China Offshore 5th Annual Company Formation Guide by John Yang

5TH ANNUAL COMPANY FORMATION GUIDE

公司建立年度指南第五辑

5th Annual Company Formation Guide 中国最完整的离岸公司建立指南 China's Most Comprehensive Offshore Company Formation Resource

CMY

主编 Editor in Chief: John Yang 撰稿人 Contributors: Simon Filmer, Dan Mitchell, Brian Garst, Dr. Lee Chih-Jen, Xu Haibo, Chris Devonshire-Ellis, Chris Devonshire-Ellis, Yang Jianming,

5th AnnuAl CompAny FormAtion Guide

5TH AnnuAl cOMPAnY fORMATIOn GuIde

Frances Emery, Jonathan DeHart 美术总监 Art Director: Tank Hu 美术编辑 Designer: Lucas Liu

公司建立年度指南第五辑

5th Annual Company Formation Guide

研究员 Researcher: Emma Zhang

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

营运总监 Director of Operations: Spencer H. Hall 制作总监，亚洲 Production Director, Asia: Oliver Davis 销售总监 Sales Director: Matthew Sumner 客户经理，亚洲 Accounts Managers: Nicholas Parish, Pooja Ramchandani, William Demers 销售助理 Sales Assistant: Stacy Wu 发行经理 Circulation Manager: Iris Gao

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

5th Annual Company Formation Guide

LETTER FROM EDITOR | 编者的话

欢迎阅读《中国离岸：公司建立指南第五辑》，本指南旨在为您提供在全球主要的离岸行政特区内公司建立方面的最新信息，让您有机会一站式获取最新的数据、分析报告和业界观点。本期指南概括了几个行业专家的意见和比较详实的离岸行政特区的数据，辅以图表和数据来给读者更为直观的展示。离岸公司的组建一直以来都是公司和高净值人士在财富管理方面最关心的问题之一，在节税和规避风险的基础上让自己的财富增值和高效安全地充实和扩张。这本《中国离岸：公司建立指南第五辑》的小册子将以年刊的形式向大家展示最新的行业动态和业界分析报告，通过数篇由业界著名的专业公司提供的报告和论述，为您的财富指明一条向大受欢迎的离岸金融中心进军的道路，进而向海外扩张，为您的事业添砖加瓦。

Welcome to the fifth annual China Offshore Company Formation Guide, a series of reports that provides information about offshore incorporation in major jurisdictions around the world. The China Offshore Company Formation Guide is presented on a yearly basis, and includes reports, analysis, interviews and Q&As with some of the most reputable professional institutions in the industry. Together with industry experts’ viewpoints and the latest data on various offshore jurisdictions, it is designed to maximize your knowledge base as well as your reading pleasure.

Offshore company formation has long been a powerful weapon for corporates and HNWIs globally, and allows you to further your business’ success while ensuring your assets are well protected. Arming yourself with information on the right jurisdiction for your needs will help you to take your business to the next level. Editor, China Offshore John Yang editorial@chinaoffshore.com.hk 5th Annual Company Formation Guide CHINA OFFSHORE

观点 OPINION 06 进化：中国离岸产业发展趋势 The Evolution: Trends from China for the Offshore Industry 14 财政危机给予国际税务筹划的启示 The Implications for International Tax Planning From the Looming Fiscal Crisis 24 跃进国际金融中心的跳板—— 上海自贸区 The Shanghai Free Trade Zone – A Springboard for Accessing the Pool of International Financial Centers 30 美国税法困扰中国家庭和公司 US Tax Law Worries for Chinese Families and Companies 40 跨境投融资与财富管理的 SPV 运用

离岸聚焦

OFFSHORE REPORT

68 开放：人民币自由化和中国自由贸易

SPV Use in Cross-Border

区的发展前景

Investment, Financing and Wealth

Opening Up: RMB Liberalization

Management

and the Future of China’s FTZs

48 在香港开设银行账户遇阻？

80 全球离岸公司建立行业总览

新加坡有办法

Global Offshore Incorporation An

Incorporation Problems with

Overview

Hong Kong Bank Accounts? Singapore Has An Answer

88 香港的公司建立条例 The Hong Kong Companies

离岸聚焦 OFFSHORE REPORTS 58 人民币自由化和离岸业务—— 亦敌亦友？ RMB Liberalization and Offshore Incorporation – Friends or Foes?

Ordinance 102 2014 - 2015 上半年热点

HALFYEAR HIGHLIGHTS 104 行政特区

JURISDICTIONS 231 离岸指南

OFFSHORE HANDBOOK

5th Annual Company Formation Guide

CONTENTS

ADVERTISER DIRECTORY 广告商目录

离岸公司建立——全球趋势分析

Offshore Incorporations - A Global Trend

Quorum - Inside Front Cover Jebel Ali Free Zone - Title Page R&P Consulting S.r.l. - P96 CS Global Partners - P100 RAK Offshore - P121 Bahamas Financial Services Board - P131 BVI House Aisa - P141 Harney Westwood & Riegels - P148 Loeb Smith - P155 Steevensz|Beckers Tax Lawyers - P163 Brazhnikov & Partners Ltd. - P175 Guernsey Registry - P183 Allgemeines Treuunternehmen - P189 Chetcuti Cauchi Advocates - P197 Vischer - P203 Vischer - P210 Jordans Trust Company - P215 LENO Corporate Services Ltd. - Inside Back Cover CS Global Partners - Outside Back Cover

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观点 | OPINION CHINA OFFSHORE Member Contribution

进化：中国离岸产业发展趋势 The Evolution: Trends from China for the Offshore Industry

Simon Filmer

hina has experienced extraordinary growth over the last 20 years, becoming the second largest economy in the world – with some metrics granting China number one status ahead of the United States. While the Chinese economy has undoubtedly slowed in the last two years, it still proceeds at levels that would be the envy of many Wester n nations.

Simon Filmer Deputy Group Managing Director, OIL OIL 集团执行董事总经理 Simon joined OIL in February 2013 as Managing

Director, ex-Asia, with responsibility for operations

and licensed entities outside of Asia, and to promote the development and growth of the OIL business in Europe and the Americas.

Simon Filmer 于 2013 年 2 月加入 OIL 出任董事总经理 ( 亚洲以外地区 ) 一职，负责集团亚洲以外的业务及持牌企业的运作，以及促进 OIL 在欧洲及美洲的业务发展和增长。

5th Annual Company Formation Guide

Under the leadership of Xi Jinping, China is adopting a new growth model, one that involves opening up further to the rest of the world. This model encourages private investment, with a greater focus on domestic consumption, while improving consumer and

environmental protections, a greater respect for laws and less gover nmental interference in the market. To further these aims, the Chinese gover nment has launched a new wave of investment in public infrastructure, in order to stimulate the economy and pave the way for future growth. There is stronger enthusiasm for outbound investment, and Chinese companies are encouraged to invest overseas with support from the gover nment – this is achieved by way of financing, information sharing and by an easing of regulatory approval procedures.New laws have been issued, regulations and policy

观点 | OPINION CHINA OFFSHORE

在

过去 20 年间，中国经济的增长十分显著，成为世界第二大经济体 - 中国的某些指标

甚至还领先于美国。尽管中国经济发展在过去两年明显放缓，但它各方面的发展状况依旧让许多西方国家羡慕。在习近平主席的领导下，中国采用一种新的增长模式，即进一一步向世界其他国家开放。这一模式鼓励私人投资，更加重视国内消费，同时提高消费者和环境保护，对法律更为尊重，而政府对市场干预更少。为进一步实现这些目标，中国政府推出新一波的公共基础设施投资，用以刺激经济，并为未来的发展铺路。对外投资热情渐长，鼓励中国公司进行海外投资，政府对此予以支持一一这通过融资，信息共享和监管部门宽松的批准程序方式得以实现。通过新的法律，批准新的法规和政策文件，同时开展广泛的反腐败运动。以上举措是中国对离岸产业态度的明显表态，下述文章将对某些举措一一进行检验。离岸公司服务提供商其业务从国内向国外的转变也备受期待。在离岸 2020 报告中（OIL 公司进行的领先年度市场调研），对离岸产业 300 多位专业人士的调研表明，他们中有超过一半人数以上开展的是与中国相关的业务。在 2013 年， 56% 的专业人士报道说，他们的业务是中国对外业务 - 这是国外业务首次多于国内业务。这一情况在 2014 年依旧持续。

documents approved, with an extensive anti-corruption campaign being conducted simultaneously. All of the above has significant implications for the offshore industry in its dealings with China, some of which will be examined in the following article. The swing for offshore corporate service providers from China inbound business to outbound has been widely anticipated. In the Offshore 2020 report – a leading annual market research conducted by OIL, out of 300 professionals in the offshore industry, more than half reported conducting China related business. In the 2013, 56% reported that their

business was China outbound - for the first time crossing the threshold of more outbound than inbound business. The same theme continued in 2014. In spite of the slowdown of the Chinese economy, theoffshore industry still looks exceedingly favourably on business coming from China. When asked to name the top 10 locations for client origination over the next five years, 40% of Offshore 2020 survey respondents opted for China as the top location. This is well ahead of the second and third locations, the United States, (at 13%), and United Kingdom, (10%), respectively. Interestingly, even when respondents are sorted between those based in Asia, (who may

5th Annual Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

尽管中国经济发展速度放缓，离岸行业依旧非常看好中国的业务。当被问及未来 5 年内客户倾向开展业务的前 10 国家时，离岸 2020 调研的 40% 受访者将中国视为其首选，这一比例远超第二和第三选择地，它们分别是美国（比例为 13%），以及英国（10%）。有趣的是，即使基于亚洲（他们有理由更加期待中国的新业务）和基于亚洲之外的受访者是分开比对的，其受访结果依旧相同：看来全球的服务提供商正转向中国寻求他们的新业务增长。中国经济进一步发展的另一方面以及海外投资与人民币（RMB）的使用有关。随着经济自由化，使用人民币作为跨境贸易结算货币的情况日益增加。离岸公司供应商应关注这一发展么？一方面，人民币自由化可能导致人们对离岸实体需求的下降，因为使用境外资本流动“通道”将不再是结构性需求。另一方面，缓解中国投资者和企业工具进入国际市场的通道可能促进更多活动，为离岸服务提供商提供更广阔市场。在离岸 2020 调研受访者中，绝大多数（82%）均表示，人民币持续自由化从中期发展来看，将对离岸市场产生积极影响。所以，我们会获得更多来自中国的新业务，从本质上来说，海外业务会占比更多，且离岸产业这一整体市场会更大。对中国海外业务的首选辖区我们有何见解？当被问及这一问题，离岸 2020 受访

5th Annual Company Formation Guide

reasonably be expected to rely more greatly on new business from China), and those based outside Asia, the results remain the same: it appears that service providers worldwide are looking to China for their new business growth. Another aspect of the further development of China’s economy, and overseas investment, relates to the use the renminbi, (RMB). As the economy is liberalised, the use of RMB as a settlement currency for cross-border trades increased. Should this development be a concer n to offshore company providers? On the one hand, RMB liberalisation could lead to a fall in demand for offshore structures, because using “conduits” for outbound capital flow would no longer be a structural necessity. On the other hand, easing Chinese investors’ and their corporate vehicles’ passage into inter national markets may boost activity, creating a larger overall pie of which offshore service providers have a share. Offshore 2020 survey respondents, by a substantial majority (82%), said that the continued liberalisation of RMB will have a positive impact

on the offshore market in the medium-term. So, we have more new business sourced from China, a greater percentage of that business being outbound in nature, and a larger overall pie for the offshore industry. What insights do we have into the preferred jurisdictions for China outbound business? When asked this question, Offshore 2020 respondents cited Hong Kong and the BVI as the preferred conduits, by a considerable margin, (40% and 33% of the vote respectively), with the Cayman Islands third (7%), and the Seychelles in fourth (5%). And what form may that new business take? Considerable evidence,anecdotal and otherwise, points to an increasing complexity for business, both inbound and outbound from China. Since the late 1980s, the BVI has the been the pre-eminent jurisdiction for inter national business companies and the BVI company has traditionally been the vehicle of choice for many years in Greater China and throughout Asia – such that the term “BVI” has been used

观点 | OPINION CHINA OFFSHORE

者认为香港和英属维尔京群岛（BVI）是他们的首选渠道，而且这一选择占比具有相当大的优势（分别为 40% 和 33%），同时开曼群岛（Cayman Islands）位列第三（7%），以及塞舌尔 (Seychelles) 为第四（5%）。而且新业务会采取什么形式？相当多的证据无论是趣闻还是其他，均表明其业务复杂性正日益增加，无论是中国国内还是国外的业务。自 20 世纪 80 年代末以来，英属维尔京群岛就已是为国际商业公司首选的杰出辖区。多年来英属维尔京群岛公司一直是中国和整个亚洲传统的选择载体——以至于人们用“BVI”这一术语替换描述离岸公司。直属的 BVI 公司，由其受益人所有并经营，是许多中国客户的标准做法。尽管英属维尔京群岛公司依旧饱受欢迎，我们近期发现使用 BVI 信托的情况日增，且 BVI 私人信托公司的数量也相应增加（“PTC”），这些公司作为此类信托的受托人存在。西方及其他地方富裕的个人和家庭一直都这样操作，这些载体的设立是出于同样的原因：主要是继任计划，财富规划，避免遗嘱认证，资产和隐私保护。此外，开曼公司，之前可在香港证交所上市的唯一离岸投资工具，（BVI 和其他辖区近期已得到允许），作为上市工具、集团投资计划和资本市场和结构性金融工具均非常受欢迎（开曼群岛是世界领先的基金辖区）。

interchangeably to describe an offshore company. A straightforward BVI company, owned and operated by its beneficial owners, would have been standard practice for many Chinese clients. While the BVI company continues to be very popular, we have recently seen a greater use of BVI trusts and a commensurate increase in the number of BVI private trust companies (“PTCs”) being established to act as the trustee of such trusts. These vehicles are being set up for the same reasons that wealthy individuals and families in the West and elsewhere have always done: primarily succession planning, wealth planning, avoiding probate, asset protection, and privacy among them.

In addition, Cayman companies, until recently the only offshore vehicle that could list on the Hong Kong Stock Exchange, (the BVI and other jurisdictions have since been permitted), have been very popular both for use as listing vehicles, but also for collective investment schemes, (Cayman is the world’s leading funds jurisdiction), and capital market and structured finance vehicles. Pre-IPO planning is also a key dynamic of the China offshore market. Investor appetite IPOs is close to pre-crisis levels and many of the recent IPOs across global exchanges have been issued by Chinese based businesses, some of which have been very high profile. Alibaba’s recent listing on the New York Stock Exchange was exceedingly well-publicised – less well-publicised was that subscribers actually acquired shares in a Cayman company

5th Annual Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

already seeing the influence of these public announcements and have seen a growth in recent months of Cayman incorporations from Greater China. In conjunction with their relevant onshore legal, tax and other trusted advisors, wealthy Chinese individuals and families will, therefore, seek to establish the type of structurethat is suitable for their own, their business and their family’s personal circumstances. Oftentimes, that structure will now, due the greater demands of more outbound and crossborder business, involve more than one offshore company, but a variety of vehicles to suit the specific circumstances. 上市前规划也是中国离岸市场的关键动态。投资者所喜欢的 IPO 接近危机前水平，且许多近期在全球交易的 IPO 均由以中国为基地的企业发行，其中一些非常引人注目。阿里巴巴近期在纽约证券交易所的上市人人皆知 - 而鲜为人知的是用户实际上可以通过开曼公司收购公司，然后从阿里巴巴获得股息。李嘉诚，这一据说是亚洲最富有的人和香港经济的巨人，最近宣布对他现有企业重组，借助开曼群岛工具上市，他的这一做法为开曼群岛这一辖区增添了不少威望。我们相信，我们已经看到这些公开声明的影响，并且在近几个月内中国在开曼群岛的投资也有所增加。结合相关的本土法律、税收和其他受托顾问，中国有钱的个人和家庭将因此寻求建立适合他们自己，业务以及他们

5th Annual Company Formation Guide

that, in tur n, received dividends from Alibaba. The recent announcement by Li KaShing, reputedly Asia’s wealthiest man and a titan of the Hong Kong economy, of a restructuring of his existing businesses into one listed Cayman vehicle has added more cachet to Cayman as a jurisdiction. We believe we are

What advise do we at OIL have for jurisdictions, and service providers, that are looking to China for new business? The key word is engagement. The BVI, for example, established in 2013 BVI House Asia, a business development and diplomatic office, basedin Hong Kong, staffed by senior marketing and regulatory

观点 | OPINION CHINA OFFSHORE

家庭私人状况的体系类型。通常，目前这一体系由于海外和跨境业务的需求日增，涉及到多个离岸公司，需要各种工具来满足具体的情况。 OIL 对这些在中国寻求新业务的辖区和服务提供商有什么建议呢？关键在于参与。例如，英属维尔京群岛于 2013 年成立 BVI 亚洲之家。后者是一家业务发展和外交办公室，总部设于香港，其雇员为辖区内的高级营销和监管官员。其他辖区，如根西岛和泽西岛，分别在上海和香港设有类似的办事处。英属维尔京群岛与深圳市政府就前海自贸区也签订了一份谅解备忘录。在撰写本文之时，尚未知这一合作关系将如何继续，但它凸显了辖区希望与中国接轨，亲近中国决策者的意图。在本文中，我们就商业趋势和发展描述了一幅必然的美好图画 - 但，客户和他

officials from the jurisdiction. Other jurisdictions, Guer nsey and Jersey among them, have established similar offices in Shanghai and Hong Kong respectively. The BVI has also entered into a Memorandum of Understanding with the Shenzhen Gover nment in relation to its QianhaiFree Trade Zone. At the time of writing, it is unclear how that partnership will proceed, but it underscores the wish for jurisdictions to engage with and get close to policy makers in China. In this article, we have necessarily painted a rosy picture of business trends and developments– but, clients, and their service providers, must ensure that they stay abreast of local regulations, tax legislation and enforcement. China, contrary to the common law systems of many of the

jurisdictions that are offering services there, is a rules-based system. This can lead to some inconsistencies and difficulties. For example, in September 2014, several of the larger Chinese banks declared that they would no longer open bank accounts for companies that have a PO Box appearing in their registered office address. This is notwithstanding that, in many countries, there is no developed postal system and a PO Box is often the only way to deliver mail. This new rule has led to service providers scrambling to change their addresses, where possible, and clients seeking to ensure that they can continue their banking arrangements. While this issue is manageable, there will likely be other potential obstacles to overcome.

5th Annual Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

们的服务供应商，需确保他们与地方性法规、税收立法和执法并驾齐驱。与许多辖区普通法体系所提供的服务不同，中国是基于规则的体系。这可能会导致一些矛盾和困难。例如，在 2014 年 9 月，几个较大规模的中资银行宣布，他们将不再为注册办公地址包含邮政邮箱的公司开设银行账户。尽管在许多国家，因为他们的邮政系统不发达，邮政邮箱是投递邮件的唯一途径。这一新规则导致服务提供商在可能的情况下努力改变他们的地址，而客户则寻求确保他们能够继续他们的银行议定书。虽然该问题可控，但仍可能会有其他潜在的障碍需要克服。在这篇文章中，我们没有考虑的是与 FATCA，受经济合作与发展组织（OECD）驱动的共同报告标准（CRS），中国是签约国，以及其他相关的问题，这是后金融危机的一个功能 - 但，毫无疑问，该行业将持续进化并发展，从而能够处理新出现的需求。

5th Annual Company Formation Guide

We have not considered in this article, issues relating to FATCA,theCommon Reporting Standard (CRS) being driven by the Organisation of Economic Cooperation and Development (OECD), to which China is a signatory, and other matters, which are a f u n c t i o n o f t h e post-financial crisis economy – but, no doubt, the industry will, continue to evolve and develop to handle new re q u i re m e n t s a s t h e y e m e r g e . F i v e y e a r s i n t o t h e O ff s h o re 2 0 2 0 m a r k e t re s e a rc h initiative, we at OIL have witnessed the emergence o f a h a n d f u l o f t re n d s i n t h e o ff s h o re i n d u s t r y – s o m e o f these can be extrapolated t h ro u g h t o t h e y e a r 2 0 2 0 . F o r C h i n a , w e p re d i c t t h a t i t w i l l t h e m a j o r g ro w t h d r i v e r for new business within the industry – this will be led by state owned enterprises and p r i v a t e c o m p a n i e s f ro m a l l sectors expanding overseas, the local base of high net w o r t h i n d i v i d u a l s g ro w i n g a t a p a c e f a r a b o v e t h a t i n We s t e r n

m a r k e t s , a n d a n i n c re a s i n g l y convertible RMB facilitating the move of a further wave of Chinese capital into the global e c o n o m y. A s C h i n a b e c o m e s m o re integrated into the global

观点 | OPINION CHINA OFFSHORE

在进行离岸 2020 市场研究倡议的五年间，我们 OIL 见证了一些离岸产业趋势的出现——其中一些可外推至2020年。对中国而言，我们预计在该产业内新业务将是主要的增长动力——这将由国有企业和私营企业的所有海外扩张部门主导，本地高净值个人成长速度远高于西方市场，且日增的兑换人民币热潮，将进一步促进中国资本进入全球经济。随着中国日益融入全球经济，其经济成果将不仅仅由将总部设立在大中华区的服务提供商承担。服务提供商贯穿整个价值链 - 法律，会计和企业服务，他们将积极转向中国寻求推动未来的业务增长。所有主要辖区将更加积极主动接触该国，试图为自身建立合适的商机。所观察到的另外一个趋势就是在过去的 5 年里，我们所说的“四大”辖区，英属维尔京群岛、开曼群岛、香港和新加坡在大中华区和亚洲的崛起。英属维尔京群岛作为国际商业公司关键所在这一卓越性以及开曼群岛对投资基金和资本市场工具的流行度，正如上述所详述的，可能逐渐会减弱，但我们不相信它们会就此一蹶不振。香港和新加坡将作为“中岸（mid-shore）”辖区，其重要性将持续增长，同时提供传统离岸受益和在岸信誉，使客户能够构建实体公司。我们已经进一步详述了与中国接触的需求，无论是从具体辖区的政府、监管层面或是服务提供商层面。总之，据我们预测，至 2020 年，离岸公司服务提供商，若无在华战略，会将自身置于危险之中。

economy, the fruits of its growth will not just be bor ne by Greater China-based service prov i d e r s a l o n e . S e r v i c e p ro v i d e r s a c ro s s t h e e n t i re spectrum of the value chain – legal, accounting and corporate services – will be actively looking to China to d r i v e f u t u re b u s i n e s s g ro w t h . All major jurisdictions will b e m o re p ro a c t i v e w i t h t h e i r engagement with the country i n a n a t t e m p t t o c re a t e a n i c h e for themselves. A n o t h e r t re n d t h a t h a s b e e n observed over the last five y e a r s , b o t h i n G re a t e r C h i n a a n d a c ro s s A s i a , i s t h e r i s e o f w h a t w e re f e r t o a s t h e “ B i g F o u r ” j u r i s d i c t i o n s . T h e s e a re the BVI, Cayman, Hong Kong a n d S i n g a p o re . T h e B V I ’s p re e m i n e n t ro l e a s a l y n c h p i n for international business companies and Caymans’

popularity for investment funds and capital market vehicles, as detailed above, may gradually e ro d e , b u t w e d o n o t b e l i e v e t h e y w i l l f r a c t u re . H o n g K o n g a n d S i n g a p o re w i l l c o n t i n u e t o g ro w i n i m p o r t a n c e a s “ m i d s h o re ” j u r i s d i c t i o n s , o ff e r i n g a combination of traditional o ff s h o re b e n e f i t s a n d o n s h o re c re d i b i l i t y, e n a b l i n g c l i e n t s t o build substance. We h a v e f u r t h e r d e t a i l e d the need for engagement with China, both at the g o v e r n m e n t a l a n d re g u l a t o r y level of a specific jurisdiction, and also at the service p ro v i d e r l e v e l . In conclusion, and as per our predictions for the year 2020, offshore corporate service providers, who do not have a China strategy, do so at their peril.

