制定境外人民币对境内直接投资规则，这将使境外人民币更容易投资境内。 “一旦新的规则出来，它将为香港的人民币投资者提供一个更清晰、更容易操作的平

香港和新加坡 Hong Kong and Singapore

香港财经事务及库务局长陈家强在最近的新闻发布会上表示，虽然其他发达市场仍在从金融危机中恢复，亚洲正在蓬勃发展。香港正在努力巩固其作为中国增长的金融代理的地位，吸引资金和人才来港。香港

台”，金管局总裁陈德霖说。

特区政府是借鉴新加坡的经验。

中国是世界上第二大经济体，预计到今年有9.5％的增长。

香港对其经济的管理历来持放任态度。而新加坡不同。新加坡是非常积极的，因为

“中国可能不希望离岸人民币投资股票或房地产，因为这些市场并不需要太多的新的资

他们明白，如果他们希望建立金融业，他们必须得到人才。

本，但他们将欢迎更多的人民币对境内直接投资，”法国农业信贷银行香港分行经济学

香港和新加坡竞争几十年了，而中国离岸投资的增长使竞争更具紧迫性。这两个城市均

家 Kowalczyk说。“可能有更多的人民币债券发行募集资金在中国投资，这可能推高收

得益于其金融服务行业，但许多人认为只有一个可以成为顶级金融中心。

益率。”

某些基本因素有助于解释为什么新加坡和香港的地位都在上涨。最重要的是他们在地理

2011年人民币债券销售可能会增加到2000亿元（310亿美元），去年仅人民币375亿去

和政治上靠近中国。发达国家复苏缓慢，而新兴市场，特别是中国，正在蓬勃发展。这

年。由于全球投资者认为人民币对美元比巴西，印度和俄罗斯的货币会有更多的升值，

两个城市都得益于投向东亚的投资。

据瑞穗证券亚洲有限公司估计，今年迄今人民币债券发行已达到680亿人民币。

其次，两个城市都有必要的金融基础设施，可以支持复杂的金融工具，不是所有的

中国商务部上个月表示，今年第一季度外国对华投资增长26％，达到388亿美元。目

传统离岸司法管辖区都能这样。离岸金融结构肯定会变得更加复杂和成熟，很多都需要

前，外国人民币对境内直接投资需有关当局逐案批准。在香港的人民币存款较上月增加

能跨区操作。

13％，六月份达到人民币511亿元。

Chinese Authorities to Mete out Rules for RMB FDI by End of Year China will issue rules on RMB-denominated foreign direct investment (FDI) into the mainland by the end of the year, a move that will allow easier repatriation of the Chinese currency according to the Hong Kong Monetary Authority (HKMA). "Once the new rules come out, it will provide a greater degree of certainty and easier access by investors when they have RMB funding in Hong Kong and elsewhere," said the HKMA's Chief Executive Norman Chan. China, the world's second-largest economy, is expected to grow by 9.5 percent this year. "China may not want the offshore pool of RMB to return in the form of portfolio investments into equities or real estate as these markets do not need much fresh capital, but they would welcome more foreign direct investment," said Dariusz Kowalczyk, an economist at Credit Agricole CIB in Hong Kong." There could be more dim sum bond issuance to raise funds for investment in China, which could push up yields." Dim sum note sales may increase to RMB 200 billion (US$31 billion) in 2011, from RMB 37.5 billion last year, as global investors bet on the RMB appreciating against the US$ more than the currencies of Brazil, India and Russia, according to an estimate from Mizuho Securities Asia Ltd. Dim sum bond issuance has reached RMB 68 billion so far this year. Overseas investment in China rose 26 percent to US$38.8 billion in the first quarter of the year, China's Ministry of Commerce said last month. Currently, foreign direct investment in RMB needs case-by-case approval from the authorities, Chan said. RMB deposits in Hong Kong increased 13 percent from the previous month to RMB 511 billion in June, according to data from the HKMA.

Hong Kong and Singapore at Odds in Competition for China’s Offshore Investment While other developed markets are still recovering from financial crises, Asia is “booming”, said a beaming KC Chan, Hong Kong’s secretary for financial services and the treasury, at a recent press conference. The former British colony is striving to cement its position as the de facto financial proxy to the China growth story, and thereby draw capital and talent to the territory’s shores. The Hong Kong SAR government is borrowing pages from Singapore’s playbook. Hong Kong has traditionally had a very laissez-faire approach to its economy. That’s very different from Singapore. In Singapore they’re very proactive, because they understand that if they want to build the financial industry then they’ve got to get the talent base. The decades-old rivalry between Hong Kong and Singapore has taken on a fresh urgency with the growth of Chinese offshore investment. The financial services industries in both cities are undoubtedly well-placed to benefit, but many argue that only one can rise to the top. Certain fundamental factors help explain why both Singapore and Hong Kong are rising. The most important is their geographical and political proximity to the emerging economic giant in their backyard, particularly China. As the developed world struggles with a slow recovery following the global economic downturn, emerging markets, and China in particular, are booming. Both cities are benefitting as capital targets East Asia. Second, both cities have the necessary financial infrastructure to support complex financial instruments, something not often found in traditional offshore jurisdictions. Offshore financial structures are definitely becoming more complex and sophisticated, and many have multi-jurisdictional requirements.

Summer, 2011 China Offshore

西方的高端离岸目的地 The Premium Offshore Jurisdiction in the West By Scott Lines, LOM Securities Limited (scott.lines@lom.com)

ocated 640 miles east of the USA, Bermuda is an Atlantic island that 的主要城市。每天都有航班从美国的纽约、波士顿、 provides superb access to all of the 亚特兰大和迈阿密，加拿大的多伦多以及英国的伦 West’s major cities. With daily flights to the 敦飞往该岛，这使得百慕大成为了西方世界的空中 island from New York, Boston, Atlanta, and 交汇点，交通非常便利。我们的基础设施也是一流的。 Miami in the US, Toronto in Canada and 百慕大是加勒比地区离岸司法管辖地中的巨人。 London in the UK, Bermuda is at the flight 从 1609 年被征服后，百慕大就完全成为了英国殖民 crossroads of the West and immensely 地。1620 年，百慕大在国内事务上实现了自治，并 accessible. Our infrastructure is first class. 且建立了当地的议会。在最近的一百年里，它成为 Bermuda is the giant among the offshore 了全球众多家庭的企业和私人财富库。百慕大对国 jurisdictions in the Caribbean. A full British 际公司和个人实行完全免税的政策，不征收所得税 colony, originally settled in 1609, it became 和资本利得税。 self governing in regards to domestic matters 对任何投资者来说，最重要的是确保资产的安 in 1620 and the local parliament has sat ever 全。百慕大是一个监管高度严格的金融中心，监管 since. For the last one hundred years it has 的目的主要是为了确保客户资产的安全。投资行业的公司会面临来自百慕大金融局严格和持续的审查， been a repository of corporate and private wealth for many of the world’s substantial 该机构是岛内所有金融活动的监管者。 families. Bermuda is tax free for international 英国任命的总督显示了百慕大的殖民国地位，这对该国的法律制度来说是一种保障。百慕大的最 companies and individuals and levies no 高法院是伦敦枢密院。对在百慕大运营的任何投资 income or capital gains tax. 公司或私营离岸公司来说，该岛不征收任何税赋。 The key issue for any investor is to 百慕大不征收资本利得税和投资所得税。对您的金 be comfortable that their assets are safe. 融资产来说，百慕大本质上是一个税收中性的地方。 Bermuda is a very highly regulated centre, 百慕大位于美国以东 640 英里，是大西洋上的

一个岛国。该岛交通便捷，航班能够对接西方所有

百慕大的经济总量为 60 亿欧元，人均 GDP 为 92818 美元。相比其它离岸中心，百慕大显得规模更大、更加富裕。国际业务占百慕大经济的比重非常大，其中主要包括信托公司、国际投资业和国际保险公司。百慕大的信托和金融行业有着差不多一百年的历史。这些金融和信托公司在为全球各地的家庭提供服务方面有着深入和广泛的经验。在信托行业中，百慕大拥有许多优秀的高品质公司，着眼于为它们的客户提供最高品质的服务。私人信托公司能够让投资者充分利用唾手可得的信托产品带来的所有好处，与此同时通过其对私人信托公司的所有权维持对资产的控制。对创建离岸持有资产的结构来说，建立信托产品通常只是第一步。信托产品通常需要有一家私有企业来从事投资活动。在这一点上，百慕大同样很擅长企业管理，许多执照信托公司拥有负责企业管理的分支机构。百慕大的企业服务与大多数离岸管辖地的私有企业管理或国际商业企业服务相类似，

Summer, Summer,2011 2011

where the primary focus of regulation is to keep the customers’ assets safe. Companies in the investment industry face rigorous and ongoing reviews by the Bermuda Monetary Authority, which functions as the regulator for all the financial activity performed on the island. Bermuda's colonial status, exemplified by a British appointed Governor, guarantees the rule of law with the country’s highest court being the Privy Council in London. There are no taxes applied to any of the investment companies or private offshore companies operating in Bermuda. Bermuda levies no taxes on capital gains or investment income. Essentially Bermuda is a tax neutral place to hold your financial assets. With a US$6 billion economy and a GDP per capita of US$92,818, Bermuda is substantially larger and wealthier than its peers in the offshore world. International business makes up the substantive majority of Bermuda’s economic activity with its trust companies, international investment industry and global insurance operations. Bermuda’s trust and financial industry goes back almost one hundred years. These financial and trust companies have deep and wide experience in helping global families around the world. Within the trust industry there is an excellent group of high quality licenced companies that focus on giving the highest level of service to their customers. A Private Trust Company provides the ability to achieve all the advantages of an arm’s length

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trust while maintaining control through their ownership of the private trust company itself. 行业，能够帮助客户有效地参与全球股票和债券市场 The creation of a trust is usually only 的交易，购买五星评级的投资产品，参与私募交易或 the first step in creating a structure to 另类投资，更为重要的是安全地对这些资产进行托管。 hold assets offshore. Usually that trust 百慕大中性的税收环境使之成为投资全球的一个卓越 will need a private corporation to conduct 与安全的平台。 investment activities. Again Bermuda excels 百慕大有一家金融公司从事包括实体黄金在内 at corporate management, with many of the 的硬资产业务，通过个人保险箱或者企业金库来进行 licenced trust companies having corporate 保存。 management subsidiaries. These corporate 百慕大有一家投资公司能够帮助客户在任何地 service providers in Bermuda are familiar 点开展任何市场的交易。尽管其它地区的投资公司也 with the management of private corporations 能够提供网上交易，但是他们通常将交易外包给在岸 or IBCs in most of the offshore jurisdictions 的提供商，基本上就是充当一个“介绍人”的角色， and will tailor the structure to best suit the 将业务介绍给另一家在岸公司。而百慕大只有一个投 customer. 资公司，该企业的交易系统是与自身运营结合在一起 Finally and most importantly we possess 的，因此所有交易、帐户细节以及投资活动都能确保 a superb financial industry that provides the 是完全离岸的。 customer the ability to efficiently trade in 百慕大证券交易所（BSX）是全球最大的离岸完全电子化证券交易所，为国内和国际的发行人提供全 equity and bond markets around the world, 方位的交易和上市机会。BSX 拥有“宽松但有效”的 purchase 5 star rated investment products, 监管环境，这有利于创新产品的上市。BSX 是世界交 invest in private equity deals or alternative 易所联合会（正式名称为国际证券交易所联合会）的 investments and most importantly, custody 完全成员，已被同行认可满足了监管和运营方面的最 those assets safely. Bermuda’s tax neutral 高标准。与此同时，美国证券交易委员会也认可 BSX environment makes it an excellent, safe 成为“指定离岸证券交易所”（DOSM），而英国金融 platform from which to invest globally. 服务管理局（FSA）也将 BSX 认可为“指定投资交易所” One financial company in Bermuda （DIE）。 deals in hard assets such as physical gold 对中国投资者来说，让他们感兴趣的是最低只需 and with the provision of safekeeping either 花费 5 万美元就能够在百慕大证券交易所实现上市。 individually through safety deposit boxes or 而一旦所有文件的准备和尽职调查都已完成，上市最 in the firm’s vaults. 少只需要等待三周的时间。此外，如果投资者足够成 One investment company in Bermuda 熟，交易所将不施加最少股东、最低市值和最低盈利 has the ability to allow their customers 的要求。对家族企业以及渴望筹集 1.5 亿人民币的中 access to trade their accounts from where 型企业来说，这个交易所是非常理想的。 they are in whichever market they wish. 金融服务的深度不只限于信托、企业和投资帐 While other investment firms offer on-line 户。一家合适的公司能够帮助客户完成包括上市、企 trading, they normally outsource the account 业构建、融资和股票托管在内的所有步骤。百慕大是 to an on-shore provider, essentially acting as 世界上最大的保险和再保险中心之一，拥有专业化的保险产品和巨大的专属自保保险业。专业自保公司已 an “introducer” of business to another on经被西方的投资者广泛地使用于税务规划、资产保护 shore firm. There is only one investment firm 和风险缓解等领域中。 in Bermuda whose on-line trading system is 在为用户提供广泛服务的基础上，百慕大还拥有 built into the fabric of their operations and 大量必要的支持服务。百慕大在各个层面上都能提供 where the transactions and all details relating 强大而稳健的会计服务以及法律专业知识。虽然许多 to the account and the investment activities 企业起源于百慕大，但是它们的专长和运作已经拥有 are kept completely offshore. 全球性的足迹了。 The Bermuda Stock Exchange (BSX) 在成为全球金融中心之前，百慕大实际上一直 is the world largest offshore fully electronic 是一个优质的旅游目的地。这是一个值得一去的美 stock exchange offering a full range of 丽国度。无论对出差几天的商务人士，还是花上一 trading and listing opportunities to domestic 个月度假的家庭来说，岛内都有相应的酒店和住宿 and international issuers. The BSX has a 设施可供选择。岛上自然和迷人的环境绝对值得您 'light but effective' regulatory environment 到此一游，放松心情。百慕大拥有美丽的水域、沙 which makes it conducive to new and 滩和野生动物以及热情友好的人们。对那些到这里 innovative product listings. The BSX is a 来做生意的人来说，他和他们的家人一定会在当地 full member of the World Federation of 旅游中获得许多乐趣。 Exchanges (formally the FIBV) the BSX has 能够为客户提供度身定制的相关结构。

最后也是最重要的是，我们拥有极为出色的金融

been acknowledged by its peers to meet the highest regulatory and operational standards. Similarly the US Securities and Exchange Commission recognizes the BSX as a 'Designated Offshore Securities Exchange' (DOSM) and the UK Financial Services Authority (FSA) recognizes the BSX as a 'Designated Investment Exchange' (DIE). Of particular interest to the Chinese investor is the ability to list on the Bermuda Stock Exchange for as little as US$50,000 and in as little time as 3 weeks once all documents are prepared and due diligence is complete. Further, if investors are sophisticated then there are no minimum shareholders, no minimum market capitalization and no minimum profitability requirement. The exchange is ideal for family run companies and medium market capitalized companies wanting to raise up to RMB150 million. The depth of financial services does not stop with trusts, corporations and investment accounts. The right firm can guide clients through all steps from listing to structuring, raising capital and depositing shares. Bermuda is one of the largest insurance and re-insurance centres in the world. There is a depth of specialization in insurance offerings, and a large captive insurance industry. Captive insurance entities have become widely used in the West for tax planning, asset protection and risk mitigation. With the wide range of user services the necessary support services are widely represented. There is a strong and robust level of accounting services and legal expertise at all levels. Though many of these firms are Bermuda originated, their expertise and operations carry a global footprint. Long before Bermuda became a global financial centre it actually was a premium tourism destination. The island is a beautiful place to visit. There is a wide range of hotels and other accommodation available to the visitor, whether it is someone on business for a few days or a family on business and holiday for a month. The island’s natural and enchanting environment is worth visiting just for pleasure. Beautiful water, beaches and natural fauna along with warm and friendly people has meant a place that people enjoy visiting with their families when they come to do business.

Summer, 2011 China Offshore

观点 | Opinion China offshore

中国政府人民币国际化的核心举措 —“点心债券”的中国法律研究 Wang Han Qi Senior Partner Dacheng Law Firm

诞

PRC Legal Perspectives on Dim Sum Bonds, a Core Plank in China’s Drive to Internationalize Its Currency 大成律师事务所高级合伙人王汉齐律师解读离岸人民币债券所涉及的法律问题

Wang Han Qi, Senior Partner at Dacheng Law Firm looks into the legal problems revolving around the offshore RMB-denominated bonds.

生四年之后，香港人民币债券，这一中国政府人民币国际化的核心举措，终于焕发了生命力。点心债

券市场（其“点心”之名取自于香港茶餐厅中供应的点心二字），已经出现了比 2010 年一整年的交易量更多的交易。欧洲最大的消费品集团公司——联合利华以及由沃伦·巴菲特支持的中国著名汽车制造商—— 比亚迪，都于今年通过点心债券在香港的发行而成功完成了人民币融资。虽然现在“点心债券”市场的规模还不是很大，但是，整个市场正在经历快速的增长。如果“点心债券”市场能够保持这样的增长速度，那么这无论是对于公司如何融资，投资者如何投资人民币，甚至是对中国经济的未来都有着举足轻重的影响。交易人员称，相比于中国市场，“点心债券”市场的融资成本要低好几百个基点，正是这样低廉的融资成本，使得越来越多的企业涌向香港发行人民币债券。北京严格的资本管制制度导致了在人民币债券的利率以及人民币与美元的汇率方面，香港（对国际投资者开放的特别行政区）和中国内地市场相比有着很大的不同。在中国现行的金融环境下，由于中国内地市场利率的不断提升以及银行被要求收紧贷款，对于中国的企业而言，涉足离岸市场更加迫在眉睫。但是，问题是，在中国设立的企业是不被允许直接发行“点心债券”的，所以这些企业就必须通过创造性的方式来设计交易结构。在此方面具有代表性的方式是，利用一个离岸主体来发行债券，同时从境内提供某种保证来给予投资者提供的保障。最近，北京市大成律师事务所高级合伙

Summer, 2011

o u r ye a r s a f t e r c o m i n g i n t o existence, Hong Kong’s nascent market for renminbi-denominated bonds – a core plank in China’s drive to internationalize its currency – has burst into life. The so-called dim sum bond market, named after the bitesize delicacies served in Hong Kong tea houses, has already seen more deals this year than in the whole of 2010. Unilever, the European consumer group, and BYD, the Chinese carmaker backed by Warren Buffet, are among the issuers that have raised RMB funds in Hong Kong market through dim sum bonds since January. While the sums involved are still small, the market’s rapid growth – if maintained – could have big implications for how companies fund themselves, how investors access the renminbi, and ultimately for the future of the Chinese economy. Dealmakers say dozens more companies are rushing to issue renminbi bonds in Hong Kong because the cost of funding there is ultra-cheap – hundreds of basic points lower than on the Chinese market. Beijing’s strict capital controls mean that interest rates on renminbi debt, as well as the value of the renminbi against the dollar, can – and do – vary dramatically between the mainland and Hong Kong, a special administrative region open to international investors. In the current financial environment

in China, for many Chinese companies, there is a particular urgency to tap the offshore market, since interest rates have been rising on the mainland and banks have been told to rein in lending. The problem is that, mainland-incorporated companies are not allowed to issue dim sum bonds directly. So they have been structuring their deals in creative ways, typically using an offshore vehicle to issue the bonds while providing some form of guarantee from onshore to give comfort to investors. Dacheng Law Firm Shanghai Office, with its team headed by its senior partner Wang Hanqi and acting as the PRC legal counsel of the Joint Lead Managers, recently successfully assisted Far East Horizon Limited, the issuer, an HKExlisted company with its major business operations and subsidiaries based in China including Far East International Leasing Co., Ltd., in issuing RMB 1.25 billion of RMB dominated, 3.9 percent annually, 3-year bonds in Hong Kong. The proceeds are planned to be on-lent to the Issuer’s PRC subsidiaries by way of intercompany loans. There are several legal aspects regarding the above-mentioned deal structure, as popularly adopted in Dim Sum Bonds issued by mainlandincorporated companies, which are necessary to be addressed.

观点 | Opinion china offshore

人王汉齐律师所带领的团队，作为本项目的中国法律顾问，协助远东宏信有限公司在香港成功发行了金额为 12.5 亿，年利率为 3.9%, 期限为 3 年的人民币债券。远东宏信有限公司是一家在香港联交所上市的公司，其主要经营活动和子公司（包括远东国际租赁有限公司）都在中国内地。募集资金将通过公司内部借款的形式，提供给在中国境内的子公司使用。作为大陆设立的公司发行“点心债券” 惯常采用的交易架构，在以上的交易架构中，存在如下几个在法律层面上有必要予以关注的问题： 1. 必须获得的中国政府批准根据国务院办公厅于 2008 年 12 月 8 日发布的《关于当前金融促进经济发展的若干意见》（国发办 2008 年 126 号），允许在内地有较多业务的香港企业或金融机构在香港发行人民币债券。除了以上的规定，在现行的中国法律或法规中，不存在任何其它的有关香港企业在香港发行人民币债券的法律规定。 2. 融资所得人民币的跨境汇款在现行的中国外汇制度下，如已获得政府部门的批准，外国公司可以通过股东借款或股东出资的方式，将在境外所融得的外币汇入境内给其在境内子公司使用。但是，在现行的中国法律法规中，却没有相应的规定规范外国公司通过股东借款形式，将在境外所融到的人民币汇给其在境内子公司使用。根据中国人民银行发布的《关于处理境内工商企业向境外非金融机构借款有关问题的请

1 . N e ce s s a r y P RC G ove r n m e n t a l Approval According to the Several Opinions of the General Office of the State Council on Providing Financial Support for Economic D eve l o p m e n t ( G u o B a n Fa [ 2 0 0 8 ] No.126) issued by the General Office of the State Council on 8 December, 2008, Hong Kong enterprises and financial institutions which have substantial business operations in mainland China, are permitted to issue RMB bonds in Hong Kong. Except for the aforesaid opinion, there is currently no other PRC laws or regulations specifically governing the issuance of RMB bonds in Hong Kong by Hong Kong enterprises.

2. Cross border remittance of RMB funds U n d e r t h e c u r re n t P RC fo re i g n exchange system, foreign companies are allowed to remit funds in foreign currencies raised abroad to their PRC subsidiaries by way of shareholder’s loan or capital contribution upon the approval of the PRC authorities. However, in terms of shareholder’s loan in the currency of RMB by foreign companies to their PRC subsidiaries, there are currently

no applicable PRC Laws. According to the Reply to the Instruction Request on Dealing with Loans from Foreign Non-financial Institutions by Domestic Industrial and Commercial Institutions (Yin Tiao Fa [1997] No.7) issued by the People’s Bank of China (“PBOC”), loans from foreign companies by domestic enterprises, whether in renminbi or foreign currencies, will constitute external debts of the PRC, under which the loan and the interests thereof shall be approved in accordance with the relevant regulations. Therefore, the RMB loans between foreign companies and their PRC subsidiaries shall be approved by the relevant PRC authority. However, as mentioned previously, there are currently no applicable PRC laws as to the specific a p p r o va l a u t h o r i t y a n d a p p r o va l procedure. The current practice adopted by the PBOC regarding the above-mentioned approval is that the PBOC is empowered to review and approve such remittance of RMB inside and outside the PRC on a case-by-case and trial basis, and currently t h e n e c e s s a r y P RC g o ve r n m e n t a l approvals in the above-mentioned case are the approval from the Clerical Office

示》（银条发［1997］7 号），境内企业借用境外企业款项，无论是本币还是外币，都构成我国的对外债务，借款及借款利率都应按有关规定报批。因此，根据上述规定，外国公司与其在中国境内设立的子公司之间的人民币借款必须得到中国有关部门的批准。但是，正如之前提到的，在现行的中国法律法规中，并没有对以上所提到的具体报批机构和报批程序有任何相应的规定。中国人民银行关于上述报批机构及报批程序的现行做法是，中国人民银行有权依照试行和具体案例具体分析的原则，审查及批准该等人民币跨境汇款的事宜。在上述案例中，必须获得的中国政府批准是：由中国人民银行办公厅批准以人民币形式偿还股东借款（债券募集所得），以及须在国家外汇管

香港的企业和在中国大陆有实质性商业运作的金融机构获准在香港发行人民币债券。 Hong Kong enterprises and financial institutions which have substantial business operations in mainland China are permitted to issue RMB bonds in Hong Kong.

