China Offshore 2013 Spring Edition by John Yang

LETTER FROM EDITOR | 编者的话

很高兴在春暖花开的季节向读者奉上我们最新的春季刊《中国离岸》，本期我们精心挑选了慈善作为封面故事，慈善事业一向是中国富有阶层所重视，也是媒体关注和市民乐道的热门话题。随着国内高净值人士更多地把财务规划交给离岸公司管理，更多心存善心的人士则更乐意于借助那些更高效、更透明、更有潜力的慈善基金会等机构来表达自己的爱心。本期“封面故事” 将做一个详细的介绍，并邀请到著名的国际慈善咨询师协会代表 Andy Toles 发表他对中国慈善事业的一些看法。希望在令人眼花缭乱的众多离岸目的地注册公司的读者们，本期可以关注一下我们的独家特刊，和去年一样，我们就在几个热门的离岸属地，如开曼群岛、英属维尔京群岛和萨摩亚等岛国上建立公司做了详细介绍和讨论，并就一些早已耳熟能详的目的地，如香港、加拿大和新西兰等国的公司建立做了简单的问答形式的解释，让读者能第一时间掌握准确的信息，少走弯路。我衷心希望鄙杂志能和您的事业一起成长，在财富管理的道路上走得越来越宽敞和成功。

《中国离岸》编辑 John Yang 主编 Editor in Chief: John Yang 撰稿人 Contributors: Frances Emery, Baron Laudermilk, Leo Zhang, Tendai Musakwa, Martin Crawford, Adam Skuse, Andy Toles, Michael Liu 美术总监 Art Director: Susan Shen 美术编辑 Designer: Tank Hu 研究员 Researcher: Naomi Wu 营运总监 Director of Operations: Spencer H.Hall 制作总监，亚洲 Production Director, Asia: Oliver Davis 销售总监 Sales Director: Matthew Sumner 客户经理，亚洲 Accounts Managers: Sammi Lin, Michael Lee, Chris Siu, Victoria Johnson, Pooja Ramchandani 销售助理 Sales Assistant: Brad Wang 发行经理 Circulation Manager: Iris Gao

出版机构 PUBLISHER MX MEDIA GROUP LIMITED 地址 Address: Suites 1102-1103, 11/F Kowloon Building 555 Nathan Road, Mongkok, Kowloon, Hong Kong

广告投放 ADVERTISING ENQUIRIES 亚洲 Asia: +852 3073 2008 电子邮件 E-mail: sales@chinaoffshore.com.hk

We are pleased to present the latest China Offshore Spring Edition

to our readers in this warm and beautiful season. Our cover story in this

issue will be looking into the subject of philanthropy. Philanthropy has

always been valued by the wealthy in China, and is also a hot topic that attracts media attention and public discussions. As China’s high net worth individuals increasingly allow offshore companies to conduct financial

planning, more philanthropists are using tools such as foundations with greater efficiency, transparency and potential to show a charitable side.

The cover story will offer a detailed introduction on philanthropy and we

invite Andy Toles, founder and chairman of National Christian Foundation

Seattle an affiliate of one of the largest charities in the US, to share his thoughts about China’s philanthropy.

For our readers who may feel overwhelmed by the myriad options of

offshore jurisdictions, we hope to draw their attention to our exclusive

supplement in the current issue. Like last year’s edition, we offer detailed introductions and discussions on how to set up a company in several top

offshore jurisdictions, such as Cayman Islands, BVI and Samoa. We also

provide concise Q&As on the corporate establishment in well-established jurisdictions like Hong Kong, Canada and New Zealand. We hope our readers can obtain some first-hand accurate information needed to help them through the twists and turns.

I sincerely hope that our magazine will grow with your business and

achieve success in a broader range in the course of wealth management.

Editor, China Offshore John Yang

john.yang@chinaoffshore.com.hk

2013, Spring CHINA OFFSHORE

欧洲司法管辖区：丰富的选择

Euro Jurisdictions: Your Alternative Option

特别报道

SPECIAL REPORT

新闻 NEWS 04 全球离岸新闻 Global Offshore News 离岸世界重要资讯 All the latest news from across the offshore world 观点 OPINION

06 烟雾、镜子和离岸法规 Smoke, Mirrors and Offshore

封面故事 COVER STORY 14 离岸慈善基金会一瞥 The Benefits of Offshore Charitable Foundations 特别报道 SPECIAL REPORT 24 家庭有限合伙企业财富管理的明智之选 Family Limited Partnerships A Top Option for Estate Planning

Regulation 29 欧洲司法管辖区：丰富的选择 10 慈善：心的情结 Philanthropy:

Euro Jurisdictions: Your Alternative Options

A Matter of the Heart 34 离岸指南 Offshore Hand book

Spring, 2013

SPRING 2013 春季刊

CONTENTS

24 ADVERTISER DIRECTORY 广告商目录 GenPro Consulting, Inc. – Inside Front Cover AIM Congress – P09 China Offshore - Beijing Summit 2013 – P21 BBD – P22-P23 Cook Islands FSDA – Supplement Inside Front Cover Orangefield Trust (Mauritius) Limited – S05 China Offshore – S07 A.K.COSMOSERVE LTD – S25 British Virgin Islands International

公司建立指南 Company Formation Guide

Financial Centre – S27

An exclusive supplement of China Offshore magazine

Wheelman & Partners LLP – S29

S01 独家报道 / 离岸属地特别报道 Exclusive Report/Offshore Jurisdictions

S22 观点 / 离岸 2013：中国市场的机遇与挑战个性化掘金时代的到来 Opinion/ Offshore 2013: Opportunities and Challenges The Era of Personalized Services

S25 行政特区导读 Jurisdiction Guide

EMD – S31 Bilanz-Data Wirtschaftstreuhand GmbH – S33 Alpadis Trust – S35 Equity Trust International Ltd. – S36 LX Management Services Pte. Ltd. – S37 MB Consultants(HK) Limited – S38 The ILS Group – Supplement Back Cover China Offshore - Shanghai Summit 2013– Inside Back Cover Abacus & BDO Event – Back Cover

2013, Spring CHINA OFFSHORE

新闻 | NEWS 全球概览 Global update

亚洲 ASIA 中国 China

亚洲 ASIA 迪拜 Dubai

香港公示信托法改革

迪拜将成为人民币离岸贸易中心

《2013年信托法律（修订）条例草案》于2013年2月8日见报公示，赋予受托人新的

中国和阿拉伯海湾之间贸易的大幅增长为迪拜成为人民币离岸贸易中心铺平了道路。

预设权力，以便更有效的管理信托，同时提供适当的制衡，以确保受托人妥善行使新的权

根据全球咨询公司麦肯锡发布的预测报告，中国与阿拉伯海湾以及中东地区国家之间的双

力，旨在将香港的信托法现代化，

边贸易额到2020年将增长到3500亿至5000亿美元，其中绝大多数将来自海湾合作理事会

2011年年底，香港的信托产业管理着大约2.6万亿港币（约3350亿美元）的资产，其

（GCC）国家，包括沙特阿拉伯、卡塔尔、科威特、阿曼、巴林和阿拉伯联合酋长国。

中超过60%的资产来源于非香港投资者设立的基金。

作为阿联酋的金融中心，迪拜已经准备好担负起人民币离岸贸易区域枢纽的角色，

香港的信托法主要以普通法为基准，辅以《受托人条例》和《财产恒继及收益累积条

它已经成为了海湾合作委员会其他成员国的门户。目前，中国与该地区国家的贸易大部

例》。这两条条例分别在1934年及1970年制定，一直未有重大检讨或修改。当中部分条文

分集中在阿联酋，2012年的双边贸易额达到了370亿美元，相比2000年增长了15倍。到

已经过时，并不符合现代信托的需要。

2015年，双边贸易额有望达到1000亿美元。

在对《受托人条例》和《财产恒继及收益累积条例》进行复审，并结合众多针对信托

根据迪拜商会的统计，目前总部设在迪拜的中国企业数量为2500家。随着这个数字

产业现代化的提案，以及参考近期英国和新加坡的信托法改革，港府就该提案于2009年和

不断上升，为人民币服务的需求也会继续增长。迪拜国民银行于2012年3月成为首个在

2012年分别进行了公示听证。

中东地区发行人民币债券的银行。

改革方案试图阐明受托人的职责和预设权力，并更好的保护受益人的利益。提案主要包

去年早些时候（2月份），中国央行与阿联酋签订了价值为350亿元人民币（约合

括引进受托人的法定注意义务，提供受托人更大的权力，使其能够委任代理人、代名人和保

56.2亿美元）的货币互换协议，以支持阿联酋商界对人民币流动性不断增长的需求。这

管人，除此以外，也将保证信托财产能够承受灭失风险；允许专业受托人收取报酬；在受益

是中国近年来已签署的一系列货币互换协议之一，此举旨在努力扩大人民币作为国际贸

人指示下的受托人退休程序提供简化程序；并对专业受托人的免责条款加强法律监管。

易结算货币的使用范围。中国还与伦敦和新加坡（这两者本身都是人民币离岸中心）签

Hong Kong Gazettes Trust Law Reform The Trust Law (Amendment) Bill 2013, gazetted on February 8, 2013, is aimed at modernizing trust law in Hong Kong by enhancing trustees’ default powers while providing for appropriate checks and balances, thereby making trusts administration more effective. At the end of 2011, Hong Kong’s trust industry held assets of an estimated HKD2.6 trillion (USD335bn), and more than 60% of the city’s asset management business originated from funds from non-Hong Kong investors. Hong Kong trust law is based mainly on common law, supplemented by the Trustee Ordinance and the Perpetuities & Accumulations Ordinance, which have not been substantially reviewed or modified since they were enacted in 1934 and 1970. Some of their provisions are outdated and cannot meet present-day trusts’ needs. Following a review of the Trustee Ordinance and the Perpetuities and Accumulations Ordinance, and in response to the various modernization proposals put forward by the trust industry and recent trust law reform in the United Kingdom and Singapore, the Government conducted public consultations in 2009 and 2012, respectively, on the reform proposals. The reform package seeks to clarify trustees’ duties and powers and better protect beneficiaries’ interests. The major proposals would therefore introduce a statutory duty of care on trustees; provide trustees with general powers to appoint agents, nominees and custodians, as well as to insure trust property against risks of loss; allow professional trustees to receive remuneration; provide for a court-free process for the retirement of trustees on beneficiaries’ directions; and impose statutory control on exemption clauses that seek to relieve professional trustees from liabilities.

Spring, 2013

署了类似的协议，但是在人民币国际化的过程中，香港取得的成绩是最为显著的。

Dubai Set to Become Offshore Trading Center for RMB Significant growth in trade between China and the Arabian Gulf is helping to pave the way for Dubai to become an offshore trading center for the RMB. Projections published by global consultancy McKinsey and Company state that bilateral trade between China and the countries comprising the Arabian Gulf and the broader Middle East will rise to between US$350 billion and US$500 billion by 2020, with the vast majority being conducted by the Gulf Cooperation Council (GCC), which includes Saudi Arabia, Qatar, Kuwait, Oman, Bahrain and the United Arab Emirates (UAE). Dubai, the financial heart of the UAE, is well-placed to take on the role of regional hub for offshore RMB trade because it functions as a gateway to other countries within the GCC. The majority of regional trade with China is currently centered in the UAE, with bilateral trade reaching US$37 billion in 2012, a 15fold increase from 2000. Trade volume is expected to reach US$100 billion by 2015. The number of Chinese firms based in Dubai currently stands at 2500, according to the Dubai Chamber of Commerce, and as this number rises. Emirates NBD became the first bank in the Middle East to issue an RMB denominated bond in March 2012. Earlier last year, in February, China’s central bank signed a currency swap deal with the UAE worth RMB35 billion (US$5.62 billion), in order to support the rising demand for RMB liquidity within the UAE’s business community. It is one of a series of currency swap agreements that China has signed in recent years, in an effort to broaden the RMB’s scope as a currency for international trade settlement. Similar agreements exist with London and Singapore – both offshore RMB hubs in their own right – but nowhere have China’s efforts to internationalize its currency been more effective than in Hong Kong.

NEWS | 新闻

欧洲 EUROPE 英国 England

欧洲 EUROPE 耿西岛 Guernsey

英格兰银行将开展人民币交易

耿西岛开始提供基金会产品

据英国《卫报》报道，英格兰银行将与中国人民银行签署一项协议，为巩固伦敦成为

在获得英国枢密院的批准后，耿西岛从今年1月9日开始提供基金会产品。基金会是注

迅速发展的离岸人民币西方中心做出的贡献。英国中央银行希望能“立刻”签署中英3年

册的、自我所有并且受理事会管理的法律实体。当个人通过制定基金会的章程将资产用于

互惠货币互换协议，如果离岸人民币整体短缺的情况下，银行将有能力给在英国有资格做

特定目的时，基金会作为法人实体就被建立了。离岸基金会（比如耿西岛目前提供的基金

人民币业务的公司提供足够现金流。

会产品）可以被用来作为保护资产的工具，它们将资产的所有权从基金会的所有人那里剥

人民币不是完全兑换的，即有相关的法律法规使得其兑换过程相对繁杂。因此投资者

离了出来。

担心如情况紧急，将无法获得足够的人民币。在该项协议下，英国将成为第一个与中国有

在耿西岛建立一个基金会只需要不到24个小时的时间。如果要进行注册，投资者需要

互惠货币信贷额度的主流发达国家，帮助伦敦成为全球人民币交易中心。

聘请一个在耿西岛注册的受托人发送相关信息到（enquiries@guernseyregistry.com），其

英格兰银行认为该互惠协议的主要促因是金融稳定，如果其他银行的资金有缺口，

中包括公司注册章程，拥有创始人（或者他的代理人）签字的声明，拟任理事的姓名和地

英国的金融机构将获得人民币借款。英格兰银行行长，Mervyn King近期在访问北京时指

址以及他们的同意函，耿西岛基金会注册办公室的地址和电话号码，以及缴纳相关注册费

出，“假设离岸人民币整体短缺，银行将有能力给在英国有资格做人民币业务的公司提供

用（24小时内完成注册：100英镑；2小时内完成注册：350英镑）。

足够流动性。”与此同时，中国则将该协议视作促进金融贸易和中英之间直接投资的工具。

耿西岛金融发展局首席执行官Fiona Le Poidevin表示：“我们非常高兴地看到，耿西

人民币是全世界商品和服务交易中最重要的货币品种之一，但是与其他金融产品相

岛的基金会立法已被批准，现在已开始生效。对那些位于欧洲民法管辖区和包括中国、俄

比，它的使用范围仍然受限。中国既希望人民币在国际上能够更广泛的运用，但同时也希

罗斯和拉美在内的新兴经济体来说，基金会可能会特别具有吸引力。在这些新兴经济体

望能够保持对于其现金流的控制，避免投资者放弃该币种从而转手导致经济减稳的情况发

中，人们对基金会的概念是更为熟悉的。我们相信，耿西岛在服务私人客户方面的专业技

生。因此，中国缓慢的开放其货币市场，并辅以监管举措。

术能够让我们在管理负责结构方面胜人一筹，这得益于我们提供信托和企业服务的传统，

Bank of England Close to Yuan Deal The Bank of England is close to signing a deal with the People’s Bank of China that should help the City of London become a trading hub for the world’s fastest-growing currency, the yuan, reported by The Guardian. The UK central bank expects to sign a three-year currency swap arrangement “shortly”, which would allow it to supply yuan in exchange for other currencies if there were a sudden shortage in the London market. The yuan is not fully convertible, meaning there are rules and regulations making the process of conversion more cumbersome. That can hinder trade as investors are nervous that there will not be enough yuan available if needed urgently for a deal. With this deal, Britain will become the first major developed economy to install a currency swap line with China, which should help London become a global trading centre for the yuan. The Bank of England says the main motive for the swap is financial stability, so it will be able to lend yuan to UK financial institutions if funding from other banks dries up. The Bank of England governor, Sir Mervyn King, who is currently on a visit to Beijing, said: “In the unlikely event that a generalized shortage of offshore yuan liquidity emerges, the bank will have the capability to provide yuan liquidity to eligible institutions in the UK.” China, meanwhile, sees the swap as a tool to finance trade and direct investment between the two countries. The yuan is one of the most important currencies in the world for trading goods and services, but its use is still limited in the much bigger global trade of shares and other financial instruments. China is keen to support greater use of the yuan internationally but wants to maintain control over capital flows, to avoid a situation where investors fall out of love with the currency and sell it, with a destabilizing impact on the economy. As a result, it is opening up its currency markets slowly and in a regulated way, with swaps of this kind.

当然还包括我们作为一个以监管良好、透明度高的国际金融中心所拥有的声誉。”

Guernsey Now Offers Foundations Guernsey started offering foundations on January 9, following approval of the relevant legislation by the UK Privy Council. Foundations are incorporated, self-owning, legal entities that are governed by a council. Foundations are legal entities that are created when a person sets aside assets for a specific purpose through a foundation’s charter. Offshore foundations, such as the foundations that are now offered in Guernsey can be used as vehicles for asset protection as they divorce the ownership of the assets from the founder. Registering a foundation in Guernsey takes less than 24 hours. To register, have a Guernsey-registered fiduciary e-mail enquiries@guernseyregistry.com with the charter of the registry, a declaration signed by the founder (or his agent), the names and addresses of the proposed councilors and their consents to act, the name and address of the proposed guardian (if any) and his consent to act, the address and telephone number of the registered office of the foundation in Guernsey and the registration fee (£100 for 24 hour registration and £350 for two-hour registration). Fiona Le Poidevin, Chief Executive of Guernsey Finance, issued a statement saying: “It’s extremely pleasing to see that Guernsey’s foundations legislation has been approved and the law has now come into force. Foundations may be particularly attractive to those based in civil law jurisdictions in Europe and further afield in the emerging markets of China, Russia and Latin America where the foundation concept is more familiar. We believe Guernsey’s expertise in servicing private clients means that we are especially well placed to administer complex structures due to the heritage we have in providing trust and corporate services as well as, of course, our reputation for being a well regulated and transparent international finance centre.”

2013, Spring CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

烟雾、镜子和离岸法规

Smoke, Mirrors and Offshore Regulation

远

望离岸金融中心的政治包装背后，你会发现这样一个行业正在不断应对新的商业需求，并且比以往任

何时候都要管理得好且更加规范。更多的监管和更好的管理之间并没有直接的联系。更多的监管也不等同于更好的监管。然而，这些举动已经促使行业参与者改进他们的服务。无论司法管辖区、客户群或产品类型有何不同，离岸金融服务行业都处于监管的笼罩下。令很多业界人士沮丧的是，尽管各方采取了许多方式来解决这个问题，不知情的批评声音依然如此突出。事实上，税收透明化的倡议起源于经济合作与发展组织，后来它演变成了一场多机构、多政府的政治讨伐，最终融入了道德意味。伪善是普遍的。多项研究发现，就反洗钱（AML）和了解您的客户（KYC）相关流程而言，相比在岸金融中心，离岸金融中心通常会更为严格地遵守此类规定。同时，离岸的从业人员在思想上并没有反对更严格的监管，他们只是希望看到可行的流程，从而避免“过度监管”吓退了合法的企业。拨开这些包装，您会看到这样一个行业已经开始逐步满足全球化监管的趋势。OIL 最近发布的“离岸 2020”调查很好地反映出了这一点，这项调查覆盖了横跨亚洲、欧洲和加勒比地区的 155 名监管者、银行家、会计师、律师、企业服务供应商和行业协会人员。他们普遍的看法是：离岸地区目前的管理和监管比以往任何时候都更好。更多的监管和更好的管理之间没有直接的关系。更多的监管也不等同于更好的监管。然而，这些措施都在迫使行业参与者开展更为激烈的竞争。无论是通过正式的授权，还是私下对监管趋势的评估，服务提供商正逐渐变得更为专业。

Spring, 2013

ook beyond the political hyperbole about offshore financial centers and you find an industry that is responding to new commercial imperatives and is better managed and more regulated than ever before. There is no direct correlation between more regulation and better management. Neither does more regulation equate to better regulation. However, these moves have forced industry participants to up their game. Regardless of jurisdiction, client base or product type, the specter of regulation looms over offshore financial services. What is disheartening for many industry participants is that uninformed criticism remains so prominent despite considerable steps being taken to address concerns. Indeed, what began as a drive for tax transparency led by the Organization for Economic Cooperation and Development (OECD) has morphed into a multi-agency and multigovernment political crusade, complete with moral undertones. Hypocrisy is rife. Various studies have found that anti-money laundering (AML) and know-your-customer (KYC) processes are regularly more rigorously adhered to by offshore financial centers than by their onshore counterparts. At the same time, offshore practitioners are not ideologically opposed to tighter regulation; they simply want to see workable processes and avoid ‘over-regulation’ that stymies legitimate business.

高福德 Martin Crawford Offshore Incorporations Limited Group(OIL) 首席执行官 Chief Executive Officer

高先生拥有超过 15 年管理亚太区大中型企业离岸金融服务、外汇及资产管理等领域的丰富经验，在金融服务业界背景深厚。 With over 15 years’ experience leading medium to large companies in the Asia Pacific region in offshore financial services, foreign exchange and asset management, Martin has a strong background in financial services.

CHINA OFFSHORE OPINION | 观点

在这个新的世界秩序下，避免双重征税协定和税务信息交换协议变得非常重要。当这些概念第一次出现时，大家感到了真正的恐惧，担心它们会压垮这个行业。两年来，特别是避免双重征税条约获得了离岸社会更为广泛的理解，它越来越多地被认为是一个机会，而不是一种威胁。它们成为了行业中众多财富规划工具之一。在 2011 年的“ 离岸 2020” 调查中，有超过一半的受访者表示，避免双重征税条约和税务信息交换协议的出现已经影响到了他们的业务。2012 年，当被问及越来越多的此类协议是否让业务放缓时，五分之四的人给出了否定的回答。随着各国税务部门加强税收的征管工作，避免双重征税条约已经成为了有效的跨境税务规划的卓越工具。除了税收信息交换协议提供的基本信息交换以外，避免双重征税条约巩固了贸易关系。公司可以避免就同样的收入在两个不同的地方进行缴税，同样对被动收入的处理方式是具有吸引力的。 2012 年的“离岸 2020”调查发现，避免双重征税条约对离岸服务提供商来说是第四重要的考虑因素，排在 AML 和 KYC 要求之后。考虑到行业参与者在监管方面需要面对的问题，后两者突出的重要性并不让人感到奇怪。 AML 的流程可能会变得更加标准化。

Sweep aside the hyperbole and what you see is an industry that is already coming to terms with the gradual onset of globalised regulation. This much was apparent in the latest installment of OIL’s “Offshore 2020” survey, based on interviews with 155 regulators, bankers, accountants, lawyers, corporate service providers and industry associations from across Asia, Europe and the Caribbean. The prevailing view is that offshore landscape is better managed and more regulated than ever before. There is no direct correlation between more regulation and better management. Neither does more regulation equate to better regulation. However, these moves have forced industry participants to up their game. Whether through formal licensing or an informal appreciation of where the regulatory drive is headed, service providers are becoming more professional. Double tax treaties (DTTs) and tax information exchange agreements (TIEAs) feature prominently in this new world order. When these concepts first

emerged there was a genuine fear that they would overwhelm the industry. Two years on, DTTs in particular are better understood by a wider section of the offshore community and increasingly seen as an opportunity rather than a threat. They are one of many wealth planning tools at the industry’s disposal. In the 2011 “Offshore 2020” survey, over half of respondents said the advent of DTTs and TIEAs had impacted their business. In 2012, when asked whether the increasing number of these agreements has prompted a slowdown in business, four in five people responded in the negative. As national revenue authorities intensify their tax collection efforts, DTTs have emerged as the preeminent tool in efficient cross-border tax planning. In addition to the basic information exchange facilities offered by TIEAs, DTTs solidify trading relationships. Companies can avoid being taxed on the same income in two different places while the treatment of passive income is attractive. The 2012 “Offshore 2020” survey

随着包括香港和新加坡在内的中岸司法管辖区加强它们所采取的措施，令传统的离岸司法管辖区带来更大的压力，促使它们更好地遵守规则。就税收信息交换而言，经济合作与发展组织看起来将继续推动相关的自动机制，而一些司法管辖区将达成类似于英国—瑞士协议的双边协议，该协议要求英国纳税人持有的未公开账户进行一次性付款。就避税和激进的税收筹划制定更多的规范将进一步突出避免双重征税条约的重要性。调查的受访者同样认为，各司法管辖区之间的紧密合作（同时带来了税务当局之间更大的跨境竞争）、收费信息的公开和信托监管是值得关注的领域。总体趋势（这些预期的措施是其中的一部分）是迈向全球化的调控。一个多层次的

OIL 将很好地融入这种新的从业环境，我们公司并不反对加强行业监管，前提是监管和商业需求的规模之间获得一个很好的平衡。

OIL will be part of this new landscape and the company is not opposed to greater oversight of the industry – provided a balance is struck between the amount of regulation and commercial needs.

2013, Spring CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

大多数人认为，服务供应商应该获得相关牌照。三分之二以上的人更认为这种情况预计将在五年内发生。

A clear majority think that service providers should be licensed and more than two thirds anticipate this happening within five years. 监督（包括国际、国家和组织的努力）将得以保留，但是不同的机构有可能开展更多的合作。全球层面上类似国际货币基金组织和经济合作与发展组织之间的松散合作框架以及国家层面上不同税收当局之间的合作框架并不是不可行的。这些想法可能会催生大家对“世界政府” 相关概念的担忧，但是业内人士并不惧怕监管。大多数人认为，服务供应商应该获得相关牌照。三分之二以上的人更认为这种情况预计将在五年内发生。发牌的额外经营成本如招聘具有相关资质的工作人员、提供培训课程以及引入新的系统将不可避免地让小型企业承受更大的压力。但现实情况是，广泛的合规负担以及满足日益复杂的客户要求已经在极大程度上消耗了这个行业的资源。总的来说，这些因素都在表明，这个行业正在逐步进行整合，并且得益于规模经济效应。地域上更多广泛的业务点有利于为日益全球化的客户提供跨境解决方案。OIL 将很好地融入这种新的从业环境，我们公司并不反对加强行业监管，前提是监管和商业需求的规模之间获得一个很好的平衡。

Spring, 2013

found that DTTs are the fourth most important consideration for offshore service providers, after AML and KYC requirements. The prominence of the latter two comes as no surprise given industry participation on the regulatory front. AML processes are likely to become more standardised, with mid-shore jurisdictions such as Hong Kong and Singapore tightening their approach, creating more pressure for traditional jurisdictions to improve compliance. Regarding tax information exchange, the OECD looks set to continue its move towards automatic mechanisms, while certain jurisdictions reach bilateral agreements similar to the UK-Switzerland accord, which mandate one-off payments on undisclosed accounts held by UK taxpayers. Further regulations on tax avoidance and aggressive tax planning will further emphasize the importance of DTTs. Survey respondents also identified closer inter-territory cooperation (yet increased

cross-border competition among tax authorities), fee disclosure and trust oversight as areas worth watching. The overarching trend – of which these expected measures are part – is a move towards globalised regulation. A multi-tiered approach to oversight, comprising international, national and organization-specific efforts, will remain, but different agencies are likely to become more collaborative. A loose cooperative framework between the likes of the IMF and the OECD at global level and various revenue authorities at national level is not unfeasible. These ideas may prompt concerns about a "world government" concept, but industry participants don’t fear regulation. A clear majority think that service providers should be licensed and more than two thirds anticipate this happening within five years. The additional operating costs tied to licensing – recruiting staff with relevant qualifications, providing training courses, or introducing new systems – would inevitably place smaller players under greater pressure. But the reality is that a combination of the burdens of compliance on a broader level and a need to meet the increasingly sophisticated client base are already being brought to bear on the industry in terms of resources. Taken together, these driving factors suggest an incremental shift towards consolidation as economies of scale deliver efficiency while a broad geographic footprint facilitates the delivery of cross-border solutions to an increasingly globalised client base. OIL will be part of this new landscape and the company is not opposed to greater oversight of the industry – provided a balance is struck between the amount of regulation and commercial needs.

2013, Spring CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

慈善：心的情结 Philanthropy: A Matter of the Heart

863 年 12 月 10 日，也就是 150 年前，西雅图仅有几百居民。就在这一天，西雅图推出了第一份报纸：《西雅图公报》。

这份报纸头条新闻的标题是“钱的价值”。作者注意到，我们经常会问，这个人的财产（比如他的房子）值多少钱》？他说，我们应该问的是“这个人的钱值多少？”这个问题听起来有些令人困惑。不是一美元值一美元，一元人民币值一元人民币吗？作者解释说，金钱的数额并不能决定它对一个人的价值。相反，人对金钱的利用方式决定了它的价值。“如果只是自私、吝啬、小气、虚荣和傲慢的状态，即便这个人拥有一百万美元，他也并不富裕。”西雅图历史上的第一篇新闻报道最后说，如果一个人的钱带来了慷慨和公共精神，那么虽然只有几

Andy Toles 图安迪

百元，这个人也是富有的。最后一句直到现

Ellis, Li & McKinstry Law Firm

在也依然真切：“你只要了解了这个人的心，

Lawyer/ 律师 atoles@elmlaw.com

而不是他的口袋，才能知道他的价值有多少。” 在我西雅图办公室的窗户外，能够看到太空针塔（Space Needle），在它的边上就

图先生是西雅图 Ellis, Li & Mckinstry 律师事务所的合伙人。他专长于为拥有高资产净值的富裕人士提供信托，地产和商务规划以及慈善捐助的多面复杂的战略咨询。他是国际慈善顾问协会的中国代表，在全球推广慈善活动。

是比尔和梅林达·盖茨基金会的总部，这是

Mr. Toles, partner in the Seattle law firm of Ellis, Li & McKinstry, specializes in trusts, estate and business planning, and complex charitable giving strategies for wealthy individuals. He is China Representative for the International Association of Advisors in Philanthropy, promoting generosity globally.