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财政危机给予国际税务筹划的启示 The Implications for International Tax Planning From the Looming Fiscal Crisis By Dan Mitchell, Brian Garst 国际金融市场前景堪忧。全球经济形势动荡，面临着重大挑战，消极的政治环境对离岸金融市场的发展构成威胁。年复一年，人口结构变化和规划不当的财政政策迫使高税率国家的政客停止向低税率国家转移就业和投资。从国际资本自由流动中获益的个人和辖区若想经受住未来潜在的金融风暴，就必须现在有所行动。 The inter national financial sector faces a perilous future. Major challenges loom over an uncertain global economy, while a decidedly negative political climate poses an existential threat to the offshore financial community. W ith each passing year, thanks to demographic changes and poorly designed fiscal policies, politicians from high-tax nations will be increasingly fixated on halting the migration of jobs and investment to lower-tax jurisdictions. Individuals and jurisdictions that benefit from free inter national capital flows must act now if they wish to weather the coming storm.

A Bleak Onshore Economic Outlook

Dan Mitchell 是位于华盛顿加图研究院的高级主管和自由和繁荣中心的董事会主席。 Dan Mitchell is a Senior Fellow at the Washingtonbased Cato Institute and Chairman of the Board of the Center for Freedom and Prosperity.

国内经济前景黯淡几十年来，不切实际的支出留给很多发达国家的是他们并不希望承担的责任和义务，而同时人口结构变化趋势使其经

5th Annual Company Formation Guide

Decades of irresponsible spending have left many developed nations with obligations they cannot hope to meet, while demographic trends threaten to push their floundering economies over the edge. Falling birth rates and climbing life expectancies are combining to transform the world's major economies, tur ning population pyramids – where the young and healthy vastly outnumber the old and infirm – into population cylinders. Consider some basic data: In 1970 the birthrate across the

OECD was 2.76 children per woman. By 2010 it was 1.74, which is below the replacement level of 2.1. At the same time, positive advances in healthcare are helping people live longer than ever, but that also means an increased burden on workers to provide for the retired or infirm. As welfare states can only function when there are many more workers than dependents, this transformation poses serious fiscal challenges. Simply stated, the burden of gover nment spending is projected to dramatically increase in developed nations. And because budget will grow much faster than the private sector, this is a recipe for lots

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济形势雪上加霜。人口出生率下降和预期寿命延长改变着世界主要经济体，使人口金字塔（底部为基数较大的年轻健康人口，顶部为较少的老年衰弱人口）变成人口柱状图。请看下列一些基本的数据：1970 年，在经济合作与发展组织（OECD）的成员国中，每个妇女平均生育 2.76 个孩子， 2010 年这一数字是 1.74，已低于人口更替水平值 2.1。与此同时，医疗保健水平的提高延长了预期寿命，但这也意味着工人在赡养退休或病残人士方面要增加更多负担，而福利国家的良好运作依赖于大量的工人，所以这一人口结构变化为国家财政带来了严重挑战。简单地说，发达国家中，政府开支负担预计将大大增加。预算增长远远快于私营部门营业额的增长，这也是出现大量赤字的原因所在。如果目前形势得不到改善，一些国家，如法国、德国、比利时、

of red ink. If current trends continue, nations like France, Germany, Belgium, the United Kingdom, and the United States are all projected to see debt levels rise to 300 percent-500 percent of gross domestic product (GDP) over the next few decades. It's a recipe for many more Greek-style fiscal collapses. Don’t forget that nations such as Greece, Italy, Spain, Ireland, and Portugal got into trouble with debt levels between 80 percent-120 percent of economic output. This doesn’t mean the world’s major economies will be attacked by “bond vigilantes” when their debts reach that level. After all, Japan is still stable with debt levels exceeding 200 percent of GDP. But it does suggest that the world’s big nations are heading for trouble in the absence of significant fiscal reform.

Brian Garst Brian Garst 是美国自由与成功政府事务部主任，该部门致力于促进税务竞争、金融隐私权和财政主权。 Brian Garst is the Director of Government Affairs for

the Center for Freedom and Prosperity, which works to promote tax competition, financial privacy and fiscal sovereignty.

Politicians Fan the Flames Adding to the coming calamity are politicians who have conveniently misdiagnosed the fundamental problem as one of insufficient tax revenue instead of excessive spending. Contrary to claims of widespread austerity, for instance, taxes have been climbing since the 2008 financial crisis. Average top personal income tax rates in the EU have steadily increased in recent years. So has the average standard VAT rate. But

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英国、和美国等在接下来的几十年里债务水平将会上升到国内生产总值 (GDP) 的 300%-500%，希腊式的财政崩溃正

if politicians think that endlessly rising taxes will solve their fiscal problems, then they are in for disappointment.

是由此导致的。别忘了，一些国家，如希腊、意大利、西班牙、爱尔兰和葡萄牙都曾在债务水平达到国内经济总量的 80%-120% 之后陷入债务危机，但这并不意味着世界上债务达到这一水平的所有经济体都会受到“债券义和团”的攻击。毕竟，尽管日本债务水平超过国内生产总值的 200%，但其整体经济状况仍然稳定。这些事实表明，世界上主要国家若不进行重大财政改革，则会陷入困境。政客们的火上浇油更糟糕的是，很多政客做出了错误的判断，他们认为造成这些问题的原因主要是税收收入不足，而非超额开支。尽管

5th Annual Company Formation Guide

Revenue increases do nothing to solve a problem caused by a spending burden that climbs faster than private economic output. Consider that the European tax burden as a percentage of GDP has grown 10 percent over the last 40 years, but debt grew by more than 20 percent of GDP over the same period. In other words, additional revenue simply enables a higher spending burden. Until they correctly recognize that more spending is the source of their problem, politicians can be counted on to exacerbate their fiscal problems with higher tax rates. Another challenge is that higher tax rates don’t necessarily

translate into higher tax revenue. That’s especially true if politicians impose class-warfare tax hikes on the so-called rich. Simply stated, people with lots of business and investment income have considerable ability to alter the timing, level, and compensation of their income. So when their tax rates increase, they figure out ways to reduce their taxable income. Yet these higher tax rates almost certainly will dampen economic performance. In other words, fiscal policy in many OECD nations is in a downward spiral. Politicians seek to buy votes with more spending, particularly for income redistribution programs. These policies hurt growth by discouraging participation in the economy’s private sector. Politicians also impose higher tax rates, ostensibly for

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要求财政紧缩呼声强烈，但事实却与此相反，例如，自 2008 年金融危机以来，税率就节节攀升。欧盟平均最高个人所得税率和增值税税率近年来稳步上升。如果政客们认为不断增税会解决其财政问题，迎接他们的只会是失望。政府开支负担的增速远大于私营部门的经济产出，所以增加税收于事无补。过去的 40 年里，欧洲税收收入占国内生产总值比例增长了 10%，而同期债务负担增长超过国内生产总值的 20%。换句话说，额外增加税收只会刺激更高的开支负担。若政客们认识不到超额开支才是问题的根源，那么通过增税来解决财政问题的做法只会是雪上加霜。另一个问题是，高税率不一定能带来更高的税收收入，尤其是政府对所谓的“富人”征收极易引发阶级纠纷的税额时更是如此。简单的说，拥有大量商业和投资收入的人群可以轻易变更自己应纳税的时间、水平和收入补偿。因此，当他们面临的税率增加时，他们总有办法来减少自己的应纳税的所得。然而高税率必定会阻碍经济业绩。换句话说，很多经合组织成员国的财政政策陷入了恶性循环。政客们需要更多支出来赢得一些提议，尤其是诸如收入再分配计划等的选票。这些政策抑制私营行业发展，从而伤害了经济的长远发展。政客们为了实现表面上的财政收支平衡，开始征收更高的税率，然而高税率进一步抑制生产能力，导致工作、储蓄和投资的减少。随着私营部门逐渐萎缩，增加政府开支的压力也就更大，从而导致更高税率和经济萎缩。

purposes of fiscal balance. Yet these higher rates further discourage productive behavior, leading to less work, saving, and investment. And as the private sector languishes, there is even more political pressure for additional gover nment spending, which then leads to more taxes and even weaker growth. At some point, a fiscal crisis occurs because there is too much debt and so much stagnation. Notwithstanding this destructive cycle, the political class is still agitating for more taxes. Not only do they want increases in existing taxes, but they’re also looking to institute new taxes on financial transactions and carbon emissions, and even to revive old wealth taxes.

These trends do not bode well for the global economy. Achieving real growth is difficult with a shrinking work force and other unfavorable demographic changes. Boosting investment and deepening the stock of capital might be able to make up the difference, but not with politicians squeezing the life out of the productive sector through excessive taxes, particularly discriminatory taxes on income that is saved and invested. Blocking the Escape Knowing that high taxes are likely to spark an exodus of jobs and investment, politicians in high-tax nations are compounding the problem with anti-tax competition policies aimed at hindering mobility of labor and capital. More specifically, in a misguided attempt to prevent citizens (and their money) from fleeing high tax nations, they are using inter national bureaucracies and institutions such as the G-20 and the OECD, to attack lowtax jurisdictions and the service providers that help protect taxpayers from excessive fiscal burdens. This is unfortunate since tax competition between jurisdictions has served an important role by making it at least somewhat more difficult for politicians to impose bad policy. It also means that one nation's fiscal mistakes can be another's opportunity to attract investment, thereby mitigating the economic harm of bad policy. Thwarting tax

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从某种程度上来说，财政危机是由过高债务和经济停滞共同导致的。面对这种恶性循环，一些政客仍然盲目地煽动继续增税。他们不仅提高现有税目税率，还想法设法在金融交易、碳排放等方面制定新的税种，甚至要求恢复财富税。这种趋势对全球经济的发展是一个灾难。劳动力减少和人口结构的不利变化不能实现真正意义上的经济增长。鼓励投资和深化资本存量能够弥补差额，但通过增加税收，尤其是对储蓄和投资收入增加歧视性税收来压榨生产力的做法绝不可取。抑制税收流失了解到高税收可能会导致大量就业和投资的流失，高税收国家的政客们使用反税收竞争政策，来抑制劳动力和资本的流失。具体来说，高税收国家为了防止本国公民（和他们的资产）流失，会使用一些国际条款以及诸如 20 国集团和经合组织等机构来攻击低税收辖区，还有那些帮助纳税人免受过度财政负担的服务提供者。不同金融辖区间的税收竞争增加了政客们实施错误政策的难度，这也意味着一国错误的财政政策可能成为另一国吸引外资的机遇，因此能够缓解错误政策对经济造成的损害。另一方面，通过设立资本跨境流通障碍来阻止税收竞争，可以使近年来错误政策造成的影响最小化。 20 国集团和经合组织仍然是高税收国家

5th Annual Company Formation Guide

competition by erecting barriers to cross-border flows, on the other hand, will ensure maximum negative impact from the poor policy choices seen in recent years. The G-20 and OECD continue to serve as the primary vehicles through which high tax nations seek to undermine tax competition. The anti-tax competition campaign began in the 1990s as a response to globalization. Politicians from high-tax nations resented the fact that some gover nments were lowering their tax rates to attract more jobs and investment. And because it was increasingly easy for labor and capital to cross borders, this created a virtuous cycle, at least from the perspective of taxpayers.

But high-tax welfare states weren’t happy. So they decided to use inter national bureaucracies to fight back. The campaign became public with the release of a 1998 report called, “Harmful Tax Competition: An Emerging Global Issue.” In the years since, the OECD has grown increasingly bold in its reach. First came the blacklists, where jurisdictions with low tax rates and attractive policies were singled out and pressured into counterproductive reforms. Among other things, they were required to sign Tax Information Exchange Agreements with a certain number of countries in order to be taken off the OECD's naughty list. When that proved insufficient to stop the flow away from

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寻求破坏税收竞争的工具。反税收竞争，起初是为了应对全球化，开始于 20 世纪 90 年代。高税收国家的政客们不喜欢看到他国政府降低税率来吸引就业和投资，由于劳动力和资本的跨境流通更为容易，这种模式逐渐成为一个良性循环，至少从纳税人的角度来看如此。高税收福利国家显然对此感到不满，他们利用国际机构给予回击。1998 年的一篇报告《有害税收竞争 : 正在出现的全球性问题》揭开了这一战争的序幕，自此之后，经合组织在这一战争中发挥着日益重要的作用。第一个武器是设置黑名单，低税率且政策优势明显的国家和地区都名列其中，且被要求进行反向改革，此外，这些国家需要和其他国家签订《税收情报交换协议》以求从经合组织的黑名单中除名。事实证明，这种作法成效不大，于是这些高税收国家促成了《多边税收征管互助公约》的出台，公约要求签署国实施

high-tax nations, bureaucrats unveiled the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. It would require signatories to enforce the bad tax laws of other nations, while granting the OECD power of judge, jury, and executioner over any disputes. At the same time, the United States began a unilateral effort at global tax enforcement. Under the threat of protectionist tax penalties, the Foreign Account Tax Compliance Act (FATCA) conscripts financial institutions throughout the world, as well as their gover nments, to act as American tax enforcers. The OECD's tax collectors apparently saw the pain caused by FATCA and got jealous. If the United States could demand that other nations and foreign institutions enforce bear the cost and responsibility for enforcing US tax law, why could others nations not do the same?

The latest Common Reporting Standard takes all the work jurisdictions have put into placating the OECD for the last decade by meeting TIEA requirements and throws it out the window. The idea that a jurisdiction should sit back and wait for another nation to request the financial information of a resident – based on a reasonable suspicion – is now scoffed at. The new standard of automatic exchange instead obliterates the presumption of innocence that formed the foundation of past cooperation and treats inter national investors and lowtax jurisdictions alike as little more than resources of high-tax nations to exploit at will. Due process legal protections no longer apply. This has all sorts of disturbing implications. Until now the United States has, with narrow exceptions, been the most aggressive perpetrator of worldwide taxation. Not only

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其他签署国的苛刻税法，经合组织对期间可能出现的任何纠纷拥有审判、陪审和执行权。同时，美国在促进全球税收执法方面开始了单边行动。受贸易保护主义税收惩罚影响，《海外账户纳税法案》（FATCA）要求全球金融机构和各国政府充当美国税法执行者。经合组织的征税机关深受《海外账户纳税法案》排挤，对此感到不满：如果美国可以要求其他国家和机构承担执行美国税法的成本和义务，为什么其他机构不采用相同做法呢？最新出台的《通用报告准则》要求所有金融辖区与经合组织就过去十年《税收情报交换公约》遵守情况达成一致。任一金融辖区只需等待他国首先提出核查该国公民金融信息的要求（需基于合理的理由）的做法已不再受推崇。新推出的国际税务情报自动交换全球统一标准摒弃了之前国际间合作遵循的无罪假设原则，在调查跨国投资者税务信息过程中，低税收金融辖区须提供高税收国家要求的任何相关信息。之前的法定正当保护程序不再适用。

5th Annual Company Formation Guide

worldwide taxation of capital income, but also corporate income and labor income. But it is not through generosity or sound principles that politicians elsewhere refrain from reaching into their citizens' pockets regardless of where they live or work. Rather, they lack the institutions and resources to operate at a global scale. W ith a regime of automatic exchange in place, however, more can be counted on to soon follow in American footsteps and adopt destructive worldwide tax systems.

Offshore Must Be Proactive Politicians have always resented the ability of the private sector to adapt and dodge their most destructive policies. In today's economic climate, they are more desperate than ever to contain and harvest revenue from the productive sector of the economy. They are also politically emboldened to take radical steps in a misguided quest to mitigate the damage from decades of profligate spending and unsustainable welfare systems.

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这些举措带来了一些消极后果。目前，美国（除少数个例外）是全球税法推行中的最大违反者，这种违反不仅涉及资本收益征税，也包括公司收入和劳动收入的征税。但阻止政客们可能压榨旅居国外的本国公民钱财的不是宽容大度或者合理原则，相反，这是由于缺乏在全球范围内进行此项操作的健全体制和足够资源。如今，国际税务情报自动交换全球统一标准的出台有助于各国沿着美国先发实行的税务改革的足迹，在世界范围内采取一种威力更大的税务体系。离岸操作须更具前瞻性私营企业总是能够迅速地灵活避税，政客们对此深感苦恼。在当今经济形势下，这些政客们比以往任何时候都更迫切地希望从生产部门征收高额税，同时，他们在政治上更有底气地采取一系列激进措施来弥补过去几十年里因为毫无节制的政府开支和不可持续的福利体系造成的恶果。但是在本国经济业绩和离岸税务筹划集团受到损害之后，他们的努力无论是在本国还是在国际上都适得其反，为了缓解造成的危害，低税收管辖区和离岸服务提供者必须团结起来，呼吁倡导对自身有益的原则和条例，保卫他们的生存权利。经济全球化为低税收管辖区提供了机遇。如果这些国家实施刺进增长的积极政策，他们就可以充分利用高税收国家的政策失误。但如果 20 国集团、经合组织和高税收国家税收改革成功，低税收管辖区就无法继续从劳动力和

Their efforts will ultimately backfire economically at both the national and inter national levels, but not before doing serious harm to onshore economic performance and the offshore tax-planning community. To mitigate the damage, low-tax jurisdictions and offshore service providers must come together and defend their right to exist by advocating for the principles that have allowed it to thrive.

Globalization provided opportunities for low-tax jurisdictions. If they were willing to implement pro-growth policies, they could capitalize on the mistakes of hightax nations. But if the G-20, OECD, and high-tax nations are successful, low-tax jurisdictions will no longer be allowed to benefit from the free flow of labor and capital. Those jurisdictions, as well as the private sector in those

5th Annual Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

资本的自由跨境流动中获益。这些高税收金融辖区和其范围内的私营部门必须做出判断，顺从地接受本国政策下的苛刻税收环境是否明智？默认这种看法意味着“慢性死亡”。反抗严苛的税收制度看起来困难重重，但并非没有先例。自经合组织首次公开《有害税收竞争》报告，来自美国和其他国家的抵制迫使全球税收机构削减税额。尽管这些机构通过其他间接途径来实现这一目标，但无疑都受到反击。如今，对于全球税务崩溃支柱的抵制措施逐步形成。美国的《海外账户纳税法案》不仅在国内面临日益加重的政治压力，同时国际对此也有很大敌意，但更严重的是即将到来的法律程序方面的挑战，而以牺牲诸如成本、隐私和国际礼仪等方面为代价来优先实施苛刻税法的愚蠢做法是其在推行过程中遇到的主要障碍。《海外账户纳税法案》是推动经合组织实施国际税务情报自动交换体系的有利力量，若失败，经合组织的努力可能要退回原点。这一过程需要依靠一个离岸机构，该机构须遵循诸如尊重隐私、承认主权边界等国际金融业务原则。总结大部分位于离岸金融辖区的个人，无论是身处政界还是私营部门，都

5th Annual Company Formation Guide

nations, must now decide whether meek acceptance of a harsher climate dictated by the whims of high-tax nations is the wise approach. At best, acquiescence means slow death. Resistance might seem difficult, but it's not without precedence. When the OECD first pushed its Harmful Tax Competition initiative, pushback from the US and others forced the global tax collectors to retrench. Though they returned to pursue their goals through other, more indirect means, they nevertheless

suffered a serious setback. Today, resistance is already taking shape against one pillar of the global tax crackdown. FATCA not only faces growing political opposition within the US in addition to widespread inter national hostility, but it will soon be subject to major legal challenges. Its significant practical obstacles also continue to reveal the folly of prioritizing enforcement of bad laws at the expense of all other considerations – like cost, privacy and inter national comity.

观点 | OPINION CHINA OFFSHORE

But they will have an even greater incentive to attack the offshore world in the search for new revenue. And this isn’t just an issue of financial privacy and so-called tax evasion. The OECD and G-20 now explicitly are seeking to undermine and cripple tax avoidance and other forms of legal tax planning. The OECD’s Base Erosion and Profit Shifting initiative is just one example.