Summer, 2011 China Offshore

观点 | Opinion China offshore

理局或其地方分支机构登记股东借款。本案例中的主承销商均是在香港设立并有效存续的公司，同时，所有的债券持有人均是在香港或者新加坡设立的金融机构投资者。 3、税务问题（1）香港设立的债券发行人的中国纳税责任在上述的案例中，发行人并没有被中国税务机关认定为中国企业所得税法意义上的居民企业。同时，由于所有的交易文件（包括公司债券募集说明书、债券认购协议书、债券发行的条款与条件以及财务代理协议）均在香港签订，所以，对于如下三个事项 , 发行人无须向中国政府或其行政区或者其它的税务机关，缴纳印花税、发行债券及债券交易所产生的税、资本利得税、所得税以及其它税款：（1）在中国境外发生的债券的创设、分配及发行事项；（2）交易文件的签订与交付事项；（3）债券主承销商在中国境外将债券出售或者交付给最初投资者的事项。然而，根据企业所得税法及企业所得税实施条例的有关规定，依照外国（地区）（包括香港、澳门及台湾）法律成立但实际管理机构在中国境内的企业，应被认定为中国企业所得税法意义上的居民企业，同时，应当就其来源于中国境内外的所得，缴纳税率为 25％的企业所得税。在上述的交易架构中，如果发行人的实际管理机构在中国境内，则极有可能会被税务机关认定为企业所得税法意义上的居民企业。如果中国税务机关将发行人认定为中国企业所得税法意义上的居民企业，那么发行人就须就其来源于中国境内外的所得，缴纳 25％的企业所得税。（2）非中国境内金融机构债券持有人的中国纳税责任。在上述的案例中，由于债券持有人均是依据中华人民共和国企业所得税法认定的非居民企业，因此，该等债券持有人无须就以下两个方面向任何的中国政府机构缴纳预提税、所得税及其它任何税款：（1）任何因持有债券所获得的款项，包括本金、溢价、利息及其它相关费用；（2）发生在非居民企业之间且在中国境外完成的债券销售所得，除非债券持有人是因为其他的原因与中国建立联系而承担税务责任，而不仅是因为公司债券募集说明书和交易文件中明确规定的由于持有债券或者收到付款。

Summer, 2011

of the People’s Bank of China to adopt renminbi to settle the shareholder loan from the proceeds of the bonds and the registration of the shareholder loan in the State’s Administration of Foreign Exchange or its local branch. The Joint Lead Managers are all incorporated in Hong Kong and the bondholders of the bond are all Hong Kong or Singapore based institutional investors.

3. Taxation Issues (1) PRC tax liabilities for the issuer incorporated in Hong Kong: In the above mentioned case, the issuer has not been notified or informed by the PRC tax authorities that it is considered as a PRC tax resident enterprise for the purpose of Enterprise Income Tax Law, and the transaction documents (including the offering circular, the subscription agreement, the terms and conditions, and the fiscal agency agreement) are all executed in Hong Kong, therefore, no stamp or other issuance or transfer taxes or duties and no capital gains, income taxes or other taxes are payable to the PRC or to any political subdivision or tax authority thereof or therein by or on behalf of the issuer in connection with the creation, allotment and issuance of the bonds outside the PRC, the execution and delivery of the Transaction Documents, or the sale and delivery outside the PRC by the Joint Lead Managers of the Bonds to the initial purchasers. H o we ve r, p u r s u a n t t o t h e n e w E n t e r p r i s e I n c o m e Ta x L a w ( t h e “EIT Law”) and its implementation regulations, enterprises that are established under the laws of foreign countries and regions (including Hong Kong, Macau and Taiwan) but whose actual management organs are within the territory of China shall be PRC tax resident enterprises for the purpose of the EIT Law and they shall pay enterprise

income tax at the rate of 25% in respect of their income sourced from both within and outside China. In the abovementioned deal structure, there is a good chance that the issuer located in Hong Kong will be identified as PRC tax resident enterprises for the purpose of the EIT law if the actual management organs are within the territory of China. If the relevant PRC tax authorities decide, the issuer is a PRC tax resident enterprise for the purpose of the EIT Law and will be subject to enterprise income tax at the rate of 25% for its income sourced from both within and outside of PRC. (2) PRC tax liabilities for the non-PRC institutional bond holders of the bonds: In the above mentioned case, the bondholders of the Bonds are all nonresident enterprises for the PRC EIT Law purposes, therefore such bondholders will not be subject to withholding tax, income tax or any other taxes or duties imposed by any of the PRC Government Agencies in respect of (i) any payments, including principal, premium, interests or other distributions made on the Bonds or (ii) gains made on sales of the Bonds between non-residents of the PRC consummated outside the PRC, unless the holder thereof is subject to such taxes in respect of such Bonds by reason of being connected with the PRC otherwise than by reason only of the holding of the Bonds or receiving payments in connection therewith as described in the Offering Circulars and the Transaction Documents.

菜单上的新项目：点心债券 New on the menu: Dim Sum bonds

观点 | Opinion china offshore

寻求宽恕 A Call for Mercy 金杜律师事务所合伙人赵晓红律师探讨在美上市中国企业近期遭遇到的财务会计报表真实性问题 Zhao Xiao Hong Partner King & Wood PRC Lawyers

Zhao Xiao Hong, Partner at King & Wood PRC Lawyers probes into the accounts authenticity issue recently annoying US-listed Chinese cohorts.

海

外的中国概念股正在面临着一场大考：是继续作资本市场的新贵，还是沦为天然的做空工具。

上市一幕的觥筹交错尚未褪去，便被质疑、被辞职、被询问、被停牌、被抛售、被退市、甚至被起诉。华尔街极目四望，咄咄逼人的研究机构，摩拳擦掌的做空基金，不怎么友好的审计团队，不怎么含糊的监管机构，以及不怎么满意的投资人，中国概念股似乎陷入四面楚歌的境地了。初生牛犊的做空机构的财务质疑报告成为推翻多米诺骨牌的第一根手指。在专业或非专业机构的质疑或挑战面前，连续数家中国概念股企业没有发起有力的反击，越来越多的中介机构试图与中国概念股撇清关系

hinese companies listed ashore are now facing a peculiar ordeal: were they to maintain their stance as a rising star among other players in the capital market or should they follow their inevitable course otherwise, and be downgraded into being someone else’s short-selling tool. While the glory of a successful listing has yet to be fully enjoyed, these Chinese companies were already thrown to face harsh criticisms, auditors’ resignations, questioned, dumped, delisted, and even sued. Today, a quick glance around the sidewalks of Wall Street, one will not be

surprised to find, aggressive research institutions and short-selling fund houses scrounging for business, as well as the somehow unfriendly auditors or unyielding authorities coupled with a few dismayed investors being tied up in unsatisfying deals, all pointing to one thing – these Chinese companies seem to have been doomed for a hopeless downward spiral. Incessant reports challenging the financial conditions of these over daring short-selling companies served as the catalyst to a domino effect. Being awed by the various suspicions and challenges from professional as well as

Summer, 2011 China Offshore

观点 | Opinion China offshore

时，中国概念成为了做空者的俎上鱼肉，即使无辜者也惨遭牵连。自今年 2 月以来，约 40 家中国公司或是承认自己存在审计问题，或是因审计问题被 SEC 或美国交易所暂停股票交易。与此同时，针对在美上市的中国公司诉讼案数量激增，今年以来已发生近 20 起，占美国全部证券集团诉讼案的四分之一。历史上，从安东尼波顿的中国特殊情况基金到对中国的房地产泡沫发出耸人听闻的唱空言论的查诺斯，做空中国的尝试从来就没有停止过，也从来没有成功过，直到在中国概念股身上找到短板。面对这场考验，人们最初的反应往往是对于做空中国的产业链的反感，认为这种有

unprofessional parties, many Chinese companies have failed to promptly react to this catastrophic drift, meanwhile, an increasing number of professional intermediaries opted for divorce from their principals, leaving these Chinese companies as the prey of short-selling all of a sudden. Since February, around 40 Chinese companies either admitted to have problems in auditing, or were suspended from trading by the SEC (or by their respective listed exchanges for the same or similar problems). On the other hand, lawsuits launched against these Chinese companies loom behind the scene, with the number now accruing up to nearly 20 such companies from the beginning of this year, which is the equivalence of a quarter of securities class actions in the United States. In retrospect, ranging from Anthony Bolton’s China Special Situations Fund to James Chanos’ chilling story about bubbles in China’s Real Estate industry, past attempts of short-selling China as a whole seemed not to have been put to a halt and accordingly, it would not stop until they discover the particular shortcomings associated with these overseas-listed Chinese companies.

Confronted by this challenge, some people would loathe this new industry to be “short-selling China as a whole”, as the selective group hunting system for overseas-listed Chinese companies and its blatant profit-making taste vividly unfolding itself to be an orchestrated conspiracy targeted against companies that are “made-in-China”. However, jumping into irrational and mixed-up conclusions at the beginning stage of commercial disputes, rather than playing by the rules and directing an equivocal right or wrong from a proper analysis, would only further clutter up the way forward for these Chinese companies. If Chinese companies take this challenge as a great opportunity of self-reflection, it will be hard to estimate whether it would be a loathing or blessing. The best solution to the problem is to defend one’s own interests within the framework of the game rules. Within these developed markets as aforesaid, information is the only way for investors to realistically assign any value to a company. Timely and accurate disclosure wo u l d re f l e c t a p u b l i c c o m p a ny ’ s sincerity, helps clear away uncertainties, and accelerates the revaluation process.

选择有准备有针对性地对中国海外上市公司进行的大范围猎杀及其获利的目的特征，鲜明地反映了这是一场导演好了的牺牲中国概念的阴谋。但是，碰到商业争端则立刻在非理性的疯狂中划分敌我，而不是在规则的框架内分析孰是孰非，只能将上市公司引入歧途。如果上市公司能将其作为加强自我反思的契机，那么这场考验对中国概念是福是祸，或未可期。解决问题的最好方法，是在规则的框架下充分维护自己的利益。成熟的资本市场，信息是投资者用来判断公司价值的唯一手段。惟有及时准确的信息，才是公众公司该有的诚意，才能消除投资人的猜测，尽早地开始估值修复。普遍存在的对市场规则的轻视和对市场

Summer, 2011

2 月以来，约 40 家中国公司或在审计中承认有问题，或由美国证券交易委员会暂停交易。 Since February, around 40 Chinese companies either admitted to have problems in auditing, or were suspended from trading by the SEC

观点 | Opinion china offshore

中国企业所面临的挑战是市场调整过程中的必然。 The challenges faced by Chinese companies are among the many facets of the market adjusting itself in the course.

之外无形之手的迷信，是这场猎杀风波的缘起和多数中国公司沉沙折戟的理由。对契约相对方的承诺信守和对投资人的忠实勤勉，将会是检验上市公司诚意的重要标尺。中国公司应当加强对契约精神和游戏规则的认知和认同。漠视监管制度，轻视披露准则，使得职业标准高，独立性强的会计师事务所和律师事务所在国内市场上轻易被劣币驱逐良币。明显违规的操作，稍微具有一定独立性的专业审计机构必然会在第一时间拒绝出具相关财务报告，但这种操作却在中国公司中屡见不鲜，令人费解。融资等于圈钱，上市成为终极目标，而不是企业发展的一个里程碑。必须承认，长期处在不充分的市场环境下的中国公司，在步入成熟的世界资本市场舞台的过程中所要经历的坎坷曲折和所要支付的学费，将不啻于目前遭遇猎杀所带来的阵痛。遮掩和粉饰，是信息的天敌，是使市场经济无法得到健康长足发展的顽疾。中国概念如今在海外面临的挑战，恰好是市场发挥其良性机制进行选择和淘汰的重要时机。严格的披露规则并不是对包括中国概念股在内的任何上市公司的诅咒。成熟资本市场的信息采集制度，有能力通过对信息分析和消化，从密集的信息恐慌所带来的非理性折价中走出来，实现中国概念在美上市公司的理性价格回归。而这些的前提是，上市公司需要正视自己的问题，以一个公众公司应有的态度和形象，作一个合格的市场玩家。中国概念股是否应该寻求宽恕？或者，中国概念股选择宽恕自身过往的幼稚和短视，下一次大潮来袭，还能得到市场的宽恕吗？

The prevailing contempt of this hard game and the superstitious in off-market factors is the prelude of this hunting saga and will be the epilogue of most of these Chinese companies listed overseas. Fidelity to contractual obligations and fiduciary duties to investors will become the touchstone of a company’s sincerity. Chinese companies have the necessity to strengthen their recognition and acceptance of the spirit of contracts and game rules. Ignorance of rules and contempt of disclosure has been depicted by stories of Gresham’s Law, which essentially highlights the importance of independence and self-discipline among auditors and lawyers worldwide. An apparent violation can be easily avoided in its cradle by auditors with even a little independence. However, the fact that financial fraud is still prevailing among Chinese companies makes things more confusing. Financing is simply considered as a feast of the greenback, and listing an ultimate end, rather than a milestone in the development of an enterprise. Clearly, we must admit that these Chinese companies, having emerged from an insufficient market economy originally upon their entry into the main-staged capital market, should be encountered by a certain level of frustrations, and the tuition to be paid for lessons learned

here should become growingly painful nowadays. Knowingly, a cover-up is the biggest enemy to the free flow of information, but it is the cancer to the comprehensive development of a market economy. The challenges faced by Chinese companies are among the many facets of the market adjusting itself in the course. Strict disclosure is not the end of the world for listed companies including these Chinese companies here discussed. An information collecting system akin to those of a developed capital market has the ability to survive through the irrational devaluations or nagging criticisms brought about by the current atmosphere collectively created, and in so, stock prices of these Chinese companies would hopefully be restored to a reasonable level in the end. All in all, giving to the foregoing concerns raised here, Chinese companies must rectify their shortcomings, and reshape their corporate image as qualified players among the competitive market of public companies. Should Chinese companies make a humble call for mercy now? Should they otherwise put their past behind them, forget their previous shortsightedness and soldier on amidst all of this, will they deserve the same level of mercy from the market the next time around? Summer, 2011 China Offshore

封面故事 | Cover Story

逆境中的导航

Navigating Amidst Turbulent Times

在美上市的中国企业遭遇了审查 Cavalier PRC Corporations Suffer Under US Market Scrutiny

By James Zhang

Summer, 2011

Cover STORY | 封面故事

随

ith the successful offshore initial public offerings (IPO) 了离岸首次公开发行股票（IPO）， of the Big Four Chinese state许多人认为中国最好的企业甚至不愿意在 owned commercial banks and other 大陆这两个不成熟的股票市场发售它们的股 influential colossal organizations, a 份。 reckoning comes into existence that the 在过去的几年里，中国企业赴美上市的 best companies in China don't bother to 势头已经不可阻挡。大量的公司通过反向收 offer their shares at the mainland’s two 购得以上市，即一家私营公司通过与一家上 premature pandemonium bourses. 市壳公司的合并而实现上市。这种安排让这 The momentum for Chinese listings in 些企业免受一些与传统 IPO 相关的严苛审查。 the US over the past few years has been 但是，随着一些中国企业被指控犯有会 overwhelming. An awful lot of companies 计实务欺诈，美国的投资者和监管机构对来 went public through reverse mergers, at 自中国的上市公司变得越来越警惕。从 2011 which a private company goes public by 年 3 月起，有 5 家中国公司被摘牌，另有 15 merging with a public shell company. That 家中国企业由于广泛传播的欺诈指控而被迫 allows firms to be exempted from some of 停牌。根据美国证券和交易委员会（SEC） the strenuous scrutiny associated with a 提供的数据，自从 2007 年 1 月后，市场上 conventional IPO. 出现了 600 例借壳上市，其中涉及 150 多家 However, investors and regulators 中国企业。 alike in the US are increasingly wary 在过去几个月左右的时间里，一批在美 with the listed companies from China 国上市的中国企业遭遇到了自从第一家中国 after some of them were charged with 内地公司在美上市以来的滑铁卢。这些公司 fraudulent accounting practice. Since 被严格审查，监管当局还审查了它们的财务 March 2011, five Chinese companies 会计报表准确性和以盈利为目的对自身股票 have been delisted and a further 15 have 进行做空的不当行为。 suspended trading amidst widespread 国内市场的分析师把在美上市的中国公 allegations of fraud. According to the US 司最近所遇到的困境归咎于当地的空头，这 Securities and Exchange Commission 些空头经常像侦探一样寻找公司的问题。做 (SEC), there have been 600 backdoor 空在中国是被禁止的，而在美国却是合法的。 listings, with more than 150 being the 这次，那些赫赫有名的大机构开始针对中国 Chinese companies since January 2007. 的企业。这并不是什么新鲜事。对这些贪得 In the past couple of months or so, a 无厌、想美元想昏了的狙击手来说，红筹股 number of Chinese companies listed in 既不是第一个也不会是最后一个猎物。然而， the US have suffered its Waterloo ever 绝大多数丑闻缠身的中国企业的股价目前已 since the first Mainland China company 经有了一定程度的回升。并且，许多企业的 had gone public in the nation. They were 股价已经恢复到了危机前的水平。 cross-examined and scrutinized over the 不过分析师也承认，尽管美国的监管环 credibility of their accounts and their 境最近转向严厉，相比其他的市场（包括中 alleged misconduct of sales of their own 国大陆市场）它的上市程序仍然是相对简便 stocks for profit. 的。因此对中国企业来说，美国仍然是一个 Domestic market analysts attribute 极具吸引力的资本市场。 the recent plight of the US-listed Chinese 对中国的企业家来说，离岸 IPO 的巨大 companies to the local short-sellers, 利益几乎是无法抗拒的，它为平凡人转变为 who often act like detectives sniffing out “福布斯”榜单上的富豪提供了一条快速的 problems at companies, which are banned 路径。 in China, but not in the US. This time 在美国上市的中国籍企业中，有大约 those big name institutions had targeted 着中国的四大国有商业银行和其他具有影响力的大型机构成功地进行

封面故事 | Cover Story

近 90％的在美上市公司在开曼群岛或英属维尔京群岛（BVI）注册成立。 Nearly 90 percent of all US-listed companies origin are either Cayman Islands or British Virgin Islands (BVI) incorporated.

the Chinese bloc. This is nothing new. The red chips are neither the first nor the last 岸司法管辖区。在中国境内的企业法人实体 to have fallen prey to these avaricious, 通常是开曼群岛或者 BVI 注册企业的全资子 greenback-thirsty snipers. However, by 公司。根据当地的法律，开曼群岛或者 BVI now, the stock prices of the vast majority 注册的机构在收入和股息上享受免税的待 of scandal-ridden Chinese companies 遇。 have bounced back, to some extent, to say 由于估值差的存在（美国 IPO 的定价是 the least. Moreover, many have regained 基于远期市盈率的，而中国 IPO 的定价基础 their pre-crisis level. 则为去年收益），中国 IPO 市盈率（P/E） Analysts nevertheless admit that 通常会是美国和香港市场的两倍，这是相当 the US remains an attractive capital 肤浅的。对于一个快速成长的中国企业来说， market for the Chinese companies as its 在美国市场获得相当于本年度盈利 22 倍的 listing procedures are still comparatively 估值所带来的融资额要高于在本土市场获得 convenient vis-a-vis other markets 的相当于去年利润 40 倍的估值。 including the Chinese domestic one, in 鉴于国内市场等待上市审批的时间相当 spite of the regulatory environment that 漫长（通常会花上三年甚至更长的时间）， turned tougher recently. 当你获准发行时，深圳创业板市场目前 70 For Chinese entrepreneurs, the 多倍的市盈率是否还会存在呢？ immense benefits of offshore IPOs, which 离岸上市的另一项好处是不同的法律体 provides a fast-track path from featureless 系。当一家美国上市的开曼群岛注册企业破 to Forbes, are barely resistible. 90% 是注册在开曼群岛或者英属维尔京群岛（BVI）的。这两个地方都是全球主要的离

Summer, 2011

Nearly ninety percent of all US-listed companies of Chinese origin are either Cayman Islands or British Virgin Islands (BVI) incorporated. Both are the world’s primary offshore jurisdictions. The entity physically based in China is normally a fully owned subsidiary of the Cayman or BVI incorporated company. Under local laws, the Cayman or BVI incorporated organization is tax-exempt on income and dividends. Because of the valuation differential that US IPOs are valued on a forward price-earnings basis whilst Chinese IPOs are valued on last year’s earnings, the much higher price-earnings (P/E) ratios at IPO in China, which are normally twice the ratio in the US and Hong Kong, are superficial rather than substantial. For a fast growing Chinese company, getting 22 times this year’s earnings in the US can

Cover STORY | 封面故事

yield more money for the company than a domestic IPO at 40 times P/E, using 国法院的判决（倾向投资者而非企业董事和 previous year’s earnings. Given the lengthy wait pending 经理）是不确定的。目前看来，一家国内上市的中国企业很 approval, which can take three or even 难甚至不可能进行二次发行，你只能够在融 more years, will the 70+ times P/E 资这块大馅饼上咬上一小口。而在美国市场， multiples now available at Shenzhen’s 一家公司在 IPO 以后可以进行再融资或者发 ChiNext market stay till when you are 行可转债。这对希望在成功的国内 IPO 后继 allowed to offer? An ot her offshore benefit is the 续希望融资的中国公司来说都是需要牢记的 different governing laws. The Cayman law, 因素。 2011 年 5 月 18 日，《中国离岸》杂志 instead of the US law, is the governing law, 在精品豪华酒店上海宏安瑞士大酒店举办了 in the case of bankruptcy of a Cayman2011 年 IPO 峰会。与会嘉宾讨论了对那些 incorporated company that is listed in the 寻求在纽交所和纳斯达克等主要海外交易所 US. If a Cayman Islands court recognizes 上市的中国企业在 IPO 过程中所需要采取的 and enforces a US court verdict in favor “最佳法律和金融实践准则”。近 160 名与 of the investors at the expense of the 会代表主要是中国的企业家和高级职业经理 company’s directors and officers whether 人，他们中的许多人就各自关心的问题向演 this verdict will be recognized and 讲者提出了严谨的问题。最近让在美上市的 enforced is unsure. As of now, it’s still difficult, if not 中国企业蒙受信赖危机的会计报表准确性问产时，准据法是开曼群岛法，而不是美国的法律。开曼群岛的法院是否会承认和执行美

impossible at all, for a domestically listed Chinese company to do a secondary offering. You only get one bite of the capital raising pie. In the US markets, a company can raise additional capital, or issue convertible debt, after an IPO. This factor needs to be kept very much in mind by any Chinese company that will continue to need capital even after a successful domestic IPO. China Offshore held its 2011 IPO S u m m i t a t t h e l u xu r i o u s b o u t i q u e Sw i s s o te l G ra n d S h a n g h a i 1 8 M ay 2011. Event sponsors discussed at sessions “the best legal and financial practices” in the IPO process for Chinabased companies seeking to list at such primary overseas exchanges as NYSE and NasdaQ, etc. Many of the nearly 160 participants, mainly Chinese entrepreneurs and senior managers,

Summer, 2011 China Offshore

封面故事 | Cover Story

由于一连串会计丑闻所催生的更严厉的法规环境使中国企业在美国资本市场上市的步伐今年注定要放缓。

The pace of Chinese listings in the US capital market is doomed to slow down this year amid tougher regulations in response to a string of accounting scandals.

rigorously questioned the speakers of their specific concerns. The recent 的新鲜领域。 problem in accounting authenticity 对那些最近遭受考验和磨难的中国赴美 that ruined the credibility of the US上市公司来说，有一道希望之光来得非常及 l i s te d C h i n ese com p a n ies wa s on e 时。那就是淘米网的上市和随即的股价上升。 topic at the summit, furthermore, it 淘米网（纽约证券交易所：TAOM）是一家 will become a fresh field for accounts, 开曼群岛注册的中国企业，经营针对儿童的 attorneys and investment bankers to 社交和娱乐网站，拥有一个虚拟的网络世界。 explore. 该公司于 6 月 9 日以每股 9 美元的价格出售 A much needed light of hope for the 了 720 万股美国存托股，筹集了 6470 万美元。 US-listed Chinese companies recently 淘米网上市首日即上涨 24.06%，并且 in trials and tribulations, is the Taomee 于 6 月 10 日（上市的第二天）收盘于 10.21 listing and its ensuing price up. Taomee 美元，而其他中国企业的股价在当日没有停 (NYSE: TAOM), a Cayman-incorporated 止下探的步伐。 Chinese company operating a social 由于美国当局针对一连串会计丑闻而采 networking and entertainment website 取更加严苛的监管规范，中国企业在美国资 for children that features a virtual 本市场的上市步伐注定会在今年出现放缓。 w o r l d , s o l d o n 9 J u n e 7 . 2 m i l l i o n 然而，中国企业并不会因为害怕而停止美国 American Depositary Shares for $9 IPO 的步伐，美国市场对红筹股的信心也不 each, raising US$ 64.7 million. 会因此减弱。眼前最有可能出现的结果是来 Up by 24.06% from its IPO closing 自中国的企业会更进一步地遵守世界上的主 price, Taomee closed at $10.21 on 10 流游戏规则。 June, the day after its IPO, whilst most 题也是峰会的议题之一。不仅如此，它成为了会计师、律师和投资银行家希望深入探讨

Summer, 2011

Chinese companies continued to sink on the same day. The pace of Chinese listings in the US capital market is doomed to slow down this year amid tougher regulations in response to a string of accounting scandals. Nonetheless C h i n e s e c o h o r t s a re n o t s c a re d to discontinue their endeavor for USbased IPOs, nor will the US capital market’s faith in the red chips wane. The most probable imminent outcome is that companies from the Middle Kingdom evolve to be increasingly adherent to the mainstream world’s rules of gaming.