亿万富翁承诺至少将其一半的财富捐赠给慈

Spring, 2013

世界上最大的基金会，资产总额达到了 360 亿美元。比尔·盖茨还拥有 650 亿美元，这在将来几乎将全部被注入这个基金会。盖茨和他的朋友沃伦·巴菲特正在推进一项“捐赠誓约”（Giving Pledge）活动，鼓励所有的善机构。这个基金会和捐赠誓约活动起源于一个多世纪前出现的西雅图精神，渴望给予孩子们最好的东西。这两人都认为，给下一代留下了巨额财富往往会伤害他们。什么是慈善？从广义上讲，慈善是自愿地将私人财富分配

n December 10, 1863, 150 years ago, Seattle boasted just a few hundred residents. On this day Seattle launched its first newspaper. The lead story of The Seattle Gazette was titled "Worth of Money." The writer notes that we often ask what a man's property is worth, for example, his house. What we should be asking, he says, is "What is a man's money worth?" That question sounds confusing. Isn't a dollar worth a dollar and a yuan worth a yuan? The writer explains that the amount of money does not determine its worth to a man. Instead, it is how the man makes use of the money that reveals its value. "If it is worth only selfishness, meanness, stinginess, vanity, and haughty state, a man is not rich if he own a million dollars." This first news story in Seattle history ends by declaring that if a man's money leads to generosity and public spirit, then with only a few hundred dollars a man is rich. The final sentence still rings true: "You must put your hand into a man’s heart to find out how much he is worth, not into his pocket." Outside my Seattle office window stands the Space Needle, and in its shadow is the headquarters of the Bill & Melinda Gates Foundation, the world's largest foundation with US$36 billion. Bill Gates has another US$65 billion that will nearly all pass to the foundation in the future. Gates and his friend Warren Buffet are promoting the Giving Pledge, encouraging all billionaires

观点 | OPINION CHINA OFFSHORE

给公共利益。慈善事业包括教育、救灾、环保、公共健康和扶贫。最后，所有的个人财富（除去损失或者消耗的之外）将用于捐赠。人生最重要的问题是：（1）我应该消耗多少财富？和（2）我们应该将剩余的财富给谁？对我们这些财富规划顾问来说，我们愿意帮助我们的客户解决这些问题。慈善事业顾问的数量越来越多：写遗嘱和信托安排的律师、提供法律法规指导的专家、跟踪和报告数字的会计师、指导投资决定的财富管理者、衡量公众利益的社会科学家、为社会事业融资的私人银行家、各位慈善家等等。英国律师、国际慈善捐赠报告的编辑之一（牛津大学出版社 2012 年版）Clive Cutbill 警告说，那些不明白慈善事业现状的专业人士可能会失去客户对他们的信任，甚至失去服务客户的机会。国际慈善顾问协会正在通过对其成员的教育和开展相关的合作来帮助专业人士避免这种危险。慈善事业走向全球信息时代和即时全球通信已经缩小了我们的星球，并且扩大了慈善家的捐助范围。因此，在这个全球化的时代，慈善捐赠也将越来越多地跨越国界。慈善捐助最常用的工具是私中心的统计数据，在美国仅 2010 年就有大约 12 万个私人基金会，合共持有超过 5800 亿美元的资产。虽然私人基金会是超富裕人士的热门选择，另一种工具也正在越来越受到全球富裕人士的欢迎。捐赠人指导基金（DAF）是一个相对较新的战略。根据美国全国慈善信托的数据，它已经占到了美国所有慈善捐助额的 3％。就捐赠人指导基金而言，金钱或财产赠予给社区基金会，由其持有并投资，直到捐赠者指示将其慈善帐户的部分资产转移给某个特定的慈善机构。其他蓄势待发并且获得普遍注意力的趋势包括社会创投和慈善创投。社会创投企业经营的业务通常把社会或者公共利益作为其主要目标。而慈善创投在进行金融资本投资的同时，往往需要投资时间、专业知识和个人影响力。这些企业通常是以营利为目的的企业，有时与非盈利性组织拥有联系。在这

What is Philanthropy? Broadly speaking, philanthropy is the voluntary allocation of private wealth for public good. Public good includes education, disaster relief, environmental protection, public health and poverty alleviation. Eventually, all personal wealth, except what is lost or consumed, will be given away. Among life's most important questions are: (1) How much should I consume? and (2) To whom shall I give the remainder? For those of us who counsel people of wealth, it is essential that we be ready to help our clients address these questions. The number of philanthropy advisors is growing: Lawyers writing wills and trusts, tax experts navigating through laws and regulations, accountants tracking and reporting numbers, wealth managers steering investment decisions, social scientists measuring public benefit, private bankers funding social ventures, fellow philanthropists, and many others. Clive Cutbill, English lawyer and coeditor of International Charitable Giving (Oxford Univ. Press 2012), cautions that professionals who do not understand the philanthropy landscape may lose the confidence of their clients and perhaps even opportunities to serve them. The International Association of Advisors in Philanthropy seeks to help professionals avoid this danger through education and collaboration among its members.

Philanthropy Going Global The Information Age and instant worldwide communication have shrunk our planet

and extended the reach of philanthropists. It follows that charitable giving would increasingly cross national borders in this era of globalization. The tool most often used for this giving is a private foundation (PF). In the U.S. alone in 2010 there were about 120,000 PFs that together held more than US$580 billion, according to the National Center for Charitable Statistics. While PFs are the popular choice of the ultra-wealthy, another tool is gaining momentum globally among the rich. The Donor Advised Fund (DAF) is a relatively new strategy that already attracts 3% of all charitable giving in the U.S., reports the National Philanthropic Trust. In a DAF, gifts of money or property are made to a community foundation to be held and invested until the donor directs some portion of his charitable account to a specific charity. By use of a global network of DAFs, donors may simply and efficiently support charities in foreign jurisdictions without sacrificing domestic tax benefits or battling cross-border administrative 照片提供 Photo by James Hu

人基金会（PF）。根据美国国家慈善统计

to promise at least half of their wealth to charity. The foundation and the pledge arise from this Seattle spirit birthed more than a century ago and from a desire to do what is best for their children. Both men believe that leaving enormous riches to the next generation often causes them harm.

信息时代和即时全球通信已经缩小了我们的星球，并且扩大了慈善家的捐助范围。

The Information Age and instant worldwide communication have shrunk our planet and extended the reach of philanthropists.

2013, Spring CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

场全球性的运动中，其中的领导者之一就是总部位于西雅图的 Social Venture Partners International 公司。中国的慈善事业将要百花怒放中国的潜力是惊人的。作为世界第二大经济体，中国在迈向经济霸权的过程中，每天创造着 165 个新的百万富翁。根据胡润百富的统计数据，有超过一百万中国人拥有至少 1000 万元人民币（约合 160 万美元）。这是一个相对年轻的人群，平均年龄为 39 岁。胡润的研究发现，中国亿万富翁的人数位列世界第二，有 260 个中国人的资产超过了 100 亿人民币（约合 16 亿美元）。然而，这些数字并不能反映中国慈善环境在过去 10 年中的迅猛发展。它们也不会限制捐赠的巨大潜力和不可避免的上升趋势。有两个因素将推动这种增长：（1）中国第一代富裕人士的财富转移 ;（2）中国非营利性基础设施的发展。即便拥有慷慨的心，在进行大笔捐款前，也需要稳健的非营利性部门或公民社会。虽然去年中国拥有近五十万合法注册的非营利性组织，但是这些组织的数量和规模需要在未来几年实现大幅增长。法学教授 Karla Simon 在她的新书《中国的公民社会》（牛津大学出版社，2013 年）追溯了这段历史，对未来的趋势发表了具有深度的见解，特别是在法律和监管环境方面。慈善事业正在更深入、更广泛地进入中国的社会框架和文化：从胡润慈善榜到中国慈善奖（民政部于 2005 年推出，是政府对慈善家的最高奖项）；从李连杰和壹基金会的年度慈善论坛到 2010 年建立的中国基金会中心（旨在提高透明度和公正性）；从非营利性组织孵化器项目到《中国慈善家》月刊杂志；北京光华慈善基金会在青年创业教育的获奖案例以及以现代管理之父彼得·德鲁克的智慧来培训中国非营利组织的官员。这些仅仅是开胃菜，这个伟大的国家一定会追寻这样的味道继续发展下去。离岸慈善慈善顾问机构需要注意到（在某些情况下做出计划）客户获得收益的司法管辖区和捐赠接受者的司法管辖区。下图表示了客户不同

Spring, 2013

obstacles. Charities Aid Foundation is behind one such network, and other networks are undoubtedly soon coming to the world stage. Other trends gaining momentum and universal appeal are social ventures and venture philanthropy. A social venture is usually some form of business with a social or public benefit as its main objective. Venture philanthropy often calls for an investment of time, expertise and personal influence, together with financial capital. These ventures are frequently structured as for-profit enterprises, sometimes in connection with a nonprofit. One leader in this global movement is Seattle-based Social Venture Partners International. Philanthropy Poised to Blossom in China China's potential is staggering. The world's second largest economy, China creates 165 new millionaires every day as it races toward economic supremacy. According to the Hurun Report, there are more than one million Chinese with at least RMB 10 million (US$1.6M). This is a relatively young crowd with an average age of 39. The same study reveals that China claims the second most billionaires with 260 Chinese topping RMB 10 billion (US$1.6B). Despite this burgeoning wealth, reported charitable giving in China is quite modest in comparison to other nations. The China Charity Donation Information Center lists total giving in China for 2010 at about RMB 100 billion (US$16B), which is about five percent of U.S. charitable giving. Total assets in all of China's foundations combined amount to only one quarter of the size of the Gates Foundation and just 1.5% of the total in all U.S. foundations. On top of that, two thirds of the reported giving in China is done by corporations (not by philanthropists) compared to just 5% in the U.S. These numbers, however, do not tell the story of the enormous growth of China's

philanthropy landscape over the past decade. Nor do they limit in any way the vast potential and inevitable future rise in giving. Two factors will drive this growth: (1) China's first generational wealth transfer; and (2) the development of China's nonprofit infrastructure. As the China Country Director of the Gates Foundation, Ray Yip has occasion to talk with many of China's wealthiest citizens about philanthropy. He finds that giving by high net worth individuals in China is a new and rare phenomenon in part because of the short history of wealth, most in the past 5 to 10 years. He adds that some of the younger ones, who are not yet meaningfully engaged in philanthropy plan to do so at a later stage in life, much like the example set by Bill Gates. This is illustrated by the Hurun Philanthropy List, whose 100 members are older than the average Chinese millionaire, with an average age of 52. More than age, it is mortality that will ultimately cause many of China's new rich to embrace charitable giving as they begin to make wills and trusts and plan their estates for the next generation. And this mortality is only a matter of time. We will see its dramatic effects within 10 to 15 years. But even generous hearts need a healthy and robust nonprofit sector or civil society before signing big checks. While last year China was home to nearly half a million legally registered nonprofit organizations (NPOs), the number and size of those organizations should expand dramatically in the coming years. Law professor Karla Simon, in her new book, Civil Society in China (Oxford Univ. Press 2013), traces this history and provides meaningful insight on what lies ahead, especially in the legal and regulatory environment. The roots of philanthropy are extending deeper and more broadly into China's social framework and culture: from the Hurun

观点 | OPINION CHINA OFFSHORE

收益来源和不同捐赠接受机构所在地区所带来的四种不同的局面。其中有三种情况涉及到了离岸司法管辖区。通过适当的规划，中国的富裕人士可以利用离岸世界，在管理和税收事宜上实现更大的灵活性和更高的效率。离岸捐赠人指导基金提供了一个独特的平台，可以发挥捐赠领域的创造力和创新行为。对中国的富裕人士来说，完全国内的环境（国内收入 / 国内捐赠）可能会随着时间的推移变得越来越没有吸引力。根据胡润百富的报告，在中国的百万富翁中，有三分之一正在进行离岸投资，更多人计划在未来三年内这样做。这些投资者普遍寻求财富的安全性和多样化。根据《华尔街日报》的估计，去年来自中国的投资总额达到了 2250 亿美元。假设这些投资者最终将这些资产或它们收入的一部分捐给慈善机构，那么离岸捐赠人指导基金（通常与离岸、以营利为目的的控股公司和离岸家族信托基金相关）可以是一种理想的工具。稳健和复杂离岸规划领域的机会从来没有像现在这么好过。中国梦在《西雅图公报》发表这句关于钱的价值的名言一个半世纪后，最近的一项调查发现西雅图是美国最慷慨的城市。比尔·盖茨并不是唯一的原因。 30 年前，我所在律师事务所的创始人 Chi-Dooh (Skip) Li 拥有一个梦想，就是能够减轻中美洲地区农村的贫穷状况。Skip 拥有充满惊奇的一生，他通过 Agros International 行善无数，这些故事都被写入了最近出版的《Buy This Land》这本书中。AGROS 和盖茨基金会仅仅是两个例子，它们展示了《西雅图公报》创刊号中所倡导的精神，这种精神深深扎根于西雅图乃至整个地球上。中国招商银行和贝恩公司联合发布的 2011 年财富报告对中国的百万富翁有着这样一段描述：“他们想要获得高品质的生活。物质享受和社会地位不再能够让他们感到满足。品质意味着拥有满意的精神生活。中国的富裕人士正致力于更多地支持慈善事业和社会福利问题。” 在未来的日子里，慈善一定会在中国蓬勃发展。慷慨的精神也将发扬光大。爱心将一代又一代地传递下去。

Philanthropy List to the China Charity Award, the government's highest accolade for philanthropists, established by the Ministry of Civil Affairs in 2005; from Jet Li and One Foundation's annual Philanthropy Forum to the launch in 2010 of the Chinese Foundation Center to promote transparency and integrity; from nonprofit incubator projects to the monthly magazine, China Philanthropist. And the award-winning work of Bright China Foundation in youth entrepreneurship education and in training China's NPO executives with the wisdom of Peter Drucker, the father of modern-day management. These are mere appetizers, giving this great nation a taste for what will surely follow. Philanthropy Offshore Philanthropy advisors are wise to note – and, in some cases, to plan – the jurisdiction of a client's earnings and the jurisdiction of the recipient charity. The accompanying diagram illustrates four distinct scenarios based on the physical location of the source producing earnings and that of the recipient charity. Three of these involve offshore jurisdictions. With proper planning, wealthy Chinese may leverage the offshore world to achieve greater flexibility and efficiency in administration and taxation. An offshore DAF provides donors with a unique platform that allows for creativity and innovation in giving. For wealthy Chinese, the one fullydomestic scenario (domestic earnings/ domestic giving) may prove to be less and less attractive over time. According to the Hurun Report, one third of Chinese millionaires are now investing offshore, with many more planning to do so within three years. These investors are generally seeking wealth safety and diversification. The Wall Street Journal estimates that the total outflow of investments from China

慈善资金流向图解 Philanthropy Flow Chart 收入 /EARN

捐赠 /GIVE

国内 / Domestic

离岸 / Offshore

国内 / Domestic

国内 / Domestic 离岸 / Offshore

离岸 / Offshore 离岸 / Offshore

last year was US$225 billion. Assuming that these investors will eventually direct a portion of those assets or their earnings to charity, an offshore DAF (often in connection with offshore, for-profit holding companies and offshore family trusts) can be an ideal vehicle for offshore investments. The opportunity for sound and sophisticated offshore planning has never looked better. A Dream for China A century and a half after The Seattle Gazette issued its prophetic word about the worth of money, a recent survey ranked Seattle as the most generous city in America. Bill Gates is not the only reason why. Thirty years ago the founder of my law firm, Chi-Dooh (Skip) Li, had a dream to alleviate poverty among the rural poor in Central America. The amazing story of Skip's life and his remarkable generosity through Agros International is told in his recent book, Buy This Land. The 2011 Wealth Report published by China Merchants Bank and Bain & Co. says of China's millionaires: "They want a high quality of life. Material comforts and social stature no longer are satisfying. Quality means having a satisfying spiritual life. Wealthy Chinese are devoting more attention to supporting charity and social welfare issues." Philanthropy will indeed thrive in China in the days ahead. The spirit of generosity will flourish. And the hearts of one generation will embrace the next. 2013, Spring CHINA OFFSHORE

封面故事 | COVER STORY

离岸慈善基金会一瞥 The Benefits of Offshore Charitable Foundations By Tendai Musakwa

Spring, 2013

COVER STORY | 封面故事

对

高净值人士的整体财务和资产规划来说，慈善捐赠往往是一个组成部分。公益事业能够提高知名

度，让高净值人士通过为长期事业提供资金在社会问题上发挥其领导作用。慈善基金会是由高净值人士建立的慈善组织，服务于他们的慈善目的。对慈善捐赠来说，它们是一个具有吸引力的形式，因为它们是跨代的。在一个家族中，年轻一代能够继续从事老一辈创始的慈善活动和社区工作。在考虑是否成立慈善基金会时，我们需要考虑离岸慈善基金会的优势。离岸慈善基金会可以同时作为投资和财富规划的工具，并且以合法的方式行善。它符合慈善家利他主义的崇高目标。准入壁垒转移至离岸的一个重要原因在中国成立慈善基金会通常会遇到了一些准入和活动方面的障碍。建立基金会的文件要求非常繁琐，负责基金会注册的民政部在拒绝核准登记方面拥有非常强大的权力。在中国，慈善基金会需要在“双重管理”的制度下运作。在这种情况下，它们必须首先获得 “专业领导部门”的支持，比如中央政府部门或省级政府机构。然后，它们还需要获得北京民政部或者当地民政局的注册批准，并且终身接受这两类机构的双重管理。在实践中，获得支持并不容易，特别是如果一家社会组织缺少良好的政府关系或者从事敏感的行业，如宣传、法律援助、劳动、宗教和少数民族事务。 “双重管理”的要求和全面禁止条款适用于所有类型的组织，包括社会团体、基金会和其他团体。但是进入壁垒还没有结束。例如，1999 年的社会团体登记管理规定（对中国非盈利组织规模最大的子类别的管理文件）同样要求，申请机构必须符合大量的其他要求，并且经历冗长的申请审批程序。这类申请者必须拥有至少 50 名个人会员或者 30 名机构成员；一个固定的场所；人员拥有专业活动组织的从业资格；全国性机构最低资产为 10 万人民币（约合 16000 美元），地方性机构最低资产为 3 万人民币（约合 4800 美元）；必须向登记管理机关提供大量的组织文件。在注册后，一家慈善基金会

haritable giving is often an integral part of a high-net-worth individual's overall financial and estate plan. Philanthropy increases name recognition, enables high-networth individuals to play a leadership role in social problems by funding longterm initiatives. Charitable foundations are charitable organizations established by high-net-worth individuals to serve their charitable purposes. They are an attractive form of charitable giving because they are multigenerational, such that members of junior generations within a family group can continue the charitable and community work originally begun by the senior generations. In considering whether or not to set up charitable foundations, it is useful to consider the advantages of offshore charitable foundation. Offshore charitable foundation can serve both as an investment and wealth planning tool while accomplishing good in ways which are both legal, and consistent with the noble objectives of an altruistic philanthropist.

Barriers to Entry A Key Reason to Move Offshore Establishing charitable foundations in China often meets a number of barriers to entry and activity. There are extensive documentation requirements to establish such foundations, and the Ministry of Civil Affairs, which registers such bodies, has wide- discretion to deny registration. Charitable foundations in China are required to operate under a system of “dual management” in which they must generally first obtain the sponsorship of a “professional leading agency” such as a government ministry or provincial government agency, then seek registration and approval from the 2013, Spring CHINA OFFSHORE

封面故事 | COVER STORY

需要就官方印章和银行帐户提出单独的申请。在建立分支机构或者子公司、修改其注册信息或者章程、更改它们的法律代表或者从事其他活动时，需要向不同的政府管理机构寻求批准。政府拥有广泛的自由裁量权，能够下令关闭慈善基金会或者其他慈善组织。然而，国际慈善基金会的准入和运作所面临的障碍要少得多。在一般情况下，中国不限制离岸慈善基金会如何投资它们的资本，以及它们可以如何使用慈善资源。虽然在开展社会工作时，此类基金会需要配合当地政府，但是对他们的捐赠对象没有任何限制或监管要求。建立和积累资本的能力根据中国的规定，慈善基金会必须至少捐出其年度盈余的 70％，或者其上年度资产的 5％，并且就它们的存留和增值收入支付 1 到 2％的税。如果这些资本位于境外的慈善机构中，就没有捐赠和税务方面的要求。接受税后在岸资金的离岸基金会能够成为价值高达数十亿美元的基金会。这是因为资金的积累无需满足每年的支付要求。因此，离岸慈善基金会比在岸慈善基金会更受欢迎，因为投资资产最终可以用于慈善目的的升值和累计价值将会变得更大。中国慈善基金会的业务限制如果一家慈善基金会从事的业务与慈善没有直接关系，它几乎肯定会遭到来自民政部的监管审查，其无关的业务收入将按照企业所得税率进行征收。而离岸慈善基金会很少有类似的问题。因为这些离岸慈善基金会通常会在低税司法管辖区进行运营，因此监管机构无意给从业的慈善基金会设置税收方面的障碍。许多慈善事业（如环境问题咨询和教育材料的推广）如果希望在经济上以可持续的方式经营，那么它应该按照企业的标准来操作，而不是使用慈善机构的模型。离岸的环境让慈善机构能够开发相应的业务计划，这些计划的资金来源于慈善事业活动所产生的收入，这可以帮助它们年复一年的持续运作，而不需要每年都接受新的捐赠。

Spring, 2013

Ministry of Civil Affairs in Beijing or a local civil affairs bureau, and remain under the dual control of both agencies throughout their organizational life. In practice, it is not easy to obtain such sponsorship, particularly if a social organization lacks good connections in the government or is operating in sensitive sectors such as advocacy, legal aid, labor, religion and ethnic minority affairs. The “dual management” requirements and broad prohibition clauses apply to all types of organizations, including social organizations, foundations, and other groups. But the barriers to entry do not end there. For example, the Regulations on the Registration and Management of Social Organizations (1999), the governing document for the largest sub-sector of Chinese nonprofits, also stipulate that applicant organizations must comply with a wide range of other requirements and undergo a lengthy application and approval process. Such applicants must have at least fifty individual members or thirty institutional members; a fixed location; staff with qualifications appropriate to the professional activities of the organization; minimum assets of 100,000 RMB (~$16,000) for national organizations and 30,000 RMB (~$4,800) for local organizations; and must supply the registration and management agency with a wide array of organizational documents. After registration, a charitable foundation may seek approval in a separate process for an official seal and to open a bank account. Separate permissions must be sought from the relevant government management agencies to establish a branch or subsidiary of the group; to modify their registration or to amend their charter; to change their legal representative, and for other purposes. The government

is provided with broad discretionary authority to close chartable foundations or other charitable organizations. There are, however, few barriers in terms of access or operation to international charitable foundations. In general, China has no restriction on how offshore charitable foundations can invest their capital or how they can expend their charitable resources. Such foundations do have to align with the local government when conducting social work, but there are no restrictions or regulatory requirements as regards who they can donate to.

The Ability to Build and Accumulate Capital According to Chinese regulations, charitable foundations have to donate 70 percent of their annual surplus, at least 5 percent of their previous year's assets, and pay one- to two- percent tax on their maintained and incremental income of the. If this capital were in an offshore charity, there would be no payout requirement and no tax. Offshore charities funded with after-tax onshore money can grow into multi-billion dollar foundations primarily because of the accumulating power of not having to meet annual disbursement quotas. As such, offshore charitable foundations are more favorable than onshore ones because the appreciated and accumulated value of the investment assets ultimately available for charitable purposes is much greater. Business Restrictions on Chinese Charitable Foundations If a charitable foundation engages in business which is not directly related to the charity’s purposes, it will almost certainly attract regulatory scrutiny from the Ministry of Civil Affairs and unrelated business income tax at corporate tax

COVER STORY | 封面故事照片提供 Photo by Zap Photos

考虑到低税率的环境，离岸慈善机构最好通过以营利为目的的公司来拥有和经营这些业务。在低税率、对企业控股没有多余的限制以及没有限额支付要求的情况下，这是可能实现的。这种商业运作模式同样吸引了那些在思想上反对“慈善”的财富所有者，因为他们认为慈善机构会让人们产生依赖，并且降低受助人的自我价值和主动性，使其仅靠领取失业救济金生活。离岸慈善机构的受托人有着这样的理念：真正的慈善是给人有报酬的工作。在离岸的环境中，他们可以在不受中国监管机构干扰的情况下实现这一理念。在塞舌尔建立慈善基金会塞舌尔慈善基金会必须向塞舌尔国际商业管理局提交书面章程以及相关费用。当局将签发新基金会的注册证书。章程必须包括基金会每个创办人的姓名和地址、其初始资产的详细信息、以及法定注册代理人的名称和地址（必须是塞舌尔居民公司或者持牌开展基金会注册代理服务的个人）。

在考虑是否成立慈善基金会时，我们需要考虑离岸慈善基金会的优势。离岸慈善基金会可以同时作为投资和财富规划的工具，并且以合法的方式行善。

In considering whether or not to set up charitable foundations, it is useful to consider the advantages of offshore charitable foundation. Offshore charitable foundation can serve both as an investment and wealth planning tool. rates. There are seldom similar problems in offshore charities. Because these offshore charities operate in such low tax jurisdictions, there is no incentive for the regulators to put up tax barriers to charities carrying on business. Many charitable endeavors such as consulting on environmental issues and marketing educational materials in a more economically sustainable manner if they are operated on a business rather than a charity model. The offshore environment enables charities to develop business plans which are funded by revenue producing activities in charitable endeavors so they are sustained year

after year without requiring new donations each year. Given the low tax environment, it will usually be better for offshore charities to own and operate such businesses in for-profit corporations. This is possible because of the combination of low taxes, no excess corporate holdings restrictions and no disbursement quota payout requirements. This business modus operandi also attracts wealthholders who are philosophically opposed to “charity” because they believe charity creates dependence and reduces the selfworth and initiative of recipients reduced to living on the dole. Offshore charities 2013, Spring CHINA OFFSHORE

封面故事 | COVER STORY

注册后，塞舌尔基金会就成为一个独立的法人实体。建立塞舌尔基金会需要向塞舌尔国际商业管理局支付 200 美元的费用，以后每年向注册处支付 200 美元的存续费用（需要在基金会成立周年之日前支付）。塞舌尔基金会完全免于支付所得税、资本利得税、印花税、预提税或塞舌尔任何其他形式的税收。在巴哈马建立慈善基金会巴哈马是首个引入基金会概念的重要普通法司法管辖区。巴哈马基金会的注册过程与公司注册过程相类似，它是一个法人实体，必须与巴哈马注册总署进行登记。与公司一样，在递交必须的文件之前，巴哈马基金会必须向注册总署申请预留相关的名称。注册处会确认基金会是否能够使用相关的名称，并且在 90 天的时间里预留该名称。基金会章程必须包含一份声明，其内容是基金会的资产价值不会低于 1 万美元或等值的任何其他货币。只有在持牌银行、信托公司或者金融服务供应商的帮助下，才可以建立

中国高净值人士慈善行为分析

whose trustees are committed to the philosophy that the only true charity is to give a person gainful employment can implement this philosophy without harassment by Chinese regulators.

Setting up a Charitable Foundation in Seychelles A Seychelles charitable foundation must submit a written charter to the Seychelles International Business Authority together with a prescribed fee, and the authority will in turn issue a certificate of registration in relation to the new foundation. The charter must include the names and addresses of each founder of the foundation and details of its initial assets, as well as the name and address of the mandatory registered agent, which must be a Seychelles resident company or individual licensed to act as the registered agent of a foundation. On registration,

Chinese HNWI’s Philanthropy Behavioral Analysis

A 是否参与慈善活动 Whether to Take Part in Philanthropy Activity

偶尔 Sometimes 55.5%

经常 Often 11.8%

Not Yet, But Plan to 22.6%

环境保护 Environment Protection 11.4%

从不 Never 10.1%

来源：中国财富白皮书福布斯 2010 Source: White Book from Forbes of China Wealth, 2010

Spring, 2013

个人 Individual 26.6%

宗教 Religion 教育 4.3% Education 26.1%

B 救灾 Disaster Relief 32.8%

C 捐款流向 Flow of Donations

国家和民政部门 National Civil Administration Department 9.6%

其他 Other 5.0%

扶贫 Poverty Alleviation 20.4%

还没有，但计划参与

B 关注的慈善领域 Focused Area of Philanthropy

其他 Other 4.3% 民间慈善组织 Civil Charity Organizations 39.5%

a Seychelles foundation becomes a separate legal entity. A fee of US$200 is payable to the Seychelles International Business Authority on establishment of a Seychelles foundation and an annual renewal fee of US$200 is payable annually thereafter to the Registry (due on the day before the foundation’s initial registration anniversary date). Seychelles Foundations are completely exempted from payment of income, capital gains, stamp duty, withholding or any other form of taxation in Seychelles.

Setting up a Charitable Foundation in the Bahamas The Bahamas was the first premier Common Law jurisdiction to introduce foundations. The registration process for a Bahamian foundation is comparable to that of a company registration as it is a legal entity which must be filed with the Registrar General of the Bahamas. Like a company, the name of the Bahamian foundation must be reserved at the Registrar General’s office prior to submission of the necessary documentation. The Registrar will confirm that the proposed Foundation name is valid for use and that the name has been reserved for a period of 90 days. The Foundation charter must contain a statement that the value of the assets of the foundation may not be less than US$10,000 or the equivalent in any other currency. A foundation can only be established by a licensed bank or trust company, or a financial service provider. It is anticipated that in many cases these service providers will also serve as the founder of record. Online registration is available. The fee for the registration of a Bahamas Foundation is US$500; however, the fee can be prorated by each calendar quarter to take into account that foundations are registered at different times of the year.

COVER STORY | 封面故事

照片提供 Photo by Gates Foundation

基金会。在许多情况下，这些服务提供商也将作为记录的创始人。可以进行网上注册。巴哈马基金会的注册费为 500 美元，然而，考虑到基金会成立于每年的不同时期，该费用可以每个季度按比例分配。巴哈马基金会免于支付巴哈马国内的税收和营业执照费、印花税（巴哈马房地产税除外）及外汇管制。在马恩岛建立慈善基金会成立马恩岛基金会需要向基金会注册处提出申请。申请书必须包括基金会的情况说明，其中需要阐明基金会的名称和地址、理事会成员和注册代理人。这些信息一旦发生变化，需要在一个月的时间里通知注册处。基金会情况说明是一份公共文件，创始人的名字将不会在公共记录内。资产通过捐赠的方式被注入基金会。马恩岛基金会不需要拥有初始的捐赠资产。资产可以在基金会建立后被注入基金会，前提是基金会规则详细规定了捐赠的详细情况。此外，马恩岛基金会能够行使个人的所有权利，权力和特权。它可以相应地借入和借出资金，并且为其资产提供保障。基金会作为借款人的贷款协议与公司的相关协议相类似，包括代表、承诺及违约等相关内容。马恩岛基金会能够受益于零企业所得税率。在直布罗陀建立慈善基金会基金会在直布罗陀被称为“担保有限责任公司。”在直布罗陀注册担保有限责任公司并且发挥基金会的作用，组织必须首先以担保有限责任公司的形式在直布罗陀注册，而企业名称必须以“基金会”结尾。公司的创始文件公司必须说明：“本公司专门从事特定家庭、个人、活动或者对象的维护、发展和教育活动。”公司的最低注册资本为 2000 英镑，公司还必须任命一名直布罗陀人作为基金会的官员，他可以是公司的董事或者股东。只有直布罗陀人或者直布罗陀居民在基金会中不拥有实益权，基金会就可以申请特殊资格或税收豁免。在列支敦士登建立慈善基金会列支敦士登基金会建立在资金捐赠的基础上（基金会的资产），服务于某些特定的目的。财产授予人通常可以自由地选择基

比尔 & 梅琳达盖茨基金会是世界上最大的透明操作的私人基金会。由比尔·盖茨夫妇创办。它也是由“盖茨家族的兴趣和热情”所创办的基金会。

The Bill & Melinda Gates Foundation (B&MGF or the Gates Foundation) is the largest transparently operated private foundation in the world, founded by Bill and Melinda Gates. It is "driven by the interests and passions of the Gates family". Bahamian foundations are exempt from Bahamian taxes and business license fees, stamp duties (excepting Bahamian real estate taxes) and exchange controls.