对自身的危险处境心存担忧。很多国家，尤其是经合组织成员国，财政状况前景堪忧。在这些国家，政府势必要寻求增加税收的新途径。确实，在国内提高税率以支撑庞大的福利体系是摆在面前的选择。但是通过攻击离岸机构来寻求新的

FATCA was acknowledged as a precipitating force for the OECD's current push for automatic exchange. If it fails, it may provide opportunity to push the OECD back as well. Doing so will require an offshore community organized around a common understanding of principles for inter national finance such as respect for privacy and recognition of sovereign boundaries.

From an economic perspective, one hopes the offshore world will survive these attacks. There aren’t many constraints on the greed of the political class. And if they succeed in destroying tax evasion and tax avoidance, politicians will feel even further emboldened to implement destructive tax laws.

税收来源似乎是更具吸引力的选择。 Conclusion 以上只是在向金融隐私和所谓的偷税漏税行为开战中的一个场景，经合组织和 20 国集团公开反击各种避税行为，其发布的报告《应对税基侵蚀与利润转移》（BEPS）就是明证。从经济角度来看，我们希望离岸机构能够经受这些打击。政治上的贪婪并没有太多限制，如果政府能够成功打击各种避税行为如偷税、漏税，那么政客们会更大胆地推出更为严苛的税收制度。

Most people in offshore jurisdictions, whether in gover nment or the private sector, don’t appreciate their perilous situation. Onshore nations, particularly members of the OECD, have very dismal fiscal outlooks. This unambiguously will give them big incentives to seek out new sources of tax revenue. Yes, they will impose higher taxes inside their borders in order to prop up their welfare states.

5th Annual Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE Member Contribution

跃进国际金融中心的跳板——上海自贸区 The Shanghai Free Trade Zone – A Springboard for Accessing the Pool of International Financial Centers Dr. Lee Chih-Jen

Dr. Lee Chih-Jen 李智仁博士担任捷鹏国际金融服务集团副总裁暨大中华区执行长。李博士同时具有法律与金融的双背景，同时也具备产、官、学、研的工作经历，目前是活跃于两岸三地的复合型人才。 Dr. Lee, Chih-Jen serves both as Greater China’s Chief Executive, as well as Vice-President of

Jepun International Financial Group. With a dual

background in law and finance, Dr. Lee has extensive experiences in production, academic research,

and as a government officer. Dr. Lee is currently a

versatile talent playing an active role in Mainland China, Hong Kong & Macao, and Taiwan.

5th Annual Company Formation Guide

he fifth report on the Competitiveness Index (Xinhua-Dow Jones IFCD Index) was released in 2014, four years after the first was jointly released by Xinhua Press and Chicago Merchandise Exchange Group (CME). This index reflects the competitiveness of 45 cities around the world as inter national financial centers. The latest report revealed that Shanghai ranked fifth (from sixth in 2013, side-by-side with Hong Kong), competing with cities like New York and London, which were ranked first and second in previous years. The report points out that Hong Kong is still among the highest-ranking cities in certain categories, including “financial market,” “industrial support” and “service level”, but the ranks of the categories “growth and development” and “national environment” have fallen substantially. (The former fell from second position last year down to sixth this year, whilst the latter fell out of the top ten.) This is due to a slowdown in economic growth and an unstable domestic environment.

Shanghai has made significant progress according to the report, with a ranking of number one for the "growth and development" indicator for five consecutive years. Its ranking as a “fi n a n c i a l m a r k e t ” a n d for “industrial support” have been relatively stable too. The development of infrastructure and social management has c a u s e d S h a n g h a i ’s “ s e r v i c e level” rankings to jump to number six. This is one of the key factors in enabling S h a n g h a i ’s c o m p e t i t i v e n e s s t o s t a n d u p t o H o n g K o n g ’s t h i s y e a r.

观点 | OPINION CHINA OFFSHORE

由

新华社联合芝加哥商业交易所集团在 2010 年所推出的竞争力指数（Xinhua-

Dow Jones IFCD Index）报告，至 2014 年已是第五度发布，该指数反映了全球四十五个城市的国际金融中心竞争力。在本次报告揭晓时受到特别关注者，并非持续蝉联第一、二名的纽约与伦敦，而是晋升至第五名的上海 ( 比 2013 年上升一位 )，与香港并列。在这项报告中指出，香港在“金融市场”、“产业支撑”、 “ 服务水平” 等分类指标上依旧名列前茅，但由于经济增速放缓及内部环境不稳，导致香港在“ 成长发展” 及“ 国家环境” 两大指标的排名大幅倒退，前者由去年的第二名下跌至第六名，后者甚至跌出前十名之外。然相较于此，上海则有较

Many financial professionals point out that the perceived advantage of Shanghai’s financial reforms is an important factor in the jurisdiction’s continual rise, compared with other inter national financial centers. Since the establishment of Shanghai’s Free Trade Zone (FTZ), breakthroughs in financial reform have been a driving force in its increasing competitiveness as an inter national financial center. Shanghai’s FTZ has become an important springboard for accessing a pool of inter national financial centers. Despite the fact that the United States’ financial centers are relatively stable within a global context – and that the U.S. is still among the most powerful

economies – Asia’s financial centers are a powerful force which will change global financial patter ns in the future. The Asia-Pacific region’s relatively complicated structure, the ability of individual member states to complement one another, along with the region’s economic potential, are all key reasons for developing Asia’s financial centers. Such fundamental elements drive financial centers across Asia to develop rapidly, and there is a general trend for inter national financial centers to be inclined towards Asia. Evidence for such trends is provided in The Opinions of the State Council of the PRC on Promoting Shanghai to Accelerate Development of the Moder n Service

5th Annual Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

长足的进步；依该项报告的评估，上海已连续五年在“ 成长发展” 指标上排名第一，而“金融市场”、 “产业支撑” 两大指标的排名也相对稳定，随着基础设施、社会管理的发展，上海的“服务水平 ” 指标更一举跃居至第六名，成为今年综合竞争力排名得以跟香港分庭抗礼的关键之一。除此之外，诸多金融专业人士指出，上海的“改革红利”正是上海在国际金融中心排名持续攀升的重要原因，尤其是上海自贸区成立以来，在金融改革等各方面的突破，为上海国际金融中心的竞争力提供排名向前挺进的主要力量。作者长年观察国际金融趋势的发展，也同样认同上海自贸区的发展，更认为此乃中国纵身跃进国际金融中心这块泳池中，重要的一块跳板。再者，不容否认的是，尽管美洲的金融中心依然是全球较为稳固的金融中心，美国也仍旧是主导全球经济格局最有力的主体之一，但亚太地区的金融中心却将是改变世界金融格局的一支劲旅。主要的发展理由在于，亚太地区经济的结构复杂、互补性强、增长潜能高，而且拥有广阔的市场，诸如此类的基础性元素推进着亚洲各地的金融中心得以快速发展，国际金融中心向亚洲偏移乃大势所趋。这样的趋势，在 2009 年中国国务院所出台《国务院关于推进上海加快发展现代服务业和先进制造业建设国际金融中心和国际航运中心的意见》中已可

5th Annual Company Formation Guide

Industry and Advanced Manufacturing Industry to Build Inter national Financial Centers and Inter national Marine Transportation, released in 2009 by the State Council of the PRC. Shanghai is striding along a path of “one core” – which refers to the establishment of financial markets – and “two focuses”, which refers to the financial reform and opening pilot, along with the creation of an environment conducive to financial development. The top-layer design was unrolled from the Overall Resolution of the Shanghai (China) Free Trade Zone, approved by the State Council of the PRC on September 27, 2013. Following this, the People’s Bank of China, China Banking

Regulatory Commission (CBRC), China Securities Regulatory Commission (CSRC) and China Insurance Regulatory Commission (CIRC) publicized the relevant standards. The official implementation of the Free Trade Zone on September 29, 2013 enabled many financial institutions and enterprises to begin working together to achieve success. Mainland China’s financial reform has gone in two distinct directions. Key reforms – such as those relating to interest and exchange rates, the bank deposit insurance system, or the exchangeability of capital – are mostly carried out via methods that can be categorized “top to bottom” methods.

观点 | OPINION CHINA OFFSHORE

窥见端倪，并以金融市场建设为核心及以金融改革创新开放先行先试与营造良好金融发展环境为重点的 “ 一个核心、两个重点 ” 路线向前迈进。而顶层设计的卷轴展开，始于 2013 年 9 月 27 日由国务院所批准的《中国 ( 上海 ) 自由贸易试验区总体方案》，在此方案发布后，一行三会也相继地提出相关规范， 9 月 29 日自贸区的挂牌，更使多家金融机构与企业集体热身并且大展身手。观察中国大陆的金融改革，可以发现有显着的二个面向。属于全局性、

The second direction is best categorized “bottom to top”. It is an option that the market is free to choose, and Beijing encourages local gover nments to pilot them. The development of online and regional finance is among the initiatives that have been piloted. Regional reform that comprises “bottom to top” covers China’s developed coastal regions in the easter n, central and wester n parts of the country, the industrialization of central China, the less developed west, and the autonomous and border regions. These reforms involve financial liberalization,

financial cooperation with Hong Kong and Macao, rural financial reform, and the broader development of local and crossborder financial cooperation. The establishment of Shanghai’s FTZ is an important step in regional reforms. In addition to establishing more accessible administrative procedures and re-shortening of negative list, the implementation of the Shanghai FTZ one year ago has so far achieved the following: I. The Shanghai FTZ has contributed to the growth of cross-border RMB settlement by supporting the city in its role

关键性的改革，例如统筹推进利率、汇率市场化、存款保险制度之施行或资本项目可兑换等类改革，大多以加强顶层设计的“ 自上而下 ” 方式推进；相对地，中国政府也尊重 “ 自下而上 ” 的市场选择，鼓励地方先行先试，这类的改革例如互联网金融的发展以及区域金融改革。而这种自下而上的区域金融改革，其布局涵盖东中西部的沿海发达地区、中部工业化转型地区、西部欠发达地区、民族与边疆地区，综观其内容涉及金融对外开放、粤港澳金融合作、农村金融改革、规范发展民间金融与跨境金融合作等。而上海自贸区的设立，更是此等区域金融改革的重要指针之一，一年多以来的实施，除了行政手续更为简便，负面清单将再缩短外，具体可见的成效仍可归纳如下：一、上海自贸区扩大了人民币的跨境使用，支持上海成为人民币产品

5th Annual Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

定价和清算中心：截至 2014 年 9 月底，自贸区新增跨境人民币结算额逾 2000 亿元，同比增长约 2.5 倍；人民币境外借款发生 191 亿元，使区内企业的融资成本下降 10 ％至 20％。二、在国内率先建成一批面向国际的金融交易市场：上海国际黄金交易中心已于 9 月中旬正式开业，上海国际能源交易中心也在自贸区注册成立。三、透过自由贸易账户作为改革载体和管理模式，积极推动人民币资本项目可兑换：目前已有十家中资银行接入上海自贸区的自由贸易账户信息监测管理系统，共开立了近五千多个自由贸易账户，且并未成为游资流入套利和资金向内渗透的管道，这样的成果值得肯定。此外，金融创新与离岸金融中心的建设，是上海自贸区最重要的二大主轴，而离岸金融服务是银行及其他金融机构为非本司法管辖区居民提供的金融服务，包括银行承担金融中介职能为非居民客户提供的存贷款，以及包括银行在内的各金融机构为非居民提供的基金管理、保险、信托、资产保护、税收筹划或公司咨询理财等服务。而离岸金融如何逐步落实在上海自贸区这块跳板上呢？对于中资银行或金融机构而言，应积极创造条件，并积极参与推动在上海自贸区

5th Annual Company Formation Guide

as an RMB clearing center. By the end of September 2014, cross-border RMB settlement in the FTZ amounted to over RMB 200 billion, an increase of more than 2.5 times year-on-year. Over 19.1 billion in RMB was borrowed overseas, allowing the financing costs within the FTZ to be reduced by between 10% and 20%. II. A group of global financial trading markets have been domestically established. The Shanghai International G o l d Tr a d i n g C e n t e r o p e n e d i n m i d - S e p t e m b e r, a n d The Shanghai International E n e r g y Tr a d i n g C e n t e r w a s incorporated in the FTZ. III. To date, there have been ten China-funded banks connected to the Shanghai FTZ’s account monitoring management system. Over 5,000 free trading accounts have been opened. Financial innovation and construction of offshore financial centers are the two principal axes of the Shanghai FTZ. Banks and other financial institutions provide offshore

financial services to residents outside the jurisdiction. They include deposits and loans for non-resident clients who undertake the role of financial intermediary, as well as services such as fund management, insurance, tax planning, trust and asset protection. But will Shanghai’s FTZ become a springboard for offshore finance? China-funded banks an d f i n a n c i a l i n s t i t u t i o n s h a v e a re s p o n s i b i l i t y t o a c t i v e l y c re a t e c o n d i t i o n s c o n d u c i v e t o innovation and the formation of a trading center for RMB p ro d u c t s w i t h i n t h e S h a n g h a i FTZ. Of course, to attain the g o a l o f p ro d u c t i n n o v a t i o n , these banks and institutions must have considerable k n o w l e d g e o f i n t e re s t r a t e s , e x c h a n g e r a t e s , f o re i g n exchange management and other international conventions, so as to fully u n d e r s t a n d r i s k c o n t ro l , p r i c i n g techniques, and commodities portfolios, amongst others. O v e r t i m e , f o re i g n - f u n d e d banks and other financial institutions will achieve seamless integration within

观点 | OPINION CHINA OFFSHORE

离岸金融中心形成人民币金融产品的创新、定价与交易中心；当然，欲成就产品创新之目的，亦须对于海外市场的利率、汇率以及外汇管理制度等国际惯例有相当程度的认知，进而理解风险控制、定价技术与商品组合等相关技术。对于外资银行或其他金融机构而言，上海自贸区的发展势必须与国际贸易体系对接，自然也必须实现其与国际金融服务体系的无缝对接。对于外资银行或其他金融机构而言，未来如何发挥全球网络与优质客户资源优势，提供全球一体化的综合金融服务，将是外资机构的利基所在，也是协助上海或是其他地区迈向国际金融中心的重要贡献。此外，中国目前也正加速研拟信托法之修正，未来一旦信托法制回归“受人之托、代人理财”的正轨，各类事务管理型的信托需求将引领中国放开财富管理业务的步伐，而诸多离岸金融服务的实现，也将更形具体，也更能打造在岸与离岸一体化的全方位服务。 2014 年 10 月 10 日所发布的自贸试验区创新案例汇编，列举了具有代表性的企业创新案例，从投资、贸易、金融等不同角度和领域，展示了相关企业的创新理念、创新模式和创新成效。未来，伴随着各类案例的不断积累，配合金融监管措施的调整与落实，我个人相信上海将依托自贸区的发展，跃入先端国际金融中心之林。

the international financial service system, just as S h a n g h a i ’s F T Z w i l l c e r t a i n l y become integrated within the international trading system. I n t h e f u t u re , f i n d i n g a w a y to make use of advantageous global networks and highq u a l i t y c l i e n t s t o p ro v i d e globally integrated and c o m p re h e n s i v e f i n a n c i a l s e r v i c e s w i l l b e c o m e f o re i g n funded institutions’ niche, along with equipping Shanghai a n d o t h e r re g i o n s t o s t r i d e i n t o international financial centers. C h i n a i s c u r re n t l y f a s t - t r a c k i n g t h e a m e n d m e n t o f t h e Tr u s t L a w. O n c e t h e l e g a l t r u s t system is in place, demand for trust management will encourage China to accelerate t h e g ro w t h o f w e a l t h management services within

t h e P R C . W h i l e m a n y o ff s h o re financial services will become t a n g i b l e , i n t e g r a t e d o ff s h o re s e r v i c e s w i l l b e c re a t e d t o o . A re p o r t t i t l e d E x a m p l e s o f Innovation in the Shanghai F re e Tr a d e P i l o t Z o n e , re l e a s e d o n O c t o b e r 1 0 , 2014, illustrates typical cases of innovation in enterprises, including various models and a c h i e v e m e n t s f ro m d i ff e re n t fields and perspectives. In the f u t u re – w i t h t h e a c c u m u l a t i o n of such cases and continued adjustment and implementation o f f i n a n c i a l re g u l a t o r y m e a s u re s – I p e r s o n a l l y b e l i e v e t h a t S h a n g h a i ’s d e v e l o p m e n t i n c o n j u n c t i o n w i t h t h e F re e Tr a d e Z o n e w i l l a l l o w i t t o p ro p e l itself into a position among t h e w o r l d ’s t o p i n t e r n a t i o n a l financial centers.

5th Annual Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

美国税法困扰中国家庭和公司 US Tax Law Worries for Chinese Families and Companies Robert W. Wood

he U.S. and China enjoy increasingly strong connections. Yet virtually no Chinese family or business relishes dealing with the Inter nal Revenue Service (IRS). American tax laws are famously complex, and dealing with the IRS can b e l i k e q u i c k s a n d . O f course, whether they like it or n o t , U . S . c i t i z e n s a n d g re e n c a rd h o l d e r s ( U . S . p e r m a n e n t re s i d e n t s ) m u s t d e a l w i t h t h e IRS.

Robert W. Wood Robert W. Wood 执业于一家位于旧金山的税务律所，为全世界的客户提供税务咨询和服务。他也是超过 30 本税务书籍，包括《损害利益纳税和支付达成（2009 年第四辑和 2012 年副刊）》的作者。 Robert W. Wood is a tax lawyer with a nationwide practice . The author of more than 30 books

including Taxation of Damage Awards & Settlement Payments (4th Ed. 2009 with 2012 Supplement, www.TaxInstitute.com).

5th Annual Company Formation Guide

They must file their tax retur ns with the IRS on a worldwide basis, even if they are resident and paying taxes elsewhere. There was a time when the only Chinese persons worrying about such issues were U.S. citizens and permanent residents. Increasingly, though, many others having more attenuated connections with the U.S. must also now consider these rules and their IRS exposure. For example, Chinese companies with U.S. shareholders now face increasing reporting and disclosure rules. FATCA, the Foreign Account Tax Compliance Act, has expanded America’s tax reach into many foreign countries, including

China. And the U.S. is enforcing its tax laws more vigorously than ever. FATCA requires foreign banks to reveal Americans with accounts over $50,000. Noncompliant institutions can be frozen out of U.S. markets, so institutions worldwide are complying.Despite the uptick in enforcement, U.S. worldwide tax reporting has been a part of U.S. law for decades. FBARs date to 1970, requiring filing for any non-U.S. account(s) having a combined value of more than $10,000 at any time during the year. Compliance with all these rules was fairly low until the last 6 or 7 years. In 2009,the IRS struck a groundbreaking settlement with UBS for $780 million in penalties and the disclosure of thousands ofAmericans with UBS accounts. FATCA was enacted in 2010, as related enforcement developments were unfolding. FATCA’s idea was to cut off companies from access to critical U.S. financial markets if they failed to pass along American data. More than 100 nations have agreed to the law, including China. Foreign

观点 | OPINION CHINA OFFSHORE

美

国和中国的关系越来越紧密，但几乎没有中国家庭或商业愿意跟美国国家税

务局（IRS）打交道。美国税法是出了名的复杂，而跟 IRS 打交道是很危险的事情。当然，不论愿意与否，美国公民和持绿卡者（美国永久居民）必须要跟 IRS 打交道。即使他们居住在美国以外的地区，税钱上缴到美国以外的地区，也必须在全球范围的基础上向 IRS 提交纳税申报表。曾经有段时间担心这个问题的中国人是美国公民和永久居民。但渐渐地，现在很多其他跟美国联系还不那么紧密的人也必须考虑这些规定和他们的 IRS 披露。举个例子，拥有美国股东的中国公司现在面临着越来越多的申报和披露规则。FATCA（《外国账户税务合规法案》）已经扩大了美国税收的范围，涉及到很多海外国家，包括中国。而且美国会比以往更加积极地执行各项税法。 FATCA 要求海外银行揭露账户金额超过 5 万美元的美国人。凡不照办的机构都不得进入美国市场，所以全世界的机构都很配合。尽管执行力度加大，但数十载来美国全球范围的纳税申报已经成为美国法律的一部分。 FBAR（海外银行和金融账户报告）始于 1970 年，要求申报一年内任何时间海外账户金额超过 1 万美元的所有账户。但一直到 6、7 年前，并没有太多人遵守这些规定。2009 年，

Financial Institutions (FFIs, a term defined in FATCA) must report account numbers, balances, names, addresses, and U.S. identification numbers. F o r U . S . - o w n e d f o re i g n e n t i t i e s , t h e y m u s t re p o r t t h e n a m e , a d d re s s , a n d U . S . Ta x p a y e r I d e n t i f i c a t i o n N u m b e r o f e a c h s u b s t a n t i a l U . S . o w n e r. American indicia will likely m e a n a l e t t e r f ro m t h e b a n k asking about U.S. compliance and the need to verify that so the bank can also be compliant with the U.S.

