8th Annual Company Formation and Funds Guide

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公司建立和基金年度指南第八辑

8th Annual Company Formation and Funds Guide 中国最完整的离岸公司建立指南

China's Most Comprehensive Offshore Company Formation Resource

产品经理 Production Manager:

Appio Li

撰稿人 Contributors:

Huaijiang Yen, Michael Liu, Feixiang Yang, Yi Zhu, Huaitao Wong, Limhay, Haibo Xu, Xinxin Huang, Mingyue Gao, Jie Gao, Echo Zhao, Wendy Wei, Liang Han, Jie Teng, Hongyu Liu, Chengkun Ye, Phoenix Tong, Olaf Koehler

美术总监 Art Director: Susan Shen

营运总监 Director of Operations: Matthew Sumner

总经理 General Manager: Nicholas Parrish

销售总监 Sales Director:

Pooja Ramchandani

客户经理/亚洲 Accounts Managers/Asia: William Demers, Ben Ma, Effy Ding

发行经理 Circulation Manager: Iris Gao

出版机构 PUBLISHER

MX Media Group Limited©2018

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Company Formation and Funds Guide

编者的话 | LETTER FROM THE EDITOR

Dear Readers,

亲爱的读者：

The word offshore has almost become synonymous with tax avoidance in the minds of the general public in recent years, largely due to voteseeking politicians, many of whom were subsequently revealed to hold offshore structures themselves, and a mainstream global media which either misunderstands, or has no fiscal benefit to report in accurate fashion, the complex world of international investment. While it is true that legal tax avoidance can be achieved by placing assets in offshore structures, it is by no means the only reason why so many are formed.

最近几年， “离岸”这个词汇在公众心里几乎已成了避税的

The sheer numbers of companies registered offshore demonstrates how integral offshore jurisdictions have become to the world financial system and global investment flows. Specialist finance information channels like China Offshore have a responsibility to provide balanced, objective information on industry updates, both good and bad, to better educate and inform practitioners and the broader public alike with the aim of ensuring that smart, legal and well-regulated offshore structuring can be understood and acknowledged as having an important role to play in the global economic landscape for the many as well as the few.

大量公司在离岸注册，这一事实表明了离岸司法辖区在世

A global example of this is British pension funds regularly investing in exchange traded funds located in Ireland, mutual funds from Luxembourg, or property, private equity and hedge funds in jurisdictions ranging from Jersey to Cayman. This is rarely, if ever, done to avoid tax, not least because pension funds are exempt from tax.

For Chinese investors, one advantage of offshore funds aside from practical tax planning is that they enable access to a wider pool of investment talent and the potential to bring down costs. It can be expensive and time consuming to invest individually, but by pooling resources with other investors in a single fund, overall costs come down.

The view from transparency advocates is that tax exempt or transparent funds should not exist and are fuelling tax avoidance; the problem with this argument is that it forgets about ordinary people - if such funds did not exist, many individuals would end up paying additional taxes simply because they have not tried to avoid tax.

Offshore structures are not black and white. We need to differentiate between those set up to help the uber-wealthy evade tax illegally, and those that are widely used within the regulatory framework of China as legitimate savings, asset protection and facilitation vehicles.

Enjoy the guide, and we at China Offshore wish you and your clients a productive year.

代名词，这很大程度上归因于只关心选票的政客，他们中有 许多人最后却被爆出自己也持有离岸架构。而全球主流媒 体要么是因为误解，要么是因为对复杂的国际投资行业进 行准确的报道对他们来说没有任何经济上的好处。虽然合 法避税可以通过在离岸架构上置产来达成，但这绝不是如 此众多的离岸架构被设立的唯一原因。

界金融系统和国际投资流向中变得越来越完整。专业的金 融信息渠道，比如《中国离岸》有责任提供中立和客观的行 业最新信息，这包括了正面和负面报道，以更准确地向执业 者和公众提供信息，确保巧妙、合法和完全合规的离岸架构 可以得到公众的理解和广而告之，在全球经济视野中为公 众和专业人士扮演公众所喜闻乐见的重要角色。 全球范围内可以找到的一个例子就是，英国养老基金定期 在位于爱尔兰的交易性开放式指数基金和来自卢森堡的互 惠基金，房产、私募基金和在诸如泽西岛和开曼群岛等地设 立的对冲基金上投资。即使有少数情况例外，但在绝大多数 情况下，以避税为目的是极为罕见的，更何况，养老基金是 免税的。 对中国的投资者来说，离岸基金的一个优势，除了用于税务 规划实践之外，它们能让资金由更多的投资人才来管理，以 及上述架构在降低成本上所发挥的潜力。个人投资的话有 可能极为昂贵，也可能会消耗大量的时间，但通过与其他投 资者一起往单一基金的资金池中共同注入资金的话，总体 费用则会大大降低。 税务透明化的支持者所主张的观点则是不应该有免税或透 明的基金，因为上述做法有可能为避税推波助澜；这一论点 的疑点是它忘记了普通人的需求，如果没有上述基金，许多 个人投资者最终仅仅因为他们没有试图避税而在实际上则 缴纳了更多的税金。 离岸架构绝不是非黑即白。我们需要把那些超级富豪用于 非法 避税的目的所 设 立的架 构和中国法 规框 架中所允许 的，那些已被广泛使用的用于合法节税、资产保护和施行工 具的架构区别对待。 祝您阅读愉快，《中国离岸》祝您和您的客户在新的一年里 喜获丰收。

Nicholas Parrish,

GM, China Offshore editorial@chinaoffshore.com.hk

Company Formation and Funds Guide CHINA OFFSHORE

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观点 | OPINION

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006

以 iOS 系统思维，模组化你的 FO

Modularize Your Family Office with iOS System-Based Thinking

010

CRS 环境下离岸公司的实践和前瞻

Practices and Prospects for Offshore Companies within a Common Reporting Standard (CRS) Environment

38

016 中国企业海外并购架构的选择和搭建 The Selection and Construction of Chinese Enterprises’ Overseas Merger and Acquisition Framework

024 家族财富管理模式探析和国内家族 办公室发展展望 Exploration into Family Wealth Management Models and Development Prospects for Family Offices in China

032 保险金信托在家族治理中的运用 The Application of Share Trusts in the Inheritance of Family Enterprises

038 中国企业家境外公司架构搭建与处理 中的家事风险防范 Avoiding Family Affairs-Related Risks in the Construction and Processing of Chinese Entrepreneurs'Overseas Enterprises

046 从法律角度看大陆家族信托业务发展 的局限与未来

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Seeing the Limitation and Future of the Development of Mainland Family Trust Business from the Legal Point of View

052

接轨国际 牵引未来 -- 离岸公司注册是 第一通行证 International Development in the Future Offshore Company Registration Is the First Pass

056 如何使用信托架构进行境外投融资管 理 How to use the trust framework for the management of overseas investment and financing

Company Formation and Funds Guide

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目录 CONTENTS

134

2018 热点 | HIGHLIGHTS

Fortune Upstarts: Investment Opportunities and Challenges in

062

Coexistence

基金特刊 | FUNDS SUPPLEMENT

068

跨境投资海外基金的筹建 Preparation of Overseas Funds for Cross-Border Investment

076 财富新贵：投资机遇与挑战并存

078 从盲目进取到理性平衡 家族基金延续世代传承 From Blind Aggressiveness to Rational Balance – Family Foundations Pass Wealth down from Generation to Generation

084 欧盟将另类投资基金作为 企业架构工具 European Union Harmonised Alternative Investment Funds as Corporate Structuring Vehicles

司法辖区 | JURISDICTIONS

092

104

速查指南 | REFERENCE BOOKLET

206

198 Company Formation and Funds Guide CHINA OFFSHORE

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观点 | OPINION CHINA OFFSHORE

Member Contribution

以 iOS 系统思维，模组化你的 FO

Modularize Your Family Office with iOS System-Based Thinking Andrew Yen

“

一 千 个人 心 中 有 一 千 个 哈姆雷特，一 千个家族有 一 千 个 长 相 不一 样 的 家 族办公室。”因为每 个家族 所处的阶 段与面临的问题都不同，需要重点关 注的 领 域 与解 决 方 案 都无 法 一概 而 论，就好像人们手上看似外表相同的 苹果手机，由于每 个人的喜好都不一 样，所以每部手机系统的界面与软件 都不尽相同。 众所周知，苹果的iOS系统以安全、稳

Andrew Yen 颜怀江 专注于“家族财富保全与传承”领域，拥有近 20年金融与私人银行领域经验（中国大陆、 美国、新加坡、香港、台湾等国家与地区） ，综 合银行、证券、保险、信托等金融行业实务经 验，专注服务国内高净值客户长达十多年， 累计服务超过230个高净值华人家族，主持 并运营数个联合家族办公室，并协助客户建 立自己家族的单一家族办公室。

Specializing in the field of“family wealth preservation and inheritance”, Mr. Yen has nearly 20 years’experience in the financial and private banking field in countries and regions including mainland

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"

There are a thousand Hamlets in the hearts of a thousand people, and there are a thousand different family offices within a thousand families."

Different families encounter distinctive problems at different stages. They have different areas of focus, so there is no "one-size-fitsall" solution. As with iPhones, they look alike, but each one of them has its own interface and software

磐合家族办公室创办人 山东省国际信托股份有限公司（1697.

HK）独立董事 资深国际私人银行家 Founder of Panhe Family Office Shandong International Trust Co., Ltd. (1697. HK) Independent Director Senior International Private Banker China, America, Singapore, Hong Kong and Taiwan. He also has practical experience in financial industries such as comprehensive banking, securities, insurance and trusts. Having served domestic high-net-worth customers for over ten years, and served over 230 high-net-worth Chinese families in total, Mr. Yen is now operating several joint family offices and assisting customers in establishing single family offices for their own families.

Company Formation and Funds Guide

since the owners have different tastes.

As we all know, Apple's iOS system is popular thanks to its security, stability and user-friendly design. It is said that "a different profession is like a different world", but in terms of strategic thinking, the concept of Apple's iOS mobile phone system has something in common with the family office service philosophy that I have already insisted on.

As a multi-family office operator who positions himself as a "buyer" and devotes himself to incubating a single family office for customers, I divide the service field into three stages, i.e. "defense", "progression" and "succession".

It covers ten service modules, each of which focuses on solving a major problem and, in practice, uses iOS system-based thinking to help customers modularize their exclusive family offices on demand.

Commitment to building a stable and secure "family iOS system" At present, most Chinese family office customers are first-generation

观点 | OPINION CHINA OFFSHORE

定、人性化的设计，赢得众多手机用户 的青睐。虽说“隔行如隔山”，但在战 略思维上，苹果手机iOS系统的理念与 笔者所坚守的家族办公室服务理念存 在一定的共性。作为定位“买方”，并 致力为客户孵化单一家族办公室的多 家族办公室从业者，笔者把服务领域 划分为“守、攻、传”三大阶段，涵盖十 大服务模块，每个模块专注解决主要 问题，并在实践中以iOS系统思维，协 助客户按需求模组化其家族专属的单 一家族办公室。 致力构建稳定、安全的“家族iOS系 统” 目前 中国的 家 族 客户基 本 都 是 创 一 代，大部分资产持有状况都非常“原生 态”，因为在追求快速发展的过程中， 还没有时间和精力将产权梳理清楚， 从而潜藏了不少因代持、婚姻、法律或 税务而引发的风险。只有被挤掉风险 水分的财富，才能被保全与传承。 因此在防守阶段，首先要对产权 进行 全面的专业梳理，包括对产权的分类、 家族产权的特征、潜在的问题与风险 进行分析，再综合法律、税务的咨询建 议，对家族资产板块、股权结构、权力 划分等方面进行全面专业的梳理。再 根据家族规划目的、生活重心、成本效 益、资产类别等配置合适的架构，以非 美系统离岸架构或美国架构为主，再 按需求搭建中国架构。因为涉及境内 外复杂的法律 税务环境，也涉及不同 企业主体之间的关系，所以要结合家 族成员国籍、税籍、以及居住地安排等 因素，在专业团队的协助下进行系统 规划。 就如iOS系统，从你打开苹果设备的那 一刻起，它不仅为你提供了极高安全 性的内置 设备，而且技 术人员专门设 计的硬件和固件功能，可防止恶意软 件和病毒，因此不符合资质与买方需

家族治理 【决策】

家族办公室 【执行】

架构

资产管理

家族治理与家族办公室

【守】

【攻】

【传】

entrepreneurs who hold assets in a very "primitive" way. During the rapid pursuit of development, therehas been no time or energyleft for straightening out property rights, leaving many potential risks to arise from assets, trusts, marriages, laws,and tax affairs. Only wealth thathas its risks squeezed out can be preserved and inherited.

Therefore, during the "defense" stage, the first thing to do is to conduct a comprehensive professional review of property rights, including classifying property rights, analyzing their features, potential problems and risks, and eventually organizing the family assets in terms of property sectors, holding structures, and division of powers in a comprehensive and professional way. Afterwards, based on the purpose of the family's plans, their priorities and areas of focus, cost efficiency, and the types of assets, they should create the

appropriate structure using a mainly non-American or a mainly American system for offshore structuring, and then build a Chinese structure according to their requirements.

Due to the complex legal and tax environments at home and abroad, as well as the relationship between different business entities, it may be necessary to combine the family members'nationality, tax status, and place of residence at the advice of a professional team in order to carry out systematic planning.

As with the iOS system, when you start using an Apple device, it not only provides you with extremely secure built-in devices, but also hardware and software that is specially designed by technicians to prevent malware and viruses. Similarly, tools that do not meet certain standards or buyers'needs cannot be built into our systematically-designed structures.

Company Formation and Funds Guide CHINA OFFSHORE

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观点 | OPINION CHINA OFFSHORE

求的工具是无法置入我们所规划的架 构系统的。 整合资源，匠心定制“家族财富管理 iPhone” 进攻阶段专注于家族投资，以家族基 金 设立与投资组合管理为主，横向与 家族企业、家族成员的培养和发展相 辅相成，纵向以持续向上的稳定趋势 为家族对冲周期性风险及长期提供稳 定现金流。从服务内容来说，投资管 理 是 家 族 办 公室比 较 容 易切入 的 领 域，但可能会 造成经营模式向产品型 或项目型倾斜，因此要区分机构投资与 家族投资逻辑的区别。 家 族 投 资要先 从 家 族 战略层 面来 考 量，围绕家族的人、事与投资目的，构 建家族投资体系，投资的目的不是单 纯为赚钱，而是要与家族企业的发展、 二代的培养及财富的传承相辅相成， 赚钱只是这过程带来的结果。市场上 的投资机构与团队多如繁星，而且并 不是最知名、功能最齐全的就一定适 合客户。结合每 个客户不同的家族本 业、创新事业以及积累的资源领域，笔 者认为每个客户都应拥有其家族专属 的定制化“家族财富管理iPhone”。 遵 循iOS系统思维，在安 全与稳定的 财富管理系统基础上，为客户配备固 定的专业项目组，根据业务协同、风险 对冲、创新转型、二代 培 养等需求的 差异与侧重点，在全球范围内精选资 深的专家团队、机构与资源，好比App Store里面经过精选推荐的大量优质 App，各有其特色功能，供客户进行自 主选择组装成自己想要的系统界面。 以变应万变：系统定期更新、检视、优 化 雨果曾说： “进步，意味着目标不断前 移，阶段不断更新，它的视野总是不断

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Integrating resources to create a customized "family wealth management iPhone" At the "progression" stage of family investment, focus is placed on the establishment of family funds and investment portfolio management. Horizontally, this stage is complementary to the cultivation and development of family enterprises and family members. Vertically, its steadily-upward trend can offset period risks and provide steady cash flow for the families. From a service perspective, investment management is an easy field for family offices to access, but it may cause an inclination towards product-based or projectbased operations. Therefore, it is necessary to distinguish institutional investment logic from family investment logic.

With regards to family investment, this should firstly be considered from the family's strategic level, with the family investment system constructed

Company Formation and Funds Guide

by focusing on the family's members, affairs, and investment purposes.

The purpose of the investment is not simply to make money, but to develop along with the family business, to cultivate the second generation, and to create wealth. Profits are just the result of such a process. There are a great number of investment institutions and teams in the market, but the most famous ones with the most comprehensive services may not be the best choice for a certain customer. Combining their different family businesses and industries and relying on different innovations and accumulated resources, every customer, in my opinion, should have a customized "family wealth management iPhone" exclusive to his/ her family.

Following an iOS system-based way of thinking, and based on a secure and stable wealth management system, a fixed professional project team should be offered to each customer. Experienced expert teams,

观点 | OPINION CHINA OFFSHORE

变化的。”家族是一个长期发展与变化 的生态系统，内部家族成员的增长、婚 姻状况的变化、个人追求变化等因素， 加上外部的市场环境、经济政策等变 化，都需遵循“以变应万变”的系统运 营理念，定期为客户进行系统检视，更 新并升级优化。 传承阶段上升至家族治理与家族办公 室构建阶段，通过家族问题的健诊，量 身设立家族治理体系，决定家族应该 “传什么”，从而指引家族办公室的设 立路径，包括定位、模式、团队构建、 IT 管 理 系统的建 立等，也 就是“怎么 传”；家族办公室将根 据家族发展方 向，有计划地进行二代培养，逐渐明晰 应该“传给谁”。 所谓“清官难断家务事”，进入到家族 治理阶段是十分复杂的，涉及家族成 员的心理状态、家族愿景等“形而上” 的范畴，真正执行的难度可想而知。作 为“买方”定位的家族办公室，需要站 在客户的角度，协助客户监督各类机构 是否按照商定的架构去操作，并根据 家族的需求与意愿作出合理的调整， 就好比不断升级优化的iOS系统一样， 根据不同阶段的需求进行模组化，才 能逐渐演变成高净值企业家族心目中 理想的家族办公室。

institutions, and resources are all available on a global scale based on different areas of focus and demands for business coordination, riskhedging, transformative innovation, and the cultivation of successors. Just like there is a number of high-quality apps listed and recommended in the App Store, customers may select exactly what they want to assemble their own system interface.

Coping with shifting circumstances by making changes: systematic and regular updating, reviewing and optimizing Victor Hugo once said: "Progress stands for constantly-displaced goals and stages under constant change, marked by a shifting horizon". The family is like an ecological system undergoing long-term development and changes, with internal factors like the increase of family members, changes of marriage and changes of personal pursuits, as well as external changes in the market's environment and economic policies, and should therefore follow the

systematic philosophy of "coping with shifting events by making changes".

The customer's system should be reviewed, updated and optimized on a regular basis.

The stage of succession means moving into the stage of family management and family office setup, which should build a customized family management system based on the diagnosis of family problems, determine what "should be succeeded" and accordingly guide the path for setting up a family office, including the positioning, model, team building and IT management system building, i.e. "How to succeed".

Family offices should cultivate successors and gradually make it clear what should be succeeded to whom, according tothe direction of the family's development.

Supposedly "not even good officials can settle family troubles". Things become very complicated when you enter the stage of family management.

Metaphysical factors like the mental status of family members and family vision can make implementation even harder. As a "buyer"-positioned family office, you need to see things from the customer's point of view, assist customers in monitoring whether institutions operate within agreed frameworks, and make reasonable adjustments to satisfy the family's needs and wishes. Just like constantly upgrading and optimizing the iOS system, only through modularization based on their needs at different stages can a family office gradually evolve into an ideal choice for high-net-worth business families.

Company Formation and Funds Guide CHINA OFFSHORE

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观点 | OPINION CHINA OFFSHORE

Member Contribution

CRS 环境下离岸公司的实践和前瞻

Practices and Prospects for Offshore Companies within a Common Reporting Standard (CRS) Environment Michael Liu

Michael Liu 刘有辉 刘有辉先生自2001年创始CIL，于北京、上 海有两个办公室，CIL 以离岸公司与信托为 核心，专注为客户提供全球的税务与投资 优化，为高净值客户提供隐私、传承和保 全的财富管理解决方案。作为中国本土的 中立咨询机构，多年的专注让CIL在其主要 的实践领域保持了最前沿的水平。

刘有辉先生至今已从事离岸投资咨询十几 年，尤其擅长综合使用各类公司、信托、 基金会、保险、贷款、匿名等工具实现客 户在国际贸易、对外投资以及家族财富管 理等方面隐私、传承、保全和节税的目 标。刘有辉先生也经常在国内的财富管理 论坛发表演讲，并在《中国经济评论》、 《第一财经》、《中国经营报》、《环球 财经》、《财富管理》、《中国 离岸》等 专业刊物发表多篇专业文章。 刘有辉先生非常关注专业社区的成长，并 积极的奉献自己的时间，他是亚洲离岸协 会理事会的董事，经常在海内外举办免费 的讲座，为金融人士提供专业的培训。 CIL Group Ltd. was founded by Michael Liu in 2001, with two offices in Beijing and Shanghai. CIL has its core business in the field of offshore incorporation and trusts, and is dedicated to offering wealth management solutions in global tax and investment optimization, privacy,

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信托与遗产执业者协会会员 上海瑞岸投资管理有限公司 执行董事 Member of STEP CIL Group Ltd. Managing Director succession, and protection for HNW clients. As a local Chinese consultancy, CIL’s many years of dedication have made it a leader in its field of practice.

Mr. Liu has been engaged in the offshore investment consulting industry for more than ten years, and is particularly skilled at integrating various types of companies, trusts, foundations, insurance, loans, and anonymity tools to achieve goals in international trading, outbound investment and family wealth management while ensuring clients’ privacy, protection, inheritance goals, and tax-efficiency. Mr. Liu is also a frequent speaker at various wealth management forums in China, and has published articles in many professional publications such as China Economic Review, CBN Weekly, China Business, Global Business & Finance, Wealth Management, and China Offshore.

Mr. Liu has a great concern for and devotes himself to the growth of the professional community. As a Council Member of the Asian Offshore Association, Liu often holds free lectures at home and abroad to provide financial practitioners with professional training.

Company Formation and Funds Guide

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he Common Reporting Standard (CRS) is already well-known within financial circles, but only a small number of people can accurately define and apply it. Therefore, before discussing the registration and management of offshore companies within a CRS environment, I shall explain in simple language what CRS means for a customer who plans to register an offshore company.

A popular definition of CRS' impact If more than 50 percent of the revenue of an offshore company comes from dividends and interest, i.e. passive investment income, information about the controller of this offshore company will be exchanged between offshore territories and the tax authority in the country where the controller is located.

If more than 50 percent of the revenue of an offshore company comes from trade income, i.e. active income, information about the controller of this offshore company will be exchanged between offshore territories and the tax authority in the country where the controller is located.

观点 | OPINION CHINA OFFSHORE

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R S 在 整 个 金 融 圈 里已 经 是 妇 孺皆 知了，但 能 够 准 确 地 把 握其定义并应用的人 群的 比例并不高。鉴于此，在讨论CRS环 境 下 离岸公司的 注 册与管 理 问 题 之 前，我 先 通俗的解 释 一下，CR S对一 个计划要注册离岸公司的客户来说意 味着什么。 CRS影响的通俗定义 如果一 个离岸公司的收 入 超 过 5 0 % 都是分红和利息，也就是被动投资收 入，那么这个离岸公司的控制人的信 息就会从离岸属地交换到控制人所在 国的税务机构。 如果一个离岸公司的收入超过50%都 是贸易收 入，也 就是 主动收 入，那么 这个 离岸 公司的 控 制 人 的 信息 虽 然 被收集，也不会交换回他本国的税务 机构。 问题前瞻 用这 样 的口气 通 俗 的解 释 完 定 义 之 后，我们可能立刻嗅到了一股 很强烈 的猫鼠游 戏的气息。的确，OECD的 出发点，就是将很多国际上的账户视 为逃 税 者的藏 身之处。这有点像，东 厂 西厂锦 衣 卫，到 处 都 充 满 监 视 的 眼睛，让每 个人都惶惶不 可终日的感 觉。笔 者以为，OECD此次的出发 点 是消极的，与它的名字“经济 合作 与 发展组织”的含义相背离— —没有真 正 激 发 经 济 合 作，却 为 经 济 的 运 行 增加了很高的金融合规成本。银行作 为商业组织，却被当成各国税务机构 的稽查大队一般去使用，这是不可持 续的。本文将站在一个中立的立场， 从 实践 角度 探 讨 CR S对离岸公司的 影 响，希 望 对 执 业 者 和 客户都 有 所 帮助。

Outlook on the issue The distinct sense of a "cat and mouse" game may immediately be created by such a definition in simple language. Indeed, the starting point of the Organization for Economic Cooperation and Development (OECD) is to regard many international accounts as shelters for tax evaders.

It is as if there are secret supervisors everywhere, who put everyone in a constant state of anxiety. In my opinion, in this instance the OECD takes a negative starting point, which deviates from the meaning of its name, "Organization for Economic Co-operation and Development".

Instead of stimulating economic cooperation, it results in a significant increase of financial compliance costs for the operation of the economy. It is unsustainable that a bank, founded as a commercial organization, is used by tax authorities in all countries as an inspection organization. Taking a

neutral position, this article discusses the impact of CRS on offshore companies from a practical point of view and aims to help practitioners and customers.

Let's go to the USA Based on the definition of CRS above, we know that if the revenue of your offshore company doesn't come from active trade and service income, information about accounts will be sent back to the tax authority in the country where the controller is located. Not everyone is a tax expert.

If tax authorities indulge in collecting more taxes, it may cause trouble for many people.

CRS is only valid among countries that are signatories. If passive incomes enter a country which is not a signatory to CRS, such incomes can free themselves from CRS' entanglement. But which countries

Company Formation and Funds Guide CHINA OFFSHORE

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我们去美国吧 在上文对CRS的定义中，我们已经了 解，如果你的离岸公司里面的钱不是 主动的贸易和服务营收，那么这个账 户的信息就会传回控制人所在本国的 税务机 构。在 这时，每 个人都不是税 务专家，如果税务机构一味的站在多 征税的角度去做推理，那么可能会给 很多人带来麻烦。CRS只在已经签约 的国家之间有效，这些被动收入只要 进入一个没有签署CRS的国家，就可 以摆脱CRS的纠缠。哪个国家呢？北 朝鲜和俄罗斯你肯定不想去，有一个 好消息，你可以去 美国，因为美国没 有签CRS。自从CRS变得火热开始， 美国的房产、移民和证券 都火的很。 特朗普都笑不动了：感谢OECD，你真 是一个好帮手。这 还不算，在各国都 在 努力想 通 过CR S 将自己的 税 追回 来的时候，特朗普又宣布减税了，苹果 公司都要回归美国了。特朗普老爷爷 有智慧，他自己也 是 一 个商人，他 知 道，你只有 鼓 励商人，他 才会 创造 财 富，你 如果 不服务商业，而天 天 监 控 他，那商人就都跑光了。中国也不傻，

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are these? You definitely wouldn't choose North Korea or Russia. But there is good news: America is an option too, because America is not a signatory to CRS. Since CRS became a hot topic, the real estate, immigration and securities market in America have all become prosperous. Trump is so happy – and all thanks go to the OECD, a great help in this regard. Furthermore, when those countries made efforts to recover taxes through the CRS, Trump announced a tax reduction.

Even Apple will go back to America.

Grandpa Trump is a wise man. He is a businessman, so he knows that encouraging businessmen will create wealth, while close monitoring of businessmen will drive them away.

China is not stupid either. In 2018, China will also begin to reduce taxes. Recovering tax won't make the world prosperous, and the gap in tax concessions will determine the flow

Company Formation and Funds Guide

of wealth. Is this not the case for tax competition between China's free trade zones and provinces and cities?

I'm not advocating for incorporating companies in America. What I mean is, if you don't know where to keep your cash, America is an option worthy of consideration. Buy some properties or set up a trust – Grandpa Trump welcomes you.

Anonymity is becoming more widespread For professionals with years of experience in tax planning, CRS rules are not difficult to understand. But for other practitioners, they are too complicated to manage or manipulate.

There is a large area for discretion.

According to my observations in recent years, banks are bound to find a formulated method to help them determine whether a customer's offshore company is engaged in active

观点 | OPINION CHINA OFFSHORE

2018 年中国也 将开始 减 税。追 税 不 会 让世界繁荣，制造税务优惠的落差 才会决定财 富的流向，中国的自贸区 和各省市之间的税务竞争不就是这个 道理吗？ 这 里我 不是在 鼓吹去注 册 一 个 美国 公司，而是说，如果 你 真的不知道 应 该把被动收入的现金放在哪里，你不 妨关注一下美国，买点房产，设立一个 信托等等，特朗普老爷爷欢迎你。 匿名更加普遍 CR S的 规 则对一个有多年 税务 规 划 经验的专业人士来说，不难 理解，也 不 难 操 作，但 对 于其 他 从 业 人 员 来 说，就变得过于 复 杂，不 可操 作。这 里存在非常多的自由裁量的空间。根 据 我 最 近 几 年 的 观 察 来 看，银 行 势 必会去找到一个可以公式化的方法， 来帮助他判定，他管 理的某个客户的 离岸公司，是 主动还是被动投资，客 户可以归属于哪个司法属地。因为离 岸公司是离岸经营的，限于成本的压 力，银行不可能，也没有必要，更不想 去自己掏钱做尽职调查，彻底 去了解 这个公司的实际控制人，银行只需要

or passive investment, and which jurisdiction the customer belongs to.

An offshore company operates offshore, but due to the pressure of costs, a bank cannot and has no need to carry out due diligence or have a detailed understanding of the actual controller of the company, let alone cover the cost by itself. All a bank needs is formal compliance. On the other hand, the OECD constantly introduces detailed regulations to block existing countermeasures, such as recent OECD rules for identifying methods for hiding someone's real tax identity via passports issued by small countries. Every new supplementary provision makes CRS more complicated and harder to be implemented.

The OECD is a loose alliance in which all member states have their own tax laws. It is not a worldwide government, so when the policies are distributed between two member states, significant changes may occur. More people use simpler

methods to respond to CRS, such as an anonymous proxy. With such a method, they can directly transfer their own tax burdens to another insensitive person, who may or may not come from the same tax jurisdiction. In any case, they can transform their own information into information that they deem worthless.

Simply pay some taxes Most customers I know worry about having trouble related to the disclosure of their data, rather than about paying taxes. If there is no definite tax law which stipulates how much tax I should pay if I have one million dollars overseas, if I tell you I have one million dollars, it spells trouble. In fact, what international operators eventually want is free trade and fewer taxes.

The information transparency of CRS is indeed a hassle, but other hassles encountered by traditional offshore companies in the context of CRS are even more annoying. For example, a bank may constantly inquire about the use of some or other amount of money. It takes time to reply, and even more time to provide corresponding hard documents for the purpose of compliance. Some remittances may be suspected and blocked just because they come from or go to offshore jurisdictions. Under such circumstances, customers need free trade.

Even though some taxes being collected on a transaction is not a problem, the tax cannot be too high or it may impact on the customer's

Company Formation and Funds Guide CHINA OFFSHORE

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观点 | OPINION CHINA OFFSHORE

形式 上的合 规。另一方面，OE CD不 停地出台细则去弥补已经出现的破解 思路，比如最 近OECD出台的识别小 国护照隐藏真实的税务身份的规则， 但每出台一个补充条款，CRS就会变 重，就变得更加难以实 施。OECD只 是一个松散的联盟，各国税法荆棘丛 生，它不是一 个世界性的政 府，等 政 策传递到两个协约国之间的时候，恐 怕已 经 是沧海桑田了。更多人会用更 加简单的方法来回应CRS，比如匿名 代 持，这个方 法，直 接 将自己的税务 负担转移给了另外一个不敏感的人身 上，他们或者来自同一个税务属地， 或 者不是，但 不管怎 样，他们成 功 地 将自己的信息变成了他们认为的没有 价值的信息。

global competitiveness. In such a circumstance, some low-tax jurisdictions with a good reputation may become better choices, such as New Zealand, the Netherlands, or Singapore. In New Zealand for instance, if a limited liability company doesn't have customers in the territory of New Zealand, its tax burden will only be 1.4% of the total amount of its re-export sales revenue. In such a circumstance, the customer may

干脆交点税 我 认识的客户，多数并不担心交税的 问题，而是怕信息被获取后可能带来 的麻烦。如果没有明确的税法说明我 海 外 的 一百 万 要 交 多 少 税，然 后 我 告诉你我有一百万，那么就意味 着麻 烦。实际上，对于国际 经营 者来说， 他们最终渴望的是自由的交易和轻薄 的赋 税 。C R S 的 信息 透 明固 然 是 一 个麻烦，其实传统的离岸公司在CRS 背 景之下的 其 他 麻烦 更 是 大 家 所 不 喜 欢 的。比 如 银 行 可 能 不 停 的 追 问 某一笔钱的用途，这个需要时间去回 复，还需要为了回复提 供相应的纸面 文件，并且是 合 规的为难，这很浪费 时间。还有一些汇 款，因为资 金 来自 或者去往离岸属地，也会被怀疑和阻 拦。这个 时候，客户需要的是自由交 易。即使 有些税也不是问题，但税 不 能太高，太高就会影响他在全球的竞 争 优势。这个时候，一些声 望比较 好 的低税区就成为更好的选择，比如新 西兰、荷兰和新加坡都会成为不错的 选 择。以新西兰为例，一个 新西兰的 有限公司，只要不在新西兰本土有客 户，那么它的税务 负担只是它 转口贸

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Company Formation and Funds Guide

claim that he has achieved both goals: free trade and low taxes. As for CRS, all shareholders and directors of this company are local, so there is no issue whatsoever surrounding information exchange.

What happens in the future?

Now, let's summarize the observations above and look forward to the future.

1) CRS only has indirect

观点 | OPINION CHINA OFFSHORE

易销售收入总金额的1.4%。这个时候 客户说 追求的两个都 实现了，自由交 易和轻薄的赋 税。至于CRS，这个公 司都是用的本地的股东和董事，根本 就不存在信息交换的问题。 未来会怎样 现 在 来 总 结 一下 我们 前 面的 一 些 观 察，并前瞻一下未来的情况。 1）因为CRS的强制性很间接，金融机 构不会 进行彻底的尽调，所以即使没 有进 入 到美国被动 投 资 的 资 金 也 不 能被有效的进行交换，或者交换的信 息不够准确； 2）各国都希望最大的获取信息，而不 是交换信息给别国，缺乏进行完整基 础设施建设、标准细化和教育培训的 动力，最后让交换变得缓慢和稀少， 正如OECD从前发布的税务信息交换 协定一样； 3）各国将效法中美，进行减税，刺激 本国投资者回流，互相吸引彼此的投 资者，长期来说，将对CRS的效应有 抵消的作用； 4）即使数据被交换回来，需要大量的 调 研 和国际 税 收 方面的立 法 才 能 把 这些数据变成有价值的东西，所以最 有 可能 是 这 些 数 据 会在反 腐 和反 避 税的案件中被动被调取； 5）一 个离岸公司的客户仍 然 需要了 解基本原理，从家族财富规划和长期 投资的角度，进行 积极的应 对，优化 自己的国际投资结 构，并时刻关注变 化，做出反应； 6）CRS可能为各国之间的税务透明 提供范本和经验，虽然CRS本身的多 边协议可能不会成功，但一个强国在 自己影响范围之内的双边协定可能会 更加有效。比如美国的FATCA，欧盟 内部的税务指令，英国对于所有英联 邦国家的要求都方兴未艾。中国现在 虽然没有可以实施的中双 边协定，迟 早也会在自己能够影响的范围内构建 属于自己的FACTCA。

enforceability and financial institutions don't carry out thorough due diligence, so even information about funds that don't become passive investment in America cannot be effectively exchanged, or cannot be exchanged accurately enough.

2) All countries wish for maximum access to information rather than exchanging information with other countries. If they lack the motivation to build complete infrastructure, refine standards and carry out training, information exchanges will eventually become infrequent and time-consuming, just like the tax information exchange agreements issued by the OECD before; 3) All countries will follow China and America's example of stimulating domestic investors'returns, and attracting investors from each other's countries through tax reductions. In the long run, this will offset the effects of CRS; 4) Even if data is shared, a great deal of research and international tax legislation is needed to make such data valuable. Therefore, passive

access to such data in anti-corruption and anti-tax avoidance cases is the most likely use of such data; 5) A customer with an offshore company still needs to know the fundamental principles, take proactive measures from the perspective of family wealth planning and long-term investment, optimize its international investment structure, and respond to changes at any time; 6) CRS may set an example and provide experience with tax transparency among different countries. Although CRS may fail as a multilateral agreement, as a bilateral agreement it may become more effective within the sphere of influence of a strong nation. For example, America's Foreign Account Tax Compliance Act (FATCA), the EU's internal tax directives, and Britain's requirements for Commonwealth countries are all going strong. Although China does not yet have any enforceable bilateral agreements, sooner or later it will build its own FATCA within its sphere of influence.

Company Formation and Funds Guide CHINA OFFSHORE

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观点 | OPINION CHINA OFFSHORE

Member Contribution

中国企业海外并购架构的选择和搭建

The Selection and Construction of Chinese Enterprises' Overseas Merger and Acquisition Framework Yang Feixiang / Zhu Yi

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Yang Feixiang 杨飞翔 杨 飞 翔 律 师，北 京 市 中 伦（上 海）律 师 事务所合伙人,华东政法大学经济法学 博 士，美 国 西 北 大 学（N o r t h we s te r n University）法律硕士。从事法律实务工 作十余年，经常赴美国、香港等国家和地 区工作、交流。杨律师担任多家上市公司 法律顾问，在公司海内外上市与并购重 组、资产管理、企业破产清算、银行及保 险等业务领域有着丰富的实战经验以及 深入的理论研究。 Yang Feixiang is an attorney and partner at Beijing Zhong Lun (Shanghai) Law Firm, with a PHD degree in Economic Law from East China University of Political Science and Law, and an L.L.M. from Northwestern University, U.S.A. With decades of experience practicing law, Mr. Yang pays frequent visits to the United States, Hong Kong, and other parts of the world for work and exchanges. Mr. Yang is a legal consultant for many listed companies from which he draws extensive practical experience, he also have conducted in-depth theoretical researches in the fields of domestic and international company listings, mergers and acquisitions, restructuring, asset management, corporate bankruptcy and liquidation, banking, and insurance.

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ccording to the data included in the World Investment Report 2017 and the 2016 Statistical Bulletin of China's Outward Foreign Direct Investment, the amounts of outbound direct investment (ODI) and foreign direct investment (FDI) have amounted to 196.15 billion US dollars and 133.7 billion US dollars respectively, since 2016. In 2015, China's ODI amount first exceeded its FDI amount, while in 2016, the gap between ODI and FDI became even bigger, while China realized a net capital output under two-way direct investment for two consecutive years. In the context of Chinese enterprises increasing their outbound investment year after year, the ways in which Chinese enterprises can be assisted in constructing outbound investment frameworks become especially important. Enterprises select different frameworks in their overseas merger and acquisition projects. A great number of factors have to be considered in such a selection. This article mainly describes how to assist Chinese enterprises in selecting and constructing the structure of transaction most suitable for their overseas mergers and acquisitions.

Company Formation and Funds Guide

I. Models of Overseas merger and acquisition According to the assets purchased

by Chinese enterprises in overseas merger and acquisition projects, the overseas deals could be classified into stock acquisitions and asset acquisitions deals. Stock acquisition refers to the acquisition of part or all of the stocks of the target enterprise in a direct or indirect way by the acquirer, or the subscription of new stocks issued by the target enterprise.

Asset acquisition refers to acquiring part or all of the target enterprise's assets by the acquirer. The main differences between these two models of acquisition are as follows:

观点 | OPINION CHINA OFFSHORE

《世 界 投 资 报 告 2 0 17》和 《2 016 年 度 中国 对外直 接 投资统计公报》数 据显 示， 2 016 年中国对外直 接 投 资（ODI） 和中国实际使 用外资（F DI）金额分 别为 1961.5亿美元和 1337亿美元， 自从2015年中国 ODI首次超过中国 F DI 后，2016 年中国对外直 接 投 资 进一步拉开与中国实际使用外资的差 距，连续两年实现双向直接投资项下 的资本净 输出 。在中国企 业 对外 投 资 逐年递增的大背景之下，如何协助 中国企业搭建对外投资的交易结构显 得甚为重要。企业在海外并购项目中 选择不同的架构，其中涉及诸多考 量 因素，本文主要简述如何协助中国企 业选择和搭建适合其海外并购项目的 交易结构。

据

一、海外并购的模式 根据中国企业在海外并购项目中的购 买标的分类，主要可以分为股权收购 或资产收购。股权收购是指收购方直 接或是间接购买目标公司部分或全部 的股权，或者 认购目标公司所发行的 新股；而资产收购是指收购方购买目 标公司部分或全 部的资产。两种收购 模式的差别主要在于：

1. Tax burden undertaking As the stock acquisitions and asset acquisitions involve different targets, the items and sum of taxes herein in such two ways could be different. As for overseas mergers and acquisitions, Chinese enterprises need to compare the tax burdens of the two models in order to choose the one with the lower tax burden.

2. Contingent liability risk During stock acquisitions, the acquiring enterprise will eventually become the shareholder of the target enterprise, while the target enterprise should generally assume all previous debts and liabilities. This leads to significant contingent liability risks on the part of acquiring enterprises.

During asset acquisition, comprehensive due diligence will lead to a fairly clear understanding of the assets of the target enterprise.

To control the risks related to any

proposed acquisition, the acquiring enterprise merely needs to focus on the inherent claims and debts concerned with the assets.

Therefore, Chinese enterprises, which are involved in overseas mergers and acquisitions, need to take into overall consideration of the composition and structure of the target enterprise's assets so as to choose stock acquisition or asset acquisition model as the appropriate transaction mode.

If a Chinese enterprise eventually chooses to acquire and merge with a foreign enterprise through the stock acquisition model, it may be confronted with contingent liability risks. Generally speaking, the aforesaid contingent liability risks existing in the stock acquisition model can be prevented and controlled using the following methods: • Detailed preliminary due diligence

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观点 | OPINION CHINA OFFSHORE

1、税负承担 因为股权收购和资产收购涉及标的不 同，所需要承担的税赋种类也有所差 异。中国企业在进行海外并购时需要 对两种并购方式所产生的税负进行比 较，择优选择承担税款较少的方式进 行收购。 2、或有债务风险 在股权收购中，收购方最终会成为目标 公司的股东，而目标公司应当概括承受 以前的全 部债权债务，这就导致收购 方面临巨大的或有负债风险。 而在资产收购中，经过尽职调查之后 对目标公司的资产状况通常会获取比 较清晰的理解，收购方只要关注资产 本身的债权债务情况就基本可以控制 收购风险。 因此，中国企业在进行海外 并购时， 需要综合考虑目标公司资产的组成结 构，从而选择股权收购或者资产收购 的交易模式。如果中国企业最终选择 以股权收购的方式并购境外企业，则 会面临 或有负债风险，通常有以下几 种方式可以防范和控制股权并购中的 或有负债风险： · 详尽的前期尽职调查 前期尽职调查是交易各方设计交易结 构、促成签署交易文件的重要基础，在 尽职调查阶段需要进行详细、审慎的 调查，以发现目标公司可能存在的或有 债务事项。 · 交易条款设计 收购方可在交易文件加入适当的担保 条款或者设置退出机制等安排来降低 风险，如果在收购过程中发现前期尽 职调查未曾发现的风险，可以及时退出 交易。 · 调整支付进度 收购方通常会在交易文件中对交易价 款设置支付进度，将支付进度与特定 的节点挂钩。

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Preliminary due diligence is an important foundation on which all parties concerned should design the structure of transactions and facilitate the signing of transaction documents.

Detailed and prudent investigation needs to be implemented at the due diligence stage to discover possible or potential debt issues of target

Company Formation and Funds Guide

enterprise.

• Design of transaction clauses The acquiring enterprise can set proper warranty clauses or termination clauses in transaction documents to mitigate risks. If any risk which is not discovered in the preliminary due diligence stage

观点 | OPINION CHINA OFFSHORE

二、海外并购的架构 在中国企业确定海外收购采取股权收 购或者资产收购的模式之后，进而其 会根 据 具 体 情况 搭 建 不同的收 购结 构，即直接收购和间接收购结构。 （一）直接收购，即境内主体直接收购 境外目标公司或项目。 具体结构如下图所示：

emerges during the process of acquisition, the acquiring enterprise can terminate the transaction timely.

• Adjusting the payment progress In common practice, the acquiring enterprise may define the payment progress in the transaction document and divide the payment progress in accordance with specific milestones.

II. Frameworks of Overseas merger

境内收购主体 Domestic Acquiring Entity 直接收购 Direct Acquisition

境外目标公司 Overseas Target Enterprise

境内企业采用直接收购架构考量的因 素主要包括： 1、环节较少，结构清晰 与 间 接 收 购 方 式 相 较 而 言，直 接 收 购中无 需 收 购 方 设 立特 殊目的 公司 （SPV），而是收购方直接收购境外目 标公司的股权或资产，结构较为简单、 清晰。 2、审批部门鼓励 在当前监管趋严的大 趋势之下，直接 收购方式中因并未设立各SPVs，无需 穿 透 各 个SP V实 体即 可明晰股权 结 构，属于外管部门等审批部门鼓 励的 并购方式。

and acquisition Deals After a Chinese enterprise decides to adopt the stock acquisition model or the asset acquisition model for overseas acquisitions, it shall further construct different frameworks for acquisition, i.e. direct acquisition or indirect acquisition, according to specific circumstances.

(I) Direct acquisition, i.e. direct acquisition of overseas enterprises or projects by domestic entities The specific structure is shown in the figure left:

境内收购主体 Domestic Acquiring Entity

To adopt the direct acquisition framework, the following factors should be taken into consideration : 1. Fewer procedures and clear structure In contrast with indirect acquisition, direct acquisition doesn't require the acquiring enterprise to set up a special purpose vehicle (SPV).

Instead, the acquiring enterprise will directly acquire the overseas enterprise's stocks or assets, in which the structure is quite simple and clear.

2. Encouragement from the authorities With the current trend of increasingly strict supervision, as the acquiring party has no need to establish any SPVs in direct acquisition model, the ownership structure or deal structure can be easily defined without penetrating SPVs, then such model is encouraged by authorities such as the State Administration of Foreign Exchange.

(II) Indirect acquisition, i.e. a domestic entity sets up one or multiple levels of entities for acquisition. The specific structure is shown in the figure below: To adopt the indirect acquisition framework, the following factors should be taken into consideration:

境内 SPV Domestic SPV

（二）间接收购，即境内主体搭建境内 外的一层或多层收购平台进行收购 具体结构如右图所示： 境内企业采用间接收购架构考量的因 素主要包括： 1、税务筹划

境外 SPV Overseas SPV

境外目标公司 Overseas Target Enterprise

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观点 | OPINION CHINA OFFSHORE

境内企 业 选 择 设 立SP V 间接收 购境 外目标企业的重要考虑因素为节省税 收。 2、融资便利性 境内企业通过设立境外SPV方式，可

核准 / 备案层级

Approval/Record-filing Level • 国家发改委核准 • Approval by NDRC

• 国家发改委备案 • Record-filing with NDRC

1. Tax planning One important factor for domestic enterprises to set up SPVs to indirectly acquire overseas target enterprises is to lower the tax burden.

Conditions

条件

Submission of Documents

Time Schedule

投资主体直接或通过其控制的境 外企业开展的敏感类项目

原则上通过“境外投资管理和服 务网络系统”提交材料。

Projects subject to approval administration shall be sensitive projects carried out by investors either directly or through overseas enterprises under their control.

Sensitive projects implemented by investment entities directly or through overseas enterprises controlled by them

涉及国家秘密或不适宜使用网络 系统的事项，投资主体可以另行 使用纸质材料提交。

核准机关应当在受理项目申请报 告后 20 个工作日内作出是否予 以核准的决定。项目情况复杂或 需要征求有关单位意见的，可以 延长 10 个工作日。

• 投资主体是中央管理企业（含中 央管理金融企业、国务院或国务 院所属机构直接管理的企业）的 项目； • if the investor is an enterprise under the administration of the Central Government (including financing institutions under the administration of the Central Government and enterprises under the direct administration of the State Council or its subordinate organs) • 投资主体是地方企业，且中方投 资额 3 亿美元及以上的项目 • if the investor is a local enterprise but the amount of investment made by the Chinese investor amounts to USD300 million or above

• 省级政府发展改革部门备案 • Record-filing with development and reform authority under the provincial government

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2. Financing convenience Through setting up an overseas SPV, a domestic enterprise can obtain overseas market finance which could facilitate cross-border capital

投资主体是地方企业，且中方投 资额 3 亿美元以下的项目 if the investor is a local enterprise and the amount of investment made by the Chinese investor is less than USD300 million.

Company Formation and Funds Guide

提交材料

The NDRC shall develop a Management and Service Network System for Outbound Investment.

Where certain matters are in connection with state secrets or it is inappropriate to handle such matters through the Network System, investors may submit separate paper materials for such matters.

时间表

Approval authorities shall, within 20 working days of acceptance of the application reports provided for projects, decide whether to approve them or not.

If any project is complicated or it is necessary to solicit opinions from related departments, the time limits of approval may be extended up to ten working days 备案机关在受理项目备案表之日 起 7 个工作日内向投资主体出具 备案通知书。 Record-filing authorities shall, within seven working days of acceptance of record-filing forms provided for projects, issue record-filing notices to investors.

观点 | OPINION CHINA OFFSHORE

以获得境外市场融资，便于实现资金 跨境流动和充足的并购资金。 3、灵活的退出机制 多层的收购结构也便于收购方未来灵 活出售资产，进行资产的重组。 三、海外并购审批程序 企 业无 论 选 择 何 种并购模式 或 者架 构，均需要获得商委和发改委等部门 审批。就境内企业海外投资而言，发改 委和商务部门的主要核准或者备案程 序具体如下所述。 1、发改委核准或备案 根据发改委发布的现行有效的《企业 境外投资管理办法》规定，投资主体 开展境外投资，应当完成境外投资项 目的核准或者备案手续，具体如左表 所示：

flows and provide sufficient funds for mergers and acquisitions.

3. Flexible exit mechanism A multi-tiered acquisition structure also makes it convenient for the acquiring enterprise to sell assets and conduct reorganization in the future.

III. The Examination and Approval Process for Overseas merger and acquisition Regardless of which acquisition model or framework an enterprise chooses, they have to obtain approvals from relevant authorities such as the Ministry of Commerce and the National Development and Reform Commission (NDRC). As for domestic

enterprises'overseas investment, the main approval and record-filing procedures with the NDRC and relevant commercial departments are as follows.

1. Approval and Record-filing procedures with the NDRC According to the current Administrative Measures for Overseas Investment of Enterprises issued by the NDRC, an investor shall, during overseas investment, go through the formalities for the approval or recordfiling of an overseas investment project, the details of which are shown in the table left: 2. Approval or Record-filing by the

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观点 | OPINION CHINA OFFSHORE

Approval/Record-filing Level

核准 / 备案层级

Conditions

条件

Submission of Documents

提交材料

Time Schedule

• 商务部核准或者省级商务主管部 门受理并报商务部核准

企业境外投资涉及敏感国家和地 区、敏感行业

商务部和省级商务主管部门通过 “境外投资管理系统”对企业境 外投资进行管理。

商务部应当在受理中央企业核准 申请后 20 个工作日内作出是否 予以核准的决定。

• Approval by the Ministry of Commerce or the provincial department in charge of commerce shall preliminarily review, and submit preliminary review opinions and all application materials to the Ministry of Commerce

Where the outbound investment carried out by an enterprise involves sensitive countries and regions and sensitive industries, verification management shall be implemented.

The Ministry of Commerce and the provincial departments in charge of commerce shall manage the outbound investments of enterprises through“outbound investment management

The Ministry of Commerce shall decide whether to approve the application of a central enterprise within 20 working days .

system”.