Setting up a Charitable Foundation in the Isle of Man An Isle of Man foundation is established by an application to the Registrar of foundations. The application must include the foundation instrument, which must specify the name, objects, names and addresses of the members of the council and registered agent of the foundation. Changes in these must be notified to the Registrar within one month. The foundation instrument will be a public document; the name of the founder will not be on the public record. Assets are added to the foundation by dedication. A foundation need not have an initial dedication of assets, and assets can be dedicated to the

foundation after it is established in which case the details of the dedication must be specified in the foundation rules. Assets are added to the foundation by dedication. An Isle of Man foundation need not have an initial dedication of assets, and assets can be dedicated to the foundation after it is established in which case the details of the dedication must be specified in the foundation rules. In addition, an Isle of Man foundation is capable of exercising all the rights, powers and privileges of an individual. It can accordingly borrow and lend funds, and may grant security over its assets. A loan agreement with a foundation as borrower would be similar to that for a company, in relation to representations, undertakings and events of default; likewise the security documents. Isle of Man foundations benefit from a corporate tax rate of zero percent. 2013, Spring CHINA OFFSHORE

封面故事 | COVER STORY

照片提供 Photo by Zap Photos

在一般情况下，中国不限制离岸慈善基金会如何投资它们的资本，以及它们可以如何使用慈善资源。

In general, China has no restriction on how offshore charitable foundations can invest their capital or how they can expend their charitable resources. 金会的目的。创始人可以是任何国籍、居住在任何地方的自然人或者法人实体。基金会的建立可以通过契约或遗嘱的方式进行捐赠。基金会的契据必须注明基金会的名称和地址、目标、基金会资产、基金会任命官员的方式以及基金会清算时资产的使用方式。一般来说，基金会不能撤销，其目的也不能被改变，除非基金会契约有明文规定。列支敦士登基金会的最低资本为 30000 瑞士法郎（约合 32000 美元）。大多数列支敦士登私人用途基金会按照资本和储备的 0.1％进行征税。最低税额为 1000 瑞士法郎（约合 1061 美元）。建立离岸慈善基金会能够带来许多好处在中国，慈善基金会面临着许多准入壁垒。严格的监管审查和拨付要求使其难以对中国慈善基金会的融资方式进行控制。因此，离岸慈善基金会提供了相应的机会，能够建立和积累资本，并且对资金拨付进行控制。相比在岸基金会，离岸基金会在中国面临的障碍要少得多，因此，建立离岸慈善基金会是一个值得考虑的选择。

Spring, 2013

Setting up a Charitable Foundation in Gibraltar A foundation in Gibraltar as a "company limited by guarantee." Incorporated in Gibraltar as a company limited by guarantee and to exercise the role of a foundation, an organization must be established in Gibraltar as company limited by guarantee, with a name that finishes with the word "foundation"; the founding documents of the company must state that "the company is devoted to the maintenance, advancement and education of particular families, persons, causes or objects"; the company must be established with a minimum of £2000 ($~3000); the company must also appoint a person in Gibraltar to be known as the Foundation Officer who may also be a director or shareholder of the company. As long as no Gibraltarian or resident of Gibraltar has a beneficial interest in the foundation it can apply for qualifying status or tax exemption.

Setting up a Charitable Foundation in Liechtenstein The formation of a foundation in Liechtenstein takes place through the dedication of a fund (the assets of the foundation) for a certain specified purpose. The settlor is usually completely free to choose the purpose. The founder may be a natural person or legal entity of any nationality or residence. The formation of the foundation is achieved by means of an endowment either in the form of a deed or by testamentary disposition. The foundation deed must state the name and residence of the foundation, its objects, the foundation assets, the method of designating the foundation executive and the use to be made of the foundation assets, should the foundation be liquidated. As a general rule a foundation may not be revoked, nor may its purpose be altered unless the foundation deed expressly so provides. The minimum capital of a foundation in Liechtenstein is CHF30,000 (~$32,000). Most Liechtenstein private-purpose foundations are taxed with 0.1 % of their capital and the reserves. The minimum tax is CHF 1,000 ($1,061). Many Benefits to Establish a Charitable Foundation Offshore Charitable foundations in China face many barriers to entry. Regulatory scrutiny and disbursement requirements make it difficult to retain control on how Chinese charitable foundations are fun. As such, offshore charitable foundations offer the chance to build and accumulate capital and retain control over when funds are disbursed. As there are significantly less barriers to offshore charities operating in China compared to onshore ones, establishing charitable foundations offshore is a worthy consideration.

2013, Spring CHINA OFFSHORE

总览由于税收立法的快速变化，对积极税务规划策略的刑事调查越发加剧，以及全球各国税务当局施加的压力越来越大，国际税务规划不再像过去那么简单。因此，合适且保守的税务策略对任何公司的生存来说显得至关重要。

税务规划策略的经济学原理全球各地越来越多的税务机关（经合组织成员国以及所谓的金砖五国）不再将视线仅仅放在企业进行中央管理和控制的离岸目的地。它们开始彻底搜寻使用公司背后的经济原理（通常也被称为经济或商业实质），尤其是当公司选择在低税司法管辖区注册成立时。例如，为了从税收协定中受益，股息、利息和特许权使用费的获得者同样也是这些收益的“实益拥有人”。短期来看，空壳公司可能是一个具有成本效益的解决方案，但是长期来看，无论是从财务还是声誉的角度来看，这都将被证明是非常昂贵的。现在，我们越来越有必要排斥这种观点：那就是建立实体或者结构完全出于税收的目的，这些实体或者结构完全是虚假的，或者不是出于真实的理由而建立额。否则，这将推动征税国在国内进行反避税立法。中国的对外投资（从中国到第三国）和（进入中国的）对内投资将受到怎么样的影响？中国的税法拥有大量的反避税规定，中国投资者在出境投资时必须考虑这些问题。由于境外来源的股息收入和资本利得会在中国受到不利的税收待遇，中国对其他国家的投资通常会改道通过离岸司法管辖区进行。虽然目前仍然可以通过低税司法管辖区对第三国进行具有税收效率的投资，但重要的一点是我们需要让这些投资工具拥有足够的实质（下文将进一步讨论）。更重要的是，在对中国进行投资时，中国的财税当局将严格审查投资工具和它们的功能。中国的税收协定通常规定，获得来自中国的收入（如股息、特许权使用费或利息）的非居民必须是实益拥有人，才能享受条约的好处。一个很好的例子是国家税务总局（2012 年）第 30 号公告（2012 年 6 月发布），其授权中国的财税当局审查包括公司章程、财务报表、董事会决议、费用信息、各实体的功能承担的风险、贷

Spring, 2013

国际税务规划中的经济实质款协议、许可协议、专利 / 著作权登记证书以及代理协议在内的文件，来确定特定交易的商业目的。因此，如果一家公司仅仅是一个管道（流通）实体，即如果该实体对相关款项没有充分的自由裁量权，税收当局可能会认为，实体并不是实益拥有人，而仅仅是一个人为置入、以避税为唯一目的实体。

我如何才能获得足够的实质？首先，对何时能够真正地满足足够的实质，没有标准的方法。每家公司和企业结构都需要逐案进行审查。作为一个经验法则，一家实体如果拥有最具价值的无形资产、企业结构拥有最重要的功能，它通常会获得最大份额的利润或亏损。为了实现这一目标，关键的人员必须被分配到这些资产和功能所在的岗位。这里有一个共识，就是如果一个实体无法满足以下条件，就不具有“实质”：（1）在该司法管辖区开展真正的业务活动；（2）任何收入（股息、特许权使用费和利息）的获得者必须是直接的受益者。当然，代理人、代名人和他们的家庭成员不能成为实益拥有人。

部分原因是它们所提供的优惠税收制度。如果公司希望获得广泛条约网络所带来的好处，它们可以并且应该在海湾合作委员的成员国开展上述提到的实质活动。必须强调的是，企业在海湾合作委员会国家开展业务同样拥有大量的非税收原因。巴林、卡塔尔和阿联酋的商业中心拥有优越的地理位置，它们位于欧洲、亚洲和非洲的交界处。它们的吸引力包括能够提供优秀且快速增长的基础设施，能够对接巨大的区域市场，拥有巨大的人才库。

我们如何能够提供帮助？在进行成本 / 效益分析后，我们能够帮助您根据经营战略调整税务策略，通过控股、融资、知识产权或者其他公司帮助您获得足够的实质，帮助您重组现有的子公司，在各个司法管辖区为您在功能、风险和资产方面提供恰当的代理服务。我们不仅仅能够解决问题和制定解决方案，还能够帮助您执行这些方案。BBD 不与代理商、名义董事和名义股东开展合作，也不特别推广某个特定的司法管辖区。我们已经准备好根据客户的需求在任何司法管辖区建立和管理企业。

我们的客户有哪些？海湾合作委员会的协定网络和实质在过去的几年里，海湾合作委员会的许多成员国（海湾合作委员会的成员包括阿联酋、巴林、卡塔尔、沙特阿拉伯、科威特和阿曼）签署了大量的免双重征税条约。其中的一些国家（特别是巴林、迪拜和现在的卡塔尔）在建立区域和国际中心时受到了关注，其中

我们的客户通常是能够在全球市场开展大量业务的公司，但是它们的规模还不足以在内部建立人员齐整的国际业务部门，我们帮助它们应对众多商业变化，而这些变化能够影响境外市场的商业机会。

Level 22, West Tower, Bahrain Financial Harbour, King Faisal Highway，Manama，Kingdom of Bahrain 电话：+973 175 029 09 传真：+973 175 029 10 Email Address：info@bbd-e.com Website：www.bbd-e.com

Sponsored Article

Economic Substance in International Tax Planning The Outline As a result of the rapid change in tax legislation, the criminalization of aggressive tax planning strategies and the increasing pressure exercised by revenue authorities globally, international tax planning is not as straightforward as it used to be. Hence, a proper and conservative tax strategy is essential for the survival of any company.

Economic Rationale of Tax Planning Strategies Tax authorities around the globe (OECD member states as well as the so-called BRICS countries) are increasingly looking further than at the place where central management and control are exercised. They search thoroughly for the economic rationale (often also referred to as economic or commercial substance) behind the use of a company, particularly if the company is incorporated in a low-tax jurisdiction. For example, in order to benefit from tax treaties, the recipient of dividends, interest and royalties also has to be the ‘beneficial owner’ of such income. An empty letterbox company may be a short term and cost efficient solution but may prove very costly in the long term, not only from a financial, but also reputational perspective. It is becoming increasingly necessary to counter the charge that an entity or structure was set up solely for tax purposes, that it is wholly artificial, or is not set up for so-called bona fide reasons, otherwise domestic antiavoidance legislation in the country that seeks to tax may be triggered. How are Chinese outbound investments (out of China into a third country) and inbound investments (into China) affected? Chinese tax laws have vast majority of anti-avoidance provisions, which Chinese investors must consider when investing out of China. Due to the unfavorable tax treatment in China of foreign source dividend income or capital gains, Chinese outbound investment into third countries have usually been routed through offshore jurisdictions. While tax-efficient investments via low-tax jurisdictions into third countries remain possible, it will be important to equip such investment vehicles with sufficient substance (s. discussion further below). More importantly, when investing into China, Chinese revenue authorities will closely

look at the investment vehicles and their functions. Chinese tax treaties typically require that the non-resident recipient of Chinese income such as dividends, royalties or interest, must be the beneficial owner in order to enjoy the treaty benefits. A good example is the SAT Bulletin (2012) No 30 (issued in June 2012), which authorizes Chinese revenue authorities to review documents such as articles of association, financial statements, board resolutions, expense information, functions and risks assumed by each entity, loan agreements, license agreements, patent/copyright registration certificates, and agency/ proxy agreements in order to determine the commercial purpose of a particular transaction. As a result, if a company is a mere conduit (flow-through) entity, ie if the entity does not have the full discretion as to what it does with the monies, then revenue authorities might argue that the entity is not the beneficial owner but merely an artificially interposed entity set up for the sole purpose of avoiding the payment of taxes.

How do I achieve enough Substance? First of all, there is no standard approach as to when sufficient substance is actually achieved. Each company and its corporate structure have to be reviewed on a case-bycase basis. As a rule of thumb, the entity owning the most valuable intangibles and performing the most important functions within a corporate structure will typically be entitled to the largest share of the profits or losses. In order to achieve this, key personnel must be allocated to that entity where these functions are performed and where the assets are located. There appears to be a general agreement that an entity cannot have “substance” in a given jurisdiction unless (1) It conducts genuine business activities in that jurisdiction and (2) The recipient of any income (dividends, royalties and interest) must be the direct beneficiary. Naturally, agents, nominees and their ilk do not qualify as beneficial owners.

the UAE, Bahrain, Qatar, Saudi Arabia, Kuwait and Oman) have concluded a vast majority of double tax treaties. Some of the countries (particularly Bahrain, Dubai and now also Qatar) are often looked at when establishing regional and international hubs partly also due to their favorable tax regimes. If companies want to access the benefits of the broad treaty network, substance as mentioned above can and should be established in all GCC countries. It must be emphasized that there are plenty of nontax reasons for a company to establish a presence in the GCC. The business hubs of Bahrain, Qatar and the UAE are strategically located at the crossroads between Europe, Asia, and let’s not forget Africa. They offer outstanding and fast-growing infrastructure, access to a huge regional market, a great pool of talent, just to mention a few points of attraction.

How can we help? Following a cost/benefit analysis, we help in aligning the tax strategy with the business strategy and assist in restructuring existing company groups by establishing sufficient substance through holding, finance, IP or other companies in any jurisdiction with proper local representation in terms of functions, risks and assets. We do not only solve problems and develop solutions but we also help with implementing them. BBD does not operate with agents, nominee directors, nominee shareholders and we do not promote a particular jurisdiction. We are prepared to establish and manage companies in any given jurisdiction, depending on the client´s needs.

Who are our clients? Our clients are typically firms that are large enough to establish a significant presence in global markets, but not large enough to develop an in-house fully staffed international division necessary to stay on top of the multitude of dynamic changes that influence business opportunities in foreign markets.

The Treaty Network and Substance in the GCC In the past few years many countries of the Gulf Cooperation Council (the GCC includes

Level 22, West Tower, Bahrain Financial Harbour, King Faisal Highway，Manama，Kingdom of Bahrain Tel：+973 175 029 09 Fax：+973 175 029 10 Email Address：info@bbd-e.com Website：www.bbd-e.com 2013, Spring CHINA OFFSHORE

特别报道 | SPECIAL REPORT

家庭有限合伙企业财富管理的明智之选 Family Limited Partnerships A Top Option for Estate Planning

高

国、爱尔兰和其他司法管辖区所拥有的资产（如房地产、家族企业和

现金）拥有控制力，并且使得财产和赠与税最小化。对他们来说，家庭有限合伙企业将继续是具有吸引力的财产规划工具。合伙人是同一个家庭的成员，但是根据伙伴关系的安排，年长的合伙人将保留投票控制权，直到年轻的合伙人准备好承担更多的责任。作为有限合伙人，家庭成员的个人资产不会被用来承担合伙企业的负债。一个家庭有限合伙企业必须至少拥有两名合伙人，其中至少有一名是普通合伙人。家庭有限合伙企业的适用性拥有高价值、多样化资产的高净值人士希望将他们的财产转递给子女、孙子女和其他相关人士。对他们来说，家庭有限合伙企业应该是财产规划中不可或缺的一部分。同时，这些人可以保留对资产管理、现金和分配的控制权。在考虑建立家庭有限合伙企业时，

By Tendai Musakwa

净值人士希望对他们在美国、英

Spring, 2013

amily limited partnerships continue to be attractive estate planning vehicles for high net worth individuals who wish to retain control over assets such as real estate, a family business, cash, while minimizing estate and gift taxation in the US, UK, Ireland and other jurisdiction. The partners are members of the same family, but the partnership is created in such a manner that senior partners retain voting control until the junior partners are ready to take on more responsibility. The personal assets of family members who are limited partners are not exposed to the partnership's liabilities. A family limited partnership must have at least two partners and at least one general partner.

Suitability of Family Limited Partnerships The family limited partnership should be considered an integral part in the estate planning for high net worth individuals with diversified assets of significant value who want to transfer interests in such assets to children, grandchildren, and others. At the same time, these individuals can retain control of asset management, cash, and distributions. There is no threshold amount or entry level at which consideration should be given to a family limited partnership. A family limited partnership may be warranted when there is likely to be estate tax payable at death, the death of the survivor, or the death of a spouse, which has not been provided for through

SPECIAL REPORT | 特别报道

没有任何门槛金额或进入标准。如果可能出现财产所有人死亡或者配偶死亡的情况，使得继承者必须支付遗产税时，那么就需要建立家庭有限合伙企业，因为这是人寿保险和其他方式都无法承担的开支。家庭有限合伙同样非常适合那些担心未来遭到债权人追索的人。在一般情况下，有限合伙人的债权人追索家庭有限合伙企业所拥有的资产，除非将资产转让给合伙企业是带有欺诈性的。债权人的补救措施仅限于追偿合伙人的权益，这只允许债权人获得合伙企业中该合伙人分配到的股份。由于家庭有限合伙企业的普通合伙人负责控制股份的调整和分布，这使得追偿的可能性大大降低。司法管辖区家庭有限合伙企业可以在许多不同的司法管辖区建立。英国的家庭有限合伙企业是有问题的，其中的原因有两个。首先，英国的合伙制法律要求所有合伙制企业开展适当的业务。被动持有资产 / 物业的控股家族有限合伙企业（大多数情况下是这个类型的企业）在一般意义上并不是符合要求的企业。在这个问题上，美国的合伙企业更具吸引力，因为它们没有这样的规定。然而，美国税务机关已经加大了对家庭有限合伙企业的审查力度，因此相关法律可能会做出修改，这会使美国家庭有限合伙企业丧失其吸引力。结构家庭有限合伙企业是根据某个国家的法律来建立的有限合伙企业。在通常情况下，一个家庭有限合伙必须至少有一名普通合伙人，以及多名有限合伙人。普通合伙人能够全权管理合伙企业的日常活动。有限合伙人不得从事公司的日常管理，但是他们在公司做出某些重要决定时拥有投票权。合伙协议中会列出普通合伙人和有限合伙人的权利。就典型的家庭有限合伙企业而言，年长的家族成员会通过转移家族企业和 / 或其他财产来建立合伙企业。年长的合伙人通过持有普通合伙人权益（直接持有或者通过企业或信托控股持有）来保持对分配和管理的控制权。有限合伙人权益将被转移给年轻一代的合伙人，具体方式是将财富出售或者赠予给下一代。

life insurance or other sources. A family limited partnership is also well suited for those with concerns about claims of future creditors. Generally, a limited partner’s creditors cannot reach assets owned by a family limited partnership unless the transfer to the partnership was a fraudulent conveyance. A creditor's remedy is limited to a charging order against the partner's interest, which only permits the creditor to receive the partner's share of distributions from the partnership. Since the general partner in a family limited partnership controls the tuning and amount of distributions, the value of the charging order may be greatly reduced.

Jurisdiction Family limited partnerships can be formed in many different jurisdictions. UK family limited partnerships are problematic for two reasons. Firstly, UK partnership law requires any partnership to be a proper business. An inactive asset holding/property holding family limited partnerships, as many will be, would not normally be a business within that definition. US partnerships are more attractive in this sense, as they have no such requirement. However, the US tax authority has been paying more scrutiny to family limited partnerships, so changes may be made that make US family limited partnerships less attractive. Structure A family limited partnership is a limited partnership formed under a selected country's law. Normally, a family limited partnership must have at least one general partner and will typically have several limited partners. The general partner is vested with sole authority to manage the partnership's everyday activities. The limited partners are

prohibited from engaging in the entity's day-to-day management, but they may have voting power for certain fundamental decisions. The rights of the general and limited partners will be specified in the partnership agreement. In a typical family limited partnership, the senior-generation family members will transfer family business and/or other property interests to form the partnership. The seniorgeneration partners maintain control of the distributions and management by holding the general partnership interest either directly or through a controlled entity, such as a corporation or trust. Limited partnership interests will be transferred to the junior-generation partners by sale or gift to shift wealth to the next generation. On a pro-rata basis, the partnership interests are worth less than the value of their underlying assets because they are illiquid, and the holder of a proportional interest lacks control. The most alluring feature of a family limited partnership is this ability to discount the value of the assets put into the partnerships because the shares distributed from it are less liquid since only another family member can buy them. This reduction in value enables a couple to transfer more of the estate's value to family members without triggering a gift tax. They may also retain control over the assets by designating themselves as the general partner. While there are limitations to this technique, the benefits are considerable. The partnership agreement usually governs how partnership income is divided among the partners. It also specifies the manner in which the family limited partnership will be managed and its business conducted. Control over these functions is vested in the general partner, and the limited partners are 2013, Spring CHINA OFFSHORE

特别报道 | SPECIAL REPORT

按照比例而言，合伙人权益的价值要小于其相关资产的价值，因为它们缺乏流动性，相应权益的持有人缺乏控制力。家庭有限合伙企业最诱人的功能是其能够降低合伙企业注入资产的价值，因为其分配的股票流动性较差，只有一名家庭成员可以购买。价值的减少让一对夫妇能够在不会触发赠与税的条件下将更多的资产转移给家庭成员。他们同样可以通过指定自己作为普通合伙人来保留对资产的控制。虽然这种技术有其局限性，其获得的好处是相当可观的。合伙协议通常会确定合伙企业的收入如何在合伙人之间进行分配。它同样规定了家庭有限合伙企业管理和开展业务的方式。这些功能的控制权归属于普通合伙人，有限合伙人通常没有参与权，但是他们可以就某些重要事项拥有投票权。捐赠人通过有限合伙权益来对家族有限合伙企业施加控制（通过企业普通合伙人）不会使得这些权益被归于捐赠人的总财产，前提是合伙协议没有免除或者大幅减少根据国家法律施加于普通合伙人的受托人标准，并且家族有限合伙企业的实际管理与这种标准保持一直。然而，过高的限制性规定可能会使捐赠家族有限合伙公司的权益无法达到躲避年度征税的目的，因为它们不是现有的权益。此外，在捐赠者去世时，如果仍然通过普通合伙人保留控制权，那么捐赠者剩余家族有限合伙公司权益的应税额将决定于合伙企业实际资产的价值，而不会享受任何估值折扣。在通常情况下，普通合伙人和有限合伙人基于他们在合伙企业中的股权比例来分享收入和现金流。家庭有限合伙企业的成员按照他们所分配到的利润进行缴税，但是合伙企业本身没有任何应缴税项。

typically given no right to participate, although they are given the right to vote on certain important matters. Control of the family limited partnership (through the corporate general partner) by the donor of limited partnership interests should not cause such interests to be included in the gross estate of the donor, provided the partnership agreement does not eliminate or significantly reduce the fiduciary standards imposed upon general partners under state law and the family limited partnership is actually managed in a manner consistent with such standards. However, excessively restrictive provisions may make gifts of family limited partnership interests ineligible for the gift tax annual exclusion because they are not present interests. Moreover, retention of control over the general partner on the death of the donor may cause the, estate tax value of the donor's remaining family limited partnership interests to be determined based upon the value of the partnership's underlying assets without regard to valuation discounts. Generally, both the general and the limited partners will share in income and cash flow based on their respective share or percentage of interest in the partnership. Members of a family limited partnership are taxed on their share of profits but the partnership itself has no taxable presence. Benefits The main advantage of using a family limited partnership is for wealth planning purposes. As part of establishing a partnership, property and assets are transferred into the partnership. Frequently this involves a transfer tax. Because of the lack of an established market for the sale of limited partnerships, not to mention the lack of control that limited partners have, the limited partnership interests are

Spring, 2013

often valued at a “discount” for transfer tax purposes. The tax benefit of the discounted value of the partnership interests, coupled with significant nontax benefits such as liability protection and centralized management, has contributed to the popularity of the family limited partnership as does the ability of the contributing partner to participate in the management of the partnership as a general partner. Another advantage is that a family limited partnership allows the transfer of assets out of your estate, while still allowing the managing partner (the general partner) to retain control of those assets. As the use of the partnership's assets is set out in the partnership agreement, this gives more control over how transferred assets are used, compared to gifting them or leaving them to beneficiaries in a will. Neither general partner's creditors (nor those of participating family members) can seize their partnership interest, dissolve the partnership, or sell the assets of the partnership to satisfy their debts. A creditor of a partner can receive only the partner's right to partnership profits. This means that the greatest interest such a creditor can hold is the partners' right to income distributions from the family limited partnership and, of course, the decision to make distributions is determined by the family partners. Simply put, the family limited partnership allows general partners to retain control even after the family assets are insulated from estate taxation and creditors of family members. Yet another advantage of family limited partnerships is control and tax planning of family businesses across different jurisdictions. The structure is most suited to families owning large multi-jurisdictional businesses where individual family members will often

SPECIAL REPORT | 特别报道

照片提供 Photo by Zap Photos

好处使用家庭有限合伙企业的主要好处是出于财富规划的目的。在建立伙伴企业后，物业及资产将被转移到合伙企业中。通常来说，这会涉及转让税。由于在出售有限合伙公司方面缺乏一个成熟的市场，更不用提有限合伙人缺乏相应的控制力，因此有限合伙权益的价值经常会由于转让税的原因而进行“打折”。合伙权益的打折带来了税收利益，而显著的非税收利益包括债务保护和集中管理，这使得家族有限合伙企业变得越来越流行，而参与的合伙人也可以通过担任普通合伙人来参与管理合伙企业。另一个优点是家庭有限合伙企业允许将您的资产从遗产中转移出去，并且允许管理合伙人（普通合伙人）保留对这些资产的控制权。相比通过遗嘱来将这些资产赠予授予人，由于合伙协议规定了合伙企业资产的使用范围，这无疑加强了对转让资产使用的

使用家庭有限合伙企业的主要好处是出于财富规划的目的。在建立伙伴企业后，物业

控制权。普通合伙人的债权人（或参与的家

及资产将被转移到合伙企业中。

庭成员）无法获得他们的合伙权益，也无法

The main advantage of using a family limited partnership is for wealth planning purposes. As part of establishing a partnership, property and assets are transferred into the partnership.

清算合伙企业或者出售合伙企业的资产来偿还他们的债务。一名合伙人的债权人只能获得该合伙人在合伙企业中应得的利润。这意味着，债权人可以获得的最大利益是该合伙人从家庭有限合伙企业中分配到的收入，当然是否进行分配的决定是由家族合伙人做出的。简单地说，即便家庭资产已经与遗产税和家族成员的债权人之间没有任何关系，家庭有限合伙企业仍然能够使得普通合伙人保留相应的控制权。然而，家庭有限合伙企业的另一个优势是在不同的司法管辖区对家族企业进行控制和实行相应的税收规划。这种结构最适合那些拥有大型跨司法管辖区业务的家族，其家庭成员往往是多个司法管辖区的居民，他们落户的原因包括工作、学习、安家或者出于更广泛的经济和政治原因。由于面临多种法律制度、税率及风险因素，他们需要灵活而强大的资产保护或继承规划工具，来保护他们的家庭资产。管理家庭有限合伙企业建立和维护一个家庭有限合伙企业是昂贵的。在建立时，需要寻求律师、会计师、理财规划师和估价师的建议。评估向家庭有限合伙企业转让的资产需要支付一定的费用。

be resident in multiple jurisdictions for reasons of work, study, family and perhaps wider economic and political reasons. Exposure to multiple legal systems, tax rates and risk factors requires a flexible but robust asset protection or succession planning vehicle for the family assets. Managing a Family Limited Partnership Creating and maintaining a family limited partnership is expensive, and advisers, including attorneys, accountants, financial planners, and appraisers should be consulted in setting it up. Costs will be incurred for an appraisal of assets transferred to the family limited partnership and for professional valuations that determine the appropriate discount factors. Transfer taxes may also be incurred in transferring real estate to the family

limited partnership. In addition to document preparation fees, the services of an estate planning or tax attorney must be retained to monitor the uncertainty of the family limited partnership climate because tax authorities, especially in the US, have become more skeptical of these entities. Family limited partnerships are typically comprised of one or more partnerships through which a family may invest in marketable securities or illiquid alternative investments. The characteristics of these partnerships, such as allocations of income and distribution of cashflow, vary greatly depending on the asset classes in which the partnerships invest. A family limited partnership that invests in illiquid asset classes, such as private equity, real estate, or oil and gas, typically will require partners to commit to contribute capital for a 2013, Spring CHINA OFFSHORE

特别报道 | SPECIAL REPORT

同样，决定适当折价因素需要专业估值，也得花上一笔钱。在向家庭有限合伙企业转让房地产时，同样需要支付转让税。除了文件转让费以外，企业还需要聘请资产规划或者税务律师，来监测家庭有限合伙企业所面临的不确定性。这是因为税务当局（特别是美国）已经对这些公司变得更加怀疑。家庭有限合伙企业通常拥有一个或更多的合伙关系。通过这些合伙关系，一个家庭可以投资于有价证券或流动性不足的另类投资。这些合伙关系的特点（如收入的分配和现金的分配等）在很大程度上取决于合伙企业所投资的资产类别。家庭有限合伙企业如果投资于非流动性资产类（如私人股权、房地产、石油和天然气），通常会要求合伙人承诺以固定的持股比例出资。家庭有限合伙企业把从合伙人那里获得的资本注入作为投资资本。只要在投资获得可分配现金流或者发生清算时，合伙人才能够获得相关的分配。一旦投资开始，家庭有限合伙企业一般无法再加入其他合伙人参与相关的投资项目。这是因为应税收入和损失的分配（以及现金分配）通常要求符合合伙协议在建立之日规定的固定的比例。为了使家庭有限合伙企业的合伙人能够投资不同类别的资产，家庭有限合伙企业通常拥有多个部门或“侧袋”。“侧袋”指的是合伙企业内独立的会计部门，在税务目的上并不是一个独立的法人。作为家庭有限合伙企业的一个部门，侧袋必须保持独立的资产负债表，包括合伙人侧袋资金账户和独立的损益表。侧袋的经济和应税所得额或亏损的分配只针对那些投资于该侧袋的合伙人。侧袋的好处包括减少税收遵从成本和为在单一投资工具内重新平衡投资带来更大的灵活性。为了达到使赠与税最小化的目的，家庭有限合伙企业每年转让的权益价值应该小于年度赠与税的免税额。就家族有限合伙权益的赠予而言，它的估值往往要远低于相关资产直接赠予的估值。因此，这提高了可赠予的合伙权益的数量，并且仍然小于年度赠与税的免税额。明智的选择对那些在向家庭成员进行赠予的过程中寻求税收效率的人来说，创建一个家庭有限合伙企业是一个非常强大的工具。

Spring, 2013

fixed percentage of ownership in the entity. The family limited partnership receives capital contributions from the partners as the underlying investments issue draw requests against the family limited partnership's commitments. Distributions to partners are made only when underlying investments generate distributable cashflow from operations or when a liquidity event occurs. There is little or no flexibility to admit a partner to the family limited partnership or participate in an underlying investment once initial commitments are made, because allocations of taxable income and loss, as well as cash distributions, are typically required to comply with the percentages fixed in the partnership agreement at the date of formation. To enable partners in family limited partnerships to invest in different asset classes, family limited partnerships are often organized with multiple divisions or "side pockets." A side pocket is a separate accounting division within a partnership that is not intended to be a separate legal entity for tax purposes. As a division of the family limited partnership, the side pocket must maintain a separate balance

sheet, including partner side-pocket capital accounts and a separate profitand-loss statement. Allocations of sidepocket economic and taxable income or loss are made only to those partners that have designated a portion of their investments to the side pocket. The benefits of side pockets include reduced tax compliance costs and increased flexibility to rebalance investments within a single investment vehicle. Consistent with minimizing gift tax consequences, the value of family limited partnership interests transferred annually should be less than the annual gift tax exclusion available. The gift of a family limited partnership's interest usually receives a significantly lower valuation than an outright gift of the underlying assets, thereby increasing the amount of the partnership interest that can be gifted and still be covered by the annual exclusion.