FBARs Still Required FATCA does not replace FBARs. U.S. persons with foreign bank accounts exceeding $10,000 must file an FBAR by each June 30.These forms are serious, and so are the criminal and civil penalties. FBAR failures can mean fines up to $500,000 and prison up to ten years. Even a non-willful civil FBAR penalty can mean a $10,000 fine. W illful FBAR violations can draw the greater of $100,000 or 50 percent of the account for each violation–

5th Annual Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

IRS 跟 UBS（瑞士银行）达成了一项突破性的解决办法，UBS 支付了 7.8 亿美元的罚款并揭露了数千拥有 UBS 账户的美国人。随着相关执行的展开，2010 年 FATCA 得以颁布。FATCA 旨在切断那些未能通过美国数据的公司进入美国关键金融市场的机会。超过 100 个国家同意了这项法律，其中包括中国。外国金融机构（ F F I s ，由 FATCA 定义的术语）必须报告账户数量、余额、名称、地址和美国身份号码。对美国所有的海外实体，则必须报告名称、地址和每一位重要美国所有者的美国纳税人身份号码。美国邮戳可能意味着一封来自银行的信件，它会询问美国合规事宜，并对此进行核实，因此这家银行也可能是符合美国规定的。 FBARs 仍是必要的 FATCA 并没有取代 FBARs。每年 6 月 30 日，海外账户金额超过 1 万美元的美国人都必须向 FBAR 进行申报。这些表格是很严肃的，而刑事处罚和民事处罚同样很严厉。 FBAR 报告失败可能意味着最高达 50 万美元的罚款和最多十年的监禁。即使是非故意不报的 FBAR 民事处罚都可达 1 万美元。故意违反 FBAR 会罚高达 10 万美元的罚款或为每一项违反支付账户金额的 50%——且每一年都是独立的。这个数字会迅速增长。

5th Annual Company Formation Guide

and each year is separate. The numbers can add up quickly.

or more of the aggregate voting power or value of the corporation.

Form 5471 filing Currently, there are four categories of persons that must file Form 5471, ranging from Category 2 through Category 5. Category 1 was eliminated in 2004. A Category 2 filer includes a U.S. citizen or resident who is an officer or director of a foreign corporation in which a U.S. person acquires shares representing 10 percent

A “U.S. person” is a citizen or a resident of the U.S., a domestic partnership or corporation, or a domestic estate or trust. A corporation or partnership is considered “domestic” if it was organized in the U.S. or under the laws of the U.S. or of any state. A trust is considered “domestic” if a court within the U.S. is able

观点 | OPINION CHINA OFFSHORE

申报表格 5471 目前，有四种个人必须申报表格 5471，从种类 2 到种类 5。种类 1 于 2004 年停止使用。种类 2 的申报者包括在海外公司担任官员或总监的美国公民或居民，且在公司内美国个人持有代表 10% 或更多的公司总投票权或价值的股份。 “美国个人”是指美国公民或居民，国内合作伙伴或公司，或国内房地产或信托。若公司或伙伴关系在美

to exercise primary supervision over the administration of the trust or one or more U.S. citizens or residents have the authority to control all substantial decisions of the trust. An estate is usually considered “domestic” if the income of the estate is subject to U.S. income tax. Generally, a Category 3 filer is a U.S. person who during the year: ● Acquires 10 percent of the voting or participating shares in a foreign corporation;

ownership to less than 10 percent. A Category 4 filer is a U.S. person who owned more than 50 percent of the aggregate voting power or value of a foreign corporation for at least 30 days during the foreign corporation’s year. While Form 5471 is required for Category 2 and 3 filers only for the year in which the relevant transactions occur, a U.S. person should file Form 5471 for each year in which the more than 50 percent ownership threshold is met.

国国内组织或遵守美国或任一州法律，则被视为“国内的”。若美国国内法院可以对信托的行政进行基本的监管，或一名或多名美国公民或居民有权控制此信托的所有重要决定，则视此信托为“ 国内的”。若房地产的收入需向美国缴纳所得税，则视此房地产为“国内的”。

● Acquires voting or participating shares that, when added to the shares owned on the date of acquisition, equals or exceeds 10 percent or more of the voting or participating shares; or ● Disposes of voting or participating shares in a foreign corporation that reduces

Generally, a Category 5 filer is a “U.S. shareholder” (as defined herein) who owned stock in a foreign corporation that is a controlled foreign corporation (CFC). The stock must have been owned for at least 30 days during the year, as well as owned on the last day of the year. A U.S. shareholder is generally defined as a U.S.

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观点 | OPINION CHINA OFFSHORE

通常，种类 3 的申报者是指美国个人在一年内： ● 获得海外公司 10% 的表决权股或参与股； ● 当获得的表决权股或参与股在加上获得日所持有的股票份额时，等于或超过 10% 或更多的表决权股或参与股份额；或是 ● 处置的海外公司表决权股或参与股将所有权降低到少于 10%。种类 4 的申报者是指在境外公司年中至少有 30 天拥有超过 50% 的总投票权或公司价值的美国个人。而申报表格 5471 所需的种类 2 和种类 3 申报者只要处在相关交易发生的年份即可，若满足超过 50% 所有权这个临界点，则超过的每一年美国个人都需申报 5471 表格。通常，种类 5 申报者是指拥有受控外国公司（CFC）股票的“美国股东” （在此定义）。一年中的持股时间至少为 30 天，同时一年中最后一天也拥有股份。美国股东通常是指拥有 CFC10% 或以上的表决权股的美国个人。通常，CFC 是指一家外国公司，其人员作为美国股东，在一年中的任一天拥有超过公司 50% 的表决权股或参与股。对于种类 4 的申报者，美国个人需在种类 5 的要求得到满足的每一年提交申报表 5471。 IRS 审计时间和处罚若美国股东持有超过外国公司 50%

5th Annual Company Formation Guide

person who owns 10 percent or more of the voting shares of a CFC. Generally, a CFC is a foreign corporation that has persons qualifying as U.S. shareholders that own more than 50 percent of the voting or participating stock of the corporation on any day of the year. As with Category 4 filers, a U.S. person should file Form 5471 for each year in which the Category 5 requirement is met. IRS Audit Periods and Penalties When a U.S. shareholder holds more than 50 percent of the vote or value of a foreign corporation, the company is a controlled foreign corporation or CFC. A U.S. shareholder is a U.S. person who owns 10 percent or more of the foreign corporation’s total voting power.That triggers reporting, including filing an annual IRS Form 5471.

It is an understatement to say this is an important form. Failing to file it means penalties, generally $10,000 per form. A separate penalty can apply to each Form 5471 filed late, and to each Form 5471 that is incomplete or inaccurate. What’s more, this penalty can apply even if no tax is due on the retur n. That seems harsh, but the next rule—about the statute of limitations—is even more surprising. The IRS normally gets three years to audit. But if you have a CFC and fail to file a required Form 5471, your tax retur n remains open foraudit indefinitely. This statutory override of the normal IRS statute of limitations is sweeping. The IRS not only has an indefinite period to examine and assess taxes on items relating to the missing Form 5471. In fact, the IRS

观点 | OPINION CHINA OFFSHORE

的投票权或公司价值，则此公司为受控外国公司（CFC）。美国股东是指拥有超过外国公司总投票权

can make any adjustments to the entire tax retur n with no expiration until the required Form 5471 is filed.

are also required when a U.S. shareholder acquires stock that results in 10 percent ownership in any foreign company.

You might think of a Form 5471 like the signature on your retur n. W ithout a signature under penalties of perjury, a tax retur n really isn’t a tax retur n. Similarly, without a required Form 5471, the tax retur n will remain open.

The harsh statute of limitation rule for Form 5471 was the result of the HIRE Act passed March 18, 2010. Not coincidentally, this was the same law that brought us FATCA. Bottom line: be careful with CFCs and with Form 5471.

What if there is no CFC because U.S. shareholders do not own over 50 percent? Forms 5471 are not only required of U.S. shareholders in CFCs. They

IRS Voluntary Disclosure Programs

10% 的美国个人。因此需要申报，包括提交年度 IRS 申报表 5471。若说申报表很重要，就太轻描淡写了。未能提交申报就意味着处罚，通常是一份申报表罚 1 万美元。单独的处罚可以应用在每一份迟交的 5471 申报表上，以及每一份不完整或不准确的 5471 申报表上。不仅如此，即使申报表上没有需要支付的税费，处罚同样可以施行。这看

The presence of all of these tough rules may cause some

起来很不近人情，但下一条规则—— 关于限制的法令 —— 就更出人意料了。通常 IRS 有三年的审计时间。但如果你拥有一家 CFC，并未能递交所需的 5471 申报表，那么你的所得税申报表将无限期备审。这种对正常 IRS 法令限制的法令颠覆是彻底的。IRS 不仅仅可以无限期审核和评估与丢失的申报表 5471 相关的税费。实际上，IRS 可以对整个申报表做任意调整，没有时间限制，直到所需的申报表 5471 提交。你可能会觉得申报表 5471 就像你申报表上的签名。如果没有对伪造签名的处罚来保护签名，那么所得税申报表真的就不是一份所得税申报表。相似地，如果没有所需的申报表 5471，所得税申报表就会一直公开。如果因为美国股东未拥有超过 50% 的股份而没有 CFC 怎么办？不

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观点 | OPINION CHINA OFFSHORE

仅 CFC 中的美国股东需要申报表 5471，如果美国股东得到的股份可以带来对任何外国公司 10% 的所有权，那么申报表 5471 也是需要的。申报表 5471 限制规则的严厉法令是因为 2010 年 3 月颁布的《恢复就业鼓励雇佣法案》（HIRE Act）。无独有偶，也正是这部法案带来了 FATCA。底线：小心应对 CFC 和申报表 5471， IRS 自愿披露项目所有这些严酷的规则可能会让一些美国公民和居民考虑如何改正他们之前的错误。IRS 自 2009 开始以来，于 2011 年、2012 年和 2014 年对各种办法进行了修改，为纳税人提供了一条解决他们之前不遵守规则的后果的方法。自 2014 年 6 月 18 日起，相关人士有几种不同的项目可供选择。 IRS 保留了境外自愿披露程序，即 OVDP，涉及 8 年修正税表和 FBAR。OVDP 涉及了缴税和利息以及占任何未申报收入 20% 的罚款，加上对境外最高账户余额 27.5% 的罚款。简化程序则远没有那么贵，跟 OVDP 相比提供的保证更少。简化程序取决于纳税人证明自己是非故意不申报的，并受伪证惩罚的监督。要注意了，IRS 是可以检查纳税人的。实际上简化程序包括为在美国境内的人们服务的境内简化程序和为居住在海外的人们服务的境外简化程序。

5th Annual Company Formation Guide

观点 | OPINION CHINA OFFSHORE

两种简化程序都包括三年的税表，而不是八年的。两种简化程序都要求六年的 FBAR，而不是三年的，以符合 FBAR 的六年法令限制。境外简化程序没有处罚。境内简化程序会对六年 FBAR 进行罚款，其数额为境外最高账户年终余额的 5%。部分美国公民和居民也许会想着怎么摆脱这些规则，而不是改正自己的错误。不过，如果不解决过去的问题，是很难逃脱的。放弃国籍如果一个公民凌驾在 IRS 之上，则这位公民必须放弃美国国籍。永久居民（绿卡持有者）必须放弃绿卡。这涉及到居民和长居居民的差别。通常，长居居民是非美国公民，并在其 15 年居住期期满之前合法居住至少八年。一年中即使只有一天持绿卡，也会影响整一年。虽说如此，一个人不会为了在一年里进行的这种八年测试就被视为合法的永住居民，且在这一年中，根据税收协定，这个人被视为国外的居民，以及一个没有破坏适用于那个国家居民税收协定优惠待遇的人。过去十几年中，关于放弃国籍的美国税法改了又改。2004 年，国会放弃了所有避税动机。2008 年，国会又做了进一步的改变。

U.S. citizens and residents to consider how to correct their past failings. Starting in 2009, with changes in 2011, 2012, and 2014, the IRS has given taxpayers a way to resolve their noncompliance with these rules. SinceJune 18, 2014, there are now several programs from which to choose. The IRS has kept the Offshore Voluntary Disclosure Program or OVDP, involving 8 years of amended tax retur ns and FBARs. The OVDP involves paying taxes, interest and a 20 percent penalty on any unreported income, plus a 27.5percent penalty on the highest offshore account balance. The Streamlined program is far less expensive, and provides fewer assurances than the OVDP. The Streamlined programhinges on the taxpayer certifying under penalties of perjury that he or she was non-willful. Caution is in order, since the IRS can examine the taxpayer. The Streamlined actually consists of a Domestic Streamlined program for people in the U.S., and a Foreign Streamlined program for those living abroad. Both Streamlined programs involve three years of tax retur ns, not eight. Both Streamlined programs require FBARs for six years instead of three, to match the six year FBAR statute of limitations. The Foreign Streamlined program has no penalty. The Domestic Streamlined program applies a 5 percent penalty to the highest

year-end balance in the offshore accounts over the six FBAR years. Some U.S. citizens and residents may think more about getting out of these rules than about correcting their filing history. Yet it can be difficult to exit without addressing the past. Expatriation To put oneself beyond the reach of the IRS, a citizen must give up U.S. citizenship. A permanent resident (green card holder) must give up that status. It is also relevant to distinguish between residents and long-term residents. In general, a long-term resident is a non-U.S. citizen who is a lawful permanent resident of the U.S. in at least eight years during the 15-year period before that person’s residency ends. Holding a green card for even one day during a year will taint the whole year. Nevertheless, a person is not t re a t e d a s a l a w f u l p e r m a n e n t re s i d e n t f o r p u r p o s e s o f t h i s eight-year test in a year in w h i c h t h a t p e r s o n i s t re a t e d a s a re s i d e n t o f a f o re i g n c o u n t r y u n d e r a t a x t re a t y, a n d w h o d o e s n o t w a i v e t h e t re a t y benefits applicable to the re s i d e n t s o f t h a t c o u n t r y. The U.S. tax law on expatriating changed multiple times over the last few d e c a d e s . I n 2 0 0 4 , C o n g re s s d i s c a rd e d t a x a v o i d a n c e

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观点 | OPINION CHINA OFFSHORE

如果一个美国公民或长居居民在 2008 年 6 月 17 日当天或之后放弃国籍，则被认定在离开美国前以公平的市场价格卖掉了其世界范围内的所有资产。而由此带来的收入则根据资本利得率上交美国做税费。幸运的是，也有例外。首先，只有当个人在放弃国籍前五年的平均年度净所得税达到 16 万美元时，才需要缴纳脱籍税，或者如果在放弃国籍当日其净资产达 200 万美元或以上，也需要缴纳脱

5th Annual Company Formation Guide

m o t i v e s a l t o g e t h e r. I n 2 0 0 8 , C o n g re s s m a d e f u r t h e r changes. If a U.S. citizen or longt e r m re s i d e n t e x p a t r i a t e s o n or after June 17, 2008, he is deemed to have sold all o f h i s w o r l d w i d e p ro p e r t y for its fair market value the d a y b e f o re l e a v i n g t h e U . S . This deemed gain is subject to U.S. tax at the capital g a i n r a t e . F o r t u n a t e l y, t h e re a re e x c e p t i o n s f ro m i t s application.

First, an individual is subject to the exit tax only if he has an average net annual income t a x f o r t h e f i v e y e a r s p re c e d i n g expatriation of $160,000, or if he has a net worth of $2 m i l l i o n o r m o re o n t h e d a t e o f e x p a t r i a t i o n . H o w e v e r, another way of being hit with this exit tax is if you fail to certify on Form 8854 that you have complied with all U.S. federal tax obligations for t h e f i v e y e a r s p re c e d i n g t h e date of your expatriation or t e r m i n a t i o n o f re s i d e n c y.

观点 | OPINION CHINA OFFSHORE

籍税。不过，还有一种情况也要缴纳脱籍税，即没能在表格 8854 上证明自己在放弃国籍之日或终止居住期之日前五年一直履行美国联邦纳税义务。关于销售门槛也是有利可获的。如果脱籍日应卖资产的收入少于 60 万美元，那么纳税人也不需要缴纳税款。这个豁免金额根据通货膨胀做调整。（2015 年为 69 万美元）提前计划如果过去五年里 IRS，司法部和美国立法行动有教了我们一些事的话，那就是美国税收规则并非儿戏。拥

T h e re i s a l s o a g a i n o n s a l e t h re s h o l d . I f a t a x p a y e r h a s less than $600,000 of income f ro m t h e d e e m e d s a l e o f a s s e t s o n e x p a t r i a t i o n , t h e re is no tax due. This exemption amount is adjusted for inflation ($690,000 for 2015). Plan Ahead If the last five years of IRS, Justice Department and U.S. legislative actions have taught us anything, it is that U.S. t a x r u l e s a re n o t h i n g t o t a k e l i g h t l y. F a m i l i e s a n d c o m p a n i e s w i t h U . S . i n t e re s t s a n d U . S . s h a re h o l d e r s a n d m e m b e r s need to consider them and their application to their facts.

W h e t h e r t h e a p p ro p r i a t e s t r a t e g y i s t o c o r re c t p a s t f i l i n g s , t o re s t r u c t u re a c o m p a n y, t o h a v e a f a m i l y member give up a U.S. p a s s p o r t o r g re e n c a rd , planning is important. Of course, it is not just taxes at stake. When one adds uncertainties about family worries, and what can be big dollars at stake, these can be daunting issues. R e g a rd l e s s o f h o w g r a v e the situation may seem, t h e re i s a l m o s t a l w a y s a w a y t o a d d re s s i t . T h a t i s f a r b e t t e r t h a n t h e i n c re a s i n g l y d a n g e ro u s a p p ro a c h o f ignoring these issues.

有美国利益和美国股东和成员的家庭和公司需要考虑这些规则以及如何应用它们。不论一个适当的策略是为了改正过去的申报，为了重组公司，还是为了让一个家庭成员放弃美国护照或绿卡，计划总是重要的。当然，紧要的不仅是税收问题。如果一个人对家庭担忧添加了不确定性，也就意味着大量资本面临流失风险，那么这些都是艰巨的问题。不管形势看起来多么黯淡，总有解决的办法。这总比为了无视这些问题而出现的越发危险的路子要好得多。

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观点 | OPINION CHINA OFFSHORE

跨境投融资与财富管理的 SPV 运用 SPV Use in Cross-Border Investment, Financing and Wealth Management Haibo Xu, Dongming Liu

中

国高净值家家庭财富管理的国际化、专业化、信托化，使得 SPV 技术成为离岸财

富管理的主要工具之一。司法管辖区的选择、SPV 的设立、资产控制关系的构造，以及跨境投资的实施与安排，是架设离岸财富管理的关键。境内企业家越来越多地通过设立 SPV 来完成资产跨境重组、返程投资、红筹上市、家族传承、纳税筹划、国际贸易等。同时随着离岸金融业务的快速发展，越来越多的离岸金融服务机构把触角伸向中国市场。相关的离岸金融峰会也成为离岸财富管理的同业合作与交流峰会。境内企业、高净值家庭在设立境外 SPV 方面也面临着众多的境外选择。如何设立合法合规、风险可控且符合公司战略需要的 SPV 公司，成为这些公司的首要问题。笔者从目的、路径和风险控制等方面简述之。一、境外 SPV 的常规运用 SPV 是英文 Special Purpose Vehicle 缩略语，通常又叫做“特殊目的载体” 或“特殊目的公司”。我国外汇管理局关于跨境投融资、返程投资和外汇

5th Annual Company Formation Guide

s the wealth management of high-net-worth families in China becomes increasingly international, professional and trust-oriented, Special Purpose Vehicle (SPV) techniques have become one of the main tools for establishing offshore wealth management. The key for offshore wealth management is the selection of jurisdiction, setup of SPV, construction of assets control relationships and implementation and arrangement for cross-border investments. In addition, domestic entrepreneurs for cross-border asset restructuring are using SPV

techniques, return investment, red chips listings, family inheritances, tax planning and international trade more often. With the rapid development of offshore financial services, a growing number of offshore financial institutions have extended their businesses into the Chinese market. Offshore financial summits have also become meeting places for industry-wide cooperation and communication of offshore wealth management, thus offering various options for domestic enterprises and high-net-worth families in establishing

观点 | OPINION CHINA OFFSHORE

结算管理曾先后出过两个重要文件，即汇发【2005】75 号文和汇发【2014】 37 号文。在上述两部非常重要的部门规章中，都将 SPV 称为“特殊目的公司”，并进行了定义。相比较来看，在 37 号文中，外管局对 SPV 作了进一步的扩张解释，“境内居民（含境内机构和境内居民个人）以投融资为目的，以其合法持有的境内企业资产或权益，或者以其合法持有的境外资产或权益，在境外直接设立或间接控制的境外企业”，都称为特殊目的公司。为了更好地理解，从 SPV 的功能来看，我们可以将 SPV 形象地概括为一个“资产打包器”，是一个“壳载体”，通过将特定资产打包、隔离、重组，构建一种灵活、有效的财产控制关系，以实现其跨境的、多元化的经营管理目的，包括挂牌上市、资产证券化、股权融资、家庭财富管理等。常见的 SPV 运用主要在以下几个方面：第一，海外间接上市。一般包括买壳上市或造壳上市。造壳的过程，就是利用在离岸司法管辖区设立 SPV 并完成红筹搭建。或者，利用新设 SPV，完成购壳，然后通过返程投资或合同权益安排（VIE）完成资产注入。这样操作有利于避免海外直接上市的操作难点和审批手续，且方便节税操作。第二，离岸资产证券化。离岸资产证券化，主要是利用在海外设立的 SPV 在国际资本市场上发行资产支撑证券

Haibo Xu

Dongming Liu

金诚同达（上海）律师事务所高级合伙人，资深信托金融与并购律师。上海市复旦大学金融学硕士。

刘冬明毕业于华东政法大学，获学士学位。后于美国明尼苏达大学获得法律硕士学位。

先后担任上海市律师协会房地产研究会委员、基金研究会委员和信托研究会委员。许律师主要致力于公司金融、房地产金融和离岸金融业务，并长期为多家大中型企业提供常年法律顾问服务。 Senior partner of Jincheng Tongda & Neal (Shanghai) Law Firm, Senior Trust Finance and M & A lawyer. Master of Finance, Fudan University, Shanghai. Lawyer Xu has served as a member of the Real Estate Research Committee, Fund Research

Committee and Trust Research Committee of the

Shanghai Bar Association successively. Lawyer Xu is mainly engaged in corporate financial business,

real estate financial business and offshore financial business and has been providing legal counsel

services for a number of large-scale and mediumsized enterprises for many years.