具体材料清单可见链接： http://jwtz.mofcom.gov.cn/ For the specific checklist of materials, please see: http://jwtz. mofcom.gov.cn/

• 商务部备案

中央企业境外投资

• Record-filing with Ministry of Commerce

Enterprises’overseas investment managed by the Central Government

• 省级商务主管部门备案

地方企业境外投资

• Record-filing with commercial authorities at the provincial level

Local enterprises’overseas investment

2、商务部核准或备案 根 据 现 行 有 效 的《境 外 投 资 管 理 办 法》规定，商务部门对境内企业的境外 投资以备案为主，核准为辅。 四、结语 在中国企业锁定海外标的之后，首先 应根据标的情况选择股权收购或者资 产收购的模式，进而在考量融资要求、 监管审批程序、交易成本等因素后， 采取符合自身实际情况的海外并购方 式，搭建合 理的海外收购结 构，最 终 合理有效地完成交易。

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Ministry of Commerce According to the current Administrative Measures for Overseas Investment， with regards to domestic enterprises'overseas investment, the Ministry of Commerce mainly adopts the record-filing process which is supplemented by an approval process.

IV. Conclusion After a Chinese enterprise locks certain assets overseas, firstly, it shall choose either the stock acquisition

Company Formation and Funds Guide

时间表

省级商务主管部门应当在受理地 方企业核准申请后 15 个工作日 内将初步审查意见和全部申请材 料报送商务部。 The provincial department in charge of commerce shall preliminarily review the application and submit preliminary review opinions and all application materials to the Ministry of Commerce within 15 working days. 商务部或省级商务主管部门应当 3 个工作日内予以备案并颁发《企 业境外投资证书证书》。 the Ministry of Commerce or the provincial department in charge of commerce shall issue the Certificate of Outbound Investment by Enterprises within three working days upon receipt thereof.

or asset acquisition model according to the specific conditions. Then, after taking into consideration the financing requirements, the procedures of supervision and approvals, as well as the transaction costs, it shall adopt an overseas merger and acquisition model based on its own situation, set up a reasonable structure for overseas acquisition, and eventually complete the transaction in a reasonable and effective way.

观点 | OPINION CHINA OFFSHORE

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观点 | OPINION CHINA OFFSHORE

Member Contribution

家族财富管理模式探析和国内家族 办公室发展展望

Exploration into Family Wealth Management Models and Development Prospects for Family Offices in China Huaitao Wong & Limhay

I

Huaitao Wong 王怀涛 IBK金融集团管理合伙人，移投行家族办 公室（IBKFO）联合创始人，上海新古律师 事务所主任，上海市律师协会并购重组 研究委员会委员。从事律师工作逾八年， 擅长身份规划，家族财富保护、管理和传 承，家族信托，私人基金会，各类金融产 品相关的法律服务，目前担任上百家境 内外金融机构法律顾问，为国内广大富 有家族提供财产保护和传承服务。 Managing Partner at IBK Financial Group, co-founder of IBKFO, director of Shanghai Thinkoo Law Firm, and member of the Shanghai Bar Association’s Merger, Acquisition and Reorganization Research Committee.

With over eight years of experience as a lawyer, Mr. Wang specializes in identity-planning, family wealth protection, management and inheritance, family trusts, private foundations, and legal services related to various other financial products.

Mr. Wang currently serves as legal counsel for over one hundred financial institutions at home and abroad, and provides wealthy Chinese families with wealth protection and inheritance services.

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Company Formation and Funds Guide

Limhay 林海 移投行家族办公室（IBKFO）高级研究员， 上海新古律师事务所律师，华东政法大 学法学硕士，2007年起从事法律工作，业 务领域主要涉及身份规划、私募基金、家 族信托等。为多家金融机构、富有家族提 供基金会、身份规划等财产传承的方案 和服务。 Senior researcher at IBKFO and lawyer at Shanghai Thinkoo Law Firm.

Mr. Limhay holds a Master’s degree in Law from East China University of Political Science and Law, and began to practice law in 2007. He is mainly engaged in fields including identityplanning, private equity funds, and family trusts. Mr. Limhay provides several financial institutions and wealthy families with programs and services related to wealth inheritance, foundations and identity-planning.

. Two major wealth inheritance tools used by Chinese local families Generally speaking, family wealth is inherited through family trusts and foundations. However, because the family trust in its true sense doesn't yet exist in China, and using foundations in China has many disadvantages, most wealthy families adopt a model that combines charitable trusts with foundations.

The foundation has an independent corporate status, but it has no shareholders and it can also exist forever. With the exception of several countries that allow private foundations to exist, generally speaking, foundations are non-profit organizations. In Singapore, for instance, non-profit foundations are classified as public companies limited by guarantee. At present, several virtual currency companies have set up foundations in Singapore.

Charitable trusts are another kind of trust. In fact, any trust designed for charitable purposes is a charitable trust. According to the latest data from official Chinese social organizations'

观点 | OPINION CHINA OFFSHORE

、本土家 族财 富传承两大工 具 一 般而 言，家 族财 富的传承 是通过家族信托和基金会实现的，但 因中国尚未 有 真 正 意 义 上 的 家 族 信 托，利用国内的基金会也存在诸多弊 端，国内的富有家族多采用慈善信托 和基金会相结合的模式。

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websites, there are currently 69 registered charitable trusts. The fund with the largest holdings (RMB 492 million) is "CITIC • He Xiangjian Charitable Foundation 2017 Shunde Community Charitable Trust" with "Midea Holding Co., Ltd." as the trustor.

基金会，具有独立的法人地位，但没有 股 东，亦可以永 续存在。除个别国家 允许私益基金会存在外，一般而言， 基金会是一种非营利组织。以新加坡 为例，非盈利性基金会类别为Public company limited by guarantee（中文 直译公开担保有限公司），目前已有多 家虚拟货币公司在新加坡设立了基金 会。而慈善信托，属于信托的一种。若 信托以慈善为目标，即为慈善信托。根 据中国社会组织官方网站最新数据， 目前已经备案的慈善信托为69只，金 额最大的为“美的控股有限公司”作为 委托人成立的“中信•何享健慈善基金 会2017顺德社区慈善信托”，财产总规 模为4.92亿元。

The establishment of charitable trusts is achieved through the signing of trust deeds and wills. The charitable trust system was born and matured under the Anglo-American legal system. The earliest statutory law was not specific, but because of the jurisprudence and equity methods, the trust system was gradually perfected.

Because the use of the trust system for public charity is understood by various countries, using trusts to carry out public charity is gradually being accepted by more and more countries, and has spread from Britain to the whole world accordingly.

慈善 信 托的建 立 通 过 签 署 信 托 契 约 （Trust deed）和意愿书（will）实现。 慈善信托制度是在英美法系背景下诞 生、成熟的。最早的成文法并不具体， 但是由于有判例制度和衡平法，所以 信托制度得以逐渐完善起来。随着信 托制度用于公益慈善事业被各个国家 所了解，用信托的方式开展公益慈善 逐渐获得更多国家的认可,也使得这种 实践从英国走向了世界。

Nevertheless, significant differences exist between these two tools of wealth inheritance. In terms of their establishment, the foundation is more like an entity which can issue invoices and which enjoys preferential tax treatment, while the charitable trust is a paper document. From the perspective of their supervision mechanisms, charitable trusts have greater flexibility. Regarding professional competence, charitable trusts require more professional investment management skills to better preserve or increase the value of donated assets. From the perspective of their professional capacity, a charitable trust has no corporate capacity, so it cannot

关于财富传承的两大工具，二者相比 又存在明显差异。从成立方式看，基金 会更像是一家实体，可以开具发票，享 受较优惠的税收待遇，而慈善信托却 是一纸文件；从监督机制来看，慈善信 托具 有更大的灵活性；从专业能力来 看，慈善信托须具备较专业的投资管 理能力，能较好地实现捐赠财产的保

own properties by itself or bear corresponding responsibilities.

II. The advantages of a dual-track system and its application in China Due to the fact that it is difficult for large amounts of money to leave the country and that some assets (such real estate and stock rights) are exclusive or subject to certain jurisdictions or requirements to demonstrate the most significant relationship, high-net-worth customers and wealthy families in China have to consider using local tools to protect and pass on assets.

At present, foundations and charitable trusts are both optional tools for planning family wealth inheritance.

In practice, foundations have advantages in terms of fundraising from small-sum public funds and the implementation of charitable projects, while charitable trusts have advantages in dealing with large donations from enterprises and high-net-worth individuals, as well

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观点 | OPINION CHINA OFFSHORE

值增值；从主体资格看，慈善信托不具 备法人资格，无法独立拥有财产并承 担责任。 二、双轨制的优势及在国内的运用 因国内的大额资金无法顺利出境或某 些资产（如不动产、股权）的法律管辖 存在专属管辖或最密切联系地，使得 国内的高净值客户和富有家族不得不 考虑使用本土的工具实现资产的保护 和传承。 目前而言，在规划家族财富传承时，基 金会与慈善信托均是可选的工具。特 别在实践中，基金会在小额公众捐赠 资金的募集和慈善项目的实施上具有 优势，而慈善信托在面对诸如企业、高 净值人群的大额捐赠和慈善财产投资 管理、账户管理和信息披露等方面具 备优势。基金会与慈善信托的天然互 补性，使得基金会+慈善信托的双轨制 模式在国内落地，甚至有望成为一种 潮流。 在上述 双轨制的模式下，由家族成员 或家族企业将拟用于公益目的的大部 分资产设立信托，少部分资产设立基 金会，在信托层面进行保值增值，收益 根据公益项目需要捐赠给基金会，作为 公益支出。双轨制具有明显的优势。信 托能更好地管理家族资产，信托收益 捐赠基金会，基金会拥有持续的捐赠 收入， “永续”基金会成为可能。信托 层面设立决策委员会，使企业家或其 家族拥有控制权。而基金会可以开具 免税的发票，两者有机结合，实现财富 传承与公益目的双赢。 上述双轨制模式在实践中也获得了较 好的运用。例如，2017年5月27日成立 的“中信•何享健慈善基金会2017顺德 社区慈善信托”，委托人美的控股有限 公司将4.92亿元的资产委托给广东省 何享健慈善基金会和中信信托有限责

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as in the management of charitable assets, account management, and information disclosure. Foundations and charitable trusts complement each other by their nature, so the dual-track model of foundations and charitable trusts has come into existence in China, where it is even expected to become a trend.

Under the above-mentioned dualtrack system, family members or family enterprises set up trusts with most of the assets intended for charitable purposes. A small number of assets are set up as foundations, and are retained at the level of a trust. The proceeds are donated to the foundation as charityrelated expenditure, according to the demands of the charity program.

Company Formation and Funds Guide

The dual-track system has obvious advantages. Family assets can be better managed through trusts.

Proceeds from trusts are donated to foundations. Accordingly, foundations have continuous income from donations and, in such a way, "sustainable" foundations become possible. A decision-making committee is set up at the trust level to give the entrepreneur or their family control. A foundation can issue taxexempt invoices. By integrating these two approaches, a win-win situation for wealth inheritance and charitable purposes can be created.

The above-mentioned dual-track model can also be applied in practice.

For example, by setting up "CITIC • He Xiangjian Charitable Foundation

观点 | OPINION CHINA OFFSHORE

任公司共同管理。最新数据显示，共有 六只已备案的慈善信托采用了“基金 会+信托公司”双重管理的模式。 三、将双轨制布局在国外 英美法系下的信托财产拥有双重所有 权，而中国的一物一权制下，信托财产 的归属只能模糊处理。在英美法系，非 常明确，委托人将财产交给受托人，就 属于所有权的转移。而在中国的信托 法里，如果所有权转移，那其他人是没 有追索的权利，在立法过程，这点没有 完全被认可。只是笼统地表述为“委托 人把财产权委托给受托人”，没有明确 财产权的转移，这 就为司法留下很大 的不确定性，成为财产保护和传承的 风险敞口。 基 金会 +慈善 信 托的双轨制模式，在 国内现有法律框架下需要经过精心设 计，很容易出现“水土不服”，慈善信 托在2001年《信托法》中就已经明确， 但在实际操作过程中，由于《信托法》 未明 确 规 定 谁是 公 益事业 的 管 理 机 构，以至于没有哪一部门愿意积极 主 动承担此职责，使 双轨制模式在国内 难以真正实现其优势。 对于既有国内资产又有国外资产的家 族来说，采用在岸和离岸相结合的模 式是更好的选择。例如，在2005年，牛 根生承诺捐赠全 部的蒙牛股份，并分 别通过境内和境外两种通道予以捐赠 实现。其中境内主要是每年以25%的 股权比例捐赠给老牛基金会，该项捐 赠已于2010年7月捐赠完毕；境外的股 权捐赠则主要是通过公益信托的方式 来完成。该公益信托于2010年12月28 日宣布设立，主要是通过瑞士信贷信 托公司下设的Hengxin信托来完成。 该项信托的受益方包括老牛基金会在 内的诸多慈善组织，同时还包括牛根 生及其家人等非慈善受益方。该公益 信托在以老牛基金会理事会为主的保

2017 Shunde Community Charitable Trust" on May 27, 2017, the trustor Midea Holding Co., Ltd. entrusted RMB 492 million to Guangdong He Xiangjian Charitable Foundation and CITIC Trust Co., Ltd. for joint management. According to the latest data, a total of six registered charitable trusts have adopted a dualmanagement model of "Foundation + Trust Company".

of 2001. In practice, however, since the Trust Act does not specify clearly who the management institution of charitable undertakings is, no single department is willing to take the initiative to take on this responsibility.

Therefore, the dual-track model cannot fully realize its benefits in China.

Trust properties have dual ownership in the context of the Anglo-American legal system while, in the context of China's "one-property one-right" system, the ownership of trust assets can only be processed in an obscure way. In the Anglo-American legal system, it is very clear that when the trustor entrusts property to the trustee, the ownership is also transferred. In Chinese Trust Law, once the ownership is transferred, then other people are not entitled to any recourse. In the legislative process, however, this is not fully recognized. It is only expressed in a non-specific way: "the trustor entrusts his/her property rights to the trustee". It doesn't define the transfer of property rights, leaving great deal of uncertainty for the judiciary and causing risk exposure for property protection and inheritance.

For families with both domestic assets and foreign assets, adopting a combination of onshore and offshore models is a better choice.

For example, in 2005, Niu Gensheng promised to donate all his shares in Mengniu Dairy Company through Chinese and foreign channels respectively. In China, he donated 25% of his stock rights to the Lao Niu Foundation each year and completed the donation by July 2010. Outside China, his equity donations were mainly made through charitable trusts. The public trust was set up on December 28, 2010 via Hengxin Trust under Credit Suisse Trust. The beneficiaries of the trust include many charitable organizations, including the Lao Niu Foundation, and noncharitable beneficiaries including Niu Gensheng and his family. This charitable trust, under the guidance of the committee of protectors (mainly consisting of the council of the Lao Niu Foundation) carries out charity work through charitable organizations in the list of beneficiaries.

Within China's existing legal framework, the dual-track model of the foundation + charitable trust has to be carefully designed or it tends to appear "un-acclimatized". Charitable trusts were defined in the Trust Act

Therefore, choosing an offshore trust model to establish a charitable trust becomes a better choice for implementing the dual-track model of the foundation + charitable trust.

Firstly, offshore trusts are normally

III. The layout of a dual-track system in foreign countries

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观点 | OPINION CHINA OFFSHORE

护人委员会的指导下，通过资助受益人 清单中的慈善组织来开展慈善工作。 因此，选择离岸信托模式设立慈善信 托，成为实现基金会+慈善信托的双轨 制模式的较好选择。首先，离岸信托一 般 设立于政治稳定、税收优惠的避税 地，像开曼群岛、泽西岛、新加坡和百 慕大 群岛等 等。信 托一旦设 立，所有 权即被转移给受托人，即使委托人将 来破产或负债，这笔财产也不会被拿 去抵债，因为这笔财产已经不属于委 托人所有。即使委托人所在国发生了 严重的商业风险，或遭遇经济危机、 货币贬值、人 身 危险 等不利情 形，其 在海外的信托资产都不会受到影响。 其次，离岸信托可以更好的进行财富 的传承。也有一些家族设立离岸信托 的初衷并不是为了避税，而是为了更 加顺利的把家族财产传承下去，而不 影响到后代的家庭关系，同时还可以 防止未来财产被子女继承后挥霍，影 响家族传承。 四、促进家族办公室在国内发展的原 因 现代意义上的家族办公室出现于19世 纪中叶，一些抓住产业革命机会的大亨 将金融专家、法律专家和财务专家集 合起来，研究如何管理和保护自己家 族的财富和广泛的商业利益。时至当 代，家族办公室在发达国家已蓬勃发 展成集财产保 护、身份配 置、财富管 理、传承规划为一体的庞大综合性服 务机构。 在当前的中国，有以下因素在催动家 族办公室的迅速发展： 1、 从当前国家经济发展看，国家的迅 速崛起，造就了越来越多的富有家族 和高净值人群，根据胡润研究院2017 年度的数据，目前高净值人士在197万 左右，主要集中在北京、上海、深圳、 杭州等地。高净值人群的发展造就了

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set up in politically stable, taxadvantaged offshore financial centers such as the Cayman Islands, Jersey, Singapore and Bermuda. Once the trust is set up, ownership is transferred to the trustee. Even if the trustor is bankrupt or incurs debts, such assets cannot be used to pay the debt because they are no longer owned by the trustor. Even if the client encounters serious commercial risks, an economic crisis, currency devaluation, or personal risks in his home country, his trust assets abroad will not be impacted. Secondly, offshore trusts are a better way for passing on wealth via generational inheritance. The intention of families in setting up offshore trusts is not to avoid taxation, but to pass on the family's assets more smoothly without affecting future generations' family relations, and to prevent family members from squandering assets or affecting the family inheritance.

IV. Reasons to promote the development of family offices in China The family office in the modern sense appeared in the mid-nineteenth century when some magnates seized the opportunity of the Industrial Revolution to gather financial and legal experts to study how to manage and protect their family's wealth and wide commercial interests. In the contemporary era, in developed countries, the family office has already developed into a large comprehensive service institution which integrates property protection, identity allocation, wealth management and inheritance planning.

Company Formation and Funds Guide

In modern China, the following factors are promoting the rapid development of family offices: 1. From the perspective of the national economy's development, the rapid rise of China has created an increasing number of wealthy families and high-net-worth individuals.

According to 2017 data from Hurun Research Institute, at present, there are approximately 1.97 million highnet-worth individuals in China, mainly concentrated in Beijing, Shanghai, Shenzhen and Hangzhou.

The development of high-net-worth individuals has brought about the rapid rise of private equity funds. Data shows that there are now 21,000 supervised private fund managers in China, compared to developed Western countries such as America, where there are now over 3,000 private equity fund managers, and over 2,000 family offices that also serve as private wealth management

观点 | OPINION CHINA OFFSHORE

私募基金的迅速崛起，数据显示，目前 中国有21000多家受监管的私募基金 管理人。对比西方发达国家，目前美国 的私募基金管理人有3000多家，同样 作为私人财富管理机构的家族办公室 有2000多家，而中国的家族办公室不 足100家。 2、 从中国的财富管理规模上看，资管 新规即将出台，此后的资管产品将分 为公募产品和私募产品，意味 着大资 管时代的来临。中国财富管理的规模 有多少呢？私募基金50万亿、公募基 金12万亿、信托20万亿，算上其他资管 计划，总规模超过100万亿，其中蕴含 了大量家族办公室的市场空间。 3、从客户群体来看，很多大的家族实 际上是 上市公司实际控制人、上市公 司前十大股东、被收购公司的股东等， 根据当前中国IPO每年数百家的速度， 综合当前中国股市大约60万亿的资金 规模，反 观美国，其股市约在60万亿 美金，中间相差了六至七倍。按目前的 IPO速度，大概5-10年后中国的股市和 美国规模相当，那时候将会有众多从 上市公司获得收益的大股东、牛散、前 十大股东需要资产的个性化管理，需 要财产的保护和传承，这些也都是家 族办公室的业务。 4、从社会学上看，中国的人口高峰在 1987年，1987年出生的人已满31岁，正 到了财富传承的时间点，这正是家族 办公室要解决的问题。有数据表明，中 国目前的基尼系数在0.73，发达国家大 概在0.15，贫富差距较为严重，一般来 说基尼系数超过0.3国家就需要征收 遗产税，但中国目前还没有，可以预见 不久之后存在较大概率开征遗产税。 此时不光超高净值人群，可以说普通 家庭也势必需求合理避税的工具，保 险、境外信托、身份规划、基金会等都 属于考虑范围，必将促进家族办公室 的发展。

2. Judging from the scale of China's wealth management, new regulations on asset management are around the corner. After that, asset management products will be divided into public offerings and private equity products, which will indicate the arrival of an era of big capital. How large is the scale of Chinese wealth management?

Private equity funds amount to 50 trillion, public funds amount to 12 trillion, and trusts amount to 20 trillion. In addition to other asset management plans, the total scale exceeds 100 trillion, which is a lot of space in the family office market.

speed of several hundred IPOs per year in China, the present capital scale of the Chinese stock market is about RMB 60,000 billion, accounting for only 1/7 to 1/6 of the American stock market, valued at about 60,000 billion dollars. According to the current IPO speed, in 5-10 years, the scale of the Chinese stock market will be equivalent to that of the American stock market. By then, many major shareholders, large retail investors and top ten shareholders who obtain revenue from listed companies will need customized asset management, as well as the protection of their assets for inheritance and other purposes. These all fall under the family office's scope of business.

3. From the perspective of customer groups, many large families are, in fact, the actual controllers of listed companies, top ten shareholders of listed companies, and shareholders of acquired companies. At the current

4. From a sociological point of view, China's population peak was in 1987.

People who were born in 1987 are now 31 years old, reaching the point in time when they inherit wealth. This is exactly the problem which needs to be

institutions. In China, there are less than 100 family offices.

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6、全球化趋势，CRS和FACTA的全球 征税，导致全球的避税格局不得不改 变，影响最大的是哪类人？一定是最有 钱的那类人，这些人就需要马上行动 起来，做出适应和调整，这些就是家族 办公室的业务。

solved by the family office. Data shows that China's current Gini coefficient is 0.73, while developed countries are at 0.15, making the wealth gap huge. Generally speaking, countries with a Gini coefficient higher than 0.3 need to collect inheritance tax, but China has not yet implemented such a tax. It is anticipated that China will probably start to collect inheritance tax in the near future. Now, it is not only ultra-high-net-worth individuals but also ordinary families that need reasonable tax avoidance tools.

Insurance, overseas trusts, identity planning and foundations are all options to be considered, and will surely promote the development of the family office.

an increasingly positive or negative impact on individuals. In China, a deadbeat who is included in the court's blacklist cannot take a plane or high-speed train. It will be hard for him to do business after incurring debt, too. Not long ago, the Zhejiang court introduced new regulations on restricting the driver licenses of such deadbeats. Besides, with the establishment and improvement of personal credit evaluation systems such as Zhima Credit, the cost of breaking the law is higher and higher. It will also drive businessmen to isolate corporate assets from individual or family assets. How to comply with the above is the business of the family office.

7、中国的中产 阶 级 热 衷于 炒房和炒 股，还热衷于买海外保险，这些都是海

5. As China's credit system improves further, personal credit will have

6. As a result of globalization, global taxation under CRS and FACTA

5、随着中国诚信体系进一步完善，个 人征信越来越对个人产生正面或负面 的影响。在中国，如果做一个老赖，被 法院 加入黑 名单，不但飞机、高铁坐 不了，而且很 难再继续开展 后 续的生 意，这是非常无奈的。不久前，浙江法 院出台了限制老赖使用驾照的新规定。 包括芝麻信用等对个人信用评价体系 的建立和完善，违法成本越来越高，这 些也会促使商人将企业资产与个人或 家庭隔离起来，而如何操作，就是家族 办公室的业务。

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Company Formation and Funds Guide

观点 | OPINION CHINA OFFSHORE

外资产配置，但随着财富的增长，会不 会考虑在海外设立基金会和家族信托 呢？从政治学上看，家族信托和私人基 金会是富豪群体与国家的博弈。可以 预见社会发展到一定程度，家族办公 室必不可少。 五、家族办公室的人才凤毛麟角 我们都知道，家族办公室是财富管理 皇冠上的明珠，对专业的要求非常高， 这 就要求专业的人 才。家族办公室的 核心需要用到法律、财 税、资 管的人 才，法律人才负责搭建架构，财税人才 负责减少成本，资管人 才负责增值保 值。其中就 需要 律师、会 计师、税务 师、理财师等专业人士的参与和加入。 通常除了上述人员外，还需要与来自银 行、信 托、基金、资管、券商、保险 等 领域经验丰富的专业人才保持良好沟 通。换句话说，家族办公室不只是需要 人才，更需要贴近市场的源头活水。 而在当前的中国，真正懂家族财富传 承的专业人士并不多，个别先行者也 仅是各自为政，组建小型团队，在极为 有限的范围内开展研究和实践。这样 的研究和实践，很大程度上无异于闭 门造车，死水一潭。 移投行家族办公室采用新型的业态模 式——超联合家族办公室。以此模式 组建一个专门的顾问团来帮助家族筛 选人 才和顾问，这些专业人士分属于 不同的机构，在法律、财税或资管领 域有自己的专长，由家族办公室统筹 纳入特定用户的“最佳匹配团队”，在 互联网、人工智能的大背景下，更能为 用户提供超越传统家族办公室的服务 价值。目前移投行家族办公室已有来 自海内外的专业律师、会计师、理财师 等逾150名资深专家加入，我们期待更 多的资深专家能齐聚一堂，在移投行 平台教学相长，研讨合作，共同进步， 共同推动中国家族办公室的发展！

has led to a change in the global tax avoidance pattern. Who will be influenced most? Definitely, the wealthiest people. These people have to take immediate action and make adjustments. That's also the business of the family office.

7. The middle class in China is keen on investing in real estate and stocks and buying insurance overseas, all of which are considered overseas asset allocations. However, with the increase of wealth, will they consider setting up foundations and family trusts overseas? From a political point of view, family trusts and private foundations are a game between wealthy groups and the state. It is anticipated that when society has developed to a certain degree, family offices will become a must.

V. Rare talents in the field of the family office We all know that the family office is the pearl in the crown of wealth management, and that the professional requirements are high.

This requires qualified, professional talents. The core of the family office is to make full use of legal, financial and asset management talents.

The legal talents are responsible for setting up the structure. The financial and taxation talents are responsible for reducing the costs.

The asset management talents are responsible for assets'value and preservation. This requires the involvement of professionals like lawyers, accountants, tax accountants and financial planners. Besides the above-mentioned personnel, it is

also necessary to maintain sound communication with experienced professionals from the banking, trust, funds, asset management, brokerage, insurance, and other fields. In other words, the family office not only requires talents, but also needs to be close to the source of the market.

At present in China, there are only a small number of professionals who truly understand the inheritance of family wealth. A few forerunners do things separately in their own way with small teams, carrying out research and practices within an extremely limited scope. Such research and practice is, to a large extent, tantamount to making vehicles behind closed doors.

IBKFO has adopted a new business model: The Ultra United Family Office. In this model, a specialized consultant team is established to help families screen talents and consultants. Such professionals belong to different organizations and have their own expertise in the fields of law, taxation or asset management.

Finding the "best matching team", in the context of the Internet and artificial intelligence, can better provide users with service value beyond the traditional family office.

At present, IBKFO has over 150 senior experts at home and abroad, including professional lawyers, accountants and financial planners.

We expect more senior experts to come together at IBKFO, learning from and cooperating with one other, making progress together, and jointly promoting the development of the Chinese family office.

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观点 | OPINION CHINA OFFSHORE

Member Contribution

保险金信托在家族治理中的运用

Application of Insurance Benefit Trust in Family Governance Xu Haibo & Huang Xinxin

保

险金信托基于保险和信托两 个法律关 系设 立，是 指保险 的 被保险人作为委 托人，以 其 所 享 有的 保 险 金 请求 权作为信 托

F

ounded on two legal relationships, i.e insurance and trust, insurance benefit trust means that the insured, as

Haibo Xu 许海波

Xinxin Huang 黄欣欣

许海波律师，北京金诚同达律师事务所 高级合伙人，执业15年。 本科毕业于哈尔 滨工程大学，并获得复旦大学金融学硕 士，主要从事金融合规与诉讼、资产证券 化、家族信托基金及公益信托基金，长期 为国内银行和非银行金融机构、上市公 司高管及其他高净值家庭提供法律顾问 服务。 工作邮箱xuhaibo@jtnfa.com.

黄欣欣律师，毕业于华东政法大学，获得 法学硕士学位，主要从事信托、资产证券 化、私募基金、银行等领域，参与信托金 融创新项目（如保险金信托、股权信托、 慈善信托等）以及单一信托、集合资金信 托、财产权信托、事务管理类信托等法律 服务项目，参与ABS、ABN、RMBS等多个 资产证券化项目。

Xu Haibo is a senior partner at Beijing Jincheng Tongda & Neal Law Firm, and has been a practicing lawyer for 15 years. He graduated from Harbin Engineering University with a Bachelor’s degree and from Fudan University with a Master’s degree in Finance. Mr. Xu now specializes in financial compliance and litigation, asset securitization, family trust foundations and charitable trust foundations, having provided legal consultancy services to domestic banks and non-banking financial institutions, senior managers of listed companies and other high net-worth families for a long period of time.

Work email: xuhaibo@jtnfa.com.

Lawyer Huang Xinxin graduated from East China University of Political Science and Law with a Master's degree in law, and is mainly engaged in trusts, asset securitization, private equity, and banking. She has been involved in financial innovation projects for trusts (including insurance trusts, stock right trusts, and charitable trusts), and has provided legal services such as single trusts, collective fund trusts, property right trusts, and transaction management trusts. She has also played a role in several asset securitization projects for ABS, ABN, RMBS, and others.

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the trustor, establishes a property right trust by taking his right to insurance claim as the trust property and delivers trust property by designating a trust company as the insurance beneficiary or changing the designation. The special account for trust is used as the account for return on insurance benefits. When the conditions for the payment of insurance benefits are met, the trust company as the insurance beneficiary shall file an application on collecting insurance benefits with the insurance company, administer the application of the trust property, and distribute the profits of trust to the beneficiaries of the trust according to the agreements specified in the trust contract as well as the will of the trustor.

I. The function and effect of insurance benefit trust Combining the insurance system and the trust system and integrating the advantages of both, insurance benefit trust has gradually become an important way for high net worth individuals to pass on wealth. It mainly has the following functions: 1. Use the leverage of insurance to lower down the threshold of the family

观点 | OPINION CHINA OFFSHORE

财产，设 立财产权信 托，委 托人 通 过 指定或变更信托公司为保险受益人， 完成信托财产交付，信托专户作为保 险金收益账户，在达到保险金给付条 件时，信托公司作为保险受益人向保 险公司请求领取保险金，并按照信托 合同的约定，根 据委 托人的意愿，管 理运用信托财产，并将 信托利益分配 给信托受益人。本文结合实务中的创 新安排和操作，讨论保险金信托在家 族治理中的运用。 一、保险金信托的功能和作用 保 险 金 信 托 将 保 险 和 信 托 制度相结 合，融合两者的优势，逐步成为高净值 人群财富传承的重要方式，主要具有 以下的功能。 1、利用保 险 的 杠 杆 功 能，降 低 家 族 信托的门槛。家族信托的设立门槛较 高，通常在千万甚至上亿，受众有限，

trust. The threshold to establish family trust is generally too high and target only at millionaires and billionaires, mostly high net worth families. The leverage of insurance is highlighted especially in life insurance. In the insurance benefit trust, the insured only needs to pay several hundreds of thousands yuan (RMB) each year. When the insurance accident happens, the insurance benefit flowing into the trust is several times as more as the paid insurance premium. The leverage of insurance is used to lower down the threshold of the family trust.

2. It is conducive to the wealth inheritance in accordance with the will of the trustors. The use of insurance as wealth inheritance lacks long-term planning and effective

encouragement mechanism. For instance, in life insurance products, when claim settlement happens, the insurance beneficiary often obtains high insurance benefit once and for all, resulting in the risk that the insurance beneficiary may squander wantonly or the property cannot be effectively managed. In insurance benefit trust, the insurance benefit flows into the trust and managed by the trust company.

It is good for the maintenance and appreciation of wealth value.

At the same time, individualized trust benefit distribution schemes (such as education, medical treatment, marriage, childbirth and entrepreneurship) can also guarantee the living conditions of children and stimulate children to rise in great vigor.

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Trust Home and Abroad issued by General Office of the China Insurance Regulatory Commission): 1. Trust-driven insurance model in America: the trustor establishes the fund trust first, which makes the trust company as the insured and insurance beneficiaries and uses the trust capital to cover premium payment. All insurance benefits are transferred to the trust company.

多为超高净值家庭。保险具有杠杆作 用，这点在人 寿 保险中尤为突出，保 险金信托中，投保人仅需缴 纳每年几 十万的保费，当发生保险事故时，进入 信托的保险金是缴纳保费的数倍，利 用保险的杠杆作用，降低家族信托的 门槛。 2、有利于按委托人的意愿实现财产传 承。保险作为财富传承方式缺乏长期 规划和有效的激励机制，如人寿保险 产品中，当发生理赔时，保险受益人通 常会 一次性获得高额的保险金，这存 在保险受益人挥霍财产或财产难以得 到有效管理的风险。保险金信托中，高 额的保险金 进入信托，信托公司对信 托财产进行管理，有利于实现财富的 增值保值，同时，可通过个性化的信托 利益分配方案（如教育、医疗、婚配、 生育、创业等），既为子女的生活提供 保障，也激励子女奋发图强。 3、降低保险产品的道德风险。人寿保 险以被保险人的死亡作为给付条件， 这隐含了相关利益人为高额保险金而

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3. Reduce the moral risk of insurance products. Life insurance takes the death of the insured as the precondition for payment. It implies the moral risk and conflict of interest that relevant beneficiaries may impair the insured to get insurance benefits.

In the insurance trust, the insurance benefits flowing into trust will be distributed to beneficiaries according to the trust deeds instead of being paid to the insurance beneficiaries directly. It can effectively reduce moral risks.

II. Main models of insurance benefit trust (I) Main models of foreign insurance benefit trust The insurance benefit trust is quite mature in America, Japan and Taiwan, China. The main models are as follows (refer to the Practices and Enlightenments of Insurance Benefit

Company Formation and Funds Guide

2. Insurance-driven trust model in Taiwan: the insurance contract is concluded first. The insurance beneficiary, as the trustor, signs a trust contract by taking the insurance benefit as the trust property.

3. Simplified insurance-driven trust model in Japan: the insurance contract is concluded first. The trust contract is concluded by taking the right to insurance claim as the trust property. The beneficiary of the insurance is changed to the trustee to realize the transfer of the right to insurance claim.

(II) Main models of insurance benefit trust in China Currently in China, the main insurance benefit trusts adopt Japanese models. The insured, as the trustor, establishes a property right trust by taking his/her right to insurance claim as the trust property and delivers trust property by designating a trust company as insurance beneficiary or changing the designation. When the conditions for the payment of insurance benefits are met, the trust company as the

观点 | OPINION CHINA OFFSHORE

伤 害 被保 险 人 的 道德 风 险 和 利益冲 突。保险金信 托中，保险金 进入信 托 后，信托公司按照信托文件分配给信 托受益人，避免保险金支付给保险受 益人，能有效降低道德风险。 二、保险金信托的主要模式 （一）国外保险金信托的主要模式 保险金信托在美国、日本以及我国的 台湾地区发展较为成熟，其主要模式 如下（参考中国保监会办公厅《保险金 信托的境内外实践及启示》）： 1. 美国的信托驱动保险模式：即信托 委托人先设立资金信托，信托公司根 据委托人的要求，以信托公司作为投 保人和保险受益人，以信托资金支付 保险费用，保险权益完全转让给信托 公司。 2. 台湾的保险带动信托模式：先签订 保险合同，再由保险受益人作为委托 人，以保险金作为信托财产签订信托 合同。 3. 日本的简化型保险带动信托模式： 先签订保险合同，以保险金 请求权作 为信托财产订立信托合同，并将 保单 受益人变更为信托受托人，实现保险 金请求权的转移。

insurance beneficiary shall file an application on collecting insurance benefits with the insurance company, administer the application of trust property, and manage, operate and distribute the trust property according to the agreements specified in trust contract. A few insurance benefit trusts adopt the American model.

According to the concluding sequence of the insurance contract and trust contract as well as ways to deliver the claim to insurance benefit as trust property, there are two types of Chinese insurance benefit trusts now. The first one targets at the existing insurance products. That is, the insured has already purchased insurance products and initial insurance beneficiary is not the trust company. The insured delivers the trust property by re-designating the trust company as the insurance beneficiary. The second targets at

the new insurance products. In such case, the insurance contract and trust contract are concluded at the same time. Whiling signing insurance contract, the insured delivers the trust property by designating the trust company as the insurance beneficiary.

III. Analysis of core legal issues of insurance benefit trust 1. On the selection of insurance.

According to the trust law, definite trust property is a precondition to set up trust. As to the selection of insurance products, whole life insurance products and annuity products are prepared. Generally, whole life insurance products pay death benefits to the insurance beneficiary when the insured dies, while the annuity products take the existence of the insured as a condition for payment and agree to pay living benefits to the insurance beneficiary.

（二）我国保险金信托的主要模式 目前我国市场上运行的保险金模式主 要采取日本 模式，即被保险人作为委 托人以保险请求权作为信托财产设立 财产权信托，通过指定或变更信托公 司为保 险受 益 人 的 方 式 交付信 托 财 产，在达到保险金给付条件时，信托公 司作为保险受益人向保险公司请求领 取保险金，并按照信托合同的约定管 理、运用、分配信托财产。还有少部分 采取美国的模式。 我国保险金信托中，根据保险合同和

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观点 | OPINION CHINA OFFSHORE

信托合同成立时间的顺序，以及保险 金 请求作为信 托 财产的交付 方 式 不 同，目前市场上主要有以下两种方式： 一是对于存量的保险产品，即投保人 已经购买了保险产品，初始的保险受 益人并非信托公司，投保人通过变更 信托公司作为保险受益人的方式完成 信托财产的交付。二是对于新增的保 险产品，即保险合同和信托合同同时 签订，投保人在签订保险合同时，通过 指定信托公司作为保险受益人的方式 完成信托财产的交付。 三、保险金信托核心法律问题分析 1. 关于保险种类的选择。根据信托法 的规定，设立信托，必须具有确定的信 托财产。在保险产品的选择上，一般选 择终身寿产品和年金产品。终身寿产 品通常约定在被保险人死亡时向保险 受益人给付身故保险金，年金产品通 常约定以被保险人的生存为给付保险 金的条件，并在约定的时间内向保险 受益人给付生存保险金，因为终身寿 产品保险事故的发生具 有必然性，年 金产品因其给付条件和时间确定，两 者满足了信托财产确定性的要求。

The former features the inevitability of insurance accident while the latter has the definite payment conditions and time. Both of them meet the requirements of trust property for definiteness.

2. On the selection of the trust property and trustor. If the insurance beneficiary is designated as the trustor who takes his/her insurance benefits as the trust property to set up fund trust, when the insurance accident happens, his/her children as the insurance beneficiaries can terminate or change the trust in advance, thus departing from the purpose of the insured. I think the more rational way is to take the right to insurance claim as the trust property. To make it convenient for operation, in insurance benefit trust, the insurance applicant, the insured and trustor of trust can be the same person. After the trustor designates

2. 关于信托财产和委托人的选择。若 以保险受益人作为委托人，以其领取 的保险金作为信托财产，设立资金信 托，在发生保险事故后，子女作为保险 受益人，可基于其信托委托人的地位 提前终止信托或变更信托内容，导致 投保人的目的难以实现。笔者认为，信 托财产为被保险人享有的保险金请求 权较为合理，同时，为方便操作，在保 险金信托中，可将投保人、被保险人和 信托的委托人设定为同一人，在委托 人通过指定或变更保险受益人为信托 公司之 后，在合同中约定，委 托人 放 弃再次变更保险受益人的权利，若发 生委托人再次变更保险受益人的情形

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or changes the trust company as the insurance beneficiary, the trustor gives up the right to re-designate insurance beneficiary by contract. If the trustor changes the insurance beneficiary again, the trust contract will be terminated.

3. On the scope of trust property.

According to laws and regulations or the contract, in case of the following circumstance, the insurance company needs to return the cash value or insurance premiums to the insured.

For instance, the insurance accident happens but doesn't satisfy the conditions for payment; the insurance applicant reduces the insurance amount; the insurance applicant fails to pay the premiums on time, causing the suspension of the effect of insurance contract, and fails to recover the effect of agreement at the agreed time; the insurance applicant provides false information. The trust property of the insurance benefit trust is the right to insurance claim, so the cash value or insurance premiums refunded or returned by the insurance company are not included in the right to insurance claim. Therefore, it is necessary to define the scope of the trust property and the ownership of cash value or insurance premiums refunded or returned by the insurance company in the trust contract.

4. The impact of the termination of insurance contract on the trust. In the insurance benefit trust in which the right to insurance claim is the trust property, the termination to the insurance contract will directly result

观点 | OPINION CHINA OFFSHORE

的，将导致信托合同终止。 3. 关于信托财产的范围。根据法律法 规或合同约定，一般发生下列情形的， 保险公司需向投保人返还现金价值或 退还保险费，具体如：发生保险事故不 符合理赔条件，投保人降低保险金额， 投保人未按时缴纳保费导致保险合同 效力中止，且在约定时间内未达成复 效协议，投保人提供虚假信息等情形。 由于保险金信托的信托财产是保险金 请求权，保险公司返还的现金价值或 退还的保险费并不属于保险金请求权 的范围，必须在信托合同中明确信托 财产的范围和保险公司返还的现金价 值及退还的保费的权属问题。 4. 保险合同解除对信托的影响。保险 金信托中，信托财产为保险金请求权， 若保险合同解除，则直接导致信托财 产的灭失。对于投保人在犹豫期内的 法定解除权，在信托文件中，可将保险 合同已生效且投保人在犹豫期内未解 除保险合同，作为信托成立的前提条 件。对于保险人的解除权，如投保人 未履行如实的告知义务、骗保、未按期 缴纳保费等导致保险人解除保险合同 的，在信托文件中，可明确委托人相关 承诺和保证义务，同时，可将保险合同 解除作为信托终止的情形之一。 5. 在信 托 存 续期限较长的保险金信 托中，可以通 过设立信托保护人 来监 督受托人，确保受托人按照委托人的 意愿管理信托，维护信托受益人的权 益。尽管目前我国法律没有针对私益 信托规定信托保护人制度，但根据私 法自治的原则，委托人可以在信托合同 中约定信 托保 护人，可由委托人 指定 其他具有完全民事行为能力的亲属或 法律财务等领域专业人士作为信托保 护人，授予保护人 监督信托财产管理 和运用的权利。

in the loss of trust property. As to the insurance applicant's legal right to terminate insurance contract during the cooling-off period, it can be stipulated in the trust deed as a precondition to set up trust that the insurance applicant doesn't terminate the effective insurance contract during the cooling-off period.

As to the insurance company's right to terminate insurance contract in case, among that, the insurance applicant fails to fulfill the duty of disclosure, commits insurance fraud and fails to pay the insurance premium on time, the relevant promises and warranty obligations of the trustor shall be defined in the trust deed, which can also define the termination to insurance contract as one of circumstances to terminate the trust.

5. In the insurance benefit trust with long duration, a trust protector can be designated to supervise the trustee, make sure that the trustee manages the trust according to the will of the trustor, and maintain the interests of the trust beneficiaries. There are no prevailing legal regulations on the trust protector mechanism of private benefit trust in China, but based on the principles of the autonomy of private laws, the trustor can designate another relative with full capacity for civil conduct or professionals in legal and financial fields as the trust protector in the trust contract and authorize such a protector to supervise the management and application of trust property.

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观点 | OPINION CHINA OFFSHORE

Member Contribution

中国企业家境外公司架构搭建与处理中的 家事风险防范

Avoiding Family Affairs-Related Risks in the Construction and Processing of Chinese Entrepreneurs'Overseas Enterprises Gao Mingyue & Gao Jie

在

中国富豪资产全球化配置的 风 潮 下，股权作为承 载 财 富 的主要载体，中国企业 家 在 境外（特别是离岸地）搭建复杂公司架 构安排家族资产早已成为一种趋势，

W

ithin the trend of wealthy Chinese's globalized asset allocation, stock rights have become a main carrier of wealth.

Chinese entrepreneurs constructing

Gao Mingyue 高明月

高明月律师，观韬中茂（上海）律师事务 所合伙人，高明月律师常年致力于家事 法、公司法、慈善法等法律业务，在家族 财富保护与传承领域具有丰富的理论和 实践经验。高明月律师同时担任多家银 行、保险、信托公司法律顾问，常年为机 构高净值客户提供家族财富保护与传承 的系统解决方案。 Gao Mingyue, a lawyer and partner at Guantao Law Firm Shanghai Office, has been devoted to legal affairs in the field of family law, corporate law, and charity law for many years, having accumulated a wealth of theoretical and practical experience in family wealth protection and inheritance. Mr. Gao also concurrently serves as legal counsel to several banks, insurance companies and trust companies, providing institutions and high net worth customers with systematic solutions for protecting and passing on family wealth through generations.

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Company Formation and Funds Guide

Gao Jie 高洁

高洁为北京观韬中茂（上海）律师事务所 专职律师，专注跨境私人财富管理及争 议解决研究，从事跨境家事、跨境继承争 议解决及诉讼；跨境婚前财产规划、股权 架构设计及代持规划、离岸信托设立及 诉讼等法律服务。 As a full-time lawyer at Guantao Law Firm Shanghai Office, Gao Jie focuseson cross-bor¬der private wealth management and disputes resolution research. She is also engaged in disputes resolution and litigation related to cross-border family affairs and cross-border inheritance, as well as legal services such as crossborder premarital property planning, shareholding structure design, trust holding plans, and offshore trust establishment.

complex corporate structures overseas (especially in offshore locations) is a long-established trend, but the difference between Chinese and foreign family laws and the complexity of the jurisdiction and application of laws in family disputes may result in entrepreneurs being hit hard by family-related risks, in spite of having attempted to create impregnable business empires.

Therefore, isolating family assets from family disputes, guaranteeing the continuous inheritance of family assets, and avoiding family affairs-related risks has become extraordinarily important.

I. The Supreme Court of the UK piercing a multi-tiered enterprise structure in a divorce case (I) Case background Mr. H ("Husband") and Mrs. M ("Wife") have been married for many years and have four children. During a divorce dispute, the British court granted custody of the four children to the Wife and required the Husband to pay a huge amount of child support and alimony to the Wife. After the judgment was effected, the Husband refused to pay the alimony. The Wife filed an ancillary relief suit in a

观点 | OPINION CHINA OFFSHORE

但中国与境外家事法的差异及在家事 纠纷中出现的管辖及法律适用的复杂 性，使 企业家固若金汤的商业帝国因 遭遇家事风险接连遭到重创，隔离家 族资产与家事纠纷，保障世代基业 永 续传承，规避家事风险尤为重要。 一、英最高法院在家事案件中击穿多层 公司架构 （一）案件背景 H先生（“男方”）与M女士（“女方”） 结婚数十年，育有四名子女，在离婚纠 纷中，英国法院判决四名子女抚养权 归女方，男方需支付女方巨额子女抚养 费及女方赡养费，判决生效后，男方拒 不执行，女方向法院提起离婚纠纷中 附属救济诉 讼。男方为一家集团公司 的实际控制人，该集团公司持有价值 不菲的七栋房产：

divorce dispute with the court. The Husband is the actual controller of a group company with seven high-value properties: The Supreme Court of the UK granted that the Husband was the beneficial controller of such a structure and ordered the company to transfer the real estates into the Wife's name, thereby offsetting the huge amount of alimony and childcare support that the Husband had refused to pay.

(II) Lawyers'analysis Within the written judgement of over 40 pages issued by the Supreme Court, seven judges cited the reasons why they "piercing the veil

of the company", and dismantled the company structure. They identified the company's real estates as the actual controller's personal assets: "This is not just a matter of piercing the veil of the company. It is the Husband who is the beneficial controller of the company. The company is only holding the seven properties on trust for the Husband."

The reasons for the above-mentioned conclusions are as follows: 1. The Husband's personal capital flow is mixed up with the capital flow of the company.

2. The Husband can discretionarily handle the company's properties. The properties and assets of the company are equivalent to the belongings of the Husband.

3. The exclusive actual controller of the company is the Husband. There are no other shareholders. All profits of the company are controlled by the Husband directly and indirectly.

This is a domestic case within the Common Law System. The judges used their discretionary power to dismantle the complex corporate structure, and directly identified the properties controlled by the corporate structure as personal properties of the actual controller.

II. The freezing of all relevant equity interests belonging to the controller of a Hong Kong listed company in BVI and Hong Kong (I) Case background The actual controller ("Husband") of a Hong Kong listed company and his spouse ("Wife") have been married for many years. During the marriage,

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观点 | OPINION CHINA OFFSHORE

英国最高院最终判定，男方为该架构 的实益控制人，命令持有该七栋房产 的公司直接将房产过户到女方名下，以 抵偿男方拒绝支付的巨额赡养费与抚 养费。 （二）律师分析 在最高院四十几页的判决书中，7位大 法官旁征博引论 述了为何“揭开公司 面纱”且将该公司架构击穿，把公司名 下的房产认定为实际控制人的个人财 产偿还个人债务： “不仅仅是揭开公司 面纱，而是男方为公司的实益控制人， 公司只是代（on trust for）男方持有该 七栋房产” 得出上述结论的理由如下： 1、男方个人资金流水与公司资金流水 混同。 2、男方对公司财产随意支配，公司所 有财、物就等同于男方的财产。 3、整个公司架构的控制人实际仅为男 方一人，没有其他股东，公司产生的所 有收益，直接间接都被男方控制。 该 案 例 是在 英 美 法 系下的 家 事 案 件 中，大法官运用自由裁量权击破复杂的 公司架构，直接认定公司架构所控制 的财产为实际控制人个人财产。 二、香港上市公司实际控制人BVI及香 港所有涉案股权权益被冻结 （一）案件背景 某 香 港 上 市 公 司 实 际 控 制 人（“男 方”）与配偶（“女方”）结婚多年，在 婚姻存续期间，男方私自低价处分了其 持有的上市公司所有股权，律师协助 女方在中国某市法院、东加勒比最高 法院BVI高等法院与香港高等法院提 起了相关诉 讼及申请 诉前冻结令、披 露令及审查令。 最终，两个法院分别发出了三个法令： 1、冻结令 禁止男方及相关公司转让、处分本案系

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the Husband privately disposed of all of the shares of the listed company at low prices. The lawyer helped the Wife initiate legal proceedings and apply for the freezing order, the disclosing order and the investigating order before litigation with the court in a certain city in China, the Eastern Caribbean Supreme Court, the BVI High Court, and the Hong Kong High Court.

Finally, two courts issued three orders respectively: 1. Injunction order This prohibits the Husband and relevant companies from transferring and disposing of the stock rights in question, and all other interests such as dividends and income related to the stock rights in question. It freezes all bank accounts belonging to the Husband and relevant companies in Hong Kong; 2. Disclosure order

Company Formation and Funds Guide

The Husband is required to disclose all information related to the stock rights in question, including dividends and any changes to relevant interests, and to update the court and his spouse with such information.

3. Inspection order If the Wife deems the abovementioned information disclosed by the Husband to be incomplete or untrue, she may file an application with the court to investigate relevant assets belonging to the Husband.