OFFSHORE YACHT 管理您离岸游弋的财富 Wealth Management for Your Luxury Assets Floating Offshore

中国游艇行业的特别报告 A Special Report on China’s Yachting Industry

Spring, 2011

北

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Exclusive report | 独家报道

美是世界上最大的游艇市场（市场占有率为 55.9%）。美国一个国家每年就要生产大约 20000 艘休闲游

艇。那里有大约 1100 家游艇制造商以及超过 50 家公司生产船用引擎以及其他零部件，这些生产活动需要超过 50 万名劳动力。在美国和加拿大，每艘游艇的售价从 15,000 到 50,000 美元不等，而大型豪华游艇的销量只

奢华启航 Sailing Offshore in Extravagance

占总销量的 2.5%。欧洲在世界游艇市场的占有率为 38.4%。法国和英国每年分别制造大约 7900 和 3300 艘游艇。这使他们分别成为了世界第二和第三大游艇生产国。在欧洲销售的主要是大型豪华游艇，但是每艘游艇的平均售价只有 115234 美元。然而，全球三大休闲游艇出口商都在欧洲。法国、英国以及德国在 2010 年分别出口了 4300、2100 和 1900 艘游艇。与中国人的通常认识不同，北美和欧洲人把游艇运动当作一种平民百姓都可以接受的日常娱乐工具，而不是只有超级有钱的人才能买得起的高端奢侈品。在美国 170 万游

中国游艇行业的特别报告 A Special Report on China’s Yachting Industry By James Zhang

艇拥有者中， 80% 拥有的是帆船和售价低于 50,000 美元的小中型游艇。同样，欧洲的游艇拥有者中有 84% 拥有的同样是帆船和售价不超过几万欧元的小中型游艇。在美国和加拿大环绕安大略湖的公路上，随处可见轿车和小货车载着小艇去湖边，享受甲板上阳光所带来的乐趣。全球游艇的市价从几万美元到百万美元不等。超级游艇是专属于精英人群的，然而占据市场主导地位的却是帆船、快艇、皮艇和中小游艇，它们是中产阶级家庭可以负担得起的游艇产品。由于 2008 年金融危机的影响，北美的游艇价格直线下挫。2009 年，美国的游艇平均售价为 27639 美元，这相当于中等大小汽车的价格。美国海事银行家协会称，超过 60% 的游艇购买者选择用贷款进行支付，贷款额度平均为 25000 美元。今年早些时候，萧条的经济以及恶劣的气候对美国传统的销售旺季（即从晚冬到早夏）造成了冲击。美国国家海洋制造商协会表示，游艇销量从 2001 年开始下滑，而今年第一季度更趋严重。5 月（拥有最新数据的月份）的单位销量仍在下降，但是以美元计价的销量出现了上升。6 月的初步数据显示两者都将上升。

orth America is the world’s l a r g e s t ya c h t m a r ke t w i t h a share of 55.9 per cent. T h e U n i ted S t a tes a l on e p rodu ces approximately 20,000 leisure yachts per annum. There are some 1,100 yacht manufactures and more than 50 companies making marine engines and other components for them in the US with a workforce of over 500,000 staff. The unit price of most yachts s o l d i n t h e U S a n d C a n a d a ra n g e s from US$ 15,000 to 50,000, and the unit sales of big luxury yachts only accounts for 2.5% there. The European share of the global yacht market stands at 38.4%. France and the UK manufacture some 7,900 and 3,300 yachts per year, making t h e m re s p e c t ive ly t h e s e c o n d a n d third largest yacht producers in the w o r l d . Ya c h t s s o l d i n E u r o p e a r e

mainly large and luxury ones, but the average unit price stands merely at US$ 115,234. However the world’s three largest leisure yacht exporters all sit in Europe. France, the UK and Germany exported 4,300, 2,100 and 1,900 boats in 2010 respectively. Instead of being a high-end luxury only the wealthy can afford, as usually perceived in China, in North America and Europe yachting is just yet another ordinary day-to-day tool of recreation accessible to commoners. Amongst the 17 million yacht owners in the US, 80% own small & medium yachts, as well as sailboats, costing less than US$ 50,000. Likewise, 84% of the yachts in Europe also fall into the same category, with attainable price tags also serving the middle class. It’s ubiquitous in the US and 2011 OFFSHORE YACHTING

独家报道 | Exclusive report

游艇制造商主要位于中国富裕的沿海城市如上海，深圳，珠海，厦门，青岛。 Yacht manufacturers are primarily situated in China’s affluent coastal cities, such as Shanghai, Shenzhen, Zhuhai, Xiamen and Qingdao.

无论经济情况如何，那些精英派都可以负担得起价值 600 至 4000 万美元的游艇。南佛罗里达海洋工业协会的 Frank Herhold 说，现在有近 500 艘这样的游艇正在建造中，这比 2010 年同比上涨的 70%。掌舵进入中国水域尽管中国的游艇业尚处于起步阶段，但是它在过去的五年内经历了自 1949 年以来最快的发展期，其中的原因是由于国内不断增长的市场需求以及政府的政策支持其进行快速的扩张。在 2006 年至 2010 年的四年间，中国的游艇产业已经从几乎为零发展到了价值约 34 亿美元的市场规模。然而，一些业内人士说，中国的游艇市场可能会在未来的几年快速发展到 2000 亿元人民币（308.6 亿美元）的规模。总部设在美国的 Brunswick 公司是 Boston Whaler 品牌游艇的制造者，该公司预计今年在中国的游艇总销售额将最高增长 25％。游艇的出口额从 2006 年的 1.8 亿美元增长到了 2008 年的 2.6 亿美元。在 2008 年末全球金融危机爆发后，游艇行业失去了这种发展势头。然而，2010 年这种势头又回来了，当年游艇出口额达到了 2.04 亿美元。中国拥有世界上最强的造船能力和壮观的巨大船坞，而中国企业已经渗透到了高端

02 离岸游艇

2011

Canadian highways surrounding Lake Ontario that cars and vans trailing boats head towards the lakeside for t h e o n - b o a rd p l e a s u re u n d e r t h e summer sun. The global prices for yachts vary between tens of thousands of dollars and hundreds of millions of dollars. Super yachts exclusively belonging to the elite give way to the chunk of sailboats, speedboats, leisure kayaks and small & medium yachts that the rich world’s typical middle class families can afford, in market dominance. Since the onset of the 2008 global financial crisis, the yacht prices in North America and Europe have p l u m m e te d . I n 2 0 0 9 , t h e ave ra g e price of a yacht sold in the US was US$ 27,639, similar to that of a midsized car. Over 60% of boat purchases a re p a i d fo r w i t h s o m e b o r rowe d money, said the US Marine Bankers Association, with the average loan around US$ 25,000. Earlier this year, a weak economy

and bad weather in the US hit the t ra d i t i o n a l b uy i n g s e a s o n , wh i c h r u n s f ro m l a te w i n te r t h ro u gh to early summer. The National Marine Manufacturers' Association of America said that unit sales, sliding since 2001, fell further in the first quarter. In May (the latest month reported), unit sales were still off, but dollar sales rose. Preliminary June data shows both rising. One group of yacht buyers sails on smoothly regardless of changes in the economic weather, namely, the elite faction who can afford megayachts costing US$ 6 million to 40 million. Frank Herhold, of the Marine Industries Association of South Florida, said that nearly 500 such boats are currently being built, up by 70% since the previous count in 2010.

Helming into the Chinese Waters Although China's yachting industry is still in its infancy, it has undergone the fastest development since 1949, partly because of the escalating market demand at home and in part due to the government policies in favor of its rapid expansion. In the four year period from 2006 to 2010, China's yacht industry has gone from virtually zero to attaining a market s i z e wo r t h a b o u t U S $ 3 . 4 b i l l i o n . However, some industry insiders say that the yachting market in China could balloon to RMB 200 billion (US$ 30.86 billion) over the next few years. US-based Brunswick Corp, the maker of Boston Whaler fishing boats, said total yacht sales in China could grow by as much as 25 percent this year. Export of yachts increased from US$ 180 million in 2006 to US$ 260 million in 2008. The momentum was lost in 2009 following the outbreak of the global financial crisis in late

凤凰岛是位于在中国海南省三亚市的中心。 Phoenix Islands is located in the center of Sanya City, Hainan Province, China.

的休闲船制造领域。中国大约有 20 家超级游艇（长度超过 80 英尺的船）的制造企业，其中 11 家有外国资金支持。中国的游艇制造业已经跻身世界前十，其超级游艇的生产能力已经达到了世界第六。上海的目标是成为中国最大的游艇生产基地。而距北京 130 公里的直辖市天津正在建设一个价值 90 亿人民币（14 亿美元）的游艇港口，其拥有 750 个泊位，能够停泊长度达到 295 英尺的豪华游艇，这是预计将是中国最大的游艇港口。到目前为止，中国建造的最大游船是长度为 45 米（144 英尺）、拥有钢和铝船体的游艇，该船由香港东海船厂有限公司在广东省中山市的造船厂进行建造，价格近 2700 万美元。中国政府的政策支持是近期中国游艇产业高速稳定增长的主要动力。

2008, but regained its footing in 2010, during which US$ 204 million worth of yachts were exported. Having the world’s largest shipbuilding capacity and spectacular huge docks, Chinese companies have been penetrating into the high-end leisure boat-building sector. Some 20 companies in China, including 11 backed by foreign funding, are mak ing super yachts (boats over 8 0 fe e t i n l e n g t h ) . C h i n a’ s ya c h t manufacturing capacity is amidst the global top ten and its production capacity for super yachts has already been sixth worldwide. Shanghai is aiming at being the largest yacht production base in China, whereas, Tianjin, a municipality 130kms away from Beijing, is building an RMB 9 billion (US$ 1.4 billion) yacht port with 750 berths to accommodate luxury yachts up to 295 feet, which is expected to be China's largest . The largest Chinese-built boat so far is a 45-meter (144-foot), steela n d - a l u m i n u m h u l l ve s s e l u n d e r construction at Hong Kong-based Kingship Marine Ltd.’s shipyard in Zhongshan, Guangdong province, that carries a price tag of nearly US$27 million.

The government policy biased in its favor is the main driving force fo r t h e re c e n t s p e e dy a n d s o u n d development of the Chinese yachting industry. On 1st December 2009, China’s Central Government issued the Opinion on Accelerating the Development of the Tourism Industry. This document, for the first time, stated that the C h i n e s e t o u r i s m i n d u s t r y wo u l d be promoted as a strategic pillar industry of the Chinese economy and a new growth powerhouse. It proposed to cultivate new hotspots of tourism consumption, support emerging tourism economies like cruise vessels and yachts, include the manufacturing of tourism equipment like cruise vessels and yachts into the Catalog of Industries Encouraged by the Central Government and actively support the development of tourism programs by utilizing islands and beaches. Within only one month’s time, on 31st December 2009, the Opinion of the Central Government on Propelling Construction of Hainan as an International Tourism Destination was handed down. The development of Hainan, China’s second-largest offshore island, as an international tourism destination becomes a major priority of the Chinese government. In fact, yachting is

凤凰岛将成为中国首屈一指的游艇港口，并且是世界十大游艇港口之一。该岛会成为私人游艇港口中心。建设工作预计在 2014 年完成。 Phoenix Island will be the top liner harbor in China and one of the top ten in the world. The island will be a center of private yacht ports. Construction work is due to finish in 2014.

2011 OFFSHORE YACHTING

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Exclusive report | 独家报道

独家报道 | Exclusive report 2009 年 12 月 1 日，中国中央政府发表

中国前十大的游艇制造商 Top Ten Chinese Yacht Manufacturers

了关于加快旅游业发展的意见。这份文件首次指出，中国的旅游业将作为中国经济的战略支柱产业和经济增长的新兴龙头产业。文件提出要培育旅游消费的新热点，支持新兴

的旅游经济，比如游轮和快艇。其中包括有中央政府鼓励类产业目录中的游轮和快艇等

旅游设备制造业，以及利用岛屿和海滩积极支持发展旅游项目等措施。仅一个月后，在 2009 年 12 月 31 日，

中央政府就发布了推动海南作为国际旅游目的地建设的意见，旨在把作为中国第二大离

岸岛屿的海南发展成国际旅游目的地，并且将其列入了中国政府的主要优先事项。事实

上，游艇业必定会成为海南旅游业的主要组成部分。“意见”明确提出了一个计划，那就是改善游艇管理措施、创造条件适当扩大

开放水域、为海外游艇停泊海南提供优质的服务、支持海南举办国际帆船赛、积极推动

游艇码头建造以及促进游艇和轻型水上飞机等旅游设备制造业的发展。尽管全球游艇行业受到了从 2008 年底开始的金融危机所带来的不利影响，中国的游艇行业依然取得了快速的增长。英国游艇

品牌 Sunseeker 的亚洲业务主管 Gordon Hui 说：“金融危机对游艇市场造成了影响，但是中国从金融危机中迅速复苏，该国的游艇市场也进一步得以发展，它也撑起了整个亚

珠海江华游艇制造有限公司 Zhuhai Jianghua Marine & Engineering Co., Ltd 东莞市联大玻璃钢船厂 Dongguan City LianDa FRP Shipyard 厦门瀚盛游艇有限公司 Xiamen Hansheng Yacht Building Co., Ltd. 常州玻璃钢造船厂 Changzhou F.R.P Shipyard 无锡东方高速艇发展有限公司 Wuxi Dongfang High Speed Craft Development Co., Ltd. 青岛海特远东游艇有限公司 Qingdao Hatter Yuandong Yacht Co., Ltd 深圳市海斯比船艇科技发展有限公司 Shenzhen Hispeed Boats Tech. &Dev Co., Ltd. 厦门唐荣游艇工业有限公司 Xiamen South Coast Marine Yacht Building Co., Ltd 上海红双喜游艇有限公司 Shanghai Double Happiness Yacht Co., Ltd. 太阳鸟游艇有限公司 Sunbird Yacht Co., Ltd

Source: China International Trade Promotion Council

洲市场。”2009 年，中国游艇市场的价值约为 30 亿美元。在预期年增长率大约为 10% 的情况下，中国的游艇市场将无可争议地成为世界上发展最快的市场之一。由于国内需求的不断增长，这个市场对全球的游艇制造商来说已经变得无比重要。 2008 年，中国有 200 多家游艇制造商，其中有超过 30 家的年收入超过了 1000 万人民币。这些公司主要位于中国富裕的东部沿海城市，比如上海、深圳、珠海、厦门和青岛（见图表 1）。在沿海小康以及拥有丰富内陆水域资源的城市中，游艇行业作为一个蓬勃发展的休闲产业已经引起了商界和政府的注意，两者对游艇行业都有着很高的期望值。官员希望把游艇产业打造成自己城市的品牌和名片。这个行业能够促进当地的投资、产出、就业率和税收等多个方面的增长。而企业家可以抓住该产业链所带来的更多机会，比如游艇的研究、设计、制造和服务、游艇俱乐部管理、游艇相关旅游业务的发展、游艇应急救援以

04 离岸游艇

2011

definitely a main component of tourism in Hainan. The Opinion clearly presents a plan to improve the yachting management measures, create conditions to expand the open waters appropriately, provide quality services for the mooring of overseas yachts in Hainan, support the hosting of international sailboat ra c e s i n H ainan, act ively promote the construction of yacht docks and develop the manufacturing industry for tourism equipments like yachts and light floatplanes. Despite that the global yacht industry was adversely affected by the international financial crisis starting in late 2008, on the reverse, the Chinese yacht industry a c c o m p l i s h e d ra p i d g ro w t h . “ T h e

图表 Chart 1

financial crisis has definitely affected t h e y a c h t s m a r k e t ,” s a i d G o r d o n H u i , H e a d o f A s i a O p e ra t i o n s , U K yacht brand Sunseeker. “But China recovered rapidly from the financial crisis,” Hui added, “and the market for yachts expanded as a result . It has also propped up the whole Asia market .” In 2009, the value of the Chinese yacht market was about US$ 3 billion. With an anticipated annual growth rate of about 10%, the Chinese yacht market is unarguably experiencing the fastest growth and has an unparalleled importance for worldwide yacht manufacturers due to domestic demand for boats. In 2008, there were more than 200 yacht manufacturers in China, of which, over 30 companies each

及船上的人员安排等等。上海、深圳、珠海、厦门、大连和三亚已经将促进游艇业发展作为了当地旅游的支柱产业。青岛和日照因为分别承办了 2008 年奥运会帆船赛和国际帆船赛让它们在宣传和设施建设方面走在了其它城市的前面。中国不缺富人，他们拥有很多钱，以购买豪华游艇为炫耀的资本，这是一种极其昂贵的消遣方式。根据福布斯榜单的中国版—— 胡润百富——2010 年的调查显示，中国有 875000 名百万富翁（金融资产超过 100 万元人民币的人），其中将近一半是打算购买第一艘游艇。英国游艇品牌 Sunseeker 的亚洲业务主管 Gordon Hui 说：“中国计划建造超过 40 个游艇码头，目前已经有 10 多个投入了运营，我预计在不久的将来中国在这方面的消费能力将会是巨大的。” 与北美和欧洲不同，中国的游艇拥有者是那些生活讲究的超级富豪，他们对游艇的需求更多是出于心理上的满足，而非物质上的享受。游艇俱乐部的会员基本就是福布斯富豪榜上的那些人。此外，这些富有的人选

produced revenue in excess of RMB 10 million. These companies are primarily situated in China’s most affluent cities such as Shanghai, Shenzhen, Zhuhai, Xiamen and Qingdao (see Chart 1). Being a booming leisure industry, yachting has grabbed the attention of the local business circle and officialdom alike in a number of comparatively well-off cities having coastal or rich inland water resources. B o t h h ave g r e a t e x p e c t a t i o n s f o r t h e i n d u s t r y. Po l i t i c i a n s h o p e b y publicizing yachting as the brand and name card of their cities, the industry can stimulate local growth with more investment, output, employment and t a x a t i o n . W h e re a s e n t re p re n e u r s yearn for seizing the extensive opportunities that the industry can potentially. This includes the

research, design, manufacturing, yacht club management, yacht-related tourism and on-board personnel, to name a few. Shanghai, Shenzhen, Zhuhai, Xiamen, Dalian and Sanya have spearheaded the promotion of yachts as a backbone industry of local tourism. Qingdao and Rizhao have even gone further in publicity and facility with hosting the 2008 Olympic Sailing Regatta. China is not short of the well-to-do with excessive cash to blow on luxury motor yachts, a singularly expensive pastime. China has 875,000 millionaires (people with financial assets in excess of RMB 10 million) and nearly half of them want to buy a boat, according to a 2010 survey by the Hurun Report, the Chinese version of the Forbes List. “As China has plans for more than 40

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中国前十大的游艇俱乐部 Top Ten Chinese Yacht Clubs 1

三亚鸿洲国际游艇会 Visun International Yacht Club 万科浪骑游艇会 Vanke Longcheer Yacht Club 深圳湾游艇会 Shenzhen Bay Marina Club 五缘湾游艇俱乐部 Wuyuan Bay Yacht Club 香山国际游艇俱乐部 Xiangshan International Yacht Club 无锡太湖山水游艇俱乐部 Wuxi Taihu Shanshui Yacht Club 青岛华航国际航海运动俱乐部 Qingdao Hoch International Sailing Club 青岛银海国际游艇俱乐部 Qingdao Yinhai International Yacht Club 大连金岸游艇俱乐部 Dalian Gold Shore Yachts Club Co., Ltd 大连星海湾国际游艇俱乐部 Dalian Xinghai Bay International Yacht Club

来源：中国国际贸易促进委员会

Source: China International Trade Promotion Council

图表 Chart 2

marinas with more than 10 of them a l re a dy o p e ra t i o n a l , I fo re s e e t h e 艇也是一种身份地位的象征，富人们用它来 consuming power from China will be 炫耀自己在商业上的成功和财富。为了停泊 massive in the near future,” said Gordon 他们的游艇，中国游艇俱乐部的数量在 2010 Hui, Head of Asia Operations, UK yacht 年 8 月已经超过了 100 家（见图表 2）。鉴 brand Sunseeker. 于高昂的会费和年费，这项业务拥有很好的 Unlike yacht owners in North 盈利前景。成为会员需要支付 20 万人民币左 A m e r i c a a n d E u r o p e , C h i n e s e 右的费用。这些富人们想购买的通常是价值 ya c h t s m e n a re t h e s u p e r r i c h b o n 在 600 万至 4000 万美元之间的大型高档游艇。 v i v a n t s w h o s e p r e f e r e n c e o f t h e 登上这些典雅的漂流玩具，你可以找到豪华 y a c h t l i e s m o r e w i t h p s y c h o l o g y 的四柱床、酒柜、按摩浴缸、桑拿房、拥有 than with the material comfort. The 钻石地板的洗手间、镶嵌红宝石和蓝宝石的 names of yachting club memberships 马桶、88 英寸纯平电视机、卡拉 OK 房、卫 c o n c u r w i t h t h o s e o n t h e Fo r b e s 星移动设备以及室内镶入式游泳池等等。许 l i s t . M o re ove r, t h i s f o r t u n a t e f e w 多精致的装饰品没有任何功能，但是它们必 spent cash to procure their yachts, 须被安装在这里。除了作为娱乐和享受的交 they don’t need finance plans. Like 通工具，游艇对富人来说同样也是一个很好 Rolex and Rolls Royce, yachts are yet 的固定资产投资。但是浙江省的一些亿万富 another symbol of status to show off 翁游艇主竟然为了节约油耗在夏天关闭空调， their commercial success and wealth. 这不得不说是一个莫大的讽刺。无论如何根 To m o o r t h e i r ya c h t s , t h e n u m b e r 择现金来购买他们游艇的，他们并不需要制

定贷款计划。与劳力士和劳斯莱斯一样，游

06 离岸游艇

2011

of yacht clubs in China had well o u t n u m b e re d 1 0 0 by Au g u s t 2 0 1 0 (see Chart 2). The trade is lucrative given the exorbitant membership and annual fees. One has to pay around RMB 200,000 to be a member. The typical yachts they want are the large highend mega-yachts costing from US$ 6 million to US$ 40 million. Aboard their elegantly decorated drifting toys you can find four-poster luxurious beds, wine cabinets, hot tubs, saunas, diamond-floored washrooms, rubies and sapphires embedded in toilet bowls, 88-inch flat screen TVs, karaoke rooms and indoor swimming pools. Many fine decorative ornaments have no functions at all other than being status oriented. Apart from being a vehicle of entertainment and pleasure, yachts are a fixed asset investment for the wellto-do. It’s supreme irony to the rest of the world that some billionaire megayacht owners in Zhejiang province even shut down air-conditioning in the summer for fuel economy. This is simply customary practice under the Chinese culture to spend hugely for fixed assets, yet to spare vastly for expenses. Yachting has been considered by most Chinese a luxury that they cannot afford. It is indeed an extravagant e xc l u s iv i t y a c c e s s i b l e o n ly t o t h e e l i t e t h u s f a r. N e ve r t h e l e s s , u n t i l yachting becomes more popular in which the masses can enjoy, can the government’s vision of promoting it as a pillar industry of the economy be fully fulfilled. Ac c o rd i n g to s eve ra l e s t i m a te s by economists, the number of middle-class families in China will reach 100 million by 2015 a n d t h e ave ra g e a s s e t s p e r fa m i ly w i l l b e b eyo n d U S $ 1 0 0 , 0 0 0 . T h i s estimated 100 million middleclass families will potentially fo r m t h e b a c kb o n e o f t h e C h i n e s e

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游艇数量是另一个表明游艇产业蓄势待发的标志。 The number of boat shows is another indication of the momentum gathering in the yacht industry.