Tel: 8621-60795656, 8621-60795618 E-mail: xuhaibo@jtnfa.com, xuhaibo230@gmail.com

刘冬明于 2013 年获国家法律职业资格，先后在多家大型事务所实习，参与大量买卖合同纠纷、金融借款纠纷、著作权维权类及保险追偿类民商事诉讼类业务。后于美国明尼苏达州明尼阿波利斯市州立法院民事庭实习。于 2014 年 10 月加入金诚同达（JT&N）律师事务所，参与公司证券、兼并收购及信托领域的法律工作，并向国内公司提供常年法律顾问服务。 Liu Dongming graduated from East China University of Political Science and Law with a Bachelor degree,

and later received LLM from University of Minnesota in the USA.

After joining JT&N in October 2014, Liu Dongming has undertaken various legal affairs on company

securities, merger and acquisition, and trust. She

also provides long-term legal consulting service for domestic companies. liudongming@jtnfa.com

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观点 | OPINION CHINA OFFSHORE

（ABS）、抵押支撑证券（MBS）或房地产投资信托基金（REITs）。对于资产证券化而言，SPV 就是基础资产的“打包器”，通过将基础资产进行打包、隔离、重组、估值，然后证券化后出售。当然，境内资产的境外证券化，就意味着需要利用 SPV、 WFOE 在打包过程中建立境内与境外的资产控制关系。第三，跨国投资与并购。2014 年出台的外管局 37 号文进一步放宽外汇管制，推动资本账户开放，允许境内企业资金汇出从而便利国内企业拓展跨国业务，扩大经营规模。对于 SPV 的资产或权益来源，不仅包括境内居民在境外的资产或权益，还包括其在境内的资产或权益。在扩过资产并购过程中，一方面需要通过 SPV、 WFOE 建立境内与境外资产的控制关

5th Annual Company Formation Guide

foreign SPVs. The primary concerns are how to establish legally compliant SPV firms that are risk controllable and stay in line with company strategic needs. The authors, in terms of purpose, approach and risk control will clarify these concerns in this article. 1.Conventional Practice of Offshore SPV Special Purpose Vehicle, also referred to as Special Purpose Entity or Special Purpose Company, have become increasingly popular in China. China has successively publicized two important documents concerning the management of cross-border investment and financing, return investment and foreign exchange settlements in documents HF (2005) No. 75 and HF (2014) No. 37. In these department regulations, SPV is referred to as Special Purpose Company and defined accordingly. Comparatively speaking, the

People’s Republic of China’s State Administration of Foreign Exchange (SAFE) provides an extended interpretation on SPV in document No. 37: “Any overseas entities established directly or indirectly controlled by domestic residents with their legally held assets or equities from domestic entities or their legally held overseas assets or equities for the purpose of investment and financing” are called Special Purpose Companies. To better understand this, we can analyze SPV in terms of its functions. Generally SPV is an “assets packer” or a “shell carrier”, by which particular assets are packed, isolated and restructured to form certain flexible and effective property control relations for the purpose of diversified crossborder operational management. This includes public listings, assets securitization, equity financing, and family wealth management.

观点 | OPINION CHINA OFFSHORE

系，另一方方面，需要通过境外设立的 SPV 进行融资和股权、资产并购交易。既要考虑并购标的公司的当地法律环境，还要考虑并购的税收问题。第四，家族财富管理。通过信托计划设立 SPV，然后再通过多层次的 SPV 完成上市、融资和持有不同的实业资产，这已是境外家族信托的惯例结构。选择合适的司法管辖区设立信托和 SPV 对这个家族财富惯例结构与法律保护显然至关重要。信托能否有效设立，SPV 所属司法管辖区的司法完善程度对于家族财富惯例有至关重要的影响。二、设立境外 SPV 的操作要点设立境外 SPV，除需解决上述运用领域的特定问题外，需重点关注司法管辖区的税收政策，银行与商业保密政策，外汇管理是否宽松，公司注册资料及文件是否高度保密，法律环境是

Common Usage of SPV: First, overseas indirect listings generally include backdoor listings or reverse mergers. The process of creating the shell company is to establish SPV in an offshore jurisdiction and complete red chip structure. Another practice is to use the newly established SPV to buy the shell company and then realize the addition of assets through return investment or contract interest arrangement (VIE). This is favorable for avoiding operational difficulties and approval procedures in overseas direct listing as well as to facilitate tax savings. Second, offshore asset securitization is mainly realized by using the established overseas SPV to issue asset-backed securities (ABS), mortgage-backed securities (MBS), or real estate investment trusts (REITs) in international capital markets. For asset securitization, SPV is the packer for underlying assets. Underlying assets are packed, isolated, restructured,

and evaluated, then sold after securitization. Overseas securitization of domestic assets will use SPV and Wholly Foreign Owned Enterprises (WFOE) to establish control relationships between domestic and overseas assets in the process of packaging. Third, cross-border investments as well as mergers and acquisitions are common procedures in SPV investments. SAFE has further relaxed control over foreign exchange through Document No. 37 in 2014. This document advocates the liberalization of capital accounts and allows repatriation of funds by domestic enterprises to facilitate the expansion of cross-border business and scale of business. The sources of SPV assets or equities include overseas and domestic assets or equities held by domestic residents. The process of asset acquisitions also allows for controlled relationships between domestic and overseas assets that will be established via SPV and WFOE. In contrast, transactions such as

否健全，公司治理体制是否宽松等问题。一般来说，保密性、税务减免性、无外汇管制等几大特点，成为境内各企业设立 SPV 的首要问题。目前，在离岸司法管辖区上注册的 SPV，企业不用亲临当地，其业务运作可在世界各地的任何地方直接开展。从地理位置上看，离岸管辖区主要分布在三个区域：靠近南北美洲的大西洋和加勒比海地区、欧洲地区、远东和大洋洲地区。其主要的特征为：政治环境稳定，法律制度健全，金融限制较小，零利率或低利率税收优惠，交通等基础设置发达，和专业服务完

5th Annual Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

备等。世界上离岸金融中心如英属维尔京群岛、开曼群岛、泽西岛、耿西岛、巴哈马群岛、百慕大群岛、塞舌尔群岛、萨摩亚群岛、马恩岛等纷纷以法律手段制订并培育出一些特别宽松的经济区域，允许国际人士在其领土上成立一种国际业务公司。设立 SPV，一般需提供以下文件： 1、组织文件如公司大纲和公司章程。因不同离岸管辖区注册所需文件的不同，公司大纲和公司章程的内容也大相径庭，公司大纲大致可包括公司名称、注册地址、注册代理机构的名称和地址、公司目标、资本结构详细情况等；公司章程可规定了公司与股东和高级管理人员之间的权利和义务，是否能进行公众查阅以离岸管辖区注册规定而定。 2、个别管辖区还需提供董事会声明，确认该海外公司的商务活动将基本在管辖区以外的地方进行。根据不同的离岸管辖区，可选择法定股本、发行不记名股份、使用中文公司名称、委任公司秘书等。公司设立手续一般在 1-2 周内完成，由公司注册处负责签发公司成立证明。三、设立境外 SPV 的风险与建议然而，各离岸地之间法律规定和管理体制存在差异，如何在众多离岸地中选择符合具体交易的 SPV 往往成为了设立 SPV 的一大问题。现如今，设立 SPV 的注册程序非常简单，可由专业的注册代理机构代为完成，无须注册人亲临注册地。但由

5th Annual Company Formation Guide

financing, equity, and asset merger and acquisition will be performed by SPVs established overseas. Both the local legal conditions of the target company and the taxation for mergers and acquisitions shall be taken into consideration.

jurisdiction and then establish trust and SPV. Whether the trust can be effectively established and to what extent the judicial integrity is in SPV jurisdiction will have significant influence to the practice of family wealth management.

Lastly, family wealth management relies on the usage of SPV, which can be established via trust arrangement, followed by listing, financing, and holding of different industrial assets through multi-level SPVs. This has become the conventional practice for overseas family trusts. Clearly, it is of great importance for the conventional structure and legal protection of the family wealth to select suitable

Essentials in Establishing Overseas SPV In addition to dealing with the specific issues mentioned in the previous paragraphs regarding establishing overseas SPV, attention should also be paid to the tax policy in the jurisdiction, bank and business confidentiality policies. This is done regardless if the foreign exchange

观点 | OPINION CHINA OFFSHORE

代理注册 SPV 也会存在一定的风险，

control is lenient, company registration documentation and information are highly confidential, legal conditions are sound or if the company governance structure itself is lenient. Generally, confidentiality, tax exemption, and no foreign exchange controls are the primary issues faced among domestic enterprises in establishing SPVs.

Islands, Jersey Island, Guernsey Island, the Bahamas, Bermuda Islands, Seychelles Islands, Samoa Islands and Isle of Man have adopted legal means to develop and nurture particularly lenient controlled economic zones, allowing people from all over the world to conduct international business in their territories.

Currently, for Special Purpose Vehicles registered with offshore jurisdiction, it is not necessary for the registered company to be present in the jurisdiction. Therefore the company can carry out its operations directly from anywhere in the world. Geographically, offshore jurisdictions are mainly distributed in three regions: the Atlantic Ocean and Caribbean region near North and South America, Europe and the Far East and Oceanic regions. These regions are mainly characterized by stable political environments, sound legal systems, limited financial restrictions, zero or low-interest tax incentives, developed traffic and infrastructure as well as well-developed professional services. Some offshore financial centers, such as the British Virgin Islands, Cayman

Establishing an SPV generally requires the following documents: 1. Organizational Documents: This includes Memorandum and Articles of Incorporation, which varies greatly due to different document requirements for registration with offshore jurisdictions. The Memorandum will generally include company name, registered address, name and address of the registration agent, company objectives, detailed capital structure and other important details. The articles may also specify the rights and obligations of the company with its shareholders and top management, and the public availability of documents, depending on the offshore authority regulations.

若代理机构资质不到位或实力不够，其可能对于企业的需求把握不到位，从而无法设立符合企业规划的 SPV；或者对离岸区的法律不甚了解，无法对未知的风险加以防控。离岸区近几年的众多案例表明，若不事先选择好拥有健全法律环境的离岸区设立 SPV，当纠纷发生时，企业将置身于泥沼之中，蒙受巨大利益损失。因此，在整个设立过程中，我们建议：第一，根据企业自身的战略诉求，委托专业的团队，审慎制定境外投融资、

5th Annual Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

2. Board of Directors Statement: This may be required by some jurisdictions to confirm that the business activities of the overseas company will be conducted outside the jurisdictional territory. Pursuant to the requirements of different offshore jurisdictions, it is available to choose authorized share capital, issue bearer shares, use a Chinese company name, or appoint a company secretary. Company incorporation procedures are generally completed within 1-2 weeks and the company registration office then issues the incorporation certificate.

财富惯例的整体架设安排，并在这一整体框架内考虑 SPV 的设立和运用问题。第二，为防范或规避风险，在选择司法管辖区设立 SPV 的时候，要通过当地律师的配合论证当地的法律环境，如相关税法、外汇管制、金融政策、公司治理等，应聘请从事过相关工作的律师进行咨询，注重风险防范，尽量减少注册后可能产生的不必要纠纷。第三，在对离岸管辖区完成论证之后，结合整体架设考虑，选定司法管辖区，并选择专业同、适格的法律、财务、代理顾问协作完成具体的安排。第四，企业要格外注重司法管辖区的法律环境和司法裁判体系以及当地的判例。尤其对于长期规划的家族财富惯例而言，司法体系的稳定性和争议救济部门的完善程度对于法律安排的效力和效果有关键影响。

5th Annual Company Formation Guide

3. Risks and Suggestions for Establishing Overseas SPV Each offshore jurisdiction has different legal provisions and management systems. Selecting the most suitable SPV for particular transactions is often a major concern in establishing a Special Purpose Vehicle. Today, the registration procedures to establish an SPV are very simple and can be performed by a professional agent without the applicant personally going to the registration office. However, there are certain risks that exist with SPV registration by an agent that needs to be understood before proceeding with this option. If the agent is poorly qualified or insufficiently resourced, he or she may fail to properly understand the applicant’s needs making the establishment of an SPV compliant business impossible. Furthermore, if the agent does not fully understand the laws in the offshore jurisdiction, unknown risks cannot be prevented and controlled. In recent years, various issues have occurred, which warn that if an SPV is not properly established in an offshore with a sound legal environment, the enterprise is at risk of incurring great loss of interests if any disputes arise.

Therefore, we suggest that you follow the following steps to insure a successful SPV incorporation: 1. A professional team be appointed to insure due diligence in the overall framework arrangement for conventional practices of overseas investments, financing and wealth management in line with the strategic demands of the enterprise. The team should also take into consideration issues regarding SPV setup and application accordingly. 2. Local legal environments, such as tax laws, foreign exchange control, financial policies and corporate governance, shall be analyzed in cooperation with local lawyers in order to protect against and avoid risks when selecting SPV jurisdiction. Lawyers with extensive experience shall be employed for consultation, paying especial attention to risk prevention and reducing any unnecessary disputes from arising after registration. 3. Jurisdiction shall be selected and specific arrangements performed in cooperation with qualified and eligible legal and financial consultants. Offshore jurisdiction should be analyzed and overall arrangements taken into consideration before the SPV is incorporated. 4. Enterprises should pay particular attention to the legal environment, justice system and local legal precedents, especially for family wealth practices. Under long-term planning, the stability of judicial system and the soundness of dispute relief authorities play a key role on the validity and effectiveness of legal arrangements.

观点 | OPINION CHINA OFFSHORE

5th Annual Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

在香港开设银行账户遇阻？新加坡有办法 Incorporation Problems with Hong Kong Bank Accounts? Singapore Has An Answer By China Briefing

Chris Devonshire-Ellis Chris Devonshire-Ellis 是 Dezan Shira & Associates 的创始人和该公司股权合伙人和国际董事会的董事。 Chris Devonshire-Ellis is the Founder of Dezan Shira

& Associates and Chairman of the firms International Board of Equity Partners & Directors.

5th Annual Company Formation Guide

i v e n t h e re c e n t p ro b l e m s A m e r i c a n trading companies a re h a v i n g i n establishing bank accounts in Hong Kong, viable alternatives need to be found. These i s s u e s , w h i c h a re d i re c t l y re l a t e d t o t h e A m e r i c a n IRS carrying out extensive investigations in Hong Kong concer ning breaches of the n e w FAT C A r e g u l a t i o n s , h a v e made banks in the territory wary of setting up any new personal or even company b a n k a c c o u n t s . O t h e r, s m a l l e r account holders have been asked to find ‘alternative’ banking arrangements, which is hardly conducive to assisting SMEs. In fact, Hong Kong has been c o m i n g u n d e r i n c re a s i n g spotlight for a number of years. The territory has been blacklisted as a tax haven by several countries, i n c l u d i n g F r a n c e a n d I t a l y, while the U.S. is known to h a v e c o n s i d e re d s u c h a c t i o n s . H o w e v e r, t h e re a re s u s t a i n e d

concerns about the quality of n u m e ro u s m a i n l a n d C h i n e s e financial investments, and of t h e t r u e n a t u re c o n c e r n i n g t h e stated independence of Hong K o n g ’s S e c u r i t i e s a n d F u t u re s Commission. An overall d e t e r i o r a t i o n i n a u d i t s t a n d a rd s has also been noticed by n u m e ro u s c o m m e n t a t o r s o n H o n g K o n g ’s t r a n s p a re n c y. While the territory has long been a viable entry point for business in China, that is now being compromised by what appears to have been a decadelong, increasingly lax approach to the acceptance of dubious mainland Chines e i n v e s t o r s a t the expense of full corporate d i s c l o s u re . I t re m a i n s t o b e seen how serious an issue this w i l l b e c o m e . H o w e v e r, s h o u l d major Hong Kong banking and financial institutions be implicated in corporate w ro n g d o i n g , a n d H o n g K o n g ’s s y s t e m a t i c a p p ro a c h t o f i n a n c i a l t r a n s p a re n c y f o u n d t o be wanting, the damage to its i n t e r n a t i o n a l re p u t a t i o n w i l l b e p ro f o u n d .

观点 | OPINION CHINA OFFSHORE

考

虑到目前美国贸易公司在香港开设银行账户所遇到的问题，需要找到可行的

替代方案。之所以会出现这些问题，与美国国税局在香港就违反新《海外账户纳税法案》的行为展开的深入调查直接相关，因此，香港境内银行在设立任何新个人账户甚至新公司银行账户时变得小心翼翼。其他金额较小的开户人已被要求找到“替代性” 的银行协定，而这对协助中小企业毫无裨益。事实上，近年来，香港已经越来越成为公众关注的焦点。香港已经被包括法国和意大利在内的多个国家拉进了避税港的黑名单，而众所周知，美国也已经在考虑执行此项措施。但是，人们一直对大量中国大陆金融投资的质量以及香港证券及期货事务监察委员会独立性的真实性质保持着持续的关注。很多评论员也都已经注意到了香港透明度审计标准的全面倒退。尽管长期以来，香港都是一个进入中国市场的可行的切入点，但是十多年来，香港似乎以牺牲公司信息的完全披露为代价，不断放宽对可疑的中国大陆投资人的接受要求，已经让这个切入点打了折扣。这到底会造成多么严重的问题，还有待观察。但是，如果香港的主要银行和金融机构牵扯到企业不道德行为之中，且事实证明香港欠缺系统的金融透明度监察手段，那么这将严重破坏香港的国际声誉。

5th Annual Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

还应该注意如果中国中央政府出于自身的政治目的，最终为香港的问题背书，那么香港作为国际金融中心的可信度可能会遭受不可挽回的损失。习近平主席非常清楚中国资金有非法流入香港市场的渠道，他可能有意与美国国税局合作捣毁此类机构，打破非法渠道。现在必须要提出一个问题：中国这么做是不是可以被当成是对要求更多民主的香港市民的惩罚？或者是中国有意以更加易于管理的上海取代香港，成为中国最大的金融服务枢纽？但是，上海远远没有香港的能力，无法提供香港可以提供的国际金融服务。对于有意进入中国市场的国际企业，这可能导致其所获得金融服务的差距。如果是这样，要在中国大陆开展银行业务和贸易，唯一可以与香港媲美的地方就是新加坡，它可能已经成为更好的选择。新加坡为国际贸易公司带来了很多好处。新加坡与香港和中国大陆属于同一时区，和香港一样，它也是一个获得批准的人民币贸易枢纽，也就是说在新加坡可以进行人民币交易。尽管新加坡也要遵守美国 FATCA（海外账户纳税法案），持续流入新加坡金融服务业的中国非法资金在金额上要远远低于香港。新加坡是世界上对透明度要求最高的国家之一 —— 要从美国获得迫切需要的“ 清洁贸易” 批准，但它在世界银行的全球“ 经商便利度” 排名中一直高居榜首。其中的含义一

5th Annual Company Formation Guide

It should also be noted that s h o u l d H o n g K o n g ’s p ro b l e m s eventually be endorsed by the Chinese Central Government for their own political ends; the c re d i b i l i t y o f H o n g K o n g a s a n international financial center m a y b e d a m a g e d i r re p a r a b l y. P re s i d e n t X i J i n p i n g i s w e l l a w a re t h a t i l l i c i t C h i n e s e money has found its way into Hong Kong, and may attempt to take down its institutions, with the cooperation of the U.S. IRS in bringing them down.

The question of whether this could be seen as a punishment for Hong Kong citizens for t h e i r c a l l s f o r m o re d e m o c r a c y, o r a d e s i re t o s e e a m o re easily manageable Shanghai re p l a c e t h e t e r r i t o r y a s C h i n a ’s p re m i e r f i n a n c i a l s e r v i c e s h u b must now be asked, although t h e l a t t e r c i t y i s n o w h e re n e a r b e i n g a b l e t o o ff e r i n t e r n a t i o n a l financial services to the extent Hong Kong can. This may re s u l t i n t h e d e v e l o p m e n t o f a g a p i n t h e p ro v i s i o n o f financial services for the

观点 | OPINION CHINA OFFSHORE

清二楚，新加坡欢迎没有任何隐瞒、不参与非法贸易活动的国际公司进驻新加坡。香港的衰落就是因为它在财务尽职调查方面的管理过于宽松，现在也因此自承恶果。这可能是因为它与中国大陆的距离太近。令人惊奇的是，在进行中国贸易时，新加坡还拥有很多即便是与中国直接接壤的香港也不曾具备的优势。其中包括与中国签订的全面双重课税协定，以扣缴机制取代更高的中国企业所得税率，从而提供缩减税费的直接能力。新加坡也是与中国直接签订自由贸易协定的东南亚国家联盟（东盟）的成员国之一。要了解此协议对中国 - 东盟贸易影响的详细信息，请参考我们最新一期的《中国简报杂志》。这是香港

international business looking to access the China market. If so, the only other jurisdiction able to compete with Hong Kong for mainland China banking and trade purposes is S i n g a p o re , a n d i t m a y a l re a d y b e p re f e r a b l e . S i n g a p o re h a s m a n y b e n e f i t s for international trading companies. It runs on the same time zone as Hong Kong and mainland China, and like H o n g K o n g , i s a n a p p ro v e d RMB trading hub – meaning RMB transactions can be f u l f i l l e d i n S i n g a p o re . W h i l e S i n g a p o re i s a l s o s u b j e c t t o A m e r i c a n FAT C A re g u l a t i o n s , i t h a s n o t b e e n t a r re d w i t h t h e same brush of constant illicit Chinese money coming into its f i n a n c i a l s e r v i c e s i n a n y w h e re near the volumes that Hong Kong has attracted.