(II) Lawyers'analysis Unlike in the first case, the judges of the Eastern Caribbean Supreme Court in the High Court of Justice Virgin Island issued the Injunction order before litigation, and then consulted the legal opinions of by Chinese lawyers: Firstly, according to the provisions of the Marriage Law and the judicial

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争股权，禁止男方及相关公司转让、处 分与本案系争股权相关的分红、收入 等其他权益；冻结相关公司及男方在 香港的一切银行账户； 2、披露令 男方需要披露与系争股权相关的一切 信息，包括分红及相关权益变动，并及 时更新至法院及配偶； 3、审查令 女 方若 认 为男方以 上信息 披 露 的 不 全、不实等，可向法院申请审查男方相 关财产状况。 （二）律师分析 与第一个案例不同的是，东加勒比最 高法院BV I高等法院的法官发出诉前 冻结令考虑并参照了中国律师出的法 律意见书： 首先根据婚姻法及其相关司法解释二 及三的规定，如无特别约定，夫妻 一 方在婚姻关系存续期间所获得的财产 （含投资性权益及其增值）为夫妻共 同财产，本案中男方处分的财产为夫 妻共同财产。这也是有别于英美法系下 “夫妻分别财产制度”的中国“夫妻共 同财产制度”。

explanations numbered II and III, unless special agreements are reached, items of property (including investment interests and their added value) acquired by a husband and wife during the period in which they are under the contract of marriage are the common property of the husband and wife. Therefore, the assets disposed of by the Husband in this case are the couple's common property. The Chinese system of "couples'common property" is different from the system of "couples'separately-owned property" within the Common Law System.

Secondly, according to the provisions of the Marriage Law and judicial explanation number I, both the husband and the wife have equal rights over the couple's common property. As for the disposal of major assets, the husband and the wife shall reach an agreement through

consultation on the basis of equality, but in this case, the Husband didn't obtain consent from the Wife and didn't inform the Wife of the assets' disposal.

According to relevant regulations in the Property Law, the Opinions on Several Issues concerning the Implementation of the General Principles of the Civil Law and the Contract Law, malicious acts by a Husband such as disposing of the jointly-owned assets violate the property rights and interests of the Wife, and should therefore be considered invalid.

In this case, the UK court and the Hong Kong court referred to Chinese law and froze all the Husband's stock rights overseas.

III. Chinese court invalidates the endowment of the shareholders of

其次根据婚姻法及其相关司法解释一 的规定，夫妻任何一方对于夫妻共同 财产具 有平等的处理权，对于重大资 产的处理，夫妻双方应当平等协商，取 得一致意见，但男方未征得女方同意 且未告知。 最后根据《物权法》、《民通意见》及 《合同法》的相关规定，男方恶意擅自 处分夫妻共同财产的行为侵犯了女方 的财产权益，应属无效行为。 该案例为英国法院及香港法院参照中 国的法律冻结了男方在境外的所有股 权权益。 三、中国法院判决美国上市公司持股人 股权赠与无效

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（一）案件背景 美国上市公司持股人（“男方”）与配 偶（“女方”）结婚多年后处于离婚纠 纷之中，两人就财产分割还没有商议一 致，女方就发现男方已经将其 名下的 美国上市公司股权赠与给其胞弟，女方 随在国内提起了股权赠与无效纠纷， 最高院及某地方高院经过对管辖权和 案件事实的审理，发出股权赠与无效 的判决。 （二）律师分析 中国法院直接依据中国的法律判决中 国籍人士在境外赠与上市公司股权无 效，法律依据参照上文案例二中的法 律意见书分析 部分。这涉外家法审判 实践中无疑是一个重大的突破，对企 业家在海外处置股权敲响警钟，即使 处分境外的股权，如果为不当处分，在 家事案件中有可能被中国法院认定为 无效行为。 四、中国企业家跨境家事风险规避 企业家往往关注于企业的商业运作， 忽视身边潜在的家事风险，运筹帷幄 的商业奇才 如果 遭 遇 上 述 案 例因家 事纠纷使苦心经营的商业帝国遭受重 创，令人扼腕，如能在跨境资本运作过 程中重 视家事风险，方可做 到早日预 防、尽量规避、从容应对。

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an American listed company (I) Case background After years of marriage, the shareholder of an ("Husband") and his spouse ("Wife") are involved in a divorce dispute. Before the two parties have reached an agreement on the division of property, the Wife discovered that the Husband had already endowed the stock rights of the American listed company that he held to his brother. The Wife initiated legal proceedings with the intention to invalidate such an endowment of stock rights. The Supreme Court and a local high court reviewed the case and, based on the jurisdiction and the case facts, made a judgment that the endowment of the stock rights was invalid.

(II) Lawyers'analysis The Chinese court directly made a judgment that the Chinese citizen's endowment of the stock rights of the listed company was invalid according to Chinese laws. For the legal basis of this judgment, refer to the analysis and legal opinion in Case II above. It was no doubt a significant breakthrough

Company Formation and Funds Guide

within the judicial practice of family dispute cases involving foreign interests, and it also sounded an alarm to entrepreneurs disposing of their stock rights overseas. Even if they dispose of stock rights overseas, any improper disposal may be judged by the Chinese court as being invalid in domestic cases.

IV. Risk avoidance for Chinese entrepreneurs in cross-border domestic disputes Entrepreneurs often focus on the commercial operations of their business and ignore potential domestic risks. It is extremely regrettable when a strategic business genius who builds an impregnable business empire suffers major losses due to family affairs-related risks such as the above-mentioned cases.

If enough importance is attached to these risks during cross-border capital operations, appropriate measures for risk prevention and avoidance can be planned as early as possible to enable entrepreneurs to deal with the risk calmly.

(I) Using agreements to avoid

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（一）家事风险规避之协议控制 较之信托、基金会等复杂的操作，协议 是成本相对较低，操作相对简单的防 范家事风险法律手段 1、跨境婚前协议与婚内协议的订立 婚前协议可以很好的突破中国的“夫 妻共同财产制度”，在企业家结婚之初 就用协议的方式约定了双方各项财产 的归属，如果双方约定企业家名下的 股权权 益归企业家一人 所有，股权会 作为企业家的个人财产，无论是上市、 做信托还是转让，都将企业家名下公 司股权权益隔离在家事风险之外。婚 内财产协议为企业家没有订立婚前协 议，在结婚之后定立的关于双方财产 归属的协议，与婚前协议有异曲同工 之妙。 跨境婚前及婚内协议之跨境有效性， 优势在于使企业家财产所及之管辖区 域都保持有效，使企业家能对全球范 围内的财产做有效处理与安排。 2、配偶同意函 如果双方对全部财产的安排达不成一 致意见，那么在处分自己名下股权时， 最好让配偶针对此单项处分行为出具

family affairs-related risks Compared with complicated operations like trusts and foundations, formal agreements are a legal method of avoiding domestic risks at a lower cost, and with relatively simple procedures.

1. Cross-border prenuptial agreements and marital agreements Prenuptial agreements can be a positive breakthrough within the "couples'common property" legal system. Entrepreneurs can reach an agreement on the ownership of both parties'assets with their spouses in advance. If the two parties agree that the stock rights and interests of the entrepreneur are in his exclusive possession, these stock rights shall be deemed the personal properties of the entrepreneur. Whether it is a listing, a trust, or a transfer, the stock rights of the entrepreneur's company shall be isolated from domestic risks. If no prenuptial agreement is reached, the entrepreneur may sign

a marriage agreement with his/her spouse to define the ownership of both parties'assets. This can achieve the same results as a prenuptial agreement.

Cross-border prenuptial agreements and marriage agreements have a cross-border effect which maintains the conditions of the agreement in all jurisdictions related to the properties of the entrepreneur, and enables the entrepreneur to effectively handle and arrange assets on a global scale.

2. A letter of consent from your spouse If two parties fail to reach an agreement on the arrangement of all assets, it is better to obtain a letter of consent from your spouse regarding the individual disposal of stock rights under his/her name, thus avoiding domestic risks to the greatest possible extent.

3. Cross-border will-planning If an entrepreneur doesn't make arrangements or provisions for his/ her properties after they pass away, or they only make a will in one jurisdiction where his/her properties are distributed, or one that is only valid in his/her place of residence, or they do not take into account the global distribution of his/her properties, it may lead to one of the most frequent cross-border domestic disputes that people face in life. Just like with cross-border prenuptial agreements, the global planning of your will is a tool for avoiding subsequent family affairs-related disputes and equal importance should be attached.

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观点 | OPINION CHINA OFFSHORE

配偶同意函，最大程度的规避在该事 项上的家事法律风险。 3、跨境遗嘱规划 如果企业家对于自己的财产，没有做百 年之后的安排与筹划，或只是在财产 分布地的某一个或仅在居住地的司法 管辖权下订立了遗嘱，没有考虑到财产 全球性分布下的遗嘱效力认定、相互 承认与执行，在现实生活中，成为多发 的跨境家事纠纷类型之一。遗嘱的全 球化筹划与跨境婚前协议一样，为避 免后续家事纠纷利器，应给予足够的 重视。 （二）家族资产与企业家个人资产隔离 无论是在中国法律框架下，还是英美 法系下，公司独立的法人人格都不应当 受到挑战，企业家如果不注重公司与 家庭资产的隔离，很可能被否认公司 法人人格，甚至击穿多年经营的复杂 公司架构。我们可以反推英国最高院 认定架构“无效”的认定标准，注意以 下几点： 1、公司资产及账户与实际控制人家庭 资产与账户分离 2、公司控股架构中股东多元化 3、实际控制人不要是控股架构中唯一 的受益人 （三）风险发生之诉讼策略 如上述三个案例，当跨国家族企业遭 遇家事风险，当事人不可率性轻敌，应 迅速反应、积极应对，制定全面的跨境 诉讼策略，保障最大权益，将损失降到 最低。 中国企业家跨境搭建股权架构在预防 商业运作与金融风险的同时，亦要警 惕家事风险对家族企业的冲击，从源 头开始梳理财产，建立家事防火墙，明 晰家 族财产、家庭财产、夫妻 各自财 产、夫妻共同财产的边界，促进家族产 业基业长青、世代传承，家族关系笙磐 同音、埙篪相和。

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(II) Isolating family assets from entrepreneurs'personal assets Within both a Chinese legal framework and the Anglo-American legal system, the independent corporate integrity of a company should not be challenged. If entrepreneurs don't place emphasis on isolating their corporate assets from their family assets, the corporate integrity of the company is very likely to be denied, and its long-established complex corporate structure may even be dismantled. We can reverse the criteria for structures deemed "invalid" by the UK Supreme Court.

Attention should be paid to the following aspects: 1. Isolating corporate assets and accounts from the actual controller's domestic assets and accounts 2. Diversification of stockholders within the company's shareholding structure 3. The actual controller shall not be the sole beneficiary in the shareholding structure (III) Litigation strategy to deal with risks

Company Formation and Funds Guide

In the three cases above, when a multinational family enterprise encounters family affairs-related risks, the parties involved must not underestimate the risks involved. Only by responding quickly and proactively and developing a comprehensive cross-border litigation strategy can the interests be maximized and the losses be minimized.

While constructing cross-border equity structures to prevent commercial procedures and financial risks, Chinese entrepreneurs should also be vigilant about the impact of family affairs-related risks on family enterprises. From the start, one should carefully arrange properties, establish firewalls against family affairs risks, and define family assets verus assets separately owned by the husband and wife, and establish the boundaries of the couple's jointlyowned properties so as to stimulate the sustainable growth of family industries, continue to pass on family enterprises through generations, and ensure that family relations are harmonious, and rock-solid.

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Member Contribution

从法律角度看大陆家族信托 业务发展的局限与未来

Seeing the Limitations and Future of Mainland Family Trust Businesses'Development from a Legal Point of View Echo Zhao From "Pan-asset Management" to Family Trust

Echo Zhao 赵苗 在安杰律师事务所，赵律师致力于私人 财富管理领域的法律研究和实践，主要 实践包括：代理客户进行婚前财产约定、 离婚、继承等家事纠纷的谈判和诉讼；在 企业上市、跨境投资并购中的家事问题 提供法律建议；为客户进行个人或家族 财富保障传承的筹划；对家族企业股权 的设计优化提供法律指导（包括信托搭 建）；为客户进行身份规划和移民税务筹 划等。赵苗律师兼具公司法、家事法和涉 外经验的背景，使其在处理涉及公司股 权、跨国资产配置和争议等复杂问题时 别具优势，其专业服务获得了公司和私 人客户的高度认可和一致好评。

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Echo Zhao is one of the few private wealth management practitioners in the mainland that has business savvy and a foreign jurisdiction qualification in addition her Chinese law capacity. She has in-depth understanding about the challenges that Chinese companies and entrepreneurs may face when going abroad. She has over 16 years' experience in general corporate practice and business management. Her corporate experience provides a unique perspective to Family Law cases concerning high net worth individuals, especially where equity investment or cross-border dispute is involved. She is able to handle complicated, large and multi-jurisdictional cases. Although being a tenacious litigator, she is a strong advocate for mediation.

Company Formation and Funds Guide

In recent years, pan-asset management has become a hot topic in society. Trust companies, fund management companies, insurance asset management companies, securities companies, futures companies, and private equity funds have all carried out asset management operations in different ways under different regulatory frameworks. The advent of the pan-asset management era has enabled the special asset management plans and insurance funds of the fund company to be linked to trust products, which has enabled the trust industry to flourish, and the scale of asset management to grow. On the other hand, most of the trusts under asset management are business trusts, which allows market participants to recognize trusts to some extent, but this cognition is only limited to business trusts.

With the promulgation of the new policy on asset management and the tightening of supervision, it has been difficult to continue the channel business that was represented by

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一、从“泛资产管理”到家族信托 近年来，泛资产管理一直为社会热议， 信托公司、，基金管理公司、保险资产 管理公司、证券公司、期货公司、私募 基金等都以不同的方式、在不同的监 管框架下开展资产管理业务。泛资产 管理时代的来临，一方面使得基金公 司的专项资产管理计划、保险资金能 与信托产品对接，使得信托业蓬勃发 展，资管规模不但增长；，另一方面， 大 部 分资 管 项 下的 信 托 均为营业信 托，她让市场对信托有所认知，但这种 认知又局限于营业信托。随着资管新 政的出台，监管趋严，过去以银信合作 为代表的通道业务难以继续，各个财 富管理机构在寻求创新转型时，都回 到了对信托本源的思考，将目光聚焦 在家族信托之上。 在现阶段，家族信托仍被视为富豪阶 层的投资工具，对于信托资金的投资 配置仍然集中在保值、增值环节。就信 托在传承规划方面的作用，现有的家 族信托业务更偏好强调债务风险的隔 离以及更为灵活的受益人规划。现有 的家族信托的首要属性仍然是个金融 投资产品，究其性质更像是一种保值 增值的委托理财；信托本身的优势和 功能往往还停留在宣传层面，在结构 设计、文件落地中，与真正意义上的家 族信托还存在很大的差距。

cooperation between trusts and banking in the past. When seeking innovation and transformation, all wealth management institutions have returned to thinking about the origin of trusts and have focused their attention on the family trust.

At this stage, the family trust is still regarded as an investment tool for the wealthy classes. The investment and allocation of trust funds still focuses on the links between the preservation of value, and value appreciation.

With respect to the role of trusts in inheritance planning, the existing family trust business prefers to emphasize the isolation of debt risks and flexible beneficiary planning.

Existing family trusts'primary property is still a financial investment product. Their nature is more akin to a form of trust-keeping and valueadded trust financing. The advantages and functions of the trust itself often remain at the level of media coverage and publicity, but in the structural

design and documentation, there is still a big gap between family trusts in the real sense.

As far as participants are concerned, the family trust business is not exclusive to trust companies. Private banks, insurance companies and tripartite wealth organizations have also tested the family trust area. Since Ping An Trust took the lead in establishing the first singlefamily trust in Shenzhen, several trust companies have established family offices one after another, and Prudential Life and CITIC Trust have also jointly launched the first insurance premium trust in China.

As high-net-worth customers are becoming familiar with the concept of trusts and are willing to have a try, whether the knowledge and experience of the family trust-related practitioners in the territory and the related domestic legal environment can support the flourishing development of the family trust will

就参与主体而言，家族信托业务并非 是信托公司独家的蓝海，私人银行、保 险公司和三方财富机构也纷纷试水家 族信托领域。自平安信托在深圳率先 创立国内首单家族信托后，多家信托 公司相继成立家族办公室，信诚人寿 与中信信托也联手推出了国内首单保 险金信托。随着高净值客户对信托这 个概念由陌生到熟悉，再到愿意尝试， 境内的家族信托相关从业者的知识经 验、国内相关的法律环境是否能够支 撑家族信托的蓬勃发展，就成了摆在

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观点 | OPINION CHINA OFFSHORE

我们面前新的挑战。本文试图从以下 几个方面探讨家族信托在大陆发展的 局限与机遇。 二、设立家族信托的多维考量 家 族 信 托 有很 多 功 能，所 谓 家 业 永 续，是个大而全的终极目标，要实现这 个功能，除了要考虑资产避险之外，公 司治理、代际传承、税务筹划是在搭建 时必不可少的考量要素。在搭建家族 信托架构时，只有将时间维度拉伸至几 十年甚至更长久，将传承格局放大到 避税避债之外，家族信托的传承功效 才有可能真正实现。此 外，有经验的 受托人还应当根据委托人的实际情况 及诉求为其私人定制符合其传承意愿 的家族信托方案，此种方案的设计应 当考虑到对个人资产与家族企业资产 的隔离、金融资产与非金融资产的隔 离、破产隔离、资产保密与隐私、家族 成员的婚变风险对资产分割的冲击、 家族成员的不孝与挥霍等问题的长久 应对。 目前，大陆市场上比较常见的接近家 族信托的解决方案提供者，一类是私 人银行，一类 是 保险公司。以保险公 司为例，大部分人 寿 保险公司还停留 在竭力开发和宣导保险本身的传承和 资产隔离功能，其中不乏误导市场和 误读法规的部分；少数走在创新前列 的人寿保险公司推出了保险金信托业 务，先承保成立保险合同，投保人以保 险合同的保险金为信托财产，成立保 险金信 托，制定在时间、受益人范围 和条件上更具灵活性的分配方案，从 而实现信托在按意愿分配这一端的部 分功能。与此同时，市场上也出现了对 保险金信托功能的夸大，尤其是在资 产避险隔离这个方面。为了更好的满 足资产隔离，保险公司进一步创新， 推进了保险业务和家族信托结构的融 合，推出了由信托公司担任投保人的业

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become a new challenge for us.

This article attempts to explore the limitations and opportunities of family trust development in the mainland in connection with the following aspects.

The multi-dimensional considerations of establishing a family trust The family trust has many functions.

The so-called sustainable family business is the ultimate longterm goal. In order for it to realize these functions, inter-generational inheritance and tax planning are essential considerations during establishment, in addition to considering asset-hedging corporate governance. When establishing a family trust structure, only the time dimension can be extended to decades

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or even longer, and the inheritance pattern will be enlarged beyond tax and debt avoidance before the inheritance effect of family trust can be truly realized. In addition, the experienced trustee should also privately customize a family trust scheme to meet the client's wishes for inheritance, in accordance with the actual situation and claims of the trustee. Such a scheme should be designed by taking into account the long-term response to the impact of the separation of personal assets from the assets of the family business, the separation of financial assets from non-financial assets, as well as isolation from bankruptcy, asset secrecy and privacy, the risk of family members'marital changes on asset segmentation, family members'lack of filial piety,

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务。该模式具备了资产隔离的基本架 构，但是否能够真得经得起诉讼的考 验，还要具体到信托结构中当事各方 的设计、信托本身的属性、各种权利义 务的安排，而非只要顶着“信托”的标 签，就一定避债防破产，这是目前大陆 的从业者需要进一步打磨的功夫细致 活儿。私人银行和三方财富公司在家 族信托业务的拓展上，除了在体量、产 品、客户群上和保险公司不同，究其本 质，都是信托+大类金融资产配置（保 险、固收、权益、非标等），并无实质差 异，各家的功夫和精力仍然花费在产 品和获客端，而非信托架构上。 三、家族信托业务在大陆蓬勃发展之 障碍 1.观念障碍 “子承父业”自古以来就是根植于国 人血脉中的思想，而在信托模式中，需 要将财产所有权转让给受托人的方式 并不符合国人对于掌控家族财富的认 知。如何找到可信任的受托人，如何应 对财产权剥离的敏感，都成为了限制 家族信托发展的观念障碍。 此外，避税避债的宣传极大地迎合了 市场需要，扩大了信托的知名度，也让 家族信托制度在误读中发展和落地。 家族信托应当被合法合规的利用在传 承领域，而并不能被用作损害债权人 利益的工具。若不能以合法合 规为前 提期待家族信托的功效，则很难从制 度层面对抗时间变量、空间变量、政策 变量和人性弱点的冲击。 2.法律障碍：信托法律关系的“双层所 有制”与物权法一物一权的冲突 家族信托起源于英国中世纪封建社会 的式微，在英美法系中信托可以将一 个物上所有权分割为受托人的所有权 与受益人的所有权，从而形成在信托 财产上形成了一种双层所有制的权利

wastefulness, and other problems.

At present, the solution-providers that are close to family trusts are private banks and insurance companies, which are relatively common in the mainland market.

In the case of insurance companies, most life insurance companies still struggle to develop and publicize the inheritance and asset isolation functions of insurance itself, but many of them mislead the market and misread laws and regulations. A few life insurance companies at the forefront of innovation have launched an insurance trust business. By first underwriting insurance contracts, the insurer establishes the insurance trust, and formulates more flexible distribution plans in terms of time, beneficiary scope and conditions – using the premiums of the insurance contract as the trust property, which enables the trust to allocate part of its functionality to the will. Meanwhile, there has also been an exaggeration of the functions of insurance trusts in the market, especially in the area of asset-hedging and isolation. In order to better satisfy the need for asset segregation, the insurance company has further innovated and promoted the integration of the insurance business and the family trust structure, and launched a business in which the trust company acts as a policy-holder. This model is marked by the basic structure of asset segregation, but whether it can really stand the test of lawsuits depends upon the specific design of the parties in the trust structure, the nature of the trust itself, and the arrangement of

various rights and obligations, rather than using the label of "trust" to avoid debt and prevent bankruptcy. This is a job that mainland practitioners need to further improve. In the expansion of the family trust business, private banks and tripartite wealth companies – in addition to their volumes, products, customer bases and the fact that their insurance differs from those of insurance companies – are, in essence, the allocation of trust + major types of financial assets (insurance, fixed income, equity, nonstandard examples, etc., ), and there is no real difference. All their efforts and energy are still spent on products and clients rather than on trust structure.

Obstacles to the prosperous development of the family trust business in mainland China 1. Conceptual obstacles "Transferring the leadership from fathers to sons" has been rooted in the minds of Chinese people since ancient times, but in the trust model, the way in which property ownership needs to be transferred to the trustee is not in line with the country's perception of family wealth control. Figuring out how to find a trusted trustee and how to deal with sensitivities related to the divestment of property rights have become conceptual barriers that hold back the development of family trusts.

In addition, publicity surrounding tax avoidance and debt avoidance has greatly catered to the needs of the market, improving the reputation of trusts and allowing

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观点 | OPINION CHINA OFFSHORE

外观。而在大陆法系，物权 遵 循着 一 物一权的原则，信托财产在转移到受 托人名下后形成了了受托人对信托财 产的所有权与受益人的债权的权利组 合。因此对于大陆法系下的受益人 来 说，当其受到受托人的背叛，受益人只 能向受托人主张债权请求权，在权利 救济上会增更加繁琐困难，这也使得 家族信托在大陆法系中面临着更多的 法律难关。 3. 实操难题 这个维度的障碍倒不似前面所言的法 律障碍，主要是信托登记制度、可植入 信托的财产流转税负等带来的难题。 市场上有很多对《信托法》第十条的误 读（设立信托，对于信托财产，有关法 律、行政法规规定应当办理登记手续 的，应当依法办理信 托登记。未依照 前款规定办理信托登记的，应当补办 登记手续；不补办的，该信托不产生效 力。）笔者认为，首先，要对民事信托 和营业信托的登记予以区分；其次，要 区分该登记是针对要转移的财产还是 要设立的信托，要区分不产生的是公 示对抗效力，还是物权变动效力，是信 托是否成立，还是信托是否生效。 四、大陆家族信托业务的创新尝试

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the family trust system to develop out of misinterpretations. Family trusts should be used legally and compliantly in the field of inheritance, and cannot be used as a tool to impair the interests of creditors. If we cannot expect effectiveness from family trusts on the premise of legal compliance, it is difficult to combat the impact of time variables, spatial variables, policy variables and human weaknesses from the institutional perspective.

2. Legal Obstacles: The Conflict Between "Double-Level Ownership" in Trust Law and "One-for-One" Property Law Rights The family trust originated from the decline of feudal society in the Middle Ages in Britain. In the AngloAmerican legal system, trusts can divide the ownership of a property into the trustee's ownership and the beneficiary's ownership, thus forming dual ownership rights within the trust property. Within the civil law system, property rights follow the principle of one property and one right. After the trust property is transferred into the trustee's name, it forms the correct combination from the trustee's ownership of the trust property and the beneficiary's claims. Therefore, for beneficiaries under the civil law system, if they are betrayed by the trustee, they can only make claims from the trustee, which increases the complexity and difficulty of their rights to relief, and also causes the family trust to face more legal difficulties in the civil law system.

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3. Practical problems The obstacles in this dimension do not resemble the legal impediments mentioned above. They are mainly difficulties brought about by the trust registration system, and the turnover taxation of the property that can be implanted into trusts.

There are many misunderstandings in the market regarding the tenth article of the "Trust Law." (When establishing a trust, if relevant laws and administrative regulations require registration procedures in terms of trust property, trust registrations shall be handled by law. Anyone who fails to go through the registration formalities prescribed in the preceding paragraph shall go through the formalities as required. If there is no replacement, the trust will not have any effect.)

The author believes that, first of all, it is necessary to distinguish the registration of civil trusts from business trusts; secondly, to distinguish whether the registration is for the property to be transferred or the trust to be established, and to distinguish between the effectiveness of publicity and media coverage and the effectiveness of an actual change in rights, and also to distinguish whether the trust is established and whether the trust becomes effective.

The type of property that can be implanted into a trust is even more of a technical and temporal issue.

Of course, it also depends on the mainland's future ideas about governance and legislative tendencies (involving real estate, for instance) and it solves the problem of the taxation of related properties transferred to

观点 | OPINION CHINA OFFSHORE

在 探讨 家 族 信 托 在大 陆的蓬 勃发 展 时，除了期待民事信托的立法完善、税 务负担的明示之外，财富管理市场的 参与者能做的探索还有许多。其中最 为值得 期待的就是受托人的尝试–大 陆家族信托的设立，是否必须聘请或 者委任目前持牌的六十八家信托公司 担任受托人？个人客户是否可以委托 类似于律师事务所、会计师事务所等 专业机构担任信托受托人？三方财富 公司，在提供专业化的投资理财、风险 管理意见之外，是否可以成立信托受 托人公司，承担私人信托或事务型信 托的受托人角色？ 大陆守富传富大时代的来临，为家族 信托落地蓬勃发展提供了前所未有的 土壤和机遇，大陆的从业者或者是时 候考虑角色转换，与其帮助客户做境 外架构的贩卖者和辅助人，不如他山 之石可以攻玉，尝试大陆家族信托业 务的落地开花和发展创新。 （李晓萱对此文亦有贡献）

trusts. There would be relatively too many complications for the rest.

Attempts to Innovate within the Mainland Family Trust Business When discussing the flourishing development of family trusts in the mainland, there are many explorations that the participants of the wealth management market can do besides the expectation of the improvement of the legislation and the tax burden of the civil trust. One of the most worth looking forward to is the trustee's attempt - is it necessary to hire or appoint the currently licensed sixtyeight trust companies as trustees for the establishment of the mainland family trust? Can individual clients entrust such professional agencies as law firms and accounting firms as trustees? In addition to providing professional investment and wealth

management and risk management advice, are the tripartite wealth companies able to set up an indenture trustee company to assume the role of trustee for a private trust or a transactional trust?

The advent of the wealth-guarding and inheritance era in mainland China has provided an unprecedentedly fertile opportunity for the family trust to flourish, and mainland practitioners may even consider a role-change, rather than helping their customers to become overseas vendors and assistants. It may be better to follow the belief that "foreign stones may serve to polish domestic jade" in trying to establish and innovate the mainland family trust business.

(Li Xiaoxuan also contributed to this article)

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Member Contribution

接轨国际牵引未来 -- 离岸公司注册是 第一通行证

International Development in the Future - Offshore Company Registration Is the First Pass Wendy Wei

近

年来，市场经济高速发展，很 多企业面临着转型或者需通 过自身品牌的影响力打开国 际和海外市场，离岸公司越来越成为内 地投资者关注的焦点。就全球市场来 看，每年都有数以万计新注册的离岸公 司出现，通过离岸公司进行商业操作也 成为国际市场的惯用手段。这是什么原 因导致的呢？注册离岸公司到底有什么 优势？为何能在国内市场掀起如此大的 浪潮？

Wendy Wei 魏晓嵘 港丰集团董事长/总经理 离岸策划首席顾问 深圳市商业联合会副会长 福田区工商联合会（总商会）执委 理事 国际潮青会（深圳）委员 广东省因私出入境移民协会理事 亚洲离岸协会会员 IIUSA会员 国际财务管理师（IFMA） 美国注册法务会计师（FCPA）

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I

n recent years, with the rapid development of the market economy, many enterprises are facing a transition, or need to explore international and overseas markets through the influence of their own brands. Offshore companies are increasingly becoming mainland investors'focus. As far as the global market is concerned, there are tens of thousands of newly-registered offshore companies appearing

Gangfeng Group Chairman/General Manager Principal Consultant of Offshore Planning Vice President of Shenzhen Business Federation Executive Director of Futian District Chamber of Commerce and Industry (General Chamber of Commerce) Committee Member of International Youth Chawnese Solidality (Shenzhen) Director of Guangdong Entry and Exit Immigration Association Member of Asian Offshore Association IIUSA member International Financial Manager (IFMA) Registered Forensic Accountant of the United States (FCPA)

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every year. Commercial operations through such offshore companies have also become commonplace in the global market. What is the reason for this? What are the advantages of registering an offshore company?

How can such a large wave rise in the domestic market?

Registered offshore companies – The "first pass" for enterprises to go abroad With the growing integration of the world economy nowadays, commerce is increasingly showing a trend towards cross-border development. Domestic enterprises often enhance their strength, expand their business areas, and improve their international image through multinational operations. In general, foreign companies need a vehicle that can be mutually trusted for business transactions. At times like this, offshore companies can play an important role.

Offshore companies are known by many beautiful titles, such as the curve of an "elegant inflection point",

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注册离岸公司,企业走向世界的“第一 通行证” 当今世界经济日益一体化，商业越来越 呈现跨国界的发展趋势，国内的企业通 常会用跨国经营来增强企业实力，扩大 企业经营区域，并提升企业国际形象。 而通常与外国客户进行商贸来往都需要 一个可以彼此信赖的载体，此时，离岸 公司就扮演者这个重要的角色！ 离岸公司，有 着 诸多美丽的称谓，如 曲线上市的“优美拐点”、风险投资的 “软猬宝甲”、兼收 并蓄的“变 脸 之 地”、合法节税的“风水宝地”等，这些 无不向我们展示，离岸公司有着种种神 奇的魔力。离岸公司正在成为从事国际 贸易及投资人士的热门话题，这是因为 注册离岸公司具有高度保密性，减免税 务负担，无外汇管制三大特点。 离岸法区有明文规定，凡是离岸公司的 股东资料、股权比例、收益状况等，均 享有保密权利。而且，离岸法区政府对 这类企业不征收任何税款，只收取少量 的年度管理费，这就帮助了很多外贸企 业规避贸易壁垒。同时，所有国际大银 行都承认此类公司，为其设立银行账号 及财务运作提供方便。因此，投资人不 用亲临当地，其业务运作即可在全球的 任何地方直接开展。这就是为什么说注 册离岸公司已经成了企业走向世界的第 一通行证。 注册离岸公司,流程简易但“陷阱”多 离岸公司的注册程序非常简单，无须注 册人亲临注册地，可直接由专业的注册 代理机构代办，一般所有注册程序在 2-3周即可完成。值得要注意的是，注册 离岸公司程序虽不复杂，但涉及到离岸 注册地的相关法律法规，不熟悉当地市 场的企业和个人投资者，最好找专业有 实力的代理公司进行代理注册，才能省

the "soft armor" of venture capital, an eclectic "land of change", and a legally tax-efficient "fengshui treasureland". All of these names show us that offshore companies have all sorts of magical powers. Offshore companies are becoming a hot topic for international traders and investors.

This is because registered offshore companies have three characteristics: a high degree of confidentiality, tax relief, and no foreign exchange controls.

facilitate the setting up of bank accounts and financial operations.

Therefore, investors do not have to visit that particular location, and their business operations can be carried out directly anywhere in the world.

This is why the registration of offshore companies has become the first pass for enterprises to go global.

There is an explicit provision in the area of offshore law that allows all of offshore companies'shareholder information, equity ratio, income status, etc. to enjoy confidentiality.

Moreover, offshore jurisdictions do not impose tax on such enterprises, and only charge a negligible annual management fee, which helps many foreign trade companies to circumvent trade barriers. Meanwhile, all major international banks recognize such companies and offer services that

The registration procedure for offshore companies is very simple.

There is no need for a registrant to visit the place of registration. It can be handled directly by a professional registration agent. Generally, all registration procedures can be completed within 2-3 weeks. It is worth noting that although the procedures for registering offshore companies are not very complicated, they depend on the relevant laws and regulations of the offshore

Registration of an offshore company is a simple process but may encounter many "traps"

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心省力，而且能得到更多专业的服务。 如今网上关于离岸公司注册的促销广告 中，很多低价公司的产品是包含 着 许 多猫腻的。比如通 过低价骗取客户信 任，收到钱后玩消失；收取定金后添加 许多隐藏消费项目；收费后只帮客户提 交了注册申请，并不提 供后 续的服务 等。这时，就需要判别必选，挑选最专 业的团队来服务注册海外公司。港丰 在离岸公司注册行业已有20年的好口 碑，提供超过60多个国家和地区的离 岸注册地，成功帮助了不计其数的企 业迈向全球。 jurisdiction, so it is better for enterprises and investors who are not familiar with the local market to look for a professional and powerful agent for registration on their behalf.

Only in this way can you save yourself time and effort, and receive more professional service.

services in more than 60 countries and regions, and has successfully helped countless enterprises to go global.

For those who wish to establish a business or manage personal assets overseas, the political and economic stability of the location of an offshore registration is a factor that must first be taken into account. Secondly, we must examine the soundness of professional organizations because all overseas companies require legal and accounting services. This requires the jurisdiction to have law firms and accounting firms that can provide services of international standards.

注册离岸公司,专业的事必须要交给专 业的人

Nowadays, within the world of online promotions for offshore company registration, there are many lowpriced companies whose products are tied up in trickery. For example, they use low prices to trick customers into trusting them and then disappear after receiving the money, or they add a number of hidden consumption items after receiving a deposit, or they charge the customer for submitting a registration application, but provide no subsequent services. At this point in time, it is necessary to make a judgment, and select the most professional team to fulfil overseas companies'registration.

港丰是最早进入海外离岸行业的龙头 企业，是行业首家为中国企业家提供 海外公司架构、国际金融服务、知识产 权保护、海外运营税务筹划、国际投融

In the offshore company registration industry, Gangfeng has enjoyed a good reputation for over 20 years. It has provided offshore registration

注册离岸公司,选择注册地需谨慎 对于希望在海外创建企业或管理个人 资产的人来说，离岸注册地的政治经 济是否稳定，这是首先要考虑的一个条 件。其次，我们要衡量专业机构是否健 全，因为所有海外公司都要求有法律和 会计服务，这就要求该管辖区有能够提 供符合国际标准服务的律师事务所和 会计师事务所。 此外，还需要考察当地的银行服务、当 地公司法的立法对会计和审计的要求， 而且要考虑当地立法能否保障客户商 业活动的保密性和完全隐私权。这些 都需要有专业的团队进行考核，港丰 的团队就是由多重资深职业专家组成 的，包括180多位CPA、CTA 、CFA、 ACCA、并购交易师，执业律师、移民律 师30多位，财务策划师20多位，专业顾 问100多名，能给客户提供专业的一站 式海外资产配置服务。

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Caution is needed when registering an offshore company and choosing a place of registration

In addition, it is necessary to examine the requirements of local banking services and local company law legislation on accounting and auditing. It is also necessary to consider whether the local legislation can protect the confidentiality and complete privacy rights of customers'

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business activities. All these require a professional team for assessment.

Gangfeng's team is composed of multiple senior professional experts, including more than 180 CPAs, CTAs, CFAs, ACCAs, M&A traders, practicing lawyers, over 30 immigration lawyers, more than 20 financial planners, and in excess of 100 professional consultants, who can provide customers with professional one-stop overseas asset allocation services. 资、海外移民规划、海外留学教育、海 外置业和财富配置规划的全方位海外 战略布局服务平台。港丰服务的企业超 过上万之多，成功案例超过万例，一直 是行业的领先者和佼佼者。 港丰1997年在香港成立，并在深圳、北 京、上海设有分公司，未来，港丰计划 将服务布局到更多的一、二线城市，像 杭州、广州、天津等这些城市。如今杭 州分公司的雏形搭建已基本完成，杭 州分公司即将成立。在发展公司规模的 同时，港丰也会加强海外业务的拓展速 度，致力开发更多利于国内企业走向世 界的项目，帮助企业和个人更轻松地与 国际接轨。因为港丰集团的使命始终是 帮助更多企业走出国门，帮助更多国人 走向世界！ 当然，企业发展要内外兼修。人类因梦 想而伟大，企业因文化而繁荣。管理学 家托马斯•彼得认为：企业能够长久生 存下来的最主要条件“并非结构形式 或管理技能”，而是“称之为信念的那 种精神力量，以及这种信念对于组织的 全体成员所具有的感召力”。所以，港 丰将不断提升员工的专业素养，强化优 质的服务理念，积极宣扬港丰的企业 文化，将团队打造成为最受行业尊重， 最受客户信赖的专业团队！逐梦百年港 丰，携手共创辉煌！

When registering an offshore company, professional matters must be delegated to professional people Gangfeng is the earliest leading enterprise to enter the overseas offshore industry. It is the first fullrange overseas strategic layout service platform in the industry to provide Chinese entrepreneurs with an overseas corporate structure, international financial services, intellectual property protection, tax planning for overseas operations, international investment and financing, overseas immigration planning, overseas education for overseas students, overseas real estate, and wealth allocation planning.

With more than 10,000 enterprises served and more than 10,000 cases successfully handled, Gangfeng has always been a leading and exemplary enterprise in the industry.

Gangfeng was founded in Hong Kong in 1997 with branches in Shenzhen, Beijing and Shanghai. In the future, Gangfeng plans to deploy its services to more first- and second-tier cities

such as Hangzhou, Guangzhou and Tianjin. Today, the prototype of the Hangzhou branch has basically been completed, and the Hangzhou branch will soon be established. While expanding the scale of the company, Gangfeng will also strengthen the pace of expansion of its overseas business, striving to develop more projects that will facilitate domestic companies in going abroad, and help both enterprises and individuals integrate within the international community more easily. This is because the mission of Gangfeng Group has always been to help more companies go abroad and help more Chinese people head into the world!

Of course, the development of an enterprise requires internal and external cultivation. Human beings are great because of their dreams, while businesses are prosperous because of their culture. Thomas Peter, a management scientist, believes that the most important condition for an enterprise to survive for a long time is not "structural form or management skills", but "the spiritual power that is called faith, and the emotional appeal that this faith has to all members of the organization." Therefore, Gangfeng will continue to enhance the professional quality of its employees, strengthen the concept of high-quality service, and actively promote its corporate culture, to forge the team into the most trusted and respected professional team in the industry!

Gangfeng has been pursuing a dream for one hundred years, and joins hands with partners to work together in creating a brilliant future!

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Member Contribution

如何使用信托架构进行境外投融资管理

How to Use the Trust Framework for the Management of Overseas Investment and Financing Liang Han

A

Liang Han 韩良 韩良律师的执业领域为家族信托与投资 基金、海外投融资等业务。韩律师是金融 工程博士、民商法博士后，现任南开大学 法学院教授、博士生导师，南开大学资本 市场研究中心主任。 韩律师主导成立了京 都律师事务所家族信托法律事务中心，该 中心是我国第一家专门从事家族信托法 律事务的研究与服务机构，韩良律师作为 中信银行、北京银行等私行部法律顾问， 曾主持和参与了几十项境内外家族信托 法律架构的设计和法律服务工作。 Mr. Liang Han is practicing in family trusts and investment funds, overseas investment & financing, and other businesses. He holds Ph.D of Financial Engineering, and Post-Doctor of civil and commercial law, professor and doctoral supervisor in the School of Law of Nankai University, director of Capital Markets Research Center of Nankai University. Family Trust Legal Service Center (FTLSS) with King & Capital Law Firm, China’s first institution specializing in research and service of legal affairs in family trust, was established under the leadership of Mr. Han. As a legal consultant of the private banking department of China CITIC Bank, Bank of Beijing etc., he presided over the design of legal structures and legal services for tens of domestic and overseas family trusts.

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s the only tool which can be used for investment and financing in the currency market, capital market, and the physical market, the trust has already been widely applied in the fields of investment and financing. In foreign countries, the trust can be used not only to design an investment's shareholding framework, its protection framework, and its tax-planning, but also to manage investment and financing for the purpose of saving costs, retaining the control of the trustor, and maintaining the confidentiality of information.

I. Management through the establishment of a private trust company The private trust company is established by one or several family members in order to function as the family trust's trustor. A private trust company can function as the "family office" for one or several related families. It can transfer different kinds of family properties to the family trust, offer greater flexibility for family trust planning, and design a trust governance framework and a trust property management framework for families. Ordinary licensed trust

Company Formation and Funds Guide

companies enjoy advantages in terms of management over cash assets, but they don't have special management experience or management facilities for special assets such as stock rights, real estate, antiques, and calligraphic art, for example. Some licensed trust companies with special property management capabilities charge high administration fees. In contrast, a private trust company can set up several trusts according to asset categories to satisfy the diversified demands of high net-worth individuals who set up family trusts. At present, offshore centers which allow the establishment of private trust companies include Jersey, Guernsey, the British Virgin Islands (BVI), the Cayman Islands, the Isle of Man, Nevis, the Cook Islands, Gibraltar, Mauritius and Singapore.

According to the Cayman Islands' Private Trust Companies Regulations, private trust companies in the Cayman Islands which are only engaged in "connected trust business" and registered with the government can be exempted from supervision.

The so-called "connectedness" means that every trustor or investor must have a relationship by blood or by law with one other. Relationships among companies within a group and parent-

观点 | OPINION CHINA OFFSHORE

信

托作为唯一能够同时在货币 市场、资本市场、实物市场进 行投融资的工具，已 经在 投 融资领域得到了广泛的应用。在境外， 信托不仅可以用来设计投资的控股架 构、投资的保护架构、投资的税收筹 划架构，而且可以使用信托进行投融 资管理，以达到节省成本、保留委托人 的控制权、信息保密的目的。

subsidiary company relationships are also included. In practice, most private trust companies are established by private families or for private families, so the requirement for "connectedness" can be easily met.

To establish a private trust company,

the following requirements should be met: it has to be established in the territory of the Cayman Islands; it should have a registered office provided by a qualified licensee; it should have copies of relevant trust contracts and other trust documents

一、采用私人信托公司的方式进行管理 私人信托公司由一个或数个家族成员 设立，专门作为家族信托的受托人。 私人信托公司可以担任一个或数个关 联家族的“家族办公室”，既可以将各 种形式的家族财产转移至家族信托名 下，又可以为家族信托规划提供更大 的灵活性，设计专属于家族的信托治 理结构与信托财产管理架构。对于一 般持牌信托公司来讲，对于现金类资 产具有管理优势，而对于股权、房产、 古玩和字画等特殊资产则缺乏管理经 验与特殊的管理设施，一些具备特殊 资产管理能力的持牌信托机构往往又 收取高额的管理费用，而私人信托公 司名下可以根据资产类别设立若干只 信托，从而满足高净值客户设立家族 信托的多样 化目的需求。目前允许设 立私人信托公司的离岸中心有泽西岛、 根西岛、BVI、开曼群岛、马恩岛、尼维 斯、库克群岛、直布罗陀、毛里求斯、 新加坡等。 根 据 开 曼 群 岛《 私 人 信 托 公 司 条 例》（P r i v a t e Tr u s t C o m p a n i e s Regulations），只从事关联信托业务 并且在政府注册的开曼私人信托公司 可以豁免监管。所谓“关联性”，是指 每个委托人或投资人必须具有血亲关 系及姻亲关系；或者是包括集团内的 公司关 系，以及母 子公司关 系等。在 实践中，大多私人信 托公司是由私人 家庭或者为私人家庭而设立的，因此

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很容易满足“关联性”的要求。私人信 托公司的设立应该符合下述要求：必 须在开曼境内设立；具 有由符合要求 的持牌人提供的注册办事处；在注册 办事处置备有关信托合同和其他信托 文件复件；必须使用“私人信托公司” （Private Trust Company，PTC）字 样。私人信托公司的设立和运行成本 一般低于专业信托公司，其组织架构 极具灵活性和保密性，委托人及其亲 朋好友可以进入 董事会或持有 P TC 的 股 份，P T C 的 股 份 既 可 以 直 接 持 有，也可以由目的 信 托（p u r p o s e t r u s t）、慈 善 信 托 或 其 他 私人信 托 持有。 二、通过设立 VISTA 信托的方式进行 管理 在海外投资信托中，受托人通常不具 备经营企业所需要的专业知识，受托

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kept in the office of the registry; it has to use "Private Trust Company, PTC" in its name. The cost of establishing and running a private trust company is lower than a professional trust company. Its organizational structure features extreme flexibility and confidentiality. The trustor and his/ her relatives can be members of the board or hold PTC stocks, which can be either directly held or held via purpose trusts, charity trusts or other private trusts.

(as a shareholder) makes improper decisions, he/she may assume liability for compensation for the investment's failure. For the sake of confidentiality, the trustor and his/her family members are often not willing to involve the trustee in the running and management of the family business.

To solve this contradiction, BVI has enacted the Virgin Islands Special Trusts Act (VISTA) – amended in 2013 – with a special system as follows:

II. Management through the establishment of a VISTA trust

Firstly, the shareholder of a company uses his/her stock rights to set up a trust. The trustee directly holds the stock rights but doesn't have the rights to run or manage the company, so the trustee is exempted from the corresponding duty of care

In overseas investment trusts, the trustee usually doesn't have the professional knowledge required to run the business. If the trustee

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观点 | OPINION CHINA OFFSHORE

人作为企业股东如果做出不当决策， 导 致 投 资 失 败 的 情况可能 要承 担 赔 偿责任。委托人及其家族成员出于保 密的需要，也不愿意受托人真正介入 家族 企业的经营管理中，为了解决这 个矛盾，BV I制定了 V ISTA（Virgin Islands Special Trusts Act）（2013 年修 订），该法案设 置了如下特 殊制 度：一 是 公 司 股 东 用 其 股 权 设 立信 托，受托人 直接 持有股权，但受托人 不享有经营管理该公司的权利，因此 也 就 豁免了受 托 人在 信 托中 相 应 的 谨慎义务；二是信托的控制权归董事 会。VISTA 法案规定了ODRs（Office of Director Rules），即“董 事会 规 则”，允许在信托文件中包含谁可以担 任董事或者选取董事的标准等条款， 例如委托人可以规定董事由公司股东 的家庭成员担任，或规定由某个指定 的人或者专门的委员会负责公司董事 的选任和撤职等。 三、通过在信托中保留一定的权利对受 托人进行约束

in the trust. Secondly, the control of the trust lies with the board of directors. VISTA also sets up Office of Director Rules (ODRs), which allow for stipulation of the eligibility of directors (or the eligibility of those who can select directors) within the trust documents. For instance, the trustor may stipulate that the directors have to be a family member of the company's shareholders, or that a designated person or special committee is responsible for the selection and dismissal of company directors.

III. Restricting the trustee by retaining certain rights in the trust In any trust, the trustee has significant discretionary power over the trust property and is entitled to determine the beneficiaries that receive profit distribution, and

the time and proportion of such distributions based on the principles of maximizing the overall interests of the beneficiaries. The trustor of discretionary trusts intends to personalize the rights awarded to the trustee instead of granting the trustee significant discretion. Meanwhile, in order to restrict the trustee, the trustor can retain certain power while establishing a discretionary trust.

For example, it is stipulated in Article 9A(2) in Jersey's Trust Law that the trustor can retain the power to revoke, alter, or modify all or part of the trust terms; make prepayment; dispose of or appoint property beneficiaries; pay or use trust assets; give instructions on the above-mentioned matters; purchase, retain, sell, manage, lend, pledge, collect or execute the powers and rights arising from the trust property, give instructions to the trustee; appoint or remove any

任意信托中，受托人对信托财产享有 较大的酌情权或称自由裁量权，有权 根据受益人总体利益最大化原则决定 向受益人进行利益分配的时间和比例 以及决定向哪个受益人分配。对于委 托人 来说，任意信托并非仅在于授予 受托人较大的自由裁量权，更重要的 是对受托人授予的权限进行个性化设 计。同时，为了约束受托人，委托人可 以在设立任意信托时做出权力保留。 如泽西岛《信托法》第9A（2）条规定 委托人可以保留如下权力：撤销、更改 或修改部分、全部信托条款；预付、处 置/任命财产受益人，支付或运用信托 资产，或者对以上处分作出指示；.作为 信托全部或者部分控制公司的董事或 者高管，或者对其任命或者解聘 作出 指示；就信托财产的购买，保留，出售， 管理，出借，抵押、收取或行使由该信

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托财产产生的权力、权利，向受托人作 出指示；委任或免除任何受托人、执行 人或受益人，或拥有与信托有关的人 的权力，酌情权或权利；任命或罢免投 资经理或投资顾问。 虽然离岸地信托法规定了较多的权利 保留的情 形，但 这种权利保留不是无 限的，传统的英美法系坚持“受托人中 心主义原则”，因此在委托人设立家族 信托后，委托人保留权利不得使相应 法律关系不符合信托的定义，否则将 不被视为信托。解决委托人保留过度 权利可能面临信托被 撤销的风险，可 以设立保护人制度，由委托人信任的近 亲属和朋友担任家族信托的保护人， 将要求受托人调整信托财产管理方法 的权利、对不当信托行为的撤销的权 利、监督和选任新受托人的权利、解 除和延长信托的权利赋予保护人。 四、设立集合投资信托的自行管理架 构

trustee, executor or beneficiary, retain power over personnel, discretionary power, or other rights related to the trust; appoint or remove investment managers or investment consultants.

与中国内地相比，在香港地区设 立信 托，其管 理 架构更加灵活。如设 立集 合投资信托可设立董事局的自行管理 架构。在董事局内部设立投资决策委 员会，负责投 资决 策相关事宜；设 立 执行事 务委员会，负责董事局的日常 管理。根据香港的《单位信托及共同 基 金 守则》，申请 认可的单位信 托 或 者互 惠 基 金 必 须委 任证 监会 接 纳的 管 理公司，但自行 管 理计 划除外。根 据该守则，证 监会接纳的管理公司需 符合如下条件：一是公司的主要业务 为基金管理；二是公司有能力动用足 够的财政资源有效管理业务及承担债 务，尤其是该公司已发行及缴 足股本 及资本储备最少需达1,000,000 港元 或等值外币；三是公司借出的款额不 能占其资产重大比例；四是在任何时 候都 要 维 持正资产净 值。可见，委 任

Offshore trust laws have provisions on the retaining of many rights, but such right retention is not unlimited.