据中国的文化习惯，人们通常会花大价钱来投资固定资产，而在使用时却处处节约。很自然的，在中国人眼里游艇一直被认为是负担不起的奢侈品。它通常被认为是只有社会精英才能享受的东西。不过，只有当游艇变成一项群众性的水上运动时，政府才能真正地促进游艇业的发展，使之成为经济的支柱。根据经济学家的估计，中国中产阶级家庭的数量会在 2015 年达到 1 亿户，并且每户家庭的平均资产将超过 10 万美元。这预估的 1 亿中产阶级家庭会成为中国游艇市场的潜在支柱。经济学家还预测，游艇将会成为中国

ya c h t m a r ke t . I t i s a l s o p re d i c t e d that yachting will become a prime option for the Chinese in their da ily entertainment . Yachting will absolutely contribute considerably to China’s tourism industry and boost domestic consumption which the Chinese economy very much needs. The addiction of sailing is fairly contagious, filtering from the super rich to the middle class. It’s t h e g e n e ra l p u b l i c ’ s g e n u i n e w i s h that in the near future, yachting will become a popular leisure activity that most middle-class and ordinary urban white collar workers can afford. The Benefits of Offshore Registration It is common knowledge that a yacht or any vessel must comply with the regulations of the c o u n t r y i n w h i c h i t i s re g i s t e re d . Flying conventional flags often imposes stringent regulations and restrictions on owners and their vessels, therefore yacht owners tend to have their vessels registered

in offshore jurisdictions that offer favorable tax regimes and a lenient legal environment. To s a fe g u a rd i t s ow n e m e rg i n g ya c h t b u i l d i n g i n d u s t r y f r o m t h e muscular big brothers from abroad, imported boats are levied an import duty of at least 43% in China visà-vis a meager rate at 15% for its domestically made watercraft. This duty is waived at almost all offshore re g i s t ra t i o n j u r i s d i c t i o n s . A ya c h t owner shall consult tax counsels before an onshore or offshore registration decision is made. To d a y, m o r e t h a n h a l f o f t h e world’s merchant ships and private yachts are registered under the coined term "flags of convenience," formally referred to as open registries. Although the concept o f f l a g s o f c o nve n i e n c e h a s a l o n g history, the modern concept began in 1919 when the Belen Quezada became the first foreign-owned vessel registered with the Panama registry. If you are a yacht owner, you may 2011 OFFSHORE YACHTING

独家报道 | Exclusive report 人日常娱乐的主要选项。游艇行业将肯定会大大促进中国的旅游业和国内消费，后者对中国的经济发展是至关重要。玩游艇的瘾是相当具有传染性的，会从超级富豪传染到中产阶级。游艇会在不远的将来成为大多数都市白领可以负担得起的一种流行休闲活动。离岸注册的好处我们都知道，游艇或其它船只必须符合注册国的相关规定。悬挂传统旗帜通常会为业主和他们的船只带来严格的规定和限制，因此游艇拥有者倾向于选择在那些能够提供优惠税收制度和宽松法律环境的离岸司法管辖区进行船舶注册登记。为了保护自己新生的游艇建造行业免受国外大品牌的竞争，中国针对进口船只征收的进口关税最低为 43％，而相比之下对本土制造的船舶仅收取 15％的税。几乎所有的离岸登记注册地是免征该税赋的。在决定是进行在岸还是离岸注册时，游艇

flexible crew requirements, etc. One good example is the Red Ensign flag, which offers international recognition, prestige and protection. Ya c h t s r e g i s t e r e d u n d e r t h e R e d Ensign flags, like flags of the BVI, Bermuda or the Isle of Man, are under protection of the once invincible Her Majesty’s Royal Navy and may seek assistance from any of the various British Embassies and C o n s u l a t e s t h ro u g h o u t t h e wo r l d . The glory of the Red Ensign flag can be traced back to as early as 1588, when Her Majesty Elizabeth I’s Royal Navy, captained by pirate Lord Drake, began to formidably dominate the Atlantic Ocean following its triumph over the Spanish Armada in

have noticed that conventional flags atop yacht masts are being gradually displaced with flags of various exotic offshore jurisdictions. The world’s main offshore jurisdictions for registering a yacht under a flag of convenience are Panama, the Marshall Islands, Seychelles, the British Virgin Islands, Malta, Antigua and Barbuda, the Bahamas, the Cayman Islands, Cyprus, Dominica, Hong Kong, the Isle of Man, Singapore and Gibraltar. All allow cutting down significantly on registration costs and taxes. Chart 3 shows a cost comparison of those localities. Some flags may offer additional b e n e f i t s for the yacht ow ners l ike payment of reduced VAT rates, more

私人游艇的初次登记和年费（人民币） Initial Registration and Annual Fees for Private Yachts (RMB) 国家 Country

费用结构 Fee Structure

初始 l ( 最低 ) Initial (min)

初始 ( 最高 ) Initial (max)

年度续费 Annual Renewal

安提瓜和巴布达 Antigua and Barbuda

长度 Length

(< 24m) 150 per m

(> 24m) 6,460 to 17,445

初始费用的 30%

巴哈马 Bahamas

固定 Flat

9,690

n/a

4,520

英属维尔京群岛 BVI

长度 Length

3,880 (< 24m)

4,850 (> 24m)

650 (< 24m) to 1,940 (> 24m)

开曼群岛 Cayman Islands

体积 Volume

2,580 (< 150 GT )

7,750 (> 1,500 GT)

1,940 (150 GT) to 3,780 (1500 GT)

塞浦路斯 Cyprus

体积 Volume

3,920 (min)

2.35 per GT

多米尼加 Dominica

固定 Flat

4,850

n/a

香港 Hong Kong

占地面积 Area

290(<10m )

14,470 (420m )

马恩岛 Isle of Man

固定 Flat

1,680

n/a

1,100

马耳他 Malta

长度 Length

(< 24m) 1,070

(> 24m) 2.3 per GT (min charge 1,740)

1,860 (< 24m) to 6,090 (> 24m)

巴拿马 2 Panama

固定 / 体积 Flat / Volume

9,690

n/a

5,490 (< 500 GRT to 11,630) (> 1,001 GRT)

新加坡 Singapore

固定 Flat

1,030

n/a

260

1.GT = 总吨位

2011

2,750 3,230

2. 免除一年续费 3.GRT = 总注册吨位

来源：上述国家的政府航运登记

08 离岸游艇

1 GT = Gross Tonnage 2 Exempt from Annual Renewal fee for one year 3 GRT = Gross Register Tonnage

Source: government shipping registries at aforesaid countries

图表 Chart 3

a ferocious gunboat fight. O f fs h o re re g i s t ra t i o n o f ya c h t s 艇使用所谓的“方便旗”进行注册，比较 has a higher degree of confidentiality 正式的说法就是“开放登记”。虽然方便 as it is not in the domain of public 旗拥有很悠久的历史，如今的这个概念起 r e c o r d , t h u s i n a c c e s s i b l e t o t h e 源于 1919 年，当时 Belen Quezada 成为 general public. This caters perfectly 了第一艘在巴拿马注册的外商独资船。 to many Asian clients, who are 如果你是一个老道的游艇拥有者，你 inclined to be private rather than be 可能已经注意到各国的传统旗帜正在逐渐 scrutinized. 被离岸司法管辖区的旗帜所取代。 Should a yacht owner prefer not 全球主要的离岸游艇注册地包括巴拿 to d i s c l o s e h i s i d e n t i t y a s a ya c h t 马、马绍尔群岛、塞舌尔、英属维尔京群岛、 proprietor, an offshore structure can 马耳他、安提瓜和巴布达、巴哈马、开曼 be arranged, through which he will 群岛、塞浦路斯、多米尼加、香港、马恩岛、 be the owner of this structure which 新加坡和直布罗陀。所有这些地方都大大 owns his vessel, thereby the yacht 地削减了注册费用和税收。图表 3 提供了 owner’s personal liabilities and risks 这些地方的成本比较。 w o u l d b e s i g n i f i c a n t ly m i t i g a t e d . 一些旗帜可能会给游艇的拥有者带来 B e i n g a l i m i t e d l i a b i l i t y e n t i t y, 主应该征询税务顾问的意见。

如今，全球超过一半的商船和私人游

额外的好处，比如降低增值税税率以及更灵活的船员配置要求等等。一个很好的例

personal exposure for the offshore corporate structure remains within the boundaries of corporate assets, insulated from one’s own personal wealth. Such a solution would allow u s i n g t h e ya c h t p r iva te ly, w i t h o u t owner’s name appearing on official re c o rd s o r d i s c l o s u re o f p e r s o n a l ownership. Ya c h t o w n e r s h a v e n u m e r o u s options for offshore registration. For more information pertinent to legal advice, offshore yacht registration, obtaining the registration certificate a n d i t s re n e wa l , i t i s a dv i s a b l e to contact the forementioned maritime authorities of their respective offshore jurisdictions (see Chart 3).

子就是“米字旗”，它代表着国际认可、信誉和保护。注册在“米字旗”下的船只（包括英属威尔京群岛、百慕大或马恩岛）能够获得曾经辉煌一时的女王陛下的皇家海军的保护，并且可以向全球各地的英国大使馆和领事馆寻求援助。“米字旗”的荣耀历史可以追溯到 1588 年，当时由海盗王德雷克勋爵率领的伊丽莎白一世的皇家海军通过一场惨烈的离弦炮战击败了西班牙无敌舰队，从而在大西洋上称王称霸。离岸游艇登记的保密程度较高，因为它不属于公共记录的领域，因此公众无法进行查阅。这很好地迎合了许多亚洲客户，这些客户希望保有私密性，而不希望接受公开的审查。如果游艇所有者不希望公开其作为游艇业主的身份，那么他可以选择安排一个离岸公司，从而通过它去拥有自己的游艇，这将大大缓解游艇所有者的责任和风险。作为一个有限责任实体，离岸公司的债务风险仅限于企业资产，不会伤及个人的财富。这样的解决方案能够让游艇的使用私人化，但是所有者的名字并不会出现官方记录上，个人也不需要披露游艇的所有权。游艇主在离岸注册的问题上拥有众多的选择。如需获得更多关于法律咨询、离岸游艇注册、获取注册证书和证书更新等方面的信息，最好联系上述游艇离岸注册目的地的海事当局。（见图表 3）

注册于米字旗下的游艇，如英属维尔京群岛，受到英国皇家海军的保护。 Yachts registered under the Red Ensign flags, are under protection of the British Royal Navy.

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海事库克群岛

Maritime Cook Islands 1997 年 7 月 25 日，中华人民共和国政府与库克群岛政府签署了关于建立两国外交关系的联合公报。两国同意建立大使级外交关系。中国人民共和国与库克群岛之间拥有良好的关系。中国驻库克群岛大使徐建国常驻新西兰惠灵顿的中国大使馆。库克群岛一贯坚持“一个中国的政策”。库克群岛珍视与中国之间的良好关系，把保持与中国高层的接触放在了非常优先的位置，确保在广泛领域的合作关系能够带来互惠互利的结果。 2004 年，库克群岛获得了中国政府核准的“旅游目的地国资格”（ADS）。中国对库克群岛的慷慨援助包括通过无偿援助的方式为该国三幢主要大楼的建设提供融资，这三个建筑分别是法院和司法部大楼、国家警察局总部和国家体育场。库克群岛通过太平洋馆参与了 2010 年上海世博会。库克群岛海事局目前正在经营游艇和船舶的公开登记地，为中国的游艇和船舶业主提供使用库克群岛旗进行船只登记的机会。库克群岛海事局的执行董事 Glenn Armstrong 说： “我们在上海任命了一个非常优秀且经验丰富的副局长，她就是周梅女士 (Ms Zhou Mei)。Mei 此前在巴拿马旗登记处工作过，了解所有关于帮助中国船主在国际注册地进行登记的业务流程。Mei 经过库克群岛登记地的完全授权，可以从事船舶和游艇的登记和认证工作。她能够在同一时区以相同的语言与中国船主进行交流，并且帮助他们完成我们这里简单且完备的流程。她拥有足够的权力来签发库克群岛认证证书、知会信和豁免权。”Glenn Armstrong 说： “我们知道船主是我们的顾客，我们需要关心他们的需求。我们知道时间就是金钱，我们希望做到迅速、准确和高效。我们希望让这些船只都符合规范，并且能够顺利地航行。” 库克群岛试图让登记流程变得尽可能快速、简单和高效。登记文件和贷款记录流程简单且完备，给予客户极大的方便，并且确保船舶登记符合规范，船主和抵押权人的利益得到保护。库克群岛是国际海事组织的成员国以及国际海事组织所有主要公约的缔约国。库克群岛海事局确保在库克群岛注册的船舶符合国际海事组织制定的公约、法规以及规则，不会由于悬挂的旗帜而成为港口国管制的目标。除了国际海事组织公约 ( 库克群岛是其中的一部分 ) 的规定以外，库克群岛对船主没有任何额外的要求。库克群岛对海员的国籍没有要求。库克群岛离岸司法管辖地已经有超过 25 年的历史，其大部分离岸法规被其它离岸目的地仿效。在岛上维护和管理公司非常容易。库克群岛没有纳税的要求，在库克群岛注册的船舶和游艇的业主也无需就退税进行相关的申报。

Summer, 2011

On 25 July 1997, the Government of the People's Republic of China and the Government of the Cook Islands signed the joint communiqué on the establishment of diplomatic relations between the two countries, according to which the two countries agreed to establish diplomatic relations at ambassadorial level. Excellent relations exist between the Peoples Republic of China and the Cook Islands. The Chinese ambassador to the Cook Islands, Xu Jianguo is based in the Chinese Embassy in Wellington – New Zealand. The Cook Islands has consistently stuck to the “one China policy”. The Cook Islands values its excellent relationship with China, and places a high priority on maintaining high-level contact with China to ensue that cooperative relations in wide ranging fields will bring about mutually beneficial results. Cook Islands received “approved destination status” (ADS) from the Government of China in 2004. China's generosity to the Cook Islands has included the financing through grant assistance of the construction of three major buildings - the Courthouse and Justice Department, the National Police Headquarters and the National Sports Stadium.

The Cook Islands participated in the Pacific Pavilion at the 2010 Shanghai World Expo. Maritime Cook Islands operates an open register for yachts and ships and is now offering Chinese yacht and ship owners the opportunity to register their vessels on the Cook Islands Flag. “We have appointed a very good and experienced deputy Registrar in Shanghai in the person of Mei Zhou. Mei has previously worked with the Panama Flag and knows everything there is to know about registering Chinese owned ships on an international register.”Said Glenn Armstrong, Managing Director of Maritime Cook Islands. “Mei is fully authorized to register and certify ships and yachts on the Cook Islands Register. She will deal with Chinese ship owners in their own language and in their own time zone and will guide them through our simple yet thorough procedures. She has full authority to issue Cook Islands Certificates, Acknowledgement Letters and exemptions.” “We understand that ship owners are our customers and that we need to look after them. We understand that time is money – we aim to be fast, accurate and efficient. We aim to keep ships compliant and to keep them moving.” Says Glenn Armstrong Cook Islands has tried to make registration on the flag as quick, simple and efficient as possible. Registration documentation and mortgage recording

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procedures are simple yet comprehensive, making it as user friendly as possible, whilst ensuring that vessels are compliant and owners and mortgagees’ interests are protected. Cook Islands is an IMO Member State and is party to all major IMO Conventions. Maritime Cook Islands ensures that ships registered in Cook Islands comply with IMO Conventions, Codes and Rules and will not be targeted by Port State Control because of the Flag.

Cook Islands does not impose additional requirements on shipowners beyond the requirements of the IMO conventions to which Cook Islands is party. There are no requirements regarding nationality of crew. The Cook Islands Offshore Jurisdiction has been established for over 25 years and much of our offshore legislation is the model on which others are based. Corporations are easy to maintain and administer. There is no Cook Islands tax to pay and no tax returns are required to be filed by the owners of Cook Isalnds registered Ships and Yachts. 联系人 Contact : 周梅女士 Mei Zhou 电话 Phone: +86 21 6508 0062 手机 Mobile: +86 1376 147 2321

电子邮件 email: shanghai@maritimecookislands.com

www.maritimecookislands.com

Summer, 2011 China Offshore

独家报道 | Exclusive report

巴

哈马是世界上主要的离岸游艇注册地之一，在中国香港设有代表处，推介其非常具竞争力的离岸

游艇注册业务。《中国离岸》杂志最近采访了巴哈马海事局区域总监 -- 热情好客

专访巴哈马海事局区域总监 Malcolm Keast

的 Malcolm Keast 先生，现在同大家一起分享这位行业元老的观点与愿景。问：巴哈马海事局（BMA）目前能够中国的客户提供什么样的服务？答：我们通过在香港的办事处提供全面的注册服务。其中包括海员认证、海员记录册和抵押登记。我们在当地的督察能够帮助船东改善船舶的运作情况，以及处理船舶遇到港口国管制的问题。经过我们认可的组织机构遍布所有的主要港口，能够进行法定检验并且出具我们自己的认证。这些组织机构都是直接向巴哈马海事局报告的。通过巴哈马海事局官方认可的督察，客户能够让我们直接参与船舶交付仪式（和订单完成仪式），并且获得原始的登记文件。这将确保船舶登记没有不必要的延误，让船只在交付后即能够开始航行。问：为什么你们要从事为中国客户提供船舶离岸登记的业务？哪些类型的船只可以在贵司法管辖区内进行注册？答：作为一个国际性的开放注册地，我们向全球的客户提供服务。当然，我们在国际业务中有很大一部分是着眼于中国航运的各个领域的，我们认为进入这个令人兴奋的市场对巴哈马海事局来说是一件很自然的事情。我们觉得这对巴哈马海事局和中国航运业来说是项互惠互利的合作。对普通的船舶和“负载线”长度大于等于 12 米的游艇来说，巴哈马没有所有权方面的要求，也没有国籍、居住地或者公司注册方面的限制和条件。问：对那些希望进行登记的中国人来说，手续有多精简？登记从开始到结束需要多久？答：无论国籍如何，对所有的业主来说，与巴哈马进行船舶注册的过程很简单。主要有三项申请类别：（1）新船（直接从船厂交付）；（2）现有船舶（从以前的登记者那里转让）;（3）在建船舶（龙骨铺设和船舶建造正在完成的过程中）。一旦所需的文件进入处理程序，船只的登记可能

Summer, 2011

Q&A with Malcolm Keast, Regional Director, Bahamas Maritime Authority

Q&A

ahamas is one of the world’s premier offshore yacht registration jurisdictions with an established representative office in the Hong Kong SAR to promote its very tempting offshore registration services. China Offshore recently interviewed Mr. Malcolm Keast, the hospitable Regional Director of Bahamas Maritime Authority, and is delighted to share the insights and visions of the industry veteran.

Q: What services are the Bahamas Maritime Authority (BMA) currently rendering to clients in China? A: We offer full registration services through our Hong Kong office. This includes Seafarer's endorsements, Seaman’s record books and mortgage registration. Our local inspectors are on hand to help our ship-owners identify where improvements can be made to the ship's operation and to attend where difficulties are encountered with Port State Control. Our recognized organizations are present in all major ports, carrying out statutory survey and certification on our behalf. They are directly accountable to the BMA. Through our Authorized BMA Inspectors, clients may have our physical presence at vessel delivery meetings (and

documentary closing meetings) and also receive original registration documents. This will assist to ensure there are no undue delays to a vessel’s registration with us or physical departure following delivery.

Q: Why do you do offshore registration of vessels for Chinese clients? What kinds of vessels can be registered in your jurisdictions? A: As an international open registry, we offer our services to clients worldwide. There has of course been a massive international focus on all aspects of shipping in China, and we have identified that expansion into this exciting market will be a natural progression for the BMA. We think that this will result in a mutually beneficial partnership for both the BMA and Chinese shipping interests. There are no ownership requirements, limitations or conditions of nationality, residence or company incorporation for ships in general or for yachts of 12m or more “Load Line” length. Q: How streamlined is the process for Chinese who want to register? How long does the registration process take from start to finish? A: Registration of a ship with the

只需要一个小时就能完成。问：目前你们在大中国地区开展业务吗？答：我们在北京拥有大使馆，在香港开设了办公室，并且在当地任命了巴哈马海事局的督察。正如我们所指出的那样，经我们认可的组织机构遍布各地，能够为在我们这里登记的船只提供完整的法定服务。问：相比其他的离岸司法管辖区，巴哈马的优势在哪里？答：如果你仔细看下巴哈马海事局的标识，你就会发现“进步、荣誉、服务”的口号。这些词语就是巴哈马海事局的特征，使之获得了目前的世界级地位。我们的客户很欣赏我们在船舶登记领域所提供的快速服务以及能够帮助他们解决船舶遇到的问题。我们强大的技术能力让我们能够任何类型的船只所可能遇到的运行问题。我们提供 24 小时紧急服务，当办公室休息或者无法提供服务时，我们能够及时做出响应。我们拥有一个活跃的船东协会组织，而巴哈马在国际海事组织中也扮演着积极的角色。因此，就参与监管领域的活动而言，我们能够采取切实、符合逻辑的立场。作为一个开放注册地，我们接受所有国籍的船舶业主。我们的注册过程是快速、简单，给予用户方便。如有需要，我们同样提供其它国旗的双重 / 光船登记服务。我们的收费是非常具有竞争力的，目前

Bahamas is simple to achieve for all owners, regardless of nationality. There are mainly three (3) categories of an applicant: (1) New Ships (delivered directly from the shipyard); (2) Existing Ships (from a previous register); and (3) Ships Being Built (keel laid and ship in process of being completed). Once the required documents have been processed, the registration of a vessel may be completed within one (1) hour.

Q: Do you currently have a presence in the Greater China Area? A: We have a presence through our Embassy in Beijing, our office in Hong Kong, and our appointed local BMA inspectors. As we have stated, our recognized organizations are all widely available to offer a full range of statutory services to our registered ships. Q : What advantages does the Bahamas have over the other offshore registration jurisdictions? A: If you take a look at the BMA crest, you will see the motto “Progress, Honour, Service”. These are the attributes which characterize the BMA and have propelled it to its current world class status.

Our clients appreciate our prompt service regarding registration matters and also to address problems that they encounter with their ships. Our strong technical competence enables us to appreciate the operational problems that owners may encounter for any ship type. We offer a 24-hour emergency service, being available to respond when offices are closed or unavailable. We have an active Ship-owner's Association and the Bahamas is very active at IMO. Consequently we are able to take a practical and logical stance when taking part in the regulatory arena. As an open register, we accept all nationalities of ownership; our registration process is quick, easy and user-friendly, and we also allow dual/bareboat registrations with other flag states (if required). Our fees are very competitive and the initial registration fee is currently waived. Q: How many yachts are currently registered under the Bahamas flag? A: Our records show that there are thirtyseven (37) yachts registered, between 12.5m and 6,500 GT. A : How long has the BMA been in operation?

Summer, 2011 China Offshore

OFFSHOREYACHTING REGISTRATION REPORT

Exclusive report | 独家报道

独家报道 | Exclusive report

我们免收初始登记费。问：目前注册悬挂巴哈马旗的游艇有多少艘？有多少是归中国人所有的 ? 答：我们的记录显示，目前有三十七艘游艇登在案，在 12.5 米和 6500 吨之间。问：巴哈马海事局已经运作多少年了？答：35 年前，也就是 1976 年 12 月，巴哈马开始成为公开登记地、巴哈马海事局于 1995 年成立，负责管理日益壮大的船队和业主队伍，这些业主也希望能够分享这个注册地的成功。问：你们去年在香港开设的办公室。就游艇和船舶登记而言，你们对香港和中国大陆的市场有着什么样的看法？答：来自中国大陆的业主数量增长强劲。我们认为香港 / 中国大陆市场仍然有发展潜力，在香港建立办公室让我们能够抓住游艇和船舶登记行业的发展所带来的机遇。我们一直很高兴能够受到众多香港航运相关企业和组织的友好接待。问：发展中国家会不会在未来成为巴哈马海事局重点关注的市场？答：巴哈马始终走在航运领域的前列。我们在对所有类型船只进行创新设计和安排方面

游艇承载着全球最有价值的东西：地球上最有权势和财富的人的家属和子女。 Yachts carry arguably the most valuable cargo of any ship trading worldwide: They carry the families and children of the most wealthy and powerful people on the planet.

拥有长期的经验，这让我们成为那些考虑开展新项目的业主的首选地。问：就亚洲市场而言，巴哈马海事局希望针对哪种类型的船舶 / 游艇开展业务？答：我们在所有类型的船舶登记上都拥有丰富的经验，我们欢迎各种类型的船只来这里注册。问：游艇所有者为什么要选择在离岸注册他们的游艇？答：我们目前运作的是一个简单、透明的注册体系。我们的游艇代码是基于国际公认标准的。我们的调研、认证和检验制度是由了解游艇和更为广泛的游艇产业的专业人士来执行的。全球主要的金融家们都认可我们能够确保他们资产的安全。此外，我们的费率非常具有竞争力，我们还允许双重 / 光船登记。问：在为亚洲（中国）客户登记船只时，你们最常遇到的挑战是什么？答：有些人认为巴哈马的“质量”品牌意味

Summer, 2011

A: Thirty-five (35) years ago, in December 1976, the Registry began as an open register. The BMA was subsequently formed in 1995 to manage the fast expanding fleet of ships and owners who wished to join in the success of the registry.

Q : S i n c e o p e n i n g yo u r o f f i c e i n Hong Kong last year, what has your perception been of the China / Hong Ko n g m a rke t f o r ya c h t a nd s h i p registration? A: The influx of owners from the Chinese mainland is very vibrant. We see there is still potential for growth in China / Hong Kong and having an office in Hong Kong will enable us to capture some of the growth in yacht and ship registration. We have been very pleased with

the friendly reception we have received from the wide range of shipping related companies and organisations here in Hong Kong. Q: Are developing markets going to be a major focus of Bahamas Maritime Authority going forward? A: The Bahamas is always at the forefront of shipping. Our long experience of novel design and arrangements for all ship types makes us a first stop for any owner who is contemplating a new project. Q: What kinds of ships/yachts is BMA targeting in the Asian market? A: We are experienced with all types of ship and yacht and all are welcome to register. Q: Why would a yacht owner want to

着我们采取了比其它地区更高的标准。其实事实远非如此。巴哈马采取的是国际海事组织和国际劳工组织的书面标准，除此之外我们几乎没有其它的要求。我们在品质方面的声誉得益于不断有效地与我们的船主进行合作，推动这些基本标准的实行。我们不会盲目地进行监管。相反，我们会与业主一起努力，帮助他们符合真正的国际标准。就游艇而言，我们被问及的问题是：“我们到底与多灵活？”我们是切实和务实的。游艇搭载的是全球各种船只上最为宝贵的货物：它们搭载的是这个星球上最富有和最强大的人物、以及他们的家属和子女。他们是国家和跨国行业的领导人。我们需要采用可行的安全、建设和运作标准，才能符合这些重要人物的身份。我们拥有多重文化背景的客户群，我们能够在登记流程上为客户提供建议，确保所有国籍的客户都能够流畅地完成交易。问：对那些希望将游艇 / 船舶进行离岸登记并且同时希望保护隐私和财产的中国人来说，巴哈马能够为他 / 她提供什么？

register their yacht offshore? A: We run a simplified, transparent system of registration. Our Yacht Code is based on an internationally accepted standard. Our survey, certification and inspection regime is implemented by dedicated people who understand yachts and the wider yachting industry. Major financiers recognize that we ensure that their assets are maintained. In addition, there are competitive fees and dual/ bareboat registration is allowed.

Q: What is the most common challenge you face when registering a vessel for an Asian (Chinese) client? A: There is a perception that the Bahamas “Quality” branding means that we apply high standards, higher than others. Nothing is further from the truth. BMA applies IMO and ILO standards as written and have little or no other requirements.