当前不具备的优势，可以说，对于有意在中国扎根的贸易公司而言，新加坡可能是一个比香港更加成熟的纳税选择。从战略的角度来看，这也说得通 —— 整个东盟自由贸易的供应链目前正朝着深入亚洲腹地的方向移动，而新加坡恰好就位于此区域的中心位置。总而言之，作为东盟的成员国，新加坡会对有意在中国及中国之外地区投资的企业有极大的推动作用。同样的，新加坡也可以与亚洲重要采购和生产市场进行免关税贸易，比如印度尼西亚、马来西亚、菲律宾、泰国、越南、文莱、柬埔寨、老挝和缅甸。对于与非东盟国家进行贸易的公司而言，新加坡也是一个很好的选择。

S i n g a p o re ’s t r a n s p a re n c y d e m a n d s a re a m o n g t h e highest in the world – garnering much-needed “ c l e a n t r a d e ” a p p ro v a l f ro m the United States – yet it also consistently ranks first i n t h e Wo r l d B a n k ’s “ E a s e o f Business” global rankings. The m e s s a g e h e re i s l o u d a n d c l e a r – international businesses with nothing to hide and engaged in legitimate trade activities a re w e l c o m e t o e s t a b l i s h a n d o p e r a t e i n S i n g a p o re . H o n g K o n g ’s d o w n f a l l i s t h a t i t h a s become too lax in its financial due diligence, and is now s u ff e r i n g b e c a u s e o f t h i s . I t i s possible it seems, to be just too close to mainland China.

S i n g a p o re a l s o p o s s e s s e s a number of advantages when it comes to China trade that even H o n g K o n g , w i t h i t s d i re c t p ro x i m i t y t o C h i n a , s u r p r i s i n g l y lacks. These include a c o m p re h e n s i v e D o u b l e Ta x Tre a t y w i t h C h i n a w h i c h o ff e r s the immediate capability t o re d u c e t a x e s t h ro u g h withholding mechanisms as an alternative to the higher China corporate income tax rates. S i n g a p o re i s a l s o a m e m b e r o f A S E A N , w h i c h h a s a F re e Tr a d e A g re e m e n t d i re c t l y w i t h China. For details of how this a g re e m e n t i m p a c t s C h i n a ASEAN trade, please see our latest issue of China Briefing Magazine (complimentary d o w n l o a d ) h e re . T h i s i s something Hong Kong does not possess at the moment, and arguably means t h a t S i n g a p o re i s a m o re sophisticated tax option than Hong Kong in which to base a trading company with designs o n C h i n a . F ro m a s t r a t e g i c viewpoint this also makes s e n s e – f re e t r a d e t h ro u g h o u t ASEAN now means the supply chain is moving deeper into A s i a – a n d S i n g a p o re i s r i g h t in the middle of that. I n s h o r t , S i n g a p o re ’s s t a t u s as an ASEAN member is a significant pull for companies considering investment into and beyond China. As such, S i n g a p o re e n j o y s t a r i ff - f re e trade with important Asian s o u rc i n g a n d m a n u f a c t u r i n g markets such as Indonesia, Malaysia, the Philippines,

5th Annual Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

比如，东盟与印度签订了税收协定，而香港没有。在对香港产生严重影响的《海外账户纳税法案》方面，新加坡也走在了前面。新加坡政府不久前已与美国签署了“政府间协议”（IGA），因此在《海外账户纳税法案》的规定方面也能够符合美国的规定。新加坡是第一个签订此类协议的东南亚国家，凭借自身能力就足以吸引注重财务合规和报告问题的美国公司。新加坡政府提供的税收鼓励计划，比如环球贸易商计划和 HQ 计划，也具有很大的吸引力，此外，新加坡政府还会为符合生产力及创新优惠（PIC）计划的外国投资人提供税收鼓励，鼓励它们，尤其是中小企业，在生产力和创新领域投资。根据 PIC 计划，如果在以下六项活动中任一项的支出达到 40 万新加坡元，企业就可以获得现金津贴或 400% 的支出税款减免 / 优惠： ● 采购 / 租赁规定的自动化设备 ● 培训支出 ● 购买知识产权 ● 注册知识产权 ● 研发 ● 设计支出在全面税务风险方面，新加坡也可以提供非常有竞争力的税制 —— 企业所得税为 17%；对于在新加坡境外实现的利润，不征收任何税费。个人所得税大约为 20%，考虑到特定的费用津贴，还可能进一步降低——

5th Annual Company Formation Guide

Thailand and Vietnam as well as Brunei, Cambodia, Laos and M y a n m a r. S i n g a p o re i s a l s o i n a favorable position for trading with non-ASEAN countries as well. For example, ASEAN has a t a x t re a t y w i t h I n d i a , w h e re a s Hong Kong does not. I n t e r m s o f t h e FAT C A i s s u e that has impacted so badly u p o n H o n g K o n g , S i n g a p o re i s a h e a d h e re t o o . T h e S i n g a p o re Government has just signed o ff a n “ I n t e r g o v e r n m e n t a l A g re e m e n t ” ( I G A ) t h a t b r i n g s them into U.S. compliance c o n c e r n i n g FAT C A re g u l a t i o n s . S i n g a p o re i s t h e f i r s t n a t i o n i n Southeast Asia to have done this, which in its own right will be a draw for American companies mindful of financial c o m p l i a n c e a n d re p o r t i n g issues. Ta x i n c e n t i v e p ro g r a m s o ff e re d b y t h e S i n g a p o re g o v e r n m e n t ,

s u c h a s t h e G l o b a l Tr a d e r P ro g r a m a n d H Q P ro g r a m , a re also significant draws, as well as tax incentives available to t h e f o re i g n i n v e s t o r s u n d e r t h e P ro d u c t i v i t y a n d I n n o v a t i o n C re d i t ( P I C ) S c h e m e , w h i c h encourages businesses, especially SMEs, to invest in p ro d u c t i v i t y a n d i n n o v a t i o n . Under the PIC Scheme, businesses can get cash p a y o u t s o r a 4 0 0 p e rc e n t tax deduction/allowance o n e x p e n d i t u re s o f u p t o S$400,000 for each of the following six activities: ● P u rc h a s e / l e a s i n g o f p re s c r i b e d a u t o m a t i o n equipment ● Tr a i n i n g e x p e n d i t u re s ● Acquisition of intellectual p ro p e r t y ● Registration of intellectual p ro p e r t y ● R&D ● D e s i g n e x p e n d i t u re s

观点 | OPINION CHINA OFFSHORE

在香港要获得此项优惠的难度则是与日俱增。最后，与香港一样，大多数新加坡公司都登记为私营有限责任公司。公司建立的要求必须雇佣专业的服务公司，代表由非新加坡国民登记身份证（NRIC）持有人、非就业准证持有人和 / 或非家属准证持有人担任董事、公司秘书和 / 或股东的公司注册。在新加坡成立公司的要点包括要求公司秘书和至少一位董事为新加坡居民，并持有新加坡会计与企业管制局（ACRA）和新加坡行业分类码（“SSIC 代码”）所要求的批准函。 ● 至少有一位股东。新加坡私营有限责任公司至少应有一位股东，但

In terms of overall tax e x p o s u re , S i n g a p o re a l s o o ff e r s a h i g h l y c o m p e t i t i v e t a x re g i m e – c o r p o r a t e i n c o m e t a x i s 1 7 p e rc e n t ; a n d t h e re a re n o t a x e s t o b e p a i d o n p ro f i t s re a l i z e d e x t e r n a l l y f ro m S i n g a p o re . I n d i v i d u a l i n c o m e t a x r a t e s a re a b o u t 2 0 p e rc e n t , a n d c a n b e re d u c e d g i v e n specific expense allowances – something that is becoming i n c re a s i n g l y d i ff i c u l t t o o b t a i n i n H o n g K o n g . L a s t l y, s i m i l a r t o H o n g K o n g , m o s t S i n g a p o re c o m p a n i e s a re re g i s t e re d as private limited liability companies.

h o l d e r s i n t h e ro l e ( s ) o f d i re c t o r, c o m p a n y s e c re t a r y a n d / o r s h a re h o l d e r.

Requirements for Incorporation

● A t l e a s t o n e s h a re h o l d e r. A S i n g a p o re p r i v a t e l i m i t e d company should have at least o n e s h a re h o l d e r, b u t n o m o re t h a n 5 0 . T h e s h a re h o l d e r can be a person or another l e g a l e n t i t y ( s u c h a s a f o re i g n c o m p a n y ) a n d 1 0 0 p e rc e n t f o re i g n s h a re h o l d i n g i s a l l o w e d . N e w s h a re s c a n b e

A p ro f e s s i o n a l s e r v i c e s f i r m m u s t b e e n g a g e d t o re g i s t e r on the behalf of companies w i t h n o n - S i n g a p o re N a t i o n a l R e g i s t r a t i o n I d e n t i t y C a rd (NRIC) holders, nonEmployment Pass holders and/or non-Dependant Pass

Key Points of Singapore Company Establishment T h e s e i n c l u d e t h e re q u i re m e n t t h a t t h e c o m p a n y s e c re t a r y a n d a t l e a s t o n e d i re c t o r a re S i n g a p o re re s i d e n t s a n d h o l d t h e a p p ro v a l s re q u i re d a c c o rd i n g t o t h e Accounting and Corporate Regulatory Authority (ACRA) a n d S i n g a p o re I n d u s t r y Classification Code (“SSIC Code”).

股东人数不得超过 50。股东可以是一个人或另一个法人实体（比如外国公司），允许 100% 外资持股。可以发行新股票，或者在新加坡公司成立之后，随时将现有股票转让给其他人。 ● 但是，至少有一位董事必须是新加坡居民。居民的定义是新加坡公民、新加坡永久居民、原则上批准就业准证持有人或者已颁发就业准证的个人。这就意味着有意受雇于新加坡公司的外国人可以是公司的唯一董事，前提是他们已经获得了新加坡的就业准证并缴纳了税费。

5th Annual Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

新加坡私营有限公司可以额外任命任意数量的本地或外国股东。大多数公司至少有两位董事，而银行和其他金融机构通常要求有两位签字人。唯一股东和唯一董事可以是同一人，但非股东也可以被任命为董事。 ● 与香港的程序类似，必须任命一位新加坡居民担任公司秘书。 ● 实收资本。新加坡公司注册的最低实收资本（也称为股本）为 1 新加坡元（0.80 美元）。公司成立之后，可随时增加实收资本。 ● 注册地址。必须提供一个新加坡本地的地址作为公司的注册地址。新加坡常见的商业中心就可以满足此项要求。 ● 公司注册流程。一般来说，私营有限责任公司可以在一两天内注册成立。可以在会计与企业管制局（ACRA）网站上在线完成公司的注册。 ● 新加坡公司名称核准书申请公司名称必要的信息如下： ● 拟选用之公司名称 ● 新加坡行业分类码（SSIC）中确定的主要业务。可从会计与企业管制局网络平台获得详细信息 ● 其他政府主管机构的审批（如必要） ● 董事和股东的具体信息如下： ● 姓名 ● 身份证号

5th Annual Company Formation Guide

i s s u e d o r e x i s t i n g s h a re s c a n b e t r a n s f e r re d t o a n o t h e r person any time after the S i n g a p o re c o m p a n y h a s b e e n incorporated. ● H o w e v e r, a t l e a s t o n e d i re c t o r m u s t b e a S i n g a p o re re s i d e n t . A re s i d e n t i s d e f i n e d a s a S i n g a p o re C i t i z e n , a S i n g a p o re a n P e r m a n e n t R e s i d e n t , a n A p p ro v a l - i n Principle Employment Pass h o l d e r, o r a p e r s o n w h o h a s been issued an Employment Pass. This means that a f o re i g n e r i n t e n d i n g t o b e

e m p l o y e d b y t h e S i n g a p o re company can be the sole d i re c t o r o f t h a t c o m p a n y, p ro v i d i n g t h e y o b t a i n a n employment pass and pay t a x e s i n S i n g a p o re . T h e re is no limit on the number of a d d i t i o n a l l o c a l o r f o re i g n d i re c t o r s a S i n g a p o re p r i v a t e limited company can appoint. Most companies will have at l e a s t t w o d i re c t o r s , a s b a n k s and other financial institutions u s u a l l y re q u i re t w o s i g n a t o r i e s . T h e s o l e s h a re h o l d e r a n d s o l e d i re c t o r c a n b e t h e s a m e p e r s o n , b u t n o n - s h a re h o l d e r s

观点 | OPINION CHINA OFFSHORE

● 国籍 ● 居住地址 ● 联系电话 / 电子邮件地址 ● 职位 ● 新加坡公司名称规范公司名称不可以与注册簿上另一实体的名称雷同。在 BizFile.2 上搜索 ACRA 的在线企业名录可以检查公司名称的可用性。私营有限公司名称中应有“Private” （或“Pte.”）或“Sendirian”（马来语词汇，缩写为“Sdn.”）的字样，直接放在“Limited”（或“Ltd.”）、 “Berhad” 或“Bhd.”（另一个马来语词汇）前面。拟选用公司名称中的某些词语（比如银行、金融、法律、媒体等）可能要求获得相关政府主管局的审批。审批的名称自申请之日起可保留 60 天；在到期之前，提交延期申请，可将此期限再次延长 60 天。

can also be appointed as directors. ● Similar to procedures in Hong Kong, a company secretary must be appointed and they must be a Singapore resident. ● Paid-up Capital. The minimum paid-up capital (also known as share capital) for registration of a Singapore company is S$1 (US$0.80). The paidup capital can be increased a n y t i m e a f t e r t h e c o m p a n y ’s incorporation. ● Registered Address. A local Singapore address must be provided as the registered address of the c o m p a n y. B u s i n e s s c e n t e r s are commonly used in Singapore and can fulfill this obligation. ● Incorporation Process. G e n e r a l l y, a p r i v a t e l i m i t e d liability company can be incorporated in 1-2 days.

Company registration is completed online with the Accounting & Corporate Regulatory Authority (ACRA). ● Singapore Company Name Approval The information required for a company name application is as follows: ● Proposed company name ● Principal activities as i d e n t i f i e d i n S i n g a p o r e ’s Industry Classification Code (SSIC). Details can be obtained from the ACRA online facility here ● Approvals from other government authorities (where required) ● Particulars of directors & shareholders as follows: ● Name ● ID number ● Nationality ● Residential address ● Contact number/email address ● Position held ● S p e c i f i c a t i o n s f o r S i n g a p o re Company Names A company name cannot be

5th Annual Company Formation Guide CHINA OFFSHORE

观点 | OPINION CHINA OFFSHORE

新加坡公司注册在公司名称获得批准之后，应该提交成立公司的申请。成立各种类型公司的申请都是类似的。通常在支付注册费用后的 15 分钟内公司即告成立。只有需要将公司成立的申请交由其他主管机构审核或批准的情况下，才会花费更长的时间，一般需要额外的 14 到 60 天。在新加坡提交公司成立申请时，要求提供以下信息： ● 名称申请编号或获批公司名称 ● 公司类型 ● 注册办事处地址 ● 股本详情 ● 股本 ● 股份分配 ● 集团股份信息 ● 股份类别 ● 公司组织大纲和公司章程 ● 额外董事 / 股东的具体信息 ● 姓名 ● 身份证号 / 护照 ● 国籍 ● 居住地址 ● 联系电话 / 电子邮件地址顺利完成公司注册之后，公司注册管理局会发出一份官方的电子邮件通知，此邮件可视为官方的公司注册证。缴纳少量申请费，就可以获得包含新公司具体信息的公司概况。在新加坡，这两份文件就足以满足所有法律和合同目的，包括设立企业银行账户、签订办公室租约、

5th Annual Company Formation Guide

identical to that of another e n t i t y o n t h e re g i s t e r. T h e availability of business names c a n b e c h e c k e d b y s e a rc h i n g t h e A C R A’s o n l i n e d i re c t o r y o f businesses on BizFile.2 A private limited company s h o u l d h a v e t h e w o rd “ P r i v a t e ” (or “Pte.”) or “Sendirian” (the M a l a y t e r m , a b b re v i a t e d t o “Sdn.”) as part of its name, i n s e r t e d i m m e d i a t e l y b e f o re t h e w o rd “ L i m i t e d ” ( o r “ L t d . ” ) or “Berhad” or “Bhd.,” another Malay term. C e r t a i n w o rd s ( s u c h a s b a n k , f i n a n c e , l a w, m e d i a , e t c . ) i n a p ro p o s e d n a m e m a y re q u i re t h e re v i e w a n d a p p ro v a l o f t h e re l e v a n t g o v e r n m e n t a u t h o r i t y. A n a p p ro v e d n a m e w i l l b e re s e r v e d f o r 6 0 d a y s f ro m t h e date of application; this period can be extended for another 60 days by filing an extension re q u e s t j u s t b e f o re t h e e x p i r y date.

Singapore Company Registration F o l l o w i n g t h e a p p ro v a l o f company name, an application to incorporate a company should be submitted. The application for incorporation is similar for all types of businesses. A company is usually incorporated within 15 m i n u t e s a f t e r t h e re g i s t r a t i o n fee is paid. Incorporation will only take longer – typically an additional 14 – 60 days if the application needs to be re f e r re d t o o t h e r a u t h o r i t i e s f o r a p p ro v a l o r re v i e w. The following information is re q u i re d w h e n s u b m i t t i n g t h e applications for incorporation i n S i n g a p o re : ● Name application number or a p p ro v e d c o m p a n y n a m e ● Company type ● R e g i s t e re d o ff i c e a d d re s s ● S h a re c a p i t a l d e t a i l s ● S h a re c a p i t a l ● A l l o t m e n t o f s h a re s

观点 | OPINION CHINA OFFSHORE

● G ro u p s h a re s i n f o r m a t i o n ● C l a s s o f s h a re s ● Memorandum and Articles of Association ● Particulars of additional d i re c t o r s / s h a re h o l d e r s ● Name(s) ● ID number / passport ● Nationality ● R e s i d e n t i a l a d d re s s ● Contact number/email a d d re s s Following successful incorporation, the Company Registrar will send an official email notification, which is treated as the official certificate 订购电话 / 互联网服务等，一般情况下，这两份文件由贵公司的新加坡企业成立服务供应商提供。一旦公司顺利完成注册并出具了唯一的机构识别号码（UEN），公司就可以开始运营。目前，已有超过 7000 家外资跨国企业在新加坡注册成立，以新加坡作为其亚洲（包括中国）运营的根据地。目前，另外还有数千家较小的外资公司已选择新加坡作为其开展亚洲业务的根据地。中国的成本越来越高，随着其影响的逐渐彰显，以及供应链开始深入亚洲腹地，新加坡对有意拓展到中国和香港管辖范围以外的公司更加具有吸引力。考虑到香港目前所遇到的《海外账户纳税法案》合规问题以及有意进入中国市场的小型国际贸易商所面临的难题，通过新加坡进入东盟、印度以及中国等亚洲市场的可行性越来越高。

of incorporation. A business profile containing the particulars of the new company can also be obtained online with a small application fee. These two documents are sufficient in Singapore for all legal and contractual pu r p o s e s , including opening of corporate bank accounts, signing an o ff i c e l e a s e , s u b s c r i b i n g t o telephone/internet services and so on, and will typically b e p ro v i d e d b y y o u r S i n g a p o re corporate establishment s e r v i c e p ro v i d e r s . O n c e the company has been successfully incorporated and issued a Unique Entity Number (UEN), the company may begin operations. Singapore is now home to over 7,000 foreign MNC’s who have made the country their base for Asian operations – including China. Thousands more smaller foreign companies have now chosen Singapore as their corporate home for conducting business with Asia. As the effects of an increasingly expensive China begin to exert themselves, and the supply chain moves deeper into Asia, Singapore is becoming more attractive to companies looking to spread beyond the remit of China and Hong Kong. Given Hong Kong’s current problems with FATCA compliance and the difficulties now faced there by small inter national traders looking to access the China market, Singapore provides both access to the Asian markets of ASEAN and India, as well as China on an increasingly viable basis.