The traditional Anglo-American legal system insists on the "trusteecentered principle", which requires that after the trustor establishes a family trust, the trustor cannot retain certain rights which would involve the corresponding legal relationship not conforming to the definition of a trust.

Otherwise, it shall not be deemed as a trust. Excessive retention of power by the trustor may risk the cancellation of the trust. To avoid such a risk, a trust protector mechanism can be established. The relative or friend of the trustor can act as the protector of the family trust and shall be entitled

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to require the trustee to adjust the management methods of a trust property. The right to revoke trusts, the right to supervise and elect new trustees, and the right to dissolve and extend trusts are also granted to the protector.

IV. Establishing a self-managing structure for a collective investment trust Compared with mainland China, the establishment of trusts in Hong Kong involves a more flexible management structure. For example, by establishing a collective investment trust, a self-managing structure can be set up for the board of directors.

Under the board, an investment decision-making committee can be set up to take charge of matters related to the investment decisions and an executive committee can be set up to take charge of the daily management

观点 | OPINION CHINA OFFSHORE

证监会接纳的管理公司，会加大集合 投资信托的运营成本。 该守则也规定，如董事局可执行管理 公司的职能，则该计划可由董事局管 理，该计划为自行管理计划。但自行管 理计划的条例必须包括如下规定：一 是如果该计划的董事被认为不再适宜 管理该计划的资产，持有人可以召开会 议及通过普通表决，革除这些董事的 职务；二是董事报酬需在持有人大会 中由持有人决定。采取董事局的方式 管理集合投资信托，可以提高信托的 管理效率，降低信托的运营成本。

of the board of directors.

According to Hong Kong's Code on Unit Trusts and Mutual Funds, a unit trust or mutual fund that applies for accreditation must appoint a management company accepted by the Securities & Futures Commission, except for self-managing programs. According to the Code, the Commission of Securities & Futures only accepts management companies that meet the following requirements: 1. The main business of the company is fund management;

2. The company is capable of using sufficient financial resources to manage the business and assume liabilities. In particular, the issued and paid-up capital stock and capital reserve of the company should be at least 1,000,000 Hong Kong dollars or the equivalent amount in foreign currency; 3. The amount lent by the company cannot account for a significant proportion in its assets; 4. It shall maintain a positive net asset value at all times.

As is clear, the management companies accepted by the Commission of Securities & Futures will increase the operating costs of the collective investment trust.

The Code also stipulates that if the board of directors can fulfill the functions of the management company, such a program can be managed by the board of directors itself, and accordingly becomes a selfmanaging scheme. However, the rules on self-managing schemes have to include the following regulations: Firstly, if the directors of such a program are no longer deemed suitable to manage such a scheme, the holders can convene a meeting and remove such a director via ordinary voting. Secondly, the remuneration of the director can be decided on by the shareholders at the shareholders'meeting. Managing a collective investment trust via a board of directors can improve the management efficiency of the trust and reduce the operation costs.

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2018 热点

HIGHLIGHTS

百慕大 Bermuda | 北美洲 NORTH AMERICA

百慕大监管机构发布虚拟货币警告 Bermuda Regulator Issues Virtual Currency Warning 百慕大金融服务监管机构——百慕大金融管理局最近在一份新 闻稿中强调了与新技术(如加密货币)相关的投资风险。 特 别 是 ，当 局 已 经 警 告 投 资 者，不 受 监 管 的 首 次 币 发 行 (ICO)——有时被称为最初的象征性发行——被用来作为一种 筹集资金的方法，而且，正因为如此，它们绕过了风险资本家或 银行所要求的严格和规范的融资过程。 使用首次币发行(ICO)，投资者可以使用加密货币(如比特币)在 一段时间内通过互联网购买硬币或代币。首次币发行(ICO)通常 是全球性的，可以匿名创建和接受。 该机构首席执行官Jeremy Cox表示，监管机构正密切关注首次 币发行(ICO)等全球科技的发展，但目前这些投资工具的形式不 受审慎监管的约束。因此，在投资时，可能会鼓励潜投资者在进 行投资时需谨慎。 Bermuda's financial services regulator, the Bermuda Monetary Authority, has highlighted the investment risks associated with new technologies such as cryptocurrencies in

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百慕大金融服务监管机构――百 慕大金融管理局最近在一份新闻 稿中强调了与新技术(如加密货 币)相关的投资风险。 Bermuda's financial services regulator, the Bermuda Monetary Authority, has highlighted the investment risks associated with new technologies such as cryptocurrencies in a recent media release.

a recent media release.

In particular, the Authority has warned investors that unregulated initial coin offerings (ICO) – sometimes referred to as initial token offerings – are being used as a method of raising funds by start-ups, and, as such, are bypassing the rigorous and regulated capital-raising process required of venture capitalists or banks.

With ICOs, investors are able to use cryptocurrency (such as bitcoin) to purchase coins or tokens via the internet for a set period of time. The ICOs are often global offerings which can be created and accepted anonymously.

Jeremy Cox, CEO of the Authority, said the Authority is closely monitoring global technological developments such as ICOs, but that at present these forms of investment vehicles are not subject to prudential regulation. For this reason potential investors are being encouraged to exercise care when investing.

2018 热点

HIGHLIGHTS

泽西岛 Jersey | 欧洲 EUROPE

泽 西 金 融 服 务 委 员 会 提 议，将 2018 年到2019年度的投资业务 费用(包括申请费)增加3.6%。 Jersey regulator, the Jersey Financial Services Commission, is proposing a 3.6 percent inflation rate increase in investment business fees (including application fees) for 2018/19.

泽西投资业务费将上涨

Jersey Investment Business Fees To Rise 泽西金融服务委员会提议，将2018 年到2019年度的投资业务费 用(包括申请费)增加3.6%。投资员工收费标准将保持不变。 虽然费用只增加了通货膨胀率，但是委员会已经明确指出，如果 某一特定公司的投资员工数量与去年同期相比有所变化，那么 任何特定公司支付的费用可能会比通货膨胀增加或减少。 如果公司在2018年5月1日已经注册，并且在申请批准日期之前， 支付年度费用的截止日期为2018年5月31日。如果该年费未按到 期日收取，则在到期日后的第二天，以及此后的每个日历月的第 一天，将额外支付5%的未付本金。如果公司不提供所需的信息， 按到期日期计算其年费，将在截止日期后的次日收取200英镑 (279美元)的管理费用，如果信息是完整的将在在随后的每个月 的第一天收取费用。这是迟交的费用。 有关各方将于2018年3月30日前就拟议的增加费用发表评论。 Jersey regulator, the Jersey Financial Services Commission, is proposing a 3.6 percent inflation rate increase in investment business fees (including application fees) for 2018/19.

Investment employee fee bands will remain the same as in past years.

Although fees are increasing by only the inflation rate, the Commission has clarified that the fee amount payable by any particular firm may increase by more or less than inflation if, for example, its investment employee numbers have changed year-on-year.

The due date for payment of annual fees is May 31, 2018, if the firm is already registered on May 1, 2018, and otherwise at the date an application is granted.If the annual fee is not received by the Commission by the due date, an additional late-payment fee of five percent of the unpaid principal amount will be applied on the day after the due date, and on the 1st day of each calendar month thereafter.If a firm does not supply the required information to calculate its annual fee by the due date, an administration fee of GBP200 (USD279) will be charged the day after the due date, and on the first day of each subsequent calendar month while the information is outstanding. This is in addition to the latepayment fee.

Interested parties have until March 30, 2018, to comment on the proposed fee increase.

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2018 热点

HIGHLIGHTS

塞舌尔 Seychelles，毛里求斯 Mauritius | 非洲 AFRICA

塞舌尔，毛里求斯讨论离岸金融服务 Seychelles, Mauritius Discuss Offshore Financial Services 塞舌尔群岛的政府代表团最近访问了毛里求斯，讨论如何共同 为其国际金融中心的利益而共同努力。 塞舌尔投资委员会表示:“能力建设和知识交流访问是该国提高 在塞舌尔做生意的整体便利的一部分。” “毛里求斯仍然是非洲最具竞争力的经济体之一，其营商环境 排名最高。” 由于其与许多实体经济的双重税收协定的网络，以及与印度最 为显著的关系，毛里求斯经常被寻求建立离岸控股或投资公司 或贸易子公司的公司选择作为基地。 A Government delegation from the Seychelles visited Mauritius recently to discuss how they can work together for

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Company Formation and Funds Guide

塞舌尔群岛的政府代表团最近 访问了毛里求斯，讨论如何共为 其国际金融中心的利益而共同 努力。 A Government delegation from the Seychelles visited Mauritius recently to discuss how they can work together for the benefit of their international finance centers.

the benefit of their international finance centers.

The Seychelles Investment Board said: "The capacity building and knowledge exchange visit forms part of the country's efforts to improve the overall ease of doing business in Seychelles."

"Mauritius continues to be one of the most competitive economies in Africa, with the highest ranking for ease of doing business."

Due to its network of double tax treaties with many substantial economies, and most significantly with India, Mauritius is often chosen as a base by firms seeking to set up an offshore holding or investment company or trading subsidiary.

2018 热点

HIGHLIGHTS

马耳他 Malta | 欧洲 EUROPE

马耳他将为区块链、人工智能和 物联网行业引入一个专门的法律 框架和监管机构。 Malta is to introduce a dedicated legal framework and regulator for the blockchain, artificial intelligence, and internet of things industries.

马耳他区块链监管机构将在数周内成立 Maltese Blockchain Regulator To Launch Within Weeks

马耳他将为区块链、人工智能和物联网行业引入专门的法律框 架和监管机构。 马 耳他 议 员 S i l v i o S c h e m b r i 在 迪 拜 国 际 金 融 中 心 (D u b a i International Financial Centre)的区块链会议上表示，马耳他政 府与业界密切合作，制定了一个法律框架，在不破坏技术创新的 前提下，满足反洗钱和打击恐怖主义法规的融资。 他说:“这个新的监管机构将帮助那些希望投资于该领域的人， 在法律架构内运作，并获得全世界数百万潜在客户的信任，他们 希望利用与区块链技术相关的新服务。” 在访问迪拜期间，Schembri还开发了马耳他和迪拜在区块链技 术方面合作的新机会。Schembri表示，这将引发一项新的协议， 马耳他将分享与区块链有关的监管发展方面的经验，两国将在 几个项目上共同合作，在多个领域使用区块链技术。 Malta is to introduce a dedicated legal framework and regulator for the blockchain, artificial intelligence, and internet of things industries.

Maltese lawmaker Silvio Schembri told the Unlock Blockchain conference at the Dubai International Financial Centre that Malta's Government had worked closely with industry to come up with a legal framework that satisfies anti-money laundering and countering the financing of terrorism regulations without stifling technological innovation.

"This new regulator will help those who wish to invest in this sector to operate within a legal structure and gain the trust of millions of potential customers all over the world who want to make use of new services related to blockchain technology," said Schembri.

During his visit to Dubai, Schembri also explored new opportunities for cooperation between Malta and Dubai in relation to blockchain technology. Schembri said this should lead to a new agreement, whereby Malta will share its experience in regulatory developments related to blockchain, with both countries working together on several projects for the use of blockchain technology in several sectors.

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FUNDS SUPPLEMENT CHINA OFFSHORE | 基金特刊

基金新趋势 NEW TRENDS OF FUNDS 非常繁荣 Extraordinary Exuberance

中国资产管理市场从 2014 年第四季度到 2017 年第三季度的增长 Growth of China's asset management market from the fourth quarter of 2014 to the third quarter of 2017 银行财富管理产品 Bank wealth management products

信托产品 Trust products

基金管理公司产品 Fund management company products

券商发行的资产管理方案 Brokerage-issued asset management plans

互惠基金 Mutual funds

私募基金 Privately offered funds

30 万亿元 30 trillion yuan 25 20 15 10 5 0 December 2014

June 2015

December 2015

June 2016

December 2016

June 2017

备注：银行理财产品和信托产品的数据仅在 2017 年第二季度。 Note：Data for bank wealth management prodeucts and trust products is only through the second quarter of 2017. 来源 Source: 中国人民银行 People's Bank of China, Windlnfo

中国的财富增长 China's Fortunes Rising 预计到 2030 年，中国管理的资产将大幅增长 The country's assets under management are projected to skyrocket through 2030 20T 20 万亿美元

15

10

5

2016 2017 2018 2019 2020 2021 2022 2023 2023 2024 2025 2026 2027 2028 2029 备注：2016 年数据为实际数据。其他年份为预测 Note: Data for 2016 is actual. Other years are projections

0

来源 Source: Casey Quirk by Deloitte

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基金特刊 | FUNDS SUPPLEMENT CHINA OFFSHORE

Member Contribution

跨境投资海外基金的筹建 Preparation of Overseas Funds for Cross-Border Investment

Teng Jie & Liu Hongyu

I. Types of Cross-Border Investment Funds

Teng jie 滕杰

滕杰律师，管理学学士、法学学士，南开 大学法律硕士、民商法博士生。参与了多 个境内外基金项目的全程法律服务以及 多个离岸家族信托方案设计、信托设立 与运作全程法律服务，参与了《家族信托 法理与案例精析》、 《 资产证券化法理与 案例精析》等著作的编写。 Teng Jie is a lawyer with a Bachelor's degree in Management, a Bachelor's degree in Law, a Master's in Law from Nankai University, and is also a doctoral student of civil and commercial law. He has offered a full range of legal services to a number of domestic and overseas fund projects, rendered a full range of legal services for offshore family trust scheme design, trust establishment and operation, and also contributed to “Family Trust Legal Theory and Case Analysis”,“Legal Principles and Case Studies of Asset Securitization”, and other writings.

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Liu Hongyu 刘红玉

刘红玉，律师助理，南开大学法律硕士， 参与多个基金与信托项目，为多家企业 的投融资、并购等提供交易方案设计、出 具法律意见书等法律服务，参与编写《家 族信托法理与案例精析》。 Liu Hongyu is an assistant attorney with a Master's in Law from Nankai University. He participated in a number of fund and trust projects, provided transaction plans for many companies, including investment and financing, mergers and acquisitions etc., and offering his legal opinion and other legal services. He participated in the preparation of“Family Trust Legal Theory and Case Analysis”.

Company Formation and Funds Guide

Overseas funds for cross-border investment can be divided according to different classification criteria.

From the perspective of operational methods, they can be divided into closed-end funds, open-end funds and hybrid funds; from the perspective of investment carriers, they can be divided into corporate funds, partnership funds and contract funds; from the perspective of structural design, they can be divided into single funds, parallel funds, and motherand-child funds; from the perspective of regulation, they can be divided into regulated funds and unregulated funds. In China, all kinds of funds are supervised and managed by laws, regulations and competent organizations, but in foreign countries, some funds do not come within the scope of supervision. For example, in the Cayman Islands, the only mutual

FUNDS SUPPLEMENT CHINA OFFSHORE | 基金特刊

一、跨境投资基金的类型 跨境投资海外基金按照不同的分类标 准可以划分为不同类型，从 运作 方 式 而 言，可分为封 闭式 基 金、开放 式 基 金、混合型基金；从投资载体而言，可 分为公司型基金、合伙 型基金 和契约 型基金；从架构设计而言，可分为单体 基金、平行基金、母子基金等；从监管 而言，可分为受监管基金与非受监管基 金。在 我国，各 类 基 金 均受法律 法 规 及有权机构的监督和管理，但在国外， 部分基金并不在 监管范围内。如在开 曼群岛，只有符 合法律规定的共同基 金（mutual funds）法才受到《Mutual Funds Law》及开曼群岛金融管理局的 监管，封闭型基金、发行债权而非股权 的基金等不在监管之列。 二、跨境投资海外基金的筹建 根据投资项目的类型与所在地，跨境投 资海外基金的设立地可以有不同的选 择。值得一提的是，得益于开曼群岛灵 活的金融政策与繁荣的基金业环境，目 前大部分跨境投资的海外基金都将开 曼群岛作为首选的设立地。开曼基金 的主要组织形式包括豁免公司、独立投 资组合公司、豁免有限合伙、有限责任 公司等。在开曼，封闭式基金不会视为 《共同基金法案》所规定的共同基金， 因此不受开曼金融管理局的约束。以 开曼群岛为例，筹建一个典型的豁免合 伙制投资基金通常需要如下程序及材 料： 1.制定投资方案 在着手筹建相关基金之前，投资者应当 对拟投资的项目进行充分的了解与完 善的尽职调查，确定基金架构及治理结 构、基金的注册资本及募集进度等内 容。 2.设立投资基金实体

funds law that complies with the law is regulated by the Mutual Funds Law and the Cayman Islands Monetary Authority. Closed-end funds, funds that issue claims instead of equity, etc., are not supervised.

II. Establishment of Overseas Funds for Cross-Border Investment Depending on the type and location of investment projects, there are different

options for where an overseas fund for cross-border investment is established.

It is worth mentioning that, thanks to the flexible financial policies and prosperous fund industry environment in the Cayman Islands, most of the cross-border investment overseas funds now choose the Cayman Islands as their preferred location. The main organizational forms of the Cayman Fund include exempted companies, independent portfolio companies,

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基金特刊 | FUNDS SUPPLEMENT CHINA OFFSHORE

开曼的豁免合伙制投资基金属于非法 人实体，要求至少有一名普通合伙人， 且该普通合伙人必须是开曼当地的自 然人、公司、另一个豁免合伙企业或者 在开曼登记注册的外国公司、有限合 伙。其中，普通合伙人对豁免合伙企业 的债务承担 连带责任，有限合伙人 对 豁免合伙企业的债务以其承诺的资本 额为限承担责任，并且有限合伙人不得 参与豁免合伙 企业的经营。豁免合伙 企业的普通合伙人，可以由投资者在开 曼设立豁免公司制的基金管理公司来 担任。开曼的法律要求在当地注册公司 的股东必须为开曼当地居民，但豁免公 司可以不受此条件限制。 3.募集资金 基金实 体设立后，要求相应的投资人 进行出资并实缴进入该合伙制基金，如 涉及基金注册资本变动的，还应当向注 册当局提交变更申请。

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exempted limited partnerships, and limited liability companies. In the Cayman Islands, closed-end funds are not considered mutual funds under the Mutual Funds Act and are therefore not subject to the Cayman Islands Monetary Authority. Taking the Cayman Islands as an example, the preparation of a typical exempted partnership investment fund usually requires the following procedures and documents: 1. Formulation of an Investment Plan Before embarking on the preparation of relevant funds, investors should fully understand and have completed a thorough due diligence of the proposed investment projects, determine the fund structure and governance structure, the registered capital of the

Company Formation and Funds Guide

fund, and the progress of fundraising.

2. Establishment of an Investment Fund Entity The Cayman Islands'exempted partnership investment fund is an unincorporated entity that requires at least one ordinary partner, and requires that the general partner is a native Cayman local, a Cayman Islands company, another exempted partnership, a foreign company registered in Cayman, or a limited partnership. Among them, ordinary partners are jointly liable for the debt of the exempted partnership enterprise.

The limited partner assumes responsibility for the debt of the exempted partnership enterprise with a limited amount of the committed capital, and the limited partner may not participate in the operations of

FUNDS SUPPLEMENT CHINA OFFSHORE | 基金特刊

三、跨境投资海外基金的国内监管 对于国内投资者而言，设立跨境投资海 外基金的行为属于境内机构境外投资 （ODI），需要履行国内相关主管机关 核准、备案或登记手续，涉及的监管部 门主要包括发改委、商务部门、外汇管 理部门。此外，如果跨境投资基金或相 关投资者还涉及外债发行、上市公司监 管等事项，也可能会受到取得中国人民 银行、中国证券监督管理委员会（以下 简称“证监会”）及证券交易所的相关 监管。 在发改委监管层面，境内投资者设立境 外投资基金，应当根据具体投资情况 履行相关的核准或备案手续。根据最 新发布的《企业境外投资管理办法》， 境内投资主体可以通过发改委境外投 资管理和服务网络系统进行核准和备 案手续、报告有关信息。 在商务部门监管层面，境内投资者设立 跨境投资海外基金，应当根据不同情 形进行备案或核准。境内投资主体可 以通过商务部门的境外投资管理系统 履行相关备案或核准手续，并需要取得 《企业境外投资证书》后才可以进行对 外投资。 在外汇管 理 层面，我国《外汇管 理 条 例》要求境内主体向境外直接投资应 当办理外汇登记，同时需要 事先经有 关部门批准或备案的，在外汇登记前 应当办理批准或备案手续。自2015年 起，外管局简化了境 外 投资的外汇手 续，取消了境 外直接 投资项下外汇登 记核准的行政审批，改由银行直接审 核办理境外直接投资项下外汇登记， 外管局通过银行对直接投资外汇登记 实施间接监管。 2018年1月18日，商务部、中国人民银

the exempted partnership enterprise.

An ordinary partner of an exempted partnership may be an investor in a fund management company with an exempted company system in the Cayman Islands. Cayman Islands law requires that the corporate shareholder in the local company must be a local Cayman resident, but the exempted company is exempt from this condition.

3.Fundraising After the establishment of the fund entity, the corresponding investor is required to make a capital contribution and actually enter into the partnership fund. If a change in the registered capital of the fund is involved, they shall also submit an application for change to the registration authority.

III. Domestic Supervision of CrossBorder Investments in Overseas Funds For domestic investors, the establishment of a cross-border investment in overseas funds is a domestic institution's outbound investment (ODI) and requires the approval, filing or registration procedures of the relevant domestic authorities. The regulatory authorities involved mainly include the National Development and Reform Commission (NDRC), the commercial department, and the foreign exchange administration department. In addition, if cross-border investment funds or related investors are also involved in such issues as foreign debt issuance and the supervision of listed

companies, they may also be subject to relevant supervision by the People's Bank of China, the China Securities Regulatory Commission (hereinafter referred to as the "SFC") and the stock exchange.

At the regulatory level of the NDRC, when a domestic investor establishes an offshore investment fund, he/she shall go through the relevant approval or filing procedures according to the specific investment situation.

According to the newly released Administrative Measures for Outbound Investment, domestic investment entities can use the NDRC's outbound investment management and service network systems for approving and filing procedures, and for reporting relevant information.

At the commerce department's regulatory level, domestic investors must go through the filing or approval procedures according to different circumstances when setting up crossborder investments in overseas funds.

Domestic investment entities may perform relevant filing or approval procedures through the commerce department's outbound investment management system, and they must obtain a Corporate Outbound Investment Certificate before they can invest abroad.

At the level of foreign exchange management, China's Foreign Exchange Management Regulations requires domestic entities to apply for foreign exchange registration for direct overseas investment, and they

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基金特刊 | FUNDS SUPPLEMENT CHINA OFFSHORE

行、国务院国有资产监督管理委员会、 银监会、证监会、保监会、国家外汇管 理局等部门联合下发了《对外投资备案 （核准）报告暂行办法》，加强对外投 资备案（核准）报告管理工作，建立健 全部门间信息统一归集和共享机制。同 时，由商务部牵头开展对外投资“双随 机、一公开”抽查工作，定期进行对外 投资备案（核准）报告的真实性、完整 性、及时性的事中事后监管工作。 四、跨境投资海外基金的典型案例分析 近年来，越 来越多的中国企业 通 过 海 外基金 进行跨境投资。2006年，上市 公司重庆新世纪游轮股份有限公司（以 下简称“世纪游轮”） 拟收购Caesars Interactive Entertainment Inc.（以下简 称“CIE”）旗下的游戏业务。为此，双 方分别在开曼群岛注册Alpha Frontier Limited（以下简称“Alpha”），在美国 特拉华州设立Playtika Holdings, LLC （以下简称“PH”）作为收购主体。 CIE将旗下游戏业务转让给PH，2016 年9月23日，Alpha以440,988.59万美元 对价受让CIE持有PH的全部权益。 2016年10月20日，经国家发展改革委 员会及重庆市对外贸易经济委员会备 案，并获得《企业境外投资证书》后， 泛海资本投资管 理集团有限公司、弘 毅创领（上海）股权投资基金合伙企业 （有限合伙）、上海并购股权投资基金 合伙企业（有限合伙）等13名交易对方 取得Alpha的A类普通股。Alpha的B类 普通股已由世纪游轮香港全资子公司 Giant Investment (HK) Limited持有。 2016年10月21日，世纪游轮发布交易 报告 书草案，将以非公开发行股份及 支付 现 金 方 式 向13 名交 易对 方 购 买 Alpha的全部A类普通股，交易对价为 3,050,352.00万元，从而实现对Alpha

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must go through the approval or filing procedure before the foreign exchange registration (if they are required to be approved or filed in advance by relevant departments). Since 2015, the State Administration of Foreign Exchange (SAFE) has simplified the foreign exchange formalities for outbound investments, canceled the administrative examination and authorization for approval of foreign exchange registration under foreign direct investment, but has required banks to directly review and handle foreign exchange registration under foreign direct investment. SAFE implements indirect supervision over the foreign exchange registration of direct investment through banks.

On January 18, 2018, the Ministry of Commerce, the People's Bank of China, the State-Owned Assets Supervision and Administration Commission of the State Council, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission, and the State Administration of Foreign Exchange jointly issued Interim Measures for Filing (and Approving) Reports on Foreign Investment in order to strengthen the management of filing (and approving) reports on outbound investment, and to establish and improve unified collection and sharing mechanisms for inter-departmental information. At the same time, the Ministry of Commerce has taken the lead in carrying out the "Double Random, One Public" spot checks on outbound investments,

Company Formation and Funds Guide

and regularly conducts post-mortem monitoring of the authenticity, completeness and timeliness of the filing (and approving) of outbound investments.

IV. Analysis of Typical Cases of Cross-Border Investment in Overseas Funds In recent years, more and more Chinese enterprises have made crossborder investments through overseas funds. In 2006, the listed company Chongqing New Century Cruises Co., Ltd. ( hereinafter referred to as "Century Cruise" ) proposed to acquire the game business of Caesars Interactive Entertainment Inc. ( hereinafter referred to as "CIE" ).

For this purpose, both parties registered Alpha Frontier Limited (hereinafter referred to as "Alpha") in the Cayman Islands and Playtika Holdings, LLC (hereinafter referred to as "PH") in Delaware, United States as an acquisition subject. CIE transferred its game business to PH, and on September 23, 2016, Alpha acquired CIE's equity in PH for US$4.4098859 billion.

On October 20, 2016, having been registered by the NDRC and the Chongqing Foreign Trade and Economic Commission, and having obtained the Corporate Outbound Investment Certificate, thirteen counter-parties including Fanhai Capital Investment Management Group Co., Ltd., Hongyi Chuangling (Shanghai) Equity Investment Fund Partnership Co., Ltd. and Shanghai

FUNDS SUPPLEMENT CHINA OFFSHORE | 基金特刊

的完全控制。本交易的架构图如下： 重庆新世纪游轮股份有限公司 / 巨人网络集团股份有限公司 4. 发行股份 + 现金支付

泛海资本等 13 个交易对方

100%

境内 境外

4. 股权转让

Giant Investment (HK) Limited 2. 持 0.02%B 类普通股

Caesars Interactive Entertainment Inc. 原持有 100%

1. 股权转让

Playtika Holdings, LLC

上述架构的设计即是上市公司联合海 内外投资基金实施跨境并购的典型案 例。跨境投资基金为并购提供融资，上 市公司以定向增发股份的方式支付部 分对价也为投资基金提供了便利的退 出通道，实现双方共赢。但此次跨境收 购并非一帆风 顺，受到深圳证券交易 所的问询以及中国证券监督管理委员 会的两次反馈意见。虽然世纪游轮在 2017年2月已经就本次交易活动取得了 国家发展改革委员会的备案，但尚未通 过证监会的核准。 结语 海外基金的架构设计与筹建工作需充 分考量境内外监管制度、交易时间、交 易目的及费用等多重因素，根据基金的 实际情况搭建合 适的基金架构。但即 使是同一基金架构，其在实践操作中的 风险性与不确定性仍有差异。此外，拟 设立海外基金的境内投资者还应当及 时关注境内监管政策的变化与趋势，任 何一个监管主体的审批环节出现问题 都有可能对海外基金的筹建工作产生 实质性障碍。

3. 持 99.98%A 类普通股 Alpha Frontier Limited (Cayman) 1. 现持股 100% Playtika Holdings, LLC

M&A Equity Investment Fund Partnership (limited partnership) Co., Ltd. acquired Class A common stock from Alpha. Alpha's Class B common stocks was held by Giant Investment (HK) Limited, a wholly-owned subsidiary of Century Cruises (Hong Kong).

On October 21, 2016, Century Cruises issued a draft trading report for buying all of Alpha's Class A common stocks from 13 counter-parties with non-public issuance of shares and cash payments. The transaction price would be RMB 3.050352 billion, thereby allowing it to attain full control of Alpha. The structure of this transaction was as the figure shows.

The design of the above-mentioned structure is a typical case of a crossborder merger and acquisition by a listed company with domestic and outbound investment funds. Crossborder investment funds provide

financing for mergers and acquisitions.

The partial payment of certain considerations by a listed company via a targeted additional allotment of shares also provides a convenient exit route for investment funds and creates a win-win situation for both parties.

However, this cross-border acquisition was not easy and received two pieces of feedback from the Shenzhen Stock Exchange and the China Securities Regulatory Commission. Although Century Cruises had already obtained the NDRC's record for this transaction in February 2017, it has not passed the approval of the China Securities Regulatory Commission so far.

Conclusion Preparation work and designing of the overseas fund's structure must be done by taking into full account multiple factors such as domestic and foreign regulatory systems, transaction time, transaction purposes and expenses, and building a suitable fund structure according to the fund's actual situation. But, even with the same fund structure, there are still differences in the risks and uncertainties in the practice. In addition, domestic investors intending to set up overseas funds should also pay close attention to changes and trends in domestic regulatory policies.

Any problems with the regulatory body's examination and approval procedures may result in substantial obstacles to the preparation and establishment of overseas funds.

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Member Contribution

财富新贵：投资机遇与挑战并存

Fortune Upstarts: Investment Opportunities and Challenges in Coexistence

在

中国经济全球化的进程中，高 净值人士资产全 球配置正在 成为新趋势。2017年国内外的 经济形势发生了很大的变化，国外市场 的资产配 置不断 量化，国内政策调控 也 不断加强，这一 切都让国内外的财 富管理策略不断进行调整。2018年， 在海外投资需求上升及监管政策有序 开放的趋势下，必须实现思维更新，抢 先进行经济发展动力和发展模式的全 面转换。

Chengkun Ye 叶程坤 荷马金融 创始人兼首席执行官 Homaer Financial Founder and Chief Executive Officer 叶程坤目前正在攻读清华五道口金融管理学 院财富管理专业MBA，他是全球华人金融大 会嘉宾讲师，拥有证监会基金从业资格和证 券从业资格。

2002-2012在阿里巴巴工作，在中国供应商 事业部任职，曾担任区域营销、管理、运营等 岗位，在营销管理、人力资源管理、运营管理 领域，具备丰富的实践经验。 2014年创立荷马金融至今。

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n the process of economic globalization launched in China, the global allocation of assets of high net worth individuals is becoming a new trend. In 2017, the economic situation both at home and abroad underwent great changes. The allocation of assets in foreign markets has continued to be quantified, and domestic policy-control has also been under continuous reinforcement. All

Mr. Chengkun Ye is studying MBA in Wealth Management at PBC School of Finance, Tsinghua University. He is the guest lecturer of Global Chinese Financial Forum, and obtains the Qualifications of Securities Practitioners and Fund Practice by China Securities Regulatory Commission.

He worked for Alibaba from 2002 to 2012, serving for China Suppliers Business Unit. He has held positions including regional marketing, management and operation. He has rich practical experience in marketing management, HR management and operation management.

Homaer Financial was founded by Mr. Ye since 2014.

Company Formation and Funds Guide

Chengkun Ye

these have enabled the domestic and foreign wealth management strategies to experience a constant adjustment.

In 2018, under the trend of the rise of outbound investment demands and the orderly opening-up of regulatory policies, we must implement the renewal of thinking and take the lead in the overall transformation of economic development momentum and development model.

From the viewpoint of wealth management, the guidelines issued by the central bank for the asset management business at the end of 2017 clearly stated that asset management business is no longer a history of breaking down rigid redemption, and it is not allowed to promise to maintain capital and ensure profits. We can predict the future in 2018 will witness more financial products, such as trusts, non-standard assets, fixed-income products will no longer be rigidly redeemed, making "wealth investment" face a greater risk on this matter, which requires more cautions in operation and allocation.

What is the challenge?

Wealth management industry in China has experienced rapid development

FUNDS SUPPLEMENT CHINA OFFSHORE | 基金特刊

从财富管理的角度来看，2017年底央 行发布的对资管业务的指导意见中明 确指出，资管业务打破刚性兑付不再是 历史，并不得承诺保本、保收益。我们 可预的未来——2018年将会有更多的 金融产品如信托、非标资产、固定收益 产品不再刚性兑付，使得“财富投资” 这件事情面临的风险更大，更需要谨慎 操作配置。 何为挑战 中国的财富管理行业经历了十几年的 高速发展，现在进入 到了一个 新的阶 段，和 之前 相比，一方面是中国数 量 庞大的高净值群体人数依然在不断增 长，高净值客户的财富管理需求呈现出 多样化、专业化的趋势，资产配置时代 已经到来；另一方面，强监管时代的到 来，随着各项监管政策的落地和实施， 如何帮助客户配置好自有资产、实现稳 健安全的增长目标，需要每一位财富管 理从业者需要思考的问题。

for more than a decade. Now it has entered a new stage. Compared with the past, the great number of high-networth groups in China is still growing, the wealth management needs of highnet-worth customers are becoming diversified and specialized on the one hand, and the era of asset allocation has come; with the advent of the era of strong supervision and with the promulgation and implementation of various regulatory policies. How to help customers allocate their own assets and achieve a stable and safe growth goal requires every wealth management practitioner to think about.

In fact, for investment, every investor

must have a principle to adhere to: The first principle is to work hard to keep the principal. This is the golden rule that Buffett, an 80-year-old sage, gave to all our investors, i.e. working hard to keep the principal and making sound investment. The second principle is to be friends with time. Time is the best testimony and partner, and the benefits of growing with time will go beyond your imagination. The third principle is to make a success of asset allocation. Do a good job of asset allocation via cross-industry, crossasset category and cross-cycle.

These are three most important principles that Homaer Financial provides to its customers in dealing

其实，对于投资，每一位投资者必须要 有坚持的原则：第一原则就是努力保住 本金。这是巴菲特 这个80岁的智者给 我们所有投资者的金 律，努力保 住 本 金，做好稳健的投资； 第二原则就是 和时间做朋友。时间就是最好的见证和 伙伴，伴随时间成长产生的收益会超出 你的想象；第三原则就是要做 好资产 配置。跨行业，跨资产类别以及跨周期 去做好资产配置。 这是荷马金融给客户应对未来不确定 投资 最 重要的三条原则。我们也一直 牢记这三个原则，与客户共同实践、成 长。并且在“努力保住本金，坚持稳健 投资”这个原则中，我们坚持做了以下 几件事：1）首先，我们把稳健投资的理 念贯穿于荷马金融所有的基金管理和 后期服务。实际操作中，我们会在金融

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产品的调研和投资阶段，挑选抗风险或 者相对风险较低的资产给到我们的客 户。经过3年的运作，可以看到我们基 金年度没有负收益，客户也是零回撤的 投资收 益。2）其次，我们建立完善合 规的FOF基金架构，并设有专业机构进 行管理、托管和审计，时刻保障基金合 法合规的运作。会随着基金的运作，对 合作方的资质和要求不断提高，比如现 在我们已经与摩根斯坦利银行等大牌 机构深度合作。并且，荷马在美国、中 国香港和中国大陆分别登记注册，并已 获得美国注册投资顾问资质（RIA）、 开曼基金注册发行资质。同时 接 受海 内 外严苛监管，最大程度维护我们投 资者利益。 何为机遇 资产配置需求由超高净值下沉到高净 值客户，客户基础扩大。 目前中国近三成的高净值人士拥有境 外投资，而随着中国经济的不断发展， 高净值人群对海外资产配置需求正逐 步增加。通过我们的了解，在尚未进行 境外投资的高净值人士中，50%以上的 人表示未来三年内将考虑进行境外投 资，显示全球配置的需求旺盛。 财富管理端，基于客户投资需求的变化 而迭代更新。 对于传统投资，财富新贵投资偏好由” 高风险”逐步趋为“更稳健”,这就代表 这群人需要一些更精准、甚至定制化的 财富公司满足需求。举一个简单易懂 的例子：现在市面上很多大 型超市纷 纷面临关闭，但很多小型便利店纷纷崛 起，且数量越来越多。这是因为小型超 市更为精准和灵活，更能满足顾客的需 要。同样，财富管理行业未来也将出现 越来越多小而精且个性化的财富管理 公司。

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with the uncertain investments in the future. We have also kept these three principles in mind, working together with our customers to practice and grow. And in the principle of "Work hard to keep the principal and adhere to steady investment" , we insist on doing the following things: 1) First of all, we apply the concept of steady investment throughout Homaer Financial's fund management and post-services. In actual operations, we will recommend the assets that are resistant to risks or of relatively low risk to our customers during the research and investment phase of financial products. With 3 years' experience of operation, you can see that we have no negative returns for the year of the fund, and customers also have an investment income with zero retirement. 2) Secondly, we have established and improved a compliant FOF fund structure, and

Company Formation and Funds Guide

have professional institutions for management, trusteeship and auditing to ensure that the operation of funds is legally compliant at all times. With the operation of the fund, the qualifications and requirements of the partners will continue to be raised. For example, we now have an in-depth cooperation with such major institutions as the Morgan Stanley Bank. In addition, Homaer is separately registered in the United States, Hong Kong and Mainland China, having obtained the qualifications of the American Registered Investment Advisor (RIA) and the Cayman Fund. At the same time, it accepts strict supervision both at home and abroad to maximize the benefits of our investors.

What is the opportunity?

Demands for asset allocation have dropped from ultra-high net

FUNDS SUPPLEMENT CHINA OFFSHORE | 基金特刊

财富管理全球化趋于明显，海外投资满 足“刚性”需求。 纵 观世界格局，财富管理 正趋于全 球 化，资产配置方式、资产布局、投资环 境 等的全 球化，使得大众的视角和触 角所及范围具备国际化。所以一个完整 的财富管理公司将是具备多种货币理 财管理的公司，单一化业务将被逐步取 代。而海外市场相比国内而言确实有着 更为丰富及成熟的投资产品以及众多 有着长久经验积累和回报证明的专业 知名机构，国内投资者可以在更为透明 成熟的环境中去做多样 化的选择，增 强长期收益的可能性以及对抗区域性 风险的能力。 我国的财富管理行业经历了从无到有、 从不断探索到规模化发展的历程，在 监管政策不断落地、金融改革的不断 深入和金融市场对外开放举 措频出的 大环境下，有机遇更伴随着挑战，这需 要整个行业共同努力，构建具有中国特 色的财富管理体系。

worth customers to high net worth customers, and the customer base basis expanded.

At present, nearly 30% of high-networth individuals in China have outbound investments. With the continuous development of Chinese economy, the demand for overseas asset allocation by high-net-worth individuals is gradually increasing.

Through our investigation, among the high-net-worth individuals who have not yet invested overseas, more than 50% said that they will consider outbound investment within the next three years, indicating that the demand for global allocation is strong.

Wealth management side has been iteratively updated based on changes in customer investment requirements.

For traditional investment, the preference of the wealth upstarts gradually shifts from being "highly risky" to being "more stable" , which means that this group of people needs some more accurate and even customized wealth companies to meet their needs. Here is an easyto-understand example: Many large supermarkets in the market are now facing closures, but many small convenience stores have risen and are increasing in number. This is because small supermarkets are more precise and flexible and can better meet the needs of customers. Similarly, there will be more and more small, sophisticated and personalized wealth management companies appearing in the wealth management industry.

The globalization of wealth management tends to be obvious.

Outbound investment is supposed to meet "rigid" demands.

Looking at the world situation, wealth management is tending to be globalized, and the globalization of asset allocation methods, asset distribution and investment environment has enabled the scope of public perspective and tentacles to be under the condition of globalization.

Therefore, a complete wealth management company will be one with multiple money management methods, and single businesses will be gradually replaced. While overseas markets do have richer and more mature investment products than domestic ones and many well-known institutions with long-term experience and proven returns, domestic investors can make diversified choices in a more transparent and mature environment, to increase the likelihood of longterm gains and improve the ability to counter regional risks.

Wealth management industry in China has experienced a history of development from scratch, from continuous exploration to large-scale development. There are opportunities to accompany it in the context of continuous regulatory policies, continuous growth of financial reform and frequent opening-up of financial markets. The challenge requires the entire industry to work together to build a wealth management system with Chinese characteristics.

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基金特刊 | FUNDS SUPPLEMENT CHINA OFFSHORE

Member Contribution

从盲目进取到理性平衡 家族基金延续世代传承

From Blind Aggressiveness to Rational Balance – Family Foundations Pass Wealth down from Generation to Generation

Phoenix Tong 唐凤灵 富盈环球财富管理有限公司 总经理 Galaxy Treasure International Wealth Management Limited General Manager 富盈环球财富管理是扎根香港的金融服 务机构，为宝利国际旗下子公司。针对国 内市场高净值人士对子女海外教育、海 外投资、移民、居留权以及资产转移等相 关需求设立信托、投资香港保险、投资基 金或其他理财产品，作为投资全球资产 配置。 Galaxy Treasure International Wealth Management is a financial service provider based in Hong Kong. It is a subsidiary of Great Treasure International Inc. Limited. Galaxy Treasure International Wealth Management offers advice and services for the domestic market related to overseas investment, immigration by investment for high net-worth clients, wealth management products in relation to their children’s overseas education, setting up investment funds or trusts for investing in Hong Kong insurance, and other wealth management products connected to global asset allocation.

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ccording to the 2017 China Private Wealth Report jointly issued by China Merchants Bank and Bain & Company in June 2017, the number of high net-worth individuals with investable assets of RMB 10 million increased from 180,000 to 1,870,000 from 2006 to 2017. There are also 150,000 high net-worth individuals with investable assets of RMB 100 million. Capital outflows and inheritance issues have gradually become a concern.

The evolution of investment mentalities China's reform and opening-up has brought boundless opportunities to various industries and led to the evolution of high net-worth individuals'investment mentality. In general, this can be divided into three phases: The initial phase At the stage of economic take-off in China, opportunities could be found everywhere. This created a group of nouveaux riche investors who only focused on short-term investments with high returns and didn't believe

Company Formation and Funds Guide

Phoenix Tong

in long-term investment. Therefore, products with high returns and high risks flourished.

The secondary phase As economic development gradually stabilized, investors began to realize the importance of safeguards and financial security, and considered long-term capital appreciation.

Coupled with the fact that many investors had made a loss from highrisk investments, the high net-worth group changed their mindset and shifted their focus to relatively solid investment products abroad.

FUNDS SUPPLEMENT CHINA OFFSHORE | 基金特刊

据

由招商银行私人银行 和贝恩 公司在 北 京2017年 6月联 合 发布的《2017中国私人财 富 报告》显示，2006 – 2017年间，人可 投 资资 产 超 过1千万人民币的高 净 值 人群规模十年间由18万递增至187万， 可投资资产超 过1亿元人民币的人 群 亦 有15万，资金出路及传承问题渐为 城中关注。 投资心态的演变 自中国改革开放，带 动各行业无穷 机 遇，近廿年高净值人群投资心态逐渐 演变， 大可慨括为三阶段： 初阶段 中国经济初始起飞，机会处处皆是，造 就了一 群暴发一族，只看重 短 期高回 报， 不相信长远，至高回报高风险类 投资产品百花齐放。 次阶段 经济发展渐趋稳定，投资者开始明白保 障及资金安全的重要并考虑长远资金 增值， 加上不少投资者曾在高风险投 资上碰焦，令高净值人群改变心态，着 点投资国外较稳健的投资产品。 现阶段 信息日渐发达，高净值人群的投资知识 亦趋丰富，心态更为成熟，从早期高风 险高收益至偏好长线平衡收益，理性 选择合适理财工具。 投资取向趋理性务实 配合不同资产配置的需求，各类配置组 合渐被关注，当中以私募股权基金和股 票投资基金尤其受高净值人士青睐。 加上互联网财富管理平台兴起，利用其 便捷性、产品效益和低成本之优势，吸 引大量高净值人群藉其平台进行投资。 当高净值人群以“财富安全”、 “财富 传承”和“子女教育”为长远理

The current phase As information proliferates, high networth individuals have gained more thorough investment knowledge and have developed an increasingly mature attitude. They've gotten rid of the preference for high-risk high-return investments of the early days and started to rationally select appropriate financial tools for the purpose of balanced profits in the long run.

Investment orientation is becoming rational and pragmatic Various portfolios aiming to satisfy different demands for asset allocation have drawn more and more attention.

Private equity funds and equity investment funds have become some of the favorites among high net-worth individuals. In addition, the rise of Internet-based wealth management platforms has attracted a great number of high net-worth individuals thanks to their convenience, product efficiency, and low cost. As high net-worth

individuals identify "wealth security" , "wealth inheritance" , and "children's education" as long-term goals, "family foundations" have emerged to keep up with the times.

Family Foundation Family foundations (as they are collectively known) can be conducted in different forms, such as the family trust, the offshore company – or they can even operate as a single account or bank account. This concept has long been popular in Europe and the United States.

Family Trust Generally, a family trust is a service provided by a private banker to a high net-worth individual. It is an entrusted relationship in which the asset owner entrusts the ownership of his/her properties to the trustee. The trusted properties will become independent and no longer belong to the original owner, but the corresponding profits

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财目标， “家族基金” 应运而生。 家族基金 家族基金乃是统称，可以不同形式进 行，如家族信托、离岸公司，甚或以单 一户头或银行账户形式运作。这概念在 境外早已盛行，如欧美等国家已非常普 遍。 家族信托 家族信托一般为私人银行家为拥有高 资产净值人士提供的服务，是一种委托 关系，指资产拥有人将其财产所有权委 托给受托人，信托的资产将独立存在， 不再属于资产的原始拥有人，但相应的 收益依然根据他的意愿收取和分配。 受托人需按照信托协议管理信托财产， 并在指定情况下将该资产转予指定的 受益人，受益人是通 过享有信托收益 权而非遗产。 若资产原始拥有人出现离婚分家产、意 外死亡或欠债等情况，信托的资产将得 以完整保留，唯信托资产和信托目的必 须为合法。这为企业和个人财富构筑起 防火墙，避免了委托人家人将财富挥霍 或分割，同时也规避了企业经营风险对 家庭可能产生的重大不利影响。 家庭信托的初始信托财产可以是资金， 也可以是企业股权，还可以是房地产等 其他财产形式。受益人可设定为家人或 任何其他人，亦可中途更改，也可制定 受益人的权利。而在信托利益分配上可 选择一次性分配、定期定量分配、临时 分配、附带条件分配等不同的形式。 由于法律制度及环境不同，国内的信托 公司偏重将信托作为一种集合性投资 工具，通 过向公众发行信托计划为投 资项目进行融资。而在香港及海外，则 以家庭信托安排为主，目标为有财产保 障、继 承以及税务需求的高资产净值

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shall be collected and distributed according to his/her will. The trustee needs to manage the assets under the trust according to the trust agreement and transfer such assets to the designated beneficiary who is entitled to receive the trust proceeds rather than inherit the assets.

If, due to divorce, accidental death, or debt, the original asset owner divides up the family property, the assets will be completely preserved, provided that the assets and purposes of the trust are legal and legitimate. This serves to build a firewall between enterprises and individual wealth, to prevent the trustor's family members from squandering or dividing up the wealth, and circumvents the potentially adverse effects of the company's business risks on the family.

The initial trust asset of a family trust can be capital, corporate equity, or take on other forms such as real estate.

A family member or any other person

Company Formation and Funds Guide

may be designated as the beneficiary who can be changed at any point. The rights of the beneficiary can also be established. As for the distribution of gains from trusts, different options are available, including once-off distribution, regular quantitative distribution, temporary distribution, and conditional distribution.

Due to different legal systems and environments, trust companies in China tend to treat trusts as an integrated investment instrument, raising funds for investment projects via trust schemes. In Hong Kong and other countries, however, the main form is the family trust and the main objective is to provide high net-worth individuals with service-based trusts to satisfy their demands for asset protection and inheritance, as well as taxation.

Family trusts are an extremely effective financial instrument which

FUNDS SUPPLEMENT CHINA OFFSHORE | 基金特刊

人士提供服务的信托类别。 家 庭 信 托 是 一 个 极 其 有 效 的 理 财工 具，通过签订标准的契约与度身定做的 意愿书，达到为客户量身定制资产分配 的目的，实现投资理财、财富增值、财 产传承、养老规划等多重目的。 在国内设立家族信托的风险 目前，家族信托在国内地区尚未成熟， 在制度和司法实践层面仍缺乏系统，约 束受托人的规则仍未周全，加之整个社 会的诚信度参差不齐，委托人设立家族 信托将巨额财产委托给受托人代为管 理，可能会面临受托人的能力及诚信道 德等风险因素影响。对于成立的时间尚 短的国内信托公司、私人银行及第三方 理财等机构能否承担家族财富在几代 人之间的传承，仍有待时间考验。如受 托机构破产、倒闭或产生其他的机构变 动，无法继续受托管理信托财产，家族 信托财产将如何处置，是高资产净值人 士最担心的问题。 离岸公司 海外离岸公司是许多大型跨国公司和 拥有高额资产的个人经常使用的金融 工具。许 多希望在国外上市的公司有 也是通过成立海外离岸公司实现其目 的的。离岸公司做为一种商业 组 织 形 式，不仅限于公司（有限、无限、控股、 免除、国际商业公司、股份、公众公司 等），还包括信 托 基 金 和合伙 企业等 形式。

offers customers tailored asset allocation by signing standardized agreements and a customized letter of intent so as to achieve multiple purposes such as investment and wealth management, wealth appreciation, property heritage, and retirement planning.

Risks of establishing family trusts in China Family trusts are not yet mature in China. Due to the lack of systematic regulations and juridical practices, incomplete rules on restraining trustees, and vulnerable social integrity, the trustor (who entrusts enormous wealth to the trustee by establishing the family trust) may suffer from the potential risks related to the capability and integrity of the trustee. Whether or not domestic trust companies, private banks and the third-party financial institutions – with their short history – can ensure the inheritance of family wealth from generation to generation has yet to be time-tested. If such institutions go bankrupt, close down or experience other institutional changes and accordingly cannot continue to manage the trusted assets, the question of how to deal with the assets under the family trust is high networth individuals’ greatest concern.

"Offshore Company" The offshore company is a financial instrument frequently used by many large multinational corporations and high net-worth individuals. Many companies set up offshore companies in order to list overseas. As a form of commercial organization, offshore

companies are not confined to the company (limited company, unlimited company, holding company, exempt company, international business company, joint-shares company, public company, etc.) but also include trust funds and partnerships.

Selection of offshore jurisdictions: 1. Local government doesn't impose any tax on such companies and only charges a small yearly administration fee; 2. Major international banks recognize such companies, and facilitate the establishment of bank accounts and financial operations; 3. They have the following features: high confidentiality, tax exemption or reduction, no foreign exchange controls.

The main purposes of setting up an offshore company: 1. To conduct red-chip private placements overseas in order to get listed in America, Hong Kong, Singapore or Britain; 2. To bypass restrictions on foreign capital's access to certain industries.

In particular, to gain access to the Internet-based value-added telecommunications industry (TMT) in China, foreign investment adopts the "Sina" model, i.e. setting up an offshore company.