A Wise Choice Creation of a family limited partnership can be a very powerful tool for those who are seeking avenues that provide tax efficiency when they are giving gifts to family members.

EXCLUSIVE SUPPLEMENT

独家特刊

2013

公司建立指南

SPRING 春季刊

Company Formation Guide

开曼群岛 The Cayman Islands 英属维尔京群岛 The British Virgin Islands 萨摩亚 Samoa 伯利兹 Belize

2013, Spring CHINA OFFSHORE

Spring, 2013

EXCLUSIVE REPORT | 独家报道

在英属维尔京群岛建立公司 Company Formation in the British Virgin Islands By Frances Emery

在

许多人的回忆中，英属维尔京群岛曾经是向中国内地进行推介的第一批离岸司法管辖区之一。这发生在 20 世

纪 90 年代，也正是中国经济改革的初期。当时，香港仍然在英国的统治之下。有些人认为，这一切让英属维尔京群岛有些幸运。但是，另一些人会说，这简直是天大的好运。现在如果你和任何一个中国人交谈，你会发现英属维尔京群岛几乎就是离岸金融的代名词。因此，你可能会更同意后者的观点。英属维尔京群岛在中国市场开了个好头，这在一定程度了帮助该司法管辖区吸引了大量来自中国的投资者，这些投资者希望利用离岸金融中心来更好地管理他们的财产。如今，英属维尔京群岛是中国外商直接投资的第二大来源地，仅次于香港。据报道，截至 2009 年 6 月总计有 58 亿美元的投资通过英属维尔京群岛进入中国内地。但是，仅仅凭借在进入时间上的优势无法确保英属维尔京群岛成为世界上领先的离岸公司中心。如果无法依靠各种卖点的组合来吸引来自世界各地的投资者，英属维

any would call the fact that the British Virgin Islands was one of the first offshore jurisdictions to ever be promoted on the Mainland – during the early days of China’s economic reform in the late nineties, when Hong Kong was still under British rule – somewhat lucky. Others would go far enough to regard it as tremendous good fortune. And, if you speak to almost anyone in China today, and discover just how synonymous the British Virgin Islands have become with offshore finance, you’d probably be far more likely to concur with the latter. Getting a head start in China has certainly helped the jurisdiction to claim a significant share of the country’s investors who look to offshore centers to better manage their finances, and today, the British Virgin Islands is believed to

be the second largest source of foreign investment into China after Hong Kong, with a reported US$5.8 billion entering the Chinese mainland as of June 2009. But having a presence since the early days wasn’t enough to make the British Virgin Islands the world’s leading offshore company formation center. Without a combination of key selling points with which to attract investors from around the globe, the British Virgin Islands could never have succeeded in coming as far as it has. Among the jurisdiction’s advantages that appeal most to Chinese investors is the fact that, since late 2010, British Virgin Islands companies can be listed on the Hong Kong Stock Exchange. When Winsway Coking Coal Holdings made its first initial public offering (IPO) in the city on October 2010, it generated 20132013, COMPANY GUIDE Spring FORMATION CHINA OFFSHORE

S01 001

独家报道 | EXCLUSIVE REPORT

尔京群岛就不可能获得现有的成功。在该司法管辖区现有的优势中，最吸引中国投资者的是从 2010 年底开始，英属维尔京群岛的公司被允许在香港联合交易所上市。永晖焦煤股份有限公司于 2010 年 10 月在香港进

英属维尔京群岛在中国市场开了个好头，这在一定程度了帮助该司法管辖区吸引了大量来自中国的投资者，这些投资者希望利用离岸金融中心来更好地管理他们的财产。

Getting a head start in China has certainly helped the jurisdiction to claim a significant share of the country’s investors who look to offshore centers to better manage their finances. 照片提供 Photo by Hungry Cats

行了首次公开发行（IPO），募集了大约 4.73 亿美元。专家当时预测，这些新的条件将会提高该离岸中心的地位，改善投资者对该司法管辖区的看法和信心。如今看来，它几乎已经做到了这一点。据报道，在全球离岸公司中，有多达 42％的企业成立于英属维尔京群岛。该司法管辖区中约有 70％的企业由亚洲投资者所拥有。英属维尔京群岛商业公司（BC）是该司法管辖区最抢手的离岸工具。专业提供企业和信托服务的国际律所 Walkers 集团最近发布的一份报告写道：“没有其他离岸公司工具在亚洲的影响力比得上英属维尔京群岛的英属维尔京群岛商业公司（BC）。” 对那些希望注册企业的中国投资者来说，英属维尔京群岛商业公司目前是最流行的选择，他们能够使用这种结构来进行离岸投资以及在大陆的在岸投资。中国投资者喜欢商业公司简单的注册流程，申请人可以使用中文来为公司命名，只需支付象征性的费用。在英属维尔京群岛注册公司是非常简单的，整个过程在一天之内就可以完成。这里没有最低资本要求，最先进的科技让所有注册和注册后的申报流程通过电子化的方式进行，这进一步帮助客户减少了麻烦，同时提高了效率。建立英属维尔京群岛成立公司的费用是具有高度的竞争力，这意味着只要花费不到 500 美元，投资者可以在 24 小时内建立一家属于自己的离岸公司，也不需要离开自己在本土的办公室。事实上，就管理商业公司而言，业主根本无需离开本土。这里没有法律规定要求董事召开年度股东大会，不要求企业提交经审核的帐目，也无需拥有常驻董事。英属维尔京群岛的公司可以在世界上的任何地方进行管理。对建立离岸公司来说，减少税收负担是最重要的激励机制之一。因此很自然的，在投资者选择公司的注册地时，税率成为了他们主要考虑的因素之一。在这方面，英属维尔京群岛公司有绝对的吸引力：除了很少的例外情况，投资者无需支付所有的地方税（包括所得税、遗产税和资本利得税），也不会被征收任何形

S02 FORMATION 002 COMPANY Spring, 2013 GUIDE 2013

approximately US$ 473 million, with experts predicting that these new conditions would raise the offshore center’s profile, improving investors’ perception of and confidence in the jurisdiction. Looking back today, it most certainly did. A staggering 42 percent of the world’s offshore companies are now reportedly formed in the British Virgin Islands, with approximately 70 percent of those in the jurisdiction owned by Asian investors. The British Virgin Islands Business Company (BC) is the most sought-after of the jurisdiction’s offshore vehicles, to the extent that a recent report by the Walkers Group – an international law firm specializing in corporate and fiduciary services – wrote that “no other offshore corporate vehicle has had quite the impact in Asia as the British Virgin Islands’ BVI Business Company (BC).” The British Virgin Islands BC is by far the most popular choice among

Chinese investors looking to incorporate a company, who use the structure for outbound offshore investments, as well as onshore investment within the Mainland too. Chinese investors welcome BCs’ simple incorporation procedure, along with the fact that applicants can register their company with a Chinese name, for a nominal fee. Setting up a company in the British Virgin Islands is remarkably straightforward, and the entire process can be completed within a single day. There are no minimum capital requirements, and state of the art technology allows all incorporations and post incorporation filings to be done electronically, further minimizing client hassle, while increasing efficiency. BVI’s fees for incorporating a company remain highly competitive, meaning that for less than US$ 500, investors can have an offshore company of their very own set up within 24 hours, without so much as leaving their home office.

EXCLUSIVE REPORT | 独家报道

式的印花税。而 2009 年 12 月，英属维尔京群岛与中国签署了免双重征税协定，这进一步帮助中国投资者减轻了他们的税务负担。全球领先的、提供国际法律服务、信托、公司和基金管理服务的 Ogier 公司发现，房地产控股工具是中国投资者最喜欢使用的离岸结构之一。这种结构让投资者能够受益于免征印花税、税务透明度提高、流动性增强以及其他的财税效率，同时也让商务人士有能力来管理和控制房地产投资工具，而无需负担地方所得税或预扣税。房地产控股结构通常采取离岸公司、有限合伙企业及单位信托基金的形式，有时也会采用私人信托和有限责任合伙的形式。 Ogier 公司的一位专家解释说：“随着越来越多的中国人登上世界舞台，他们正在寻求机会购买海外购买房地产，离岸公司或信托基金能够为持有这些资产提供一个实用又实惠的工具。” 谈及英属维尔京群岛商业公司在亚洲的普及，Walkers 集团表示：“商业公司同样被广泛地用于企业债券的发行（发行人或担保人），商业公司在兼并和收购中被作为收购方或者目标实体，而在私人股本投资中，金融家会使用商业公司确保其资产的安全性。我们也看到我们的客户在飞机或船舶融资结构以及大型抵押融资中使用商业公司。最近，我们已经看到商业公司已经成为香港证券市场合格的上市工具，而高净值人士的私下交易（比如购买豪华房地产）仍然在继续。” 英属维尔京群岛商业公司的多功能性是它们能够保持动力的原因之一。Walkers 集团指出，亚洲大多数的企业集团都在使用商业公司结构，看起来越来越多的公司会采用这种结构。我们无法获得更新的数据，截至 2010 年初，已经有近 80 万家商业公司注册于英属维尔京群岛，其中约有 50 万家企业是在英属维尔京群岛2004年通过创新的商业公司法后注册的。当然，这种对信息的限制保护了投资者的隐私。英属维尔京群岛致力于保护投资者的隐私。已经注册商业公司的投资者无需向该司法管辖区的企业事务注册处提交组织架构或者会计信息。Kristy Calvert 是一名经验丰富的国际律师，她来自上海并且 Ogier 在那里的客户关系办公室的负责人。她指出，英属维尔京群岛对保密性的重视是其吸引投资者的主要因素之一。她解释说：“实益拥有人没有公共记录及股东代理人的使用可以确保完全的私密性。在绝大多数情况下，董事没有公开的记录。”

Indeed, when it comes to managing a BC, owners have no cause to leave home at all. There are no statutory regulations requiring directors to hold annual general meetings, no requirements to file audited accounts, and no need to have resident directors. A British Virgin Islands corporation can be managed from anywhere in the world. Reducing ones tax burden is foremost among the incentives for incorporating an offshore company, so naturally rates of taxation are a major factor for investors to consider when selecting a jurisdiction in which to domicile a company. In this respect, British Virgin Islands corporations have overwhelming appeal: apart from some very minor exceptions, investors are exempt from all local taxes – including income, estate and capital gains taxes – and are not subjected to stamp duties of any kind. Chinese investors’ ability to reduce their tax burden is further enhanced by the fact that the British Virgin Islands and China signed a Double Taxation Agreement in December 2009. Leading global firm, Ogier – which provides international legal services alongside trust, company and fund administration services – has found that real estate holding vehicles are among the most popular offshore structures used by its portfolio of Chinese clients. Such structures enable investors to benefit from a lack of stamp duty, tax transparency, increased liquidity and various other fiscal efficiencies, while giving business people the ability to manage and control real estate investment vehicles without the burden of local income tax or deductions for withholding. Real estate holding structures commonly take the form of offshore companies, limited partnerships and unit trusts and – to a lesser extent – private trusts and limited liability

partnerships. “As more and more Chinese become internationally mobile, they are looking to make real estate purchases abroad and an offshore company or trust offers a practical and affordable vehicle to hold assets,” explained one of Ogier’s experts. In writing about the popularity of the British Virgin Islands BC in Asia, the Walkers Group revealed, “BCs are also widely used for corporate bond issues – either as issuer or guarantor, mergers and acquisitions involving BCs as acquirer, or target entities and private equity investments where financiers require the BC to provide security over its assets. We also see BCs used by our clients involved in aircraft or shipping financing structures, as well as large secured financings. More recently we have seen BCs become eligible as listing vehicles for equity offerings in Hong Kong, while private transactions by high net worth individuals, such as acquiring luxury real estate, have continued.” British Virgin Islands BCs’ versatility is one reason for their staying power. As the Walkers Group points out, BCs are present within most large corporate groups in Asia, and the use of the structure only seems to be growing. As of early 2010, almost 800,000 BCs were registered in the BVI, with approximately 500,000 companies incorporated in the territory since the adoption of its pioneering BC Act in 2004, although more recent data is often restricted. Naturally, it is this same restriction on information that ensures investors’ privacy, to which the British Virgin Islands is completely committed. Investors who have incorporated BCs are not obliged to submit organizational or accounting information with the jurisdiction’s Registrar of Corporate Affairs. Kristy Calvert, an experienced international lawyer originally from 20132013, COMPANY FORMATION GUIDE Spring CHINA OFFSHORE

S03 003

独家报道 | EXCLUSIVE REPORT

根据 2011 年 8 月经合组织发布的英属维尔京群岛同行评审报告显示，截至 2011 年 5 月，该司法管辖区已经注册了 718 家私人信托公司。

According to an August 2011 OECD Peer Review Report for the British Virgin Islands, the jurisdiction had 718 Private Trust Company registrations, as of May 2011. 照片提供 Photo by Philips Wong

虽然英属维尔京群岛商业公司拥有很高的知名度，该司法管辖区仍然继续在寻求方法来进一步提高竞争力。英属维尔京群岛于 2004 年实施了具有开拓性的商业公司法，仅仅三年后，它又推出了私人信托公司（PTC）。常驻英属维尔京群岛的私人信托专业、 Ogier 公司的合伙人 Zac Lucas 解释说：“从历史上看，客户使用英属维尔京群岛公司主要作为控股公司。然而，最近几年，私人客户发生了转变，他们开始要求更为复杂的产品来构建自己的财富。鉴于他们对英属维尔京群岛非常熟悉，这里建立公司很经济实惠，周转时间又很快，英属维尔京群岛非常适合满足他们的需求。（它）于 2007 年推出了私人信托公司。” 与商业公司类似，私人信托公司的特性包括没有最低资本要求、没有义务拥有常驻董事、没有审计师的要求，以及在注册私人信托公司前无需获得英属维尔京群岛监管机构的批准。然而，私人信托公司本身有一些独特的要求。公司只能从事无酬的信托业务或相关的信托业

S04 FORMATION 004 COMPANY Spring, 2013 GUIDE 2013

Shanghai who runs Ogier’s client office in the city pointed out that the British Virgin Islands’ emphasis on confidentiality is one of its major draws for investors. “There are no public records of beneficial owners and the use of nominee shareholders can ensure complete confidentiality. In nearly all cases there are also no public records of directors available,” she explained. Regardless of the British Virgin Islands BC’s eminence, the jurisdiction has continued to investigate ways in which to further enhance its competitiveness, and just three years after implementing its pioneering BC Act in 2004, it introduced the Private Trust Company (PTC). “Historically, clients have used British Virgin Islands companies primarily as holding companies,” explains

private trusts expert and Ogier partner, Zac Lucas, who operates out of the jurisdiction. “In recent years however, there has been an evolution in the private client requiring more sophisticated product offerings to structure their wealth. Given the familiarity with the BVI, the affordable costs for incorporating companies and the speedy turnaround time, the British Virgin Islands was well positioned to answer that call and in 2007, [it] introduced the private trust company.” Similar to its counterpart, the BC, the PTC’s attributes include no minimum capital requirements, no obligation to have a resident director, no auditor requirements, and no necessary approval by the British Virgin Islands regulator before incorporating the PTC. The PTC does, however, have a few unique requirements of its own. The company is obliged to only engage in either unremunerated trust business or related trust business, such as acting as the trustee of trusts in the case where the beneficiary is either a charity or connected to the settler of the trust. The PTC does also have attributes which give investors a higher level of control over their assets. One such attribute is the fact that PTC shares are held by a BVI Purpose Vista, enabling the client to implement rules which allow them to control the appointment and removal of directors serving on the PTC Board. BVI Purpose Vistas also have the advantage of “orphan ownership”, meaning that beneficial ownership cannot be attached to any one individual. According to an August 2011 OECD Peer Review Report for the British Virgin Islands, the jurisdiction had 718 Private Trust Company registrations, as of May 2011. “This indicates that in comparison to other international finance centers, the British Virgin Islands is the leading

2013 COMPANY FORMATION GUIDE

S05

独家报道 | EXCLUSIVE REPORT

务，比如当受益人是一个慈善机构或者与信托授予人有关系的情况下，担任信托的受托人。私人信托公司的特点还包括它能够让投资者更为有效地控制他们的资产。其中的一个特点是私人信托公司的股份由英属维京群岛特殊目的

英属维尔京群岛商业公司的多功能性是它们能够保持动力的原因之一。Walkers 集团指出，亚洲大多数的企业集团都在使用商业公司结构，看起来越来越多的公司会采用这种结构。

British Virgin Islands BCs’ versatility is one reason for their staying power. As the Walkers Group points out, BCs are present within most large corporate groups in Asia, and the use of the structure only seems to be growing. 照片提供 Photo by Philips Wong

Vista 信托基金持有，让客户执行相关规则，能够掌控私人信托公司董事会董事的任命和免职。英属维京群岛特殊目的 Vista 信托基金同样拥有“孤儿所有权”的优势，这意味着实益拥有权并不地属于任何单一的个人。根据 2011 年 8 月经合组织发布的英属维尔京群岛同行评审报告显示，截至 2011 年 5 月，该司法管辖区已经注册了 718 家私人信托公司。Lucas 先生表示：“这表明，在与其他国际金融中心相比，英属维尔京群岛在私人信托公司注册方面是全球领先的司法管辖区。”他指出：“英属维尔京群岛公司的主要用户是那些在新兴市场国家注册的公司或者在那里的本地公司，尤其是来自中国的公司。他总结说：“无论是特性还是结构，它都拥有广泛的吸引力。鉴于这些因素，再加上中国客户对英属维尔京群岛非常熟悉，建立和维护私人信托公司的成本又很低，以及英属维尔京群岛公司注册的优势，我们预期市场将持续增长。” 该司法管辖区稳定的政治和法律体系、灵活的立法和致力于保护客户的承诺、以及其所能提供的私密性都帮助它在离岸金融市场的竞争中保持领先的位置。但是展望未来，对英属维尔京群岛非常重要的是确保能够维持它的竞争力。市场观察人士预计这个司法管辖区将越来越多将眼光放在前往新兴市场的中国投资者身上。针对拉丁美洲市场的投资正在呈现显着的增长趋势。对那些投资拉丁美洲又希望获得税收效率的人来说，英属维尔京群岛投资工具是值得信赖的选择。在拉丁美洲，对自然资源的需求正变得越来越旺盛。 Maples and Calder 律师事务所拉丁美洲的联席主管 Kieran Walsh 告诉记者：“就针对亚洲市场的投资工具而言，英属维尔京群岛已经是非常受欢迎的司法管辖区。出于相同的原因，亚洲市场认为英属维尔京群岛是建立投资拉丁美洲的工具的理想司法管辖区。”只要亚洲每年创造的高净值人士数量仍处于领先地位，英属维尔京群岛似乎没有什么可担心的。

S06 COMPANY FORMATION GUIDE 2013

jurisdiction for PTC registrations,” Mr. Lucas said, noting that “the primary users of British Virgin Islands companies are largely clients domiciled or resident in emerging market countries and in particular China.” It has wide ranging appeal – both in terms of its features and its structuring – and “for these reasons combined with Chinese clients’ familiarity with the British Virgin Islands, the affordable Private Trust Company set up and maintenance costs, and the British Virgin Islands company registration advantages, we expect to see continued market growth,” he concluded. The jurisdiction’s stable political and legal system, flexible legislation and commitment to client protection and confidentiality have all helped it stay ahead of the competition in the offshore financial market thus far, but looking ahead is essential for the British Virgin Islands to ensure that it maintains its competitive edge. Market watchers can

expect to see the territory targeting more and more Chinese investment heading to emerging markets, with investments on their way to Latin America showing significant potential for growth. British Virgin Islands investment vehicles are a trusted option for investors seeking tax efficient routes into Latin America, where the demand for natural resources is quickening its pace. Kieran Walsh, co-head of law firm Maples and Calder’s Latin American practice, told journalists, “For the same reasons that the British Virgin Islands has been a popular jurisdiction for use of investment vehicles into Asia, the Asian marketplace sees the British Virgin Islands as the ideal jurisdiction of choice for investment vehicles into Latin America.” As long as Asia remains in the lead for the number of new high net worth individuals created each year, it seems the British Virgin Islands has nothing to worry about.

独家报道 | EXCLUSIVE REPORT

开

曼群岛位于加勒比海西部，它于 20 世纪 60 年代开始发展成为一个重要的国际金融中心。目前，有超过

92000 家公司在开曼群岛公司注册处进行了登记注册。开曼群岛致力于将自身打造成国际商业界高水平的金融中心，而开曼群岛公司注册处在其中发挥了不可或缺的作用。开曼群岛正在以稳定的步伐继续实现增长。在过去的十年中，每年平均有 9200 家新注册公司。在开曼群岛注册公司的优势包括： 1）能够现成地提供投资、法律及其他咨询以及专家管理服务，费用极具竞争力； 2）合理的报告要求； 3）每个公司可以只有一名股东，没有最低资本要求； 4）税收中性——对任何类型的公司（无论内资还是外资），都没有企业税、资本利得税、工资税、财产税或预提税。开曼群岛的公司可以从事的业务范围包括投资、销售加工、贸易、航运业务、股票买卖、持有房地产、专利的所有权和许可、国际融资、共同基金、保险、证券化、结构性融资和飞机融资等。对中国投资者而言，开曼群岛已经得到了

在开曼群岛建立公司

Company Formation in the Cayman Islands By Leo Zhang

广泛的认可，并且可以在香港联合交易所公开上市。为了吸引来自中国的投资者，开曼群岛允许企业注册证书使用汉字，并且允许企业从别处迁移过来。在开曼群岛能够注册许多类型的公司：居民公司、非居民公司、豁免公司和境外公司。它们可以是股份有限责任公司或者担保有限公司公司，也可以是非营利组织。豁免公司是从事国际交易的首选类型。居民公司居民公司指的是主要在开曼群岛开展业务的公司。在大多数情况下，这些公司在开曼群岛经营业务。从事银行或信托业务的公司必须根据银行和信托公司法获得相关许可证。管理共同基金的公司必须根据基金法获得相关执照。从事保险业务的公司必须根据保险法获得许可证。希望从事企业管理业务的公司必须根据公司管理法取得许可证。居民企业必须拥有注册办事处，信息供公众查阅，包括过去和现在成员的注册信息。它们还必须每年向注册处提供报告，包括成员的

S08 FORMATION 008 COMPANY Spring, 2013 GUIDE 2013

he Cayman Islands, located in the western Caribbean Sea, began developing itself into a major international financial center in the 1960s. There are more than 92,000 companies registered with the Registry of Companies in Cayman Islands. The Companies Registry has played an integral part in the development of the Cayman Islands as a highly ranked financial center in the international business community. The growth continues at a steady pace with an average of 9,200 new companies registered each year over the past decade. Advantages of registering a company in the Cayman Islands include the following: 1) Ready availability of investment, legal and other advice and expert

management services at competitive fees; 2) Reasonable reporting requirements; 3) Ability to form a company with only one shareholder, with no minimum capitalization requirements; 4) Tax neutrality - there are no corporation, capital gains, payroll, property or withholding taxes on any type of company, domestic or foreign. The range of purposes for which a Cayman company can be used includes investment, sales processing, trading, shipping operations, stock dealing, real estate holding, the ownership and licensing of patents, international financing, mutual funds, insurance, securitization, structured finance and aircraft finance. For Chinese investors, Cayman Islands has been widely recognized and

EXCLUSIVE REPORT | 独家报道

used for public listings on the Hong Kong Stock Exchange. As one of the policies to lure Chinese investors, Chinese names are allowed on the Certificate of Incorporation and the migration of domicile permitted. There is a variety of types of companied that can be registered in the Cayman Islands: Resident Company, NonResident Company, Exempted Companies and Foreign Company. They may be incorporated with members’ liability limited by shares or by guarantee, as unlimited companies, or as non-profit organizations. Exempted Companies are the preferred type for international transactions.

名字和地址、董事及实收资本的金额。根据公司法的定义，这种类型的公司同样被允许拥有土地。希望在开曼群岛从事贸易的公司（例如零售贸易、地产、酒店或酒楼经营、维修服务或本地运输）必须根据贸易和商业事务法取得许可证。如果开曼群岛本地人拥有的股权低于 60％，公司的服务需要获得贸易和商业委员会的批准。非居民公司这类企业在开曼群岛经营业务的唯一目的是服务于外国企业（实际上与豁免公司相同，但是此类公司必须拥有注册办事处，信息供公众查阅，并且登记其过去和现在成员的信息）。非居民公司是豁免公司的替代品。这类公司必须保持注册办事处，信息供公众查阅，并且登记其过去和现在成员的信息。它们还必须每年向注册处提供报告，包括成员的名字和地址、董事及实收资本的金额。公司可买卖豁免公司、境外公司和合伙企业的股票，但是其在

Resident Company Companies conduct business primarily in the Cayman Islands. These are, for the most part, companies carrying on business within the Cayman Islands. A company conducting banking and or trust business must obtain a license under the Banks and Trust Companies Law. Companies administering mutual funds are licensed under the Mutual Funds Law. Companies engaging in the insurance business must obtain a license under the Insurance Law, and those wishing to operate in company management must obtain a license under the Companies Management Law. Resident companies must maintain at their registered office, open for public inspection, a register of their past and present members. They must also report annually to the Registrar, giving the names and addresses of members, directors and the amounts of paid-up capital. This type of company is also allowed to hold land as defined under the Companies Law. A company wishing to trade within the Cayman Islands, e.g., in retail trading, real estate, hotel or restaurant

operation, maintenance services or local shipping, must obtain a license under the Trade and Business Licensing Law, and if less than 60 percent of the equity is Caymanian-owned, the Trade and Business Licensing Board will have to be convinced of the need for the company’s services.

Non-Resident Company Company conducting business in the Cayman Islands only as needed to further a foreign business (virtually identical to an exempted company, except for, such companies must maintain at the registered office, available for public inspection, a register of their past and present members). The non-resident company is an alternative to the exempted company. Such companies must maintain at their registered office, open for public inspection, a register of their past and present members. They must also report annually to the Registrar, giving the names and addresses of members, directors and the amount of paidup capital. The company may deal in shares of exempted companies, foreign corporations and partnerships, but may only carry on such other business in the Cayman Islands as is necessary for the furtherance of its foreign business. Application for nonresident status should be addressed to the Minister of Finance through the Registrar of Companies and must state that the company does not intend to carry on business within the Cayman Islands. Non-resident companies may convert to Resident Companies or to Exempted Companies.

Exempted Companies Companies conducting business activities primarily outside of the Cayman Islands. An exempted company is not required to keep a register of members open for 30122013, COMPANY FORMATION GUIDE Spring CHINA OFFSHORE

S09 009

独家报道 | EXCLUSIVE REPORT

开曼群岛建立的目的仅限于服务其海外企业的未来发展。非居民地位的申请应通过公司注册处向财政部长提出，申请人必须表明公司不打算在开曼群岛开展实际业务。非居民公司可以转型为居民公司或豁免公司。豁免公司此类公司主要在开曼群岛以外从事经营活动。豁免公司不需要注册成员的信息供公众查阅（居民和非居民企业必须这么做）。它不需要在开曼群岛举行年度股东大会上（而居民和非居民企业必须这么做）。豁免公司可以在不受限制的条件下改变其组织章程大纲及章程细则，但是必须将相应的变化通知公司注册处。如果在开曼群岛证券交易所（CSX）上市，它可以在开曼群岛公开发售股票。豁免公司可发售拥有名义面值或无面值的股票。向注册处提交的年度报告必须包括以下声明：除了已经通知注册处的变动以外，公司的组织章程大纲没有其他变动；公司已经了解公司法的规定；公司的业务主要在开曼群岛以外的地区展开；所有不记名股票由核准保管人进行保管。豁免公司同样不需要在名称中加入“有限” 两字。在注销一家豁免公司前，注册处必须提前一个月进行通知。豁免公司可以使用任何货币或多种货币作为其资本额。

public inspection (a requirement for resident and non-resident companies). It is not required to hold an annual general meeting in the islands (which resident and non-resident companies must). An exempted company may alter its Memorandum and Articles of Association without restriction, but must notify the Registrar of any changes. It may offer shares to the public in Cayman if listed on the Cayman Islands Stock Exchange (CSX). An exempted company may issue shares with nominal or no par value. The annual return to the Registrar requires a declaration that: no changes, other than those notified to the Registrar, have been made in the Memorandum of Association; the provisions of the Companies Law have been observed; the company’s operations have been mainly outside the Cayman Islands; and all bearer shares are kept by an approved custodian. An exempted company is also not required to include the word "Limited" or the abbreviation "Ltd." after its name. The Registrar must give one month’s

notice before taking action to strike off an exempted company. An exempted company may express its capital in any currency or in multiple currencies.

Within the Exempted Type, the Following are also Offered Transfers by Continuation – a Company with limited liability and share capital can become a Cayman Islands exempted company, provided it is incorporated in a foreign jurisdiction whose laws permit or do not prohibit the relocation of the company Exempted Limited Duration Company – Company that can be treated as a partnership but whose duration must not exceed 30 years Segregated Portfolio Company – allows segregation of assets and liabilities between segregated portfolios (cells) established within an 'umbrella' company. Foreign Company A company incorporated outside of the Cayman Islands which carries on business locally. Registration as a foreign company

S10 COMPANY FORMATION GUIDE 2013

EXCLUSIVE REPORT | 独家报道

照片提供 Photo by Zap Photos

对中国投资者而言，开曼群岛已经得到了广泛的认可，并且可以在香港联合交易所公开上市。开曼群岛允许企业注册证书使用汉字，并且允许企业从别处迁移过来。

For Chinese investors, Cayman Islands has been widely recognized and used for public listings on the Hong Kong Stock Exchange. Chinese names are allowed on the Certificate of Incorporation and the migration of domicile permitted.