5th Annual Company Formation Guide CHINA OFFSHORE

离岸聚焦 OFFSHORE REPORTS

人民币自由化和离岸业务 —— 亦敌亦友？ RMB Liberalization and Offshore Incorporation – Friends or Foes? Frances Emery

5th Annual Company Formation Guide

离岸聚焦 OFFSHORE REPORTS

上

海自贸区自 20 1 3 年 9 月成立以来，就成为国际新闻的焦点。境外融资限制放宽，有利于促进这一新金融生态系统的发展，同时，

众多企业和投资商蜂拥而至，希望能够充分借助这一优势。自贸区最大优势之一在于，为本地或境外投资商在此成立公司提供更多便利。其他诸如跨境资金借贷和资金池计划也得到批准，这有助于人民币在离岸市场的流通和使用。上海自贸区的成立很大程度上有利于上海成为重要的国际金融中心，尽管它仍是一个试点工程，国内部分地区将追随其脚步，但它仍被认为是中国在推进人民币自由化进程中迈出的勇敢的一步。长期以来，人民币改革和自由化在国际上一直处于政界和经济界舆论的风口浪尖——对那些认为人民币成为国际储备货币会带来潜在威胁的人来说，更是如此。近年来，北京方面促进人民币自由化的努力而广受赞誉，且实现人民币完全自由兑换的目标指日可待。中国很有可能加入国际货币基金组织的储备货币联盟，据估计，今年年底，人民币有望在今年年底成为国际货币基金组织的记账单位货币，这充分表明中国在推进人民自由化过程中所取得的重大进步。

ince its establishment in September 2 0 1 3 , S h a n g h a i ’s F re e Tr a d e Z o n e (FTZ) has been making international headlines as businesses and investors flock to take advantage of a highly appealing set o f l o o s e n e d re s t r i c t i o n s t h a t a re f a c i l i t a t i n g t h e c re a t i o n o f a n e n t i re l y n e w f i n a n c i a l e c o s y s t e m . Among the most significant benefits of the FTZ is making company formation immeasurably e a s i e r f o r i n v e s t o r s – b o t h l o c a l a n d f o re i g n . S c h e m e s s u c h a s c ro s s - b o rd e r l e n d i n g a n d cash pooling – which have helped facilitate yuan c i rc u l a t i o n a n d u s a g e i n t h e o ff s h o re m a r k e t – a re a l s o b e i n g a l l o w e d . T h e Z o n e ’s e s t a b l i s h m e n t i s s e e n a s a c t i v e l y e n a b l i n g t h e c i t y ’s r i s e a s a n i n t e r n a t i o n a l f i n a n c i a l c e n t e r, a n d w h i l e i t – a n d t h e h a n d f u l o f o t h e r s w i t h i n t h e c o u n t r y t h a t a re f o l l o w i n g i n i t s f o o t s t e p s – i s s t i l l c o n s i d e re d a p i l o t p ro j e c t , i t i s a l s o re c o g n i z e d a s a b o l d move that symbolizes the large strides China i s m a k i n g t o w a rd s t h e l i b e r a l i z a t i o n o f i t s c u r re n c y. L i b e r a l i z a t i o n a n d re f o r m o f t h e R e n m i n b i h a s long been an internationally hot topic among politicians and economists – particularly t h o s e w h o a re t h re a t e n e d b y t h e p ro s p e c t o f i t b e c o m i n g a re s e r v e c u r re n c y. B u t i n re c e n t

人民币自由化进程的影响之一在于提高了中国公民的境外投资能力。中国投资者以积极地态度来看待这种变化，但是其对于离岸市场的影响尚不可知，显然，这种变化有利有弊。货币自由化是相对广义的一个概念，其涉及不同的财政及政府政策。对中国来说，人民币自由化属于下列两大类中的一类：促进人民币国际化的相关政策；国内成立自由贸易区的相关政策。本质上，人民币自由化旨在减少货币流通、交易和使用方面的限制。人民币国际化早于 2 0 0 7 年 7 月就已开始，当时中国国家开发银行首次发行“ 点心债券 ” —— 境外发行的以人民币计价的债券，因香港的点心而得名。到 2010 年 7 月，只有中国和香港的银行有权发行人民

5th Annual Company Formation Guide CHINA OFFSHORE

离岸聚焦 OFFSHORE REPORTS

币计价的债券，之后，由于放松管制，人民币离岸市场逐渐发展起来，反过来，这又促进了 “ 点心债券 ” 的国际化。自成为首个人民币离岸清算中心以来，香港就面临着激烈的竞争，因为越来越多的金融辖区寻求使用人民币进行贸易结算、减少交易费用以及与中国建立更为密切的联系，其中伦敦和新加坡是香港最有力的竞争对手，新加坡目前正逐步成为中国与东南亚市场尤其是和东盟成员国联系的主要门户，此举有望大大促进该地区人民币交易体系的发展。比如，印度尼西亚的煤矿公司和其马来西亚客户可以使用人民币进行贸易结算，以减少交易成本或更好规避货币风险。东盟于 2012 年取代日本成为中国第二大进口市场，这大大增加了东盟作为贸易伙伴的潜在优势，因此推动人民币在该地区的自由流通对于未来增加双方贸易额至关重要。香港作为离岸人民币交易中心的地位于 2 0 1 1 年 1 2 月达到顶峰，当时其包揽了 90% 的人民币离岸业务。而 2013 年 9 月份，这一比重下降至 6 5 % 左右 - 同月，

5th Annual Company Formation Guide

y e a r s , B e i j i n g ’s c o n c e r t e d e ff o r t s t o l i b e r a l i z e the Renminbi have been praised, and the goal o f m a k i n g i t f re e l y c o n v e r t i b l e i n t h e v e r y n e a r f u t u re i s i n s i g h t . C h i n a i s n o w c l o s e e n o u g h t o j o i n i n g t h e I n t e r n a t i o n a l M o n e t a r y F u n d ’s m a j o r l e a g u e o f re s e r v e c u r re n c i e s t h a t t h e re i s speculation about a possible deal to include the y u a n i n t h e I M F ’s u n i t o f a c c o u n t l a t e r t h i s y e a r, i l l u s t r a t i n g j u s t h o w f a r B e i j i n g ’s d e v e l o p m e n t a n d p ro g re s s t o w a rd s l i b e r a l i z a t i o n h a v e c o m e . A m o n g t h e e ff e c t s o f C h i n a ’s o n g o i n g R e n m i n b i l i b e r a l i z a t i o n i s C h i n e s e c i t i z e n s ’ i m p ro v e d a b i l i t y t o m o v e m o n e y o u t t h e c o u n t r y. W h i l e Chinese investors would view this development in an unequivocally positive light, it is uncertain w h a t i t s e ff e c t o n t h e o ff s h o re i n d u s t r y w i l l b e , a n d t h e re w i l l l i k e l y b e b o t h p o s i t i v e a n d n e g a t i v e f e a t u re s o f t h e s e c h a n g e s . C u r re n c y l i b e r a l i z a t i o n i s a re l a t i v e l y b ro a d t e r m t h a t e n c o m p a s s e s v a r i o u s d i ff e re n t f i s c a l a n d g o v e r n m e n t a l p o l i c i e s . I n C h i n a ’s c a s e , l i b e r a l i z a t i o n c a n b e b ro a d l y c a t e g o r i z e d i n t o o n e o f t w o m a i n g ro u p s : p o l i c i e s t h a t i n v o l v e t h e internationalization of the Renminbi, and those t h a t re l a t e t o t h e e s t a b l i s h m e n t o f F re e Tr a d e

离岸聚焦 OFFSHORE REPORTS

上海自贸区成立。尽管香港在人民币离岸业务中交易额大大下降，同时面临着其他离岸中心的崛起，但香港毕竟拥有先发优势，这使其在人民币储蓄方面仍然远超其他离岸中心。20 1 4 年最后一个季度，香港的人民币储蓄和定期存款达到 1 万亿元，离岸发行的人民币计价债券余额超过 45 0 0 亿元。今天，“ 点心债券” 发行限制大大放宽，不再局限于中国大陆，各大跨国公司和国际金融机构，如：世界银行和亚洲开发银行等，都可自由发行人民币计价债券，这日益彰显出人民币在国际金融市场上的重要地位。从全球来看，人们对人民币国际化持积极态度，此举有利于提高中国贸易投资的效率和弹性、通过消除外汇风险降低交易成本、优化流动性管理并且更好管理货币风险。同样，中国成立自贸区的举措对在中国投资或经商的个人、企业和其他机构有明显优势。但是，新事物的出现总是伴随着怀疑和否定，所以，中国成立自贸区仍然受到质疑。任职于新加坡星展银行的经济学家周洪礼认为，质疑的原因之一在于一些人担心上海自贸区的成立会阻碍其他人民币离岸市场的发展。尽管香港的人民币离岸市场先于上海自贸区而成立，但是香港很好地向外界证明，激烈的竞争并不总是具有破坏性的。其他人民币离岸中心，如伦敦和新加坡，虽导致香港人民币储蓄比重下降，但是要注意：下降的是人民币储蓄份额，而非资本。离岸人民币清算中心的增加要求大量发行人民币计价债券、增开中国外汇账户和其他人民币产品服务，具有远见的金融机构正逐步将这些服务变为现实——香港在这一方面是很好的先例。 C o lin Ri egel s，是总部位于英属维尔京群岛的全球银行和金融服务集团衡力斯律师事务所（世界最大和历史最悠久的离岸律师事务所之一）的合伙人和总裁，他并不认为人民币国际化会对其他离岸中心构成威胁。他说：“离岸产业主要依靠跨境资本流通，因此，

Z o n e s w i t h i n t h e c o u n t r y. I n e s s e n c e , a l l e ff o r t s a t l i b e r a l i z a t i o n a i m t o re d u c e re s t r i c t i o n s o n t h e m o v e m e n t , t r a d e a n d u s e o f a c u r re n c y. Renminbi internationalization began in earnest in July 2007, when the first dim sum bond – the H o n g K o n g c u i s i n e - i n s p i re d n a m e f o r a b o n d issued outside of China, but denominated in Chinese Renminbi – was issued by the China Development Bank.Until July 2010, only Chinese and Hong Kong banks could issue Renminbid e n o m i n a t e d b o n d s , u n t i l d e re g u l a t i o n l e d t o t h e d e v e l o p m e n t o f a n o ff s h o re m a r k e t f o r t h e c u r re n c y a n d , i n t u r n , t h e i n t e r n a t i o n a l i z a t i o n o f dim sum bonds. S i n c e b e c o m i n g t h e f i r s t o ff s h o re y u a n c l e a r i n g c e n t e r, H o n g K o n g h a s h a d t o c o m p e t e w i t h a n i n c re a s i n g n u m b e r o f o t h e r j u r i s d i c t i o n s t h a t w a n t t o m a k e a m o v e t o w a rd s m o re y u a n - d e n o m i n a t e d t r a d e s e t t l e m e n t , re d u c e d transaction fees, and closer ties with China. L o n d o n a n d S i n g a p o re a re f o re m o s t a m o n g them. The latter is now well on its way to becoming a gateway to Southeast Asia and, i n p a r t i c u l a r, t h e m e m b e r s o f t h e A s s o c i a t i o n o f S o u t h e a s t A s i a n N a t i o n s ( A S E A N ) , t h ro u g h which it will have the potential to facilitate y u a n - d e n o m i n a t e d t r a d e a c ro s s t h e re g i o n . A mining company in Indonesia dealing with a M a l a y s i a n c u s t o m e r, f o r i n s t a n c e , c o u l d m a k e use of a yuan-denominated trade settlement i n o rd e r t o l o w e r t r a n s a c t i o n c o s t s , o r b e t t e r m a n a g e c u r re n c y r i s k s . T h e re h a s b e e n p l e n t y o f o p t i m i s m f o r A S E A N ’s p o t e n t i a l a s a t r a d e partner since the trading bloc surpassed Japan a s C h i n a ’s n u m b e r t w o i m p o r t i n g re g i o n i n 2 0 1 2 , a n d f re e r m o v e m e n t o f R e n m i n b i w i l l b e e s s e n t i a l f o r f u r t h e r d r i v i n g t h a t g ro w t h . H o n g K o n g re a c h e d w h a t i s b e l i e v e d t o b e i t s p e a k a s a n o ff s h o re y u a n c e n t e r i n D e c e m b e r 2 0 1 1 , w h e n i t h e l d 9 0 p e rc e n t o f t h e y u a n i n t h e o ff s h o re m a r k e t . T h a t f i g u re h a d d ro p p e d t o a p p ro x i m a t e l y 6 5 p e rc e n t b y S e p t e m b e r 2 0 1 3 – t h e s a m e m o n t h S h a n g h a i ’s F T Z w a s e s t a b l i s h e d . D e s p i t e t h i s s i g n i f i c a n t re d u c t i o n in yuan holdings – and the simultaneous rise o f o t h e r o ff s h o re c i t i e s – H o n g K o n g ’s h e a d s t a r t h a s h e l p e d i t t o re m a i n t h e t o p y u a n

5th Annual Company Formation Guide CHINA OFFSHORE

离岸聚焦 OFFSHORE REPORTS

任何有助于提高全球五分之一人口境外投资能力的自由化是一件好事。” 周洪礼认同 R i eg e ls 的乐观看法，并且他说外界对于成立上海自贸区的一系列担心是无根据的，欧洲美元市场很好地表明，尽管在岸市场放松管制，离岸市场仍可以良好发展。 2 0 世纪 6 0 年代美国金融条例的调整，包括法定存款准备金、利率限制和借贷限额的调整，使离岸银行机构比本地银行更具吸引力。因此，美元流动性更多偏向伦敦，在这里，非美国银行机构不必承受美联储强加的各项条例。欧洲美元市场因此迅速发展。周洪礼认为，欧洲美元市场的持续发展归因于一些因素，其中最显著的是，该市场作为美元非美国借方和贷方的第三方中介机构的地位。为了使一国免于汇率风险，使用离岸辖区的做法现已很普遍。美元证券由欧洲金融机构存储的海外中央银行在 2001 年纽约 911 事件之后仍能够正常运行，与此类似，若人民币在境外离岸中心存储，而非全部存在于本国国土，则可缓解关于中国政治稳定的担心。

center i n t e r m s o f d e p o s i t s . B y t h e f i n a l quarter of 2014 deposits and certificates of deposit had reached approximately 1 trillion yuan, and the outstanding balance of yuan-denominated bonds issued offshore exceeded 450 billion yuan. To d a y, d i m s u m b o n d s h a v e b e e n d e re g u l a t e d to the extent that their issuance is no longer re s t r i c t e d t o m a i n l a n d e n t i t i e s . M u l t i l a t e r a l companies and international institutions, such a s t h e Wo r l d B a n k a n d t h e A s i a n D e v e l o p m e n t Bank, are now free to issue yuan-denominated bonds, highlighting the Renminbi’s increasingly significant role in inter national finance. The continued inter nationalization of China’s currency has largely been viewed in positive light on a global scale. It adds efficiency and resilience to China’s trade and investment flows, lowers transaction costs byeliminating foreign exchange exposure, optimizes liquidity management and allows for better management of currency risks. Similarly, China’s recent efforts to establish Free Trade Zones have obvious advantages for individuals, companies and institutions who have investment or business interests in China. But, as is always the case with unfamiliar innovations, there are skeptics, too. One reason for skepticism, explains Nathan Chow, an economist with DBS Bank, is that some worry the establishment of Shanghai’s FTZ will undermine the development of offshore yuan markets. Although Hong Kong’s establishment as an offshore yuan market predates the Shanghai FTZ, the jurisdiction i s a u s e f u l e x a m p l e o f how heightened competition is not always d e t r i m e n t a l . W h i l e t h e r i s e o f o t h e r o ff s h o re y u a n m a r k e t s s u c h a s L o n d o n a n d S i n g a p o re h a v e l e d t o a re d u c t i o n i n H o n g K o n g ’s p ro p o r t i o n o f y u a n d e p o s i t s , i t ’s e x a c t l y t h a t : a re d u c t i o n i n p ro p o r t i o n , n o t c a p i t a l i t s e l f . A r g u a b l y, t h e g ro w t h i n n u m b e r o f o ff s h o re y u a n c l e a r i n g c e n t e r s h a s o n l y i n c re a s e d d e m a n d f o r y u a n - d e n o m i n a t e d b o n d s , C h i n e s e c u r re n c y a c c o u n t s , a n d t h e v a r i o u s re l a t e d R e n m i n b i s e r v i c e s t h a t a re s t e a d i l y b e c o m i n g e x p e c t e d o f f o r w a rd - t h i n k i n g f i n a n c i a l i n s t i t u t i o n s – b e c a u s e o f pioneers like Hong Kong.

5th Annual Company Formation Guide

离岸聚焦 OFFSHORE REPORTS

Colin Riegels, a partner and head of the banking a n d f i n a n c e g l o b a l p r a c t i c e g ro u p a t H a r n e y s ( o n e o f t h e w o r l d ’s l a r g e s t a n d o l d e s t o ff s h o re law firms), does not see continued Renminbi l i b e r a l i z a t i o n a s a t h re a t t o t h e o ff s h o re i n d u s t r y i n a n y s e n s e . “ A t i t s h e a r t , t h e o ff s h o re i n d u s t r y i s p r i m a r i l y b a s e d u p o n c ro s s b o rd e r c a p i t a l m o v e m e n t s , ” h e e x p l a i n s . “ A c c o rd i n g l y, a n y k i n d o f l i b e r a l i z a t i o n w h i c h i n c re a s e s t h e a b i l i t y of one fifth of the population of the globe to move money internationally can only be a good thing.” C h o w s h a re s R i e g e l s ’ o p t i m i s m , a n d s a y s t h a t f e a r a b o u t t h e e s t a b l i s h m e n t o f S h a n g h a i ’s F T Z is “unwarranted”. He explains that looking at t h e E u ro d o l l a r m a r k e t s h e d s l i g h t o n h o w t h e o ff s h o re m a r k e t c o u l d , i n f a c t , g ro w i n s p i t e o f d e re g u l a t i o n o n s h o re . C h a n g e s i n U S re g u l a t i o n s d u r i n g t h e 1 9 6 0 s , i n c l u d i n g c h a n g e s t o re s e r v e re q u i re m e n t s , i n t e re s t r a t e re s t r i c t i o n s a n d b o r ro w i n g l i m i t s , h a d t h e e ff e c t o f m a k i n g o ff s h o re b a n k i n g m o re a p p e a l i n g t o l o c a l b a n k s . A s a re s u l t , U S d o l l a r l i q u i d i t y w a s d i re c t e d t o L o n d o n , w h e re n o n US banks did not face Federal Reserve imposed re g u l a t i o n s . T h e E u ro d o l l a r m a r k e t c o n s e q u e n t l y s a w r a p i d g ro w t h .

国际投资者更青睐于通过使用某种特定货币的离岸业务进行交易，因此，就人民币离岸业务而言，香港和其他境外离岸市场有望沿着欧洲美元当初的国际化轨迹发展。汇丰银行人民币国际化业务全球主管张捷在《全球贸易评论》杂志最近发布的一篇文章中，就中国在中德之间引进人民币双轨解决方案问题上推进人民币国际化的做法提出了自己的观点：“ 中国在推进人民币国际化方面三管齐下：提高人民币跨境贸易结算地位、发展人民币离岸中心、鼓励人民币跨境投资。 ” 她称：“ 人民币跨境流通有助于促进人民币在在岸和离岸市场间的流通，在深化人民币清偿能力和发展人

A c c o r d i n g t o C h o w, t h e s u s t a i n a b l e g r o w t h of the Eurodollar market can be attributed to s e v e r a l f a c t o r s – m o s t c h a r a c t e r i s t i c a l l y, i t s function as a third party intermediary between non-US lenders and non-US borrowers of dollars. Making use of offshore jurisdictions is also motivated by adesire to separate currency risk from country risk, Chow points out. In the same way that overseas central banks with dollar securities held in European depositories were still able to carry out normal operations during the September 11th terrorist attacks i n N e w Yo r k i n 2 0 0 1 , c o n c e r n s o v e r C h i n a ’s political stability are largely mitigated if yuan is held offshore, rather than exclusively on PRC soil. I n t e r n a t i o n a l i n v e s t o r s g e n e r a l l y p re f e r t o t r a n s a c t i n a p a r t i c u l a r c u r re n c y t h ro u g h

5th Annual Company Formation Guide CHINA OFFSHORE

离岸聚焦 OFFSHORE REPORTS

民币投资、融资和对冲 / 风险管理产品过程中，人民币离岸中心不断增多。随着各国与中国业务往来日益频繁，人民币交易结算已成为能够带来巨大商业利益的明智选择。” 她并不认为人民币国际化会对其他离岸产业造成威胁，相反，“人民币结算体系自由化 ”带来一个挑战，在中国投资或经商的跨国公司在过去十年里始终面临着这项挑战：如何最大化利用在中国积累的流动性过剩能力。“（这些企业）在中国合理运用营运资本以促进全球或区域性资金流动性优化的能力受到限制，这导致额外借贷成本增加，而流动性过剩并未得到合理利用。汇丰银行赞成人民币国际化，张捷在接受《全球贸易评论》杂志采访时说，她希望政府能够继续加大这一举措的力度。 ” 上海自贸区试点已成为推动人民币自由化的典型代表，但即将成立的天津、广东和福建自贸区会与其共同分享这一光芒。其他三大自贸区将以上海为模型，放宽公司成立限制、简化审批程序，而之前，只有中国投资商在寻求离岸金融服务时，才得以享受这些

o ff s h o re m a r k e t s a n d t h e re f o re , w h e re t h e y u a n i s c o n c e r n e d , o ff s h o re m a r k e t s i n H o n g K o n g a n d b e y o n d a re e x p e c t e d t o e v o l v e a l o n g s i m i l a r p a t h s t o t h e i r E u ro d o l l a r c o u n t e r p a r t s . Head of Renminbi internationalization for HSBC, V i n a C h e u n g , d e s c r i b e s h o w s h e v i e w s C h i n a ’s a p p ro a c h t o R e n m i n b i i n t e r n a t i o n a l i z a t i o n i n a re c e n t a r t i c l e i n G l o b a l Tr a d e R e v i e w a b o u t t h e i n t ro d u c t i o n o f a t w o - w a y R e n m i n b i s w e e p i n g s o l u t i o n b e t w e e n C h i n a a n d G e r m a n y. “ C h i n a h a s e s t a b l i s h e d a t h r e e - p ro n g e d a p p ro a c h t o Renminbi internationalization: expanding the c u r re n c y ’s ro l e i n c ro s s - b o rd e r t r a d e s e t t l e m e n t , d e v e l o p i n g o ff s h o re R e n m i n b i c e n t e r s a n d e n c o u r a g i n g a w i d e r u s e o f R e n m i n b i i n c ro s s b o rd e r i n v e s t m e n t . ” R e n m i n b i c ro s s - b o rd e r s w e e p i n g i s o n e w a y t h a t e n a b l e s t h e c i rc u l a t i o n o f t h e c u r re n c y b e t w e e n o n s h o re a n d t h e o ff s h o re m a r k e t s , s h e e x p l a i n s . “ T h e s e a re g e n e r a l l y t h e e m e r g i n g o ff s h o re R e n m i n b i c e n t e r s i n t h e p ro c e s s o f deepening the Renminbi liquidity pools and developing Renminbi investment, financing, and h e d g i n g / r i s k m a n a g e m e n t p ro d u c t s . C o u p l e d w i t h a s t ro n g b u s i n e s s re l a t i o n s h i p w i t h C h i n a ,

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Renminbi trade settlement becomes a visible o p t i o n w i t h c o m m e rc i a l b e n e f i t s . ” Rather than see Renminbi liberalization as a threat to the offshore industry, she points out that the “liberalization of China’s payments landscape” has addressed a challenge that inter national companies doing business in China faced for approximately a decade: how to redeploy surplus liquidity accumulatedin China in a cost-efficient way. “(These businesses’) ability to mobilize working capital in China to contribute to global or regional liquidity optimization has been limited, resulting in exter nal borrowing costs while surplus liquidity remained unused.” HSBC is a known proponent of Renminbi inter nationalization, and Cheung told Global Trade Reviewthat she hopes the gover nment will continue along this path.