3. To implement cross-border mergers and acquisitions.

4. To set up a holding company for capital operations; 5. To conduct tax planning, global transactions, and set up joint ventures, etc.

Company Formation and Funds Guide CHINA OFFSHORE

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基金特刊 | FUNDS SUPPLEMENT CHINA OFFSHORE

离岸法域的选择： 1. 当地政府对这类公司没有任何税收， 只收取少量的年度管理费； 2. 国际大银行都承认这类公司，方便其 设立银行账号及财务运作； 3. 具有高度的保密性、减免税务负担、 无外汇管制三大特点。 设立离岸公司主要目的： 1. 进行海外红筹方 式私 募，进而在美 国、香港或新加坡以及英国等地上市； 2. 曲线规避外资限制性行业进行境内 经营，特别是外资以新浪模式进入互联 网增值电信行业(TMT)均为通过离岸 公司架构设计进行； 3. 进行跨境并购； 4. 设立控股公司，进行资本运作； 5. 进行税收筹划、全球贸易、合资公司 等。

Many enterprises start by registering "offshore companies" in Hong Kong, the British Virgin Islands, the Cayman Islands and Bermuda, and then set up foreign-invested enterprises in China or get listed overseas and implement overseas acquisitions via these offshore companies.

Family Office In addition, family foundations worth billions of yuan set up independent teams in the form of family offices to make investments, and to operate and manage large family assets in a more effective way. The family asset owner can keep a close eye on the balance

有不少企业通过在香港、英属维尔京 群岛、开曼群岛、百慕大群岛等地注册 “离岸公司”，再通过离岸公司在国内 设立外商投资企业或实现境外上市和 海外收购等目的。 家族办公室 除此之外，为更有效管理较为宠大的家 族资产，超过数十亿人民币的家族基金 会建 立独立团队，以家族办公室形式 投资、运营、管理家族资产。家族资产 拥有人可透过家族办公室的团队密切 关注家族的资产负债表，自行聘用投资 经理管理投资组合，不用假手其他金融 机构，令家族可在没有利益冲突的环境 中更有效地完成资产配置的目标，并实 现家族治理和传承。这些独立家族办 公室除了提供一般投资外，还为家族提 供税务、房地产、以至购买私人飞机等 高端金融服务，是家族财富管理的最高 手段。

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sheet of the family via the family office team, and hire investment managers to manage the investment portfolio at his/her discretion without engaging any other financial institution, thus enabling the family to realize the objective of asset allocation more effectively in an environment without any conflict of interest, and which also ensures the administration and inheritance of family wealth.

Besides ordinary investments, these independent family offices also offer high-end financial services, such as taxation, real estate and even the purchase of private planes. It is the uppermost method of family wealth management.

FUNDS SUPPLEMENT CHINA OFFSHORE | 基金特刊

Company Formation and Funds Guide CHINA OFFSHORE

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基金特刊 | FUNDS SUPPLEMENT CHINA OFFSHORE

Member Contribution

欧盟将另类投资基金作为企业架构工具 European Union Harmonised Alternative Investment Funds as Corporate Structuring Vehicles

Olaf Koehler

W Olaf Koehler 富地基金管理有限公司 首席执行官 BENDURA FUND MANAGEMENT BETA AG CEO 自2008年以来，KOEHLER先生一直以多 种身份服务于投资基金业，包括结构律 师、执行董事或投资基金清算人。在成为 富地基金管理有限公司的首席执行官之 前，KOEHLER先生全面掌管着列支敦士 登富地银行的存托与证券发行局服务部 门,那里他拥有100%的股份。 Since 2008, Mr. KOEHLER has been serving the investment fund industry in several capacities, inter alia as structuring lawyer, managing director or investment fund liquidator. Before having become Chief Executive Officer of BENDURA FUND MANAGEMENT BETA, Mr. KOEHLER was in charge of the Depositary & Security Issuer Services Department of BENDURA BANK, the Liechtenstein based 100%-owner of his current company.

ith the Alternative Investment Fund Managers Directive (AIFMD), the European Parliament and the Council of the European Union (EU) have harmonised the regulatory framework for Alternative Investment Funds (AIF). The Principality of Liechtenstein as a member of the European Economic Area (EEA) participates in the EU's internal market and adopts most EU legislation concerning the single market. Liechtenstein's adoption of the AIFMD entered into force as from July 2, 2013 and the inclusion of the AIFMD in the EEA Agreement opened the EU for potential marketing of Liechtenstein AIFs on September 30, 2016.

1. Alternative Investment Funds There generally are no limits regarding the types of assets an AIF could hold: certainly securities, as well as real estate, private equity, commodities, art or intellectual property.

The resilient AIF structure The AIFM regime is based on the regulation of the licenced Alternative Investment Fund Managers. The AIFM is responsible for portfolio

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management and risk management of the AIF as well as for the fund administration and other tasks with regards to the AIF. Although it is possible to delegate all these tasks to third parties, the AIFM is not allowed to delegate portfolio management and risk management of an AIF at the same time and cannot dispose of its overall responsibility.

Separation of powers regarding the AIF's assets is one of the measures taken to prevent misconduct and to preserve the interests of the investors.

Therefore, the second most important actor in an AIF structure is the depositary, usually a bank. While it is the AIFM's duty to manage the assets of the AIF, the depositary has to take the bankable assets into custody and to make sure that the property of non-bankable assets of the AIF is not inadvertently encumbered with any rights of third parties. Regarding bankable assets the rule is: the AIFM manages the assets but must not possess them, the depositary has to keep the assets in custody but must not manage them. Furthermore, the depositary has the duty to check any transactions of the AIF regarding the adequacy of the according considerations and it is not allowed to

FUNDS SUPPLEMENT CHINA OFFSHORE | 基金特刊

投资组合管理 另类投资基金经理 （AIFM）

市场营销 基金管理

金融市场管理局

合规 管理

外部审计

投资者 另类投资基金（AIF）

托管机构 一级经纪人

杠杆选择 金融机构

基金 + 另类基金经理层面

外部控制管理局

风险管理

基金层面

在

欧 盟颁布《另类 投资基 金 经 理指令》（AIFMD）的同时， 欧 盟议会和欧 盟 理事会已 将法规框架融入了“另类投资基金” （A IF）中。列支敦士登公国作为欧盟 经济区（EEA）的成员国，参与欧盟的 内部市场活动，并实施了大多数欧盟针 对单一市场的法律法 规。列支敦士登 从2013年7月2日起开始实施AIFMD， 在EEA协议中加入的AIFMD让欧盟在 2016年9月30日对列支敦士登另类投资 基金的潜在市场进行了开放。

投资目标

1. 另类投资基金

AIF资产所分离的权力是防止滥用和保 护投资者权利的对策之一。因此，AIF 架构中位列第二重要的因素是它的保 管者，通常是银行。虽然A IFM的责任 是管理AIF中的资产，保管者必须保留 其中可在银行交易的资产，并确保AIF 中不可在银行交易的资产并不会在无 意中妨碍第三方任 何权利的实 施。关 于可在银行交易的资产，其规 则是： AIFM对资产进行管理，却不能持有上 述资产。此外，保管者有责任根据情况 就AIF交易的准确性进行检查，而且不

Risk management

External control authorities

Alternative Investment Fund Manager (AIFM)

Marketing Fund administration

Financial Market Authority

Compliance Management Investor(s)

Financing institution(s)

External audit

Alternative Investment Fund (AIF)

Leverage options

Prime broker(s)

Depositary

Target investment(s)

Fund + AIFM level

灵活强健的AIF架构 另类基金管理公司（AIFM）是基于“授 权 另 类 基 金 经 理 ”的 法 规 而 建 立 。 AIFM负责投资组合管理、AIF的风险 管 理，以及基 金 管 理和其它与A I F 有 关的任务。虽然可以交由第三方来负 责上述的所有工作，但AIFM不允许将 AIFM的投资组合管理和风险管理同时 交由代理负责，也不能够撇清它的总体 责任。

Portfolio managememt

Fund level

另类投资基金可以持有的资产种类在 总体上说是没有限制的：包括 证券、 房产、私募基金、商品、艺术品或知识 产权。

图例 1: 另类投资基金的基本架构 Diagram 1: Basic AIF structure

hand over the bankable assets to the AIFM. Every AIF has to appoint an external auditor and is subject to regulatory supervision by the regarding regulator, in Liechtenstein by the Financial Market Authority (FMA). Diagram 1 shows the basic structure of an AIF with its mandatory parties and the possible involvement of prime brokers and financing third parties.

AIF fund unit transactions via clearing systems using central counerparties (CCP) Other than with hedge funds in most Anglo-American jurisdictions, Central European AIF fund units usually are not registered with the AIF. In fact, the settlement of subscriptions and redemptions of AIF units is conducted via the clearing systems (e.g.

Clearstream, Euroclear, SIX SIS) by using a CCP as counterparty for both parties of the transaction.

Company Formation and Funds Guide CHINA OFFSHORE

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基金特刊 | FUNDS SUPPLEMENT CHINA OFFSHORE

允许将可交易资产移交给AIFM。 每一只A IF基金 都必须委任一名外部 审计师，并需要符 合相关 监管部门制 定的监管 规 定，在 列支 敦士登，是由 “金融市场管理局”（FMA）来实施监 管的。（另类投资基金的基本架构详见 前页图例1） 通过清算系统采用中央交易方（CCP） 进行的另类投资基金（AIF）单元交易 和大多数的盎格鲁美属司法辖区中建 立的对冲基金不同，中欧的另类 投 资 基金单元通常并不会在AIF中注册。事 实上，A IF单元的交易和认购，和A IF 单 元 的 赎 回 都 是 通 过 清 算 系 统（例 如，Clea r st rea m、Eu ro clea r、SI X SIS）用CCP作为双方 交易的对手方 来进行的。 因此，AIF单元总体上说都是作为未认 证的可清算证券来创建的。在认购AIF 单元时，投资者的资产保管银行会制作 一个关于此AIF单元的认购表格，并提 交给AIF的保管者，该保管者在此AIF 中扮演着 过户登记人的角色。在认购 表格中，投资者的保管银行用它自己的 名字对AIF单元进行认购，但认购时代 表其客户且是为客户保密的，并对投资 者客户进行约定，根据AIF基金文档的 规定要求有资格持有该AIF基金单元。 在认购被接受之后，交易通 过 清算系 统，作为付 款 交 割（DV P）来 完 成 交 易。在其保管银行的证券账户中收 到 AIF单元后，投资者就有权支配此AIF 单元，举 例 说明，可以 通 过 柜台交 易 自由出售给任何第三方。因此，A IF、 A IFM或保管者 通常都不知道投资者 是谁。

Therefore, the AIF units generally are created as uncertificated clearable securities. To subscribe for the AIF units, the custodian bank of the investor files a subscription form for the regarding AIF units and submits it to the depositary of the AIF which acts as transfer agent for the AIF. In the subscription form, the investor's custodian subscribes the AIF units in its own name but on behalf of its customer without disclosing him, and covenants that its customer, the investor, is eligible for the AIF units pursuant to the AIF's fund documents.

After the subscription has been accepted, the transaction is settled via the clearing systems as delivery versus payment (DVP) transaction. After having received the AIF units in his security account at his custodian bank, the investor has the AIF units at his disposal and, for example, would be free to sell them in an over the counter transaction to any discretionary third

2. AIF的管理框架和内部监管系统 AIF针对它们的内部控制系统和外部控 制实体来说，是遭到严格监管的。有多

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party. As a result, neither the AIF nor the AIFM or the depositary usually do know who the investors are.

2.Governance framework and internal monitoring system of AIFs AIFs are heavily regulated regarding the functioning of their internal control systems and their external control bodies. There is a variety of dimensions of the governance framework and the monitoring instances which can be listed as • functional (rule adherence = compliance; risk avoidance; damage repair), • hierarchical (lines of defence: operations, internal control system, internal audit) and • perspective (internal control system; external control authorities).

Diagram 2 gives an overview of the implementation of these three

FUNDS SUPPLEMENT CHINA OFFSHORE | 基金特刊

3.用AIF建立架构 由于对持有的资产来说，AIF事实上是 不会受到任何限制的，它们适用于下列 情形： • 私募基金、初创公司、衍生投资或 • 受限制于投资者数量的未监管资产 经理的财务杠杆作用，他们可以整合于

框架

防

线

董事会

内部审计

托管银行

外部审计

金融市场管理局

Depositary bank

External audit

Financial Market Authority

管理委员会

合规风控控制

业务部 （风险管理）

The Three Lines of Defence ... ... are the basis for a strong control framework

Internal audit

Legal & regulatory requirments

of D

ef

en

ce

Internal policies, procedures and control framework

es

至于防止犯罪方面，在私募基金 和房 地 产A I F 的日常 管 理 工作中，反洗 钱 （AML）对策是重中之重。这会一方面 影响到投资者对AIF单元的认购，另一 方面，也会影响到AIF的资产交易。幸 运的是，中欧基金单元清算系统DVP交 易减轻了投资者方面的AIFM在反洗钱 方面的许多工作量：交易另一方的认购 银行有责任检查认购投资者的资金来 源。由于只有银行才有足够的反洗钱手 段，银行才被允许参与清算系统，通常 它们也是可以被信赖的。

法律和法规 要求

流程和控制

Lin

对于传统的证券基金来说，定量风险 控制的方法比较流行，AIF经常包含少 数的资产，或者甚至只有单一资产，比 如说，不对外开放的私人俱乐部或单人 投资者A IF中的私募基金或房地产资 产。所以运营风险管理中在此间就扮演 了更为重要的角色。

内部政策、

Board of Directors

图例2 此处给您一个上述三个维度执 行的总览。AIFM有责任建立内部控制 系统。外部控制实体为保管银行、外部 审计师和政府监管者。

三重防线…… ……是严格控制框架的基础

Managing Board

重维度的管理框架和监管方 式，如下 文所述： • 功能性（合规=合法；风险规避；损害 修复）， • 多重分级（多重防线：运营、内部控 制系统、外部审计）以及 • 多角度（内部控制系统；外部控制管 理局）。

Compliance Risk control Controlling Business areas (risk management)

图例 2: 三重防线 Diagram 2: The three lines of defence

dimensions. The AIFM has the duty to establish the internal control system.

External control bodies are the depositary bank, the external auditor and the governmental regulator.

Whereby for conventional security funds the quantitative risk controlling approach is prevailing, AIFs often comprise of a small number of assets, or even only one single asset, as, for example, in a closed-club or singleinvestor AIF with private equity or real

estate assets. Hence operational risk management plays a more important role.

With respect to crime prevention, in the day-to-day business of an AIFM for private-equity and realestate AIFs, anti money laundering (AML) measures are the main focus.

This affects on the one hand the subscription of AIF units by investors, on the other hand the AIF's asset transactions. Fortunately, the Central

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87

基金特刊 | FUNDS SUPPLEMENT CHINA OFFSHORE

投资项目之中。 不仅如此，在许多其它种类的金融工 具中，投资基 金的应用可能性要比它 们主要用于集合属于众多投资者的资 金 来共同购买证券的目的更大。第二 个非常 重要的目的就是用于以下目的 的投资基金： • 在相对复杂的企业架构中用于资产 架构， • 传承和税务规划， • 策略或基金投资的匿名方式， • 针对恶意收购的保护，或者 • 作为任何种类资产的打包方式 AIF的多种企业架构 列支敦士登A IF有五种不同的企业架 构，满足发起人和投资者在架构、控制 和税务 规划方面的需求。最 重要的企 业架构为： • 有可变资本的有限公司的投资公司 （SICAV），其中投资者是投资者股份 的持有者，AIFM为常务董事； • 集 体 托管 制度，其中投资者为受益 人，AIFM为受托人；以及 • 有限合伙制，其中投资者为有限合伙 人，AIFM为普通合伙人的常务董事。 在发起人和AIFM两者之间取得平衡 此案例中对AIFM最重要的是，在其顾 客作为AIF发起人和AIFM作为受监管 的基金经理的自身利益之间取得平衡。 由于AIFM不允许把投资组合交给发起 人，无法避免的是，需要事先清晰地定 义发起人的目标和目的。这些目标和目 的可以整合入AIF的组建文件，目的是 给AIFM一个清晰的指导，告诉它这个 AIF必须给负责管理的发起人一个确定 性，在“他”所管辖的AIF中，到底会发 生什么，它的经济目标到底是什么。对 于非公开俱乐部或单个投资者的A IF 来说，如果需要一些私密性，就没必要 公布AIF的文件。此外，可以指定流程，

88

European custom of delivering fund units via the clearing systems as DVP transactions reliefs the AIFM of much of the workload with the investor's side regarding AML prevention: it is the duty of the subscribing bank on the other side of the transaction to check the source of funds of the subscribing investor. Since only banks with sufficient AML measures are allowed to participate in the clearing systems, them generally can be trusted.

3.Structuring with AIFs Since AIFs virtually have no limits regarding the assets they hold, they are ideal for • private equity, start-ups, spin-off investments, or • financial leverage of non-regulated asset managers who are restricted regarding the number of investors they could incorporate into an investment project.

But furthermore as with many other types of financial instruments, there are more application possibilities for investment funds than only their primary purpose of pooling capital belonging to numerous investors used to collectively purchase securities.

Very important secondary purposes are to use an investment fund for • asset structuring within more or less complex corporate structures, • succession and tax planning, • anonymising of strategic or activistic investments, • protection against hostile takeovers, or • as wrapper for any types of assets.

Company Formation and Funds Guide

Variety of corporate structures for AIFs Liechtenstein AIFs come in five different corporate structures to satisfy the promoter's and the investor's needs regarding structuring, control and taxes. The most important corporate structures are the • investment company as limited company with variable capital (SICAV), whereby the investors are the holders of the investor shares and the AIFM is the managing director; • collective trusteeship, whereby the investors are the beneficiaries and the AIFM is the trustee; and • limited partnership, whereby the investors are the limited partners and the AIFM is the managing director of the general partner.

Balancing the interests of the promoters and the AIFM Most important for the AIFM in such cases is the balancing of the interests of his customer as AIF promoter with the own interests of the AIFM as regulated fund manager. Since the AIFM is not allowed to leave the portfolio management to the promoter, it is imperative to clearly define the promoter's goals and targets beforehand. These goals and targets then can be incorporated into the AIF's constituent documents in order to give the AIFM a clear guidance how this AIF has to be managed and to give the promoter the certainty that in "his" AIF exactly will happen what was economically intended. For closedclub or single-investor AIFs there is no need to publish the AIF documents in case some privacy might be needed.

FUNDS SUPPLEMENT CHINA OFFSHORE | 基金特刊 投资者

发起人

控股

控股

另类投资基金作为有可变资本的 有限公司的投资公司 创始人股份

投资者股份

任命

持有带特殊投票 和特殊分配权的 股份

董事会 （至少一名董事）

代表

任命 持证的另类投资基金经理

任命 另类投资基金中 被管理的资产（基金）

提供贷款

持有股份

另类投资基金作为有 可变资本的有限公司的投资公司 优先股

普通股

Investors

Promoters

holding

holding

AIF as SICAV Risk Funder management shares

Risk Investor management shares

appoint holding equity with special voting and special dividend rights

Board of Directors (minimum one director)

appoints

represent

Licensed AIFM

appoints Managed assets of the AIF (the 《FUND》)

provide loans holding equity

AIF as SICAV Preferred shares

Ordinary shares

图例 3: AIF 作为未受监管金融机构的资金和杠杆提供者 Diagram 3: AIF as equity and leverage provider for an unregulated financial business

Furthermore, procedures can be put in place by which the promoter has the possibility to replace the AIFM by another licensed AIFM in case of irreconcilable differences.

Structuring example A: AIF as equity and leverage provider for a business incubator The successful XY Business Incubator Limited Company has more private equity opportunities than monies to invest. It is seeking additional equity as well as external finance and knows already some potential investors. In its jurisdiction, XY Ltd. as a financial investor into target companies must not onboard more than only a few investors as shareholders of the XY Ltd. itself since otherwise it would be considered an investment fund without the regarding regulatory licence.

The founding shareholders of the incubator company as promoters to the AIF want to secure a particular portion of the profits of XY Ltd. as a reward for their lifetime achievement by successfully having setup the business. They also want to stay in control of XY Ltd. and to be provided with the maximum possible external control of the AIF. A structure as shown in Diagram 3 addresses all requirements of the promoters. A new class of preferred shares in XY Ltd. secures the voting majority and a special dividend right for them. Via the voting founder shares of the AIF in the corporate form of an investment company or "SICAV", the promoters are in charge of appointing the Board of Directors

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基金特刊 | FUNDS SUPPLEMENT CHINA OFFSHORE

在产生不可调和分歧时，来规定发起人 有可能用另一个持证的AIFM来替换这 个AIFM。 架构范例A：AIF作为商务孵化器的资 产和杠杆提供者 一家成功的XY商务孵化器有限公司有 更多的私募机会，超过它能够支配的资 金额。该公司寻求额外的资金和外部融 资，并已经认识了一些潜在的投资者。 在它所在司法辖区，X Y 有限公司作为 一家进入目标公司的金融投资商不可 以让高于一定数量的投资者担任XY有 限公司的股东，否则其自身将被认为是 一只没有相关认证的投资基金。 孵化器公司的创始人作为AIF的发起人 希望得到XY有限公司一个特定的投资 组合，作为对其穷尽一生成功创立该公 司的奖赏。他们也希望继续保留对X Y 有限公司的控制权，并获得AIF的最大 外部控制权。

90

of the AIF and could take seats in the Board themselves. While not allowed to take over the portfolio management of the AIF from the AIFM, the Board of Directors has the power to replace the AIFM as corporate managing director of the SICAV-AIF by any other licensed AIFM. With the non-voting investor shares in the SICAV-AIF, new investors have the opportunity to get exposure to XY's business returns. In the general assembly of XY Ltd. on the other hand, only the AIFM as manager of the SICAV-AIF would appear on grounds of the AIF's ordinary shares, eliminating any risk of being exposed to aggressive activistic shareholders.

Besides subscribing shares of XY Ltd., the AIF could also agree with XY Ltd. on other instruments of financing, e.g. performance linked loans with regards to the performance of XY Ltd. itself or with regards to single investment

Company Formation and Funds Guide

targets of XY Ltd. Diagram 3: AIF as equity and leverage provider for an unregulated financial business Structuring example B: protection against hostile takeover The Board of Directors of a listed company holding multiple business companies has been made aware that a hostile takeover shall take place. The attacker intents to rip the company's holdings apart and to sell them in pieces. After consultation with the company's lawyers, the Board of Directors decides to take measures making the company unalluring for the attacker.

Diagram 4 shows a possible final structure as result of these measures.

A new holding company is being established. The holdings of the

FUNDS SUPPLEMENT CHINA OFFSHORE | 基金特刊

在图例3（前页）中所示的架构中，展示 了发起人的所有需求。XY有限公司新 类别的优先股保证了多数投票权和他 们所能享受的特殊红利权。通 过投资 公司或“SICAV”企业形式的AIF中的 投票创始人股，发起人负责委任AIF的 董事会成员，也可以自己担任董事会的 成员。在不被允许在AIF中接管AIFM 负责的投资组合管理权的同时，董事会 有权用另一名持证AIFM来替换AIFM 担任SICAF-AIF的公司常务董事的职 务。在SICA F-A IF中有非投票投资者 股权的同时，新投资者有机会在 X Y公 司业务中获利。另一方面，在XY有限公 司的成员大会中，只有作为SICAF-AIF 经理的AIFM可以出现在AIF的普通股 中，消除了存在任何抱有恶意的激进股 东的可能性。除了X Y 有限公司的认购 股本之外，AIF也可以允许其它融资工 具，比如针对X Y 有限公司自身绩效的 绩效关联贷款或者与XY有限公司单一 投资目标相关。 架构范例B：针对恶意收购的保护 上市公司的董事会持有多个商务公司， 并意识到恶意收购将会发生。攻击者 希望拆 散公司的持股 并出售。在得到 公司律师的咨询意见后，董 事会决定 采取 措施，让公司不再对攻击者具 有 吸引力。 图例4显示了上述方法实施后可能造成 的结果。一个新的控股公司得以成立。 老控股公司所控的股份以申购注入 新 的控股公司为目的所设立的AIF，并以 AIF基金单元的方式作为回报。AIF有 一个为期十年的锁定时间，对第三方投 资者开放。在遭遇恶意收购时，攻击者 能够得到一家有AIF基金单元的公司， 同时不可能对其进行赎回或获得老控 股公司所持的原始股份。

投资者 - 缺席接管目标

认购另类投资基金 单元锁定 10 年 另类投资基金

任何地点

列支敦士登 管理

大多数

（与绩效挂 钩的）贷款

另类投资基金

列支敦士登 任何地点

利息 / 红利 新控股公司 收益

投资

控股 / 资产

Investor(s) - i.a. take-over target

Anywhere

Subscription AIF fund units 10 years lock-in manages

AIF (Performance linked) loans

Majority

Liechtenstein AIFM

Liechtenstein Anywhere

Interest / dividends New holding company Returns

Investments

Holdings / assets 图例 4: 针对恶意收购进行保护的 AIF Diagram 4: AIF for protection against hostile takeover

old holding company are put into the new holding company. The old holding company puts the new holding company as subscription in kind into an AIF set up for this purpose and gets AIF fund units in return. The AIF has a lock-in period of ten years and

is open for third-party investors. In case of a hostile takeover, the attacker would get a company with AIF fund units in it and no possibility to redeem them or to lay hands on the original holdings of the old holding company.

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91

非洲

AFRICA

塞舌尔 Seychelles

Seychelles

Member Contribution 概况

General Type of Company

International Business Company (IBC)

公司类型

国际商务公司（IBC）

Type of Law

Hybrid

法律类型

混合型

Shelf Company Availability

Yes

现成公司可用率

是

Time to Establish a New Company

One business day

新公司建立时间

一个工作日

Corporate Taxation

No

公司税

无

Double Taxation Treaty Access

No

双重征税协议

无

Share Capital or Equivalent

股本或等值股本

Standard Currency

USD

标准货币

美元

Permitted Currencies

Any

允许使用货币

任何

Minimum Paid Up Share Capital

No requirements

最低付清股本

无要求

Usual Number of Shares Issued

1 or 100,000

法定股本要求

1 或 100,000

Directors

董事

Minimum Number

One

最低董事人数

1名

Local Required

No

本地董事

否

Publicly Accessible Records

No

公开记录权限

否

Location of Meetings

Any

会议地点

任何

Shareholders

股东

Minimum Number

One

最低股东人数

1名

Publicly Accessible Records

No

公开记录权限

否

Location of Meetings

Any

会议地点

任何

Company Secretary

公司秘书

Required

No

需要

否

Local or Qualified

Any

是否为注册地或有资质人员

任何

Accounts

账户

Requirements to Prepare

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

账户准备要求

无要求， 但是公司需要正确保管会计记录

Audit Requirements

No

审计要求

否

Requirements to File Accounts

No, but optional filing is available

账户登记记录

否，但是可选是否需要登记归档

Publicly Accessible Records

No

公开记录权限

无

Source: Uniwide

94

Company Formation and Funds Guide

司法辖区

JURISDICTIONS

简介 | Introduction 行政特区：塞舌尔 所属地区：印度洋，非洲 官方货币：塞舌尔卢比 官方语言：英语、法语 所在时区：UTC+4 电话区号：+248 通讯设施：优秀

公司建立成本：600-2000美元 公司建立时间：1-3天 公司维护费用：400-800美元 Country: Seychelles Region: Indian Ocean, Africa Currency: Seychellois rupee Languages: English, French Time Zone: UTC+4 Phone Code: +248 Communications: Good Formation Cost: USD $6002000 Formation Time: 1-3 days Maintenance cost: USD $400800

塞舌尔是热带天堂的代名词。115个靠近赤 道的岛屿和旋风带以外的地理位置，让它成 为令人艳羡的度假天堂。塞舌尔的主岛，马 希，有一个且非常优良的港口，维多利亚港。 塞舌尔89,000名居民中的大部分居住在马 希，混居着法国和非洲人种，说克里奥尔语， 但也说英语和法语，特别是在商务环境中更 是如此。英国允许塞舌尔在1976年独立；塞 舌尔是一个独立的共和制民主国家，有总统 制的政府。塞舌尔总统Albert Renee从1977 年掌权至2004年，经历了这个国家从一个 “渔业和香蕉”型的经济转型为现代化的 旅游胜地，并成为一个发展完备的离岸金融 中心，具有较强的竞争力。 塞舌尔的服务业为该国经济贡献了70%的产 值，其中包括旅游业、海产品加工和商业。 塞舌尔的国际自由贸易区非常成功，且正快 步成为印度洋上的贸易集散中心，这也是塞 舌尔政府公开宣布的目标。塞舌尔政府由家 长式管理作风（非常法国化）和经济自由主 义（非常英国化）的风格一分为二，但两者 哪个占据上风却不好说。

The Seychelles are a byword for tropical beauty. The 115 islands, near the equator and outside the cyclone belt, are indeed unspoiled. The main island, Mahe, has an airport and a very good port, Victoria. Most of the 89,000 inhabitants live on Mahe, and are a blended mixture of French and African, speaking Creole, but also English and French, especially in business. The British granted independence only in 1976; the Seychelles are an independent democratic republic with a presidential style of government. The President from 1977 until 2004, Albert Renee oversaw the conversion of a 'fishing and bananas' type of economy into a modern tourist mecca, alongside a carefully created offshore financial centre which has taken good notice of its competition.

The service sector contributes 70% of the Seychelles's economy, which is based on tourism, fish processing and commerce.

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司法辖区

JURISDICTIONS

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

直到2004年底，在海啸造成了相当大的损失后，经济开始有 所复苏，但失业率和财政赤字仍旧居高不下。当地的居民对 经济奇迹并不十分感冒，和政府希望把塞舌尔打造成印度洋 上的新加坡的意愿相驳。2004年塞舌尔发布了一个新的宏 观经济调控缩写为MERP的计划，旨在纠正财政和经济发展 的不平衡现象，进行加税和政府的缩编。 塞舌尔物价 飙 升、货币储备 短缺和高通 胀率 都让 该国在 2008年年中入不敷出，因此进行了进一步的财政紧缩，政府 转而求助于国际货币基金组织要求金融支援。2009年底， 国际货币基金组织同意向该国注资3,100万美元。在该组织 2011年6月组团访问塞舌尔进行调查时，塞舌尔政府因为其 “结构革新和财政制度取得的进步”而受到该组织的赞扬。 适合于: 财富管理、银行业、基金管理、航运、游艇、货物贸易、金融 贸易、控股公司

Until late 2004, when the tsunami did substantial damage, there was growth but also unemployment and a deficit.

The local population is not always willing to be cast in the role of economic superstars, to the despair of the Government, which privately would like the Seychelles to be a new Singapore. A macro-economic programme under the acronym MERP, launched in 2004, aimed to correct fiscal and economic imbalances with increased taxation and government retrenchment. The commodity price spike, a shortage of currency reserves and high inflation has prompted a further round of fiscal tightening after the country defaulted on much of its debt in mid2008, when the government turned to the IMF for financial assistance. By the end of 2009, an Extended Fund Facility (EFF) of USD31m was approved by the IMF. Following a visit by an IMF mission in June, 2011 the Government of the Seychelles was praised for its' fiscal policies and the progress achieved in structural reforms.

Suitable for: Wealth Management, Banking, Fund Management, Shipping, Yachting, Trading Goods, Trading Financial, Holding Companies

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

Vehicle Types: Limited companies, public limited companies, trusts, sole proprietorships, general partnerships and limited partnerships

资本主要营运区域： 维多利亚

Capital primary business districts: Victoria

关系良好国家： 中国、印尼、瑞士、英国

Good Relationships: China, Indonesia, Switzerland, United Kingdom

关系不佳国家： 缅甸、伊朗、朝鲜（民主主义人民共和国）、利比亚、索马里、

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

96

Company Formation and Funds Guide

司法辖区

JURISDICTIONS

苏丹、叙利亚 税务负担—商务： 极轻 税务负担—个人： 极轻 总体税率： CIT 25-33% (个体营业者和合伙制 18.75%-33%), PIT 0%, 增值税15% 合约签订国： 巴林、巴巴多斯、博兹瓦纳、中国、塞浦路斯、印尼、马恩岛、 卢森堡、马来西亚、毛里求斯、阿曼、卡塔尔、圣马力诺、南 非、泰国、阿联酋、越南、赞比亚 税务信息交换协议签订国： 开曼群岛、丹麦、法罗群岛、芬兰、格陵兰岛、耿西岛、冰岛、 荷兰、挪威、瑞典、瑞士

Tax Burden - Business: Very Light Tax Burden - Individual: Very Light Headline tax rates: CIT 25-33% (sole traders and partnerships 18.75%-33%), PIT 0%, VAT 15% Treaty Jurisdictions: Bahrain, Barbados, Botswana, China, Cyprus, Indonesia, Isle of Man, Luxembourg, Malaysia, Mauritius, Oman, Qatar, San Marino, South Africa, Thailand, United Arab Emirates, Vietnam, Zambia TIEA Jurisdictions: Cayman Islands, Denmark, Faroe Islands, Finland, Greenland, Guernsey, Iceland, Netherlands, Norway, Sweden, Switzerland

Company Formation and Funds Guide CHINA OFFSHORE

97

亚洲 ASIA

迪拜 Dubai

Dubai

Member Contribution 概况

General Type of Company

Free Zone Company

公司类型

自由区公司

Type of Law

Company Law

法律类型

公司法

Shelf Company Availability

On request

现成公司可用率

申请中

Time to Establish a New Company

5-10 Working days

新公司建立时间

5-10 个工作日

Corporate Taxation

0%

公司税

0%

Double Taxation Treaty Access

Yes

双重征税协议

是

Share Capital or Equivalent

股本或等值股本

Standard Currency

AED

标准货币

阿联酋迪拉姆

Permitted Currencies

ALL

允许使用货币

任何

Minimum Paid Up Share Capital

AED 1

最低付清股本

1 阿联酋迪拉姆

Usual Number of Shares Issued

1000 Shares of 1 AED

法定股本要求

1 阿联酋迪拉姆面值 1000 股

Directors

董事

Minimum Number

1

最低董事人数

一名

Local Required

No

本地董事

无

Publicly Accessible Records

No

公开记录权限

无

Location of Meetings

Not required (But may affect Company's residency)

会议地点

不要求（但是会影响公司所在地）

Shareholders

股东

Minimum Number

1

最低股东人数

一名

Publicly Accessible Records

No

公开记录权限

无

Location of Meetings

Anywhere

会议地点

任何地方

Company Secretary

公司秘书

Required

No

需要

无

Local or Qualified

Not required

是否为注册地或有资质人员

不要求

Accounts

账户

Requirements to Prepare

No

账户准备要求

无

Audit Requirements

No

审计要求

无

Requirements to File Accounts

No

账户登记记录

无

Publicly Accessible Records

No

公开记录权限

无

Source: Oneworld

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

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

迪 拜 是 阿 联 酋 的 一 部 分，也 是 杰 贝 阿 里 （Jebel Ali），一个巨型人造港口和地区内 最大，有5500家公司进驻的自贸区的所在 地。这里还将建成一个世界最大的机场。迪 拜有业界顶尖的航空货 运 设施，确保世界 最高速度的海空运输能在4小时内完成。这 里没有外汇管制、限额或贸易壁垒。进口关 税也极低，许多产品都享受免税待遇。阿联 酋迪拉姆能够自由兑换 且和美元挂钩。迪 拜的其它自贸区还包括迪拜国际金融中心 （DIFC），一个已有1000家国际金融机构 进驻的金融中心，以及一个有1400家企业进 驻的迪拜互联网城。除了石油工业和国内银 行业之外，迪拜没有所得税或资本税，也没 有资本预提税。迪拜和多个国家签订了免双 重征税协议，是经常被世界各大公司用作国 际税务规划的金融辖区。 适合于： 财富管理、财政管理、银行业务、保险、基 金管理、游艇、商品贸易、金融贸易、控股公 司、房地产所有权

Dubai, part of the UAE, is home to Jebel Ali, a huge man-made port with the largest free-trade zone in the region and 5,500 resident companies. A new airport will be the world's largest. Dubai's state-ofthe-art air cargo village helps ensure the world's fastest sea-air transport in as little as 4 hours. There are no foreign exchange controls, quotas or trade barriers.

Import duties are extremely low, and many products are exempt. The UAE dirham is freely convertible and is linked to the US dollar. Other tax-free zones in Dubai include the Dubai International Financial Centre (DIFC), a financial centre with nearly 1,000 international financial institutions, and Dubai Internet City, which already hosts 1,400 resident companies.

Apart from the oil industry and domestic banking, there are no income or capital taxes in Dubai, and no withholding tax.

Dubai has a number of double tax treaties with high-tax countries and is often used in

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离岸工具种类： 有限公司、公众有限公司、控股公司、通用合伙制公司、有限 合伙制公司、分公司和单一所有制公司 资本主要业务区域： 迪拜 关系良好国家： 中国 关系不佳： 缅甸、古巴、伊朗、朝鲜（民主主义人民共和国）、利比亚、索 马里 税务负担—商务： 极轻 税务负担—个人： 极轻 总体税率： CIT 0%, PIT 0%, 增值税0% 协议签订国家： 阿尔及利亚、亚美尼亚、奥地利、阿塞拜疆、白俄罗斯、比利 时、波黑、保加利亚、加拿大、中国、塞浦路斯、捷克共和国、 埃及、爱沙尼亚、斐济、芬兰、法国、格鲁吉亚、德国、希腊、 圭亚那、印度、印尼、爱尔兰、意大利、哈萨克斯坦、韩国、拉 脱维亚、黎巴嫩、卢森堡、马来西亚、马耳他、毛里求斯、蒙 古、黑山共和国、摩洛哥、莫桑比克、荷兰、新西兰、巴基斯 坦、巴拿马、菲律宾、波兰、葡萄牙、罗马尼亚、塞尔维亚、塞 舌尔、新加坡、西班牙、斯里兰卡、苏丹、瑞士、叙利亚、塔吉 克斯坦、泰国、突尼斯、土耳其、土库曼斯坦、乌克兰、乌兹 别克斯坦、委内瑞拉、越南、也门 税收信息交换协议签订国： 无

international tax planning by major corporations.

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

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纳闽岛 Labuan

Labuan

Member Contribution 概况纳闽岛

General Labuan Type of Company

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

公司类型

按照《1990 年纳闽公司条例》规定 成立的纳闽公司，或受股份或担保 限制的公司。

Type of Law

Common Law

法律类型

普通法

Shelf Company Availability

No

现成公司可用率

否

Time to Establish a New Company

24 hours, subject to the completeness of documentation and information

建立新公司所需时间

24 小时，以文件和信息的 完整程度为准。

Corporate Taxation

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

公司税

每年可以选择 3% 的净利润，或者 是 2 万马来西亚元的统一费率。

Double Taxation Treaty Access

Yes, via Malaysia's network of 80 DTAs

双重征税协议

是的，通过马来西亚的 80 DTAs 网络。

Share Capital or Equivalent

股本或等值股本

Starndard Currency

USD

标准货币

美元

Permitted Currencies

In any foreign currency except Ringgit Malaysia

允许使用货币

除马来西亚林令吉以外的任何外币。

Minimum Paid Up Share Capital

USD 1

最低付清股本

1 美元

Usual Number of Shares Issued

Minimum USD 1

法定股本要求

Directors

至少 1 美元

董事

Minimum Number

1

董事最低人数

1

Local Required

No

本地董事

否

Publicly Accessible Records

No

公开记录权限

否

Location of Meetings

Anywhere but meetings should be held in Labuan for creation of substance purposes

会议地点

纳闽的任何地方，以实现实际目的。

Shareholders Minimum Number

股东 1

股东最低人数

1

Publicly Accessible Records

No

公开记录权限

否

Location of Meetings

Anywhere but meetings should be held in Labuan for creation of substance purposes

会议地点

纳闽的任何地方，以实现实际目的。

Company Secretary

公司秘书

Required

Yes

是否需要

是

Local or Qualified

Resident Secretary provided

by Trust Companies

是否为注册地或者有资质人员

常驻秘书由信托公司提供。

Accounts

账户

Requirements to Prepare

Yes

账户准备要求

是

Audit Requirements

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

审计账户

非交易活动不需要，但交易活动需要， 如果公司选择支付固定税率 20000 马 来西亚元。然而，对于受管制的活动， 相关法律可能需要强制性的审计要求。

Publicly Accessible Records

No

公开记录权限

否

Source: Labuan IBFC

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简介 | Introduction 司法辖区：纳闽岛 所属地区：亚太 官方货币：除美元以外的任何货 币 官方语言：英语、马来语、汉语、 泰米尔语 所在时区：UTC+8 电话区号：+6087 通讯设施：极佳

Country: Labuan Region: Asia Pacific Currency: Any currency of choice except Malaysian Ringgit (MYR) Languages: English, Malay, Chinese, Tamil Time Zone: UTC +8 Phone Code: +6087 Communications: Very Good

纳闽岛虽然隶属马来西亚，但它却有自己的 “离岸”制度。纳闽岛公司可以利用马来西 亚广阔的免 双 重征税协议网络，因此该岛 也成为外国直接投资进入东盟国家的优选 渠 道。纳闽岛有一个主要为伊斯兰 金融债 券上市问题 所准备的股 票交易市场，且已 取得了相当的成功。从事贸易业务的离岸公 司需要 缴 纳3%的税负或 者可选 择 缴 纳一 笔20000马币（约6500美元）的固定费用； 所有其它类型的离岸公司均可免缴上述费 用。马来西亚本岛所赚取的大多数利润，可 通过许多政府提供的激 励和豁免政策，通 过 纳闽岛以免税的方 式回汇。纳闽岛联邦 安全署（FSA）已建立了一个电子商务的基 础设施用作进入岛内的电子商务运营和新 金融市场。 纳闽岛离岸公司 纳闽岛有三种离岸公司形式，分别是：纳闽 岛公司、纳闽岛外国公司和纳闽岛受保护单 元公司。

Although Labuan is part of Malaysia, it has its own offshore regime. Labuan companies can make use of Malaysia's extensive double tax treaty network, and as a result the island has become a preferred conduit for FDI to a number of ASEAN countries. A stock exchange aimed primarily at the listing of Islamic financial debt issues has had considerable successes. Offshore companies engaged in trade pay 3% tax or can elect to pay a fix sum of MYR20,000 (approx. US$6,500); all other offshore companies are exempt.

There are many incentives and exemptions which make it possible for most mainland Malaysian profits to be repatriated taxfree through Labuan. Labuan Financial Services Authority has built an e-commerce infrastructure which can be used by incoming e-commerce operations and new financial markets.

Labuan Offshore Companies

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马拉西亚居民和非马来西亚居民都被允许成立纳闽岛公司。 按照《1990年纳闽岛公司法案》（LCA 1990）的规定，允许 纳闽岛公司允许和居民商业来往，但须通知纳闽岛金融服务 管理局（Labuan FSA）。 在纳闽岛国际商务和金融中心组建的公司可以享受： ·受惠于马来西亚与超过80个国家的双重税务协议 ·具竞争力税务机制的纳闽岛商业活动，根据1990年纳闽岛 商业活动税务法案（LBATA 1990）提供： ·从事贸易活动的公司，每年缴纳经审核纯利的3%作为税 收，或缴纳固定税率20,000马币。 ·从事非贸易活动的公司不必纳税，即零税率。 ·在LBATA 1990第3A 条文中，公司可选择根据《1967年 马来西亚所得税法案》纳税，即首笔500,000马币的收入 须缴纳20%公司税，之后为24%。 ·纳闽岛商业活动及其课税方式的说明摘要如下表所示 纳闽岛活动说明

课税方式

纳闽岛非贸易活动 · 纳闽岛控股实体或以其 名义 所持 有 的 证 券、股 票、股份贷款、存款或其 它产业的投资活动。

无需纳税

纳闽岛贸易活动 ·包括银行、保险、贸易、 管理、船运营运、执照或 其它 非纳闽岛的非贸易 活动

每 年 经审 核 账目纯 利的 3%，或选择每年20000马 币的固定税率

共同从事纳闽岛贸易和非 贸易活动 · 被视为纳闽岛的贸易活 动

与纳闽岛贸易活动相同的 课税方 式（每年经审核账 目纯利的3%，或选择每年 20000马币的固定税率

非纳闽岛商业活动

在1967年马来西亚所得 税法案的规定下征税—— 24%

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

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

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

Companies incorporated in Labuan IBFC may enjoy: · Access to Malaysia’s Double Tax Agreements with over 80 countries · A competitive tax regime Labuan business activities as defined in the Labuan Business Activity Tax 1990 (LBATA 1990) which provides: · Taxation of 3% of net audited profits or a flat rate of MYR20,000 to be elected yearly, if the company is undertaking trading activities. · Companies carrying a non-trading activities is not charged tax, i.e. 0%. · Under Section 3A1 of the LBATA 1990, a company can elect to be taxed under the Malaysia Income Tax Act 1967, i.e. subject to corporate tax rate of 20% (on the first MYR500,000) and thereafter 24%. · A summary of the description of Labuan business activities and its tax treatment is shown in the following table:Suitable for: Wealth Management, Banking, Insurance, Fund Management, Shipping, Aviation, Trading Goods, Trading Financial, Intellectual Property/Licensing, Holding Companies

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离岸工具种类： 有限公司、公众有限公司、分公司、信托、基金会、通用合伙 制、有限合伙制和受保护的单元公司 资本主要业务区： 纳闽岛镇、吉隆坡 关系良好国家： 中国、印尼、日本、新加坡、香港、美国、英国 税务负担——商业： 非常轻 税务负担——个人： 轻 税率： 每一家离岸公司审核账户纯利的3%；或可选每年20000马 币；非贸易公司为0%） 协议签订国家： 阿尔巴尼亚、澳大利亚、奥地利、巴林、孟加拉国、比利时、

Description of Labuan Activities Labuan non-trading activity Holding of investments in · securities, stock, shares, loans, deposits or any other properties held by a Labuan entity on its own behalf

Tax Treatment

Not subject to tax

Labuan trading activity · Includes banking, insurance, trading, management, shipping operations, licensing or any other activity which is not a Labuan non-trading activity

3% of net profits per audited accounts; or MYR20,000 upon yearly election

Carrying out both Labuan trading and non-trading activities · Deemed to be Labuan trading activity

Same tax treatment as Labuan trading activity (3% of net profits per audited accounts or MYR20,000 upon yearly election)

Non-Labuan business activities

Taxed under domestic or Malaysia Income Tax Act 1967 — 24%

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Vehicle Types: Limited companies, public limited companies, branches, trusts, foundations, general partnerships, limited partnerships and protected cell companies Capital primary business districts: Labuan Town, Kuala Lumpur Good Relationships: China, Indonesia, Japan, Singapore, Hong Kong, United States. United Kingdom, Tax Burden - Business: Very Light Tax Burden - Individual: Light Tax rate: Offshore trading company 3% of net profits per audited accounts; or MYR20,000 upon yearly election; non-trading 0%)

文莱、加拿大、智利、中国、克罗地亚、捷克共和国、丹麦、埃 及、斐济、芬兰、法国、德国、香港、匈牙利、印度、印度尼西 亚、伊朗、爱尔兰、意大利、日本、约旦、哈萨克斯坦、韩国、 科威特、吉尔吉斯斯坦、老挝、黎巴嫩、卢森堡、马耳他、毛 里求斯、蒙古、摩洛哥、缅甸、纳米比亚、荷兰、新西兰、挪 威、巴基斯坦、巴布亚新几内亚、菲律宾、波兰、卡塔尔、罗马 尼亚、俄罗斯、圣马力诺、沙特阿拉伯、塞舌尔、新加坡、南 非、西班牙、斯里兰卡、苏丹、瑞典、瑞士、叙利亚、台湾、泰 国、土耳其、土库曼斯坦、阿联酋、英国、乌兹别克斯坦、委 内瑞拉、越南、津巴布韦

Treaty Jurisdictions: Albania, Australia, Austria, Bahrain, Bangladesh, Belgium, Brunei, Canada, Chile, China, Croatia, Czech Republic, Denmark, Egypt, Fiji, Finland, France, Germany, Hong Kong, Hungary, India Indonesia,Iran, Ireland, Italy, Japan, Jordan, Kazakhstan, Korea, Republic of, Kuwait, Kyrgyzstan, Laos, Lebanon, Luxembourg, Malta, Mauritius, Mongolia, Morocco, Myanmar, Namibia, Netherlands, New Zealand, Norway, Pakistan, Papua New Guinea, Philippines, Poland, Qatar, Romania, Russia, San Marino, Saudi Arabia, Seychelles, Singapore, South Africa, Spain, Sri Lanka, Sudan, Sweden, Switzerland, Syria, Taiwan, Thailand, Turkey, Turkmenistan, United Arab Emirates, United Kingdom, Uzbekistan, Venezuela, Vietnam, Zimbabwe

TIEA签订国家： 百慕大

TIEA Jurisdictions: Bermuda

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Member Contribution

纳闽岛 Labuan

离岸问答 | Q&A

1

行业调研结果显示，中国将很快成为世界最大 的新公司来源国。传统上说，贵司法辖区最受 世界上哪个地区的客户欢迎？最适合在贵辖区建 立公司的业务类型是什么？ 在 Labuan IBFC 所设立的实体公司中，有近 70% 来自亚洲，而中岸中心是一个有利的目的地，是寻 求进入亚洲 ( 特别是进入东盟市场 ) 的跨国公司的 理想切入点。事实上，Labuan IBFC 一直以来都非 常关注亚洲。 Labuan IBFC 提供了一个全面的中岸解决方案，在 商业和遵守国际最佳标准和实践之间达到理想的 平衡。该中心欢迎所有类型的商业或贸易活动，特 别是和租赁、商品交易、财富管理和专属自保保险 等领域相关的活动。 * 来自 Labuan Financial Services Authority 2016 年年度报告。

Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for?

What types of business activity is most suitable for incorporating in your jurisdiction.

Close to 70% of the entities* established in Labuan IBFC are from Asia and the midshore centre is a favourable destination and an ideal entry point for multinational companies looking to expand into Asia, particularly into the ASEAN market. Indeed, Labuan IBFC is and has always been very much Asia-focused.

Labuan IBFC presents a comprehensive midshore solution striking the ideal balance between the ease of doing business and compliance with international best standards and practices. The midshore centre welcomes all types of business or trading activities especially in niches such as leasing, commodity trading, wealth management and captive insurance. * Based on Labuan Financial Services Authority 2016 Annual Report

2

对中国客户来说，贵辖区能提供的最重要优 势是什么？

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

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在广泛的金融服务提供商中发现的解决方案，再加 上平衡的监管和商业友好的框架，以及我们在中国 的战略位置，为中国客户提供了理想的管辖区。 事实是，Labuan IBFC 是中国在东盟的最大贸易伙 伴——马来西亚的一部分，也是一个关键因素。对 中国投资者和企业来说，他们已经开始认识到，我 们是一个知名的司法管辖区，Labuan IBFC 是一个 有利于国际跨境交易、投资、融资以及资产和财富 管理的特区。当然，Labuan IBFC 也是一些中国最 大型的金融服务公司，如中国工商银行和中国平安 飞机租赁公司的所在地。

3

在选择离岸司法辖区时，据说价格仍是客户 做决定时的主要因素。您是否同意上述说法？ 这一趋势在未来几年里是否会改变？您是否有注 意到从关注离岸架构的价格向质量的转变趋势？ 在我们的许多活动中，我们注意到中国企业一直在 追求物有所值。 我们预计这将继续下去，因为企业将继续寻找性价

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

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

3

It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider?

From our many interactions, we have noticed that Chinese businesses have always sought to achieve value for money.

And we expect this to continue as businesses will continue to search for the best value-for-money jurisdictions, as costs of business (services charges, regulatory cost etc.) are expected to rise in challenging global economic conditions.