豁免公司的类型还包括存续迁册 - 股份有限责任公司可以成为开曼群岛豁免公司，前提是它成立于海外司法管辖区，且当地的法律不禁止公司搬迁有限期限豁免公司 - 公司可以被视为是一种合伙关系，但存续时间不得超过 30 年。独立投资组合公司——这种公司类型允许成立多个独立的投资组合（细胞），使得资产和负债相互独立。而这些投资组合又位于同一个“伞”公司旗下。境外公司公司注册在开曼群岛以外的地方，但是在开曼群岛开展本地业务。如果希望在开曼群岛持有土地或者开展业务，或者希望作为开曼群岛豁免有限合伙公司的普通合伙人，就必须以境外公司的方式在开曼群岛进行登记。这种类型的公司必须在开曼群岛进行注册，必须向注册处提供以下材料：境外公司建立或者注册证书的核证副本、或者有关当局就其建立开具的相关文件；相关当局开具的公司存续证明、或者在相关当局没有开具存续证明

in the Cayman Islands is necessary to enable non-Cayman Islands companies to hold land or carry on business in the Cayman Islands, or to act as the general partner of a Cayman Islands Exempted Limited Partnership. Such a company must be registered in Cayman, and for this the Registrar must be supplied with: A certified copy of the foreign company’s certificate of formation or incorporation, or the equivalent document issued by the relevant authority as evidence of its formation; a certificate of good standing issued by the relevant authority or, if the relevant Authority does not issue a certificate of good standing, a declaration signed by a director of the foreign company that the foreign company is in good standing with the relevant authority; a certified copy of any charter, by-laws or memorandum or articles of association or other constitutional document of the foreign

company; a list and specified details of the directors, and the name and address of a person resident in the Islands who is authorized to accept service of process and any notice(s) on behalf of the company. The most convenient way to incorporate a company in the Cayman Islands is to engage one of the professional firms licensed for this purpose. These firms can provide such services as: registered office; nominee shareholders; directors and other officers; and management of the company on the instruction of the beneficial owners. Basic information required for incorporation is a set of Memorandum and Articles of Association subscribed by the proposed shareholders and accompanied by the relevant incorporation fee and revenue stamps. Where an application is in respect of an exempted company, an affidavit duly signed and notarized must be enclosed. There is no minimum paid-in capital requirement in Cayman Islands. Companies must have at least one member. A register of directors and 2013 COMPANY FORMATION GUIDE

S11

独家报道 | EXCLUSIVE REPORT

的情况下，境外公司的董事声明，公司的声誉得到了相关当局的认可；境外公司章程、法律或组织章程大纲或章程细则的核证副本或者其他的章程性文件；董事的详细信息清单，以及作为公司代理人受权接受服务的开曼群岛居民的姓名和地址。在开曼群岛注册成立一家公司最方便的方式是与持牌的专业服务公司进行合作。这些公司可以提供的服务包括：注册办事处、股东代理人、董事及其他人员，以及根据实益拥有人的指令管理该公司。注册公司所需的基本信息是拟任股东认可的组织章程大纲及章程细则，以及相关的注册费和印花税。如果申请的是豁免公司，必须随附正式签署并经公证的宣誓书。开曼群岛没有最低实收资本额的要求。公司必须有至少一名成员，必须向公司注册处递交关于董事及高级人员的登记信息，必须向公司注册处递交年度税务申报表。所有公司都必须在开曼群岛拥有注册办事处。对豁免公司和非居民公司来说，这个注册办公室必须由开曼群岛金融管理局授权的管理公司、法律和会计事务所或者信托公司提供。如果您有需求，这些公司将提供它们的费率表。开曼群岛不要求公司的董事必须在开曼群岛举行年度会议。只有受监管的实体（比如银行、信托公司、保险公司或者其他金融服务提供商）需要向监管当局提交经审计的年度账目表。向监管机构递交的经审计的账目将包括利润报表。而向公司注册处的年度申报不包括财务报表。所有的服务提供商都需要保留相关信息，在法律问题的流程上可以得到追溯。受监管实体必须保留完整的帐户信息，并且在监管者那里备案。所有的实体都必须记帐。开曼群岛当局与本土和海外的执法机构之间拥有行之有效的合作机制，这能够确保整个开曼群岛金融业拥有最高标准的职业操守。在此框架内，能够确保客户的合法权益受到保护。开曼群岛拥有广泛的税收信息交换协议（TIEAs）网络，允许各国根据协议的内容交换信息。开曼群岛于 2011 年与中国签署了税收信息交换协议。根据要求，公司注册处可以透露企业的名称和类型、注册日期、注册办事处的地址以及公司的经营状况。政府官员、专业代理公司、律师和会计师及其工作人员都被禁止透露相关信息，除非是因为协助执法机构打击非法行为而被要求或者授权这么做。

S12 COMPANY FORMATION GUIDE 2013

officers must be filed with the Registrar of Companies, and annual returns must be fined with the ROC. All companies must have a registered office in the Cayman Islands. For exempted and non-resident companies this must be provided by a local CIMA licensed company management, law or accountancy practice or trust company. Such firms will supply their schedules of fees on request. There is no requirement that a company’s directors have to hold annual meetings in the Cayman Islands. Only regulated entities i.e. banks, trusts companies, insurance companies or other financial service providers are required to file annual audited accounts with the Regulatory Authority. Audited accounts to regulators will include profit statements. Annual returns to the Registrar of Companies do not include financial statements. All service providers are required to keep a file of information which can be produced pursuant to procedures provided in legislative enactment. Regulated entities are required to keep

full accounts and file the same with regulators. All entities are required to keep accounts. There are well-established mechanisms for cooperation with law enforcement agencies, both locally and overseas, to assure the highest standards of probity throughout Cayman’s financial industry. Within this framework, protection of the legitimate interests of clients is safeguarded. Cayman Islands has a wide network of Tax Information Exchange Agreements (TIEAs) which allow for information exchange as per the agreements. Cayman Islands signed a TIEA with China in 2011. The Registrar is able to release on enquiry the name, type of company, the date of registration, the address of its registered office, and the status of the company. Except where assistance to law enforcement agencies to combat illicit activity is mandated or authorized, disclosure of information by government officials, professional agents, attorneys and accountants and their staffs is prohibited.

EXCLUSIVE REPORT | 独家报道

在伯利兹建立公司 Company Formation in Belize By Baron Laudermilk

随

着那些全球知名的利于营商的国家纷纷改变它们的规则，伯利兹已成为建立公司最好的地方之一。

由于拥有基于英国的法律体系，伯利兹成为了一个受欢迎的离岸公司注册目的地。伯利兹的离岸法例基于英属维尔京群岛的模型。此外，全范围、高科技和国际化的离岸银行服务让伯利兹成为了一个理想的司法管辖区，因此，伯利兹在离岸国际商业公司的建立上获得了快速的增长。离岸公司拥有灵活的公司结构，这使得伯利兹在离岸公司的建立领域成为了一个充满活力的全球领导者。相比瑞士、香港甚至美国，伯利兹的金融优势十分明显。在避税天堂伯利兹注册成立的公司就其海外收入免于征税。根据伯利兹离岸公司法例，海外收入可以包括股利、利润或利息。伯利兹离岸公司向非伯利兹居民支付的股息免于征税。伯利兹离岸公司不必缴纳财产税、预提税、资本利得税以及继承税。伯利兹公司免于缴纳印花税，后者通常在商业交易（包括

s the world’s most famous business friendly countries change their rules, Belize has become one of the best places to establish a company. Belize is a popular jurisdiction for offshore companies' incorporation due to its English-based legal system. The Belize offshore legislation was based on the British Virgin Islands model. In addition, full-ranged, high-tech and international offshore banking services empower Belize as an ideal jurisdiction, so that Belize has been experiencing a fast growth in the formation of offshore international business companies. Offshore companies have a flexible corporate structure making Belize a dynamic leader globally in the offshore company formation. Belize’s financial advantages are clear, compared to Switzerland, Hong Kong,

or even the United States. Companies incorporated in tax haven Belize pay no taxes on income earned from abroad. According to Belize offshore companies legislation, income earned aboard can be dividends, profits gained, or interest earned. Dividends paid by Belize offshore companies to persons who are not residents of tax haven Belize are not taxed. Belize offshore companies do not have to pay estate taxes, withholding taxes, capital gain taxes, or even inheritance taxes. Belize companies are exempted from Stamp Duty, which would be paid on business transactions including transfers carried out on behalf of such entities. One of the characteristics of a business-friendly country is that it typically has zero taxation or very low tax regimes in place. Companies registered in Belize are guaranteed to remain tax2013 COMPANY FORMATION GUIDE

S13

独家报道 | EXCLUSIVE REPORT

伯利兹公司之间的资产转让）时需要支付。对这个利于营商的国家来说，其特点之一就是它通常采取零税收的制度，或者税率非常低。在伯利兹注册的公司只要不在伯利兹购买任何房地产并且不在伯利兹本地公司中拥

相比瑞士、香港甚至美国，伯利兹的金融优势十分明显。在避税天堂伯利兹注册成立的公司就其海外收入免于征税。

Belize’s financial advantages are clear, compared to Switzerland, Hong Kong, or even the United States. Companies incorporated in tax haven Belize pay no taxes on income earned from abroad. 照片提供 Photo by James Hu

有股份，就能够享受免税的待遇。伯利兹的另一项主要优势是该国的法律允许国际企业的业主建立各种类型的公司，包括民营企业、有限责任合伙企业、有限人寿公司、合营企业和合作企业、合伙企业、独资企业、公共投资企业、国际商业公司和信托投资公司。建立公司没有最低资本要求，初创企业可以使用各种主要的国际货币。对那些希望能够方便地建立新企业的中国商人来说，他们应该考虑投资伯利兹。在伯利兹建立一家企业是如此简单在伯利兹建立公司是一个好主意，这不仅是因为这里拥有理想的气候，而且还由于这里的法律体系基于英国普通法，这意味着您的财产是受到保护的。在伯利兹成功和合法地建立一家企业，有以下五个主要步骤。第一步是向位于伯利兹首都贝尔莫潘的 “公司注册处” 要求进行相应的计算机查询，以确保您的公司并没有已经在伯利兹进行注册。您可以通过电话或者传真进行这样的查询，费用大约在 25 美元左右。第二个步骤是获得关于生活并且在伯利兹建立企业所要求的相关文件。对最基本的商店和专卖店来说，需要获得贸易许可证。您的公司一旦获得批准，您可以在市管理委员会那里获取该许可证。其费用相当于您为公司租赁办公场地的年租金的四分之一。第三步是接受伯利兹市委员会的检查员的检查。此人将决定您的企业是否适合开展相关的业务。根据您对贸易许可证的申请，委员会将派遣相关的检查员。第四步是联系贵国的伯利兹大使馆，以便获得商务签证。对所有在伯利兹建立企业的外国人来说，他们都需要这样的商务签证。就签证申请而言，您的申请信需要说明您计划在这里住多久以及您将开展何种业务。最后，所有你必须做的是刻一枚公司印章。这相对来说比较便宜，取决于是采用压纹材质还是橡皮。

S14 FORMATION 014 COMPANY Spring, 2013 GUIDE 2013

free as long as they do not purchase any property in Belize and do not own any shares in a domestic Belize firm. Another major advantage of Belize is that the country’s law allows international business owners to establish a large range of companies, including Private Companies, Limited Liability Partnership, Limited Life Companies, Joint Ventures and Cooperative, Partnership, Sole Proprietorship, Public Investment, International Business Companies, and Trust Companies. There is no minimum capital requirements regarding establishing a company and major

international currencies can be used for the start up. Chinese business owners who are looking for an easy place to set up a new business should look into investing in Belize.

Setting up a Business in Belize is Simple Establishing a business in Belize is a good idea not only because it has an ideal climate, but also because it is based on British Common Law, which means your property is protected. There are five major steps a company should in order to successfully and legally register in Belize. The first step is to check the

EXCLUSIVE REPORT | 独家报道

伯利兹保护隐私虽然伯利兹要求每家公司通过持牌从业人员聘请本地代理机构并且拥有本地注册的办公室，但是这里不要求在伯利兹的国际公司在审计或者财务报告中提供关于股东或者董事的详细信息。与许多其他利于营商的国家不同，伯利兹不要求召开任何董事或成员会议。但是这些措施生效的前提是企业不与伯利兹的居民开展业务往来。然而，一家企业的老板应该将他 / 她的钱放在伯利兹以外的地方，因为这里对隐私的保护不如其商业运营法律那么有效。在大多数情况下，您不能仅仅开立一个企业账户。您通常会被要求从先前的银行那里获得推荐信，需要涉及您在那家银行的所有资产。伯利兹的一些商业银行同样会要求您就为什么要在该国开设银行账户说出一个具体的理由。您可能希望开设一个本地账户，来进行消费和处理常规交易。然而，如果您是一个精明的投资者，你可能会与另一家国际银行保持业务关系，将您的大部分现金存在那里。伯利兹的税收协定不影响中国人虽然伯利兹与英国、瑞典、丹麦和加勒比共同体（加共体）国家签署了免双重征税条约，但是该国与香港之间没有任何免双重税务条约。在最近的一次采访中，伯利兹商务局的代表说，该国没有任何计划在不久的将来与这些国家建立或签署免双重征税条约。根据税务信息交换协议（TIEA），具体的刑事或者民事税务调查或者正在经受调查的民事税务事宜可以要求交换税务信息。虽然伯利兹与大多数最发达的西方国家签署了这些协议，但是它并没有与中国或香港签署此类协议。

“Company’s Registry” department in Belmopan, the capital of Belize, to do a computerized search to ensure that your company is not already claimed in Belize. You can do this search also via telephone or fax for around $25. The second step is to acquire the correct papers required to live in and open a business in Belize. For the most basic shops and stores, a trade license is required. You can acquire this license from the town board once your company gets approval; its cost is based on onequarter of the annual rent of the space that you are renting for your business. The third step is to receive an inspection from a Belize City Council inspector. This person will determine if your business is suitable doing business. Your application for a trade license will make the City Council dispatch an inspector. The fourth step is to contact the Belizean Embassy in your country to obtain a business visa, which is required by all foreigners who start companies in the country. The visa application requires a letter explaining how long you plan to stay and what kind of business you are going to conduct. Finally all you have to do is create a company seal, which is relatively cheap, depending on whether it is made from embossed material or rubber. Privacy is Enforced in Belize Although the country requires each company to maintain a registered agent and a local registered office using licensed individuals, there are no requirements for an international company in Belize to file details related to shareholders or directors for the filing of audits or accounting reports. Unlike many other business-friendly countries, Belize does not require any meetings of directors or

members. But these measures are only protected if the business does not do business with residents of Belize. However, a business owner should keep his/her money outside of the country, as privacy is not enforced as much as its business operation laws. In most cases, you cannot just open a business account. You will usually be asked for a reference letter from your previous banks that states all your assets with that bank. Some commercial banks in Belize also require that you state a specific reason why you want a bank account in the country. You will want to open a local account to have access to spending money and making regular transactions. But if you are savvy investor, you may want to maintain a banking relationship with another international bank, thus keeping the bulk of your cash there. Belize’s Tax Agreements Do Not Affect Chinese Although Belize has double-tax treaties with the United Kingdom, Sweden, Denmark and the countries of the Caribbean Community (CARICOM), the country has not set up any double-tax treaties with Hong Kong. In a recent interview with Belize’s business bureau, the representative said that the country does not have any plans in the near future to build or establish double taxtreaties with those countries. A Tax Information Exchange Agreement (TIEA) provides for the exchange of information on requests relating to a specific criminal or civil tax investigation or civil tax matters under investigation. Although Belize has these agreements set up with most developed Western nations, it has not established these agreements with China or Hong Kong. 20132013, COMPANY GUIDE Spring FORMATION CHINA OFFSHORE

S15 015

独家报道 | EXCLUSIVE REPORT

在萨摩亚建立公司 Company Formation in Samoa By Leo Zhang

萨

摩亚（正式名称为萨摩亚独立国）位于南太平洋，覆盖了萨摩亚群岛的西部地区。它于 1962 年从新西

兰独立，其后一直在追寻多样化的经济发展动力，以减少对传统农业和渔业部门的依赖。萨摩亚的一个宏伟目标是成为“太平洋上的瑞士”。在这个问题上，萨摩亚拥有很强的政治意愿和灵活的发展计划。2009 年 12 月，萨摩亚是首个进入经济合作与发展组织白名单的太平洋岛国，这证明了该国在为国际投资者管理离岸工具方面拥有的良好声誉。萨摩亚国际金融管理局是该国的金融行业监管者，它负责管理和监督萨摩亚的国际金融行业。萨摩亚国际金融管理局表示，萨摩亚的发展计划包括提供合法的财富管理解决方案，对象是那些希望并且需要获得此类解决方案的投资者以及希望在萨摩亚建立公司来提供这些解决方案的投资者。萨摩亚国际金融管理局的产品包括国际公司、国际银行、

S16 COMPANY FORMATION GUIDE 2013

amoa, officially known as the Independent State of Samoa, is located in the South Pacific Ocean, encompassing the western part of the Samoan Islands. Since it became independent from New Zealand in 1962, the country has been diverisfying its economic drivers to reduce reliance on the traditional agricultural and fishing sectors. With a grand aim of becoming “the Switzerland of the Pacific,” Samoa has a strong political will and a flexible growth plan to faciliate the initiative. Samoa was the the first Pacific island jurisdiction to enter the OECD’s White List in December 2009, which verifies the country’s credibility to administer offshore facilities for the international investor. As the country’s financial regualtor, the

Samoa International Finance Authority administers and supervises the conduct of the international finance sector of Samoa. According to the SIFA, part of Samoa’s development plan is to offer legitimate wealth management solutions which are both wanted and needed by those who may use such solutions or, better still, set up business in Samoa to offer such solutions. SIFA’s products include International Companies, International Banks, International Insurance, International Partnerships, International Trusts, Trustee Companies, Segregated Funds, Mutual Funds, and the Special Purpose International Company. “Samoa has offered wealth managment services for quite some time and it’s among the first jurisdictions

EXCLUSIVE REPORT | 独家报道

国际保险公司、国际合伙公司、国际信托、受托人公司、独立基金、共同基金以及特殊用途国际公司等。 Lea & White 律师事务所的合伙人 Mark Lea 说：“在相当长的一段时间里，萨摩亚一直在提供财富管理服务，它是最高承认中国大陆的司法管辖区之一，因此它与中国的密切关系是其最大的优势之一。萨摩亚能够提供广泛的解决方案，包括信托基金、共同基金和特殊目的国际公司。这些都会吸引来自中国的投资者。” Lea 先生表示，萨摩亚正在快速追赶包括英属维尔京群岛的成熟离岸金融中心。萨摩亚很快就会引入一部先进的新信托法，其中的一些功能可以帮助保护个人财富。该国正在考虑于今年引入基金会法。建立一家国际公司希望在萨摩亚保护和发展自己的财富，其中一种解决方案就是建立一家国际公司。这个过程是相对简单的。在没有特殊的情况下，只需要一天就能够完成。这里没有规定的申请表，并不需要事先获得政府批准。萨摩亚国际金融管理局专注于满足亚洲投资者的需求，提供双语言“公司注册证书”：英文和中文。这里允许使用中文作为企业的名称，并且用中文编制组织章程大纲及章程细则。国际公司和注册境外公司免于缴纳所有

to recognize the mainland China, so its close relationship with China is one of its biggest advantages,” said Mark Lea, Partner with Lea & White. “Samoa can provide a wide range of solutions, including trusts, mutual funds and special puropose international company. These soluations will all be interesting to Chinese people.” Mr. Lea said that Samoa is playing catch-up with established offshore centers like BVI. Samoa is on track to introduce a new and advanced trust law soon, with a number of features that could help protect personal wealth. The country is also deliberating the introduction of a foundation law probably this year. Setting up an International Company One of the solutions to reserve and grow one’s wealth in Samoa is to set up an

international company. The process is relatively simple and only exceptionally will it take more than one day. There is no prescribed application form and no prior government approval required. SIFA focuses on the needs of the Asian investor by offering dual language “Certificates of Incorporations” in English and in Chinese characters. Registrations allows for Chinese character names, Chinese character Memorandum and Articles of Association. International and registered foreign companies are exempt from payment of all income taxes and from other direct or indirect taxes and stamp duties on their transactions, profits and gains and on any dividends, earnings or interest attribute to or paid upon their shares or securities which are beneficially owned by non-residents or other international companies.

萨摩亚的一个宏伟目标是成为“太平洋上的瑞士”。在这个问题上，萨摩亚拥有很强的政治意愿和灵活的发展计划。

With a grand aim of becoming “the Switzerland of the Pacific,” Samoa has a strong political will and a flexible growth plan to faciliate the initiative. 照片提供 Photo by Stephen Chang

的所得税、其他的直接或者间接税，以及交易的印花税。来自股息、利润和利息的收入免于征税。出售非居民或者其他国际公司作为实益所有人所持有的股份或者证券无需缴税。特殊目的国际公司基于萨摩亚国际公司，2012 年的法案引入了一种全新的混合型公司。其目标是提供一个解决方案，将民法概念中基金会所带来的好处引入普通法的环境。萨摩亚是首个（也是迄今为止唯一）引入这种新型混合公司的司法管辖区。 Lea & White 律师事务所的 Lea 先生透露，特殊目的国际公司的本质是：它是公司和基金会的混合体。与基金会一样，它没有股东。而与公司一样，它拥有董事。像基金会和公司一样，它是一个注册的法律实体。

2013 COMPANY FORMATION GUIDE

S17

独家报道 | EXCLUSIVE REPORT

与基金会一样，它拥有创始人权利的概念。因此，它并不像信托。事实上，萨摩亚国际金融管理局推出这个产品的目的之一就是提供一种信托的替代品。民法管辖区的人们很难理解信托的概念。信托是建立在普通法公平原则下的，受

萨摩亚正在快速追赶包括英属维尔京群岛的成熟离岸金融中心。萨摩亚很快就会引入一部先进的新信托法，其中的一些功能可以帮助保护个人财富。该国正在考虑于今年引入基金会法。

Samoa is playing catch-up with established offshore centers like BVI. Samoa is on track to introduce a new and advanced trust law soon, with a number of features that could help protect personal wealth. The country is also deliberating the introduction of a foundation law probably this year. 照片提供 Photo by Stephen Chang

托人为受益人持有资产，它并不是注册的法人实体。而在普通法司法管辖区中，大家往往不理解基金会的概念。基金会是注册的法人实体，能够控股和拥有自己的资产。它们拥有受益人，但没有股东形式的法定拥有权，后者与公司的形式相类似。因此，有人认为有必要推出一个混合体，让民法系和普通法系的司法管辖区都能够理解。特殊目的国际公司可以被用来开展公司活动，相关人员能够享受相应的好处（但不作为股东）。其最终必须是出于慈善的目的，这意味着总检察长可以要求执行最终利益。因此，对那些希望拥有惠及慈善的工具的人来说，这是很有吸引力的。 Lea 先生表示，特殊目的国际公司的一些用途如下：作为慈善用途的工具；通过公司的形式在企业长期构架和交易中建立短期的头寸（不具有实益拥有权）。因此，实益拥有权所面临的问题（税务等方面）将不会出现；拥有能够替代信托的工具，对那些认为信托面临太多不确定性的人来说，特殊目的国际公司能够帮助他们保护家族财富，特别是持有家族企业的股票；拥有可以替代受托人公司的工具。此前，如果需要使用私人信托公司并且需要获得所有权，受托人公司通常会被当作目的信托的受托人。信托基金：萨摩亚的独特之处萨摩亚信托法预计很快就会得到批准，Lea 先生认为，它会给有关各方带来许多优势。 Lea 先生说：“只要拥有正确的英文翻译，信托就可以任何语言，这是萨摩亚独有的。就境外的继承权和境外婚姻诉讼权利主张而言，这里的法律能够组织外国判决在萨摩亚的执行，这与任何其他司法管辖区的规定保持一致。” 在该法律之下，有一个三年期的规定：如果在债权人对财产授予人采取行动三年后，建立信托和进行任何财产配置，那么财产授予人建立的信托和转移的相关资产不受

S18 COMPANY FORMATION GUIDE 2013

Special Purpose International Company The 2012 Act introduces an entirely new form of hybrid company, based on the Samoa International Company. The aim is to provide a solution to introduce the benefits of the civil law concept of the Foundation into common law environments. Samoa is the first, and so far only, jurisdiction to introduce this new type of hybrid company. According to Mr. Lea with Lea & White, the nature of a SPIC is that it

is a hybrid between a company and a foundation. Like a Foundation. it has no shareholders. Like a company it has directors. It is a registered legal entity like both a Foundation and a company. It has the concept of Founder’s rights like a Foundation. Therefore it does not resemble a Trust. Indeed one of the reasons for SPIC is that it is intended to provide an alternative to a Trust. It is difficult for persons in civil law jurisdictions to understand Trusts. Trusts are built on the common law principles

EXCLUSIVE REPORT | 独家报道

债权人的追诉。这是一个明智的期限，既不过短 ( 因此会受到批评或者失败 ), 也不过长（使之不可行）。在信托可以有效存续的期限内，只有纳闽和萨摩亚可以提供全面的灵活性。信托可以是永久的，也可以持续一段固定的时间。如果持续一段固定的时间，那么这段时间是可以缩短或延长的，该信托也可以改变为永久的。如果信托是永久性的，那么它也可以改变为持续一段固定的时间。与开曼群岛、泽西岛、迪拜和纳闽相比，开曼群岛的财产授予人拥有很大的保留权力。同样，这里有 “指定方向”的规定，财产授予人拥有保留权力时，可以给予受托人明确的方向。受托人如果按照这种指示行动，将会受到保护。这是萨摩亚特别的地方。财产授予人的保留权力使之能够获得一定程度的控制力。即便拥有信托，这给予人们更多保持控制力的方式。因为如果没有保留权力，受托人必须为受益人持有信托财产，并且实施适当的控制权。 Lea 先生指出，一种方法是使用私人信托公司（“PTC”），它可以由财产授权人家庭成员所拥有，也可以通过目的信托、有

of equity, whereby a Trustee holds assets for Beneficiaries, and are not registered legal entities. Foundations are often not understood in common law jurisdictions. They are registered legal entities holding and owning their own assets and they have Beneficiaries but no legal ownership in the form of shareholders, like a company. There is therefore a perceived need for a hybrid, which may be understood in both civil law and common law jurisdictions. A SPIC can be used for company activities and those concerned in that can benefit accordingly (but not as shareholders) and it is and must be for the ultimate benefit of charity, which means that the ultimate benefit can be enforced by the Attorney General. Therefore, this may appeal to those who wish to have a vehicle to benefit charity. According to Mr. Lea, some perceived uses of a SPIC are as follows: To be a vehicle for charitable purposes; to

take shorter positions in longer term corporate structures and transactions through a corporate form of vehicle, which does not have beneficial ownership. Thus the problems of beneficial ownership (taxation etc.) will not arise in that respect; to have an alternative vehicle to a Trust, for those who think a Trust is too uncertain, to hold family wealth and particularly shares in a family company; and to have a vehicle as an alternative to the use of a Trustee Company, which might otherwise have to be involved as, say, the Trustee of a Purpose Trust, if a Private Trust Company is going to be used and needs ownership. Trust: Unique to Samoa Samoan Trusts Act, which is expected to passed soon, will bring a lot of advantages to parties involved, according to Mr. Lea. “The Trust can be in any language provided there is a proper

2013 COMPANY FORMATION GUIDE

S19

独家报道 | EXCLUSIVE REPORT

限担保公司或者特殊目的国际公司所拥有（这是萨摩亚特有的）。私人信托公司的规定和要求与新加坡的相关公司相类似，不亚于任何其他司法管辖区的产品。这里还有萨摩亚国际信托安排（“ SISTA”）：这类似于维尔京群岛的特别信托法（“ VISTA”）和纳闽的特别信托基金（ “ LST ”）。Lea 先生说，这么做的目的是允许萨摩亚信托基金持有且不分散萨摩亚公司的股份，并且让受托人以外的人士担任公司的董事，从而让受托人不会面临风险。另一种方法是萨摩亚信托基金持有有限合伙企业中有限合伙人的股份作为资产，并且允许普通合伙人（根据有限合伙法应该负责日常的管理，并且根据各个合伙人在合伙企业中的出资比例来管理他们的资产）这么做，使得受托人不会面临风险。萨摩亚是唯一有相关立法的司法管辖区。该解决方案不局限于一个司法管辖区（如 SISTA），有限合伙制结构和相关的公司可以在任何司法管辖区建立。此外，由于受托人不持有实际资产，而只拥有间接权益，因此他们不可能挪用任何东西。除了 SISTA，其他特定类型的信托包括：慈善信托、目的信托、独立基金信托和商业信托。独立基金国际公司就保护个人财富而言，另一个重要的产品就是独立基金。受托人公司可以向注册处申请建立一家独立基金国际公司，或者将现有的国际公司注册成为独立基金国际公司（前提是公司组织章程大纲允许这么做），或者是通过存续的方式注册一家独立基金国际公司。国际独立基金公司在法律上被视为单一的法人。公司被允许建立多个“独立基金”，其资产和负债与公司的所有其他资产和负债分开持有。 “独立基金”不被视为独立的公司法人。公司需要有一名常驻董事，他需要是一个自然人并且是独立基金的管理人员。每个董事须对公司的资产和负债担负相应的责任，并且对每个独立基金的资产和负债担负相应的责任。在任何时候，公司须委任并保持一名注册独立基金经理（其必须是持牌受托人公司），来保护投资者和债权人。

S20 020 COMPANY FORMATION Spring, 2013 GUIDE 2013

English translation: This is unique to Samoa,” Mr. Lea said. “There are provisions preventing the enforcement of foreign judgments in Samoa with regard to foreign heirship rights or claims in foreign matrimonial proceedings, which are as good as in any other jurisdiction.” Under the proposed law, there is a 3-year rule so that if the creation of the Trust and any disposition took place more than 3 years after a creditor’s cause of action arose against the Settlor the Trust and the assets thus transferred to it by the Settlor are protected from the creditor’s claim. This is a sensible period, being neither too short and thus open to criticism or failure nor too long to be practical. As for the period during which a Trust can validly continue, Like only Labuan, Samoa offers total flexibility. The Trust can be perpetual or it can last for a fixed period. If it lasts for a fixed period, then this can be shortened or lengthened or the Trust can be changed to be perpetual. If the Trust is perpetual, then it can be changed to last for a fixed period. There are wide reserved powers to a Settlor, which compare well with those in Cayman, Dubai, Jersey and Labuan. There is also provision for “prescribed directions”, which is what a Settlor can give to a Trustee, when the Settlor has reserved powers. The Trustee is protected if it complies with such directions. This is unique to Samoa. Reserved powers to a Settlor give him control to that extent. This concerns other methods of persons retaining control, even though there is a Trust, because otherwise the Trustees must hold the trust property for the Beneficiaries and exercise proper control over it. According to Mr. Lea, one method is the use of a Private Trust Company (“PTC”), which may be owned, for

example, by members of the Settlor’s family, by a Purpose Trust, by a company limited by guarantee or by a Special Purpose International Company, which is unique to Samoa. The PTC provisions and requirements are similar to those for Singapore and are as good as those of any other jurisdiction. There is the Samoa International Special Trust Arrangement (“SISTA”): this is similar to the Virgin Islands Special Trusts Act (“VISTA”) and to the Labuan special Trust (“LST”)”Here the objective is to permit a Samoan Trust to hold and not diversify the shares of a Samoan company and let others than the Trustees act as directors of the company, without the Trustees thereby being at risk,” Mr. Lea said. A further method is for a Samoan Trust to hold as an asset the interest of a Limited Partner in a Limited Partnership and permit the General Partner, who is required by Limited Partnership Law to control day to day (as well as hold the assets for the partners of the Limited Partnership in the ratio in which they share the capital of the Limited Partnership) to do that without the Trustees being at risk. Samoa is unique in having legislated for this. This solution does not confine the structure to one jurisdiction (like SISTA) but rather the Limited Partnership and any companies involved can be formed in any jurisdiction. Also, since the Trustees do not hold the actual assets but merely an indirect interest in them, they cannot misappropriate anything. Apart from SISTA, there are several specific types of Trust: Charitable Trusts, Purpose Trusts, Segregated Funds Trusts and Business Trusts. Segregated Fund International Company Another key product to protect personal

EXCLUSIVE REPORT | 独家报道

of each segregated fund. The company is required to appoint and maintain at all times a registered segregated fund manager which must be a licensed trustee company to protect investors and creditors. The liability of the segregated fund international company in relation to a transaction attributable to a segregated fund is limited to assets of that fund. A creditor can only have recourse to assets of the segregated fund to which his transaction is related. A creditor of one segregated fund cannot have recourse in that capacity to assets of other segregated funds.