Our reputation for quality has been achieved by consistently and effectively promoting those regular standards with our ship-owners. We do not blindly regulate. Instead we work with owners to help them achieve what are actually international standards for compliance. Regarding yachts, we receive questions saying “How flexible are we?” We are practical and pragmatic. Yachts carry arguably the most valuable cargo of any ship trading worldwide: They carry the families and children of the most wealthy and powerful people on the planet. They are the leaders of nations and multinational companies. We apply sensible workable safety, construction and operating standards that benefits such important and valuable people. We have a multi-cultural client portfolio and we are able to advise clients on the registration procedures

Summer, 2011 China Offshore

OFFSHOREYACHTING REGISTRATION REPORT

Exclusive report | 独家报道

独家报道 | Exclusive report

答：巴哈马完全认识到了业主所关心的保密性问题。巴哈马当局会进行严格的检查，确保信息仅被传递到那些授权获得的人那里，并且只有与之相关的信息才会予以披露。巴哈马拥有安全的金融服务行业、稳定的民主政府和健全的法律制度。业主可以注册一家国际商业公司（IBC）。该公司可以被用来作为船舶的所有者，仅此信息会被记录在我们的档案里。问：当船舶 / 游艇在巴哈马进行注册后，它进入中国大陆 / 香港水域或者试图在大陆和香港进行靠岸时，会遇到哪些潜在的挑战？答：目前，中国和巴哈马之间有一个海运方面的协定 – 它“旨在发展两国之间的友好关系，在平等互利、航行自由和非歧视性的原则下，增强和扩大在海事方面的合作。” 与在国际海事组织 / 联合国其它成员国注册的船舶或游艇相比，巴哈马注册的船只所遇到的挑战基本没有什么不同。事实上，作为一个港口国控制并不特别针对的国家，相比使用其它国旗的船舶所有者来说，我们的业主所面临的挑战要更小。

Summer, 2011

and ensure a smooth transaction with all nationalities.

Q: For a Chinese owner who wants to register his yacht/ship offshore, and wants to also protect his privacy and assets, what can the Bahamas offer him/her? A: The Bahamas fully appreciates the confidentiality issues that concern owners. Stringent checks are made to ensure that information is imparted only to those entitled to it, and only the relevant information may be disclosed. The Bahamas has a secure financial services industry, stable democratic government and sound legal system. A n o w n e r m ay i n c o r p o r a t e a n International Business Company (IBC). The company may be registered as owner of the vessel and only this information will be recorded on our records.

Q: Once a ship/yacht has been registered in the Bahamas, what are the potential challenges that the ship could face when entering Chinese/Hong Kong waters or attempting to port in China/Hong Kong? A: There is currently a China/Bahamas Shipping Agreement in place – “for the development of friendly relations between the two countries and the strengthening and widening of maritime cooperation; and in accordance with the principles of equality and mutual benefit, freedom of navigation and nondiscrimination”. There are no particular challenges different from any other ship or yacht that is registered with any other member state of the IMO/UN. In fact, with our position as a non-targeted flag for port state control, there are fewer challenges for all of our owners than many other flag states.

LuXURY OFFSHORE | 特刊

YACHTING REPORT

Summer, 2011 China Offshore

Summer, 2011

聚焦 | Spotlight Barbados

巴巴多斯加勒比地区的离岸金融服务大佬 Barbados, A Caribbean Offshore Financial Services Stalwart

By James Zhang

岛

国巴巴多斯的面积为 431 平方公里，拥有大约 28 万人口。自从 1966 年从英国殖民统治中独立以

来，该国已经成功地从一个依赖于甘蔗种植的低收入经济体转型成为依赖于离岸金融服务和旅游业的多元化中等收入偏上的经济体。离岸金融服务业、外商直接投资和旅游是该国经济发展的螺旋桨。这些转变都是至少部分归因于巴巴多斯政府所采取的措施，这些措施旨在将该国转变为一个以服务为导向的经济体以及加勒比地区的区域金融中心。离岸金融服务和信息产业是巴巴多斯的重要支柱产业，该国同样拥有轻工业，但是其重要性正在逐步减弱。自从上世纪 90 年代以来，巴巴多斯政府一直被认为对企业采取友好的政策，并且在财务上保持稳健。它看起来正在不断努力，希望能够吸引更多的外商直接投资。巴巴多斯政府鼓励在金融服务、信息业、电子商务、旅游、教育、健康服务以及未来文化服务方面的投资。从巴巴多斯的增长速

ince its independence from the British colonial rule in 1966, the island nation of Barbados with a size of 431 square kilometers and a population of some 280,000, has successfully transformed itself from a low-income economy dependent upon sugarcane cultivation, into a diversified upper-middle-income one reliant on offshore financial services and the tourism sectors. The offshore financial service sector, foreign direct-investment and tourism are the propellers of the economy. These are attributable at least in part to the Barbadian government’s initiatives to evolve the nation into a service-driven economy and a regional financial hub for the Caribbean. Offshore finance and informatics are the nation’s important pillar industries, and there is also a light manufacturing sector whose importance is waning. Since

the 1990s the Barbadian government has been seen as business-friendly and financially sound. Its efforts to woo direct foreign investment seem to be incessant. The Barbados government is in favor of the investment in financial services, informatics, e-commerce, to u r i s m , educational and health services, and cultural services for the future. Judging by Barbados’ pace of growth, it is supposed to become the world's smallest developed country by around 2025 at the latest. In May 1972 Barbados formed its own Central Bank, breaking off from the East Caribbean Currency Authority. By 1975 the Barbadian dollar was pegged constantly to an exchange rate with US$ 1 against BDS$ 1.98. This move helped stabilize the tiny island’s currency and weeded out the risks for the Barbadian exporters by locking the rate for which Summer, 2011 China Offshore

聚焦 | Spotlight Barbados

巴巴多斯国家英雄广场的 Nelson 勋爵像 Statute of Lord Nelson in National Heroes Square, Barbados.

度来看，它应该最晚大约在 2025 年能够成为全球最小的发达国家。 1972 年 5 月，巴巴多斯从东加勒比货币管理局中脱离出来，建立了自己的中央银行。截至 1975 年，巴巴多斯元一直与美元保持恒定的汇率，为 1 美元兑换 1.98 巴巴多斯元。此举有助于稳定小岛的货币体系，并且帮助巴巴多斯的出口商锁定出售美元换取巴巴多斯元的汇率，从而帮助他们消除相关的风险。巴巴多斯拥有加勒比地区第三大的证券交易所。证券交易所的管理人员正在研究是否需要将本地的交易所提升为一个拥有国际性证券市场的企业。巴巴多斯计划在 2011 年设立国际股票交易所和国际交易平台。巴巴多斯正雄心勃勃地追求自己的目标，希望成为加勒比地区的区域性金融中心。

they sell US$ for BDS$. B a rb a d o s h a s t h e t h i rd l a rg e s t stock exchange in the Caribbean region. Executives at the stock exchange are studying the possibility of augmenting the local exchange with an International Securities Market venture. As a result, Barbados will be launching an international Stock exchange and international trading platform in 2011. Barbados is ambitiously pursuing its goal to be the Caribbean regional financial center. The traditional trading partners of Barbados include Canada, as of 2003 the island saw from Canada CA$ 25 billion in investment holdings, placing it as one of Canada's top five destinations for foreign direct investment, the United States, the United Kingdom and the Caribbean Community, especially Trinidad and Tobago. The European Union is presently assisting Barbados with a €10 million p ro g ra m o f m o d e r n i z a t i o n o f t h e country's financial services and international business sectors. As one of the founding members, B a r b a d o s j o i n e d t h e Wo r l d Tra d e Organization on 1 January 1995. Following its accession into the WTO, the Government of Barbados vigorously tried to make the Barbados economy fully WTO compliant.

In 1999-2000 the OECD blacklist was circulated with Barbados listed in error. The negative fallout deterred new investment into Barbados’ offshore sector for nearly 2 years. However the Barbadian government acted swiftly to verify that Barbados’ economy was sufficiently regulated to ward off financial criminal activity and improprieties and that it was not a tax haven as charged, but instead a low-tax regime in favor of investors. The government of Barbados further amended legislation to transform the Barbados economy into one which fosters investment. In 1997 Barbados implemented a general taxation which covers most items. Known as the Value-Added Tax (VAT), it covers almost all items at a 15% tax rate and a 7.5% for hotel accommodations. The island continues to wean off of taxes outside of the VAT system. This has steadily grown with the island heading for a possible rate of 0% taxation in all other areas. So as to remove double taxation on companies that operate in Barbados where at times is considered an expensive place to conduct business, Barbados has inked bilateral tax treaties with more than a score of countries, amongst which are, the United States, the United Kingdom, Canada, Switzerland, Sweden, Norway,

巴巴多斯进口 - 伙伴国 Barbados Imports - Partners

巴巴多斯传统的贸易伙伴包括加拿大。

英国 4.4% UK

截至 2003 年，该岛上来自加拿大的投资控股总额为 250 亿加拿大元，使之成为加拿大

哥伦比亚 5.2% Colombia

外商直接投资的五大投资目的地之一。巴巴多斯其它的贸易伙伴还有美国、英国和加勒比国家，特别是特立尼达和多巴哥。

美国 28.3% US

中国 6.4% China

欧盟目前正在协助巴巴多斯开展一项价值为一千万欧元的项目，旨在对该国的金融服务和国际商业领域进行现代化改革。

特立尼达和多巴哥 28.9% Trinidad and Tobago

作为创始成员之一，巴巴多斯于 1995 年 1 月 1 日加入了世界贸易组织。在其加入世贸组织以后，巴巴多斯政府不懈地努力，力图让巴巴多斯的经济体完全符合世贸组织

Summer, 2011

资料来源：中央情报局 Source: CIA

聚焦 | Spotlight Barbados

所制定的规则。

巴巴多斯三大产业的 GDP 占比 Barbados GDP by Sector

1999-2000 年度的经合组织黑名单错误地将巴巴多斯列入其中。此举的负面影

工业 16.0% Industry

响在随后大约两年的时间内减缓了新投资进入巴巴多斯离岸业的脚步。然而，巴巴多斯政府迅速地采取了行动，证明了巴巴

农业 6.0% Agriculture

多斯经济拥有良好的监管，足够能够抵御金融犯罪活动和不正当的行为。该国表明了自己并不是一个避税天堂，而是一个低税率、受投资者青睐的国度。巴巴多斯政

服务业 78.0% Services

府进一步修订了法律，将巴巴多斯转变成为了一个促进投资的经济体。 1997 年，巴巴多斯实施了涉及大部分项目的普通税收措施。其中，几乎所有项目的增值税（VAT）为 15%，而酒店业的税率为 7.5%。巴巴多斯继续脱离于外来增值税体系的约束，这让该岛在所有领域实现 0% 税率的道路上稳步地前进。巴巴多斯有时会被认为是一个经商成本很高的地方。为了消除对在巴巴多斯运营的企业的双重征税，巴巴多斯与 20 多个国家签署了双边税务条约，其中包括美国、英国、加拿大、瑞士、瑞典、挪威、芬兰以及中国。这些条约中的绝大多数符合国际标准及经合组织的技术规范。并且巴巴多斯目前正在营建加勒比海地区最大的避免双重征税条约网络。自从 20 世纪 90 年代后期以来，许多海外公司开始对巴巴多斯离岸金融业产生兴趣，这使得该行业逐步取代蔗糖业成为该国主要的新兴“摇钱树”。巴巴多斯的离岸金融服务业拥有 47 家离岸银行以及上百家保险和投资公司，它们均服务于海外客户。根据估计，这些金融活动将在 2011 年赢得价值 15 亿巴巴多斯元的外汇收入。2008 年，大约有 15000 人受

资料来源：国际贸易中心、中央情报局、TaxRates.cc Sources: International Trade Centre, CIA, TaxRates.cc

Finland, and last but not the least, China. Most of these treaties are compliant with the international standards and technical re c o m m e n d a t i o n s f ro m t h e O E C D. Furthermore Barbados is currently weaving the largest double taxation treaty network in the Caribbean region. Since the late 1990s many overseas companies started to become interested in Barbados’ offshore finance sector, and it gradually took over sugar as the new chief money maker for the nation. The offshore financial services sector has in its munitions 47 offshore banks, as well as hundreds of insurance and investment companies, all catering to overseas clients. Figures are estimated that these financial activities will have earned BDS$ 1.5 billion in foreign earnings in 2011. In 2008, approximately

巴巴多斯以千美元计

Barbados in thousands of USD

聘于该国的银行和保险部门。自从 20 世纪 60 年代以来，旅游业一直是巴巴多斯重要的经济领域。该国至少有 10％的劳动人口（约 14000 人）受雇于该行业。2009 年，信息行业聘用的人数大约为 5700 人。从 20 世纪 80 年代以来，该岛一直从事数据处理业务，目前特别专长于数据库管理和保险索赔处理等领域。巴巴多斯的成本要高于其它加勒比国家（虽然也只有美国成本的一半），但是该岛能够提供强大的优势，比如有文化、讲英语的劳动力，以及与美国东部地区处于同一时区。

15,000 people were employed in the banking and insurance sector. Tourism has been Barbados’ crucial economic activity since the 1960s. At least 10 percent of the workforce (some 14,000 people) is employed in this sector. Informatics employed almost 5,700 workers in 2009. The island has been involved in data processing since the 1980s and now specializes in operations such as database management and insurance claims processing. Costs in Barbados are higher than elsewhere in the Caribbean (although still only half of costs in the United States), but the island offers strong advantages such as a literate English-speaking workforce and location in the same time zone as the eastern United States.

从中国进口额 Imports from China 向中国出口额 Exports to China 2010 国内生产总值 GDP (2010) 人均 GDP GDP per capita IBC 公司税率 Corporate IBC Tax Rate

57,796 2,463 3,963,000 21.8 1 - 2.5%

资料来源：国际贸易中心、中央情报局、 Sources: International Trade Centre, CIA, TaxRates.cc

Summer, 2011 China Offshore

聚焦 | Spotlight Barbados

为离岸客户服务的巴巴多斯银行业 Barbadian Banks That Stand for Clients From Afar By James Zhang

自

从 20 世纪 90 年代后期开始，离岸金融业就一直是巴巴多斯的支柱产业，巴巴多斯银行及相关服务

的规模和范围也同样实现了大幅的增长。巴巴多斯 431 平方公里的土地上拥有 47 家离岸银行和几百家信托、保险和咨询服务提供商，这些机构绝大多数的客户来自海外。 2000 年 7 月，巴巴多斯和中国政府达成了一项旨在避免双重征税的协定，随后中国在这个加勒比国家的投资出现了激增。六月下旬，巴巴多斯总理 Freundel Stuart 访问了中国，在北京和上海稍作停留。此举让这两个国家之间的经贸关系变得更为紧密，并且吸引了更多来自中国的投资进入巴巴多斯。巴巴多斯的金融从业者很愿意为中国投资者提供服务，一些银行甚至提供广东话的客户服务。在所有一流的银行中，有 7 家是特别值得一提的。其中有一半是由加勒比投资者所拥有的，而其余的是总部设在加拿大的成熟金融机构的本地分支。每家银行都在全岛各地拥有分支机构，提供一系列传统的个人和商业银行服务，并且设有自动柜员机（ATM）为客户提供便利。这些银行接受所有主要的国际信用卡。

Summer, 2011

ince the offshore finance sector had become a backbone industry for Barbados’ economy in the late 1990s, the magnitude and spectra of Barbadian banking and related services have been expanding immensely. The overwhelming majority of the clientele of Barbados’ 47 offshore banks plus hundreds of trust, insurance and consulting service providers sitting on an island of 431 square kilometers, is overseas. Barbadian and Chinese governments came into an agreement in July 2000 to avo i d d o u b l e t a xa t i o n , C h i n e s e investments in the Caribbean nation has surged henceforth. Barbadian Prime Minister Freundel Stuart visited China with stopovers in Beijing and Shanghai in late June to cement a closer economic partnership between the two nations and solicit for more Chinese investments to channel into his nation. Barbadian financiers are delighted to be at the service of Chinese investors and a few banks offer customer services in the

Cantonese dialect. Amongst all these superb players, seven are particularly noteworthy. Half of them are Caribbean-owned and the rest are divisions of well established Canadaheadquartered financial institutions. Each bank has branches across the island, offering an array of typical personal and commercial banking services, and a host of Automated Teller Machines (ATMs) for added convenience. The banks accept all major international credit cards. Established in 1978 by an Act of Parliament, Barbados National Bank is the island’s oldest local commercial bank.

聚焦 | Spotlight Barbados

1978 年，巴巴多斯议会通过了一项法令，成立了巴巴多斯国家银行（Barbados National Bank），这是该岛历史最为悠久的本土商业银行。在成立以后，该银行收购了美国银行（Bank of America）位于布里奇顿的本土分支机构。 Butterfield Bank (Barbados) Limited 的总部位于巴巴多斯首都布里奇顿，在商业中心和郊区拥有另外三家分支机构。该银行的员工数量为 125 人左右。Butterfield Bank of Barbados 既提供传统银行服务，也开展

Ages after its inception, it acquired the assets of the then local Bank of America branch in Bridgetown. Butterfield Bank (Barbados) Limited is headquartered in the capital, Bridgetown, with three other branches in commercial and suburban areas. Its staff numbers about 125. The Butterfield Bank of Barbados provides both traditional and offshore services and is one of three local commercial banks with Saturday service. FirstCaribbean International Bank (FIB) is the outcome of a 2002 merger of two of the oldest banks in the region, namely, Barclays PLC Caribbean and Canada’s CIBC West Indies Holdings, both of which have a combined experience of nearly 250 years. Canadian-owned Scotiabank has been serving Barbados since 1956. Its network comprises eight branches strategically located across the island, plus a string of ATMs. Its main office is on Broad Street, in the heart of Bridgetown. RBTT Bank Barbados is owned by one of the Caribbean’s leading financial groups, RBTT Financial of Trinidad and Tobago. RBTT Financial Holdings Limited acquired the company from Caribbean Commercial Bank Limited in June 2004. It is one of the smaller players in the Barbados banking sector with head

offices in Bridgetown and four branches. The bank’s four branches are well situated across Barbados with opening hours that include Saturdays. Royal Bank of Canada is one of three Canadian-owned banks operating in Barbados and has been on the island from as far back as February 1911. Its network consists of seven branches, a Private Banking Centre and two Lending Centers stretching througout the island. Its other channels include a network of 18 ATMs, Royal Online Banking and Point of Sale Terminals at a variety of merchants. Last but not least, J&T Bank and Trust has operated for over a decade in Barbados with a full range of trust, corporate, investment and banking services specifically designed for high net worth individuals and corporations. It has over 30 employees and approximately US$ 2 billion of assets under administration and management. It is a member of the J&T Group, whose international banking network blends the high value service traditions of niche private banks with the investment depth of a world class major financial institution. T h e p h i l o s o p hy, re s e a rc h a n d worldwide services of J&T Bank and

离岸服务。它是在星期六开展业务的三家本土商业银行之一。 FirstCaribbean International Bank (FIB) 是该地区最古老的两家银行在 2002 年合并后的产物。这两家银行是 Barclays PLC Caribbean 和加拿大的 CIBC West Indies Holdings，它们总共拥有大约 250 年的历史。加拿大投资者所拥有的丰业银行（Scotiabank）从 1956 年开始就一直为巴巴多斯的客户提供服务。该银行的网络包括在该岛拥有战略性地理位置的 8 家分支机构以及一系列自动柜员机。该银行的主要办公室位于布里奇顿市中心的 Broad 大街上。 RBTT Bank Barbados 的所有者是

巴巴多斯 1972 年 5 月成立了自己的中央银行，从东加勒比货币管理局脱离。 In May 1972 Barbados formed its own central bank, breaking off from the East Caribbean Currency Authority.

Summer, 2011 China Offshore

聚焦 | Spotlight Barbados

RBTT Financial of Trinidad and Tobago，后者是加勒比地区领先的金融集团之一。 2004 年 6 月，RBTT Financial Holdings Limited

从 Caribbean Commercial Bank

Limited 手里收购了这家公司。它是巴巴多斯银行业中规模相对较小的公司之一，总部位于布里奇顿，并拥有 4 家分支机构。该行的 4 家分行在巴巴多斯拥有良好的地理位

Barbados IBC Key Corporate Features General Type of Company Type of Law Shelf company availability Time to establish a new company Minimum government fees (excluding taxation) Corporate Taxation

心。该行的其它渠道包括 18 台自动柜员机、

Double taxation treaty access Share Capital or Equivalent Standard currency Permitted currencies Minimum paid up Usual authorised Directors Minimum number

皇家网上银行以及在不同的商家安装的销售

Local required

置，营业时间包括周六。加拿大皇家银行（Royal Bank of Canada）是三家在巴巴多斯开展业务的加拿大银行之一，早在 1911 年 2 月就开始在岛上提供服务。其网络包括 7 家分支机构、一家私人银行中心和辐射全岛的两家贷款中

点终端网络。最后，我们需要提一下 J&T Bank and Trust，它在巴巴多斯的运营历史已经超过了 10 年，提供全套的信托、企业、投资和银行服务，特别针对高净值人士和企业度身打造。它拥有 30 多名员工，管理价值大约 20 亿美元的资产。它是 J&T 集团的成员之一，该集团的国际银行网络既包括特定市场投资银行所能提供的高价值服务，也拥有全球顶级主流金融机构所能带来的投资深度。 J&T Bank and Trust 的理念、研究和全球服务是特别为那些希望确保资本安全的投资者量身设计的，这些投资者不仅来自北美洲，而且包括全球其它地方。 J&T Bank and Trust 拥有“业内最好” 的全球伙伴网络，能够提供通汇、托管和投资策略服务。比如，位于开曼群岛的 J&T Funds Inc 拥有一些全球领先的资产管理人，能够提供相应的资产管理服务。J&T Bank and Trust 的团队依靠其专业的运营和法律知识与经验来设计和实施金融管理和财富保值策略，为挑剔的高净值人士和企业客户度身定制相关的服务。其母公司 J ＆ T 集团（J ＆ T）是一个位于欧盟地区内充满活力、快速发展的集团，企业总资产为 40 亿欧元。该集团的主要业务领域包括私人和投资银行、房地产开发和电力工程。 2008 年 5 月，J ＆ T 收购了 J&T Bank and Trust（此前的名称为 Bayshore Bank and Trust），从而不断扩大其在国际银行领域的分支。

Summer, 2011

Publicly accessible records Location of meetings Shareholders Minimum number Publicly accessible records Location of meetings Company Secretary Required Local or qualified Accounts Requirement to prepare Audit requirements Requirement to file accounts Publicly accessible accounts Other Requirement to file annual return Change in domicile permitted Requirement to file annual tax return

IBC Common No 10 - 14 days US$425 Yes, on a sliding scale of 1% - 2.5% Depending on Income Yes US Any US$1 of no par value $1,000 One Yes if to take advantage of Canadian Treaty Yes Anywhere One No Anywhere Yes Yes Yes Only if Income or Profits exceed US $500,000 Yes No Yes Yes Yes

Source: OCRA

Trusts are especially designed for investors wishing to ensure the safety of their capital, both within North America and in the rest of the world. J&T Bank and Trust has a network of “the best in class” global partners providing correspondent, custodial and investment strategy services. For instance, the Cayman based J&T Funds Inc. offers asset management by some of the world’s leading asset managers. The J&T Bank and Trust team relies on its professional, operational and legal expertise and experience to design and

implement financial management and wealth preservation strategies uniquely tailored for discerning high net worth individuals and corporate clients. It's parental company J&T Group (J&T) is a dynamic and rapidly expanding group in the EU with total corporate assets of €4 billion. Main areas of business of the group include private and investment banking, real estate development and power engineering. J&T acquired J&T Bank and Trust (formerly Bayshore Bank and Trust) in May of 2008 to add to its growing portfolio of international banks.

Summer, 2011 China Offshore

聚焦 | Spotlight Barbados

采访巴巴多斯总理阁下 Interviewing The Prime Minister of Barbados The recent China visit by Mr. Freundel J. Stuart, Prime Minister of Barbados is bound to foster a closer economic partnership between the two nations.

巴巴多斯总理 Freundel J. Stuart 最近对中国的访问必将促进两国建立更紧密的经贸联系。

《中

国离岸》杂志很荣幸地能够采访巴巴多斯总理 Freundel Jerome Stuart 阁下。以下充分

显示了作为一个相对较新的离岸管辖区的巴巴多斯能为中国的离岸客户提供的服务。问：在经历了 20 世纪 30 年代以来最为严重的危机后，全球经济的复苏是缓慢而脆弱的，而美国和欧洲的新债务危机也对未来提出了警示。在这样的大背景下，巴巴多斯目前的宏观经济前景是怎么样的？答：像其他发达国家和发展中国家一样，全球金融危机的持续效应正继续对巴巴多斯的经济造成显著的影响。虽然我们隶属于加勒比共同体单一市场，但是与一些欧盟国家不同，我们并不能轻松获得大量的“救助基金”，因此我们不得不依赖一些创新的战略组合来刺激和稳定的民营企业，并且保护我们社会最为脆弱的行业。这是一种微妙但很重要的平衡，因为像巴巴多斯一样的主权小国必须维护社会、政治和经济的稳定性，才能推动巴巴多斯居民以及把这个岛国当成自己家乡看待的非巴巴多斯居民心中的发展目标。问：作为相对较小的经济体，巴巴多斯在 2008/2009 的危机中受到了怎么样的影响？答：巴巴多斯延续着自己值得信赖的表现，

背景介绍 Background : Name: Freundel Stuart Position: Prime Minister Barbados 巴巴多斯总理 Freundel Stuart

Summer, 2011

hina Offshore is honoured to have interviewed His Excellency The Honourable Mr. Freundel Jerome Stuart, the Prime Minister of Barbados. Below is a vivid manifest of how a relatively new offshore player wishes to perform for Chinese offshore clientele.