Having said that, we believe that cost is not the key driver. There are many other considerations for example reputation of the centre itself, availability of quality service providers, good set of business-friendly legal framework, choice of financial and asset planning structures and convenience of conducting businesses.

4

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

The various international initiatives on enhancement of transparency will level the playing field of financial and business centres. For Labuan IBFC, the need to conform to these new international

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比最高的司法管辖区，因为商业成本 ( 服务费、监 管成本等 ) 预计将在具有挑战性的全球经济条件 下提高。 话虽如此，我们相信成本不是关键因素。还有许多 其他的考虑因素，例如中心本身的信誉、优质服务 供应商的可用性、良好的商业法律框架、金融和资 产规划结构的选择以及开展业务的便利性。

4

您是否认为行业监管越来越严格， 比如 CRS、 AEOI 和 FATCA 等，中国 企 业 是 否 会更倾 向 于进入更透明的司法辖区？ 关于提高透明度的各种国际倡议将使金融和商业 中心的竞 争 领 域 得 到公 平的发 展。对于 Labuan

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regulatory requirements has always been key to our principles and aim of ensuring the reputation of the jurisdiction itself.

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

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IBFC 来说，符合这些新的国际监管要求的需要一 直是我们的原则和确保管辖区信誉的关键。 与此同时 , 它也给 Labuan IBFC 提供了机会 , 例如 , 需要通过测试的“经济实质”将突出 Labuan IBFC 中岸中心的优势 , 能够提供广泛的实现经济实质解 决方案 , 从一个银行账户在纳闽岛建立一个实体存 在。再加上前面提到的其他价值主张，如良好的监 管框架、方便、优质的服务提 供商，Labuan IBFC 可以在当前日益 透明的环 境下，在 所 谓的“吸引 力”中脱颖而出。这就是为什么我们坚信，Labuan IBFC 对于位于亚洲的企业尤其是中国企业来说定 位很好。

5

过去几年里，在一些行政特区内开设银行账 户变得困难。贵辖区内是否也是如此？离岸公 司在贵辖区内开户的时间能多快？ 设立或开设银行账户所遇到的困难是所有司法管 辖区普遍存在的问题或挑战，只有在全球朝着更大 透明度和更符合要求的方向迈进时才能预料到。

它不是任何特定的管辖区或客户所特有的情况。 曾经有人说过，一旦“了解你的客户”(KYC) 的要 求和信息被披 露，如果潜在的账户持有人在其结 构和商业计划中是合法的，那么就没理由不能开 设银行账户。

5

Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years.

Is it the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up?

The difficulty in setting-up or opening a bank account is a universal problem or a challenge across all jurisdictions and can only be expected with the global move towards greater transparency and compliance.

It is not a situation unique to any particular jurisdiction or client.

Having said that, once the requisite 'Know Your Customer' (KYC) requirements and disclosures are made, and if the potential account holder is legitimate in its structure and business plans, there should be no reason a bank account cannot be opened.

Of course, the time needed for setting-up or opening a bank account will depend on the completeness of documentation and the approval policies and processes of respective banks. Labuan banks, like banks in other jurisdictions, have stringent KYC processes in place and due diligence policies for opening bank accounts. However, there should not be any significant delay if all necessary documents are submitted on timely basis and necessary due diligence has been performed.

当然，建立或开设银行账户所需的时间将取决于文 件的完备性以及各银行的批准政策和程序。与其 他司法管辖区的银行一样，纳闽银行也有严格的 KYC 程序，并对开设银行账户进行尽职调查。但是， 如果所有必需文件都及时提交并进行了必要的尽 职调查，就应该不会有任何重大延误。

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

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RAK

Member Contribution 概况

General

Type of Company

Companies Limited By shares.

Special Purpose Vehicle & Segragated Portofolio company are also available.

公司类型

股份有限公司。 也有特殊目的工具和 分离式投资组合公司

Type of Law

UAE Company law

法律类型

阿联酋公司法

Shelf Company Availability

No

现成公司可用率

无

Time to Establish a New Company

2 to 3 days

新公司建立时间

2-3 天

Corporate Taxation

0% Corporate Tax

公司税

公司税免税

Double Taxation Treaty Access

Yes

双重征税协议

是

Share Capital or Equivalent

股本或等值股本

Standard Currency

AED

标准货币

迪拉姆

Permitted Currencies

USD, EUR other currency subject to approval

允许使用货币

美元、欧元或其它获准使用的货币

Minimum Paid Up Share Capital

1 AED

最低付清股本

1 迪拉姆

Usual Number of Shares Issued

1

法定股本要求

1

Directors

董事

Minimum Number

1

最低董事人数

1

Local Required

No

本地董事

不需要

Publicly Accessible Records

No

公开记录权限

无

Location of Meetings

No Specific Requirements

会议地点

无特定要求

Shareholders

股东

Minimum Number

1

最低股东人数

1

Publicly Accessible Records

No

公开记录权限

无

Location of Meetings

No Specific Requirements

会议地点

无特定要求

Company Secretary

公司秘书

Required

1

需要

1

Local or Qualified

No Specific Requirements

是否为注册地或有资质人员

无特定要求

Accounts

账户

Requirements to Prepare

Yes

账户准备要求

是

Audit Requirements

No

审计要求

否

Requirements to File Accounts

No

账户登记记录

否

Publicly Accessible Records

No

公开记录权限

否

Source: RAK ICC

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简介 | Introduction 行政特区：哈伊马角 所 在 地 区 ：阿 联 酋 — 中 东 （EMEA） 官方货币：迪拉姆 官方语言：阿拉伯语、英语 所属时区：UTC+4 电话区号：+9717 通讯设施：优良

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

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

The city of Ras Al Khaimah itself is located in the picturesque northern Emirate of Ras Al Khaimah, just an hour's drive from Dubai. The Emirate is also known as the 'Rising Emirate', having gained a reputation for its recent economic growth and emerging business opportunities.

About Ras Al Khaimah Ras Al Khaimah is one of seven emirates that form the UAE. The Emirate is known for its close proximity to the sea and is incredibly fertile due to generous rainfall throughout the year. The city is located in the north of the region and has a large international airport, making it convenient and easy for business travelers.

Naturally beautiful and serene, it's a very peaceful city which boasts a variety of landscapes. It has the waters of the Arabian Gulf on one side and the mountain range of Ru'us Al Jibal on the other. At the

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

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

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

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

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

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Port Facilities Ras Al Khaimah has a number of port facilities available that make shipping goods an easier and smoother process.

The Ras Al Khaimah port is based in the city itself and offers a range of modern cargo handling facilities and services, as well as a well-trained security service to ensure that no goods go missing providing peace of mind for those using the facilities. A passenger ship service is also available from the port meeting the demands of the growing number of people who wish to arrive by sea or those who enjoy leisurely cruises.

Hotels and Accommodation In the city of Ras Al Khaimah there are a number of excellent hotels which meet the needs of business customers .Most of the hotels have comfortable conference facilities or meeting areas conveniently located close to business areas. You may also be considering relocating to Ras Al Khaimah so that you can be closer to the business you are operating. It allows you to keep a close eye on operations and keep in regular contact with progress, as well as allowing you to sort out any issues quickly and efficiently. Plus, the city itself is beautiful and vibrant.

There are a range of living accommodation that you can select to rent or buy while living in Ras Al Khaimah. There are beautiful apartments and villas on the sea front that allow you to stay relaxed while you work and determine important business plans. The views are stunning and the atmosphere is serene. There are also a number of apartments and traditional houses available further in the city, keeping you close to local amenities and centres of

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business. Electricity and water prices are considerably low, making the cost of living very affordable to many.

Leisure in Ras Al Khaimah Ras Al Khaimah not only has fantastic business opportunities and facilities, but also excellent ones for leisure and relaxation. There are a number of spas you can visit to de-stress after a long day, as well as some delicious traditional restaurants where you can sample some of the best food the region has to offer.

There are water parks and theatres to visit, as well as museums for art and archaeology. From shopping to clubs, there is form of entertainment that suite everyone living in this vibrant city. There are also a number of festivals held every year that celebrate everything from food to the fascinating Arabic culture.

About RAK ICC RAK International Corporate Centre (RAKICC) is a Corporate Registry operating in Ras Al Khaimah, United Arab Emirates.

RAK International Corporate Centre is the consolidation of two company registries in Ras Al Khaimah; namely RAK International Companies (formerly a part of RAK Free Trade Zone) and RAK Offshore (formerly a part of RAK Investment Authority). RAK International Corporate Centre (RAKICC) was formed as per the Decree No.12 of 2015 and as amended by Decree No.4 of 2016.

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

RAK International Corporate Centre is responsible for the registration and incorporation of International Business Companies, as well as providing a full suite of Registry services related to International Business Company activity.

RAK International Corporate Centre is a modern, world class Company Registry operating in full compliance with international standards and best practices in the International Business Company formation industry.

RAK International Corporate Centre will be at the forefront of International Business Company formation services and continually develop our suite of products to meet the needs of our customers.

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Member Contribution

哈伊马角 RAK

1

Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for?

What types of business activity is most suitable for incorporating in your jurisdiction.

So far, RAKICC has been popular among several regions in the world including Europe, MENA region, Asia, CIS Countries. It is perceived as a premium jurisdiction for the provision of company formation services with a focus on a high level of compliance in line with global standards. Most types of business activities are suitable to be incorporated in RAKICC. (Trading, Holding company, Consultancy...)

2

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

离岸问答 | Q&A

1

行业调研结果显示，中国将很快成为世界最大 的新公司来源国。传统上说，贵司法辖区最受 世界上哪个地区的客户欢迎？最适合在贵辖区建 立公司的业务类型是什么？ 截至目前，哈伊马角国际企业中心（RAKICC）在世 界上多个地区都颇受欢迎，这些地区包括欧洲、中 东和北非、亚洲、独联体国家等。哈伊马角国际企 业中心被认为是一流的公司组建服务司法辖区，高 度符合全球标准的要求。大多数的公司形式都适合 利用 RAKICC 来建立。（贸易、控股公司、顾问公 司等等）。

2

对中国客户来说，贵辖区能提供的最重要优 势是什么？

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

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• • • • • •

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

It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider?

3

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

4

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

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3

在选择离岸司法辖区时，据说价格仍是客户 做决定时的主要因素。您是否同意上述说法？ 这一趋势在未来几年里是否会改变？您是否有注 意到从关注离岸架构的价格向质量的转变趋势？ 虽然价格在选择辖区时仍然是一个重要因素，我们 看到有向更高质量的国际商务公司架构的转变趋 势，这一架构在 RAKICC 的 SPV 和 SPC 形式上 也有提供。 司法辖区的质量也变得越 来越 重要，RAKICC 提 供理想和安全的免税司法辖区 ， 有很高的合规标准， 政治和经济稳定，位列白名单国家之一，符合国际 标准，还有先进的银行系统和战略性的地理位置。

4

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

5

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

Yes, with the international regulatory increasing pressure, businesses around the world including Chinese will look for transparent jurisdictions. RAKICC is positioning itself among the most compliant jurisdictions worldwide with transparent laws & regulations.

5

Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years.

Is it the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up?

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

6

What are RAK companies suited for?

• • • • • •

Wealth Management & Asset Protection International tax planning Offshore banking transactions Worldwide In vestments & Global trade Ownership of real properties & assets Holding structures

在 RAK ICC 新成立的公司在阿联酋开户从未遇到 过问题，因为我们和多家本地银行均有合作。不过 和过去几年相比， 银行执行了更为严格的合规流程。 客户可以有多个货币账户，其中可以包括中国的货 币人民币。 银行开户的平均所需时间为七个工作日。

6

哈伊马角公司擅长的业务是什么？

• • • • • •

财富管理和资产保护 国际税收筹划 离岸银行交易 全球投资和全球贸易 不动产及资产的所有权 控股结构

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

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香港 Hong Kong

Hong Kong

概况香港

Member Contribution General Labuan Type of Company

private company, public company and company limited by guarantee.

公司类型

私营公司，上市公司和担保有限责任 公司

Type of Law

Hong Kong Law, being Common Law adapted with Chinese characteristics

法律类型

香港法 , 适应中国国情的普通法

Shelf Company Availability

Available

现成公司可用率

是

Time to Establish a New Company

1 week

建立新公司所需时间

1周

Corporate Taxation

Simple tax system with rates among the lowest in the world.

Profit tax applies only to Hong Kong sourced income, with a corporate rate of 8.25% on assessable profits up to HK$2,000,000; and 16.5% on any part of assessable profirs over HK$2,000,000.

公司税

简单税制与世界上最低的利率。 利 得税只适用于香港来源的收入，公 司税率为 8.25%，可评税利润最高 可达港币 2,000,000 元 ; 可评税的 任何部分的 16.5% 超过 200 万港 元。

Double Taxation Treaty Access

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

双重征税协议

广泛的避免双重征税协定网 （截止出版时有43 个国家处于协商， 待决或有效）

Share Capital or Equivalent

股本或等值股本

Starndard Currency

HK$. However any other currency denomination can be used.

标准货币

港币，但是可以使用其他货币。

Permitted Currencies

HK$. However any other currency denomination can be used.

允许使用货币

港币，但是可以使用其他货币。

Minimum Paid Up Share Capital

No prescribed minimum share capital. For practical purposes, this is not less than HK$1,000 or the equivalent in foreign currency.

最低付清股本

没有规定的最低股本。出于实用的 目的，不低于一千港币或等值外币。

Usual Number of Shares Issued

No standard; however as a minimum would be 1 share of value HK$1

法定股本要求

没有标准 ; 然而 1 股的最低价值 为 1 元港币

Directors

董事

Minimum Number

At least one director (individual or corporate) of any nationality or residence. If there is a corporate director nominated, there must also be an individual director who is a natural person.

董事最低人数

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

Local Required

No local director requirement.

本地董事

否

Publicly Accessible Records

Records are publicly accessible.

Some service providers may offer nominee director arrangements.

公开记录权限

是，一些服务提供商可能 提供提名董事。

Location of Meetings

No requirement that meetings need to be held in Hong Kong.

会议地点

会议不限香港

Shareholders

股东

Minimum Number

At least one shareholder.

股东最低人数

1

Location of Meetings

No requirement that meetings need to be held in Hong Kong.

会议地点

会议不限香港

Source: TMF Group, Hong Kong and Globally

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简介 | Introduction 司法辖区：香港 所在地区：亚洲 官方货币：港币（HKD） （HK$） 官方语言：粤语、英语 所属时区： UTC+8 电话区号： +852 通讯设施：极佳

公司建立成本： 2000-2800美元 公司建立时间： 12-20天 公司维护费用： 600-1200美元 Country: Hong Kong Region: Asia Currency: Hong Kong Dollar (HKD) (HK$) Languages: Cantonese, English Time Zone: UTC +8 Phone Code: +852 Communications: Very Good Formation Cost: 2000 - 2800 USD$ Formation Time:12 - 20 days Maintenance cost: 600 - 1200 USD$

香港作为亚太地区诸多国家贸易中转站和 集散地的角色，以及作为低成本制造 业中 心，一直以来都让它成为一个繁荣的行政特 区，现在它业已成为服务业，特别是金融服 务业的首选地。香港的经济成功很大程度 上是基于纯粹的免税和自由贸易区，其价值 体现在基于英国普通法的法律体系和自由 制度，政府对经济的干涉降低到最小程度。 外国投资的障碍也非常少。香港政府一直以 来都遵循对外国商业行为友善的政策，并继 续保持。它并不是一个“离岸”的行政特区， 但税率也非常低廉，且只针对在香港获得的 收入征收。这里没有资本利得税，没有预提 税，没有销售税，没有增值税，没有年度资产 净值税和公司保持收入而非分配收入时获 得的资本累积税。 香港并不是传统意义上的离岸中心，相反它 更是一个由“领地概念”提供无差别待遇的 低税率中心，在这一概念下只有在香港产生 的收入才是可征税的，让这个行政特区成为 控股公司的理想之选。因此它的吸引力并非 建立在高度的保密性和最少的公司曝光率，

Hong Kong has thrived historically as a trading entrepot serving many Asia Pacific countries and also as a lowcost manufacturing center, and has turned towards the provision of services, particularly financial services. Its economic success is largely based on a whole-hearted adherence to free and open trade, the values encompassed in a British common law legal system and a laissez-faire, noninterventionist attitude on the part of government. There are few if any significant barriers to investment by foreigners. The government has consistently followed business friendly policies and continues to do so. It is not an 'offshore' jurisdiction as such, but has low tax rates which are levied only on Hong Kong-source income. There is no capital gains tax, no withholding tax, no sales taxes, no VAT, no annual net worth taxes and no accumulated earnings taxes on companies which retain earnings rather than distribute them.

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Company Secretary

公司秘书

Required

Required. Every company must have a company secretary and a registered office address in Hong Kong.

是否需要

是， 每家公司都必须有一个公司秘书， 并在香港注册办事处地址。

Local or Qualified

Local. The Company Secretary must be a Hong Kong permanent resident (individual or corporate).

是否为注册地或者有资质人员

本地。公司秘书必须是香港 永久性居民（个人或企业） 。

Accounts

账户

Requirements to Prepare

Required.

账户准备要求

是

Audit Requirements

Required.

审计账户

是

Requirements to File Accounts

Tax computation, based on the accounts/ audited statements, is filed up by tax representative.

账户登记记录

税务计算，基于账户 / 审计报表， 由税务代表提交了。

Publicly Accessible Records

Not publicly accessible.

公开记录权限

否

Source: TMF Group, Hong Kong and Globally

或者和某些普通法岛屿行政特区一样的管理需求，而是建立 在低税率、慷慨的可抵扣税率、仅针对在该特区内产生的收 入征税的政策以及完全没有资本利得税、预提税、利息税、 销售税和增值税的基础上。

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

如果不在香港当地产生利润，在香港建立一个办公室并不意 味着需要提交利润税。因此香港无疑是地区总部设立的最 佳选择。

Vehicle Types: Limited companies, public limited companies, trusts, branches, general partnerships, limited partnerships and sole proprietorships

根据一份由香港投资部和统计局在2010年10月出具的年度 调查报告显示，在香港运作的海外和中国大陆的公司在过去 一年内上升了2.6%，达到6561家的总数。 香港投资部是香港政府负责外国直接投资提供海外、中国 大陆和台湾在香港建立公司或在香港扩张的部门。该“香港 以外母公司在香港设立公司年度调查”旨在充分理解这些公 司和他们对香港的商务环境看法。 适合于： 银行业、保险、基金管理、航运、货物贸易、金融贸易、知识 产权/许可证、控股公司、电子商务、不动产所有权 离岸工具种类： 有限公司、公众有限公司、信托、分公司、通用合伙制、有限 合伙制和单一所有权公司

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Capital primary business districts: Victoria, Kowloon Good Relationships: China, Singapore, United States Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Light Tax Burden - Individual: Light

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资本主要商务区域： 维多利亚港、九龙 关系良好国家： 中国大陆、新加坡、美国 关系不佳： 缅甸、古巴、伊朗、朝鲜（民主主义人民共和国）、利比亚、索 马里、苏丹、叙利亚 税务负担——商务： 轻 税务负担——个人： 轻 总体税率： CIT 16.5%, PIT 15%, 增值税0% 合约签订司法辖区： 澳大利亚、比利时、文莱、加拿大、中国、捷克共和国、法国、 耿西岛、匈牙利、印尼、爱尔兰、泽西岛、科威特、列支敦士 登、卢森堡、马来西亚、马耳他、墨西哥、荷兰、新西兰、葡萄 牙、卡塔尔、西班牙、瑞士、泰国、英国、越南 税务信息交换协议签定国家： 丹麦、法罗群岛、格林兰岛、冰岛、挪威、瑞典、美国 Headline tax rates: CIT 16.5%, PIT 15%, VAT 0% Treaty Jurisdictions: Austria, Belgium, Brunei, Canada, China, Czech Republic, France, Guernsey, Hungary, Indonesia, Ireland, Japan, Jersey, Kuwait, Liechtenstein, Luxembourg, Malaysia, Malta, Mexico, Netherlands, New Zealand, Portugal, Qatar, Spain, Switzerland, Thailand, United Kingdom, Vietnam TIEA Jurisdictions: Denmark, Faroe Islands, Greenland, Iceland, Norway, Sweden, United States

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Member Contribution

香港 Hong Kong

离岸问答 | Q&A

1

行业调研结果显示，中国将很快成为世界最大 的新公司来源国。传统上说，贵行政特区最受 世界上哪个地区的客户欢迎？最适合在贵特区建 立公司的业务类型是什么？ 香港作为世界城市的角色，靠近中国大陆，因此是 中国大陆客户首选的管辖区。选择香港的主要因素 是香港是通往中国的门户和东亚地区的枢纽。这个 城市给客户提供了世界级基础设施和高度竞争力 的金融中心。 香港公司在国际上被广泛使用，特别是对于那些希 望在亚洲和香港做生意的客户。香港作为公司建立 的司法管辖区，既不是离岸也不是在岸的司法管辖 区。它提供了一个稳定和良好在岸司法管辖区环境 ( 如英国、加拿大或澳大利亚 )，以及灵活和低或无 税率的离岸司法管辖区 ( 如英属维尔京群岛，开曼 群岛 )，却没有遭遇目前其他离岸司法管辖区正在 经历的负面新闻。 因此， 有些人将香港公司划分为 “中 岸”的司法管辖区。这是一个创建客户端结构的非 常舒适的区域。 香港公司适用于商业、投资和融资。银行、保险和

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1

Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for?

What types of business activity is most suitable for incorporating in your jurisdiction.

Hong Kong stands out as a jurisdiction of choice for Chinese clients in view of its role as a World City, and given its proximity to Mainland China. Key factors for Hong Kong are its function as the gateway to China and as the regional hub for East Asia. The city state provides clients with access to a highly competitive financial centre with world-class infrastructure.

Hong Kong companies are used internationally, but in particular by clients who are looking to do business in Asia and in Hong Kong.

In regard to Hong Kong as a company formation jurisdiction, it is seen as a jurisdiction which is neither offshore, nor onshore. It offers the stability and sound background of an onshore jurisdiction (eg United Kingdom, Canada or Australia), the flexibility and low or nil tax rates of offshore jurisdictions (eg BVI, Cayman Islands), but none of the unwelcome media exposure which offshore jurisdictions are currently experiencing. Some people therefore classify Hong Kong companies as being from a “mid-shore” jurisdiction. This is a very

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JURISDICTIONS

其他金融业务等受监管的业务将需要执照。

2

对中国客户来说，贵特区能提供的最重要优 势是什么？

考虑到香港的双语环境，中国客户将立即与香港合 作，并使用香港公司。 香港的日常工作语言，并用于香港公司的设立和维 护，是中文和英文。公司注册处网站以简体中文、繁 体中文及英文版本出现。 公司注册处“电子注册表” ( ) 是完全电子化和现代化的，门户网站 24 小时营业， 允许任何地点和任何时间的电子提交。公司注册表 格和文件在网上很容易获得，可以用中文或英文填 写和提交。

3

在选择离岸行政特区时，据说价格仍是客户 做决定时的主要因素。您是否同意上述说法？ 这一趋势在未来几年里是否会改变？您是否有注 意到从关注离岸架构的价格向质量的转变趋势？ 在选择离岸服务提供商建立公司时，客户还应该考 虑哪些因素？ 亚洲的客户通常对价格更敏感，现在他们也应该更 加意识到“虚假经济”的危险。

comfortable zone for creating client structures.

Hong Kong companies are suitable for commercial business, investment-holding and financing. Licences will be required for regulated businesses such as banking, insurance and other financial operations.

2

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

The Chinese client will feel immediately comfortable working with Hong Kong as a jurisdiction, and using Hong Kong companies, given the bilingual environment.

The everyday working languages in Hong Kong, and used for the setup and maintenance of Hong Kong companies are both Chinese and English. The Companies Registry website appears in simplified Chinese, traditional Chinese and English language versions. The Companies Registry (“e-Registry”) is fully electronic and modern, providing a 24 hour portal which allows electronic submissions, from anywhere and at any time. The companies registration forms, and documentation are readily accessible online, and can be completed and submitted in either of Chinese or English.

3

It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider?

Clients in Asia who are traditionally more price-sensitive, should also now be more aware of the dangers of “false economy”.

While price has traditionally been a factor for consideration of offshore companies, in recent years, incidents where more cheaper offshore jurisdictions became synonymous with “information leaks” involving private client details has placed a new spotlight on the need for identifying “safe” and substantive jurisdictions, such as Hong Kong.

In choosing a services provider in Hong Kong, clients should also look further at the internal security systems of such provider, and the mode in which information is stored and maintained.

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传统上，价格一直是考虑离岸公司的一个因素，但 近年来，越来越便宜的离岸司法管辖区成为了“信 息泄露”的代名词，涉及私人客户的细节问题，让人 们重新认识到，需要确定“安全”和实质性的司法 管辖区，比如香港。 在选择香港的服务供应商时，客户还应进一步了解 该供应商的内部安全系统，以及存储和维护信息的 模式。

4

您是否认为在行业监管日趋严格的趋势下， 中国客户会更倾向于选择透明度更高的行政 特区？ 我们看到，客户转向更实质性的司法管辖区的趋势 明显。 香港这样的司法管辖区的优点是，它一直在监管审 查之上， 出现在信誉良好的司法管辖区的“白名单” 上。 其他试图离开黑名单 ( 和灰名单 ) 的司法管辖区， 如英属维尔京群岛发现，受服务供应商要求，他们 需要在结构上，如最终受益所有权信息上做出重大 让步，。 香港一直在监管与自由之间保持着一种舒适的媒 介 ; 透明和保护客户信息的机密性。

5

过去几年里，在一些行政特区内开设银行账 户变得困难。贵特区内是否也是如此？离岸公 司在贵特区内开户的时间能多快？ 由于香港公司具有高信誉和高透明度，银行与香港 公司合作非常舒适。香港公司避开了目前影响许多 其他离岸司法管辖区公司，并导致申请银行账户被 拒绝的合规问题。香港公司的银行帐户可在两周内 设立，前提是所有文件均已就绪，并且客户能与银 行会面。

来源Contributed by: TMF Group, in Hong Kong but with Global Operations in 120 Cities and 85 Countries.

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4

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

We are seeing a clear trend in clients moving towards more substantive jurisdictions.

The benefit of a jurisdiction such as Hong Kong is that it has always been above regulatory scrutiny and appears on the “white list” of reputable jurisdictions. Other jurisdictions who have tried to leave the black (and grey) lists have found that they need to make major compromises in their structuring eg ultimate beneficial ownership information is now required by service providers for places such as BVI. Hong Kong has always maintained a comfortable medium between regulation and freedom; transparency and protection of client confidentiality of information.

5

Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years.

Is it the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up?

In view of the high reputation and transparency of Hong Kong companies, banks are very comfortable working with Hong Kong companies. Hong Kong companies escape the compliance problems which nowadays affect companies of many other offshore jurisdictions, and lead to rejection of bank account applications.

Bank accounts for Hong Kong companies may be set up within two (2) weeks assuming that all documents are in order, and subject to the client’s availability to meet with the bank.

美洲

AMERICAS

英属维尔京群岛 British Virgin Islands

BVI

Member Contribution 概况

General Type of Company

Limited Liability

公司类型

有限责任

Type of Law

English Common Law

法律类型

英国普通法

Shelf Company Availability

Yes

现成公司可用率

是

Time to Establish a New Company

1 Day

新公司建立时间

1天

Corporate Taxation

None

公司税

无

Double Taxation Treaty Access

28 signed tax information exchange Agreements

双重征税协议

已签订 28 个信息自动交换协议

Share Capital or Equivalent

股本或等值股本

Starndard Currency

US Dollar

标准货币

美元

Permitted Currencies

Any major currency

允许使用货币

任何主要货币

Minimum Paid Up Share Capital

No concept of capital, based on authorized number of shares

最低付清股本

无资本概念，基于授权股份数量

Usual Number of Shares Issued

1

法定股本要求

1

Directors

董事

Minimum Number

1

最低董事人数

1

Local Required

No

本地董事

否

Publicly Accessible Records

No

公开记录权限

否

Location of Meetings

Anywhere

会议地点

任何地点

Shareholders

股东

Minimum Number

1

最低股东人数

1

Publicly Accessible Records

Optional

公开记录权限

可选择的

Location of Meetings

Anywhere

会议地点

任何地点

Company Secretary

公司秘书

Required

No

需要

否

Local or Qualified

No

是否为注册地或有资质人员

否

Accounts

账户

Requirements to Prepare

No

账户准备要求

否

Audit Requirements

No

审计要求

否

Requirements to File Accounts

No

账户登记记录

否

Publicly Accessible Records

No

公开记录权限

否

Source: BVI Financial Services Commission

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

公司建立成本：900-1700美元 公司建立时间：2-4天 公司维护费用：400-800美元 Country: British Virgin Islands Region: Caribbean Currency: US dollar Languages: English Time Zone: UTC -4 Phone Code: +1284 Communications: Good Formation Cost: USD $9001700 Formation Time: 2-4 days Maintenance cost: USD $400800

英属维尔京群岛的经济很大程度上依赖于 旅游业和金融服务业。英属维尔京群岛的共 同基金和专属保险行业独占鳌头。该岛的金 融服务委员会确保对金融机构进行独立和 有效的监管。和其它处于竞争地位的加勒比 国家相比，英属维尔京群岛相对来说比较便 宜，且专业服务也相对较强。英属维尔京群 岛政府对国内的商务需求有求必应，其大部 分法规比较灵活和直接。岛上有免税的离岸 工具（国际商务公司），且国内税率大部较 低。英属维尔京群岛已成为新兴市场公司金 融行业的领先国家。 适合的离岸工具： 财富管理、银行业务、保险、基金管理、航 运、航空、游艇、贸易金融、知识产权/许可 证、控股公司、电子商务、房地产所有权 离岸工具种类： 有限公司、公众有限公司、信托、通用合伙 制公司、有限合伙制和国际商务公司 资本主要商务地区：

The economy is highly dependent on tourism and financial services. The BVI has significant mutual fund and captive insurance sectors. The Financial Services Commission ensures independent and effective supervision of financial institutions. The BVI is a reasonably cheap jurisdiction compared to competing Caribbean countries, and has relatively strong professional services. The government is responsive to the country's business needs, and its legislation is mostly flexible and straightforward. Notax offshore vehicles (IBCs) are available, and domestic taxes are not high in any event. The BVI has emerged as a leader in emerging market corporate finance.

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

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罗德城 关系良好国家： 英国、美国 关系不佳国家： 缅甸、古巴、伊朗、朝鲜民主主义共和国、利比亚、索马里、苏 丹、叙利亚 税务负担—商务： 极轻 税务负担—个人： 极轻 总体税率： CIT 0%, PIT 0%, 增值税 0% 签订条约国： 瑞士 税收信息交换协议签订国： 阿鲁巴、澳大利亚、奥地利、加拿大、中国、库拉索、捷克共 和国、丹麦、法罗群岛、芬兰、法国、德国、格陵兰、耿西岛、 冰岛、印度、爱尔兰、日本、荷兰、新西兰、挪威、波兰、葡萄 牙、圣马丁岛、瑞典、英国、美国

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

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开曼群岛 Cayman Islands

Cayman Islands

Member Contribution 概况

General Type of Company

Exempted Company

公司类型

豁免公司

Type of Law

Companies Law

法律类型

公司法

Shelf Company Availability

No

现成公司可用率

无

Time to Establish a New Company

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

建立新公司所需时间

按照标准率为 2 至 3 个工作日，支付 额外费用可加快至 1 个工作日

Corporate Taxation

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

公司税

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

Double Taxation Treaty Access

No

双重征税协议

否

Share Capital or Equivalent

股本或等值股本

Standard Currency

US dollar

标准货币

美元

Permitted Currencies

Any major currency

允许使用货币

任何主要货币

Minimum Paid Up Share Capital

None

最低付清股本

无

Usual Number of Shares Issued

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

法定股本要求

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

Directors

董事

Minimum Number

1

董事最低人数

1

Local Required

No

本地董事

否

Publicly Accessible Records

No

公开记录权限

否

Location of Meetings

No requirements

会议地点

无要求

Shareholders

股东

Minimum Number

1

股东最低人数

1

Publicly Accessible Records

No

公开记录权限

否

Location of Meetings

No requirements

会议地点

Company Secretary

没有要求必须在开曼群岛 公司秘书

Required

No

是否需要

否

Local or Qualified

No

是否为注册地或者有资质人员

否

Accounts

账户

Requirements to Prepare

Annual

账户准备要求

年度

Audit Requirements

No

审计账户

否

Requirements to File Accounts

No

账户登记记录

否

Publicly Accessible Records

No

公开记录权限

否

Source: Harney Westwood Riegels

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JURISDICTIONS

简介 | Introduction 司法辖区：开曼群岛 所在地区：加勒比 官方货币：开曼群岛元 语言： 英语 时区： 协调世界时-5

电话区号：1-345 通讯设施：良好

设立公司成本：3500-4500美元 设立公司需时：2-3天 设立公司费用：2500-3500美元 Country: Cayman Islands Region: Caribbean Currency: Cayman Islands Dollar (KYD) Languages: English Time Zone: UTC-5 Phone Code: 1-345 Communications: Good Formation Cost: 3500-4500 USD$ Formation Time: 2-3 days Maintenance cost: 2500-3500 USD$

开曼群岛是世界领先的国际金融中心之一， 是一个政治稳定的司法辖区，就共同基金、 私人股权基金、控股架构、结构性金融、保 险公司和上市公司等业务为公司提供税收中 立平台。 开曼群岛也是全球最大的50家银行的所在 地，也是专属自保保险的第二大离岸司法辖 区。世界上大约80%的对冲基金都是在开曼 群岛设立的。许多私人股权基金也选择开 曼群岛，因为其 具 有综合性和商业友好性 的豁免有限合伙法。 开曼群岛还努力满足透明度的要求。自动交 换信息协议由三部分组成——2010年外国 账户纳税法案、皇家属地和海外领土法案 和共同申报准则(CRS)，开曼群岛作为自动 交换信息协议成员，努力寻求打击逃税和洗 钱以及个人隐私和保密的权利之间有效的 平衡。已有超过100个国家签订了CRS，其 中中国、俄罗斯和澳大利亚都是较晚的签订 者，并将在2018年之前进行首次信息交换。

The Cayman Islands is one of the world’s leading international financial centres and is a politically stable jurisdiction that offers companies a tax neutral platform for mutual funds, private equity funds, holding structures, structured finance, insurance companies and listing vehicles.

The Cayman Islands is also home to the world’s 50 largest banks and is the second largest offshore jurisdiction for captive insurance. Approximately eight out of ten of the world’s hedge funds are set up in the Cayman Islands. Many private equity funds also choose the Cayman Islands due to its comprehensive and business friendly Exempted Limited Partnership Law. The Cayman Islands has also endeavoured to meet the requirements of transparency.

As a member of Automatic Exchange of Information Agreements, which is made up of three regimes - the Foreign Account

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适合于： 财富管理、银行业、保险、基金管理、海运、航空、游艇、贸易 金融、知识产权/许可、控股公司、电子商务、财产所有权 公司类型： 豁免公司、有限责任公司、豁免有限合伙企业、基金公司、外 国公司、外国合伙企业、经济特区公司(SEZC) 主要商务城区： 乔治城 关系良好的国家/地区： 巴哈马、巴巴多斯、百慕大、伯利兹、加拿大、多米尼加、印 度、牙买加、蒙特塞拉特、圣基茨和尼维斯、圣卢西亚、圣文

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Tax Compliance Act 2010, the Crown Dependencies and Overseas Territories and the Common Reporting Standards (CRS) - efforts have been paid to seek an effective balance between combatting tax evasion and money laundering and individual privacy and confidentiality rights. More than a hundred countries have since subscribed to CRS, with China, Russia and Australia being late adopters and due to undertake first exchanges by 2018.

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

司法辖区

JURISDICTIONS

森特和格林纳丁斯、特立尼达和多巴哥、特克斯和凯科斯群 岛、美国 关系不佳的国家/地区： 缅甸、古巴、伊朗、朝鲜(民主主义人民共和国)、利比亚、索 马里、苏丹、叙利亚 税务负担——企业： 极轻 税务负担——个人： 极轻 总体税率: 企业所得税0%、个人所得税0%、增值税0%。 协议签订司法辖区： 英国 税务信息交换协议签订司法辖区： 阿根廷、阿鲁巴、澳大利亚、比利时、巴西、加拿大、中国、库 拉索岛、捷克共和国、丹麦、法罗群岛、芬兰、法国、德国、格 陵兰、耿西岛、冰岛、印度、爱尔兰、意大利、日本、马耳他、 墨西哥、荷兰、新西兰、挪威、波兰、葡萄牙、卡塔尔、塞舌 尔、圣马丁岛、南非、瑞典、英国、美国 作者： 施煜琼，瑞拓律师事务所驻上海代表处管理合伙人 许文洁，瑞拓律师事务所驻上海代表处律师

Vehicle Types: Exempted Companies, Limited Liability Companies, Exempted Limited Partnerships, Foundation Companies, Foreign Companies, Foreign Partnerships, Special Economic Zone Companies (SEZC) Capital primary Business District: George Town Good Relationships: Bahamas, Barbados, Bermuda, Belize, Canada, Dominica, India, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, Turks and Caicos Islands, United States Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People’s Republic of), Libya, Somalia, Sudan, Syria Tax Burden-Business: Very Light Tax Burden-Individual: Very Light Headline Tax Rates: CIT 0%, PIT 0%, VAT 0% Treaty Jurisdictions: United Kingdom TIEA Jurisdictions: Argentina, Aruba, Australia, Belgium, Brazil, Canada, China, Curacao, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, India, Ireland, Italy, Japan, Malta, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Qatar, Seychelles, Saint Maarten, South Africa, Sweden, United Kingdom, United States of America Authors: Kristy Calvert, Managing Partner, Shanghai and Jessie Xu, Associate of Harneys

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Member Contribution

开曼群岛 Cayman Islands

离岸问答 | Q&A

1

行业调研结果显示，中国将很快成为世界最大 的新公司来源国。传统上说，贵司法辖区最受 世界上哪个地区的客户欢迎？最适合在贵辖区建 立公司的业务类型是什么？ 几十年来，开曼群岛一直是众多全球企业的首选离 岸司法辖区之一，特别是来自美国、中国和亚洲其 他地区的企业。 开曼群岛为投资基金、私募股权、 银行和金融、信托、保险和私人财富提供了稳定及 成熟的商业环境。

2

对中国客户来说，贵辖区能提供的最重要优 势是什么？

开曼群岛提供灵活及商业友好的公司法，同时在开 曼群岛，交易迅速、资产安全、性价比高、管理简便。

3

在选择离岸司法辖区时，据说价格仍是客户 做决定时的主要因素。您是否同意上述说法？ 这一趋势在未来几年里是否会改变？您是否有注 意到从关注离岸架构的价格向质量的转变趋势？ 价格固然是需要考虑的一个方面，但在选择离岸司

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1

Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for?

What types of business activity is most suitable for incorporating in your jurisdiction.

The Cayman Islands has been among the premier offshore jurisdictions for a wide range of global businesses for decades, in particular in the USA, China and other parts of Asia. The Cayman Islands offers a stable and sophisticated business environment to cater for investment funds, private equity, banking and finance, trusts, insurance and private wealth.

2

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

The Cayman Islands offers flexible and business friendly corporate law, speed to transact, asset security, cost efficiency and ease of administration.

3

It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you

司法辖区

JURISDICTIONS

法管辖区时，这并不是客户所考虑的决定性因素。 其他可能影响客户选择管辖区的关键因素包括交 易交割的速度、灵活且对商业友好的审批制度、税 收的中立、交易的保密性和透明度。 由此看来，对 于开展首次公开募股、基金的设立及其他商业和金 融交易， 开曼群岛仍然是国际企业最受欢迎的选择。

4

您是否认为行业监管越来越严格， 比如 CRS、 AEOI 和 FATCA 等，中国 企 业 是 否 会更倾 向 于进入更透明的司法辖区？ 开曼群岛一直是 CRS 和 AEOI 制度的早期采用者 之一，其始终处于国际监管合规的最前沿。 其目标 是在透明度和保密性之间取得平衡，这也是包括中 国企业在内的国际企业为之赞赏的。

5

过去几年里，在一些行政特区内开设银行账 户变得困难。贵辖区内是否也是如此？离岸公 司在贵辖区内开户的时间能多快？ 由于国际银行业的全球合规要求日益提高，在银行 对所开设的新的银行账户进行尽职调查时将不可 避免地采取更谨慎和全面的方式。 这适用于在岸 和离岸的所有司法管辖区。 这意味着开设银行账 户所需的时间将比以往更长。 然而，这些都是中国 客户越来越熟悉并且能够有效处理的标准尽职调 查要求。 我们很难预估确切的时间表，但通常需要 2-3 周至更长的时间范围，具体将取决于企业或基 金架构的复杂程度。

来源：Kristy Calvert, Harneys上海管理合伙人 Jessie Xu, Harneys法务 Contributed by: Kristy Calvert, Managing Partner, Shanghai and Jessie Xu, Associate of Harneys

think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider?

While price is certainly an aspect for consideration, it is not a deciding factor of consideration for clients when choosing an offshore jurisdiction. Other crucial factors that may impact clients on their choice of jurisdiction include the speed of closing a transaction, flexible and business-friendly approval regimes, tax neutrality, confidentiality and transparency. In this way, the Cayman Islands still remains the most popular choice for international businesses undertaking IPOs, funds formations and other commercial and financial transactions.

4

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

The Cayman Islands has been one of the early adopters for CRS and AEOI regimes and is always at the forefront of international regulatory compliance. It aims to strike a balance between transparency and confidentiality which is appreciated by international businesses including Chinese businesses.

5

Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years.

Is it the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up?

Given the increasing level of global compliance requirements in the banking sector internationally, banks will inevitably take a more cautious and comprehensive approach when conducting due diligence for new bank account openings. This is applicable to all jurisdictions, both onshore and offshore. This means that the time required to open a bank account is sometimes longer than it has been traditionally. However, these are standard due diligence requirements which Chinese clients are becoming increasingly familiar with and which they are able to deal with effectively and efficiently. It is difficult to estimate an exact timeframe, however it would usually range from between 2-3 weeks to a more lengthy period, depending on the complexity of the corporate or fund structure.

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巴哈马 Bahamas

Bahamas

Member Contribution 概况

General Type of Company

IBC

公司类型

国际商业公司

Type of Law

Common

法律类型

普通法

Shelf Company Availability

Yes

现成公司可用率

是

Time to Establish a New Company

1 Day -new eServices for incorporation

建立新公司所需时间

1 天 - 公司建立的新增电子服务

Corporate Taxation

None

公司税

否

Double Taxation Treaty Access

None

双重征税协议

否

Share Capital or Equivalent

股本或等值股本

Standard Currency

US$

标准货币

美元

Permitted Currencies

Any

允许使用货币

任何币种

Minimum Paid Up Share Capital

Any

最低付清股本

任意

Usual Number of Shares Issued

5,000 - 50,000

法定股本要求

5 千至 5 万美元

Directors

董事

Minimum Number

1

董事最低人数

1

Local Required

No

本地董事

否

Publicly Accessible Records

Yes

公开记录权限

是

Location of Meetings

Anywhere

会议地点

任何地方

Shareholders

股东

Minimum Number

1

股东最低人数

1

Publicly Accessible Records

No

公开记录权限

否

Location of Meetings

Anywhere

会议地点

任何地方

Company Secretary

公司秘书

Required

No

是否需要

否

Local or Qualified

Any

是否为注册地或者有资质人员

任何

Accounts

账户

Requirements to Prepare

Yes

账户准备要求

是

Audit Requirements

None

审计账户

无

Requirements to File Accounts

No. Registered Agents must make accounts available only under lawful process. No filing

账户登记记录

否，注册代理人必须在合法的程序 下提供账户。没有备案

Publicly Accessible Records

No

公开记录权限

否

Source: Bahamas Financial Service Board

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JURISDICTIONS

简介 | Introduction 行政特区：巴哈马 所在地区：加勒比 官方货币：巴哈马元 官方语言：英语 所属时区：UTC-5 电话区号：+1242 通讯设施：良好

公司建立成本：1300-2900美元 公司建立时间：9-15天 公司维护费用：1000-2000美元 Country: The Bahamas Region: Caribbean Currency: Bahamian Dollar (BSD) (B$) Languages: English Time Zone: UTC -5 Phone Code: +1242 Communications: Good Formation Cost: 1300 - 2900 USD$ Formation Time: 3-5 days Maintenance cost: 1000 2000 USD$

巴哈马在1973年正式从英国独立出来，当 然英国女王仍然是该国的首脑。坐落于距离 美国佛罗里达州50英里外的加勒比海上，巴 哈马有700个岛屿，人口仅为35万人左右。 巴哈马的官方语言是英语，首都是拿骚。巴 哈马有数个国际 机场连接世界 各地，并有 非常精良的港口设施。巴哈马属于亚热带气 候。威斯敏斯特型的政府架构对营商非常 有利。2017年5月，由Hubert Minnis领导的 自由民族运动(FNM)击败了执政的进步自由 党(PLP)。 巴哈马早在20世纪早期曾是一个信托和旅 游业的离岸金融辖区，但发 展 成为金融中 心则比较晚。该国经济主要依赖旅游业（每 年400万游客），但是金融服务业也正成为 重要产业之一。GDP在2012年是112.4亿美 元（估计）。2012年人均GDP约为31900美 元，这在当地是高于平均值的，但是也是远 远落后于那些最成功（和更小型）的行政特 区，比如开曼群岛和英属维尔京群岛。 全球金融危机对该国影响颇大，GDP缩水

The Bahamas became independent from the UK in 1973, although the Queen remains Head of State. Beginning 50 miles off Florida, in the Caribbean, The Bahamas has 700 islands and a population of just over 350,000. The official language is English. The capital is Nassau, there are a number of international airports with good connections, and there are excellent port facilities. The climate is sub-tropical. The Westminster-style government is businessfriendly. In May 2017, the Free National Movement (FNM) led by Hubert Minnis defeated the ruling Progressive Liberal Party (PLP).

The Bahamas was a trust and tourist jurisdiction very early in the 20th century.

The economy is heavily dependent on tourism (6m visitors a year), but financial services have grown in importance, with an existing full toolkit of products and services. GDP was USD 9bn in 2015 (est.)

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不少，财政赤字也在增加。当然随着旅游业的增长，特别是 来自美国的投资已经扭转了颓势。旅游业的投资提升的游客 数量对未来的增长至关重要。

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

这里有一家证交所，名为巴哈马国际证券交易所（BISX）。 到2014年年底为止，BISX有5家经纪公司进行普通股、优先 股和债券的的交易，总价值为36.53亿美元。另外，到2014年 12月31日位置，有32只基金在BISX上市，管理的资产总额为 22亿美元。

The global financial crisis left its mark on the country's economy with GDP contracting and the budget deficit increasing. However increased tourism, particularly from the US and new investments, have reversed the decline.

Investment in the tourism sector and increased visitor numbers are vital for further growth.

巴哈马位居领先的产业为银行业（到2015年底为止有249家 银行）和投资基金（到2015年底为止有898只）。信托管理 也前景广阔。离岸运作通过国际商务公司或其它免税形式实 现。保险业的资产有260万美元。专业服务领域非常出色。 船舶注册对大型船只来说非常成功。这里没有所得税、资本 利得税、销售税、使用税或财富税。企业需要向政府缴纳年 费，还有国家保险和印花税、增值税和物业税。 巴哈马和33个国家签订了税务信息交换协议（TIEA）。

There is a stock exchange, The Bahamas International Securities Exchange (BISX). At the end of 2014 BISX had 5 Broker-Dealers that trade in ordinary shares, preference shares and bonds, with a collective value of $3.653 Billion.

And, as at December 31, 2014 there were 32 funds listed on BISX with approximately $2.2 billion in Assets Under Management.

Leading sectors are banking (249 banks at the end of 2015) and investment funds (898 at the end of 2015). Trust management is also prominent. Offshore operations take

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适合于： 财富管理、资产管理、银行业、航运业、航空、游艇、知识产 权/许可证、控股公司 离岸工具种类： 有限公司、公众有限公司、信托、外国公司、有限合伙制公 司、豁免有限合伙制和分离账户公司 资本主要商务区域: 拿骚 税务负担——商务： 极轻 税务负担——个人： 极轻 总体税率： CIT 0%, PIT 0%, 增值税7.5% 税务信息交换协议签订国： 阿根廷、阿鲁巴、澳大利亚、比利时、加拿大、中国、捷克共 和国、丹麦、法罗群岛、芬兰、法国、德国、英国、格陵兰、耿 西岛、冰岛、印度、印度尼西亚、爱尔兰、日本、韩国、马耳 他、墨西哥、摩纳哥、新西兰、挪威、波兰、圣马力诺、南非、 西班牙、瑞典、荷兰、美国

place through International Business Companies or other tax-exempt forms. The insurance sector has assets of USD2.6m. Professional services are excellent. The shipping registry has been very successful for larger vessels. There is no income tax, capital gains tax, sales or use tax or wealth tax. Annual government fees are imposed on businesses and there are national insurance, stamp duties, VAT and property taxes.

The Bahamas has signed 33 Tax Information Exchange Agreements (TIEAs).

Suitable for: Wealth Management, Asset Management, Banking, Shipping, Aviation, Yachting, Intellectual Property/Licensing, Holding Companies Vehicle Types: Limited companies, public limited companies, trusts, foreign companies, limited partnerships, exempted limited partnerships and segregated account companies, IBCs. Capital Primary Business Districts: Nassau Tax Burden - Business: Very Light Tax Burden - Individual: Very Light Headline Tax Rates: CIT 0%, PIT 0%, VAT 7.5% TIEA Jurisdictions: Argentina, Aruba, Australia, Belgium, Canada, China, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Great Britain & Northern Ireland, Greenland, Guernsey, Iceland, India, Indonesia, Ireland, Japan, Korea, Malta, Mexico, Monaco, New Zealand, Norway, Poland, San Marino, South Africa, Spain, Sweden, The Netherlands, United States

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Member Contribution

巴哈马 Bahamas

离岸问答 | Q&A

1

行业调研结果显示，中国将很快成为世界最大 的新公司来源国。传统上说，贵司法辖区最受 世界上哪个地区的客户欢迎？最适合在贵辖区建 立公司的业务类型是什么？ 巴哈马是资本持有者寻找的高质量目的地的不二 选择。巴哈马健全的监管制度和它长久以来的决心 都确保了作为国际金融中心的完整性，也以它最近 作出的承诺，以及它作为一个专注重要资产的保护 和成长的司法辖区，和其所持的坚定信念所佐证。 事实上，与国际上颁布的众多行动方案有关的监管 规定就是其大背景， 巴哈马财富管理上的专业程度、 创新精神和以客户为中心的产品和服务，以及它独 特的热带地理位置，都让它成为寻求高级金融服务 的金融机构和个人的首选地。

2

对中国客户来说，贵辖区能提供的最重要优 势是什么？

高级私人财富管理血统——巴哈马在私人银行业 务和信托服务方面的成熟专业度，催生了具备完整 和压倒性竞争力的金融服务，其中包含私人银行业 务、遗产规划、资产管理和基金管理服务。巴哈马

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1

Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for?

What types of business activity is most suitable for incorporating in your jurisdiction.

The Bahamas is the Clear Choice high quality destination for owners of capital. The Bahamas'strong regulatory regime and its historic determination to ensure its integrity as an international financial centre as evidenced by its most recent commitments reflect the mindset of a jurisdiction focused on protecting and cultivating one of key assets. Regulation in fact as it relates to international initiatives is the canvas upon which The Bahamas wealth management expertise, innovative client-centric products and services and unique geographic tropical location combine to make it an increasingly clear choice for those institutions and individuals seeking a premier provider of financial services.