就交易而言，独立基金国际公司运营的独立基金的责任仅限于该基金的资产。债权人只能追索与交易相关的独立基金的资产。一个独立基金的债权人不能追索其他独立基金的资产。结论萨摩亚欢迎来自中国的投资者、公司和高净值人士进入该国并且即进行投资。谈到他们对中国投资者的态度，萨摩亚工商及劳工部工业发展和投资促进局总裁助理 Pulotu Lyndon Chu Ling 在一份发给《中国离岸》的电子邮件中表示：“我很高兴地确认，萨摩亚政府将会给那些真正希望在这里建立企业的投资者带来便利。” 他表示，除了六个领域只对本地人开放，其他领域都已经对外商投资开放。这六个领域分别是：（1）为广大市民提供的巴士运输服务；（2）为广大市民提供的出租车运输服务；（3）出租车辆；（4）零售杂货和基本食品；（5）锯木业；（6）传统 elei 服装设计和印刷。

wealth is the segregated fund. A trustee company may apply to the Registrar to incorporate a segregated fund international company or to register an existing international company as a segregated fund international company if authorised by its Memorandum or to register a segregated fund international company by way of continuance. A segregated fund international company is regarded in law as a single legal person. The company is permitted to establish as many “segregated funds” with their assets and liabilities held separately from all other assets and liabilities of the company. A “segregated fund” is not regarded as a legal person separate from the company. The company need to have a resident director who is both a natural person and an officer of a segregated fund manager. The directors are obliged to account separately for assets and liabilities of the company and assets and liabilities

Conclusion Samoa welcomes Chinese investors, companies and high net worth individuals to enter the country and make investment. Talking about their attitude toward Chinese investment, Pulotu Lyndon Chu Ling, assistant CEO of Industry Development & Investment Promotion Division under the Ministry of Commerce, Industry & Labour of Samoa, said in an e-mailed letter sent to China Offshore that “I am happy to confirm that the Government of Samoa is receptive to facilitate proposals from genuine foreign investors who wish to establish businesses in Samoa.” He said that all sectors are open for foreign investment except for six activities that are Reserved for locals only. The 6 activities are: (1) Bus transport services for the general public; (2)Taxi transport services for the general public; (3) Rental vehicles; (4) Retailing of grocery & basic food items (5) Sawmilling; (6)Traditional elei garment designing and printing. 20132013, COMPANY GUIDE Spring FORMATION CHINA OFFSHORE

S21 021

观点 | OPINION

刘有辉

CIL GROUP LTD

Michael Liu

2001 年起从事离岸投资咨询至今，

执行董事

曾运作国际贸易和电子商务公司，

资深咨询顾问

精于提供公司结构设计、返程投资、

Senior Consultant and Executive Director

海外投资、合理避税、资产保护、

Since 2001, Michael has specialized in offshore investments consulting. He has operated in international trade and in e-commerce companies, specializing in company structure, investment return, overseas investment, legal tax avoidance, asset protection, foreign trust, overseas fund establishment and other aspects of the offshore system.

海外信托和海外基金设立等方面的离岸应用方案。

离岸 2013：中国市场的机遇与挑战个性化掘金时代的到来 Offshore 2013: Opportunities and Challenges The Era of Personalized Services “喂，您好……你们这里一个 BVI 公司要多少钱？”这两年，这样的电话几乎很少再接到。取而代之，“如何节税”，“安全性怎样”， “可操作性如何”成了共同的关键词。客户需求则从前几年的贸易收款为主，到今天的五花八门，从意大利建厂，非洲工程承包，德国卖 APP 软件，泰国技术咨询，美国移民，香港上市准备，到证券投资，艺术品投资基金募集，网络博彩。一招鲜，拼价格的时代已悄然远去，服务业个性的面目峥嵘浮现。不可避免 2013 年 10 月华尔街报道中国 FDI 符号逆转，资本外流趋势显现或只是暂时的现象，但不可否认的是中国海外投资的高速增速，商务部数据显示，2002 年至 2010 年，中国对外直接投资年均增速达 52%。 2008 年起至 2010 年，三年中国企业海外投资总额接近改革开放三十年来对外投资总额的一半。中国与世界经济的连接从国际贸易逐步向国际投资转换的同时，在离岸服务业，香港，BVI，开曼一统江湖的时代一去不返。

S22 022 COMPANY FORMATION Spring, 2013 GUIDE 2013

n the past two years, "Hello ... how much do you charge for setting up a BVI company?" phone calls such as these were rarely received. Instead, "How to save tax", "the degree of safety" and "feasibility" have become the commonlyused keywords. Customer’s demands have shifted from simply dealing with trade receivables in the past few years to a wider variety. These include; setting up a plant in Italy, undertaking a project in Africa, selling APPs in Germany, technology consulting services in Thailand, preparing for listings in Hong Kong, conducting securities investment and raising art investment funds and online gaming. The era of 'undiversified services and low prices' has gone and the era of personalized services is emerging. Inevitability In October 2012, the Wall Street Journal reported that the symbolic Chinese FDI trend saw a reversal, but these capital

outflows may just be a temporary phenomenon. However, it is undeniable that China’s outbound investment has registered a strong growth rate. According to data from the Commerce Ministry of China, China's outbound direct investment has posted an average growth rate of 52% between 2002 and 2010. From 2008 to 2010, the total overseas investment by Chinese companies accounted for half of the total amount during the three decades after China adopted the 'Reform and Opening-up' policy. As China’s connection with the rest of the world turned from international trade to international investment, the era of an offshore service industry dominated by Hong Kong, BVI and the Cayman Islands has gone forever. China was formerly known for its export-oriented manufacturing. As it embraces the integration of upstream and downstream industries, there emerged three key demands in outbound investment: sales channels, energy and

OPINION | 观点

原以制造出口著称的中国，在产业升级上下游一体化的趋势中，主导对外投资的三种需求依次呈现，销售渠道，能源与资源，技术升级。与之配套的是企业对于商业便利性，国际节税安排，控股结构并购重组便利性，乃至国际融资效率的关注。预备在欧洲建立

数据 Statistics 有趣的是，从招商银行与贝恩资本《2011 年中国私人财富报告》数据来看，在中国拥有 1000 万净资产的

自己的销售点，荷兰与比利时是热门；中东

高净值人群中，60% 以上为企业主；

非洲项目，中间结构考虑阿联酋与毛里求斯；

同样比例的高净值人群打算或已完

投融资基金设立，爱尔兰，卢森堡早已是开

成投资移民，这也就意味着在接近

曼的竞争对手。多元化的需求造就了多元化

40% 的富有企业主有移民倾向或者

的竞争策略，从离岸地到税务中立地，属地

已经成了流行的“裸商”。

个性差异化也正处于进行时。 “公私难分？” 更值得关注的是，在对外投资需求升级变化的另一边，中国的民营企业正逐渐成为中国海外并购的活跃主体。根据市场研究机构，清科研究中心数据显示： 2012 年上半年，中石化、中海油和中国五矿共有 4 笔海外并购；同期，民营企业有 30 笔海外并购交易。有趣的是，从招商银行与贝恩资本《2011 年中国私人财富报告》数据来看，在中国拥有 1000 万净资产的高净值人群中，60% 以上为企业主；而根据调查显示，同样比例的高净值人群打算或已完成投资移民，这也就意味着在接近 40% 的富有企业主有移民倾向或者已经成了流行的“裸商”。一面是民营企业对外投资并购的活跃，另一面是民营企业主对于资产安全以及国内生活的低满意度。叠加上中国私人企业普遍的家族化特征，在个人利益，家庭利益与公司利益很难分离的民企投资决策中，我们能感受到一种深深的复杂。根据中国社科院的一项调查数据显示，目前，中国第一代企业家的年龄平均为 55 岁到 75 岁，意味着在未来 5 到 10 年内，全国 300 多万家族企业家们不得不面对企业传承，失去对企业控制力的问题。因此，在对外投资决策中，对于家族企业的掌舵人们来说，保障个人财富安全与处理企业内部治理与传承是其不得不加以考虑的部分。于是，企业主的第二居住国，移民倾向国，国际资产分布情况，乃至其家族内部关系都给海外投资的控股结构决策添加了个性化的色彩。而单纯的公司结构也逐渐必须复合上信托，基金会，甚至私人投资基金等额外法律安排，逐渐成为离岸咨询业的新动向。

resources and technology upgrades. These were accompanied by companies’ focus on business convenience, international tax saving arrangements, holding structures for mergers and acquisitions and even international financing efficiency. For those hoping to establish their own sales outlets in Europe, the Netherlands and Belgium have become popular. Projects in the Middle East and Africa find using the UAE and Mauritius desirable to set up intermediate structures. To establish investment and financing funds, Ireland and Luxembourg have been competitors against the Cayman Islands for some time now. Diversified needs have led to diversified strategies for the competition. From offshore jurisdictions to tax-neutral territories, they are all on track to provide personalized services.

"Hard to Distinguish between the Public and Private?" What’s more noteworthy is that when demand for overseas investment changes, private enterprises in China have gradually become the active and main driver in overseas acquisitions. According to market research firm Zero2IPO, in the first half of 2012, Sinopec, CNOOC and China Minmetals wrapped up four overseas mergers and acquisitions while private enterprises completed 30 M&A deals during the same period.

Interestingly, according to the 2011 China Private Wealth Report jointly issued by China Merchants Bank and Bain Capital, among Chinese high net worth individuals with personal assets of at least 10 million yuan, 60% of them were business owners. According to the survey, the same proportion of high net worth individuals plan or have completed emigration through investment. This means that nearly 40% of wealthy business owners have the inclinations to emigrate or have already become the popular “naked businessmen”. On one side, private enterprises are active in overseas investment and M&As. On the other, owners of private enterprises have low satisfaction over the security of assets as well as their domestic living conditions. In addition, Chinese private enterprises are generally family-owned businesses, making it difficult and complex to separate the interests of individuals, family and company during the investmentmaking process. According to a survey done by the Chinese Academy of Social Sciences, the average age of the first generation of Chinese entrepreneurs is currently 55 to 75 years old, which means more than 3 million family business owners across the country have to face inheritance issues in the next 5-10 years and must ensure the control over their companies won’t be lost. Therefore, in the decision-making process 20132013, COMPANY GUIDE Spring FORMATION CHINA OFFSHORE

S23 023

观点 | OPINION

因应变化 2009 年以后，最不缺的是各大报纸的头条中，质疑大公司，富人逃避税收责任，以及银行协助偷漏税的故事，从瑞银、Google、 Apple、星巴克，到法国著名大鼻子演员，资产国际化的结果，就是国际税源竞争的开始。在打击著名离岸属地零税率原则，要求税务信息透明化的前提下，各国也在加紧各自反避税措施的实施。中国在 2008 年新税法的框架下，国税总局一系列的“办法”，“通知”已成功将全国非居民企业税收总收入带入千亿大关，其近几年的增长率远超过 GDP 增速。永远不变的是变化，于是在客户的一般询问中，消逝的是直接询问 BVI 公司价格的问题，出现的是 BVI 到底还是否安全的疑惑。人们未必搞得清楚 OCED 所制定的黑白灰名单，信息交换协议指导规则（TIEA）究竟是什么，但倘若各大报章上都刊有这个名字，三人成虎，即便是对信息私密程度要求不高的投资结构，也仿佛需得避讳起来。过度敏感与轻信一样，都是中国资本对海外市场尽职调查不足的表现。与用香港账户进行内幕交易的张志熔一样，在一个监管更为严格的市场中毫不顾忌规则必然是要吃亏的；但同样，倘若与那些不居住在加拿大却听信传言为自己拥有加拿大永居身份就报税的中国人一样过分紧张，同样也会给自己带来麻烦。作为一个离岸行业的本土咨询机构，我们常常被同行询问最关注那个属地，关注那个法规。在这个时代，我得说，我只关注每个客户自己的问题。

S24 024 COMPANY FORMATION Spring, 2013 GUIDE 2013

during foreign investment, the people at the helm have to consider how to protect personal wealth and deal with the internal governance and inheritance of the family business. The second country of residence for business owners, the proposed destination for emigration, the international distribution of assets and internal family relationships have added their personal color to the holding structures for overseas investment. Simple company structures must also be gradually accompanied with trusts, foundations, private investment funds and other legal arrangement. This is fast becoming the new trend in the offshore consultation industry. Adaptation to Changes Post 2009, the headlines of major newspapers never lacked for coverage that questioned the tax-evading activities of large companies, the wealthy and several banks. From UBS, Google, Apple and Starbucks to the famous French big-nose actor, the internationalization of assets has led to competition for tax sources globally. Amid the fight against the principles of famous offshore zerorate jurisdictions and requirement on transparency of tax information; countries are also stepping up implementation of their own anti-avoidance measures. Under the new Chinese tax law unveiled in 2008,

the State Administration of Taxation has already unveiled a series of 'measures' and 'notices' to successfully boost tax income of non-resident enterprises to more than 100 billion yuan. Its growth rates in recent years have far exceeded the GDP growth. Instead of directly asking for the price to set up a BVI company, concern will be placed about the safety of BVI itself. Investors may not know exactly what the OECD grey list or the tax information exchange agreement (TIEA) are, but with a tremendous amount of exposure in newspapers about these subjects, even investors who don’t have a strong demand for information privacy will be concerned. Like credulity, over-sensitivity also shows the lack of due diligence on the performance of overseas markets by Chinese capital. Just like Zhang Zhirong, who used a Hong Kong account to conduct insider trading, those neglecting rules in a market with more stringent oversight will suffer. For who hold Canadian permanent residency but don’t live in the country, feeling nervous when filing tax returns based on market rumors will be a problem. As a local advisory in the offshore industry, we are often asked on which jurisdiction we pay most attention to and which rules we are most concerned about. In this era, I have to say, my only concern relates to dealing with each customers unique set of issues.

行政特区导读 | JURISDICTION GUIDE

塞浦路斯

Cyprus

对中国投资者来说，该司法管辖区的优势是什么？塞浦路斯是一个成熟的国际商业中心，拥有现代化的基础设施、优惠的税收和法律环境、高效率的银行、经验丰富且能力卓越的律师、会计师和其他专业人士 • 一个民主和自由的社会，拥有完善的法律制度 • 良好的地理位置，位于中东、东欧和北非的十字路口 • 时区优势，上午与中国的时间保持一致，下午与西方的时间保持一致 • 欧盟和欧元区的正式会员 • 遵守经济合作与发展组织和打击清洗黑钱财务行动特别组织的标准 • 无外汇管制 • 受过良好教育、训练有素、会多国语言的人口 • 社会犯罪率极低

在塞浦路斯建立的私人股份有限责任公司有什么样的要求？在向公司注册处递交申请后，公司的名称必须首先得到公司注册处的批准。从提交之日起，公司将在 5 个工作日内完成注册。

What are the advantages of the jurisdiction for Chinese investors?

Cyprus is a well established international business centre with an efficient infrastructure, favourable tax and legal environment, efficient banks, experience and well qualified lawyers, accountants and other professionals • A democratic and free society with a well established legal system. • A good geographic position at the crossroad to Middle East, Eastern Europe and North Africa. • A time zone enabling to work in the morning with China and in the afternoon with the West. • Full membership of the EU and EURO Zone. • Compliance with OECD and FATF standards. • No exchange controls. • Educated, well trained and multi-lingual population. • Crime free society

What are the requirements for company formation of a private company Limited by shares in Cyprus? The name of the company must first be approved by the Registrar of Companies, followed by an application to the Registrar of companies. The company will be incorporated within 5 working days from the submission date.

What is the general taxation rate for incorporated companies?

注册公司的一般税率如何？塞浦路斯拥有欧盟地区最低的公司税率（正常贸易利润的 10％，有许多的机会可以获得税收减免）股息、利息或版税无预提税、出售证券无利得税、无继承税无资本利得税 ( 塞浦路斯的不动产除外 )、外国公司的分支机构免税

该司法管辖区与中国或香港签署过免双重征税协议吗？塞浦路斯与中国和其他许多重要的国家签署过免双重征税协议。

Cyprus has the lowest corporation tax rate in the EU (10% on normal trading profit, with many opportunities to reduce or eliminate). No withholding taxes on dividends, interest or royalties, No income tax from the sale of securities, No Inheritance taxes, No capital gains taxes (except only on immovable property in Cyprus). Tax free branches of foreign companies

Does the jurisdiction have a DTAA with China or HK?

Cyprus has a DTAA with China and with many other important countries. Source: A.K. CosmoServe Ltd

资料来源：A.K. CosmoServe Ltd

您值得信赖的塞浦路斯商业合作伙伴 Your Trusted Partner in Business in Cyprus Cosmoserve 是一家经验丰富、历史悠久的公司，对国际企业提供一站式服务。

Cosmoserve is an experienced and long established firm specialising in the provision of all the services required by international businesses, under one roof.

我们能够帮助客户在塞浦路斯落户，帮助他们建立企业或者收购物业。此后，我们还将继续提供服务，满足不同的要求。

We assist our clients to set up a base in Cyprus, by forming a company or by acquiring property, and we continue to provide all the services they may need, tailored to their requirements.

我们的服务包括（但不限于）：

Our services include (but are not limited to):

• 在塞浦路斯和世界各地建立公司

• Formation of companies in Cyprus and worldwide

• 公司的管理和行政

• Management and adminstration of companies

• 公司的迁册

• 公司秘书和合规服务

• 塞浦路斯和全球各地的银行帐户开立和运作 • 会计、税务和审计 • 薪资管理服务

• 物业的收购和管理

• 获得签证、居住权和工作许可 • 协助搬迁

如需获得更多信息，敬请联系 For more information please contact:

• Redomiciliations of companies

• Company secretarial and compliance services • Opening and operation of bank accounts in Cyprus and worldwide

• Accounting, tax and auditing • Payroll services

• Acquisition and management of property

• Obtaining of visas, residence and work permits • Assistance with relocation

89 Kennedy Avenue, 2nd Floor, Office 201, 1077-Nicosia, Cyprus P.O. Box 26624, 1640-Nicosia, Cyprus 电话 Tel: +357 22379210 | 传真 Fax:+357 22379212 | 电子邮件 Email: consult@cosmoserve.com 网页 Web: www.cosmoserve.com 20132013, COMPANY GUIDE Spring FORMATION CHINA OFFSHORE

S25 025

行政特区导读 | JURISDICTION GUIDE

英属维尔京群岛

The British Virgin Islands

对中国投资者来说，英属维尔京群岛的优势有哪些？对中国投资者来说，它与其他司法管辖区有什么区别？英属维尔京群岛 (BVI) 已经是著名的全球领先金融中心之一，能够满足国际企业和高净值人士的需求。对中国投资者来说，使用 BVI 结构和服务的好处包括 : • 资产的安全性 - 能够转移注册地；保护资产不受外国政府的征用和没收； • 将资产转移给其他公司、信托、基金会、协会或者合伙企业；

• 在给予批准的司法管辖区，与其他 BVI 或者外资公司进行合并或者整合； • 免除所有当地税收和印花税；

• 最大程度的私密性和匿名性 - 不要求向企业事务注册处提交组织或者会计信息；

• 在申报股东或者成员信息方面拥有法定的灵活度，可以根据他们的意愿进行申报，也可以在任何时候删除这些信息；

• 在合适的情况下，允许旧公司名被再次使用；

• 允许 BVI 国际公司使用外国文字作为公司名称进行注册；

• 在运营、维护和控制的便利性方面，BVI 国际公司能够提供 : • 对举行年度股东大会没有法定要求；

• 在注册处收到申请材料后，在一个工作日内完成注册； • 卓越和灵活的注册后续服务；

• 为客户度身定制的证书和文件认证，旨在满足每个国际公司的独特商业需求； • 没有披露或者最低资本的要求； • 非常具有竞争力的费用和成本；

注册公司的一般税率如何？

BVI 注册的公司享受免税的待遇，所得税为 0％。

监管当局是否可以要求获得公司官员的背景和身份信息、以及公司的会计明细？在 BVI 注册的所有公司或者有限合伙企业被要求记帐并且保留相关的文件。记帐和保留相关文件的最短时限为 5 年。

该司法管辖区与中国或者香港是否签订过任何免双重征税协议？有没有其他免双重征税协议？有没有税收信息交换协议？英属维尔京群岛与中国或者香港没有签署过免双重征税协议，但是与中国签署过税收信息交换协议。

资料来源：British Virgin Islands International Finance Centre

What are the advantages of the BVI as an offshore jurisdiction for Chinese investors? What makes it different from other jurisdictions for Chinese investors? The British Virgin Islands (BVI) has built a reputation as one of the world’s leading finance centres meeting the needs of international businesses and high net worth individuals. Advantages for Chinese investors using BVI structures and services include: • Asset security- the ability to transfer domicile; protect assets from expropriation or confiscation orders from foreign governments • Transfer assets to another company, trust, foundation, association or partnership • Merge or consolidate with any other BVI or foreign company in accommodating jurisdictions • Exemption from all local taxes and stamp duty • Maximum confidentiality and anonymity – no requirements to file organizational or accounting information with the Registrar of Corporate Affairs. • Statuary flexibility in filing Registers of Directors or Members at their own option and in de-registering at any time. • Provision for the re-use of old company names in appropriate circumstances • Allowance for the BVI BC to be registered with foreign character names • Ease of operation, maintenance and control – BVI BC’s can • No statutory requirement to hold annual general meetings • Incorporation within one working day of the application being received by the Registry • Excellent and flexible post-incorporation follow-up services • Customized certificate and document verification geared to meet the unique

business needs of individual BC’s • No disclosure or minimum capital requirements • Highly competitive fees and costs

What are the requirements for company formation in the jurisdiction? • A name must be chosen for the company • A decision must be taken on the location of the company’s registered office. • The company’s memorandum and articles of association must be drafted. • Decide on directors and shareholders and obtain their consent.

What is the general taxation rate for incorporated companies? Companies incorporated in the BVI are not taxed, as income tax is zero-rated.

Can the regulatory authorities request information about the background and identity of company officers, or company accounting details? All companies and limited partnerships registered in the BVI are required to maintain records and underlying documentation and to keep such records and underlying documentation for a minimum of five years.

Does the jurisdiction have any DTAs with China or Hong Kong? What other major DTAs are in place? What about TIEAS? The BVI does not have a DTA with China or Hong Kong, but has a TIEA with China.

Source: British Virgin Islands International Finance Centre

S26 026 COMPANY FORMATION Spring, 2013 GUIDE 2013

2013, Spring CHINA OFFSHORE

027

行政特区导读 | JURISDICTION GUIDE

加拿大

Canada

对中国商人来说，加拿大 EPC（省外公司）有哪些优势？

注册成立的公司一般税率如何？

省外公司是真正的加拿大公司。通过省外公司开展业务获得的利润不需要在加拿大缴纳企业所得税，前提是省外公司不与加拿大居民或加拿大公司进行交易。加拿大并不是国际上公认的低税或者离岸司法管辖区。投资者将通过加拿大公司享受国际业务带来的好处 ( 具有良好声誉的司法管辖区 )，并且在加拿大没有应缴税收。

省外公司不需缴纳加拿大的企业税，因此无法享受加拿大与其他国家的国际免双重征税协议。

省外公司必须有一名单一股东（母公司），最好是来自低税司法管辖区的有限责任公司，如新加坡、香港和英属维尔京群岛等。

建立省外公司有什么要求？省外公司至少需要 1 名董事，可以是来自任何国家的自然人，也可以与母公司一样的的董事（们）。同时，还需要至少 1 名股东，可以是来自任何国家的自然人或法人团体。

监管部门是否可以要求获得公司人员的背景和身份信息，或者公司的会计明细？省外公司董事和股东的信息只提供给注册企业服务供应商。这里不要求保留会计信息。

建立公司有哪些费用，需要多长的时间？要建立一家母公司和省外公司，可能需要 4 至 7 周的时间。费用取决于母公司的司法管辖区，一般都在 5000 欧元左右。

根据这里的法律，不要求企业在注册成立时缴纳部分或者全部资本。资料来源：Wheelman & Partners LLP

What are the advantages of Canada EPCs for Chinese businessmen? Canada EPCs (Extra Provincial Corporations) are genuine Canada companies. However, profits generated by EPCs are not subject to Corporate Income Tax in Canada, if EPCs are not trading with Canada residents / Canada companies. Canada is not internationally recognized as a low-tax jurisdiction. You will enjoy benefits of international business through a Canada company - a positively acclaimed jurisdiction - and no tax payable to Canada.

What are the requirements for EPC company formation in Canada?

Canada EPC requires at leastonenatural person Director. Canada EPC must have a Shareholder (parent company) - a standard Limited company from a low-tax jurisdiction, such as Singapore, Hong Kong, British Virgin Islands (BVI). EPC should have the same Director/s as for the parent company. We are offering full range of service - from establishment of a parent company in Singapore, BVI, etc., to incorporation of a Canada EPC.

What is the general taxation rate for Canada EPCs? Canada EPCs are not subject to corporation tax in Canada. Canada EPCs are therefore not entitled to take advantage of Canada Double Taxation agreements.

Can authorities request information about EPC officers or accounting details?

Information on EPC Directors and Share holders is available only to Registered Corporate Service providers in Canada. There is no requirement to maintain certain format of accounting information, but we recommend you to do so, and will help you with this.

What are the fees and timescale for EPC incorporation?

To establish a parent company and, thereafter, a Canada EPC, takes 4 to 7weeks altogether. Fees depend upon jurisdiction of the parent company, and would generally be maximum 5 thousand Euros for “all inclusive”.

There is no requirement for capital to be paid on incorporation.

Source: Wheelman & Partners LLP

S28 028 COMPANY FORMATION Spring, 2013 GUIDE 2013

2013, Spring CHINA OFFSHORE

029

行政特区导读 | JURISDICTION GUIDE

哈伊马角

Ras Al Khaimah

国际商业公司（IBC）注册处允许外国投资者在哈伊马角离岸（RAK

对中国投资者来说，该司法管辖区的优势是什么？

该司法管辖区是否与中国或者香港签署过免双重征税协议？有什么其他重大的免双重征税协议？有没有税收信息交换协议？

Offshore）注册离岸公司，后者是哈伊马角投资管理局（RAKIA）的一个部门。

是的，阿联酋与中国签署了免双重征税协议。阿联酋已经与超过 55 个国家签

投资者无需在阿联酋建立实体公司。

署了免双重征税协议。目前没有税收信息交换协议。

对中国的投资者来说，哈伊马角离岸与其他司法管辖区有什么样的不同点？

文件要求 - 离岸公司

许多司法管辖区仅被视为避税天堂。而阿拉伯联合酋长国是一个“真正的”国

• 公司章程 - 由注册代理商准备

家，拥有“实体经济”。它在国际贸易、金融和商业领域拥有成熟的历史。如今，它是全球增长速度最快、生活最高标准的国家之一。

注册公司的一般税率如何？阿联酋是一个免税的国家，投资者不需要纳税。

监管当局是否能够要求获得公司人员的背景或者身份，或者是公司的会计明细？可以。公司注册处有权要求企业在注册成立时提供任何其他信息。

建立企业有哪些相关费用？建立一家公司需要多长的时间？公司建立的成本为 4000 阿联酋迪拉姆。公司建立需要 24 小时的时间。

• 申请表格 ( 国际商业公司申请表格 ) • 对个人申请者来说 • 护照复印件 -

• 银行资信证明 – 要求原件

• 居住证明 ( 水电账单 ) – 要求原件 • 在注册时，注册处要求的其他文件 • 对企业实体申请人来说

• 商会或者其他实体发布的执照或者注册证书的复印件 – 经公证 / 证明

• 股东决议 – 经证明 ( 决定同意收购哈伊马角离岸公司的股份，从而进行注册 ) • 母公司的公司章程 –– 经公证 / 证明 • 董事和股东的护照复印件

• 良好资信的证明 – 经证明

• 经公证的在职证明 ( 提及股东和董事的姓名 ) • 在注册过程中，注册处要求的任何其他文件

• 如果企业实体又由其他公司所拥有，需要提供上述相同的文件，直到了解最初受益所有人的身份。

资料来源：Rak Investment Authority

Does the jurisdiction have a DTAA with China or HK? What other major DTAs are in place? What about TIEAs?

What are the advantages of the jurisdiction for Chinese investors? The International Business Companies (IBC) Registry allows foreign investors to register offshore companies at RAK Offshore, a division of RAK Investment Authority (RAKIA) without the need to establish a physical presence in the UAE.

What makes RAK Offshore different from the other jurisdictions for Chinese investors?

UAE has long enjoyed a reputation as a secure, tax-free jurisdiction for international banking and company incorporation. With this latest development from Europe, RAK company registration and corporate and personal banking options are becoming more popular with international businesses and high net worth individuals.

What is the general taxation rate for incorporated companies? UAE is a Tax free country, no taxes whatsoever applied to the investors.