Q: What is the current macroeconomic prospect for Barbados under the backdrop of a slow, frail global recovery from the worst crisis since the 1930s, whilst new debt crises in the US and Europe are alarming overhead? A: Like other developed and developing countries the lingering effects of the global financial crisis continues to figure prominently in Barbados’ economic profile. Although we are a part of the Caribbean Community Single Market, unlike some countries in the European Union we are not easy beneficiaries of a vast ‘bail monies’ and therefore have to rely on a creative mix of strategies designed to both stimulate and stablize private enterprise while safeguarding the most vulnerable in our society. This is a delicate but important balance because the social, political and economic stability that a small, sovereign state likes Barbados must maintain in order to advance the development objectives of those Barbadians and non-Barbadians who call our island nation home. Q: How had Barbados’ relatively small economy been affected during the 2008/2009 crisis? A: Barbados continues to perform creditably as its major trading partners, most notably the United States, continue to crawl their way out of the recession. Barbados’ biggest challenge and its most entrenched commitment are to protect its world renowned reputation as a safe, competitive place to do business. That said Barbados has not reverted to the International Monetary Fund for a ‘rescue’ programme though it has continued to work with the Fund to implement initiatives which continue to stablise the economy, encouraging growth over the last two quarters.

Q: Is the structure of the Barbadian economy diverse enough for Chinese companies to effectively participate in local economic activities? A: Barbados’ economy is diverse and supports a wide range of economic activities.

Summer, 2011 China Offshore

聚焦 | Spotlight Barbados 而其主要贸易伙伴（特别是美国）继续在为走出衰退而努力着。巴巴多斯所面临的最大挑战—也是其最为根深蒂固的承诺—就是保持自己作为一个安全、有竞争力的商业目的地的全球知名的声誉。巴巴多斯一直与国际货币基金组织（IMF）合作采取一系列措施来稳定经济，在过去的两个季度里推动了经济的增长。但是，巴巴多斯还没有向国际货币基金组织寻求“救助”计划。问：巴巴多斯经济结构的多样化程度是否足以吸引中国企业有效地参与到当地的经济活动中去？答：巴巴多斯的经济是多样的，并且能够支持广泛的经济活动。巴巴多斯的公司广泛地参与到那些由当地、区域性和外来投资支持的经济活动中去，这些行业包括银行、保险、信息服务、建筑、传统能源和替代能源、旅游、农业、研究和开发、制药、印刷、渔业、农产品加工、电影、音乐和艺术等等。这种多行业的融合反映了巴巴多斯自从 1966 年独立以来就一直致力于追求经济的丰富性，政府那时就是开始采取特定的措施来使得巴巴多斯的经济摆脱对传统农业的依赖从而走向多样化。问：有许多境外目的地（比如开曼群岛、英属维尔京群岛和马恩岛）都在争夺离岸投资者。我想知道巴巴多斯是如何从这些潜在离岸竞争对手中脱颖而出的？答：与包括开曼群岛、英属维尔京群岛和马恩岛在内的一些中国投资者熟悉的离岸目的地以及它们的顾问相比，巴巴多斯的主要不同点在于其拥有的免双重征税协定（DTAs）网络、投资保护协定（IPAs）以及其签署的一些自由贸易协定（FTAs）。就巴巴多斯能够为中国企业家带来税收效率和市场准入好处的程度而言，巴巴多斯更适合更为成熟的投资者。相比那些仅仅着眼于将自己的钱“存放”在国外、而无计划“扩大”自己的投资组合或者投资离岸“实体”商业的人来说，这些投资者希望寻求更为复杂的解决方案。问：就注册资本要求、减免税、股息分配免税、政府退税和补贴、程序效率等事宜而言，那些在巴巴多斯开展业务的中国企业能够得

Summer, 2011

Barbadian companies are involved in a wide range of activities supported by local, regional and foreign investment including banking, insurance, information services, construction, traditional and alternative energy, tourism, agriculture, research and development, pharmaceuticals, printing, fishing, agro-processing, film, music and the arts. It is really a mix of activities which reflects the richness of economic pursuit that has become a feature of Barbados’ economy since independence in 1966 when the government took the deliberate step to diversify from its traditional reliance on agriculture.

Q: There are many offshore destinations, say, the Cayman Islands, British Virgin Islands and Isle of Man, vying for offshore investors. May I know how Barbados can stand out from its potential offshore competitors? A: Barbados stands aside from offshore jurisdictions like the Cayman Islands, British Virgin Islands and Isle of Man, well-known to Chinese investors and their advisors principally because of its network of double taxation agreements (DTAs), investment protection agreements (IPAs) and its access to a number of free trade agreements (FTAs). Judging by the extent that Barbados can offer the Chinese entrepreneurs both tax efficiency and market access benefits, it means that Barbados is suited for those more sophisticated Chinese investors who have moved beyond solutions merely aimed at ‘parking’ their money offshore with no plans of ‘growing’ their portfolios or investing in businesses of ‘substance’ offshore. Q: What are the benefits for Chinese companies to go offshore in Barbados, in terms of incorporation capital requirements, tax relief, tax-exemption on distribution of dividends, government refunds and subsidies, procedural efficiency, etc.? A: Barbados offers all the legal vehicles that other offshore centres offer and it offers

Summer, 2011 China Offshore

聚焦 | Spotlight Barbados

到什么好处？答：巴巴多斯能够提供其他离岸金融中心所能提供的所有合法工具，并且能够提供更多额外的服务。巴巴多斯并不是一个零税收离岸目的地，现行的税率为 25%。但是，基于经济活动所具有的特性，税率可能会下降到 1% 甚至更低。这是巴巴多斯与该地区其他离岸中心的一个重要区别。除了商业机遇外，巴巴多斯同样能够为中国投资者提供一系列财富规划的机会，这些中国投资者关注如何让他们的孩子接受最好的教育，同时最大限度地提高他们的海外投资机会，尤其是在加拿大和墨西哥等市场，那里的采掘业存在很多机会，而且能够对接中国商品的大型市场。对成熟的中国投资者来说

巴巴多斯坚定地致力于保护其私营部门在外国的投资。 Barbados is strongly committed to ensuring the protection of investment by its private sector abroad.

最为重要的一点可能是：巴巴多斯在支持国际企业和金融服务公司（特别在北美市场）的发展方面拥有长期的经验，这能为中国投资者找到一个了解自身需求的伙伴，实现从仅仅把钱“放”在离岸市场到使用这些资金并且将回报再次投资业务发展的转变。这些经验不仅限于私营部门，也在政府层面有所体现。政府监管当局拥有确保和保护投资者利益的经验。问：巴巴多斯拥有怎么样的法律体系？中国投资者如果在当地遇到商业争端，如何才能获得法律咨询和代理？答：巴巴多斯拥有英联邦国家中第三古老的议会，并且采用普通法制度。成文的宪法保护各种族居民的财产和私人利益。事实上，作为一个资源充足、稳定以及备受尊敬的国家，巴巴多斯的成功是基于其对各种产权进行的保护，无论这些权利是财产权、投资权或者是知识产权。这些保护措施都被写入了法律，并且付诸实践。巴巴多斯和其历届政府不仅关心对境内财产和投资的保护、安全性和确定性，而且始终坚定地致力于对私有产业的海外投资提供保护。正是出于这个原因，巴巴多斯与委内瑞拉、中国、加拿大、古巴和加纳等国家签署了长期的投资保护协定。巴巴多斯和这些国家之间签署的协议意味着：如果发生争端，巴巴多斯将捍卫其投资者在海外的权利。问：目前，中国投资者在巴巴多斯开展业务的情况怎么样？贵国政府对来自中国的海外投资有着什么样的态度？

Summer, 2011

much more. Barbados is not a zero-tax jurisdiction and has a prevailing rate of 25% but with opportunities for tax rates at 1% or less depending on the nature of the economic activity involved. This is a key difference between Barbados and the other offshore centres in the region. In addition to the commercial opportunities, Barbados also provides a range of wealth-planning opportunities for Chinese investors who are concerned about securing the best education for their children while maximising their investment opportunities abroad especially in markets like Canada and Mexico where there are opportunities in the extractive industries and access to large markets for Chinese products. Perhaps most importantly for the sophisticated Chinese investor is Barbados’ experience and long history of supporting international business and financial service companies especially in the North American markets. This provides Chinese investors with a partner which understands what it required to move from just ‘resting’ money offshore to using the money and reinvesting the returns in their businesses. This experience is not just in the private sector but is buttressed by the government regulatory authorities who have experience in securing and protecting the interests of the investors. Q: What is the Barbadian legal system? How could a Chinese investor have access to legal consultation and representation in case he or she is involved in a local commercial dispute? A: Barbados is home to the third oldest Parliament in the British Commonwealth and is based on the Common Law System. Its written Constitution protects the property and private interests of its residents regardless of their origin. Indeed, Barbados’ success as a well-resourced, stable and highly regarded economy is based on its belief in the protection of property rights whether these rights are rights in property, investments or intellectual property. These protections are enshrined in law and carried out in practice. Not only has Barbados and its successive governments been concerned about the protection, security and certainty of property and investments within its borders, it is also strongly committed to ensuring the protection of investment by its private sector abroad. It is for this reason that Barbados has a number of longstanding investment protection agreements in place with countries like Venezuela, China, Canada, Cuba

聚焦 | Spotlight Barbados

答：双方牢固的合作关系体现在我们所签订的税收协定和投资保护协定中。因此，越来越多的中国投资者进入巴巴多斯，越来越多的华人选择在巴巴多斯生活和工作。两国政府都积极地鼓励和支持在一些领域的中国投资，这些领域包括信息技术和建筑。一些中国投资者直接参与到当地的经济建设中，并且通过它们在巴巴多斯的基地向加勒比地区的其他国家进行扩张。就国际商业和金融服务业而言，中国投资支持的企业实体已经超过了 250 家。巴巴多斯和中国政府都要求鼓励新企业的建立并且支持老企业在巴巴多斯的发展，而中国大使馆一直在其中充当推动者的角色。然而，随着在过去的 30 年里数任巴巴多斯总理连续收到中国政府的邀请访问北京从而进一步加强双边关系和寻求发展机会，这已经不再是一种“长距离”的关系了。巴巴多斯将继续欢迎来自中国的投资、投资者和他们的家人来到这里与我们分享这个我们自豪地称之为家的岛屿。

and Ghana, to name a few. Agreements between Barbados and these states mean that Barbados will defend the rights of its investors abroad should a dispute arise.

Q: How is the current situation of Chinese investors doing in Barbados and what is your government’s stand on overseas Chinese investment? A: The strong relationship is illustrated by our tax treaty and investment protection treaty. As a result, Barbados is home to a growing number of Chinese investments and a growing number of Chinese living and working in Barbados. Both governments have actively encouraged and supported Chinese investment in a number of areas including information technology and construction with a number of Chinese investors participating directly in the local economy that branches out into the rest of the Caribbean from their Barbados bases. Within the international business and financial services sectors, there are over two hundred and fifty entities which are supported by Chinese investment. The Chinese Embassy has been a great facilitator of the formalities required by both the Barbados and the Chinese governments to encourage new business and support existing ones in Barbados. This is however not a ‘long distance’ relationship by any means with successive Prime Ministers of Barbados being invited by the Chinese government to Beijing to further strengthen ties and opportunities for growth over the past thirty years. Barbados continues to welcome Chinese investment, investors and their families to share the island we proudly call home.

Summer, 2011 China Offshore

看点 Eye On | Cyprus

“众神的游乐场” “Playground of the Gods” 被经合组织列入白名单后的塞浦路斯更具吸引力

OCED-whitelisted Cyprus has more allure. By Anas Almasri

当

塞浦路斯不再被视为避税天堂时，

它是否会失去长期以来身为欧盟 By Mathew Falkoff 成员在金融方面的吸引力？

塞浦路斯拥有位于三大洲之间的独特地理位置，这使得该国在历史上一直着眼于从欧洲、亚洲和非洲之间的贸易和经济关系中获益。直至 20 世纪 70 年代，塞浦路斯一直被看作是这些大陆沿海国家之间的贸易中转站，这使其成为了全球主要的转口枢纽之一。虽然如今它仍然保持着这样的地位，但是该岛已经发展成为了一个真正的全球商业服务中心，2010 年塞浦路斯的 GDP 中有 79% 来自于服务业的贡献。鉴于塞浦路斯拥有战略性的商业地理位置，它能够提供任何成功的服务业都需要具备的最重要的标准，以及受过良好教育、会讲多种语言、具有商业头脑和面向服务的劳动力群体。2010 年，塞浦路斯在覆盖 169 个国家的人类发展指数（HDI）中排名第 35 位，这要比同为离岸岛国的毛里求斯第 72 位的排名高出一倍多。HDI 的排名是基于各国居民的健康、教育和收入等因素的。再加上一系列提供税收优惠的金融政策以及不断改善的基础设施，这些因素都解释了为什么离岸公司会涌入该国。对这个地中海地区的

Summer, 2011

o longer considered a tax haven, did Cyprus lose its long standing financial allure by joining the

EU? Cyprus’ unique geographical location situated between three continents has, throughout history, been the main drive behind its focus on benefiting from trade and economical relations between Europe, Asia and Africa. Up to the 1970s Cyprus was viewed as a trade stop between the coastal countries of those continents, leading it to be positioned as one of the world’s major re-exporting hubs. Although it still holds that status today, the island has developed into a truly global business services center with 79% of its 2010 GDP attributed to the services sector. Along with its strategic business locality, Cyprus provides the most essential criterion of any successful services industry; a well educated, m u l t i l i n g u a l , b u s i n e s s s av v y a n d service oriented workforce. In 2010

it ranked 35 out of 169 countries on the Human Development Index (HDI) - more than twice superior to that of fellow offshore island Mauritius which ranked 72. The HDI ranks nations based on their inhabitants’ health, education and income. Financial services are at the heart of the economy for the Mediterranean’s third largest island. The Central Bank of Cyprus’ breakdown of Foreign Direct Investment inflows (FDI) by economic activity illustrates that importance. “Financial Intermediation” accounted for a whopping 82% of the €3.6 billion the country attracted during 2009. Cyprus has been a member of the WTO since 1995 and, after implementing several changes to its tax and financial reporting systems, was granted membership to the European Union in 2004. It finally adopted the Euro in lieu of the Cypriot Pound in 2008. Utilizing a single currency with its main trading partners across Europe lowers

Summer, 2011 China Offshore

看点 Eye On | Cyprus

第三大岛国来说，金融服务业是其经济的核心。塞浦路斯央行对外商直接投资（FDI）基于经济活动的数据分解说明了该行业的重要性。2009 年，“金融中介”业务竟然占到了该国当年外商投资总额 36 亿欧元的 82%。自从 1995 年以来，塞浦路斯就一直是世贸组织的成员。在对其税收和金融报告体系进行了几次改革后，塞浦路斯于 2004 年获得了欧盟成员的资格。2008 年，塞浦路

加入欧盟后的塞浦路斯拥有了更为透明及符合国际标准的税务制度。

Post EU-accession Cyprus has a more transparent and international standard compliant tax scheme.

斯最终用欧元代替了赛镑。与该国在欧盟的主要贸易伙伴采取一致的货币能够帮助塞浦路斯降低外汇汇率波动的风险，并且引入了一个更具成本效益的交易环境。这同样意味着，塞浦路斯证券交易所将会被并入雅典证券交易所，鉴于这两个市场的交易都是使用欧元的。2006 年，这两家交易所建立了一个共用的交易平台。2009 年底，塞浦路斯股票市场的证券市值大约为 50 亿欧元，目前大约有 130 家上市公司。但是，成为最东南部的欧盟成员国并不是毫无代价的。加入欧盟以后在寻求加入欧盟的过程中，塞浦路斯很明显地需要改变许多税收惯例，并且大大地改善其财务报告的透明度。这意味着该国不得不从根本上改变那个曾经吸引了众多公司来到岛内开展业务的金融结构：“离岸”体系。

航运是塞浦路斯的基石产业之一。 Shipping is one of Cyprus' cornerstone industries.

Summer, 2011

the risk of fluctuating exchange rates and introduces a more cost efficient trading environment. It also meant that the Cyprus Stock Exchange would be further integrated with the Athens Stock Exchange since trading in both markets is now carried on in Euros. The two exchanges had launched a joint trading platform in 2006. Market value of traded shares on the Cypriot stock market was valued close to $5 billion at the end of 2009, and it currently consists of some 130 listed companies. Becoming the EU’s most south-easterly member, however, did not come without cost. Post EU accession In the course of seeking accession to the EU, it was clear that Cyprus had to alter many of its tax practices and significantly improve its financial reporting transparency. This meant all but uprooting that financial structure which had previously attracted so many businesses to the island; the “offshore” system. This adjustment campaign reached its peak on Jan 1st 2003 when t he government announced a new standardized corporate tax rate of 10% on worldwide income for all countryresident businesses. It defined those businesses as being managed and controlled from within the island. In

addition to the new tax legislation, the identity of all beneficiaries upon company registration or change of ownership must now be disclosed to the relevant authorities. With these changes in full swing, Cyprus removed its name from worldwide lists of countries with detrimental tax practices. Since then it has been well positioned to be Europe’s top destination for holding companies and other business intermediary offices. The total number of registered companies on the island at the end of June 2011 exceeded 246,500. A s p e r t h e n e w t a x d i re c t ive s , a Cypriot Holding company is now effectively fully exempt from corporate tax on its incoming dividends from foreign subsidiaries. It can also enjoy an exemption from the 15% “special defense contribution” tax (SDC), which is usually levied on dividends distributed to residents. To avoid being taxed with the SDC, the Cypriot company would need to hold at least a 1% stake in the foreign company. Conversely, non-resident shareholders of the holding company are exempt from any withholding tax. This applies to distribution of dividends, interest or royalties and as long as no intellectual property rights are used in the country.

Financial reputation and treaties Cyprus’ ongoing shift from tax haven to a tax-favorable jurisdiction for international businesses was cemented in April 2009 when it was “white listed” by the Organization for Economic Cooperation and Development (the OECD). This position was also strengthened in 2010 when both Italy and Russia removed the country from their respective “black list” of tax havens. After becoming a member of the EU, the Cypriot government has been fully focused on revising and enhancing its

Cyprus | Eye On 看点

这样的改革举措于 2003 年 1 月 1 日达到了顶峰，当时该国政府宣布对所有居民企业的全球收入将统一采取 10% 的新公司税率。这些企业指的是在岛内受到管理和控制的公司。除了新的税收立法以外，在公司登记或所有权变更后，所有受益人的身份必须向有关当局进行披露。当这些改革被充分执行后，塞浦路斯也随即脱离了那张被认为拥有不良税收惯例的国家名单。从那时起，塞浦路斯就已经准备好成为控股公司和其他商业中介机构在欧洲的首选目的地。截至 2011 年 6 月底，岛上注册的公司总数已经超过 246500 家。在新的税收指令下，一家塞浦路斯的控股公司在其来自海外子公司的红利收入上可以有效地获得完全的税收豁免。它同样可以免缴税率为 15% 的“特殊防卫贡献”税（SDC），这个税种通常针对分配给居民的股息进行征收。为了不缴纳 SDC，塞浦路斯的公司将需要至少持有外国公司 1% 的股份。相反，控股公司的非居民股东免于缴纳任何预提税。这适用于股息、利息或者版税的分配，前提是没有知识产权在该国被使用。金融领域的声望和条约塞浦路斯正在从一个避税天堂转型成为一个给予国际企业税收优惠的目的地。这项转变始于 2009 年 4 月，当时它被经济合作与发展组织（OECD）列入了“白名单”中。 2010 年，意大利和俄罗斯将该国从各自的避税天堂“黑名单”中去除，这进一步巩固了塞浦路斯的转型。自从成为欧盟成员国以后，塞浦路斯政府开始全力着眼于如何修订和加强该国所拥有的免双重征税协定（DTAs）网络。这种类型的协议能够确保个人或企业实体的收入不被签署国进行双重征税。最近，塞浦路斯与包括俄罗斯、德国、丹麦和乌克兰在内的国家重新修订了它们之间的免双重征税协定。与此同时，该岛与许多新的国家展开了谈判，旨在扩大条约的网络。该国最近完成了与阿拉伯联合酋长国以及科威特之间的 DTA 谈判，这是为了进一步加强其作为中东、北非和欧洲之间投资渠道的作用。总的来说，塞浦路斯已经签署了近 50 项 DTAs（其中大部分已被批准）。

Double Taxation Agreements (DTAs). These types of agreements ensure that an individual or business entity’s income is not taxed twice by the signatory states. Russia, Germany, Denmark and Ukraine are among the most recent to adopt revisions to their double tax treaties with Cyprus. In conjunction with those efforts, the island has entered into discussions with numerous new countries so as to broaden its network of treaties. It recently completed DTA negotiations with the United Arab Emirates and Kuwait in a bid to further reinforce its role as an investment channel between the Middle East , North Africa and Europe. In total, Cyprus has close to 50 DTAs (most of which have already been ratified). Banking Cyprus has successfully branded itself as an international banking center with a reputation of outstanding service, client secrecy and a wide network of correspondents around the world. Common banking practices and legal structures are based on the UK model and the system as a whole is exceptionally mature and highly developed. The Central Bank of Cyprus oversees and regulates this sector in accordance with the EU directives on banking regulations while adhering to the recommendations of the Basel Committee on Banking Supervision. In addition to the local banks, more than 30 International Banking Units (IBUs-branches and subsidiaries of foreign banks) have been established on the island. These IBUs are usually restricted to dealing with non-residents and non-resident companies registered in Cyprus unless authorized by the Central Bank, and are exempt from most of the monetary guidelines and lending regulations which local banks have to abide by.

Summer, 2011 China Offshore

看点 Eye On | Cyprus

银行业

外商直接投资 ( 流入 ) 基于经济活动的细目分类，2009 年 FDI (inflows) breakdown by economic activity, 2009

塞浦路斯已经成功地打造了一个属于自己的国际金融中心品牌，并且以优质服务、客户资料的保密性以及遍布全球的通汇银行网络而闻名于世。该国常见的银行惯例和法律结构是基于英国模式的，整体的系统显得特别成熟和高度发达。塞浦路斯中央银行负责根据欧盟在银行监管方面的指令对整个银行业进行监督与管理，它同时需要遵循巴塞尔银行监管委员会提出的建议。除了本地银行以外，该岛拥有超过 30 家国际银行分支（IBUs，指的是外国银行的支行和子公司）。除非中央银行进行授权，这些 IBUs 通常会被仅限于从事非居民的交易，从而不需要遵循本地银行必须遵守的货

金融中介 82.0% Financial Intermediation 房地产、租赁和商业活动 7.8% Real Estate, Renting, Bussiness Activities 贸易和修理 7.5% Trade and Repairs 交通、仓储和通讯 1.3% Transports, Storage & Communication 建筑 0.9% Construction 酒店和餐馆 0.2% Hotels and Restaurants 其它服务业 0.2% Other Services 制造业 0.1% Manufacturing

7.5% 7.8%

82%

币指引和贷款规定。从 2004 年起，随着塞浦路斯进一步开放其银行业的资本和支付活动，IBUs 被允

资料来源：塞浦路斯央行 Source: Bank of Cyprus

许提供完整的银行服务。这些服务中的大部分旨在满足国际企业的离岸银行需求，最简单的是以全球任何一种主要货币开设银行帐户。24/7 的电子银行服务和复杂的现金管理服务让客户能够处理一般支付业务，并且能够对几个银行帐户进行集中管理。对那些需要融资的公司来说，它们可以获得商业贷款以及包括短期融资和流动资金透支在内的信贷工具支持。对从事贸易的公司来说，它们能够从贸易融资服务中受益，其中包括信用证或者担保的安排、进出口融资和贸易风险管理。私人银行也许可以提供岛上最为吸引人的一些金融服务。感兴趣的企业或者个人还能够投资组合管理和财富管理服务上得益，并且从该岛进入全球股票市场。越来越多的银行和金融机构都渴望能够从服务这条贯穿该岛港口的路线以及为该国的众多国际企业提供金融服务中获益。根据塞浦路斯投资促进局所发布的信息，2009 年塞浦路斯整个银行业的贷款总额达到了 466 亿欧元，而存款总额接近 455 亿欧元。航运和海事作为一个日益增长的国际贸易和商业活动枢纽，岛内的航运业一直在稳步地增长。如今，该岛拥有令人印象深刻的商船，船队的规模在欧盟成员国中排名第三，全球排名第十。塞浦路斯和马耳他是欧盟仅有的两个开放登记国，因此非塞浦路斯人也可以在该国拥有和登记船只。登记费用取决于船舶的总吨位，最低为 213 欧元，而最高为 5125

Summer, 2011

From 2004 onwards IBUs have been allowed to provide full banking services after Cyprus freed the movement of capital and payments in the banking sector. Many of these services are designed to help international businesses with their offshore banking needs, starting with the ability to open a bank account in any of the world’s major currencies. 24/7 Electronic banking and sophisticated cash management services support them with the handling of regular payments and the centralized administration of several bank accounts. Business loans and credit facilities, including short term financing and working capital overdrafts, are readily available for firms in need of funding. Those involved in trade can benefit from the trading finance services such as arranging letters of credit or guarantees, import-export financing and trade risk management. Private banking offers perhaps some of the most attractive financial services provided on the island. Interested corporations or individuals could possibly benefit from portfolio management and wealth management services, as well as gain access to global

stock exchanges. An increasing number of banks and financial institutions are keen to benefit from servicing the trading route which passes through the island’s ports and to provide financial services to the many international companies based in the country. During 2009, the entire sector had loaned out over €46.6 billion with deposits close to €45.5 billion, as reported by the Cyprus Investment Promotion Agency.