2

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

Private Wealth management pedigree - The Bahamas'established role and expertise in private banking and trust services has given birth

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向国际资本市场提供服务，也向保险和海事行业提 供服务。公司注册、法律和会计服务是巴哈马所提 供的全方位服务的核心。

3

在选择离岸司法辖区时，据说价格仍是客户 做决定时的主要因素。您是否同意上述说法？ 这一趋势在未来几年里是否会改变？您是否有注 意到从关注离岸架构的价格向质量的转变趋势？ 虽然价格必须有竞争力，客户同样应该考虑所提供 的产品和服务质量，以及所提供的解决方案是否可 以完全满足私人财富管理的需求。这并不仅仅是成 立一家公司那么简单——这关系到获得这家公司 怎样和产品一起被充分利用，满足个人顾客的全部 需求方面的专业建议。公司是巴哈马工具箱所提供 的基本元素。

4

您是否认为行业监管越来越严格， 比如 CRS、 AEOI 和 FATCA 等，中国 企 业 是 否 会更倾 向 于进入更透明的司法辖区？ 在全球范围中，各国对税务合作和透明度方面作出 承诺。各国政府都在和他们的国际合作伙伴共同合 作，应对全球范围内的不平等问题。 在这一全球大背景下，巴哈马和其它 180 多个国家 一样， 签订了经合组织的《多边税收征管互助公约》 （多边协议）。实现这一步，需要巴哈马政府的各个 行业股东们之间的通力合作，以共同应对非合作司 法辖区所造成的税务合规方面的风险。

to a comprehensive and compelling array of financial services that includes private banking, estate planning, asset management, and fund administration services. The Bahamas also provides services to the international capital markets, and to the insurance and maritime industries. Corporate registry and legal and accounting services are at the core of the multitude of services available in The Bahamas.

3

It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider?

Whilst pricing must be competitive, clients should be equally concerned with the quality of the product and services provided and that the solution being offered is comprehensive in meeting their complete needs for private wealth management. It is not simply about incorporating a company - it is about getting solid advice as to how this company can be used along with other products to meet the complete needs of the individual customer. The company is a basic building block in the Bahamas toolkit.

4

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

Globally, there is a commitment to tax cooperation and transparency.

Governments across the world are working with their international partners to address the issue of global inequality.

Against this global backdrop, The Bahamas has joined more than 108 countries in the signing of the OECD's Multilateral Convention on the Mutual Administrative Assistance in Tax Matters (the Multilateral Convention). Arriving at this point required much collaboration between the government and industry stakeholders in The Bahamas in order to address the risks to tax compliance posed by non-cooperative jurisdictions.

The Bahamas has also signed the Multilateral Competent Agreement (MCAA) and has entered the Inclusive Framework on Base Erosion and Profit Shifting (BEPS).

Historically, The Bahamas has always sought to provide superior

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巴哈马也签订了《多边竞业协议》（MCAA），并已 加入了《税基侵蚀和利润转化包容性框架》。 历史上，巴哈马一直都在努力追求，为世界一流客 户提供最先进的金融产品和服务体验。它已证明自 己对全球巨变的敏捷响应速度——一直致力于在 合规、合作和透明化方面符合国际标准。作为一个 超过 40 年历史的主权国家，各届政府一直实践国 家对公正治国、国际税务透明化、反洗钱和金融恐 怖主义方面国际最佳实践和合作所作的承诺。 巴哈马监管机构是同类国际集团和机构声望颇佳 和积极的合作伙伴。政府和私人行业之间的合作确 保了巴哈马保持着合规和可信赖的国际金融中心地 位。事实上，巴哈马金融服务管理局（BFSB）成立 于 1997 年，旨在创建一个公众与私人的合作伙伴 关系，为这个国家第二大重要经济支柱产业所面临 的挑战和机遇创造一个公开对话的平台。

financial products and services and a world-class client experience.

It has proven itself to be nimble and responsive to global changes – always mindful of the need to adhere to international standards with respect to compliance, cooperation and transparency. As a sovereign nation for more than 40 years, successive governments have consistently demonstrated the country's commitment to international best practices, cooperation in the administration of justice, international tax transparency, anti-money laundering and the countering of financial terrorism initiatives. Bahamian regulators are well regarded and active partners with international peer groups and agencies. There is collaboration between government and the private sector to ensure that The Bahamas remains a wellregulated, blue chip international financial centre. In fact, BFSB was established in 1997 to create a public-private partnership and forum for open dialogue about the challenges and opportunities facing the country's second most important economic sector.

5

5

过去几年里，在一些行政特区内开设银行账 户变得困难。贵辖区内是否也是如此？离岸公 司在贵辖区内开户的时间能多快？ 巴哈马在私人银行业务方面的专业性让营商变得 更 加高 效。巴哈马对金融产品极为熟 悉，在完 成 所有必 要的尽职调查的情况下，开户的流程将极 为顺畅。

来源：Bahamas Financial Services Board

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Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years.

Is it the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up?

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

Source: Bahamas Financial Services Board

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St. Kitts

Member Contribution 概况

General Type of Company

Private Ordinary, Private Exempt, Public Company,External Company

公司类型

私人普通、私人豁免、上市 公司、外部公司

Type of Law

Companies Act. Cap.21.03

法律类型

公司法 Cap.21.03

Shelf Company Availability

No. Companies must state the nature of business.

现成公司可用率

无。公司必须陈述公司的性质

Time to Establish a New Company

2 business days

新公司建立时间

两个工作日

Corporate Taxation

Only Exempt Companies are exempted form taxes.

公司税

仅有豁免公司可以免税

Share Capital or Equivalent

股本或等值股本

Standard Currency

Eastern Caribbean Currency (XCD)

标准货币

东加勒比货币

Permitted Currencies

United States Currency (US) Pounds (GBP)

允许使用货币

美元和英镑

Minimum Paid Up Share Capital

No minumum requirement

最低付清股本

没有最低要求

Usual Number of Shares Issued

One (1)

法定股本要求

1

Directors

董事

Minimum Number

One (1)

最低董事人数

1

Local Required

no requirement for local Director

本地董事

无本地董事要求

Publicly Accessible Records

All documents

公开记录权限

所有文件

Location of Meetings

as determined by the Articles of Incorporation

会议地点

由公司宪章决定

Shareholders

股东

Minimum Number

no minimun requirement

最低股东人数

没有最低要求

Publicly Accessible Records

All documents

公开记录权限

所有文件

Location of Meetings

as determined by the Articles of Incorporation

会议地点

由公司宪章决定

Company Secretary

公司秘书

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

Required

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

需要

Accounts

账户

Requirements to Prepare

must keep accounts

账户准备要求

必须保留账户

Audit Requirements

only for Public Companies

审计要求

仅针对上市公司

Requirements to File Accounts

requirement for Public Companies Only

账户登记记录

仅对上市公司有要求

Publicly Accessible Records

all documents

公开记录权限

所有文件

Source: St. Kitts Investment Promotion Agency

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

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

圣基茨（和尼维斯）是加勒比海上的群岛国 家，人口大约在5万左右。该国的首都位于 圣基兹的巴斯特尔，岛上还有布拉德肖国际 机场，有航班往返北美和欧洲。该国的法律 体系基于英国普通法。虽然蔗糖直到2005 年还占据该国的农产品大头，之后蔗糖不再 是该国的主要农作物，而其它产业，比如旅 游业、出口导向的制造业和离岸银行业开始 在经济中扮演重要角色。GDP在2008年的 增长率达到了3.2%，但在2009年却急速下 滑了9.6%。GDP在2012年的增长率是2%。 圣基兹和尼维斯作为联邦国家有离岸法规， 但尼维斯却也有自己的独立法规。 总体来说，圣基兹重点在吸引外国的工业和 旅游业投资，而尼维斯则专注于离岸资产保 护。尼维斯的LLC（有限责任公司）法规尤 为成功。这里没有资产净值税、赠与税、营 业税或遗产税。公司税和预提税适用于当地 公司，但不适用于和非居民之间进行商务活 动的实体。 适用于：

St Kitts (and Nevis) are islands in the Caribbean Sea with a population of approx. 50,000. The capital is Basseterre, on St Kitts, the location of Bradshaw International Airport, which serves North America and Europe. The legal system is largely based on English Common Law. Although sugar dominated the agricultural sector until 2005, when it was finally abandoned as a major crop, activities such as tourism, export-oriented manufacturing, and offshore banking have assumed larger roles in the economy. GDP grew by 3.2% in 2008, but then shrank sharply in 2009, by 9.6%. GDP growth is estimated at 2% for 2012. St Kitts and Nevis has offshore legislation as a Federation, but so does Nevis independently.

On the whole, St Kitts focuses on attracting inward industrial and tourist investment, while Nevis concentrates more on offshore asset protection. Nevis

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航空、游艇、控股公司、房地产所有权 离岸工具种类： 有限公司（尼维斯）、公众公司、国际商务公司（尼维斯）、信 托、基金会（尼维斯）、有限合伙制公司和豁免有限合伙制 公司 资本主要商务区域： 巴斯特尔 关系良好国家： 巴哈马、巴巴多斯、百慕大、伯利兹、加拿大、开曼群岛、中 国、古巴、多米尼加、法国、牙买加、韩国、俄罗斯、圣卢西 亚、圣文森特和格林纳达、特立尼达和多巴哥、特克斯和凯 科斯群岛、英国、美国

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has been particularly successful with its LLC (Limited Liability Company) legislation. There is no net worth tax, gift tax, turnover tax, or estate duty on St Kitts and Nevis.

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

Suitable for: Aviation, Yachting, Holding Companies, Property Ownership Vehicle Types: Limited companies (Nevis), public companies, IBCs (Nevis), trusts, foundations (Nevis), limited partnerships and exempt limited partnerships

司法辖区

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关系不佳国家： 缅甸、古巴、伊朗、朝鲜（民主主义人民共和国）、利比亚、索 马里、苏丹、叙利亚 税务负担—商务： 极轻 税务负担—个人： 极轻 总体税率： CIT 0% (当地公司35%), PIT 0%, 增值税0% 协议签订国家： 安提瓜和巴布达、巴巴多斯、伯利兹、多米尼加、格林纳达、 圭亚那、牙买加、摩纳哥、圣卢西亚、圣文森特和格林纳达、 圣马力诺、瑞士、特立尼达和多巴哥 税收信息交换协议签订国家： 阿鲁巴、澳大利亚、比利时、加拿大、库拉索、丹麦、法罗群 岛、芬兰、法国、德国、格陵兰、耿西岛、冰岛、列支敦士登、 荷兰、新西兰、挪威、葡萄牙、圣马丁岛、瑞典、英国

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

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欧洲

EUROPE

列支敦士登 Liechtenstein

Liechtenstein

Member Contribution 概况

General Type of Company

Aktiengesellschaft

公司类型

股份公司

Type of Law

Civil

法律类型

民法

Shelf Company Availability

No

现成公司可用率

否

Time to Establish a New Company

Approx. 3-5 days after all documents are received

建立新公司所需时间

文件递交后大约 3 至 5 天

Corporate Taxation

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

公司税

最低年税 1,800 瑞士法郎的 12.5%, 纯收入的 12.5%

Double Taxation Treaty Access

Yes

双重征税协议

是

Share Capital or Equivalent

股本或等值股本

Standard Currency

CHF

标准货币

瑞士法郎

Permitted Currencies

CHF/USD/EURO

允许使用货币

瑞士法郎 / 美元 / 欧元

Minimum Paid Up Share Capital

Yes

最低付清股本

是

Usual Number of Shares Issued

CHF50,000

法定股本要求

5 万瑞士法郎

Directors

董事

Minimum Number

One

董事最低人数

1人

Local Required

Yes

本地董事

是

Publicly Accessible Records

Yes

公开记录权限

是

Location of Meetings

Anywhere, but recommended in Liechtenstein

会议地点

任何地方，但是建 议在列支登士敦

Shareholders

股东

Minimum Number

One

股东最低人数

1人

Publicly Accessible Records

No

公开记录权限

否

Location of Meetings

Anywhere, but recommended in Liechtenstein

会议地点

任何地方，但是建 议在列支登士敦

Company Secretary

公司秘书

Required

No

是否需要

否

Local or Qualified

No

是否为注册地或者有资质人员

否

Accounts

账户

Requirements to Prepare

Yes

账户准备要求

是

Audit Requirements

Yes

审计账户

是

Requirements to File Accounts

Yes

账户登记记录

是

Publicly Accessible Records

No

公开记录权限

否

Source: ATU

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司法辖区

JURISDICTIONS

简介 | Introduction 行政特区：列支敦士登 所在地区：欧洲 官方货币：瑞士法郎（CHF） （CHF） 官方语言：德语 所属时区：UTC+1

电话区号：+423 通讯设施：优秀 公司建立成本：根据实体公司类 型而定，但是通常6000到8000 美元之间 公司建立时间：根据实体公司类 型和KYC规则下提供信息的完整 性而定，3到5个工作日 公司维护费用：根据实体公司类 型而定，但是标准收费通常是 8000到15000美元之间，不包括 会计、审计、税务，其他秘书和咨 询服务。 Country: Liechtenstein Region: Europe Currency: Swiss franc (CHF) (CHF) Languages: German Time Zone: UTC +1 Phone Code: +423 Communications: Good Formation Cost: depends on the type of entity but usually around USD 6’000 to 8’000 Formation Time: depends on the type of entity and the quality of the KYC information, around 3 to 5 working days Maintenance cost: depends on the type of entity but standard costs usually amount to USD 8’000-15’000, exclusive of accounting, auditing, tax and other secretarial and consultation services.

列支敦士登公国坐落在莱茵河山谷的群山 山麓之间，阿尔卑斯山的中部，非常迷人。 地 理位 置 上，它位于德国慕尼黑北部山丘 和意大利米兰南部之间。2017年，Henley & Partners - Kochenov国籍质量指数将列支敦 士登排名第14位，这意味着列支敦士登有极 高的生活质量。 列支敦士登与欧洲和世界有着良好关联。它 是欧洲自由贸易协会、经济合作与发展组织 和世界贸易组织的成员国。尽管面积很小， 该国的人均GDP虽然不是世界上最高的，却 几乎达到了17万欧元，这令人震惊。此外，列 支敦士登的公民目前的平均寿命为82.7岁， 在全球排名前十，这意味着他们有足够的时 间实现自我。 当然，列支敦士登是发展才能和商业机会的 完美基地。对于家族来说，这个国家提供了 很多福祉，孩子们可以在你选择的安全社区 中成长，在加入国家的创新和全球劳动力之 前，可以参加一流的寄宿学校和大学。这一 切都是可以实现的，因为列支敦士登的教育 体系和医疗服务都非常出色。完美的社会保

The Principality of Liechtenstein is charmingly seated on the slopes of the Rhine Valley, and is well located in the middle of the Alps. Geographically, it is situated between Munich, Germany, on the northern side of the massif and Milan, Italy, on the southern side. In 2017, the Henley & Partners – Kochenov Quality of Nationality Index ranked the country 14th with respect to the general ranking, meaning the country offers an extremely high quality of life.

Liechtenstein is well connected to Europe and the world. It is a member state of the European Free Trade Association, the Organization for Economic Co-operation and Development, and the World Trade Organization. Despite its small size, the country's GDP per workforce is one of if not the highest in the world, amounting to almost EUR 170,000, which is astounding.

In addition, citizens of Liechtenstein currently boast a life expectancy of 82.7

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障和保证会伴随你一生——养老金计划资金充足和安全， 为退休提供保障。

years, among the top 10 globally, meaning there is plenty of time for self-fulfillment.

列支敦士登公国非常安静祥和，可以让你感觉在自己家。历 史上有故事说，在1866年奥地利和普鲁士之间的德国战争 中，列支敦士登的军队驻扎在意大利北部的Stilfser Joch山 口，比它离开时多了一个士兵。这是最后一次部署，武装部 队已经解散，这意味着列支敦士登人民不接受军事服务。此 后，列支敦士登奉行中立政策。

Most certainly, Liechtenstein is the perfect base for developing your talents and business opportunities. For families, the country offers much comfort, as children can grow up in your choice of the many safe neighborhood options and can attend first-class boarding schools and universities before joining the country's innovative and global workforce. All this is possible because Liechtenstein's education system and medical services are excellent. Unflawed social security and assurances accompany you through your life — even at retirement age support is available through a pension scheme that is well funded and secure.

亲密值 列支敦士登由于其国土面积小，而且外国居民所占比例较 高，在签发居住证和公民身份许可方面相当严格。入境限额 为每年56人。这些人中有一半是抽签决定的——为了保证 公平，另一半则是由政府精心挑选出来的。除了欧洲经济区 (EEA)外，每年还允许16名第三国公民入境，其中8人是抽签 选择的，另外8人是根据国民经济的需要选择的。 在公民身份方面，列支敦士登奉 行与生俱来的权利，即血 族。为了后代获得列支敦士登公民身份，母亲或父亲必须是 真正的列支敦士登人。这可以通过婚姻或在列支敦士登居 住30年来实现。有了这一苛刻的要求，对列支敦士登公民感 兴趣的人，最好去研究普通程序，向政府提出申请。在议会 的批准下，政府将把申请提交给执政的王子，他有决定性的 一票。然而，在他们申请之前，有兴趣的申请者必须通过“全 民投票”，这意味着列支敦士登十一个村庄的居民必须同意 你在10年的普通住宅之后受到欢迎。

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The Principality is a remarkably peaceful and quiet place to make your home. A historical anecdote states that during the German War between Austria and Prussia in 1866, the Liechtenstein battalion placed at the Stilfser Joch Pass in Northern Italy came home with one more soldier than when it left. This was the last deployment and the armed forces have been dissolved, meaning Liechtenstein people do not endure military service. Ever since, Liechtenstein follows a policy of neutrality.

司法辖区

JURISDICTIONS

家族办公室,家族事务 列支敦士登是建立家族办公室的一个可行的选择。公国以其 优越的基础设施和公共服务，稳定的政治和经济而闻名。除 此之外，隐私、安全、人身自由受到法律保护。这些都是家族 办公室想要延续几代人的必需条件。 列支敦士登是实现高水平、健康生活标准的主要目的地。给 予充分居住空间和视野，给公民提供发展才能和业务的机 会，并使生活和资产多样化，让您生活愉悦。 Martin Gassner, Trust Officer Allgemeines Treuunternehmen ATU Vaduz, Principality of Liechtenstein www.atu.li 这篇文章同时刊登在杂志：The Global Citizenship Review – 2nd Quarter 2018. 适用于: 银行、基金管理、交易、金融、知识产权/许可、控股公司、基 金会和信托。

Intimate Values Due to its small size and its already high percentage of foreign inhabitants, Liechtenstein is fairly restrictive when it comes to issuing residence and citizenship permits.

The cap for entry allowance is set at 56 persons per year.

Half of these persons are drawn by lottery — in order to guarantee equality of success — and the other half is carefully selected by the government. Apart from the European Economic Area (EEA), 16 third country citizens are allowed entry each year as well, with eight selected by lottery and another eight selected on the basis of the needs of the national economy.

With regard to citizenship, Liechtenstein applies birthright, the ius sanguinis. For offspring to acquire Liechtenstein citizenship, either the mother or the father must be a genuine Liechtensteiner. This can be bypassed by marriage or by residence in Liechtenstein for a period of 30 years.

With such an arduous requirement, those interested in Liechtenstein citizenship are better off exploring the ordinary procedure, i.e. application with the government.

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离岸工具种类: 股份有限公司，私人有限公司；安斯塔特；基金会；信托企 业，合伙企业。 资本主要业务地区: 瓦杜兹，沙安 税务负担——商务： 有吸引力 企业所得税税率为12.5%，适用于公司的净利润/利润，而不 考虑利润的大小及其分布。参与利益的收益和资本收益是不 受限制的，对损失的使用没有时间限制。此外，还介绍了股 权资本利息扣除。不追求经济活动的法人可以申请作为私有 资产结构纳税。 税务负担——个人： 适度，财产税适用。 工资税(就业): 3% - 24%。 个人收入和财产税:在国家一级的最高税率为8%，但是，市政 当局在国家收入和财富税率的基础的150%-200%征收额外 税收。 总体税率: CIT 12.5%(统一)，工资税(就业):3%- 24%，VAT 7.7%。 条约司法管辖区: 列支敦士登有双重征税协定(DTA): 安道尔、巴林、德国、格鲁吉亚、格恩西、香港、冰岛、卢森 堡、马耳他、摩纳哥、奥地利、圣马力诺、瑞士、新加坡、捷克 共和国、匈牙利、乌拉圭、阿联酋、英国。 税务信息交换协议签订国： 列支敦士登的税务信息交换协议(TIEA): 安道尔、安提瓜和巴布达、澳大利亚、比利时、中国、丹麦、 德国、法罗、芬兰、法国、格陵兰、印度、爱尔兰、冰岛、意大 利、日本、加拿大、墨西哥、摩纳哥、荷兰、挪威、瑞典、圣基 茨和尼维斯、圣文森特和格林纳丁斯、南非、英国、美国。

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On approval by parliament, the government will submit the application to the ruling prince, who has the casting vote. However, before they can apply at all, interested applicants must undergo the 'popular vote', which means the inhabitants of one of Liechtenstein’s eleven villages must agree to your being welcome after a period of 10 years of ordinary residence.

Family Office, Family Affairs Liechtenstein is a viable option to consider when establishing a family office. The Principality stands out with its superior infrastructure and public services, and is renowned for its political and economic stability. Apart from that, privacy, security, and personal freedom are protected by law. These are essential requisites for a family office wanting to endure for generations.

Liechtenstein is a prime destination for achieving a high — and, more importantly, healthy — standard of living.

Residents are given space and perspective to develop their talents and businesses as well as to diversify life and assets; all that you need to ensure unclouded joy of living.

Martin Gassner, Trust Officer Allgemeines Treuunternehmen ATU Vaduz, Principality of Liechtenstein www.atu.li This article has also been published in the Magazine "The Global Citizenship Review – 2nd Quarter 2018".

Suitable for: Banking, Fund Management, Trading, Financial, Intellectual Property/Licensing, Holding Companies, foundations and trusts Vehicle Types: Company limited by shares (Aktiengesellschaft, AG); private limited company (GmbH); establishment (Anstalt); foundation (Stiftung); trust enterprise (trust reg.), partnership.

司法辖区

JURISDICTIONS

Capital primary business districts: Vaduz, Schaan Tax Burden - Business: attractive Corporate income tax at a uniform rate of 12.5% applies to a company’s net income/profit, irrespective of the size of that profit and its distribution. Income and capital gains from participating interests are exempt, and there is no time limit on the use of losses carried forward. Furthermore, an equity capital interest deduction has been introduced. Legal persons not pursuing economic activities can apply to be taxed as Private Asset Structures.

Tax Burden - Individual: moderate, wealth tax applies Wage tax (from employment): 3 to 24% Personal income and wealth tax: maximum 8% at country level, however municipalities levy additional tax charges in the amount of 150-200% of the country income and wealth tax rate.

Headline tax rates: CIT 12.5% (uniform), wage tax (from employment): 3 to 24%, VAT 7.7% Treaty Jurisdictions: Liechtenstein has Double Taxation Agreements (DTA) with: Andorra, Bahrain, Germany, Georgia, Guernsey, Hongkong, Iceland, Luxembourg, Malta, Monaco, Austria, San Marino, Switzerland, Singapore, Czech Republic, Hungary, Uruguay, UAE, UK TIEA Jurisdictions: Liechtenstein has Tax Information Exchange Agreements (TIEA) with: Andorra, Antigua and Barbuda, Australia, Belgium, China, Denmark, Germany, Faroe, Finland, France, Greenland, India, Ireland, Iceland, Italy, Japan, Canada, Mexico, Monaco, Holland, Norway, Sweden, St. Kitts and Nevis, St. Vincent and Grenadines, South Africa, UK, USA

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Member Contribution

列支敦士登 Liechtenstein

离岸问答 | Q&A

1

行业调研结果显示，中国将很快成为世界最大 的新公司来源国。传统上说，贵行政特区最受 世界上哪个地区的客户欢迎？最适合在贵特区建 立公司的业务类型是什么？ 列支敦士登的公司法十分灵活，具有很大的吸引力。 可以设立用于资产保护、控股和商务活动用途的基 金会和普通法信托架构。此外，这个国家是授权许 可证和专利权使用的极佳选择。通过其和欧盟和 瑞士之间的自由进出制度，列支敦士登是向欧洲市 场投资的基地。

2

对中国客户来说，贵特区能提供的最重要优 势是什么？

列支敦士登的重要特征是它稳定的政治和经济环 境。列支敦士登是欧洲经济区（EEA）的成员国，和 瑞士之间有海关协定和货币联盟。

3

在选择离岸行政特区时，据说价格仍是客户 做决定时的主要因素。您是否同意上述说法？ 这一趋势在未来几年里是否会改变？您是否有注 意到从关注离岸架构的价格向质量的转变趋势？

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1

Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for?

What types of business activity is most suitable for incorporating in your jurisdiction.

Liechtenstein has a very attractive tax law and flexible company law. It is possible to set up Foundations and common Law Trusts for asset protection and holding reasons as well as corporations for business activities. Further the country is an attractive jurisdiction for utilisations of licences and patents. Through its free access to the EU and Switzerland a good basis to invest in the European market.

2

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

Liechtenstein is characterised in particular by its stable political and economic environment. Liechtenstein is a member of the European Economic Area (EEA) and has a custom treaty and currency union with Switzerland.

3

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

司法辖区

JURISDICTIONS

在选择离岸服务提供商建立公司时，客户还应该考 虑哪些因素？ 列支敦士登的价格是服务和质量的完美体现。通 过其极具吸引力的税法，我们能和其它行政特区同 台竞争。列支敦士登的服务质量是它为客户提供的 特别优势。当地的服务提供商具有很高的可信度， 此外，客户也受到法律确定性的最佳保护。

4

您是否认为在行业监管日趋严格的趋势下， 中国客户会更倾向于选择透明度更高的行政 特区？ 金融行业受到的严格监管一直都存在。列支敦士登 是一个完全符合国际监管标准的金融特区，同时也 注重保护客户的隐私。

5

过去几年里，在一些行政特区内开设银行账 户变得困难。贵特区内是否也是如此？离岸公 司在贵特区内开户的时间能多快？ 银行和受托人需要受益所有人提供身份证明和资 金的合法来源证据。在所有信息都有效的情况下， 一般来说开户的时间只需要数天。 来源：Philipp Kieber/Interadvice Contributed by: Philipp Kieber/Interadvice Anstalt

jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider?

Prices in Liechtenstein are in a good relation to service and quality.

Through its attractive tax law we are able to compete with other jurisdictions. Liechtenstein had always to convince with quality and an extra benefit for the clients. Local providers are very trustworthy and further the clients are protected by legal certainty.

4

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

Regulatory pressure is a fact in the financial industry. Liechtenstein is a jurisdiction which is fully compliant with international regulatory standards but protects the client’s business secrecy.

5

Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years.

Is it the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up?

Banks and Trustees require identity of beneficial owner and evidence of the legal origin of funds. Once all information is available it takes normally a few days to set up a bank account.

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塞浦路斯 Cyprus

Cyprus

Member Contribution 概况

General Type of Company

Limited Liability

公司类型

有限责任公司

Type of Law

Cyprus Codified Law

法律类型

塞浦路斯的成文法律

Shelf Company Availability

Yes

现成公司可用率

是

Time to Establish a New Company

1 Day

新公司建立时间

1天

Corporate Taxation

12.5%

公司税

12.5%

Double Taxation Treaty Access

63 ratified treaties

双重征税协议

63 条批准条约

Share Capital or Equivalent

股本或等值股本

Standard Currency

EURO

标准货币

欧元

Permitted Currencies

Any major currency

允许使用货币

任何主要货币

Minimum Paid Up Share Capital

1 Euro

最低付清股本

1 欧元

Usual Number of Shares Issued

1

法定股本要求

1

Directors

董事

Minimum Number

1

最低董事人数

1

Local Required

No

本地董事

无

Publicly Accessible Records

Yes

公开记录权限

是

Location of Meetings

No requirements

会议地点

不要求

Shareholders

股东

Minimum Number

1

最低股东人数

1

Publicly Accessible Records

Yes

公开记录权限

是

Location of Meetings

No requirements

会议地点

不要求

Company Secretary

公司秘书

Required

Yes

需要

是

Local or Qualified

Local, qualification only required for listed company

是否为注册地或有资质人员

注册地，只要求上市公司提供资质

Accounts

账户

Requirements to Prepare

Annual

账户准备要求

每年

Audit Requirements

Annual

审计要求

每年

Requirements to File Accounts

Yes

账户登记记录

是

Publicly Accessible Records

Listed companies only

公开记录权限

只有上市公司

Source: Pafilia

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简介 | Introduction 行政特区：塞浦路斯 所在地区：欧洲 官方货币：欧元 官方语言：希腊语、英语 所属时区：UTC+2 电话区号：+357 通讯设施：良好

Country: Cyprus Region: Europe Currency: Euro (EUR) (€) Languages: Greek, English Time Zone: UTC +2 Phone Code: +357 Communications: Good

塞浦路斯是一个独立的民主共和国，也是英 联邦成员国。它的国民生产总值相当不错， 人均约为23,500美元（2017年）。该国经济 主要以来服务业，旅游业非常重要。而失业 率也不高。 塞浦路斯政府努力创造有利的离岸税务政 策环境，同时也维持本国经济的持续增长， 就国际标准衡量该国的税率属于偏低。这一 成功主要归因于从1989年起就在塞浦路斯 注册的成千上万的离岸公司。虽然如此，塞 浦路斯在2004年加入欧盟则意味着对税制 的重组，重组在2003年1月1日施行。本国和 离岸公司现在需要缴纳的税率是12.5%。 塞浦路斯和超过40个国家签订了免双重征 税协议，其中包括几个主要的西方“高税率 “国家，以及大多数的中欧和东欧国家。这 对一个国际离岸金融中心来说并不常见，但 塞浦路斯是一个面向新兴和发达市场的控 股公司和投资公司非常有效的选址地。

Cyprus is an independent democratic republic, and a member of the Commonwealth. It is prosperous: GDP US$23,500 (2017) per head. The economy is dominated by services, with tourism particularly important. Unemployment is low.

The Cyprus Government worked hard to create a favorable offshore tax regime while at the same time maintaining a normallooking domestic economy, albeit with rates of taxation that are low by international standards. The success of this programme is attested by the tens of thousands of offshore companies registered in Cyprus since 1989. However, the island's entry to the EU in 2004 meant a restructuring of the tax regime, which took place on 1st January 2003. Domestic and offshore companies alike now pay 12.5% tax.

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适合于： 财富管理、资产管理、航运、游艇、知识产权/许可证、控股 公司、不动产所有权 离岸工具种类： 有限公司、公众有限公司、分公司、通用合伙制公司、有限合 伙制公司、单一所有制和信托公司 资本主要营商区域： 尼科西亚、利马索尔、拉纳卡 关系良好辖区： 奥地利、比利时、保加利亚、克罗地亚、捷克共和国、丹麦、 爱沙尼亚、芬兰、法国、德国、希腊、匈牙利、爱尔兰、意大 利、拉脱维亚、立陶宛、卢森堡、马耳他、荷兰、波兰、葡萄 牙、罗马尼亚、俄罗斯、斯洛伐克、斯洛文尼亚、西班牙、瑞 典、英国

Cyprus has double-tax treaties with more than 40 other countries, including most major Western 'high-tax' countries, and most Central and Eastern European states.

This is unusual for an international offshore financial centre and the effect is that Cyprus is a very effective location for holding and investment companies aimed at emerging and developed markets.

Suitable for: Wealth Management, Treasury Management, Shipping, Yachting, Intellectual Property/Licensing, Holding Companies, Property Ownership Vehicle Types: Limited companies, public limited companies, branches, general partnerships, limited partnerships, sole proprietorships and trusts

关系不佳辖区： 朝鲜（民主主义人民共和国）、土耳其、阿塞拜疆

Capital primary business districts: Nicosia, Limassol, Larnaca

税务负担——商务： 轻

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

税务负担——个人： 中等

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总体税率： CIT 12.5%, PIT 20-35%, 增值税18% 协议签订辖区： 亚美尼亚、奥地利、阿塞拜疆、白俄罗斯、比利时、保加利 亚、加拿大、中国、捷克共和国、丹麦、埃及、爱沙尼亚、芬 兰、法国、德国、希腊、匈牙利、爱尔兰、意大利、科威特、吉 尔吉斯斯坦、黎巴嫩、马耳他、毛里求斯、摩尔多瓦、黑山共 和国、挪威、波兰、葡萄牙、卡塔尔、罗马尼亚、俄罗斯、圣马 力诺、塞尔维亚、塞舌尔、新加坡、斯洛伐克、斯洛文尼亚、 南非、瑞典、叙利亚、塔吉克斯坦、泰国、乌克兰、阿联酋、 英国、美国、乌兹别克斯坦 税务信息交换协议签订辖区： 无 Slovakia, Slovenia, Spain, Sweden, United Kingdom Bad Relationships: Korea (Democratic People's Republic of), , Turkey, Azerbaijan Tax Burden - Business: Light Tax Burden - Individual: Moderate Headline tax rates: CIT 12.5%, PIT 20-35%, VAT 18% Treaty Jurisdictions: Armenia, Austria, Azerbaijan, Belarus, Belgium, Bulgaria, Canada, China, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Kuwait, Kyrgyzstan, Lebanon, Malta, Mauritius, Moldova, Montenegro, Norway, Poland, Portugal, Qatar, Romania, Russia, San Marino, Serbia, Seychelles, Singapore, Slovakia, Slovenia, South Africa, Sweden, Syria, Tajikistan, Thailand, Ukraine, United Arab Emirates, United Kingdom, United States, Uzbekistan TIEA Jurisdictions: None

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马耳他 Malta

Malta

Member Contribution 概况

General Type of Company

Public or private company limited by shares

公司类型

股份有限的公有或私有公司

Type of Law

Companies Act 1995

法律类型

1995 年公司法

Shelf Company Availability

Yes

现成公司可用率

是

Time to Establish a New Company

24hrs

新公司建立时间

24 小时

Corporate Taxation

35%, significant refunds (up to 100%) apply

公司税

35%，重大退款（最多 100%）适用

Double Taxation Treaty Access

Yes, more than 70 coutries

双重征税协议

是，70 个国家以上

Share Capital or Equivalent

股本或等值股本

Standard Currency

Euro

标准货币

欧元

Permitted Currencies

Any

允许使用货币

任何

Minimum Paid Up Share Capital

20% (€ 232.94) for Privateco.; 25% (€11,646.87) for Publicco.

最低付清股本

对于私有公司 20%（232.94 欧元）； 对于公有公司 25%（11,646.87 欧元）

Usual Number of Shares Issued

Unlimited

法定股本要求

不限

Directors

董事

Minimum Number

1 (privateco.), 2 (publicco.)

最低董事人数

1( 私有公司 ),2( 公有公司）

Local Required

No

本地董事

无

Publicly Accessible Records

Yes

公开记录权限

是

Location of Meetings

Anywhere

会议地点

任何

Shareholders

股东

Minimum Number

2 (there are exceptional circumstances where one member is permitted)

最低股东人数

2（某种特殊情况 1 人董事是被允许 的）

Publicly Accessible Records

Yes

公开记录权限

是

Location of Meetings

Anywhere

会议地点

任何

Company Secretary

公司秘书

Required

Yes

需要

是

Local or Qualified

No

是否为注册地或有资质人员

否

Accounts

账户

Requirements to Prepare

Yes

账户准备要求

是

Audit Requirements

Yes

审计要求

是

Requirements to File Accounts

Yes (42 days after the date to which it is made up)

账户登记记录

是（设立日的 42 天以后）

Publicly Accessible Records

Yes

公开记录权限

是

Source: Chetcuti Cauchi Advocates

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简介 | Introduction 金融辖区：马耳他 地区：欧洲 货币：欧元 语言：马耳他语、英语 时区：UTC+1 区号：+356 通讯设施：优良

公司建立成本：1600-4000美元 公司建立时间：2-8天 公司维护费用：1300-2900美元 Country: Malta Region: Europe Currency: Euro Languages: Maltese, English Time Zone: UTC+1 Phone Code: +356 Communications: Good Formation Cost: USD $16004000 Formation Time: 2-8 days Maintenance cost: USD $13002900

马耳他政府企图创造一个高科技的制造业 和创建一个加工和配销设施，为它高速发展 的自由港服务。这 里有 充足的投资刺激政 策。几乎毋庸置疑，马耳他已成为欧盟的博 彩服务业中心，且利润丰厚。马耳他的制造 业、旅游业和航运业也让人垂涎。马耳他的 银行业、互惠基金、保险业和信托服务业等 都蓬勃发展。马耳他为公司提供低税政策， 虽然理解起来有些复杂。 这里的商务和专业基 础设施比较先进。商 业和离岸金融业包括银行业、投资基金管理 （这里有股票交易市场和不少的互惠基金 上市公司）、信托管理、航运和投资控股。 适合于： 财富管理、银行业、保险业、基金管理、航 运业、游艇业、电子商务、电子博彩、房地产 所有权 离岸工具种类： 有限公司、公众有限公司、可变股本的投资 公司、通用合伙制、有限合伙制、分公司、单

The government has attempted to create a high-technology manufacturing sector and to establish processing and distribution facilities around its rapidly growing Freeport. There are extensive investment incentives. Almost without wanting to, Malta has become the leading EU provider of gaming services, to its immense profit.

Manufacturing, tourism and shipping are also rewarding. Its banking, mutual funds, insurance and trust service sectors are growing. Malta offers low-tax regimes to companies, although they are hard to understand.

There is a reasonably sophisticated business and professional infrastructure.

Business sectors with offshore activity include banking, investment fund management (there is a stock exchange with a growing array of mutual fund listings), trust management, shipping and investment holding.

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资本主要业务区域： 瓦莱塔、比尔吉卡拉

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

关系良好国家： 奥地利、比利时、保加利亚、克罗地亚、塞浦路斯、捷克共和 国、丹麦、爱沙尼亚、芬兰、法国、德国、希腊、匈牙利、爱尔 兰、意大利、拉脱维亚、立陶宛、卢森堡、荷兰、波兰、葡萄 牙、罗马尼亚、斯洛伐克、斯洛文尼亚、西班牙、瑞典、英国

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

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

Capital primary Business Districts: Valletta, Birkirkara

一所有制公司和信托

税务负担—商务： 中等 税务负担—个人： 重

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

司法辖区

JURISDICTIONS

Bad Relationships: Burma, Egypt, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Moderate Tax Burden - Individual: Heavy Headline Tax Rates: CIT 35%, PIT 20-35%, VAT 18%

总体税率： CIT 35%, PIT 20-35%, 增值税18% 协定签订辖区： 阿尔巴尼亚、澳大利亚、奥地利、巴林、巴巴多斯、比利时、 保加利亚、加拿大、中国、克罗地亚、塞浦路斯、捷克共和 国、丹麦、埃及、爱沙尼亚、芬兰、法国、格鲁吉亚、德国、希 腊、香港、匈牙利、冰岛、印度、爱尔兰、马恩岛、以色列、意 大利、泽西岛、约旦、韩国、科威特、拉脱维亚、黎巴嫩、利 比亚、立陶宛、卢森堡、马来西亚、黑山共和国、摩洛哥、荷 兰、挪威、巴基斯坦、波兰、葡萄牙、卡塔尔、罗马尼亚、圣马 力诺、沙特阿拉伯、塞尔维亚、新加坡、斯洛伐克共和国、斯 洛文尼亚、南非、西班牙、瑞典、瑞士、叙利亚、突尼斯、土耳 其、阿联酋、英国、美国、乌拉圭

Treaty Jurisdictions: Albania, Australia, Austria, Bahrain, Barbados, Belgium, Bulgaria, Canada, China, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Georgia, Germany, Greece, Hong Kong, Hungary, Iceland, India, Ireland, Isle of Man, Israel, Italy, Jersey, Jordan, Korea, Republic of, Kuwait, Latvia, Lebanon, Libya, Lithuania, Luxembourg, Malaysia, Montenegro, Morocco, Netherlands, Norway, Pakistan, Poland, Portugal, Qatar, Romania, San Marino, Saudi Arabia, Serbia, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland, Syria, Tunisia, Turkey, United Arab Emirates, United Kingdom, United States, Uruguay TIEA Jurisdictions: Bahamas, Bermuda, Cayman Islands, Gibraltar, Macau

税务信息交换协议签订辖区： 巴哈马、百慕大、开曼群岛、直布罗陀、澳门

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Member Contribution

马耳他 Malta

离岸问答 | Q&A

1

行业调研结果显示，中国将很快成为世界最大 的新公司来源国。传统上说，贵司法辖区最受 世界上哪个地区的客户欢迎？最适合在贵辖区建 立公司的业务类型是什么？ 马耳他的地理位置和加入欧盟使它成为来自独联 体、亚洲、中东和欧洲的人们的热门目的地。 我们已经看到许多不同的行业的公司设立，这些行 业包括游戏、航运、游艇、航空、制药、旅游和金融 服务等行业。

2

对中国客户来说，贵辖区能提供的最重要优 势是什么？

许多因素使马耳他作为国际业务中心得到了显著增 长，包括其地理位置、会说英语的雇员、可联系监 管机构以及总体来说较低的成本基础。 此外， 中国还有一套完善而有效的税收制度。例如， 在司法管辖区注册的法人实体受益于一个非常广 泛的双重税收条约网络，该网络确保国际业务在两 个不同的司法管辖区不受征税。条约网络包括与包 括中国在内的主要经济体的条约。

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1

Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for?

What types of business activity is most suitable for incorporating in your jurisdiction.

The geographical location and accession to the European Union made Malta a popular destination for people from several regions including CIS, Asia, Middle East and Europe at large.

We have seen a number of businesses setting up in different industries including gaming, shipping, yachting, aviation, pharmaceuticals, tourism and financial services.

2

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

In addition, the country has a sophisticated and effective tax system.

Corporate entities domiciled in the jurisdiction, for example, benefit from a very wide network of double tax treaties which ensures that international business is not subject to tax in two different jurisdictions. The network of treaties includes treaties with key economies including China.

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JURISDICTIONS

马耳他的公司税设定为公司净利润的 35%。在双 重征税的情况下，可以获得各种形式的减免。一种 退款制度也已实行， 对整体税收责任起到减免作用， 使有效的税收费用低至 5%。马耳他还使用了一个 参与控股豁免制度，允许在马耳他公司通常设立为 马耳他控股公司的情况下，将这些持有的股份的股 息和资本收益免除征税。

3

在选择离岸司法辖区时，据说价格仍是客户 做决定时的主要因素。您是否同意上述说法？ 这一趋势在未来几年里是否会改变？您是否有注 意到从关注离岸架构的价格向质量的转变趋势？ 事实上，客户在追求他们的商业活动时肯定会考虑 商品和服务的定价，并且客户总会为他们的努力寻 求成本效益高的解决方案。 同样，也有人指出，无论价格如何，客户都期望高标 准和高质量。因此，这一转变的目的是期望获得优 质的服务和公允的价格，马耳他的公司因此而闻名。

潜在客户可能考虑的其他因素包括政治和金融体 系的稳定性 ( 包括财政体制 )、劳动力和语言。马耳 他提供欧洲最好和最实惠的劳动力，有利而健全的 税收制度，对潜在客户非常有利。马耳他人以能说 多种语言而闻名，他们至少会说三到四种语言。马 耳他有两种官方语言，马耳他语和英语。 Chetcuti Cauchi 的业务包括广泛的法律、税务、信 托和会计服务。该公司欢迎来自不同行业的专业人 士，这一独特的多学科融合为我们的会员提供了更 丰富的学习经验，也为我们的客户带来了全方位的 结果。 该公司定位于服务客户， 从高净值个人和家庭， 企业 主管理公司到大型企业。Chetcuti Cauchi 也 被认为是欧盟和世界各大专业公司所选择的马耳 他的公司。

4

您是否认为行业监管越来越严格， 比如 CRS、 AEOI 和 FATCA 等，中国 企 业 是 否 会更倾 向 于进入更透明的司法辖区？ 这种增加的管制压力已反映在马耳他正在使用一 个有助于建立更加透明和合乎经济环境的管制框 架。事实上，中国企业应该寻求在马耳他这样的司 法管辖区蓬勃发展，因为在马耳他监管机构马耳他

Corporate tax in Malta is set at 35% of the net profits generated by the company. Various forms of relief are available in the context of double taxation. A system of refunds is also in place and can offer some significant mitigations to the overall tax liability bringing the effective tax charge to as low as 5%. The country also employs a participating holding exemption regime allowing dividends and capital gains on disposal of such holdings to be exempt from tax when received by the Malta company usually set up as a Malta holding company.

3

It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider?

Indeed, clients in pursuit of their business activities would definitely consider pricing of goods and services and said clients will always seek cost-effective solutions for their endeavours.

Similarly, it has been noted that clients would expect a high standard and excellent quality no matter the corresponding price. Hence, the shift has been in terms of an expectation of receiving both excellent service as well as fair price, which Maltese firms have been renowned for.

Other factors potential clients would consider include the stability in the political and financial system (including the fiscal regime), labour force and languages spoken.

Malta offers one of the best and economic workforces in Europe as well as an advantageous and robust taxation regime which has proved to be very beneficial for prospective clients. The Maltese people are renowned for being multi lingual, speaking at least three or four languages. Malta has two official languages which consist of Maltese and English.

Chetcuti Cauchi’s practice spans a wide range of legal, tax, fiduciary and accounting services. The firm embraces professionals from various related sectors and this unique multi-disciplinary mix results in a greater learning experience for our members and allencompassing results for our clients. The firm is well positioned to service clients ranging from high net worth individuals and families, owner-managed companies to larger corporations. Chetcuti Cauchi

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has also grown to be regarded as the Maltese firm of choice by various leading professional firms in the EU and worldwide.

4

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

This increased regulatory pressure has been reflected in Malta in its implementation of a regulatory framework conducive to a more transparent and compliant economic environment. Indeed, Chinese business should seek to flourish in jurisdictions such as Malta wherein there is a system of checks and balances under the watchful eye of the regulator, the Malta Financial Services Authority.

5

Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years.

Is it the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up?

金融服务管理局的监督下， 马耳他有一个制衡体系。

5

过去几年里，在一些行政特区内开设银行账 户变得困难。贵辖区内是否也是如此？离岸公 司在贵辖区内开户的时间能多快？ 强大的力量正在重塑银行业，也为变革创造了必要 条件，全球范围内的反洗钱交易的增加，也反映出 全球对这种性质的犯罪的认识。许多严格的、必要 的尽职调查程序由此进行。然而，这与银行更为全 面的内部合规程序相结合，使得银行账户的开放成 为一项艰巨的任务。 在客户介入之前，银行首先会要求提供公司简介， 这需要大约一到两周的时间来审核。一旦该文件被 认为是可接受的，银行就会要求大量其他文件，获 取这些文件需要时间，尤其是由该公司部署的，需 要其他银行提供的银行参考资料。这一程序的常规 期限在一至两个月之间，视能否及时提供所需文件 而定。

来源：Chetcuti Cauchi Advocates Source: Chetcuti Cauchi Advocates

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Powerful forces are reshaping the banking industry, creating an imperative for change Also, global increase in AML transactions has resulted in a mirrored global awareness on crimes of this nature. This has led to many stringent, though necessitated, due diligence procedures. However, this coupled with banks’ more comprehensive internal compliance procedures has rendered the opening of a bank account an arduous task.

Prior to onboarding clients, banks would first ask for the company profile which would take approximately one or two weeks to review on their part. Once the profile is deemed acceptable, the bank would then require a number of documents that would take time to procure, most particularly bank references from other banks deployed by the company. The normal duration for this procedure would be between one to two months depending on whether the documentation required is promptly provided.

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大洋洲

OCEANIA

马绍尔群岛 Marshall Islands

Marshall Islands

Member Contribution 概况

General Type of Company

LTD/GP/LP/LLC

公司类型

有限公司 / 普通合伙 / 有限合伙 / 有限责任公司

Type of Law

common law legal system

法律类型

英美法系

Shelf Company Availability

Yes

现成公司可用率

有

Time to Establish a New Company

1 day

新公司建立时间

1天

Corporate Taxation

None

公司税

没有

Double Taxation Treaty Access

No

双重征税协议

无

Share Capital or Equivalent

股本或等值股本

Standard Currency

USD

标准货币

美金

Permitted Currencies

USD

允许使用货币

美金

Minimum Paid Up Share Capital

USD1.00

最低付清股本

1 美金

Usual Number of Shares Issued

1 share

法定股本要求

1股

Directors

董事

Minimum Number

1

最低董事人数

1

Local Required

No

本地董事

否

Publicly Accessible Records

No

公开记录权限

否

Location of Meetings

Worldwide

会议地点

全球

Shareholders

股东

Minimum Number

1

最低股东人数

1

Publicly Accessible Records

No

公开记录权限

否

Location of Meetings

Worldwide

会议地点

全球

Company Secretary

公司秘书

Required

1

需要

1

Local or Qualified

Not required

是否为注册地或有资质人员

否

Accounts

账户

Requirements to Prepare

Yes

账户准备要求

需要

Audit Requirements

Voluntary

审计要求

自愿

Requirements to File Accounts

Voluntary

账户登记记录

自愿

Publicly Accessible Records

No

公开记录权限

否

Source: International Registries, Inc.

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简介 | Introduction 金融辖区：马绍尔群岛共和国 地区：大洋洲 货币：美元(USD) ($) 语言：英语 时区： UTC+4 区号： +692 通讯设施：优良

公司建立时间： 1天 Countr y: The Republic of Marshall Islands Region: Oceania Currency: USD ($) Languages: English Time Zone: UTC +4 Phone Code: +692 Communications: Good Formation Time: 1 day

马绍尔 群岛共和国政 府 于1979 年正 式 成 立。在同美国签订自由联合协定，结束联合 国-美国托管协议并起草定了国家独立宪章 后，马绍尔群岛共和国于1986年宣布独立, 在1991年成为联合国正式成员。 凭借其无与伦比的客户服务理念和杰出的 海事登记处的良好声誉，马绍尔群岛成为全 球专业从业者法属区选择之一。尤其是，马 绍尔群岛公司注册处作为在主要证券交易 所首次公开发行（IPO）的主要司法管辖区 之一，取得了巨大的成功。对于投资者，船 舶/游艇所有者，或者在马绍尔群岛成立企 业实 体的国际商人 来说，有着很多独特的 优势。马绍尔群岛提 供成立公司的全流程 服务，包括注册处以及注册代理人服务。此 外，位于马绍尔群岛的马绍尔群岛管理公司 （MIMC），能为所有的马绍尔公司提供行 政服务，包括使用服务地址，转寄服务，传真 服务等。

The RMI Government was officially established in 1979 and gained its independence in 1986, after signing the Compact of Free Association with the US, ending the UN-US Trusteeship Agreement and establishing the national charter of independence of the island nation. She became a full member of the UN in 1991 Thanks to its unparalleled customer service philosophy and excellent reputation as a leading Maritime Registry, the RMI is the jurisdiction of choice for professionals around the world. In particular, the RMI Corporate Registry is experiencing tremendous success as one of the leading jurisdictions for initial public offerings (IPOs) on major stock exchanges.