Can the regulatory authorities request information about the background and identity of company officers, or company accounting details? Yes the Registrar has the right to request any additional information required at the time of incorporation.

What are the fees associated with company incorporation and what length of time is required to open a company? 4000 AED is the company formation cost. 24 h is the time required for the company formation.

S30 030 COMPANY FORMATION Spring, 2013 GUIDE 2013

Yes, UAE have a DTAA with China. UAE has DTAA with more than 55 countries. No TIEAs in place.

Documents required - Offshore Company • Application Forms ( IBC Application form) • MOA - prepared by the registered agents • For Individual Applicants • Passport Copy -

• Bank Reference Letter - original required

• Proof of residence (Utility bill) - original required

• Any other documents requested by the Registrar during the incorporation • For Corporate Entity Applicants

• Copy of license or incorporation certificate issued by the chamber of commerce or any other body – Apostilled/ attested.

• Shareholder’s resolution - Attested ( deciding to acquire shares of the RAK Offshore company to be incorporated)

• MOA of the parental company – Apostilled/ attested • Passport Copy of the Director and Shareholders • Good Standing Certificate – Attested

• Attested Incumbency certificate ( which mention the name of shareholders and directors )

• Any other documents requested by the Registrar during the incorporation

• If that corporate entity is again owned by another company, the same documents mentioned above are required till final level to get to know the initial beneficiary owner.

Source: Rak Investment Authority

马耳他

Malta

在马耳他注册的公司或者马耳他的居民企业需要承担 35％的税率。然而在股息分配时，马耳他公司的股东可以申请获得相当于马耳他公司支付所得税七分之六的退税，从而使得净有效税率变成 5％。此外，通过缴租股本的方式投资至少 10 万欧元、并且在投资的前两年不赎回或减少资本、也不转让给第三方，投资者就可以获得就业许可证，并且在就业期间有权居住在马耳他。如果马耳他公司需要在海外缴税，那么它就可以利用免双重征税协议所带来的好处。这种好处通常允许纳税人就其相同收入在马耳他支付的税款申请抵扣，既可以通过税收条约实现，也可以单方面地利用。境外公司在马耳他的分支机构在税务事宜上与其它马耳他公司的待遇一致。马耳他税法同样提供了广泛的参与豁免范围，通过这样的持股方式可以免缴所有股息和利得税。马耳他拥有广泛的税收协定网络，与超过 60 个国家和地区签署了此类协定，其中包括中国。此举大大增强了它对外国投资者的吸引力。资料来源：EMD

Malta registered or resident companies are subject to a 35% tax rate. Shareholders of Malta companies may however, upon a dividend distribution, claim a refund equivalent to 6/7ths of the income tax paid by the Malta Company in Malta, with a net effective tax rate of 5%. Furthermore, by investing at least €100,000 by way of fully paid up share capital which may not be redeemed, reduced or transferred to a third party during the first two years one can obtain an employment license and the right to reside in Malta during the period of employment. Moreover relief from double taxation becomes applicable where a Malta company suffers overseas tax. Such relief takes the form of a tax credit against any Malta tax

paid on the same income, and is usually availed of via a tax treaty or unilaterally. A Maltese branch of an overseas company is treated as any other Malta company for tax purposes.

Maltese tax legislation also affords a wide participation exemption intended to exempt from tax any dividends and gains derived from such holdings. Malta’s wide tax treaty network with over 60 countries, including China, enhances its attractiveness to foreign investors. Source: EMD

20132013, COMPANY GUIDE Spring FORMATION CHINA OFFSHORE

S31 031

行政特区导读 | JURISDICTION GUIDE

奥地利

Austria

对中国投资者来说，该司法管辖区的优势有哪些？

年度股东大会、审计和报告

作为欧盟的成员国，奥地利能够为进入欧洲市场提供完美的接入点，并且能

奥地利公司必须有会计账簿，必须提交年度财务报表和纳税申报表，必须向有

够直接利用所有的欧盟指令。1992 年，奥地利与中国签署了一项税收协议。

管辖权的登记法院进行报告。

2011 年，奥地利与香港签署了相关的协议。

就有限责任公司而言，只要员工人数、资产净值及营业额均超过了一定的阈值，

拥有奥地利公司的股份不会在中国触发 CFC（受控外国公司）法规。奥地利的

就没有强制审计的要求。奥地利私人基金会必须每年进行帐目审计。

公司能够享受该国与其他国家签署的 90 项税收协定，以及 59 项投资保护协定。此外，奥地利国内的税收立法将会给国外来源收入带来大量的税收减免，并且

建立公司有哪些相关的费用？

能够提供额外的税收优惠。

费用通常是在 4000 欧元至 6000 欧元之间，其中包括起草公司章程、公证书、银行合规和获得纳税人身份识别号码以及增值税识别号码的相关费用。此外，

能够建立何种类型的公司？

还需要就有效实收股本支付 1％的资本转让税，以及法院的相关费用（在 400

最流行的企业类型是有限责任公司（GmbH）。但是，在奥地利也能够方便地

欧元至 600 欧元之间）。

建立有限和无限合伙企业以及奥地利私人基金会。

注册成立的公司一般需要承担多高的税率？建立公司有什么要求？

奥地利企业必须就其全球收入统一支付 25％的企业所得税，但是即便与其他国

资本要求

家之间没有签署税收协议的情况下，也能够就境外来源的股息和境外的资本收

奥地利有限责任公司法规定的法定股本为 35000 欧元，其中至少 17500 欧元

益享受大量的税收豁免。

必须为实收资本。在公司进行注册登记后，股本可以被用作营运资金。奥地利

在某些情况下，奥地利公司也可以从离岸公司那里获得免税的股息和资本收益。

私人基金会法规定的最低实收资本为 70000 欧元。同样，在私人基金会注册登记后，这些资金可用于进行投资。合伙制企业没有任何资本要求。

监管部门能否要求获得公司管理人员的背景信息和身份以及公司的会计信息？可以，但前提是要求获得这些信息是为了协助对严重犯罪行为（如洗钱、恐怖

奥地利公司的结构

主义或欺诈）的调查或起诉。这样的信息可以与其他司法管辖区进行共享，但

每家有限责任公司必须至少有一名董事和一名股东。奥地利私人基金会由一个

前提是其他国家的普通法院提起了刑事诉讼。

三名成员组成的董事会进行管理。奥地利私人基金会没有任何股东。

资料来源：Bilanz-Data Wirtschaftstreuhand GmbH

What are the advantages of the jurisdiction for Chinese investors?

Annual meeting, auditing and reporting Austrian companies are obliged to have books of accounts and have to file annual accounts and tax returns as well as report to the competent court of registration. In case of a GmbH no compulsory audit is necessary, only if certain thresholds regarding the number of employees, the assets value and the turnover are exceeded. The Austrian private foundation is obliged to have an audit of its books annually.

A: Austria, a Member State of the European Union, offers perfect access to the European Market and gives direct access to all EU Directives. Austria has a tax treaty with China since 1992 and with Hong Kong since 2011. Holding shares in an Austrian company does not trigger CFC-legislation in China and Austrian based companies have access to currently 90 tax treaties Austria has signed with other countries and have access to 59 Investment Protection Treaties signed with other countries. Furthermore, domestic Austrian tax legislation foresees significant tax exemptions for foreign source income and offers additional tax benefits.

What are the fees associated with the company incorporation?

A: Company with limited liability (GmbH). Limited and unlimited partnerships can be established easily as well as Austrian Private Foundation.

What is the general taxation rate for incorporated companies?

What types of companies can be opened?

What are the requirements for company formation?

A: Capital requirements The Austrian GmbH Act foresees a statutory share capital of € 35.000, of which at least € 17.500 – has to be paid in. After the registration of the company the share capital can be used as working capital. The Austrian Private Foundation Act foresees a minimum capital to be paid in amounting to € 70.000, again after the registration of the private foundation these funds can be used for making investments. Partnerships do not have any capital requirements. Structure of an Austrian company Each GmbH must have at least one director and one shareholder. The Austrian private foundation is managed by a board of three members; an Austrian private foundation does not have any shareholders.

A: The fees usually are in a range between €4.000 and €6.000, whereby this includes the cost for drafting the articles of association, the notarial deed, the bank compliance and obtaining a taxpayer’s identification number and a VAT identification number. Furthermore 1% capital transfer duty has to be paid for the effectively paid in share capital as well as court duties in a range between €400 and €600. A: Austrian corporations have to pay a flat 25% corporate income tax on their worldwide income whereby material tax exemptions are granted for foreign source dividends and foreign source capital gains, even if there is no tax treaty existing with the other country.Austrian companies can also obtain tax-free dividends and tax-free capital gains from off-shore companies under certain circumstances.

Can the regulatory authorities request information about the background and identify of the company officers, or company accounting information?

A: Yes, provided that this information is requested and required to assist investigations or prosecutions in case of serious crimes such as money laundering, terrorism or fraud. Such information can be shared with other jurisdictions provided that there was a criminal prosecution initialized by a regular court in the other country. Source: Bilanz-Data Wirtschaftstreuhand GmbH

S32 032 COMPANY FORMATION Spring, 2013 GUIDE 2013

Our firm

我们的公司我们是一家注册税法和会计师事务所，成立于 1987 年。事务所的创始人 Erich Baier 先生（工商管理硕士，国际税法法学硕士） 1956 年出生于奥地利维也纳。在维也纳经济和工商管理大学进修期间，他已经在一家大型会计师事务所工作多年。在成功地通过专业考试后，他从奥地利经济事务部获得了注册税务顾问的执照。

Tax law and accounting office Your link to Austrian tax law ® Erich Baier

我们的服务

工商管理硕士、法学硕士（国际税法） TEP 注册税务顾问 MBA,LL.M. (Int’l Tax Law) TEP Certified Tax Advisor

面对不断变化的税收和商业环境，客户可以依靠我们在这些领域的丰富经验。我们的日常工作不仅是针对客户可能面对的问题寻找解决方案，而且帮助他们提前规划来为成功铺平道路。

我们为客户提供的服务还包括： 1. 财务会计簿记和财务会计核算并不像国际交易那样引人注目，但是通过快速和精确的处理，这些数据是日常业务的基石。我们从这些数字里能够获得大量有用的信息，从而为将来的决定提供参考。值得一提的是，我们已准备好使用英语和德语提供这些服务。在现代化软件的帮助下，我们能够根据客户的意愿提供有用的信息。

2. 年度帐目和纳税申报对客户来说，设立年度账目和进行纳税申报总是非常棘手的事情。基于我们的经验和对客户需求的了解，我们的专业工作能够让他们感到舒适和安全。我们提供的服务还包括在为客户提交年度帐目和纳税申报以前与当地税务机关讨论具体的情况，这项服务也得到了客户的高度赞赏。

3. 征税和税收规划当谈到税收时，人们几乎永远不会停下来，要么抱怨现有的税法，要么利用其中存在的所有可能性。为了维护我们客户的利益，我们决定不去抱怨赋税，而是去展示（这一点我们做得非常成功）如何利用税法来使公司或者个人得利。在税收领域重新构建业务、建立和管理私人基金会和控股公司、为我们的客户提供国际化的节税构架，这些都是我们所能提供的专业服务，我们很乐意提供这些服务，并且得到了客户的满意反馈。

Bilanz-Data Wirtschaftstreuhand GmbH Schwarzenbergstraße 1-3/14a 1010 Vienna, Austria Phone: (+43 1) 516 12 0 Fax: (+43 1) 516 12 14

我们公司在这一领域的其他业务包括： ·企业和个人的税收筹划· Corporate and individual tax planning ·遗产税和赠与税的规划· Inheritance and gift tax planning ·企业重组· Corporate reorganisations ·合并· Mergers ·税务诉讼· Tax litigation ·代表客户面对税务机关· Representation of clients in front of tax authorities ·就计划交易的税收事宜制定和获得相关初步税收裁决· Working out and obtaining advance tax rulings with respect to the tax consequences of planned transactions ·增值税事宜· VAT matters ·建立公司和企业的税收事宜· Tax aspects of the establishment of companies and corporations ·信托服务· Fiduciary services ·代理人和受托人服务· Nominee and trustee services ·管理服务· Administration services

Our firm is a Certified Tax Law and Accounting Office established in 1987. The founder of the offices, Mr. Erich Baier, MBA, LL.M. (Int’l Tax Law), was born in 1956 in Vienna, Austria. He made his practice years in a large accounting firm already during his studies at the University of Economics and Business Administration in Vienna. Having successfully passed his professional exams the Austrian Ministry of Economic Affaires awarded him the title Certified Tax Advisor.

Our services Confronted with an always faster changing world of taxes and business situations our clients can rely on our experience in these areas. Not only finding solutions for problems our clients might face but planning ahead to smooth the way for our clients is our daily routine.

Among other activities services for our clients include: 1. Financial accounting Book keeping and financial accounting is not as spectacular as international transactions, nevertheless performed fast and precisely this data is a cornerstone of the daily business. A large number of useful information can be extracted from these figures and build the basis for further decisions. Quite obviously we are prepared to provide these services in English and in German and with the help of our modern software we are ready to submit information according to the wishes of our clients.

2. Annual accounts and tax returns Setting up annual accounts and filing tax returns is always a very delicate situation for the client. Backed with our experience and equipped with the feeling for the demands of our clients they feel comfortable and safe when this work is done by our firm. Negotiating specific situations with the local tax authorities before filing annual accounts and tax returns is an additional service for our clients and is highly appreciated by them.

3. Taxation and tax planning When it comes to taxes one almost never can stop. Either to complain about or to make use of all the possibilities existing in tax law. For the benefit of our clients we decided not to complain about taxes but to show, and we do that very successfully, how tax law can be utilized for the benefit of a company or an individual. The reorganisation of a business taxwise, the establishment and management of Private Foundations and of holding companies and working out international structures saving taxes for our clients are areas of our professional practice, where we feel fine to work in and this is reflected by the satisfaction of our clients. 2013, Spring CHINA OFFSHORE

033

行政特区导读 | JURISDICTION GUIDE

纳闽岛

Labuan

对中国投资者来说，该司法管辖区的优势是什么？对中国投资者来说，是什么让纳闽不同于其他司法管辖区？

监管部门能够要求获得公司人员的背景和身份信息，或者公司的明细帐目？

纳闽是马来西亚的一部分，因此它比许多其他司法管辖区更接近中国。它与中

监管当局需要了解注册股东及董事的身份。可以使用代理人。除了经历审计，

国在同一个时区，拥有许多中国人，并且是马来西亚经济体的一部分。它同样

否则不必向监管当局提交财务报表。

与中国大陆、香港和台湾签订了税收协议。

建立公司有什么样的相关费用？建立一家企业需要多长的时间？可以建立什么类型的公司？

如果资本额等值不超过 50000 马币（约合 16000 美元），企业建立的基本政

首选的公司类型是股份有限公司：纳闽公司。其他选择还包括受保护单元公司、

府费用为 1150 马币（约合 370 美元）。每年的存续费用为 2600 马币（约合

有限合伙企业，基金会和信托基金。

850 美元）。企业注册的总费用大约为 1500 美元，每年的总费用约为 2000 美元。

在该司法管辖区建立公司有什么样的要求？

企业查名需要一天的时间。一旦所有的文件都已提交，完成注册通常需要大约

公司必须至少有一名股东和至少一名董事。他们必须居住在马来西亚和纳闽的

一天的时间。

境外，他们都可以是企业实体。这里没有最低资本要求，股份也无面值要求。

注册公司的一般税率为多少？

该司法管辖区是否与中国或者香港签署过免双重征税协议？其他重要的免双重征税协定有哪些？是否有税收信息交换协定？

那些拥有被动投资、接受股息、利息和资本利得的“非贸易公司”享受免税的

马来西亚已经签署了约 70 项税收协定，其中包括与中国大陆和台湾的相关协

政策。从事其他商业活动的“贸易公司”有两种选择：一种是每年缴纳 20000

议，以及最近与香港签署的条约。中国大陆、台湾和香港（特别明确地）接受

马币（约合 6500 美元）的定额税，另一种是就经审计财务报告上的净利润支

纳闽作为协议的对手方，使之能够充分受益于这些国家与马来西亚签署了的免

付 3％的税款。除非公司选择支付 3％的税款，否则不用进行财务审计。

双重征税条约。一些国家（如日本和英国）将纳闽排除在税收协议之外，使之无法享受协议带来的好处。资料来源：Alpadis Trust

What is the general taxation rate for incorporated companies? “Non-trading companies”, those holding passive investments, receiving dividends, interest and capital gains are exempt from taxes. “Trading Companies”, which covers all the other activities, are subject to either a lump-sum tax of MYR20’000 (around USD6’500) per year or 3% on the net profit as shown in the audited financial statements. No audit is required, unless the company opts to pay the 3% tax.

Can the regulatory authorities request information about the background and identity of company officers, or company accounting details?

The authorities are aware of the registered shareholders and the directors. Nominee arrangements are possible. The Financial Statements don’t have to be filed with the authorities, unless they are audited.

What are the advantages of the jurisdiction for Chinese investors? What makes Labuan different from other jurisdictions for Chinese investors? Labuan is part of Malaysia and therefore closer than many other jurisdictions. It is in the same time zone, has many native Chinese speakers and is part of a larger economy. It also has tax treaties with China, Hong Kong and Taiwan.

What types of companies can be opened?

The preferred company type is a company limited by shares, the Labuan Company. Protected Cell Companies, Limited Partnerships, Foundations and Trusts are also provided for.

What are the requirements for company formation in the jurisdiction?

A company must have at least one shareholder and at least one director. Both of these may be resident outside of Labuan and Malaysia, and both may be corporate entities. There is no minimum capital requirement and shares have no par value.

What are the fees associated with company incorporation and what length of time is required to open a company?

The government fees for a basic incorporation are MYR1’150 (about USD370) if the capital is not more than the equivalent of MYR50’000 (about USD16’000). The annual fees are MYR2’600 (about USD850). Total costs for incorporation are around USD1’500, total annual costs around USD2’000. It takes one day to check the availability of the name and once all the documents have been completed it takes about one more day to incorporate the company.

Does the jurisdiction have a DTAA with China or HK? what other major DTAs are in place? What about TIEAs?

Malaysia has signed around 70 tax treaties, including treaties with China, Taiwan and recently Hong Kong. China, Taiwan and more explicitly Hong Kong accept Labuan entities as counterparties that can fully benefit from the relevant double tax treaties these countries have signed with Malaysia. Some countries like Japan and the UK have excluded Labuan entities from the treaty benefits.

Source: Alpadis Trust

S34 034 COMPANY FORMATION Spring, 2013 GUIDE 2013

2013, Spring CHINA OFFSHORE

035

行政特区导读 | JURISDICTION GUIDE

新西兰

New Zealand

对那些寻求先进资产保护和投资工具的中国大陆人和香港人来说，新西兰具有显着的优势。新西兰不在黑名单之列，并且被认为是世界上最廉洁的司法管辖区，这里拥有顶级的专业财富管理行业以及友好的移民政策。Equity Trust 是一家新西兰的企业提供商，专门提供信托和零税率的工具。我们同样能够在新西兰和全球范围内为第二护照、国际银行账户、国际物业投资及黄金和白银的收藏提供咨询服务。我们在伯利兹、巴拿马、马耳他和库克群岛拥有代理商。在新西兰建立合适的企业结构能够享受 100％的免税，对中国的投资者来说，有以下的优点：如果中国投资者是非新西兰居民，他们可以建立非居民的信托，这个信托可以用来持有他们的财产和股票，并且接收来自全球的收入，同时又享受 100％的免税待遇。信托同样能够用来保护所有者不受债权人的侵扰，这里的资产保护法律是全球最强的之一，因此债权人无法攻击信托资产。这种结构通常用来进行家族财富的保护和继承。其他免税的结构包括穿透型公司以及有限合伙公司，后者是在新西兰进行管理的外商投资公司的合伙。在这种情况下，它们可以作为一个风险投资基金或投资基金。新西兰企业注册的速度很快，这里拥有严格的隐私法，这意味着，有关实益拥有人的信息能够得到保护。

资料来源：Equity Trust International

S36 036 COMPANY FORMATION Spring, 2013 GUIDE 2013

New Zealand has significant advantages for investors from mainland China and Hong Kong requiring state of the art asset protection and investment vehicles. New Zealand is not blacklisted and is considered the least corrupt jurisdiction in the world with one of the top professional wealth management industries as well as having a friendly migration policy. Equity trust is New Zealand corporate provider which specializes in trusts and zero tax vehicles we also advise on second passports, international bank accounts, international property investments and storage of gold and silver both in New Zealand and internationally, we have agents in Belize, Panama, Malta, Cook Islands. Properly established New Zealand structures are 100% tax free and have the following advantages for Chinese investors:

If the Chinese investor is a non resident of New Zealand they can establish a non resident trust which is able to own property, shares and receive income worldwide whilst being 100% tax free. The trust also provides protection against creditors so that any creditor cannot attack the trust assets as it has some of the strongest asset protection laws on earth. This structure is popular for protecting family wealth for generations. Other tax free structures include the look through company and the limited partnership which is a partnership of foreign companies managed in New Zealand and therefore able to act as a venture capital fund or investment fund.

New Zealand registration is fast and it has strict privacy laws which means that information about beneficial owners can be protected. Source: Equity Trust International

JURISDICTION GUIDE | 行政特区导读

新加坡

Singapore

对中国投资者来说，新加坡有什么优势？新加坡公司拥有良好的国际声誉。它是一个合法的企业工具，注册于一个信誉良好、政治稳定的国际贸易司法管辖区，并且拥有世界一流的基础设施和全球金融中心的地位。这里优越的地理位置使它能成为亚洲最热门的商业目的地和拥有全球最繁忙港口的世界顶级交通枢纽之一。作为亚洲经济“四小龙”之一，新加坡通常受到中国和印度公司的欢迎。五分之三的国际企业会选择新加坡来设立它们的总部。

该司法管辖区对公司建立有什么样的要求？缴足股本：最低为 1.00 美元，可以使用任何货币。组织和结构：需要一名当地居民作为董事，需要当地的秘书，需要股东（任何国籍）注册办事处：在正常办公时间可以访问的新加坡经营地址。邮政信箱地址不能作为企业经营地址使用。股东年度大会：在注册后的 18 个月内，必须编制和提交年度帐目报表，其后每 12 个月内需要这样做。

注册成立的公司一般税率为多少？年税率为 17％。新的创业企业和小型 / 中小型企业将获得具有吸引力的税收减免政策。

该司法管辖区使用与中国或香港签署过免双重征税协议？有没有其他主要的免双重征税协定？有没有税收信息交换协议？是的。它与中国签署了免双重征税协议，但是没有与香港签署该协议。免双重征税协议：中国、日本、英国、加拿大、法国和德国等税收信息交换协议：百慕大资料来源：LX Management Services Pte. Ltd.

What are the advantages of Singapore for Chinese investors?

A Singapore company has an excellent international reputation. It is a legitimate corporate vehicle domiciled in a reputable, politically stable international trading jurisdiction with world-class infrastructure and status as global financial centre. Its strategically advantageous geographical position allows it to be Asia’s most popular business destination and one of the world’s top transportation hubs with the busiest port in the world.As one of Asia’s economic ‘tigers’, Singapore is often seen as accessible by Chinese and Indian businesses. Three out of five international corporations would choose Singapore to set up their headquarters.

What are the requirements for company formation in the jurisdiction?

Paid Up Share Capital: As low as $1.00 in any currency. Compositional and Structural: Individual Director (any nationality, at least one Local Resident Director), Local Secretary, and Shareholder (any nationality, whether individual or corporate). Registered Office: An operational address in Singapore accessible to the public during normal office hours. A P.O. Box address cannot be used as a business address. Annual General Meeting: Annual accounts must be prepared and submitted within 18 months from incorporation and subsequently every 12 months.

What is the general taxation rate for incorporated companies? 17% yearly. Attractive tax exemptions for new start-ups and small/medium sized enterprises.

Does the jurisdiction have a DTAA with China or HK? what other major DTAs are in place? What about TIEAs? Yes. With China, but not Hong Kong. DTAA: China, Japan, UK, Canada, France and Germany, amongst others TIEAs: Bermuda

Source: LX Management Services Pte. Ltd.

20132013, COMPANY GUIDE Spring FORMATION CHINA OFFSHORE

S37 037

行政特区导读 | JURISDICTION GUIDE

香港 Hong Kong 对中国投资者来说，该司法管辖区的优势是什么？ 1. 香港是中国大陆与国际公司打交道的一个窗口。很多国际公司在香港设有办事处，以便与中国内地开展贸易往来，因此在香港更容易与他们进行沟通。 2. 香港在世界上有良好的声誉，外国人更愿意与香港公司进行交易，香港已经建立了良好的国际形象。 3. 香港是国际金融中心，拥有广泛的融资渠道、宽松的信贷和融资环境。 4. 资金停泊在香港可以提高其利用的灵活性。 5. 稳定的银行体系。 6. 不实行外汇管制，对申请建立企业没有任何限制和要求。 7. 对经营活动没有限制，除非是特殊行业，如银行，金融业。 8. 简单的税制结构，仅有公司所得税，无资本利得税和营业税等。银行利息收入和股息是免税的。香港公司可以被用来投资投资中国或其他地方。 9. 如果公司在香港境内没有业务活动并没有来自香港的收入来源，将获得免税的待遇。 10. 成立公司的程序非常简单且快速。使用电子申请渠道需要的时间不到 24 小时。 11. 香港与中国签署了免双重征税协议。 12. 共享同一种语言，容易沟通。 13. 香港拥有良好的物流服务。 14. 投资于香港的公司，获得香港的工作签证。居住超过 7 年，可以得到香港居住证。 15. 香港靠近中国，很容易前往。

资料来源：MB Consultants(HK) Limited

S38 038 COMPANY FORMATION Spring, 2013 GUIDE 2013

What are the advantages of the jurisdiction for Chinese investors?

1. Hong Kong (HK) as a window to work with international companies. A lot of international firms like to set up office in HK in order to trade with Mainland China, therefore is easier to communicate with them in HK. 2. HK has good reputation in the world; foreigners are more willing to trade with HK Company and build up good image for it. 3. HK is an international finance centre with a wide range of financing channels, easy borrowing and financing. 4. Funds parking in HK can increase the flexibility of its utilizing. 5. Stable banking system. 6. No foreign exchange control, no restriction and no need for application. 7. No restriction on operating activities, unless on specialize industries like bank, finance industry. 8. Simple tax structure, only profits tax for company, no capital gain tax, business tax and etc. Bank interest income and dividends are not taxable. HK companies can be used to invest in China or elsewhere. 9. If the company had no activity on the territory of HK and did not receive income from the sources located in HK, they are not the subject of taxation. 10. Company formation procedure is very simple and fast. Less than 24 hours using electronic method. 11. HK has DTAA with China. 12. Share same language, easy to communicate. 13. Good logistic service in HK. 14. Invest in HK company and getting working visa in HK. Living more than 7 years can get residence in HK. 15. HK is close to China, it's easy to travel. Source: MB Consultants(HK) Limited

JURISDICTION GUIDE | 行政特区导读

马恩岛

Isle of Man

对中国投资者来说，马恩岛作为司法管辖区的优势有哪些？马恩岛拥有信誉一流和监管良好的国际金融业，特别适合前往伦敦、英国其它地方和欧盟的中国投资者。马恩岛的公司被大量地用于在伦敦证券交易所的主板和创业板进行首次公开募股，可以在香港联交所上市。公司可以拥有任何币种的帐户。马恩岛可被用来作为针对欧盟市场开展贸易活动的门户，是将货物从中国运输至欧盟最为有效的方式。马恩岛政府在上海设有代表处。

能够建立何种类型的公司？私人或者公众公司、股份有限公司或担保有限公司、混合型公司、无限公司、受保护单元公司和基金会。

建立公司有什么要求？资本：没有法定资本要求、没有资本维护要求。组织和结构：最少拥有一名董事和一名股东，均不需要是当地人。可以使用企业 / 代理股东和董事。年度股东大会、审计和报告：不需要召开年度股东大会，对审计和帐目申报一般没有要求

建立一家公司需要多长的时间？一天

建立公司有哪些相关的费用？ 195 英镑的政府注册费用

注册成立的公司一般需要承担多高的税率？ 0%

监管部门能否要求获得公司管理人员的背景信息和身份以及公司的会计信息？可以，但需要严格遵守税收信息交换协议和免双重征税协议以及海外帐户纳税法案的要求，或者在接受刑事调查的情况下。

这些信息是否可以与其他司法管辖区进行共享？是的，不过仅限于上述司法管辖区。

建立公司需要参照哪些法律？ 1931 年公司法以及 2006 年马恩岛公司法 ( 均修订 )

现行法律预期会有改变吗？是的，目前对 1931 年公司法正在进行审议，会把目前的修订进行整合，让老企业变得现代化，成为更强大、灵活和充满活力的企业工具。

资料来源：Answers provided by Chris Eaton, Chief Executive Officer of The ILS Group

What are the advantages of the jurisdiction for Chinese investors? Isle of Man(IOM) has a first-class reputation as a well regulated international finance sector, particularly suited for investments into London and elsewhere in the UK or the EU from China. IOM Companies have had considerable use as vehicles for IPOs, listing on the FTSE main market and AIM, and can also be listed on the HKSE. Companies can hold accounts in any currency.

The IOM can be utilised as a gateway to the European Union for trading purposes, and is often the most efficient way of bringing goods into the EU from China. The IOM Government has a rep office in Shanghai.

What Types of companies can be incorporated?

Private or Public Companies, Companies limited by share or guarantee, Hybrid Companies, Unlimited Companies, Protected Cell Companies and Foundations.

What are the requirements for company incorporation?

Capital: No authorised capital requirements. No capital maintenance requirements.

Compositional and Structural: Minimum of one Director and one Shareholder, neither of which must be local. Corporate / Nominee shareholders and directors can be used. Annual meeting, auditing and reporting: No requirement to hold an AGM, no general requirement to audit or report accounts.

What length of time does it take to incorporate a company? 1 day

What are the fees associated with company incorporation? £195 Government incorporation fee

What is the general taxation rate for incorporated companies? 0%

Can the regulatory authorities request information about the background and identity of company officers, or company accounting information? Yes, but only in strict accordance with TIEA and DTA agreements & FATCA, or in cases of criminal investigation.

Can this information be shared with other jurisdictions? Yes, but only as above.

What Laws apply to company formation? Companies Act 1931 and Isle of Man Companies Act 2006 (both amended).

Are any changes anticipated?

Yes, there is currently a consultation running on 1931 companies which will see current amendments consolidated and old companies modernised to become a more robust, flexible and dynamic corporate vehicle.