Shipping and maritime As a growing international hub for trade and commerce activities, the island’s shipping industry has been steadily growing. Today it boasts an impressive merchant fleet ranking 3rd among the EU member states and 10th globally. Cyprus and Malta are the only two open registry countries within the European Union; non-Cypriots can own and register vessels in the country. Registration fees depend on the ship’s gross tonnage and are set with a minimum fee of €213 and a maximum of €5,125. Cyprus was granted approval by the European Commission to implement a new tonnage based taxation

Cyprus | Eye On 看点

欧元。2010 年 3 月，塞浦路斯经欧洲委员会批准开始实行一项基于吨位的新税收法。根据该法律规定，船舶每年所缴纳的税收按吨位和船龄进行计算。在塞浦路斯注册的船务公司免缴收入税，无论是利润还是股息的分配。它们同样不需要缴纳任何资本利得税，也无需就出售或转让所有权的船只（或船务公司的股份）而缴税。通过一系列双边协定的网络，在塞浦路斯登记的船只能够在 29 个国家的港口享受国民或者优惠待遇。悬挂塞浦路斯旗的游艇也能够享受同等待遇，并且从具有竞争力的登记费和税收减免（特别是增值税）中获益。中国 – 塞浦路斯中国外交部副部长傅莹于 2011 年 3 月访问了塞浦路斯，这展示了两国在过去 40 年里不断改善的外交和经济关系。2009 年，中国商品占塞浦路斯进口总额的 5.5％，从而让中国成为了塞浦路斯当年第六大的进口伙伴国。早在 20 多年前，两国就已经签署了海上运输协定和免双重征税协定。努力提升企业关系的举措绝不限于高端的政府层面。最近，中国国家开发银行与塞浦路斯银行签署了一份谅解备忘录，这使得后者在 5 月份获得了一笔价值为 3 亿欧元的 5 年期贷款。塞浦路斯银行集团所发布的官方声明显示，签署谅解备忘录的主要目的是为了“共同为投资提供融资；特别是在航运、可再生能源和基础设施项目等领域”。作为第二大的塞浦路斯银行集团，马尔芬大众银行成为了第一家进入中国市场的塞浦路斯银行，它最近在北京设立了代表处。随着中国希望进一步与欧盟展开合作，塞浦路斯将被证明是一个具有价值的合作伙伴。在中国总理温家宝最近一次访问欧洲的过程中，他暗示中国政府可能会购买更多的欧元债券，以帮助缓解目前的债务危机。由于中国一直着眼于出口的情况，因此政府无疑会对主要贸易伙伴的经济稳定性非常关心。作为欧洲企业税率第二低的国家，塞浦路斯将在未来的几年里继续吸引来自中国的贸易和离岸业务。着眼未来尽管塞浦路斯处于希腊经济危机的高风险下，国际货币基金组织（IMF）依然预计该国今年的经济总量将增长 1.5％至 2％。IMF

law in March 2010, under which the annual tax is calculated according to the tonnage and age of the ship. Shipping companies registered in Cyprus are freed from income tax, whether on profits or dividends distribution. They are also exempt from any taxes on capital gains and on the sale or transfer of ownership of a vessel (or shares of a shipping company). With the industry famous for high quality services and rigid safety standards, Cypriot ships are entitled to either national or favorable treatment in ports across 29 countries through a network of bilateral agreements. Yachts flying the Cypriot flag can also enjoy that treatment and benefit from competitive registration fees and tax reductions, especially on VAT. China – Cyprus Chinese Vice Foreign Minister Fu Ying’s March 2011 visit to Cyprus capped 40 years of continuously improving diplomatic and economic relations between the two countries. Chinese goods accounted for 5.5% of total imports to Cyprus in 2009, ranking it 6th among the country’s import partners for that year. An Agreement on Maritime Transport between both nations and a DTA have been in force for more than two decades. Efforts to enhance business relations are by no means limited to high governmental levels. China Development Bank and The Bank of Cyprus recently signed a Memorandum of Understanding which led to the latter receiving a five year term loan of €300 million in May. The main objective behind the MoU is “to jointly finance investments; particularly in the areas of shipping, renewable energy and infrastructure projects” read an official statement by The Bank of Cyprus Group. The second largest Cypriot banking group, Marfin Laiki Bank, has become the first bank in Cyprus to enter the Chinese market with its recently

Summer, 2011 China Offshore

看点 Eye On | Cyprus

对塞浦路斯 2012 年的经济形势保持乐观的看法，并且估计该国基于平价购买力的人均 GDP 将于本年度超过 28500 美元。在全球经济复苏和世界各国政府维持紧缩政策的背景下，保持稳定的海外投资流对塞浦路斯显得至关重要。在意识到基础设施对持续吸引投资的重要性后，政府在基础设施项目方面的投资从 2007 年开始一直在增长。塞浦路斯财政部对经济发展的最新一期报告显示，过去的一年中有超过 5 亿欧元的资金被用于进行此类项目的投资。这个数字预计将在 2011 年底增长大约 4%。 2011 年，在第二届地中海石油和天然气年度会议上，塞浦路斯政府宣布计划实现能源来源的多样化，其中包括天然气资源。地中海东部的石油和天然气开发前景给予塞浦路斯巨大的潜力，这使得其能够从欧洲新的能源路线中受益。虽然可能需要花费相当长的时间才能够获取一个准确和具体的评估结果，中国势必会对这些事态的发展保持密切的关注。总的来说，塞浦路斯能够在几乎素有领域为国际企业提供完美无瑕的服务以及许多灵活的节税构架。最近，塞浦路斯正在转型成为一个全球知名的金融中心，旨在遵守在透明度和其它敏感事宜方面的国际准则。这种微妙的平衡正是该国主要的优势，投资者看起来会继续通过该国的一些行业进入欧盟市场。

Summer, 2011

established representative office in Beijing. As China looks to build up its cooperation with the EU, Cyprus will prove to be a valuable partner. In his latest European visit premier Wen Jiabao hinted at the possibility of the Chinese government purchasing yet more Euro bonds to help ease out the current debt crisis. With an eye on its exports, it is clear that Beijing is highly interested in the economic stability of its major trading partner. Home to the second lowest corporate tax rate in Europe, Cyprus is set to continue attracting Chinese trading and offshore businesses for many years to come. An eye on the future Despite its high exposure to economically troubled Greece, Cyprus’ economy is expected to grow by 1.5% to 2% this year as estimated by the International Monetary Fund (IMF). While holding a positive outlook for the Cypriot economy for 2012, the IMF estimates the country’s GDP per Capita at PPP to surpass $28,500 for the current year. In light of a globally recovering economy and the resulting tightening of finances around the world, keeping a steady inflow of overseas investments is crucial for Cyprus. Realizing the importance of infrastructure in continuity of attracting these investments, government spending

on infrastructural projects has been on a rise since 2007. According to the latest Cypriot Finance Ministry report on Economic Development, more than €0.5 billion was spent on such projects during the past year alone. These amounts are projected to increase by almost 4% near the end of 2011. At the 2nd annual 2011 Mediterranean Oil and Gas Conference, the government announced it was planning to diversify its energy sources towards including natural gas. The eastern Mediterranean’s potential for oil and gas prospects poses great potential for Cyprus as it could stand to benefit from new possible energy routes to Europe. Although exploration activities are ongoing, it might require a considerable amount of time before an accurate and concrete assessment is made. China is bound to keep a close eye on these developments. Overall Cyprus provides international businesses in almost every sector with immaculate services and many flexible tax-saving structures, while recently reforming itself into a globally reputable financial center abiding by international guidelines on transparency and other sensitive business issues. This delicate balance is perhaps the country’s main strength as inward investments into the EU seem set to continue being channeled through its several industries.

Summer, 2011 China Offshore

塞浦路斯 - 新丝绸之路上的黄金门户 CYPRUS – THE NEW SILK ROAD’S GOLDEN GATEWAY 具有竞争力的税收制度和在欧盟法律框架内的开放投资政策让塞浦路斯变成了一个领先的国际商业中心。这也使之成为欧洲和中国之间的完美接入点。 The competitive tax system and open investment policies operating within a framework of European Union law have catapulted Cyprus into a leading centre of international business. This also makes it the perfect entry point between Europe and China. 那么是什么让塞浦路斯的税收制度变得如此诱人的呢？ · 在塞浦路斯收到的股息通常不用在塞浦路斯缴税 · 出售证券（比如股票和债券）获得的利润和收益完全不用在塞浦路斯缴税 · 对跨境股息和利息支付不征收预提税 · 从其他欧洲国家的分支获得的股息和利息能够从欧盟税收指令中获益，因此对此类支付不征收预提税 · 塞浦路斯企业的应税收入所面临的企业税率仅为 10%，这是欧盟国家中最低的。增值税率为 15%，这也是欧盟中最低的。除了这些好处以外，塞浦路斯已经与全球超过 45 个国家签署了税收条约，这能够确保与这些国家进行商业交易时能够获得税收效率。塞浦路斯正不断地与各国建立新的联系，达成新的税收条约和类似的协议。最近，塞浦路斯与捷克共和国和卡塔尔之间的新条约已经开始生效，并且与俄罗斯和意大利签署了新的协议，还即将与阿联酋和瑞士达成新的协定，使得与这些国家的商业关系变得比以往更为有利。

中国是如何发展与塞浦路斯之间关系的？在 2004 年加入欧盟以前，塞浦路斯是不结盟运动的成员。这种政治中立的态度突出了塞浦路斯与全球其他国家之间的关系，这也确保了塞浦路斯在过去几十年具有挑战性的政治环境中能够维持与中国之间良好的政治关系。 1990 年，中国与塞浦路斯签署了税收条约，并且一直沿用至今。这项税收条约确保两国之间的收入和资本流动能够享受有利的税收待遇。加上塞浦路斯通过其广泛的条约网络能够从欧盟成员和其他国家那里得到税收优惠，这让中国向这些国家进行的投资也能够取得税收效率。

收购交易的构建具有税收效率的控股结构所包含的特点通常如下： · 对股息和利息流征收最少的预提税 · 投资退出不征税，比如出售股票后的资本利得；对公司的清算不征收预提税 · 灵活的融资结构；对中期现金回报施加最小、甚至没有转移定价和资本弱化方面的限制 · 受到广泛的双边税收条约和欧盟指令（在相关的情况下）的保护

· 最少的交易税以及维护企业架构的成本 Summer, 2011

So what is it that makes Cyprus’s tax system so tempting? · Dividends received in Cyprus are generally exempt from Cyprus tax. · Profits and gains made on the sale of securities such as shares and bonds are wholly exempt from Cyprus tax. · There are no withholding taxes on cross border payments of dividends and interest. · Dividends and interest received from subsidiaries in other European Union countries should benefit from the European Union tax directives so that there is no withholding tax on such payments. · Taxable income of a Cypriot company is subject to corporate tax at a rate of only 10% – the lowest in the EU. The VAT rate is 15% – also the lowest in the EU. In addition to these benefits, Cyprus has tax treaties with over 45 countries around the world ensuring that doing business with these countries is tax efficient. New links are continuously being forged with the constant conclusion of new tax treaties and similar agreements. Recently new treaties have come into force with the Czech Republic and Qatar; new protocols have been signed with Russia and Italy; and new agreements with the UAE and Switzerland are forthcoming – making business relations with these countries more advantageous than before.

Where does China come in? Until it joined the EU in 2004, Cyprus was a member of the Non-Aligned Movement. This statement of political neutrality underscored Cyprus’s relationship with the rest of the world and in the more challenging political climate of past decades ensured Cyprus maintained favorable relations with China. In 1990, China and Cyprus concluded the tax treaty that continues to apply today. The tax treaty ensures a beneficial tax treatment for flows of income and capital between the two countries. Coupled with the tax benefits that Cyprus has in dealing with other members of the European Union as well as with many other countries through its diverse treaty network, efficient investment from China to these countries is also achieved.

Acquisition structuring The usual attributes identified for a tax efficient holding structure usually include the following: · Minimized withholding taxes on flow of dividends and interest. · No taxes on exit such as capital gains on the disposal of shares or withholding taxes on liquidation of companies. · Flexibility of funding structure with minimal or no transfer pricing and thin capitalization restrictions allowing for interim cash returns.

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以下普通法结构展示了在收购交易的构建中使用塞浦路斯企业能够带来的好处

· Protection under a wide network of bilateral tax treaties and where relevant, EU directives. · Minimized transactional taxes and costs of maintaining the structure. The use of a Cyprus company in an acquisition structure provides such attributes - as shown in the diagram.

Entering the Golden Gateway There is no single structure that will meet the needs of all cross border acquisitions. Using Cyprus entities within structures for Chinese acquisitions however takes the investor a long way to achieving the ultimate tax efficient investment. The ultimate goal is for zero tax on exit and the Cyprus model allows for this, whether exit is after 5 years or 5 months. In the meantime, there is full flexibility in the mix of debt and equity flowing through Cyprus and the costs of maintaining the structure are insignificant when it comes to fees for meeting Cypriot tax compliance and company law obligations. Transaction taxes are almost always nil and with VAT at 15%, any leakage that can’t be planned for is the lowest in the EU. Most importantly, interim profits and gains and debt repayment can flow with minimal tax leakage.

About Deloitte’s Chinese Services Group in Cyprus 图示下：对利息无预提税；对轻微息差征税的额外税几乎可以忽略；对利息的预提税为 0% 图示中：中国投资者；塞浦路斯控股公司；欧洲目标公司图示上：对股票出售在欧洲和塞浦路斯免税；股息无预提税；股息预提税为 0%

进入该黄金门户没有一个单一的结构能够满足所有跨国并购交易的需要。然而，使用塞浦路斯的架构来进行并购交易能够帮助中国投资者最终取得税收效率。最终的目标是在退出时获得零税率。无论退出发生在 5 年后或者 5 个月后，塞浦路斯都能够帮您实现这一目标，与此同时，通过塞浦路斯进行债权和股权的组合构架具有完全的灵活性，而维持这种构架的成本也很低，只需要符合塞浦路斯的合规税

China’s phenomenal growth has made it a rising economic powerhouse and an increasingly significant player on the world stage. Our Chinese Services Group in Cyprus has an integrated team of specialists based in both China and Cyprus. Cooperating through the worldwide network of our Global Chinese Services Group, we provide a bespoke and seamless service to our clients in relation to both inbound and outbound activities and across our four core service lines Audit, Tax, Consulting and Financial Advisory. Deloitte’s Chinese Services Group in Cyprus assists Chinese groups investing and operating through companies incorporated and tax resident in Cyprus. In addition, our Chinese Services Group can assist with establishing Cypriot companies to perform other functions which can benefit from the favourable tax system and business environment in Cyprus. For more information about our Chinese Services Group in Cyprus and to access our guide for Chinese Services businesses entitled, "Cyprus – The ideal route to Europe & beyond" visit www.deloitte.com/cy.

和公司法的要求即可。交易税几乎不存在，而增值税率为 15％，任何计划外的税收流失在欧盟中也是最低的。最为重要的是，中期利润和收益以及债务偿还的税收流失可以被最小化。对金色的龙来说，塞浦路斯无疑是一个黄金的门户！

关于德勤在塞浦路斯的中国业务部中国惊人的增长使之成为了一个正在崛起的经济强国，并且在世界舞台上扮演着日益重要的角色。我们在塞浦路斯的中国业务部是一个包括在中国和塞浦路斯两地工作的专家的综合性服务团队。通过与我们的全球中国业务部在世界各地的网络进行合作，我们能够为客户在境内和境外商业活动上提供定制缜密的服务，其涵盖我们四大主要服务领域：审计、税务、咨询和财务顾问。

Paul Mallis 国际税务合伙人 International Tax Partner 德勤有限公司 Deloitte Limited 尼科西亚 Nicosia Email: pmallis@deloitte.com

此外，德勤在塞浦路斯的中国业务部还能够帮助中国企业在当地进行投资，并且通过在塞浦路斯注册企业获得税收居民的身份。此外，我们的中国业务部能够帮助投资者建立具有其他功能的塞浦路斯公司，从该国有利的税制和营商环境中获益。

如果您希望获得关于我们在塞浦路斯的中国业务部的更多信息，或者希望得到题为 “塞浦路斯—进入欧洲和更大市场的理想路线”的中国企业服务指南，敬请访问我们的网站 :

visit www.deloitte.com/cy

Deloitte Limited www.deloitte.com/cy +357 25 868 686 infonicosia@deloitte.com Summer, 2011 China Offshore

看点 Eye On | Uruguay

乌

拉圭东岸共和国拥有约 350 万的人口，它地处南美洲东南部地区，是位于巴西和阿根廷之间的一个

小国。该国的公民讲英语、西班牙语和意大利语，大约 88％的人口拥有欧洲血统。乌拉圭的经济增长强劲，2004 至 2008 年间的年平均增长率接近 10%，这一速度能够击败除了中国之外的所有国家。20082009 年的全球金融危机打乱了乌拉圭经济快速增长的轨迹，这使得该国 2009 年的经济增长率降至 2.9%，经济增量仅为 450 亿美元。但是在全球大多数经济体都出现经济

乌拉圭拉丁美洲的离岸天堂 Uruguay

Latin American Offshore Paradise

负增长的情况下，这样的增长率依然显得非常惊人。与中国相类似，乌拉圭主要通过较高的公共开支和投资来使其远离衰退并且保

By James Zhang

持正增长。2010 年，实际 GDP 增长率超过了 8%，而 2010 年 12 月的失业率为 5.4％，创下了历史新低。这也与中国这个世界上经济增长最快的国家相类似。据国际货币基金组织的估计，2011 年乌拉圭的实际 GDP 增长可能会达到 5％，而随后几年的增长率将保持在 4％的水平。 2009 年，乌拉圭的人均 GDP 为大约 13000 美元，这相当于一个中等收入国家的水平。相比大多数拉美邻国，乌拉圭的生活水平要稍高一点，这体现在该国的社会支出和教育水平（该国人口拥有 97％的识字率）特别高。乌拉圭的经济在很大程度上依赖于围绕离岸金融服务和高端 IT 的服务产业，这些领域雇佣了该国大约 70％的劳动力。离岸金融一直是乌拉圭最具竞争力的服务出口行业之一。乌拉圭曾一度被称为南美洲的瑞士（该国的银行业面临越来越大的压力要求其公开私密的帐户，而乌拉圭则不存在这种情况），这主要归因于该国的银行和离岸金融服务业。乌拉圭最大的银行是 Banco Republica。该国还有近 20 家私人银行，它们大多数是国际银行的本地分支机构，其中包括桑坦德银行、荷兰银行和花旗银行。该国还拥有许多经纪商和金融服务供应商，包括 Ficus Capital，Galfin Sociedad de Bolsa， Europa Sociedad de Bolsa， Darío Cukier，GBU，Horde·ana 和 Asociados Sociedad de Bolsa 等等。虽然金融危机对该国的银行造成了影响，但是乌拉圭已经完全从中恢复了过来。

Summer, 2011

ith a population of some 3.5 million, the Oriental Republic of Uruguay, is a small nation situated between Brazil and Argentina in the southeast region of South America. The country’s citizenry speaks English, Spanish and Italian, and about 88% of the population is of European descent. Economic growth for Uruguay was robust, enjoying an average growth between 2004 and 2008 of almost 10%, a rate that could beat all but China. The 2008-2009 global financial crisis distorted Uruguay's path of vigorous growth that decelerated in 2009 to 2.9% at US$ 45 billion, which was still very remarkable when most economies of the world contracted. Akin to China, Uruguay managed to be away from a recession and keep positive growth rates, mainly through higher public expenditure and investment. Real GDP growth exceeded 8% in 2010 and unemployment reached a record low of 5.4% in December 2010, that’s also similar to China, the world’s fastest growing economy. According to IMF estimates, Uruguay is likely to achieve growth in real GDP of 5% in 2011

and 4% in subsequent years. In 2009, GDP per capita is approximately US$ 13,000, in line with the level of a middle-income nation. Uruguay enjoys a slightly higher standard of living than most of its Latin American neighbors, this is reflected in the fact that social spending and level of education (the country boasts of a 97% literacy rate) are especially high. Uruguay’s economy is largely driven by the service industry revolving around offshore financial services and highend IT, which employ about 70% of the workforce. Trade is led by agriculture, particularly cattle, which accounts for around 40% of total exports. Offshore finance has been conventionally one of the competitive service export sectors of the country. Uruguay was once dubbed the Switzerland, whose banking industry is under escalating pressure to unveil account secrecy (whilst Uruguay ’s isn’t), of South America, mainly for its banking and offshore financial services sector. The largest bank in Uruguay is Banco Republica. Almost 20 private

Summer, Winter/Spring, 2011 China 2011Offshore INVEST IN

看点 Eye On | Uruguay

乌拉圭有南美地区最完善的金融服务业，成功吸引了大量离岸投资者。

Uruguay has the most comprehensive financial services industy in South America, having successfully wooed multitudinous offshore investors. 乌拉圭拥有受过良好教育、能够讲英语、工资又低于国际平均水平的劳动力，这使得它已经迅速地成为了拉丁美洲的信息技术外包中心。2005 年，乌拉圭成为南美洲首个软件出口国。重要的开发商和咨询公司包括 De Larrobla & Asociados， Greycon 和 Quanam。这些公司中有许多建立在 Zonamerica 商业科技园中。这个著名的拉丁美洲 IT 园区是一个乌拉圭特有的企业形式，其名称是乌拉圭自由贸易区公司，它允许投资者在这个园区内建立离岸或者在岸企业。在这里注册的公司不需要缴纳包括所得税在内的所有乌拉圭境内的税赋。相比之下对普通公司来说，乌拉圭的企业所得税率为 25％（此外，红利支付的税率为 7％）。注册的类型可以是公司（通常被认为拥有离岸业务），也可以是境外企业的分

banks, mostly branches of international b a n ks , s ay, B a n c o S a n t a n d e r, A B N AMRO, Citibank, operate in the country. There are also a myriad of brokers and financial-services providers, among them are Ficus Capital, Galfin Sociedad de Bolsa, Europa Sociedad de Bolsa, Darío Cukier, GBU, Hordeñana and Asociados Sociedad de Bolsa, etc. Uruguay has fully recovered from the financial crisis that had resulted in a run on its banks. Possessing a well-educated, Englishspeaking, lower-than-international wage workforce, Uruguay has rapidly become Latin America’s information technology outsourcing hub. In 2005 Uruguay became the first exporter of software in South America. Important developers and consultants include De Larrobla & Asociados, Greycon and Quanam. Many of these companies have established in Zonamerica Business & Technology Park. The prominent Latin American IT park belongs to a Uruguay-unique form of incorporation, the Uruguayan Free Trade Zone Corporation, which offers the possibility to set up an offshore or onshore company on its premises. Companies therein are exempted from all Uruguayan taxes inclusive of the income tax, which is 25% of the corporate Real GDP growth in 2010

income (with a further 7% to be levied upon the distribution of dividends) for ordinary companies in contrast. The types of incorporation could be eithers Corporation, which is normally considered to have offshore activities, or Branch/Representative Office of Foreign Company, or a Limited Liability Company. T h e m o s t f re q u e n t ly u s e d t y p e o f incorporation by international offshore investors in Uruguay is the Corporation with bearer shares. Aside from being completely tax-free, corporations are entitled to a removal of the need to file accounts, free movement of capital, free foreign currency conversion, and free circulation of precious metals, bonds, or any type of commercial/financial papers, to name a few. T h e m o s t a l l u r i n g U r u g u aya n glamour for offshore investors might be that the incorporation of offshore banks is allowed there. The minimum share capital for an offshore bank is US$ 500,000. The bank is exempt from any tax on any activity, line of business, income or its assets. Interestingly, it also does not require a local registered agent. Uruguayan offshore banks can carry out any form of banking activity, such as offering all types of current and deposit FDI in South America (2009,% of GDP)

公司 / 代表处，或者是有限责任公司。国际离岸投资者在乌拉圭注册成立企业最常使用的形式是拥有不记名股票的公司。除了完全免税之外，企业同样能够获得其它的好处，其中包括：无需申报帐户、资本的自由流动、外币的自由兑换、以及贵金属、债券和任何形式的商业 / 金融票据的自由流通。对离岸投资者来说，乌拉圭最具吸引力的地方可能在于该国允许离岸银行进行本地注册。离岸银行的最低股本要求为 50 万美元。对任何商业活动、业务、收入和资产来说，离岸银行可以免缴一切相关的税收。有趣的是，离岸银行的注册并不需

Summer, 2011

Source: FMI, World Economic Outlook, April 2011

Source: ECLAC

Uruguay | Eye On 看点

要本地的注册代理。乌拉圭离岸银行可以开展任何形式的银行活动，比如提供所有

Uruguay's FDI fiows (US$ million)