There are many unique advantages for the investor, vessel/yacht owner, or

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适合于： 资产管理、航运业、游艇业、税收优化、合资公司、上市、房 产/知识产权持有 离岸工具种类： 有限公司、通用合伙制、有限合伙制、有限责任公司（LLC） 首都： Majuro 关系良好国家： 美国，密可罗西尼 亚、澳大利亚、以色列、斐济、新西兰、 菲律宾、巴布亚新几内亚、日本、智利、韩国、德国、秘鲁、 塞浦路斯、马尔代夫、波兰、西班牙、英国、瑞典、希腊、埃 及、越南、俄罗斯、新加坡、丹麦、挪威、斯洛文尼亚、马来 西亚、法国、奥地利、荷兰、印度尼西亚、意大利、泰国、葡 萄牙、科威特、比利时、印度、加拿大、土耳其、捷克、阿联 酋联合酋长国

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international business person forming business entities in the RMI. RMI offers a full range of services for forming a company, including both Registrar and Registered Agent services. Furthermore, Marshall Islands Management Company (MIMC), located in the RMI, offers administrative services for all RMI business entities including the use of an RMI mailing address and fax number for receipt of mail and mail forwarding.

Suitable for: Asset Management, Vessel/Yacht Ownership, Tax Optimization, Joint Ventures, IPOs, Real/Intellectual Property Holdings, Wealth Management, Vehicle Types: Limited companies, General Partnerships, Limited Partnerships, Limited Liability Company (LLC)

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Capital: Majuro Good Relationships: United States of America, Federated States of Micronesia, Australia, Israel (State of Israel), Fiji, New Zealand, Philippines , Papua New Guinea, Japan, Chile, Republic of Korea ( South Korea), Germany, Peru, Cyprus, Maldives, Poland, Spain, UK, Sweden, Greece, Egypt, Vietnam, Russian Federation, Singapore, Denmark, Norway, Slovenia, Malaysia, France, Austria, Netherlands, Argentina , Indonesia, Italy, Thailand, Portugal, Kuwait, Belgium, India, Canada, Republic of Turkey, Czech Republic, United Arab Emirates (UAE), the Faroe Islands, Finland, Greenland, Iceland, Ireland Bad Relationships: NIL Tax Burden - Business: Nil Tax Burden - Individual: Moderate

关系不佳国家： NIL 税务负担——商务： 无 税务负担——个人： 中等 总体税率： 无

Headline tax rates: NIL Treaty Jurisdictions: Australia, Denmark, the Netherlands, Norway and the United States, the Faroe Islands, Finland, Greenland, Iceland, Ireland, Korea (Rep. of), New Zealand, Sweden and the UK TIEA Jurisdictions: Australia, Denmark, the Netherlands, Norway and the United States

协定签订国家： 澳大利亚，丹麦，荷兰，挪威，美国，法罗群岛，芬兰，格林兰 岛，冰岛，韩国，新西兰，瑞典，英国 税务信息交换协议签订国家： 澳大利亚，丹麦，荷兰，挪威，美国

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Member Contribution

马绍尔群岛 Marshall Islands

1

Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for?

What types of business activity is most suitable for incorporating in your jurisdiction.

The Marshall Islands Maritime and Corporate Registry has 27 offices around the world, covering all global financial centers. With its comprehensive network, we can provide professional registration services for all our customers worldwide. As the second largest economy in the world, China has always been our most important origin of clients. The United States and Europe are close behind.

"Limited Company", "General/Limited Partnership" and Limited Liability Companies (LLC) are the three main types of company in Marshall Islands. We can provide the most direct registration services in all financial centers around the world. 离岸问答 | Q&A

1

行业调研结果显示，中国将很快成为世界最大 的新公司来源国。传统上说，贵司法辖区最受 世界上哪个地区的客户欢迎？最适合在贵辖区建 立公司的业务类型是什么？ 马绍尔群岛共和国公司及海事注册处在全球有 27 个办公室，覆盖了全球所有的金融中心，凭借其完 善的网络，我们能为全球所有的客户提供专业的注 册服务。作为全球第二大的经济体，中国一直是我 们最重要的客源地，美国、欧洲紧随其后。马绍尔 群岛公司类 型 主要有“有限公司”， “普通 / 有限 合伙” 企业以及有限责任公司 (Limited Liability Company). 在全球所有的金融中心 , 我们都能够提 供最直接的注册服务。

2

对中国客户来说，贵辖区能提供的最重要优 势是什么？

自 06 年进入中国市场，12 年来我们一直深耕本土 市场，深知中国客户最深层次的需求，除了提供快 速便捷的本土化，无时差的注册服务；更重要的是

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2

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

Since entering the Chinese market in 2006, we have been deeply cultivating the local market for decade. We know the deepest needs of Chinese customers, in addition to providing quick, efficient, localized and no time-lag registration services, more importantly, we can provide more value-added services to our clients, such as global bank resources, different overseas policy information sharing, etc.

As the sole Marshall Islands Company registration service provider in the world, we are clearly aware that registration is just the start of services. How to provide more support to our customers during operation is the key to measure the excellence of a jurisdiction.

Perhaps the greatest feature for Chinese clients, however, is our location. The Cook Islands is not in China, nor on China’s doorstep, nor too far away. It has an ideal time zone and a six hour difference with Hong Kong.

3

It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore

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我们能为客户提供更多的增值服务，譬如全球银行 资源对接，政策信息共享等。作为全球唯一的马绍 尔注册处， 我们清醒的认识到注册只是服务的开始， 如何能为客户的运营提供更多的支持，才是衡量一 个法属区是否优秀的关键。

3

在选择离岸司法辖区时，据说价格仍是客户 做决定时的主要因素。您是否同意上述说法？ 这一趋势在未来几年里是否会改变？您是否有注 意到从关注离岸架构的价格向质量的转变趋势？ 从最近几年我们的市场调研来看，价格早已经不是 决定客户选择法辖区的首要考虑因素。法辖区是否 符合宏观政策要求，是否能够对于客户需求做出快 速反应，是否拥有完善的法律体系，才是客户选择 的法辖区最直接的动因。

4

您是否认为行业监管越来越严格， 比如 CRS、 AEOI 和 FATCA 等，中国 企 业 是 否 会更倾 向 于进入更透明的司法辖区？ 随着 OECD、Ｇ 20 对于离岸金融的关注度越来越 高，这势必会导致监管的力度越来越严格。CRS、 AEOI 的推出，无疑会对所有离岸属地的管理，提 出了更高的要求。之前粗放式的管理将不复存在。 拥有完善的法律体系，合规的管理模式，同时兼顾 市场需求的法属区将会成为客户首选。

5

过去几年里，在一些行政特区内开设银行账 户变得困难。贵辖区内是否也是如此？离岸公 司在贵辖区内开户的时间能多快？ 相较于前几年，随着全球金融监管的力度、广度的 大幅度提升，的确开设银行账户的门槛越来越高。 但与此同时，我们也发现那些自身运营规范，实体 经营的客户仍然是银行所追求的客户。这也再次证 明合规的重要性。目前根据不同的客户情况，银行 开户审核时间也会有很大的不同。一般在 1-2 个月 左右。

structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider?

According to the market research in recent years, the price has not been the major factor for clients to select a jurisdiction anymore.

Whether the jurisdiction is in conformity with the macro-policy requirements, whether she can respond quickly to customer demands, and whether she has a sound legal system are the main motivation for the customer to choose a jurisdiction.

4

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

As OECD and G20 pay more and more attention to offshore finance, it will inevitably leads to increasingly strict supervision. The launch of the CRS and AEOI will undoubtedly impose higher requirements on the management of all offshore jurisdiction, which results in that the previous extensive management will cease to exist. A jurisdiction qualifying with a sound legal system, a compliant management model and also focusing on market demands, will become the customer's first choice.

5

Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years.

Is it the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up?

Compared with previous years, with the dramatic increase in the intensity and breadth of global financial supervision, the threshold for opening bank accounts is indeed higher. However, we also found that those customers operating in a real way and focusing on compliance are still the ones pursued by banks. This again proves the importance of compliance. At present, according to different customer conditions, bank account review time will be very different.

Usually about 1-2 months. 来源：International Registries, Inc. Contributed by: International Registries, Inc.

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萨摩亚 Samoa

Level 6, DBS Building Savalalo P.O. Box 3265 Apia, SAMOA Tel: (+685) 66400 Fax: (+685) 20880 Email: enquiries@investsamoa.ws Email: info@investsamoa.ws Website: www.investsamoa.ws

Samoa

Member Contribution 概况

General Type of Company

International Company (IBC)

公司类型

国际公司

Type of Law

Common Law

法律类型

普通法

Shelf Company Availability

Yes

现成公司可用率

是

Time to Establish a New Company

within 24 hours or less

建立新公司所需时间

24 小时内

Corporate Taxation

NIL

公司税

无

Double Taxation Treaty Access

Not with the Asian jurisdiction

双重征税协议

与亚洲辖区无此协议

Share Capital or Equivalent

股本或等值股本

Standard Currency

None

标准货币

无

Permitted Currencies

Any permitted currency

允许使用货币

任何币种

Minimum Assets Required

Unlimited

最低付清股本

无限制

Usual Number of Shares Issued

Unlimited

法定股本要求

无限制

Directors

董事

Minimum Number

None

董事最低人数

无

Local Required

None

本地董事

无

Publicly Accessible Records

Limited

公开记录权限

有限

Location of Meetings

Can be held anywhere

会议地点

任何地方

Shareholders

股东

Minimum Number

Not required

股东最低人数

无要求

Publicly Accessible Records

No

公开记录权限

否

Location of Meetings

Can be held anywhere

会议地点

任何地方

Company Secretary

公司秘书

Required

Yes

是否需要

是

Local or Qualified

Qualified

是否为注册地或者有资质人员

资质符合

Accounts

账户

Requirements to Prepare

Yes

账户准备要求

是

Audit Requirements

None

审计账户

否

Requirements to File Accounts

None

法定继承权

否

Publicly Accessible Records

NIL

是否允许迁册

无

Source: Invest Samoa

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简介 | Introduction 司法辖区： 萨摩亚 所在地区： 南太平洋 官方语言： 英语 官方货币： 萨摩亚塔拉/美元 所属时区： UTC-11 电话区号： +685 通讯设施： 良好

公司建立费用： 1000美元 公司建立时间： 5天 公司维护费用： 最低300美元 Country: Samoa Region: South Pacific Currency: Samoan Dollar/US Dollar Languages: English Time Zone: UTC-11 Phone Code: +685 Communications: Good Formation Cost: USD $1000 Formation Time: 5 days Maintenance cost: minimum USD $300

萨摩亚由两个大岛和七个小岛组成，坐落于 南太平洋的中心，和夏威夷和悉尼的距离相 等，也是国际日界线的东面起始位置。这个 岛国的土地面积大约为2,830平方公里。其 中的五个岛屿是无人居住的荒岛。岛国的政 府和商业中心都位于首都阿皮亚。萨摩亚的 意思是“宇宙的神圣中心”。 萨摩亚的人口约为198,000。93%的萨摩亚 人是本土的波利尼西亚人。人口的组成是一 部分萨摩亚人，另外一部分则是中国人或欧 洲移民。尽管如此，2013年的人口普查显示 144,138名萨摩亚人现在居住在新西兰，其 中一半以上是在那里出生的。 萨摩亚是南太平洋上第一个宣布独立的国 家，独立日期为1962年1月1日。其宪法规定 国家为议会制，包括了传统的萨摩亚社会组 成架构和一个民主选举的制度。萨摩亚的立 法会由47人组成，其中45人是原萨摩亚部落 酋长（每一个大家族的头目），这些酋长由 他们的平辈和两个在通用选票注册的非萨 摩亚居民选举。议会选举每三年举行一次。

Samoa, which comprises two large islands and seven smaller isles, is situated in the centre of the Southern Pacific Ocean, approximately equidistant between Honolulu and Sydney and immediately east of the International Date Line. The Islands have a total land area of approximately 2,830 sq km. Five of the islands are uninhabited. The administrative and commercial centre is situated in its capital, Apia. The name Samoa means “Sacred centre of the Universe”.

The population of the Islands is approximately 198,000. Ninety three per cent of Samoans are indigenous Polynesians. The balance of the population is part Samoan and part Chinese or of European extraction. However the census of 2013 revealed 144,138 Samoans living in New Zealand, more than half of whom were born there.

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Company Formation Guide

司法辖区

JURISDICTIONS

萨摩亚的第一个高级法院掌控和管理所有的行政区域，其权 力以确保萨摩亚的法律得以公正实现。萨摩亚的上诉法庭在 民事和刑事法领域旁听所有判决、法令或高级法院命令的诉 讼过程。 萨摩亚航空与新西兰、澳大利亚、斐济、库克群岛和夏威夷 有直航班机。这个国家有足够的港口且由太平洋地区航运服 务公司提供最佳的服务。同时，萨摩亚有极佳的国际通讯设 施，提供电传、传真和卫星国际长途直拨的服务。 萨摩亚的经济主要依赖农业和经济作物，及一部分的椰子出 口，因此对自然灾害的防御力很低，如飓风和农作物疾病。 但萨摩亚成功进行了经济转型，其政府一直鼓励经济多元化 来降低对农业的依赖，且鼓励私有化。这些政策让萨摩亚的 经济取得长足进步，渔业得到了发展，新的制造业企业开始 出现且离岸金融业得以启动，旅游业的比重也在稳步上升。 公司建立要求： • 萨摩亚的公司名称可以使用汉字且公司注册证明上也可以 出现汉字。 • 萨摩亚的所有公司都至少需要一名董事，一名股东和一名 秘书。也可以任命董事会。无记名股票已不再被允许。 • 所有萨摩亚注册的公司都必须有一个已登记的办公室和 一家作为常驻代理人的公司，该公司须为持证的信托公司。 萨摩亚公司要进行董事、秘书和公司成员的注册和上述人员 在注册办公室内的登记是有要求的。公司成员的登记或者登 记证书的副本必须在公司成立当日起的六个月之内创建。股 东可以不必满足每年进行年会和审计账户决算的要求。 适合于： 保险业、航运、航空、控股公司、不动产持有、财富管理

Samoa was the first South Pacific Island to achieve independence on 1st January 1962. Its Constitution provides for a Parliamentary Government, which combines the traditional Samoan social structure and a democratic voting system. There is a forty-seven member Legislative Assembly which consists of forty-five Matai title holders (the heads of each extended family) who are elected by their peers and two non-Samoan residents who are registered on the Universal Voters' Roll. Parliamentary elections are held every three years.

Corporate Requirements: • Chinese character names are permitted and can be included in a company’s Certificate of Incorporation.

• All companies need at least one director, one shareholder and a secretary. Corporate directors are permitted. Bearer shares are no longer allowed.

• All companies must have a registered office and a resident agent in Samoa, which must be a licensed trust company. There are requirements for Samoan companies to prepare Registers of Directors, Secretaries and Members and for these to be kept at the registered office.

The Register of Members or a copy of the register must be created within six months of the date of incorporation.

Shareholders may waive the requirements annual general meetings and audited accounts.

Suitable for: Insurance, Shipping, Aviation, Holding Company, Property Ownership, Wealth Management

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Member Contribution

萨摩亚 Samoa

1

Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for?

What types of business activity is most suitable for incorporating in your jurisdiction.

离岸问答 | Q&A

1

行业调研结果显示，中国将很快成为世界最大 的新公司来源国。传统上说，贵司法辖区最受 世界上哪个地区的客户欢迎？最适合在贵辖区建 立公司的业务类型是什么？ 萨摩亚管辖区一直受到亚洲特别是中国大陆和台湾 的国际公司的欢迎。这也是由于萨摩亚自其国际金 融中心的地位确认以来，就认识到远东的潜力，因 此以远东为目标，发展其国际金融服务。 控股公司和财富管理是在萨摩亚管辖区内成立公 司的主要原因。

2

对中国客户来说，贵辖区能提供的最重要优 势是什么？

萨摩亚的金融中心最初是在 1980 年代后期建立的， 萨摩亚是最早承认 ( 十年前 ) 中华人民共和国的国 家之一，并与中华人民共和国保持着良好的外交关 系，至今仍在继续。亚洲经济体也表现强劲，被称 为“老虎经济体”。因此，萨摩亚将东方视为首要目 标市场似乎是合乎逻辑的。 萨摩亚国际金融机构主要是由亚洲人赞助，也使我 们的产品适合远东地区的投资者。例如，你可以用 中文名字注册一个公司，或者用中文注册公司的章 程。如果需要，萨摩亚国际金融机构还可以提供英 语和汉语双语证书。

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The Samoan jurisdiction has always been popular with Asia particularly Mainland China and Taiwan with its international companies. This is also due to the fact that Samoa since the inception of its international finance centre recognized the potential of the Far East and therefore targeted the Far East to promote its international financial services.

Holding companies and wealth management are the primary reasons for incorporation in the Samoan jurisdiction.

2

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

When Samoa’s finance centre was initially established back in the late 1980s, Samoa was one of the first countries to recognize (a decade earlier) the People’s Republic of China and had already enjoyed excellent diplomatic relations with the PRC and which continues to date. The Asian economies were also performing strongly and had become known as the Tiger Economies. Hence it seemed logical for Samoa to look to the Orient as the primary market to target.

The predominantly Asian patronage of Samoa’s international financial facilities has also resulted in tailor making our products for investors in the Far East. For instance, you can register a company with Chinese characters in its name and or have the company’s constitution documents in the Chinese language. SIFA can also issue a dual language certificate in English and Chinese upon request.

Samoa also has a new Trust Act 2014 and Foundations Act 2016 with solutions tailored to meet clients’ different needs and at the same time in line with international standards.

3

It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you

司法辖区

JURISDICTIONS

萨摩亚也有新的《2014 年信托法案》和《2016 年 基金会法案》，为满足客户不同的需求而提供解决 方案，同时符合国际标准。

3

在选择离岸司法辖区时，据说价格仍是客户 做决定时的主要因素。您是否同意上述说法？ 这一趋势在未来几年里是否会改变？您是否有注 意到从关注离岸架构的价格向质量的转变趋势？ 我们同意关于价格因素的说法 , 然而作为一个合规 的管辖区，我们一直努力确保我们遵守国际标准， 因此我们相信，尽管可能从强调价格转变成强调离 岸架构的质量 , 我们一直坚持我们的立场 , 那就是 确保我们有最新的法律框架来保护我们管辖区的 诚信以及客户的利益。

4

您是否认为行业监管越来越严格， 比如 CRS、 AEOI 和 FATCA 等，中国 企 业 是 否 会更倾 向 于进入更透明的司法辖区？ 来自 CRS、AEOI 和 FATCA 的监管压力是一个全 球性的现象。因此，中国企业在某种程度上承认， 这些压力是不可避免的， 并逐渐成为行业的一部分。 萨摩亚现在在一种强大的合规文化下运作，在这种 文化中，全球标准是为了提高我们商业活动的透明 度和司法管辖区获取和交换信息的能力。 由此可见， 我们可以看到世界各地的中国企业都倾向于更透 明的司法辖区。

5

过去几年里，在一些行政特区内开设银行账 户变得困难。贵辖区内是否也是如此？离岸公 司在贵辖区内开户的时间能多快？ 新成立的公司开设银行账户是一个全球性的问题， 但在萨摩亚境内仍有提供银行账户的规定。时间框 架根据每个银行的需求，视情况而定，同时和最开 始时各位客户提供的信息和文件的完整性有关。

来源：Invest Samoa Contributed by: Invest Samoa

think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider?

We agree with the statement in regards to the price factor, however as a compliant jurisdiction we have always strived to ensure that we adhere to international standards thus believe that while there may be a shift from price emphasis to the quality of offshore structures, we have always maintained our stance which is to ensure that we have the most up to date legal framework to protect the integrity of our jurisdiction as well as the interests of clients.

4

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

Regulatory pressures from CRS, AEOI and FATCA are a global phenomenon. Therefore, Chinese businesses have somehow acknowledged that these pressures are inevitable and gradually becoming part and parcel of the industry. Samoa now operates under a strong compliance culture where the global standard is for transparency in how we do business and the ability of jurisdictions to access and exchange information. In this regard, we see Chinese businesses around the world gravitating towards jurisdictions perceived to be more transparent.

5

Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years.

Is it the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up?

Compared with previous years, with the dramatic increase in the intensity and breadth of global financial supervision, the threshold for opening bank accounts is indeed higher. However, we also found that those customers operating in a real way and focusing on compliance are still the ones pursued by banks. This again proves the importance of compliance. At present, according to different customer conditions, bank account review time will be very different.

Usually about 1-2 months.

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信息自动交换——通用报告标准 Automatic Exchange of Information - The Common Reporting Standard 什么是CRS?

谁将受到影响?

通用报告标准(CRS)是由经济合作与发展组织（OECD）推出的、 用于指导参与司法管辖区定期对税收居民金融账户信息进行交 换的标准。 该标准的制定建立在诸如美国《海外账户纳税法案》（FATCA） 和欧盟储蓄指令等信息共享法规基础之上，旨在提高税收透明 度和打击逃稅。

CRS对金融机构的影响范围与FATCA大致相似，包括： • 存款机构 • 托管机构 • 投资机构 • 特定保险公司 香港将以务实的态度把信息自动交换（AEOI）标准的所有重要 的要求纳入香港法律—不合规的金融机构，其员工及第三方服 务提供商将招致处罚。

信息交换的内容包括什么?

CRS标准规定，参与司法管辖区需要从其管辖区内的金融机构获 得信息并与其他参与司法管辖区每年进行信息交换。 总体来说，CRS明确了： • 需履行申报义务的金融机构 • 涉及的账户类型和纳税人 • 尽职调查程序 • 进行交换的金融账户信息

2017 年进行首次信息交换的 司法辖区（早期实施地区） ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■

安圭拉 阿根廷 巴巴多斯 比利时 百慕大 英属维尔京群岛 保加利亚 开曼群岛 哥伦比亚 克罗地亚 库拉索岛 塞浦路斯 捷克共和国 丹麦 多米尼加 爱沙尼亚 法罗群岛 芬兰 法国 德国 直布罗陀 希腊 格陵兰 格恩西岛 匈牙利 冰岛 印度 爱尔兰

206

由CRS参与司法管辖区税收居民持有的金融账户均属于需申报 账户，包括： • 个人 • 机构–包括信托和基金，并且需要识别并报送被动机构的控权 人的信息

2018 年进行首次信息交换的 司法辖区（较晚实施地区） ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■

马恩岛 意大利 泽西 韩国 拉脱维亚 列支敦士登 立陶宛 卢森堡 马耳他 墨西哥 蒙塞拉特岛 荷兰 纽埃 挪威 波兰 葡萄牙 罗马尼亚 圣马力诺 塞舌尔 斯洛伐克共和国 斯洛文尼亚 南非 西班牙 瑞典 特立尼达和多巴哥 特克斯和凯科斯群岛 英国

Company Formation and Funds Guide

■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■

阿尔巴尼亚 安道尔 安提瓜和巴布达 阿鲁巴 澳大利亚 奥地利 巴哈马群岛 伯利兹 巴西 文莱 加拿大 智利 中国 库克群岛 哥斯达黎加 加纳 格林纳达 香港 印度尼西亚 以色列 日本 科威特 澳门 马来西亚 马绍尔群岛 毛里求斯 摩纳哥 瑙鲁

■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■

新西兰 卡塔尔 俄罗斯 圣基茨和尼维斯 萨摩亚 圣卢西亚 圣文森特和格林纳丁斯 沙特阿拉伯 新加坡 圣马丁岛 瑞士 土耳其 阿拉伯联合酋长国 乌拉圭 瓦努阿图

来源：KPMG

速查指南 | REFERENCE BOOKLET

What is CRS?

Who Is Affected?

The Common Reporting Standard (CRS) was developed by the Organization for Economic Co-operation and Development (OECD) to provide systematic and periodic exchange of tax residents' financial account information between participating jurisdictions.

This global standard is built upon information sharing legislation such as the US Foreign Account Tax Compliance Act (FATCA) and EU Savings Directive as a measure to improve tax transparency and counter tax evasion

The CRS impacts a similar range of financial institutions (FIs) as FATCA, comprising: • Depository institutions • Custodial institutions • Investment entities • Specified insurance companies Hong Kong will adopt a pragmatic approach to include all essential requirements of the Automatic Exchange of Information (AEOI) standard in its domestic law –penalties apply to FIs, employees of FIs and third-party service providers for non-compliance.

What Is Exchanged?

Under the CRS, jurisdictions obtain information from their financial institutions and exchange that information with other jurisdictions on an annual basis.

In brief, the CRS sets out: • Which financial institutions need to report • The types of accounts and taxpayers covered • Due diligence procedures • Financial account information to be exchanged.

Jurisdictions undertaking first information exchanges by 2017 (Early adopters) ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■

Anguilla Argentina Barbados Belgium Bermuda British Virgin Islands Bulgaria Cayman Islands Colombia Croatia Curaçao Cyprus Czech Republic Denmark Dominica Estonia Faroe Islands Finland France Germany Gibraltar Greece Greenland Guernsey Hungary Iceland India Ireland

■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■

Isle of Man Italy Jersey Korea Latvia Liechtenstein Lithuania Luxembourg Malta Mexico Montserrat Netherlands Niue Norway Poland Portugal Romania San Marino Seychelles Slovak Republic Slovenia South Africa Spain Sweden Trinidad and Tobago Turks and Caicos Islands United Kingdom

Financial accounts held by tax residents in CRS participating countries are reportable, including: • Individuals • Entities-including trusts and foundations, and the requirement to look through passive entities reporting on controlling persons.

Jurisdictions undertaking first information exchanges by 2018 (Late adopters) ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■

Albania Andorra Antigua and Barbuda Aruba Australia Austria The Bahamas Belize Brazil Brunei Darussalam Canada Chile China Cook Islands Costa Rica Ghana Grenada Hong Kong Indonesia Israel Japan Kuwait Macau Malaysia Marshall Islands Mauritius Monaco Nauru

New Zealand Qatar ■ Russia ■ Saint Kitts and Nevis ■ Samoa ■ Saint Lucia ■ Saint Vincent and the Grenadines ■ Saudi Arabia ■ Singapore ■ Sint Maarten ■ Switzerland ■ Turkey ■ United Arab Emirates ■ Uruguay ■ Vanuatu ■ ■

Source: KPMG

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中国和主要司法辖区签订的免双重征税协议表 | DTA Access of China with Major Jurisdictions 序号 Serial No

司法辖区 Jurisdiction

签署日期 Signed On

生效日期 Effective On

实施日期 Applicable since

1

日本 JAPAN

1983.9.6

1984.6.26

1985.1.1

2

美国 U.S.A.

1984.4.30

1986.11.21

1987.1.1

3

法国 FRANCE

2013.11.26

2014.12.28

2015.1.1

4

英国 U.K.

1984.7.26

1984.12.23

1985.1.1

5

比利时 BELGIUM

2009.10.7

2013.12.29

2014.1.1

6

德国 GERMANY

2014.3.28

2016.4.6

2017.1.1

7

马来西亚 MALAYSIA

1985.11.23

1986.9.14

1987.1.1

8

挪威 NORWAY

1986.2.25

1986.12.21

1987.1.1

9

丹麦 DENMARK

2012.6.16

2012.12.27

2013.1.1

10

新加坡 SINGAPORE

2007.7.11

2007.9.18

2008.1.1

11

加拿大 CANADA

1986.5.12

1986.12.29

1987.1.1

12

芬兰 FINLAND

2010.5.25

2010.11.25

2011.1.1

13

瑞典 SWEDEN

1986.5.16

1987.1.3

1987.1.1

14

新西兰 NEW ZEALAND

1986.9.16

1986.12.17

1987.1.1

15

泰国 THAILAND

1986.10.27

1986.12.29

1987.1.1

16

意大利 ITALY

1986.10.31

1989.11.14

1990.1.1

17

荷兰 THE NETHERLANDS

2013.5.31

2014.8.31

2015.1.1

18

捷克斯洛伐克 CZECHOSLOVAKIA

1987.6.11

1987.12.23

1988.1.1

19

波兰 POLAND

1988.6.7

1989.1.7

1990.1.1

20

澳大利亚 AUSTRALIA

1988.11.17

1990.12.28

1991.1.1

21

南斯拉夫（波黑） YUGOSLAVIA（BiH）

1988.12.2

1989.12.16

1990.1.1

22

保加利亚 BULGARIA

1989.11.6

1990.5.25

1991.1.1

23

巴基斯坦 PAKISTAN

1989.11.15

1989.12.27

1989.1.1/7.1

24

科威特 KUWAIT

1989.12.25

1990.7.20

1989.1.1

208

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序号 Serial No

司法辖区 Jurisdiction

签署日期 Signed On

生效日期 Effective On

实施日期 Applicable since

2013.9.25

2014.11.15

2015.1.1

25

瑞士 SWITZERLAND

26

塞浦路斯 CYPRUS

1990.10.25

1991.10.5

1992.1.1

27

西班牙 SPAIN

1990.11.22

1992.5.20

1993.1.1

28

罗马尼亚 ROMANIA

1991.1.16

1992.3.5

1993.1.1

29

奥地利 AUSTRIA

1991.4.10

1992.11.1

1993.1.1

30

巴西 BRAZIL

1991.8.5

1993.1.6

1994.1.1

31

蒙古 MONGOLIA

1991.8.26

1992.6.23

1993.1.1

32

匈牙利 HUNGARY

1992.6.17

1994.12.31

1995.1.1

33

马耳他 MALTA

2010.10.18

2011.8.25

2012.1.1

34

阿联酋 UAE

1993.7.1

1994.7.14

1995.1.1

35

卢森堡 LUXEMBOURG

1994.3.12

1995.7.28

1996.1.1

36

韩国 KOREA

1994.3.28

1994.9.27

1995.1.1

37

俄罗斯 RUSSIA

2014.10.13

2016.4.9

2017.1.1

38

巴布亚新几内亚 PAPUA NEW GUINEA

1994.7.14

1995.8.16

1996.1.1

39

印度 INDIA

1994.7.18

1994.11.19

1995.1.1

40

毛里求斯 MAURITIUS

1994.8.1

1995.5.4

1996.1.1

41

克罗地亚 CROATIA

1995.1.9

2001.5.18

2002.1.1

42

白俄罗斯 BELARUS

1995.1.17

1996.10.3

1997.1.1

43

斯洛文尼亚 SLOVENIA

1995.2.13

1995.12.27

1996.1.1

44

以色列 ISRAEL

1995.4.8

1995.12.22

1996.1.1

45

越南 VIETNAM

1995.5.17

1996.10.18

1997.1.1

46

土耳其 TURKEY

1995.5.23

1997.1.20

1998.1.1

47

亚美尼亚 ARMENIA

1996.5.5

1996.11.28

1997.1.1

48

牙买加 JAMAICA

1996.6.3

1997.3.15

1998.1.1

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序号 Serial No

司法辖区 Jurisdiction

签署日期 Signed On

生效日期 Effective On

实施日期 Applicable since

49

冰岛 ICELAND

1996.6.3

1997.2.5

1998.1.1

50

立陶宛 LITHUANIA

1996.6.3

1996.10.18

1997.1.1

51

拉脱维亚 LATVIA

1996.6.7

1997.1.27

1998.1.1

52

乌兹别克斯坦 UZBEKISTAN

1996.7.3

1996.7.3

1997.1.1

53

苏丹 SUDAN

1997.5.30

1999.2.9

2000.1.1

54

马其顿王国 MACEDONIA

1997.6.9

1997.11.29

1998.1.1

55

埃及 EGYPT

1997.8.13

1999.3.24

2000.1.1

56

葡萄牙 PORTUGAL

1998.4.21

2000.6.7

2001.1.1

57

爱沙尼亚 ESTONIA

1998.5.12

1999.1.8

2000.1.1

58

老挝 LAOS

1999.1.25

1999.6.22

2000.1.1

59

塞舌尔 SEYCHELLES

1999.8.26

1999.12.17

2000.1.1

60

菲律宾 PHILIPPINES

1999.11.18

2001.3.23

2002.1.1

61

南非共和国 SOUTH AFRICA

2000.4.25

2001.1.7

2002.1.1

62

巴巴多斯 BARBADOS

2000.5.15

2000.10.27

2001.1.1

63

摩尔多瓦 MOLDOVA

2000.6.7

2001.5.26

2002.1.1

64

卡塔尔 KATAR

2001.4.2

2008.10.21

2009.1.1

65

古巴 CUBA

2001.4.13

2003.10.17

2004.1.1

66

委内瑞拉 VENEZUELA

2001.4.17

2004.12.23

2005.1.1

67

尼泊尔 NEPAL

2001.5.14

2010.12.31

2011.1.1

68

哈萨克斯坦 KAZAKHSTAN

2001.9.12

2003.7.27

2004.1.1

69

印度尼西亚 INDONESIA

2001.11.7

2003.8.25

2004.1.1

70

阿曼 OMAN

2002.3.25

2002.7.20

2003.1.1

71

尼日利亚 NIGERIA

2002.4.15

2009.3.21

2010.1.1

72

突尼斯 TUNIS

2002.4.16

2003.9.23

2004.1.1

210

Company Formation and Funds Guide

速查指南 | REFERENCE BOOKLET

序号 Serial No

司法辖区 Jurisdiction

签署日期 Signed On

生效日期 Effective On

实施日期 Applicable since

73

伊朗 IRAN

2002.4.20

2003.8.14

2004.1.1

74

巴林 BAHRAIN

2002.5.16

2002.8.8

2003.1.1

75

希腊 GREECE

2002.6.3

2005.11.1

2006.1.1

76

吉尔吉斯斯坦 KYRGYZSTAN

2002.6.24

2003.3.29

2004.1.1

77

摩洛哥 MOROCCO

2002.8.27

2006.8.16

2007.1.1

78

斯里兰卡 SRILANKA

2003.8.11

2005.5.22

2006.1.1

79

特立尼达和多巴哥 TRINIDAD AND TOBAGO

2003.9.18

2005.5.22

80

阿尔巴尼亚 ALBANIA

2004.9.13

2005.7.28

2006.1.1

81

文莱 BRUNEI

2004.9.21

2006.12.29

2007.1.1

82

阿塞拜疆 AZERBAIJAN

2005.3.17

2005.8.17

2006.1.1

83

格鲁吉亚 GEORGIA

2005.6.22

2005.11.10

2006.1.1

84

墨西哥 MEXICO

2005.9.12

2006.3.1

2007.1.1

85

沙特阿拉伯 SAUDI ARABIA

2006.1.23

2006.9.1

2007.1.1

86

阿尔及利亚 ALGERIA

2006.11.6

2007.7.27

2008.1.1

87

塔吉克斯坦 TAJIKISTAN

2008.8.27

2009.3.28

2010.1.1

88

埃塞俄比亚 ETHIOPIA

2009.5.14

2012.12.25

2013.1.1

89

土库曼斯坦 TURKMENISTAN

2009.12.13

2010.5.30

2011.1.1

90

赞比亚 ZAMBIA

2010.7.26

2011.6.30

2012.1.1

91

叙利亚 SYRIA

2010.10.31

2011.9.1

2012.1.1

92

厄瓜多尔 ECUADOR

2013.1.21

2014.3.6

2015.1.1

93

智利 CHILE

2015.5.25

2016.8.8

2017.1.1

来源：中华人民共和国国家税务总局 / Source: State Administration of Taxation of the People's Republic of China

Company Formation and Funds Guide CHINA OFFSHORE

211

速查指南 | REFERENCE BOOKLET

行政特区 - 税务信息交换网络 | Jurisdictions - TIEA networks 安道尔 Andorra

奥利地 Austria

巴哈马 The Bahamas

百慕大 Bermuda

英属维尔京群岛 British Virgin Islands

开曼群岛 Cayman Islands

阿根廷 Argentina

安道尔 Andorra

阿根廷 Argentina

阿根廷 Argentina

阿鲁巴 Aruba

阿根廷 Argentina

澳大利亚 Australia

安圭拉 Anguilla

阿鲁巴 Aruba

阿鲁巴 Aruba

澳大利亚 Australia

阿鲁巴 Aruba

奥利地 Austria

阿鲁巴 Aruba

澳大利亚 Australia

澳大利亚 Australia

加拿大 Canada

澳大利亚 Australia

比利时 Belgium

巴哈马 The Bahamas

比利时 Belgium

比利时 Belgium

中国 China

比利时 Belgium

捷克 Czech Republic

巴林 Bahrain

加拿大 Canada

巴西 Brazil

捷克 Czech Republic

巴西 Brazil

丹麦 Denmark

伯利兹 Belize

中国 China

加拿大 Canada

丹麦 Denmark

加拿大 Canada

法罗群岛 Faroe Islands

百慕大 Bermuda

丹麦 Denmark

中国 China

法罗群岛 Faroe Islands

中国 China

芬兰 Finland

开曼群岛 Cayman Islands

法罗群岛 Faroe Islands

捷克 Czech Republic

芬兰 Finland

捷克 Czech Republic

法国 France

库克群岛 Cook Islands

芬兰 Finland

丹麦 Denmark

法国 France

丹麦 Denmark

德国 Germany

哥斯达黎加 Costa Rica

法国 France

法罗群岛 Faroe Islands

德国 Germany

法罗群岛 Faroe Islands

格陵兰 Greenland

多米尼加国 Dominica

德国 Germany

芬兰 Finland

格陵兰 Greenland

芬兰 Finland

冰岛 Iceland

直布罗陀 Gibraltar

格陵兰 Greenland

法国 France

耿西岛 Guernsey

法国 France

列支敦士登 Liechtenstein

格林纳达 Grenada

耿西岛 Guernsey

德国 Germany

冰岛 Iceland

德国 Germany

摩纳哥 Monaco

危地马拉 Guatemala

冰岛 Iceland

格陵兰 Greenland

印度 India

格陵兰 Greenland

荷兰 Netherlands

耿西岛 Guernsey

印度 India

耿西岛 Guernsey

爱尔兰 Ireland

耿西岛 Guernsey

挪威 Norway

马恩岛 Isle of Man

日本 Japan

冰岛 Iceland

荷兰 Netherlands

冰岛 Iceland

波兰 Poland

泽西岛 Jersey

韩国 Republic of Korea

印度 India

新西兰 New Zealand

爱尔兰 Ireland

葡萄牙 Portugal

利比里亚 Liberia

马耳他 Malta

爱尔兰 Ireland

挪威 Norway

意大利 Italy

圣马力诺 San Marino

列支敦士登 Liechtenstein

墨西哥 Mexico

意大利 Italy

波兰 Poland

日本 Japan

西班牙 Spain

中国澳门 Macao, China

摩纳哥 Monaco

日本 Japan

葡萄牙 Portugal

马耳他 Malta

瑞典 Sweden

马绍尔群岛 Marshall Islands

荷兰 Netherlands

韩国 Republic of Korea

圣马丁岛 Sint Maarten

墨西哥 Mexico

瑞士 Switzerland

毛里求斯 Mauritius

新西兰 New Zealand

马耳他 Malta

瑞典 Sweden

荷兰 Netherlands

摩纳哥 Monaco

挪威 Norway

墨西哥 Mexico

英国 United Kingdom

新西兰 New Zealand

蒙塞拉特岛 Montserrat

波兰 Poland

荷兰 Netherlands

美国 United States

挪威 Norway

212

萨摩亚 Samoa

圣马力诺 San Marino

新西兰 New Zealand

波兰 Poland

圣马力诺 San Marino

南非 South Africa

挪威 Norway

葡萄牙 Portugal

圣马丁岛 Sint Maarten

西班牙 Spain

波兰 Poland

塞舌尔 Seychelles

特克斯和凯科斯群岛 Turks and Caicos Islands

瑞典 Sweden

葡萄牙 Portugal

圣马丁岛 Sint Maarten

乌拉圭 Uruguay

英国 United Kingdom

新加坡 Singapore

南非 South Africa

瓦努阿图 Vanuatu

美国 United States

英国 United Kingdom

瑞典 Sweden

英属维尔京群岛 British Virgin Islands

美国 United States

美国 United States

其他 others

其他 others

其他 others

Company Formation and Funds Guide

速查指南 | REFERENCE BOOKLET

库克群岛 Cook Islands

耿西岛 Guernsey

香港 Hong Kong

马恩岛 Isle of Man

泽西岛 Jersey

利比里亚 Liberia

澳大利亚 Australia

奥利地 Austria

丹麦 Denmark

阿根廷 Argentina

阿根廷 Argentina

澳大利亚 Australia

丹麦 Denmark

巴哈马 The Bahamas

法罗群岛 Faroe Islands

澳大利亚 Australia

澳大利亚 Australia

丹麦 Denmark

法罗群岛 Faroe Islands

比利时 Belgium

格陵兰 Greenland

博茨瓦纳 Botswana

奥利地 Austria

法罗群岛 Faroe Islands

芬兰 Finland

百慕大 Bermuda

冰岛 Iceland

加拿大 Canada

巴西 Brazil

芬兰 Finland

法国 France

开曼群岛 Cayman Islands

挪威 Norway

中国 China

加拿大 Canada

法国 France

德国 Germany

中国 China

瑞典 Sweden

捷克 Czech Republic

中国 China

加纳 Ghana

希腊 Greece

丹麦 Denmark

美国 United States

丹麦 Denmark

捷克 Czech Republic

格陵兰 Greenland

格陵兰 Greenland

法罗群岛 Faroe Islands

法罗群岛 Faroe Islands

丹麦 Denmark

冰岛 Iceland

冰岛 Iceland

法国 France

芬兰 Finland

法罗群岛 Faroe Islands

印度 India

爱尔兰 Ireland

德国 Germany

法国 France

芬兰 Finland

荷兰 Netherlands

意大利 Italy

直布罗陀 Gibraltar

德国 Germany

法国 France

挪威 Norway

韩国 Republic of Korea

格陵兰 Greenland

格陵兰 Greenland

德国 Germany

波兰 Poland

墨西哥 Mexico

匈牙利 Hungary

冰岛 Iceland

格陵兰 Greenland

葡萄牙 Portugal

荷兰 Netherlands

冰岛 Iceland

印度 India

匈牙利 Hungary

南非 South Africa

新西兰 New Zealand

日本 Japan

印度尼西亚 Indonesia

冰岛 Iceland

瑞典 Sweden

挪威 Norway

列支敦士登 Liechtenstein

爱尔兰 Ireland

爱尔兰 Ireland

英国 United Kingdom

南非 South Africa

新西兰 New Zealand

意大利 Italy

意大利 Italy

瑞典 Sweden

挪威 Norway

日本 Japan

日本 Japan

波兰 Poland

莱索托 Lesotho

墨西哥 Mexico

葡萄牙 Portugal

墨西哥 Mexico

荷兰 Netherlands

圣马力诺 San Marino

荷兰 Netherlands

新西兰 New Zealand

塞舌尔 Seychelles

新西兰 New Zealand

挪威 Norway

斯洛伐克 Slovakia

挪威 Norway

波兰 Poland

斯洛文尼亚 Slovenia

波兰 Poland

葡萄牙 Portugal

南非 South Africa

葡萄牙 Portugal

斯洛文尼亚 Slovenia

瑞典 Sweden

斯洛文尼亚 Slovenia

南非 South Africa

瑞士 Switzerland

瑞典 Sweden

瑞典 Sweden

土耳其 Turkey

瑞士 Switzerland

瑞士 Switzerland

英国 United Kingdom

土耳其 Turkey

土耳其 Turkey

美国 United States

英国 United Kingdom

英国 United Kingdom

英属维尔京群岛 British Virgin Islands

美国 United States

美国 United States

其他 Others

其他 Others

Company Formation and Funds Guide CHINA OFFSHORE

213

速查指南 | REFERENCE BOOKLET

列支敦士登 Liechtenstein

马耳他 Malta

毛里求斯 Mauritius

新西兰 New Zealand

巴拿马 Panama

安道尔 Andorra

巴哈马 The Bahamas

澳大利亚 Australia

安圭拉 Anguilla

加拿大 Canada

安提瓜和巴布达 Antigua and Barbuda

百慕大 Bermuda

丹麦 Denmark

巴哈马 The Bahamas

丹麦 Denmark

澳大利亚 Australia

开曼群岛 Cayman Islands

法罗群岛 Faroe Islands

百慕大 Bermuda

法罗群岛 Faroe Islands

比利时 Belgium

直布罗陀 Gibraltar

芬兰 Finland

开曼群岛 Cayman Islands

芬兰 Finland

加拿大 Canada

中国澳门 Macao, China

格陵兰 Greenland

库克群岛 Cook Islands

格陵兰 Greenland

丹麦 Denmark

冰岛 Iceland

库拉索 Curacao

冰岛 Iceland

法罗群岛 Faroe Islands

挪威 Norway

多米尼加国 Dominica

挪威 Norway

芬兰 Finland

直布罗陀 Gibraltar

瑞典 Sweden

法国 France

耿西岛 Guernsey

美国 United States

德国 Germany

马恩岛 Isle of Man

格陵兰 Greenland

泽西岛 Jersey

耿西岛 Guernsey

马绍尔群岛 Marshall Islands

冰岛 Iceland

纽埃岛 Niue

印度 India

圣基茨和尼维斯 Saint Kitts and Nevis

爱尔兰 Ireland

圣文森特和格林纳丁斯 St. Vincent & the Grenadines

日本 Japan

萨摩亚 Samoa

墨西哥 Mexico

圣马丁岛 Sint Maarten

摩纳哥 Monaco

特克斯和凯科斯群岛 Turks and Caicos Islands

荷兰 Netherlands

瓦努阿图 Vanuatu

挪威 Norway

British Virgin Islands 英属维尔京群岛

圣基茨和尼维斯 Saint Kitts and Nevis 圣文森特和格林纳丁斯 St. Vincent & the Grenadines 南非 South Africa 瑞典 Sweden 英国 United Kingdom 美国 United States

214

Company Formation and Funds Guide

速查指南 | REFERENCE BOOKLET

萨摩亚 Samoa

塞舌尔 Seychelles

新加坡 Singapore

英国 United Kingdom

瓦努阿图 Vanuatu

澳大利亚 Australia

开曼群岛 Cayman Islands

百慕大 Bermuda

安圭拉 Anguilla

澳大利亚 Australia

丹麦 Denmark

丹麦 Denmark

安提瓜和巴布达 Antigua and Barbuda

丹麦 Denmark

法罗群岛 Faroe Islands

法罗群岛 Faroe Islands

巴哈马 The Bahamas

法罗群岛 Faroe Islands

芬兰 Finland

芬兰 Finland

伯利兹 Belize

芬兰 Finland

格陵兰 Greenland

格陵兰 Greenland

百慕大 Bermuda

法国 France

冰岛 Iceland

耿西岛 Guernsey

巴西 Brazil

格陵兰 Greenland

爱尔兰 Ireland

冰岛 Iceland

库拉索 Curacao

格林纳达 Grenada

日本 Japan

荷兰 Netherlands

多米尼加国 Dominica

冰岛 Iceland

墨西哥 Mexico

挪威 Norway

直布罗陀 Gibraltar

爱尔兰 Ireland

摩纳哥 Monaco

瑞典 Sweden

格林纳达 Grenada

韩国 Republic of Korea

荷兰 Netherlands

瑞士 Switzerland

耿西岛 Guernsey

新西兰 New Zealand

新西兰 New Zealand

马恩岛 Isle of Man

挪威 Norway

挪威 Norway

泽西岛 Jersey

圣马力诺 San Marino

圣马力诺 San Marino

利比里亚 Liberia

瑞典 Sweden

南非 South Africa

列支敦士登 Liechtenstein

瑞典 Sweden

马绍尔群岛 Marshall Islands 圣文森特和格林纳丁斯 St. Vincent & the Grenadines 圣马力诺 San Marino 圣马丁岛 Sint Maarten 特克斯和凯科斯群岛 Turks and Caicos Islands 乌拉圭 Uruguay 英属维尔京群岛 British Virgin Islands

Company Formation and Funds Guide CHINA OFFSHORE

215

离岸索引 | OFFSHORE INDEX

企业服务提供商 Corporate Services Provider

地产服务 Hong Kong

Bermuda

Real Estate Service

St. Kitts

Seychelles

Uniwide www.uniwide.biz 371 6611 8787 info@uniwide.biz

Harris Corporate Solution Ltd. www.harriscorps.com 852 2541 6632 852 2541 9339 info@harriscorps.com.hk

BeesMont Group www.beesmont.bm 1 441 400 4747 info@beesmont.bm

Malta

Cayman Islands

Dubai

T-LOFT www.piratesnest.cn 400 777 7665 info@tloftproperty.com

国际金融中心 UHY Business Advisory Services Limited www.uhymalta.com 356 2131 1814 356 2133 1710 356 2131 0461 info@uhymalta.com

The IMS Group www.ims.ky 1 345 949 4244 contactus@ims.ky Mauritius

International Financial Centres

Europe Emirates Group www.uae-eu.com 971 4 311 6547 info@uae-eu.com

Labuan

Barbados

Malta ABC Global abcmanagementservices. com 230 464 2668 info@abcglobal.mu RSM Malta www.rsm.com.mt 356 2278 7000 356 2278 7707 timothy.zammit@ rsmmalta.com.mt Liechtenstein

Interadvice Anstalt www.interadvice.li 423 232 2412 advice@interadvice.li

Meridian Law www.meridianlawbb.com 1 246 431 6677 daw@meridianlawbb.com

Madeira

Labuan IBFC www.labuanibfc.com 603 2780 2180 communication@ labuanfsa.gov.my Seychelles

委托和信托服务 Trust & Fiduciary Services

Madeira Corporate Services (MCS) www.mcs.pt 351 291 202 400 351 291 237 188 management@mcs.pt 离岸律所

Offshore Law Firm

Liechtenstein

Elson Trust www.elson.li 423 233 31 01 info@elson.li

BVI

Liechtenstein

Harney Westwood Riegels www.harneys.com 852 3195 7200 852 3195 7210 bvi@harneys.com

ATU www.atu.li 423 237 3434 info@atu.li

Seychelles Investment Board www.sib.gov.sc 248 429 5500 info@sib.gov.sc Samoa

Mauritius

JurisTax www.juristax.com 230 465 5526 Ext. 248 kdussoye@juristax.com

216

Company Formation and Funds Guide

Invest Samoa www.sifa.ws 685 66400 enquiries@investsamoa.ws

离岸索引 | OFFSHORE INDEX

专业机构 St. Kitts

Professional Associations

China

Cyprus

JT&N www.jtnfa.com 86 10 5706 8585 beijing@jtnfa.com

Oneworld Global Business Services www.oneworldweb.net 357 22 496 000 info@oneworldweb.net

Hong Kong SKIPA www.investstkitts.kn 1 869 465 1153 office@investstkitts.kn Cook Islands

Asia Offshore Association www.asiaoffshore.org 852 3073 2008 info@asiaoffshore.org

China

亚洲离岸协会会员 Cook Islands FSDA www.cookislandsfinance. com 682 21175 enquiry@fsda.gov.ck

Asia Offshore Association Members

Luxembourg

RAK

King & Capital Law Firm www.king-capital.com 86 10 5709 6028 86 1891 0115 682 hanliang@king-capital.com Cyprus

Wilson Associates www.wilson.lu 352 25 27 40 352 25 27 41 info@wilson.lu RAK ICC www.rakicc.com 971 7 207 7177 info@rakicc.com

China

BVI

Triantafyllides Christoforou Law Firm www.tcalaw.eu 357 2245 6222 357 2241 0141 info@tcalaw.eu Hong Kong

BVI Finance www.bvihouseasia.com.hk 852 3468 8530 info@bvihouseasia.com.hk

Panhe Family Office zmpt.com.cn 86 755 3306 5339 service@panhefo.com China

Bahamas

Bahamas Financial Services Board www.bfsb-bahamas.com (242)393.7001 info@bfsb-bahamas.com

CIL Group Ltd. www.cil.bz 86 21 6301 0553 info@cil.bz

Goldjoy Wealth Management Ltd. www.hk1282wm.com 852 2813 6828 regan.shum@hk1282wm. com China

Shandong Kangqiao Law Firm www.kangqiaolaw.com 86 0531 8612 8622

Company Formation and Funds Guide CHINA OFFSHORE

217