Source: Answers provided by Chris Eaton, Chief Executive Officer of The ILS Group 20132013, COMPANY GUIDE Spring FORMATION CHINA OFFSHORE

S39 039

040

Spring, 2013

SPECIAL REPORT | 特别报道

欧洲司法管辖区：丰富的选择

Euro Jurisdictions Your Alternative Option By Adam Skuse

开

曼群岛那样的传统离岸中心因其盛名在外而吸引了众多的中国投资客，然而，许多欧洲的离岸管

辖区却鲜少进入投资的考虑范围中。对于众多对欧洲市场有浓厚兴趣的中国商务人士，投资客，以及公司企业，如果将地理位置和专业团体列为首要考虑因素的话，欧洲有很多值得一看的司法管辖地。近年来该地区的骚乱也意味着众多的司法管辖区在竭力吸引投资，特别是来自亚洲的投资。从一份普华永道会计事务所发布的报告中可以看出，这种局势也影响了中国与欧洲之间的并购份额。报告显示， 2012 年第三季度，中国并购欧洲企业首次实现了反超。普华永道中国小组负责人 Helene Rives 在报告中指出，“中国投资者感到欧元区持续的不确定性使他们能以更优惠的条件收购债务缠身的欧洲公司。这些欧洲公司以往对中国投资者来说是遥不可及的。”

hile traditional offshore options such as the Cayman Islands hold more of an allure for many Chinese investors due to their reputation, there are many options in Europe that can be considered viable that often get left out of consideration. For Chinese business people, investors and corporations with strong interests in Europe, many of these are worth looking at, particularly if geographic proximity is of importance and trusted expert advice can be found. The economic tumult across the region in recent years also means that many jurisdictions are vying to attract investment, particularly from Asia. This is also reflected in figures from PwC that showed Chinese M&As in Europe overtaking European M&As

in China for the first time in 2012-Q3. “Chinese investors feel that the lingering uncertainty in the eurozone increases their chances of securing favorable deals with debt-laden European companies that were until now inaccessible," Helene Rives, head of China Business Group for (PwC), said in the report. Here we take a brief overview of some of the less-considered European options for Chinese capital, weighing the pros and cons of each. Some of them, such as the Channel Islands and Cyprus, are wellknown while others, such as Andorra and Lichtenstein, are less obvious choices that still could be attractive in the right circumstances. Andorra Situated in the Pyrenees between

2013, Spring CHINA OFFSHORE

特别报道 | SPECIAL REPORT

安道尔安道尔，地处比利牛斯山东段的狭窄山谷之中，南毗西班牙，北邻法国，约有 9 万人口，官方语言为加泰罗尼亚语。某种程度来说，安道尔因其山地位置，与其他欧洲国家孤立开来，使用欧元作为支付货币，但并非欧盟成员国。尽管安道尔依靠传统的金融服务以及低税制吸引投资，但近来也有所改变。去年，安道尔首次引进的新的税收政策。针对居民的合法企业在全球范围内的收入征收 10% 的公司所得税，但是，在国际范围内的无形资产，国际货物交易，以及群体内的金融投资管理可以享受 80% 的减免。此外，公司成立的监管条例也相对严厉，公司行为必须与公司成立时所从事的活动相一致。并得到商务部门的批准才能建立。这些举措都旨在阻止成立便宜的离岸架构公司。总体而言，安道尔因其税制，孤立的地理位置和相对受限的自由度并未成为中国投资者的首选。

Spain and France, the tiny principality of Andorra is home to around 90,000 people, with Catalan the official language. It is somewhat isolated from the rest of Europe by virtue of its mountain location, and is not an EU member, although it does use the euro as its official currency. While it has traditionally relied on financial services and low taxation to attract investment, things are changing. Last year, Andorra introduced taxation for the first time. A corporate income tax was brought in that applies to the worldwide income of resident legal entities at a general rate of 10%, although an 80% reduction is available for international operations involving intangible assets, the international trading of goods and intragroup financial management and investment.

耿西岛以其专业的资产管理服务著称。目前，有大约 104 家资产管理公司，管理着总量达 877 亿英镑的财产。

Guernsey is known for its expertise in managing assets. Currently they are around 104 asset management firms that have a total of £87.7bn gross assets under management.

Spring, 2013

Also, company formation rules are rather stringent, and the deed of incorporation must be specific with regards to the activity of the company being formed. Companies must also be approved by the Ministry of Commerce. These rules are part of efforts to discourage the formation of cheap offshore structures. All in all, Andorra is likely to be low on the list for Chinese investors, due to its introduction of tax, isolated geography and relative inflexibility. Cyprus The third-largest island in the

SPECIAL REPORT | 特别报道

照片提供 Photo by OVC Photos

中国投资者感到欧元区持续的不确定性使他们能以更优惠的条件收购债务缠身的欧洲公司。这些欧洲公司以往对中国投资者来说是遥不可及的。

Chinese investors feel that the lingering uncertainty in the eurozone increases their chances of securing favorable deals with debt-laden European companies that were until now inaccessible.

塞浦路斯地中海第三大岛屿塞浦路斯为购买价值三十万欧元以上的房屋投资者提供居住证的政策，可谓成为欧盟公民的门户。若居民在六年间满足每年六个月的居住期，则将有资格申请欧盟护照。除此之外，塞浦路斯吸引中国资本的原因还有以下几点：塞浦路斯的公司税为全欧盟最低，仅有 10%；对中国有递延所得税资产；公司组建制度比较自由。塞浦路斯还

Mediterranean, Cyprus can be quite literally your gateway to EU citizenship thanks to its offer of a residency permit to those buying a house valued over 300,000 euros. If resident for six months per year for a six-year period, this can confer eligibility to apply for an EU passport. There's plenty more to make Cyprus an attractive target for Chinese capital: it

has the lowest corporate tax rate in the EU at 10%; has a DTA with China; and has liberal company formation rules. It is also an international shipping center, and there is an agreement on maritime transport between the two countries that can ease logistic headaches, which could be of benefit to investors who are active in import-export. The legal system is transparent and easily navigated, as it is largely the same as the UK, from which it became independent in 1960.

Gibraltar Another Mediterranean-based jurisdiction, however unlike Cyprus it is still administrated by the UK, and is the only British offshore center that is part of the EU. Although it has come under increased scrutiny with regards to its tax regime over the past decade, it is still good for more than just the monkey business of its native macaques. However, the pressure meant that in 2010 it brought in its new income tax act, introducing a corporate tax of 10% to bring it in line with the rest of the EU. There is still no capital gains tax, VAT, inheritance tax or wealth or gift taxes. It is a major draw for property investors, who can register in Gibraltar as a company and then use this company to purchase property, which allows them to avoid paying tax on income generated. It is also home to a large number of experts in investment portfolio management. Guernsey This island, a British Crown Dependency in the English Channel, is known for its financial management services, and particularly its offerings for high networth individuals. It is also consistently ranked highly in industry surveys of offshore jurisdictions. One of its biggest selling points is the depth of knowledge 2013, Spring CHINA OFFSHORE

特别报道 | SPECIAL REPORT

照片提供 Photo by OVC Photos

是国际航运中心，并与中国有海上运输协议，免除了物流麻烦，对于致力于进出口贸易的投资者来说颇有益处。自 1960 年独立以来，塞浦路斯因其与英国类似的法律体系，具有透明且操作简化的特点。直布罗陀直布罗陀作为另一个地中海司法管辖区，与塞浦路斯不同，至今仍受到英国的管辖，并且是英国在欧盟唯一的离岸中心。尽管在过去十年中，直布罗陀在税制方面日益完善周密，却仍具有海外投资的优势。然而，2010 年，直布罗陀颁布了新所得税法，向欧盟其他国家看齐征收 10% 的公司税。但仍不征收资本收益税，增值税，遗产税，财富税，和赠与税。这对于房地产投资者是重大利好，他们可以在直布罗陀注册公司进行房地产买卖以规避资本收益税。同时，直布罗陀也吸引了大量的证券投资专家。耿西耿西岛是位于英吉利海峡的英国皇家属地，

地中海第三大岛屿塞浦路斯为购买价值三十万欧元以上的房屋投资者提供居住证的政策，可谓成为欧盟公民的门户。若居民在六年间满足每年六个月的居住期，则将有资格申请欧盟护照。

The third-largest island in the Mediterranean, Cyprus can be quite literally your gateway to EU citizenship thanks to its offer of a residency permit to those buying a house valued over 300,000 euros. If resident for six months per year for a sixyear period, this can confer eligibility to apply for an EU passport.

尤以针对高端私人客户的财务管理服务闻名。在离岸司法管辖区的行业调查中一直名列前茅。其中最大的亮点之一为长达 50 年提供国际金融服务以及进行复杂金融工具交易的专业经验。耿西既不征收股利预扣税，资本收益税，和遗产税，也不征收公司税。同时，它也积极宣扬中国文化，与中国金融机构以及政府建立良好关系。对于想要稳定管理个人财富的中国客户来说，耿西岛与欧洲其他国家的联系使其成为明智的选择。

中国投资者感到欧元区持续的不确定性使他们能以更优惠的条件收购债务缠身的欧洲公司。这些欧洲公司以往对中国投资者来说是遥不可及的。

Chinese investors feel that the lingering uncertainty in the eurozone increases their chances of securing favorable deals with debt-laden European companies that were until now inaccessible

Spring, 2013

and expertise that come from over 50 years of providing international financial services and dealing with complex financial instruments. There is no withholding tax for dividends, nor capital gains tax or inheritance tax; while the standard rate of corporate income tax is 0%. It is also actively seeking to encourage Chinese custom, and setting up stronger links with Chinese financial institutions as well as the government. For Chinese clients looking for peace of mind in managing their wealth, plus ease of access to the rest of Europe, Guernsey is a sound choice. Jersey The second of the Channel Islands profiled here that operates as an offshore jurisdiction is Jersey, which regularly ranks very highly in ratings of offshore jurisdictions and is seen as being the gold standard, particularly for wealthy,

privacy-conscious individuals. This goes for HNWI mainland Chinese, who are increasingly expressing interest in setting up trusts on the island. Due to its proximity to the UK and its status as a British Crown Dependency, it is of particular interest to Chinese who may be wishing to reside in the UK or elsewhere in Western Europe. The island's solid reputation is thanks to its strong banking, investment fund and trust sectors, and a range of low-tax business structures. In fact, the depth of offering can be overwhelming to the uninitiated, which is why Jersey is seriously stepping up its education programs to attract Far East clients.

Lichtenstein This mountainous principality sandwiched between Switzerland and Austria has a population of around 35,000 and an area of just 160 square km. However, it has attractions other than

SPECIAL REPORT | 特别报道

泽西海峡群岛中另一个离岸司法管辖区是泽西岛，一直在众多离岸司法管辖区中倍受欢迎，并且被视为“黄金标准”，尤其对于注重个人隐私的财富投资者。越来越多中国内地的高端投资者在岛上设立信托基金。鉴于其与英国的紧密关系，作为英国皇室属地，泽西岛对于那些意欲定居在英国或其他西欧国家的投资者格外有吸引力。泽西岛良好的声誉得益于强大的银行，投资基金和信托部门，以及一系列低税商业架构。实际上，此类交易对于专业经验有一定要求，这也是泽西岛极力开展教育项目来吸引远东客户的原因。列支敦士登这座山中公国位于瑞士和奥地利之间，人口约 35,000，占地面积只有 160 平方千米。然而 , 除去迷人的风景以及人均高收入以外，对于投资者也有诸多吸引力。银行和金融业是其支柱产业，以最严格的保密控制著称，但却如同其他在欧盟范围内或与欧盟紧密联系的离岸司法管辖区迫于改革

Luxembourg Home of the European Investment Fund, Luxembourg is not an off-theshelf offshore jurisdiction when it comes to minimizing tax exposure, although if you have the right advice, it can be a good choice for international tax planning. However, it is undeniable that its EU membership has blunted its edge somewhat in its overall offshore competitiveness. So why choose Luxembourg? It boasts one of the world’s most sophisticated and globally interconnected financial sectors, with a government that is welcoming to business and understands the importance of stability to investors and its thriving financial industry. While its dependency on investment funds and financial services in general might be seen as risky, it is developing distinct expertise in servicing RMB-domiciled funds.

被迫提高了税率。得益于它先进的信托基金运作系统，列支敦士登仍对中国投资者具有吸引力。它是唯一在信托行业采用普通法的民法司法管辖区，被诸多来自普通法法律体系国家的客户所使用。作为一个以资产保护著称的司法管辖区，列支敦士登可为中国高端投资者提供更完整，更高层次的服务与咨询来满足他们的需求。卢森堡作为欧洲投资基金之家，卢森堡因其降低税收风险的措施而成为并不太理想的离岸司法管辖区。但凭借明智的策略，它仍旧是进行国际税务规划的良好选择。然而，无可否认的是欧盟成员国在总体离岸竞争力上有所减弱。因此为什么要选择卢森堡呢？卢森堡以其高端的，与全球紧密相连的金融业为荣，政府也支持并理解投资者稳定投资及金融业繁荣发展的重要性。尽管依赖投资基金与金融服务具有一定风险，它正致力于发展提供相关人民币基金的各种服务。

卢森堡以其高端的，与全球紧密相连的金融业为荣，政府也支持并理解投资者稳定投资及金融业繁荣发展的重要性。尽管依赖投资基金与金融服务具有一定风险，它正致力于发展提供相关人民币基金的各种服务。

Luxembourg's dependency on investment funds and financial services in general might be seen as risky, it is developing distinct expertise in servicing RMBdomiciled funds.

2013, Spring CHINA OFFSHORE

照片提供 Photo by OVC Photos

的压力。为解决赤字问题，在去年年末也

its bracing scenery and high income per capita for investors. Banking and finance is one of its pillar industries, with a reputation for some of the tightest controls of confidentiality – although like many other offshore jurisdictions in or closely linked to the EU, it is being put under pressure to change this. Due to a deficit, it also pushed up tax rates towards the end of last year. It still remains of interest to Chinese investors, thanks to its well-evolved system of trusts and foundations. It is the only civil law jurisdiction to have adopted the common law of trusts, and is commonly used by clients who come from common law countries. As a renowned jurisdiction for asset protection, Liechtenstein can provide a more intense level of service and higher level of advice to meet the particular needs of China's HNWIs.

离岸指南 | OFFSHORE HAND BOOK

离岸行政特区对比行政管辖区

瑞士

萨摩亚

塞浦路斯

直布罗陀

泽西

卢森堡

安圭拉

实体类型

股份公司 / 有限责任公司

国际公司

国际商业公司

非驻港公司

有限责任公司

责任有限公司

国际商业公司

法律类型

民法

普通法

民法

普通法

无

有

无

有

10 天

5天

5-8 天

10 - 14 天

2天

1 小时

无

300 美元

不适用

200 英镑

不适用

230 美元

有 / 变动

无

10%

无

0% - 10%

正常税率

无

有

无

有

无

有

无

瑞士法郎

美元

欧元

英镑

欧元

美元

不适用

任意均可

最低付清股本

100,000 瑞士法郎

1 美元

1,708 欧元

1 英镑

12,500 欧元

1 美元

法定股本要求

100,000 瑞士法郎

1,000,000 美元

8,543 欧元

2,000 英镑

10,000 英镑

12,500 欧元

50,000 美元

管理人员人数要求

当地管理人员人数要求

有

无

无，但最好有税务居地身份

无

无，但建议有

无

管理人员公开记录获取权限

有

无

有

无

有

无

瑞士

任意地点

任意地方，但建议在塞浦路斯

除直布罗陀之外均可

任意地点

董事会人数最低要求

董事会员工公开记录获取权限

无

可选

有

无

有

无

瑞士

任意地点

除直布罗陀之外均可

任意地点

是否需要公司秘书

无

有

无

可选

是否需要当地或者合格公司秘书

无

无，但建议遵守规定

当地

无

审计决算要求

有

无

有

有，小公司可豁免

无

有

无

申报账户要求

有

无

有

无

有

无

公开访问的账户要求

有

无

有

无

年收入申报要求

有

无

有

无

是否允许变更公司注册登记地

有

无

有

账户准备要求

有

架上公司可用率建立新公司所需时间

最低政府费用（不包括税金）

海外收入税率

是否签订避免双重征税条约

股本通用货币其他允许使用的资本货币

管理人员会议地点

董事会成员会议地点

Spring, 2013

OFFSHORE HAND BOOK | 离岸指南

多米尼加

香港

纳闽岛

毛里求斯

巴拿马

国际商业公司

私人有限公司

OC 贸易

非 OC 贸易

第一类全球商业执照

第二类全球商业执照

非驻港公司

普通法

混合

民法

有

无

有

2天

10 天

8天

4 星期

3天

2天

150 美元

450 美元

2,600 马币

1,750 美元缴至金融服务委员会，250 美元缴至公司注册处

235 美元缴至金融服务委员会， 65 美元缴至公司注册处

300 美元

前 20 年免税

海外利润不征税

3% 或 20,000 马币

无

0% 到 3% 之间浮动，最高 3%

无

中国 - 公司以及个人收入所得税。比利时 - 分红，股息以及特许使用费。其他国家，航运航空。

有

无

有

无

美元

港币

美元

任意均可

除马币之外均可

除卢比之外均可

任意均可

1 美元

1 港币

1 美元

100,000 美元

1,000 港币

10,000 美元

10,001 美元

1,000,000 美元

不适用

10,000 美元

无

有，要求有 2 名能够签署租税协定

无

有

无

有

任意地点

任意地点，但在毛里求斯有谈判权

任意地点

无

有

无

可选

任意地点

毛里求斯 - 通过代理

任意地点

有

可选

有

无

当地

当地的合格人选

无

有

无

有

无

有

无

有

无

有

无

有

无

有

有资料来源：ocra worldwide

2013, Spring CHINA OFFSHORE

离岸指南 | OFFSHORE HAND BOOK

Offshore Jurisdictions By Comparison Jurisdiction Type of entity Type of law Shelf company availability Time to establish a new company Minimum government fees (excluding taxation)

Switzerland

Samoa

Cyprus

Gibraltar

Jersey

Luxembourg

Anguilla

AG/SA/LTD

International

IBC

Non resident

Ltd

S.A.R.L.

IBC

Yes

Civil

10 days

Common

5 days

5 - 8 days

10 - 14 days

10%

Nil

US$ 300

Not applicable

Double taxation treaty access

Yes

Standard currency of share capital

CHF

Taxation on foreign income

Other permitted currencies of capital

Minimum paid up share capital Usual authorised share capital Minimum number of directors / managers Local directors / managers required Publicly accessible record of directors / managers Location of directors / managers meetings Minimum number of members Publicly accessible record of members Location of members meetings Company secretary required Local or qualified company secretary required Requirement for audited accounts Requirement to file accounts Publicly accessible accounts Requirement to file annual return Change in domicile permitted Requirement to prepare accounts

Spring, 2013

Civil

Common

2 days

1 hour

Yes

£200

Not applicable

US$230

Yes

US$

Euro

GBP

Euro

US$

CHF 100,000

US$1

Euro 1,708

£1

Euro 12,500

Yes

Switzerland

Anywhere

Yes/ Varies

Not applicable

Nil

Any

CHF 100,000 US$1,000,000

Optional

Any

0% - 10%

Any

Euro 8,543

£2,000

£10 000

No, but advisable for purposes of tax residency

No Yes

Yes

Normal rates

Any

Nil

Any

US$1

Euro 12,500

US$50,000

No but advisable

Yes

Anywhere, but Cyprus advisable for purposes of tax residency

Anywhere except Gibraltar

Anywhere

Yes

Anywhere

Anywhere except Gibraltar

Anywhere

Local

Yes

No, but Cyprus advisable for residency and compliance

Yes

Switzerland No

Yes Yes Yes Yes

Yes

No No

Yes Yes

Yes

Yes, but small company exceptions Yes

Yes

Yes No

Yes Yes

Yes

Optional

Yes

Yes Yes

Yes

Yes Yes

Yes

OFFSHORE HAND BOOK | 离岸指南

Dominica

Hong Kong

Labuan

Mauritius

Common

Hybrid

8 days

4 weeks

3 days

IBC

Private limited

OC Trading

OC Non Trading

Yes

Common 2 days

US$ 150

Nil Exempt for 20 years No US$

Any

Common 10 days

US$450

Nil on Foreign Profits

China – Corporate and Personal Income Tax. Belgium – dividends, interest and royalties. Some other Countries – for shipping and aviation. HK$

Common 8 days

GBC I No

Panama

GBC II

Non resident

Yes

Civil

2 days

Nil

US$1,750 to FSC and US$250 to ROC

Varies from 0% to 3% (maximum)

US$235 to FSC US$65 to ROC

US$300

Yes

US$

RM2,600

3% or RM20,000

Nil

Any

Any except RM

Any except Rs.

US$100,000

HK$1,000

US$10,000

US$10,001

US$1,000,000

Not applicable

US$10,000

Yes

Yes, but 2 required for tax treaty access

Yes

Anywhere

Anywhere, but in Mauritius for treaty access

US$1 1

HK$1 1

Yes

US$1 1

Any

US$1 3

Optional

Anywhere

Mauritius - by proxy

Anywhere

Local

Local and qualified

Yes

No No

Yes Yes

Yes

Yes Yes No

Yes

Yes Yes

Yes

Yes No

Yes

Optional

Yes

source: ocra worldwide

2013, Spring CHINA OFFSHORE

离岸指南 | OFFSHORE HAND BOOK 企业服务提供商

Corporate Service Providers

Cyprus

enquiries@emcs.com.mt

国际银行 International Bank

Switzerland

Seychelles

Anguilla

The Aspen Trust Group www.aspentrust.com AXA Offshore Management www.axaoffshore.com

Tel: +357 2241 8888 info@aspentrust.com

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

BMI Offshore Bank Limited www.bmi.com.sc Tel: +248 4325660 Seychelles.Enquiries@ bmibank.com

UBS www.ubs.com Tel:+345 914 6001 bernard.knights@ubs.com

Tel:+264 497 3142 aoml@axaoffshore.com Belize

Panama Fiducenter Ltd

Frontier Biz

FWM International Ltd

www.fiducenter.com.cy

www.axys-group.com

Tel: +357 25 504 000

Tel: +230 213 6600

fiducenter@ducenter.

global@axys-group.com

com.cy

www.frontierbiz.bz

Seychelles

Tel: +501 223 2144 frontier@btl.net

Tel:+357 25 868 686 www.sabcolaw.com Tel:+501 223 5803

www.mmgbank.com Tel. (507) 265-7600

infonicosia@deloitte.com Madeira

offshore@sabcolaw.com

Royal Bank of Canada www.rbcroyalbank.com

Nevis The Bank of Nevis Ltd Tel: (869) 469-5564/5796

www.deloitte.com/cy SABIDO & Co

MMG Bank Corporation

www.thebankofnevis.com Deloitte Limited

Canada

info@thebankofnevis.com

离岸飞机注册机构

Offshore Aircraft Registry

Cayman

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

St. Lucia

Canada Scotiabank scotiabank.com Tel:+1 800 472 6842

Civil Aviation Authority www.caacayman.com Tel:+345 949 7811

Bespoke Corporate and Fiduciary Services Limited

Actuarius Consulting

A.C.T. - Offshore Limited

www.actuarius-

www.offshorecompanies.

Tel: +758 453-2000

consulting.com

net

ZacheusJ@fachambers.

Tel: +351 291 234 245

Tel: +248 224 899

com

info@actuarius-onsulting.

email@actseychelles.com

com Hong Kong

USA

civil.aviation@caacayman. com

Bank of America www.bankofamerica.com

离岸律所

Offshore Law Firm

France

Barbados

The Bank of France www.banque-france.fr Dike group www.dikegroup.com

MB Consultants (HK) Limited www.mbc-hk.com Tel:+852 3568-6651

Tel:+351 291 207 080 info@dikegroup.com Malta

ABC International

Tell: +01 42 92 39 08

Services

infos@banque-france.fr

www. abcmanagementservices. com Tel: +248 374 088

www.bancotrasatlantico. 投资银行 Investment Bank

British Virgin Islands

Hong Kong Mauritius www.offshore-inc.com Tel: +86 21 6287 7779 info@offshore-inc.com

Spring, 2013 Winter,

Banco Trasatlantico Ltd dm

info@mbc-hk.com

Offshore Incorporations

Dominica

info@bancotrasatlantico.

www.chancerychambers. org Tel: +246 431 0070 chancery@ chancerychambers.com British Virgin Islands

dm Channel Islands

EMCS International Services LTD

Tel: +1-767-449-9254

Chancery Chambers

Roth Capital Partners

www.emcsinternational.

www.china.roth.com

com

Tel: +852 2251 8585

Tel: +356 2777 2540

hr@roth.com

Standard Bank Offshore www.sboff.com Tel: 44 (0)1624 643643 sbiom@standardbank.com

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

OFFSHORE HAND BOOK | 离岸指南

Malta

Fenech & Fenech

French International

The Central Bank of

Guernsey Financial

Barbados

Services Commission

www.rif.mer.equipement.

www.centralbank.

www.gfsc.gg

gouv.fr

org.bb

Tel: +44 1481 712706

Tel: +334 2684 5762

Tel: (246) 436-6870

rif@developpement-durable.

hrinfo@centralbank.org.bb

gouv.fr British Virgin Islands

www.fenechlaw.com Tel: +356 2124 1232

www.register-iri.com Tel: +852 2526 6641 hongkong@register-iri.com

Tel: +356 2122 8862

British Virgin Islands Financial Services www.bvifsc.vg

Maritime Cook Islands www. maritimecookislands.com

Appleby Global

Jersey

Commission

simon@simontortell.com

Tel: +682 23 848

www.thv.lt Tel: +423 231 1919 info@thv.li Ras Al Khaimah

hkma@hkma.gov.hk

Inc

Seychelles

Monetary Authority

Treuhandervereinigung

Tel: (852) 2878 8196

International Registries,

www.simontortell.com

The Hong Kong www.hkma.gov.hk

info@fenechlaw.com

Simon Torell & Associates

Hong Kong

Liechtenstein

Tel: 284-494-1324 webmaster@bvifsc.vg

RAK Offshore www.rakoffshore.ae

Jersey Financial Services

Tel: +971 7 206 8666

Commission

gmassist@rakoffshore.ae

www.jerseyfsc.org

info@ggba-switzerland.ch

Tel: +44 (0)1534 822000 info@jerseyfsc.org

私人银行

Private Banking

Belize

UAE Anguilla

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

公共和私有机构

Public & private institutions

IBCR Belize Anguilla 离岸游艇注册机构

www.ibcbelize.com Tel: +501 223 5108

Offshore Yacht Registry

ibc@btl.net Bermuda Anguilla Financial Services Division

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

Organizing Committee http://www.aimcongress. com Tel: +971 4 39 23232 info@aimcongress.com

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

Isle of Man

Barbados

Isle of Man Finance

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

www.axafsc.com Tel: +264 497 3881 anguillafsd@anguillafsd. com

Business Bermuda www.businessbermuda.org Tel: +441 292 0632

Bahamas

sstirling@ businessbermuda.org

bahamasmaritime.com

Cook Islands

www.bfsb-bahamas.com Tel: +242 326 7001

Shipping

info@bfsb-bahamas.com

Tel: +44 1624 686400

Labuan Cook Islands FSDA

Barbados

Tel: +682 211 75

gov.cy

enquiry@fsda.gov.ck

Invest Barbados

Guernsey

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

info@investbarbados.org

FBME Bank www.fbme.com

www.investbarbados.org Tel: +246 626 2000

Tel: +357 2122 8000 info@cy.bankofcyprus.com

com

maritimeadmin@dms.mcw.

Bank of Cyprus www.bankofcyprus.com

www.cookislandsfinance.

ww.shipping.gov.cy

Cyprus

isleofmanfinance.com

Services Board

Department of Merchant

www.gov.im enquiries@

Bahamas Financial

Tel: +357 258 481000

Annual Investment Meeting

Liechtenstein

Tel: +357 22 888400 nicosa@fmbe.com

2013, Spring Winter CHINA OFFSHORE

离岸指南 | OFFSHORE HAND BOOK 游艇注册服务提供商

Tel: +246 437 6092 Marfin Laiki Bank www.marfinbank.com.cy Tel: +357 2288 7766

Hong Kong

Management@

Bermuda

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

Trust & Fiduciary Services

St.George’s Trust

British Virgin Islands

Verwaltungsanstalt

www.midlandconsult.hk Tel: +852 2899 2009

Isle of Man

http: //www.fiduciana.com/

Tel: +284 494 3399 enquiries@amsbvi.com Cyprus

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

Capital International Tel: +44 1624 654200

Wealth Management

Bermuda

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

info@anchor.com.mt

www.lom.com

Gloconsult Management

Tel: +441 295 6999

Services Ltd.

lomam@lom.bm

www.info-gloconsult.com

info@sgt.b

Tel: +230 213 5080 info@glo-consult.com

St. George’s Trust Company

com

www. sgt.bm

Tel: +357 25 662285

Tel:+1 441 2951 820 info@sgt.bm Allgemeines Barbados

www.atu.li Tel: +423 237 3434 info@atu.li

Tel: +242 367 2558

RBC Wealth Management http://www. rbcwminternational.com Tel. (1 246) 429 4923

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

WEALTH PRESERVATION EXPERTS

Malta

Industrie & Finanzkontor www.iuf.li Tel: +423 237 58 58 client.office@iuf.li

海运服务

Maritime Services

Bahamas Bahamas Maritime Services www.bahamasmaritime. com Tel: +852 2522 0095 hongkong@ bahamasmaritime. com Panama Panama Marine Surveys &

Altarius Asset Management Ltd www.altariusam.com Tel:+356 2123 2540 info@altariusam.com

Spring, 2013 Winter,

Tel: +356 212 3239

Liechtenstein

Services LTD

www.theelcogroup.com

www.anchor.com.mt

Mauritius

Management Ltd.

Dubai

www.platinumoffshore.com

财富管理

info@capital-iom.com

Treuunternehmen (ATU)

Management Services, Inc.

singapore@asiacititrust.

LOM Asset

com

Platinum Offshore

Malta

Tel: +65 6533 2611

www.capital-iom.com

info@paapmanagement.

Barbados

www.asiacititrust.com

Anchor Corporate Services

www.paapmanagement.

issac@elco-bank.com

office@winermerecm.com Asiaciti Trust

indianos@indianos.com.cy

intertrustgroup.com/

Elco Group

Tel: +242 677 1920

Tel: +357 22 675231

http: //www.

Bahamas

Services Ltd.

www.indianos.com.cy

Holding S.A

info@intertrustgroup.com

Windermere Yacht

Costas Indianos & Co

Intertrust Group

T +41 (0)22 322 09 80

Tel: +65 6576 0990

The AMS Group www.amsbvi.com

Bilanz-Data

com

Tel: +423 388 0202 info@fiduciana.com

www.firstadvisorygroup.

Midland Consult

Office@midlandconsult.hk

FIDUCIANA

First Advisory Group

p.schmid@blueaxis.net

Company Ltd. www.sgt.bm

Yacht Registration Providers

Bahamas

platniumoffshore.com

委托和信托服务

Austria

Singapore

Certification Services Inc. www.pmscs.net Tel:+507 223 1156 info@pmscs.net