类型的活期和定期存款账户，其中包括外币账户。唯一的限制是它们只能为非居民提供服务。在过去几年里，中国与乌拉圭之间的关系已经开始实现回暖。目前，中国是乌拉圭第三大的出口市场，并且一直保持着强劲增长的势头。去年，两国的双边贸易额达到创纪录 26.3 亿美元，相比 2009 年增长了近 70％。根据中国官方机构新华社通讯社的报道，今年第一季度双边贸易额相比去年同期猛增 47％。中国国家副主席习近平于 6 月访问了这个南美洲国家，期间中国企业在大豆、羊毛、乳制品和其它商品等领域与乌拉圭签署价值为 5.3 亿美元的购买合同。习近平副主席此次出访是对乌拉圭副总统 Danilo Astori 2010 年 8 月到访中国的一次回访，当时两国在北京签署了经济和技术方面的合作协议。乌拉圭政府和企业都正在努力帮助中国投资者到该国定居。对那些希望打入拉美市场的中国企业来说，他们很容易地就能找到相关的服务，包括建立离岸实体和进行离岸金融规划。截至今年上半年，基于经济合作与发展组织在收入和资本方面的信息交换标准，乌拉圭已经与德国、墨西哥、西班牙、葡萄牙、法国、列支敦士登、瑞士、马耳他和芬兰签署了免双重征税协定。在近期签署了所有这些协议后，乌拉圭完全采用了经合组织的国际标准和技术建议。乌拉圭曾一度被经合组织列入“税务天堂”的黑名单中，随后又被转入“灰名单”。乌拉圭经济部下属的乌拉圭税收顾问组织新任命的主管 Nelson Hernandez 兴奋地说，乌拉圭只需要再签署一个新条约就能够脱离经合组织的“灰名单”了。这一步其实就在眼前。乌拉圭与印度的谈判取得了重大突破，乌拉圭预计很快就会跟这个南亚次大陆的强国签署这一至关重要的协定。我们刚才谈到了乌拉圭和中国在过去几十年里的良好关系，这个拉丁美洲的离岸司法管辖区可能会在不久的将来与中国这个世界上经济增长最快的国家（也是全球第二大经济体）签署一个类似的协定。

Source:Central Bank of Uruguay

accounts, including foreign currency accounts. The only restriction is that they can merely conduct business with nonresidents. In the past couple of years, the relations between China and Uruguay have warmed up. China is nowadays Uruguay’s third export market, and one that is growing strongly. Bilateral trade last year reached a record US$ 2.63 billion, a rise of nearly 70 per cent over 2009, and in the first quarter this year, bilateral trade had soared 47 per cent compared with the first quarter of 2010, according to China’s official Xinhua news agency. Chinese companies signed deals to buy nearly US$ 530 million in Uruguayan soy, wool, dairy products and other goods during a June visit to the South American country by Chinese Vice President Xi Jinping, which was to reciprocate Uruguayan Vice President Danilo Astori’s August 2010 visit to China, during which an agreement on economic and technological cooperation between the two nations was signed in Beijing. Uruguayan government and businesses alike are now striving to help Chinese investors settle in their nation. Services to facilitate Chinese companies penetrating the Latin American market, setting up offshore entities and doing

offshore financial planning are easily available in Uruguay. Up to the first half of this year, Uruguay had signed treaties to avoid double taxation with respect to taxes on income and capital in line with the information exchange standard of the OECD with Germany, Mexico, Spain, Portugal, France, Liechtenstein, Switzerland, Malta and Finland. Having signed all these agreements r e c e n t l y, U r u g u a y a d o p t e d t h e international standards and technical recommendations from the OECD. Uruguay had once been blacklisted as a tax haven by the OCED and was subsequently moved to the “grey list,” Uruguay needs just one more treaty to be removed from the OECD “grey list,” said upliftingly Nelson Hernandez, the newly appointed head of the Uruguayan Tax Advisory under its Ministry of Economy. This is on the forefront, and with major breakthroughs with India; Uruguay is expected to sign the last treaty with this Asian economic powerhouse. With the aforementioned warm-up of relations between Uruguay and China in the past couple of years, the Latin American offshore jurisdiction will probably ink one with the world’s fastest growing, second largest economy in the not too distant future. Summer, 2011 China Offshore

百慕大 — 安全港口

Bermuda - A Safe Harbour Q: 在海上遭遇风暴时更愿意呆在那个地方？远离陆地的深海还是可以避开海浪的海上陆地？ A：一个安全的港口。百慕大是享誉全球的离岸辖区，其几乎完美的标准为它赢得了商界的尊重。百慕大是英国最古老的海外领地。由于其经济政治环境稳定，百慕大已经在过去几十年中吸引了大量国际商务投资。目前，百慕大经济总额达 60 亿美元，而且拥有多家全球顶级保险、再保险、国际金融、信托、银行、法律、会计公司。国际商务是百慕大的经济命脉。2010 年 12 月，百慕大政府与中国签订了一份名为《税务信息交换协议》的双边税务协议，这将大大增进两国间的商务流通。

物，信托业在西方国家已较为成熟，在像百慕大这样的金融中心发展得更好。信托的概念在中世纪安格鲁撒克逊时代便已诞生，并已演化成今天这个受到法律认可、有资产保护色彩的体系。当财产托管者建立一个信托帐户并将资产委托给信托机构，信托机构便成为该受委托资产的合法所有人，有义务为拥有同等利益的受益方的权益管理这些资产。这部分是信托独一无二的权利。如果财产托管者不想放弃资产拥有权和控制权，百慕大为其提供了一些选择可允许托管者保留一部分控制权。

百慕大的基础建设和配合结构都有助于简化国际商务交易。其立法基于英联邦普通法律体系，同时，其执法机构能快速而有效地处理可能发生的纠纷，因而广受称誉和尊重。百慕大证券交易市场有许多优势，扮演着进入美国市场的跳板角色。

如果个人已经获得或者正在获得巨额资产的过程中，那么此人也有失去已获得资产的风险。还有其他各种程度的风险，比如说由于资产价值流失、诉讼或债权人行为引起的特定企业的风险、货币风险、政府资产让渡等司法风险。个人的风险越大，则越需要由辖区信托体系提供的资产保护。

圣乔治信托有限公司自 1970 年以来一直是一个独立的信托公司。我们经百慕大货币局特许从事信托业务，最初在家里办公。我们在加勒比地区拥有强大的影响力，而我们经验丰富的管理层和员工优秀而独立，并拥有专业领域的知识，为我们提供的优质服务奠定了基础。我们独立于其他任何金融机构、银行、法律和会计活动，这使我们能够真正独立地为我们的客户提供委托任务。但适用信托来获得和保护资产对中国市场来说仍然是新鲜事

Summer, 2011

决定信托资产时的黄金法则就是要选择最好的离岸辖区，那里政治经济稳定，提供免税环境，立法制度和法规完善，执法机构独立。选择的辖区还需要有大量著名的银行和其他金融机构，现代化的基础设施，并且能成为进入国际资本和证券市场的跳板。百慕大符合上述所有条件，并且能够让你安心，因为你的资产在全球最好的离岸辖区里专业而安全的信托机构手中。

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Q: Where would one rather be during a storm at sea? In the deep ocean far away from land or in an enclave protected from the fury of the waves? A: In a safe harbour. Bermuda is an internationally acclaimed offshore jurisdiction of impeccable standard that has earned the respect of the business world. Bermuda is the United Kingdom’s oldest overseas territory. Due to its stable economy and political climate Bermuda has attracted quality international commerce to its shores for decades. At present Bermuda boasts a US$ 6 billion economy and is home to the top international companies in the Insurance, Re-Insurance, International Finance, Trust and Corporate, Banking, Legal and Accounting industries. International Business is the backbone of the Bermudan economy. In December 2010, the Government of Bermuda signed a bilateral tax treaty in the form of a Tax Information Exchange Agreement (‘TIEA’) with the People’s Republic of China, which will significantly enhance the flow of business between the countries. Bermuda has an infrastructure and support structure aimed at easing international commercial transactions. It boasts modern robust legislation based on the common law legal system of the United Kingdom and has a highly regarded and well respected judiciary to deal swiftly and effectively with any disputes that may arise. The Bermuda Stock Exchange has numerous advantageous and Bermuda offers an ideal springboard into the American markets.

of losing that what he has acquired. There can be as many varying degrees of risk as there are individuals, for example the risk specific to a business, due to the loss of asset value, litigious/creditor actions, currency risk, jurisdictional risk in the form of statutory governmental asset alienation (also known as ‘asset grabs’) to name but a few. The higher a person’s exposure to risk the stronger the need for a robust asset protection structure that can be offered by implementation of a Trust structure in a quality jurisdiction. When deciding to settle a Trust the golden rule is to choose the best possible offshore jurisdiction for the intended structure. Select a jurisdiction with a stable government and economy that offers a tax free environment, robust legislation and regulation, and independent judicial enforcement of that legislation. The intended jurisdiction will also need to have a wide choice of reputable banks and other financial institutions available, have a modern infrastructure, and be a springboard into international capital and security markets. Bermuda offers these solutions and the peace of mind that your precious assets are in safe custody of a professional Trustee in one of the best offshore jurisdictions in the world.

St. George’s Trust Company Limited has been an independent Trust Company since 1970. We started out as a private trust company and family office and are licensed to conduct trust business by the Bermuda Monetary Authority. We are a boutique firm with a strong presence in the Caribbean basin and our experienced management and staff offers a wealth of industry expertise, excellence and independence. Our ethos of excellence underpins our service delivery standard. We are independent from any other financial institution, bank, legal or accountancy practice which enables us to be truly independent in our fiduciary duty towards those we are appointed to serve. Whilst the use of Trusts as a mechanism to own and protect assets are a novelty to the Chinese market, the common law discretionary Trust is extremely well developed in the western world, and notably better evolved in International Financial Centers like Bermuda. The trust as a concept has been around since medieval Anglo Saxon times and has evolved into a refined and legally recognized structure that has intrinsic asset protection features. When a Settlor creates a Trust and settles property with a Trustee, the Trustee becomes the legal owner of the Trust Assets with a duty to administer these Assets for the benefit of the Beneficiaries who have an equitable interest in the Trust Assets. This division of rights is what makes the Trust unique. In the event that a person does not wish to relinquish the ownership and control outright, various options are available to create a structure in Bermuda that allows the person to retain a measure of control. If a person has acquired or is in the process of acquiring significant wealth/assets, that person also runs the risk

Salemon S. Weyers 执行副总裁，顾问 Executive Vice President & Counsel 圣乔治信托有限公司 St. George’s Trust Company Limited

www.sgt.bm Tel:+1 (441)295 1820 Fax :+1 (441)295 5491 Email: info@sgt.bm Address:27 Reid Street, 1st Floor P.O. Box HM 3051, Hamilton HM NX, Bermuda Summer, 2011 China Offshore

离岸指南 | Offshore Hand book

Offshore jurisdictions by comparison Anguilla

Barbados

BVI

Cyprus

Dominica

Cayman Islands

Hong Kong

Isle of Man

Jersey

Labuan

IBC

Exempt

Private limited

Resident Private Ltd

trading

Common

Yes

Incorporation time

1 hour

10-14 days

2 days

5 day

2 days

5-9 days

1-5 days

10-14 days

8 days

Government fees (excluding taxes)

US$200

US$425

US$350

Not applicable

US$450

US$732

US$320

£360

Not applicable

RM2,600

Tax on foreign income

Nil

Yes, on a sliding scale of 1%-2.5% Depending on income

Nil

10%

Nil, excempt for 20 years

Nil

Nil on foreign profit

0%-10%

0 %-10%

3% of profits or RM20k

China DTA access

Yes

Yes9

Yes16

Min paid up share capital

US$1

€1k

US$1

HK$1

£1

US$1

Usual authorized share capital

US$50k

US$1K

US$50k

US$5k

US$100k

US$5,000

HK$1k

£2k

£10k

US$10k

Min number of directors

Local director requirement

Yes, if to take advantage of Canadian Treaty

No, but advisable for purpose of tax residency

Public access to record of directors

Yes

Anywhere

Country Type of entity Type of law Shelf company availability

Anywhere

Anywhere, but Cyprus advisable for purposes of tax residency

Public access to record of shareholders

Yes

Location of shareholder meetings

Anywhere

Local company secretary requirement

Optional

Yes

Requirement to prepare accounts

Yes

Requirement for audited accounts

Only if Income or Profits exceed US$500K

Yes

Yes, but small company exceptions

Yes

Requirement to file accounts

Yes

Public access to accounts

Requirement to file annual return

Yes

Change in domicile permitted

Yes

Under jurisdiction of EU

Yes

PRC embassy

Yes

No (in New Zealand)

Yes10

Yes19

Location of director meetings Min number of shareholders

1. There must be a quorum in Bermuda 2. When wholly foreign-owned, a private company is referred to as an International Business Company 3. Advisable for purposes of tax residency 4. Cyprus advisable for purposes of tax residency 5. Cyprus advisable for residency and compliance

Summer, 2011

7. Except Gibraltar 8. Exception for small companies 9. China - Corporate and Personal Income Tax. Belgium, Thailand, Luxembourg - dividends, interest and royalties. Some other Countries - for shipping and aviation 10. Commissioner’s Office of China’s Foreign Ministry in the Hong Kong SAR

Offshore Hand book | 离岸指南

Labuan

Luxembourg

Madeira

Panama

Samoa

St Vincent

non trading

1990 SOPARFI Holding

Limitada

GBC I

GBC II

Non resident

International

IBC

CSL

Common

Civil

Hybrid

Civil

Common

Hybrid

Yes

8 days

2 days

To be advised

4 weeks

3 days

2 days

5 days

1-5 days

2 days

2 weeks

RM2,600

Not applicable

€1k

US$1,500 (FSC), US$250 (ROC)

US$235 (FSC), US$65 (ROC)

US$300

US$100

US$1,000

Nil

Normal rates

Varies

Varies from 0% to 3% (maximum)

Nil

1.50% on worldwide income

Yes16

Yes

n/a

Yes

US$1

€31k

€5k

€50k

US$1

US$10k

€31k

€5k

€50k

US$1m

n/a

US$10k

US$1m

US$10k

US$100k

US$5k

1-3 must be an odd number

No but advisable

Yes, but 2 required for tax treaty access

Yes

Anywhere

Anywhere, but in Mauritius for treaty access

Anywhere

Normally 212

Normally 512

Yes

Optional

Anywhere

Madeira by proxy

Mauritius by proxy

Anywhere

Yes

Optional

Yes

Optional

Yes

No, but larger companies must

Yes

Yes, but not public

Yes

Permissible

Yes

Yes19

Yes

11. It must be an odd number 12. One is possible 13. But larger companies must 14. Two required for tax treaty access 15. In Mauritius for treaty access

Mauritius

Seychelles

16. Subject to meeting residency, beneficial ownership, and substance requirements 17. Required for licensed entities and for Labuan companies electing to be taxed at 3% audited net profits 18. Required for licensed entities and Labuan companies that have appointed auditors 19. PRC embassy located in Kuala Lumpur, Malaysia *. If income exceeds US$500k

Summer, 2011 China Offshore

离岸指南 | Offshore Hand book 企业服务提供商 Corporate Service Providers

Belize

EMCS International Services LTD www.emcsinternational.com Tel: +356 2777 2540 enquiries@emcs.com.mt

Mauritius

Tel:+345 949 7811 civil.aviation@caacayman.com

Department of Merchant Shipping ww.shipping.gov.cy Tel: +357 258 481000

离岸律所 Offshore Law Firm

Barbados Frontier Biz www.frontierbiz.bz Tel: +501 223 2144 frontier@btl.net

British Virgin Islands

MASlux (Mauritius) Ltd www.masint.com Tel: +230 466 9447 contact@mu.masint.com

maritimeadmin@dms.mcw.gov.cy French International Register www.rif.mer.equipement.gouv.fr Tel: +334 2684 5762 rif@developpement-durable.gouv.fr

Chancery Chambers www.chancerychambers.org Tel: +246 431 0070 chancery@chancerychambers.com

British Virgin Islands Crescent Corporate Services www.crescentbvi.com Tel: +284 494 9165 janccsl@myacc.net

Cyprus

FWM International Ltd www.axys-group.com Tel: +230 213 6600 global@axys-group.com

Seychelles

The Aspen Trust Group www.aspentrust.com Tel: +357 2241 8888 info@aspentrust.com

Fiducenter Ltd www.fiducenter.com.cy Tel: +357 25 504 000 fiducenter@ducenter.com.cy

Deloitte Limited www.deloitte.com/cy Tel:+357 25 868 686 infonicosia@deloitte.com

Madeira

United Management Services www.ums.pt Tel: +351 291 207 080 fdantas@ums.pt

Malta

Sterling Offshore www.sterlingoffshore.com Tel: +248 410 940 michelle@sterlingoffshore.com

Summer, 2011

Maritime Cook Islands www.maritimecookislands.com Tel: +682 23 848

公共和私有机构 Public & private institutions

Fenech & Fenech www.fenechlaw.com Tel: +356 2124 1232 info@fenechlaw.com

Anguilla

A.C.T. - Offshore Limited www.offshorecompanies.net Tel: +248 224 899 email@actseychelles.com

Anguilla Financial Services Division www.axafsc.com Tel: +264 497 3881 anguillafsd@anguillafsd.com

Simon Torell & Associates www.simontortell.com Tel: +356 2122 8862 simon@simontortell.com ABC International Services www.abcmanagementservices.com Tel: +248 374 088

Hong Kong

Roth Capital Partners www.china.roth.com Tel: +852 2251 8585 hr@roth.com

Bahamas

Seychelles

Bahamas Financial Services Board www.bfsb-bahamas.com Tel: +242 326 7001 info@bfsb-bahamas.com

Appleby Global www.applebyglobal.com Tel: +248 429 5281 info@applebyglobal.com

离岸游艇注册机构 Offshore Yacht Registry Bahamas Maritime Authority

Barbados

Invest Barbados www.investbarbados.org Tel: +246 626 2000 info@investbarbados.org

Belize

离岸飞机注册机构 Offshore Aircraft Registry

Cayman

Civil Aviation Authority www.caacayman.com

Harney Westwood & Riegels www.harneys.com Tel: +284 494 6286 bvi@harneys.com

Malta

投资银行 Investment Bank Actuarius Consulting www.actuarius-consulting.com Tel: +351 291 234 245 info@actuarius-consulting.com

International Registries, Inc www.register-iri.com Tel: +852 2526 6641 hongkong@register-iri.com

www.bahamasmaritime.com Tel: +852 2522 0095 hongkong@bahamasmaritime.com

IBCR Belize www.ibcbelize.com Tel: +501 223 5108 ibc@btl.net Bermuda

Offshore Hand book | 离岸指南 Business Bermuda www.businessbermuda.org Tel: +441 292 0632 sstirling@businessbermuda.org

info@jtbanktrust.com

Cyprus

Cook Islands

Cook Islands FSDA www.cookislandsfinance.com Tel: +682 211 75 enquiry@fsda.gov.ck

Isle of Man

Isle of Man Finance www.gov.im Tel: +44 1624 686400 enquiries@isleofmanfinance.com

Labuan

Labuan IBFC Inc. Sdn Bhd www.labuanibfc.my Tel: +60 3 2773 8977 info@labuanIBFC.my

Liechtenstein

Liechtenstein Treuhandervereinigung www.thv.lt Tel: +423 231 1919 info@thv.li

Ras Al Khaimah

RAK Offshore www.rakoffshore.ae Tel: +971 7 206 8666 gmassist@rakoffshore.ae info@ggba-switzerland.ch

私人银行 shanghai@maritimecookislands.com Private Banking

Anguilla

National Bank of Anguilla www.nbaoffshore.ai Tel: +264 497 7096 nbaprivatebank@nbaoffshore.ai

Bank of Cyprus Tel: +357 2122 8000 www.bankofcyprus.com info@cy.bankofcyprus.com

FBME Bank www.fbme.com Tel: +357 22 888400 nicosa@fmbe.com

Marfin Laiki Bank www.marfinbank.com.cy Tel: +357 2288 7766

委托和信托服务 Trust & Fiduciary Services

Costas Indianos & Co www.indianos.com.cy Tel: +357 22 675231 indianos@indianos.com.cy

NTL Trust Limited www.ntltrust.com Tel: +869 469 5500 Nick@ntltrust.com

PAAP Management Services LTD www.paapmanagement.com Tel: +357 25 662285 info@paapmanagement.com

First Advisory Group www.firstadvisorygroup.com Tel: +65 6576 0990 p.schmid@blueaxis.net

Singapore

Dubai

Azure Consultants (UK) Limited www.azuregroup.biz Tel: +44 207 193 0910 info@azure-consultants.com

Hong Kong

Asiaciti Trust www.asiacititrust.com Tel: +65 6533 2611 singapore@asiacititrust.com

财富管理 Tel: +441 295 1820

Wealth Management

Bermuda

Austria

Bilanz-Data www.austrian-taxes.com Tel: +431 516 120 baier@austrian-taxes.com

Nova Sage Incorporations www.nova-sage.com Tel: +852 2528 1322 info@nova-sage.com Midland Consult

Bahamas

www.midlandconsult.hk Tel: +852 2899 2009 Office@midlandconsult.hk

Elco Group www.theelcogroup.com Tel: +242 367 2558 issac@elco-bank.com

Barbados

Platinum Offshore Management Services, Inc. www.platinumoffshore.com Tel: +246 437 6092 Management@platniumoffshore.com

Bermuda

St.George’s Trust Company Ltd. www.sgt.bm

The AMS Group www.amsbvi.com Tel: +284 494 3399 enquiries@amsbvi.com

LOM Asset Management Ltd. www.lom.com Tel: +441 295 6999 lomam@lom.bm info@sgt.b

游艇注册服务提供商 Yacht Registration Providers

Bahamas

Isle of Man

Capital International www.capital-iom.com Tel: +44 1624 654200 info@capital-iom.com

The ILS Group Limited www.ils-world.com Tel: +44 1624 682500 iom@ils-world.com

Windermere Yacht Services Ltd. Tel: +242 677 1920 office@winermerecm.com

Malta

Anchor Corporate Services www.anchor.com.mt Tel: +356 212 3239 info@anchor.com.mt

Mauritius

Liechtenstein

British Virgin Islands

Barbados

J&T Bank and Trust www.jtbanktrust.com Tel: +246 430 8650

Cyprus

Allgemeines Treuunternehmen (ATU) www.atu.li Tel: +423 237 3434 info@atu.li

Gloconsult Management Services Ltd. www.info-gloconsult.com Tel: +230 213 5080 info@glo-consult.com

Nevis

Summer,, 2011 China Offshore

会议 | Conferences

2011 年中国离岸 IPO 峰会 The 2011 China Offshore IPO Summit 大中华地区离岸金融新闻和信息的领先季刊《中国离岸》于2011年5月18日在豪华精品酒店上海宏安瑞士大酒店举办了2011年中国离岸首次公开发行峰会。通过演讲、研讨会和小组讨论的形式，本次峰会向包括中国企业主和高级管理人员在内的与会嘉宾提供了公司海外上市的解决方案，并且特别关注了离岸上市的过程中最为紧迫的一些问题。本次峰会的赞助商代表包括许多知名的会计师、律师、投资银行家、外汇管理者和公关专业人士，他们在一起讨论了对那些希望在纽约证券交易所、纳斯达克交易所、香港证券交易所、伦敦和新加坡交易所上市的中国公司来说，在IPO过程中应该采取什么样的“最优的法律和财务实践准则”。通过问答以及午餐和茶歇时间的互动环节，近160名与会者拥有充分的机会与演讲者进行交流。《中国离岸》感谢大成律师事务所、金杜律师事务所、衡力斯、罗仕证券、CCG等合作伙伴的专业洞察力以及所有与会者的积极参与。《中国离岸》将于2011年10月26至27日在豪华的浦东香格里拉酒店举办年度盛宴－中国离岸峰会。为期两天的会议将覆盖更为广泛的内容，包括但不限于离岸规划、离岸目的地前瞻、财富管理、税收策略、继承规划、对内及对外投资等等。我们期待您再次光临此次盛会。欲了解更多信息，请联系：sarah.wang@mxmedia.com.hk.

China Offshore, the leading quarterly publication providing offshore finance news and information services for the Greater China Area, recently held the 2011 China Offshore Initial Public Offering Summit at the luxurious boutique Swissotel Grand Shanghai 18th May 2011. Through presentations, workshops,

Summer, 2011

and panel discussions, the summit presented its selected attendees, mostly Chinese entrepreneurs and senior managers, an alternative solution for having their companies listed overseas with a gaze upon the most pressing issues in relation to going public offshore. Summit sponsors, namely, reputable accountants, attorneys, investment bankers, exchange administrators and PR professionals, discussed at sessions “the best legal and financial practices” in the IPO process for China-based companies seeking to list at such primary overseas exchanges as the NYSE, NASDAQ, HKEx, London and Singapore exchanges. Nearly 160 participants were given ample opportunities to interact with the speakers through rigorous questioning and to network with one another at luncheon and tea breaks. China Offshore thanks Dacheng, King & Wood, Harneys, Roth Capital Partners, CCG, etc. for their professional insight and input and all attendees for their vigorous involvement. China Offshore will be staging its premium annual event China Offshore Summit 26th to 27th October 2011 in Shanghai at the extravagant Shangri-La Pudong Hotel. The two day event to be hosted will cover a much broader spectra including but not limited to offshore planning, offshore jurisdiction outlook, wealth management, tax strategy, succession planning, inbound and outbound investment. We look forward to meeting you again at the grand event. For more information, please contact: sarah.wang@mxmedia.com.hk.