优惠。2013 年 9 月至 20 1 4 年 1 月期间，上海自贸区内新成立的公司和其中的外商投资企业数量分别为 2 6 0 0 和 2 8 0 ，这些表明，距离较远的离岸辖区对中国投资商的吸引力正逐渐减小。上海海关数据显示，至 2 0 1 5 年 1 月，上海自贸区总交易额达到 7 6 2 4 亿元（合计 1228 亿美元），占上海总交易额的 2 6 . 6%，但仍有上升的空间，商务部国际贸易经济合作研究院研究员白明，在今年 3 月底接受《环球时报》采访时如此说道。他还称，自贸区内应加大政策实施力度，进一步开放投资环境，上海自贸区在金融自由化和贸易便利化方面得到有力的经验，可以充分将其运用到新设立的其他三大自贸区的发展中。上海自贸区作为金融改革的试验场，大大降低了企业成立门槛，提高外汇自由化，并且为某些产业提供特殊优惠 — — 其中电子商务、法律服务和物流服务等是主要受惠产业，此外，其采用 “ 负面清单 ” 模式来规定外商投资。外资银行不仅可以建立新的分行，同时也可和当地私人资本组建合资企业。在私人银行和财

The Shanghai FTZ has become the poster child for China’s currency liberalization, but it soon may have to share the limelight when it is be joined by three other pilot zones in T ianjin, G u a n g d o n g , a n d F u j i a n P ro v i n c e . A l l t h re e w i l l re p l i c a t e t h e S h a n g h a i m o d e l b y o ff e r i n g re l a x e d c o m p a n y f o r m a t i o n re q u i re m e n t s a n d s t re a m l i n e d a p p ro v a l p ro c e d u re s t h a t , p re v i o u s l y, w e re largely only available to Chinese investors if t h e y l o o k e d t o o ff s h o re f i n a n c i a l s o l u t i o n s . T h e s e d r a w c a rd s , a n d t h e e n c o u r a g i n g n u m b e r o f n e w c o m p a n i e s o r f o re i g n i n v e s t e d e n t e r p r i s e s t h a t w e re o p e n e d i n S h a n g h a i ’s F T Z b e t w e e n September 2013 and January 2014 – in excess o f 2 6 0 0 a n d 2 8 0 , re s p e c t i v e l y – a re t h e re a s o n t h a t a d e g re e o f c o n c e r n h a s a r i s e n a b o u t o ff s h o re j u r i s d i c t i o n s f u r t h e r a f i e l d l o s i n g t h e i r appeal with Chinese investors. J a n u a r y 2 0 1 5 d a t a f ro m S h a n g h a i C u s t o m s s h o w e d t h a t t r a d e g e n e r a t e d f ro m t h e F T Z re a c h e d 7 6 2 . 4 b i l l i o n y u a n ( $ 1 2 2 . 8 b i l l i o n ) i n 2 0 1 4 , a c c o u n t i n g f o r a n i m p re s s i v e 2 6 . 6 p e rc e n t o f t o t a l t r a d e i n S h a n g h a i . B u t t h e re i s s t i l l ro o m f o r t h e g ro w t h , B a i M i n g , a re s e a rc h fellow at the Chinese Academy of International Tr ade and Economic Cooperation, told the Global T imes in late March. More policies are expected to further open up the investment climate in the zone. The Shanghai FTZ had gained useful

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knowledge on financial liberalization and trade facilitation, and this could be applied to the three new zones, he said. Designed as a testing ground for further reforms and policies, the Shanghai FTZ features lower thresholds for corporate establishment and liberalized foreign exchange. The zone also offers special benefits to certain industries – among them e-commerce, legal services, and logistics – and adopts a “negative list” approach to foreign investment. In addition to establishing new outlets, foreign banks will also be allowed to form joint venture banks with private capital in the zone. As far as private banking and wealth management are concerned, the FTZs create investment opportunities for foreign investors. The zone’s long-term goals include allowing free yuan convertibility under the capital account, interest rate liberalization, and crossborder yuan usage. In future, China is likely to speed up the liberalization of its capital account within the FTZ, both in order to achieve full convertibility of the yuan and affirm Shanghai’s status as an international financial center.

富管理方面，上海自贸区为外商投资者提供更多投资机会，其长期目标包括实现该地区资本账户下的人民币自由兑换、利率自由化和人民币跨境流通，不久的将来，中国势必会加速自贸区内资本账户自由化进程，以实现人民币的完全自由兑换，同时确立上海的国际金融中心地位。广东自贸区成立于 2015 年 3 月 18 日，是新建三大自贸区中最早的一个。三大自贸区都会充分利用其自身地域优势，且自身特色鲜明。比如，广东自贸区，横跨广州南沙新区片区、深圳前海区和珠海横琴新区片区，拥有临近香港人民币离岸中心的优势。香港政务司司长林郑月娥称香港和广东一致同意“充分利用深港通的有利机遇，在明年深化双方证券市场的合作。” 李智仁博士，捷鹏国际金融服务集团大中华区首席执

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The Guangdong FTZ was the first of the three new zones to be launched, on 18 March 2015. Each will make full use of its geographic location and carry special local features. The Guangdong FTZ, for example, spans the Nansha area of Guangzhou, the Qianhai area of Shenzhen and the Hengqin area of Zhuhai, offering proximity to Hong Kong’s offshore yuan hub. Hong Kong and Guangdong have agreed to “capitalize on the opportunity arising from the Shenzhen-Hong Kong Stock Connect to further deepen the co-operation of the securities markets in the coming year,” according to Hong Kong’s chief secretary for administration, Carrie Lam. “Financial innovation and construction of offshore financial c e n t e r s a r e t h e t w o p r i n c i p a l a x e s o f t h e S h a n g h a i F T Z , ” s a y s Dr. Li Zhiren, Greater China’s Chief Executive and Vice-President of Jepun International Financial Group. “Banks and other financial institutions provide offshore financial services to residents outside the jurisdiction. They include deposits and loans for non-resident clients who undertake the role of financial intermediary, as well as services such as fund management, insurance, tax planning, trust and asset protection.” He then raises a pertinent question: “But will Shanghai’s FTZ become a springboard for offshore finance?”

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行官和副总裁，称“金融创新和离岸金融中心的建立是上海自贸区的两条主线，银行和其他金融机构为自贸区外的居民提供离岸金融服务，包括为充当金融中介机构的非居民客户提供储蓄和贷款服务，以及诸如基金管理、保险、税收筹划、信托和资产保护等服务。” 最后，他提出了一个中肯的问题： “ 上海自贸区是否能够成为离岸金融业务的跳板？ ” 离岸金融产业不断发展——这也是人们成立离岸公司或者利用离岸工具来更好满足自身金融需要的原因。中国首个自由贸易区在促进人民币自由化的过程中扮演着关键角色，随着人民币自由化进程不断推进，自贸区会继续减少之前促进资本境内外自由流通的阻力。C ol i n Ri egel s 强调称 “ 人们成立离岸公司的动机各不相同，一些动机会随着时间而改变，有时候甚至是巨大的改变。”上海自贸区在中国相对短暂的金融改革历史中，仍是一个比较年轻的区域。但是，作为改革试点区，它的角色和之后陆续建立的其他自贸区的角色，将逐渐适应和调整，来应对周围不断变化的物质、经济和政治环境。Riegels 说道：“ 一些人对人民币自由化如何影响离岸产业做出了大胆的预测，总有一些预测是正确的，但是它究竟只是资本的稳定流动或者是类似于 1997 年导致香港回归的大事件，时间会给予证明。”

The offshore finance industry is constantly evolving – as are people’s reasons for forming companies offshore or availing ofoffshore vehicles to best manage their own changing financial needs. China’s first FTZ is certainly playing a major role in facilitatingcurrency liberalization and as the Renminbi continues along this path, so it will continue to reduce the difficulties of the past in freely moving capital in and out of China. But, as Colin Riegels emphasizes, “People set up offshore companies for a large number of different reasons, and those reasons tend to shift and evolve over time – sometimes rapidly.” The Shanghai Free Trade Zone is still extremely young, even in the context of China’s relatively short history of financial reform. By its nature as a pilot project, its role – and the role of the subsequent FTZs that join the ranks – will necessarily adapt and change in response to the physical, economic and political environment in which it exists. “Some people have made some fairly wild predictions as to how (Renminbi liberalization) is likely to affect the (offshore) industry, and it is always possible that some of the wilder predictions may prove to be correct,” says Riegels.“But whether it is a mild increase in workflow or a boom similar to what we saw in 1997 leading up to the handover of Hong Kong, only time will tell.”

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开放：人民币自由化和中国自由贸易区的发展前景 Opening Up: RMB Liberalization and the Future of China’s FTZs By Jonathan DeHart

人民币自由流通的前景——在中国境内外随意流通——很有可能成为游戏规则的改变者。新开通的上海自由贸易区目前已成为财政政策自由化投入实施的主要试验场。上海浦东的大胆创新是否能够带来预期效果？我们拭目以待。 The prospect of a freely flowing RMB — moving with ease through China’s borders and into the world — could be a game changer. The newly launched Shanghai Free Trade Zone is the main testing ground where such liberalized finance policy is gradually being rolled out. Could the experiment in Pudong be a sign of things to come?

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hina’s monumental role in shaping the world’s economic destiny in the 21st Century is beyond dispute. The explosion of the nation’s economy in the past few decades has been staggering. But a major piece of the economic puzzle has been left out of the picture until the past few years: liberalization of the RMB. Simply put, the time has come for the unfettering of China’s currency, which has steadily grown in importance in recent years. As the Bank for International Settlements pointed out in September 2013, China’s stratospheric economic rise has given then RMB a place among the world’s top 10 most traded currencies — although only partially convertible.

中

国在塑造 21 世纪世界整体经济格局中发挥的里程碑式作用有目共睹。过去几十年里中国经济实

In particular, The Diplomat said this is “thanks to high GDP growth, consecutive currency and capital account surpluses and an aggressive People’s Bank of China (PBoC) policy since 2009, a time when China found itself in the dollar trap.”

现了爆炸式的发展和繁荣。但是最近几年，这个

欣欣向荣的经济大国面临着一个主要难题：人民币的自由化。简单来说，推动人民币自由化的时刻已经到来，其重要性在最近几年日益显现。国际清算银行在 2013 年 9 月就曾指出，中国的经济崛起使人民币跻身于世界十大贸易货币的行列——尽管其尚未完全实现自由兑换。美国《外交官》杂志曾指出“GDP 高速增长、人民币连贯流通、资本账户盈余以及 2009 年以来中国人民银行实施的积极货币政策造就了今天中国经济的繁荣发展，而之前中国深陷美元困境。” 人民币自由化不仅有助于中国摆脱美元困境，同时也为国内成立的跨国公司提供了更加便利的金融服务。中国（上海）自由贸易试验区，简称上海自贸区，是中国现代化过程中设立的首个自由贸易试验场，在这里，跨国公司能够享受到更为便利的金融服务。而在此之前，资本的借贷和留存是各个跨国公司在中国运营的主要障碍。

Not only does the prospect of liberalizing the RMB allow China to escape the dollar trap, it also gives multinational corporations (MNCs) setting up shop in the country easier access to financial services than ever before. The China (Shanghai) Pilot Free Trade Zone, or Shanghai FTZ for short, is the first test-ing ground in China’s modern history where MNCs will have access to liberalized finan-cial services onshore. Until the launch of the Shanghai FTZ, borrowing, lending and putting capital to use has been a perennial obstacle for MNCs operating in the People’s Republic. Although the plan has polarized critics who say it lacks teeth, it is gradually moving for-ward nonetheless. Should the liberalization trickle down from the Shanghai FTZ and into China’s other fresh batch of FTZs, from the Zhuhai Delta to Tianjin, it could be just a matter of time — though how much is up for debate — until the RMB is freely flowing nationwide. The sum result of this gradual liberalization, as Australian Treasurer Wayne Swan put it in 2012

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during high level talks in Beijing, “represents China’s move toward a freely traded currency and toward a fully integrated economy that will very soon lead the world.” No wonder this new crop of FTZs has China watchers on the edge of their seats. The Long Road to Liberalization Liberalizing China’s currency is the next step in a massive decades-long undertaking. Ever since China’s trade was freed by Deng Xiaoping in Shenzhen 35 years ago, the country’s economic protectionism has gradually been dismantled piece by piece. 尽管上海自贸区计划引起评论的两极分化，有人认为它缺少魄力，但整体上来看，它正逐步地向前发展。人民币自由化进程由上海自贸区展开，逐步向其他地区渗透，比如从珠江三角洲到天津，直到人民币在国内实现完全自由化— 这只是早晚问题——但具体时间仍不确定。人民币自由化的整体影响，正如澳大利亚财政部长韦恩—— 斯万在 2012 年的北京高层论坛上所说“预示着中国正逐步实现贸易货币自由化，逐渐成长为完整经济体，且不久会

Amid successive waves of economic liberalization, the prospect of freeing up the RMB has increasingly loomed on many China watchers’ minds over the past decade. But the time had not yet come until recently. Technically, the RMB has been partially convertible on the current account since De-cember 1996, but the economic crisis that swept through Asia in 1997 put a damper on plans to make the currency fully convertible by 2000, as Beijing had hoped to do, Forbes notes.

引领全世界。” 自然而然，中国自贸区的成立使众多中国问题专家们兴趣盎然。通向人民币自由化的漫长之路人民币自由化是中国几十年来改革和发展的第二步。35 年前，邓小平首次设立深圳经济特区，中国因此走向贸易自由的道路，自此，中国传统的经济保护策略便土崩瓦解。在经济自由化的浪潮中，尤其是过去十年里，初见端倪的人民币自由化就已被中国问题专家们所察觉，但最近这一趋势才完全明朗。《福布斯》杂志曾指出，从技术层面来说，自 1996 年 12

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Indeed, the RMB is still not fully convertible and its capital account has not yet been completely opened. This lingering layer of protection is intended to serve as a buffer be-tween the nation’s economy and the potential for financial unrest in the global market. But for China to fully emerge as the economic leader it is becoming, its capital account must gradually be fully opened and the RMB must become an international currency of choice. Chatham House notes that the push to popularize the RMB overseas — with the aim of weaning the country from over dependence on the USD — is based on a dual-track ap-proach: boosting the use of RMB for global trade and setting up RMB markets offshore. Towards this end, first, the Bank of China Hong Kong was given the mandate to act as a clearing

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月份以来，人民币在经常账户结算方面就已实现部分自由兑换，但是 1997 年席卷亚洲的金融危机使政府原计划于 2000 年实现人民币完全自由兑换的计划夭折。目前，人民币尚未实现完全自由兑换，其资本账户也未完全开放。国内经济保护措施旨在充当国民经济发展和全球市场潜在金融危机的缓冲器。若中国要成为世界经济领袖，就必须逐步完全开放其资本账户，实现人民币国际化。英国智库查塔姆研究所指出，推动海外交易人民币自由流通——使中国摆脱对美元的过度依赖——有赖于依靠双轨措施：推动全球贸易人民币结算；设立人民币离岸交易市场。中国银行（香港）于 2004 年得到授权，成为人民币的清算机构；紧随其后的是伦敦和新加坡，分别于 2009 年 2013 年成为人民币清算结构，其中新加坡通过中国工商银行来完成此项业务。亚洲开发银行将人民币加入其贸易融资项目，以促进区内贸易发展。最近几年，伊朗在石油出口和其他类似开发项目中使用人民币进行结算。

house for the RMB in 2004. London followed Hong Kong’s lead in 2009, with Singapore — via the Industrial and Commercial Bank of China — joining the growing list of RMB clearing centers in 2013. The Asian Development Bank added the RMB to its Trade Finance Program in support of burgeoning intra-regional trade and Iran opted to take RMB as payment for oil exports, among other similar developments in recent years. But the biggest move towards the elusive full convertibility of the RMB was yet to come. And it was to take place onshore, in Shanghai. Shanghai FTZ Brings Liberalization Onshore Beyond the glimmering skyline in a less flashy part of Shanghai known as Pudong New Area, an experiment with liberalization unlike anything done to date in China is under-way. Stretching across 28.78 square kilometers and strewn with groups of industrial buildings, the China (Shanghai) Pilot Free Trade Zone, or Shanghai FTZ for short, was officially launched on September 29, 2013. The zone comprises the four customs supervisory zones of Waigaoqiao Bonded Zone, Waigaoqiao Bonded Logistics Park, Yangshan Bonded Port and Pudong Airport Comprehensive Bonded Zone, each with its own specialty. But the real reason all eyes are on Shanghai’s new FTZ is that it has been given the dis-tinction of being the testing ground for a trial run with making the RMB a fully converti-ble currency — with liberalized financial services to boot. And business is buzzing. Ac-cording to a study by Ernst & Young, published in 2014, there were already 628 Wholly Foreign Owned Entities in the Shanghai Free Trade Zone (FTZ) eligible for cross-border pooling of the RMB. While the project has come to be closely associated with Shanghai, the seeds were planted by Beijing. Speaking at the Summer Davos Forum in 2013, just prior to the un-veiling the zone, Premier Li Keying touted the Shanghai FTZ as a key pillar in the process to unfettering the yuan. Li’s sentiment

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实现人民币自由兑换的最大动作尚未到来，预计未来会首先在上海自贸区发生。上海自贸区：“金融自由化”破题在浦东新区，这个上海市相对更为低调的区域，模糊的天际之外，一项史无前例的人民币自由化试验正逐步展开。中国（上海）自由贸易试验区，简称上海自贸区 ,，于 2013 年 9 月 29 日正式挂牌成立，面积 28.78 平方公里，

has been echoed widely. “The FTZ will act as a stress test. We are going to explore to what extent China can open its capital account,” a source close to the process told People’s Daily around the same time that Li stressed the importance of the groundbreaking project in Shanghai. The timing to launch the Shanghai FTZ was determined by a number of factors, both at home and abroad. Domestically, China’s economic growth was beginning to taper off, which meant that it could no longer rely solely on exports to fuel its economic engine. Internationally, pres-sure mounted as the US pushed for the Trans-Pacific Partnership.

这里大厦林立。上海自贸区范围涵盖上海市外高桥保税区、外高桥保税物流园区、洋山保税港区和上海浦东机场综合保税区等 4 个海关特殊监管区域，分工明确，各司其职。但是，上海自贸区成为世界焦点的主要原因在于，它是推进人民币完全自由兑换的首个试验场——并最终实现金融服务自由化。安永会计师事务所 2014 年发布的研究报告指出，目前上海自贸区的 628 个外商独资企业，都有资格进行人民币跨境资金池业务。中国北京政府的政策首先在上海拉开了帷幕。国务院总理

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Meanwhile, the US and EU were ironing out the details of the proposed Transatlantic Trade and Investment Partnership, the largest bilateral trade agreement the world has ev-er known. Facing such tectonic shifts in the realm of global trade, the time had come to act. And so, in September 2013, the General Plan for the Shanghai FTZ laid out China’s strategy for how to go about the momentous task of liberalizing its currency. In simple terms, the plan sought to adjust a few key areas: finance and foreign exchange, tax poli-cies and investment management, among others.

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李克强在 2013 年夏季达沃斯论坛上讲话时指出，上海自贸区是推动人民币自由化的关键一步，这一说法得到广泛响应。李克强强调了上海这一突破性举措的重要性，与此同时，一位业内人士告诉人民日报称“上海自贸区就是一次压力测试，我们希望以此了解中国可接受的资本账户开放程度”。上海自贸区的最终设立是由国内外众多因素决定的：在国内，经济增速逐渐下滑，单独依靠出口来刺激经济发展的做法有待调整；国际上，美国不断强调泛太平洋地区战略经济伙伴关系协定，给中国造成巨大压力。同时，美国和欧盟正在协商《跨大西洋贸易与投资伙伴关系协定》的相关细节，这是迄今世界上最大的双边贸易协定。面对国际贸易领域这一“大动作”，中国必须果断回应。

From full convertibility of the RMB to liberalizing trade and interest rates, and establish-ing foreign and joint venture banks, the ambitious plan for the Shanghai FTZ has the city firmly on track to reach its goal of becoming a world-class financial hub by 2020. This creates synergy with the overseas RMB centers that have grown in clout in recent years, including Hong Kong, London and Singapore. “China can now encourage RMB use in several key markets,” The Diplomat notes. “First, London provides an important bridge to European markets. Similarly, Singapore connects the emerging Southeast Asian econ-omies to RMB funds and trade settlements. Given Hong Kong’s highly internationalized financial sector, it plays a particularly important role in connecting China to the rest of the world.”

因此，2013 年 9 月，设立上海自贸区的总体规划投入实施，中国朝着促进人民币自由化迈出了关键的一步。简单来说，这一规划将对以下方面进行调整：金融、外汇、税收政策、投资管理等。上海自贸区规划雄心勃勃，从人民币自由兑换、贸易和利率自由化到成立外资和合资银行，位于风口浪尖的上海有望于 2020 年成为世界级的金融中心。这些都需要和海外人

Crucially, the report adds, “This is a role that will be shared by Shanghai, with its Pending emergence as an international financial center.” Beyond Shanghai: RMB Outflows and the Other FTZs The Shanghai FTZ does not exist in a vacuum. It is one of four new FTZs recently launched in China, announced by Premier Li in December 2014. Modeled on the Shang-hai experiment, the additional zones will take shape in Tianjin, Guangdong province and Fujian province. These other FTZs will have their own distinguishing traits and focuses. The Guangdong FTZ will be massive in size at 931.385 square km and will devote most of its resources to customs clearance and the finance industry. The Fujian zone — with its strong cross-strait links with Taiwan — will take a more technical focus, specializing in electronics, petrochemicals and mechanics. As northern China’s biggest port and the world’s fourth busiest — sandwiched between Beijing and the Pacific — Tianjin will take on a strong maritime role. The northern FTZ will also dedicate significant resources to petrochemicals, as well as mobile phone and aerospace manufacturing. It is worth noting that the other FTZs are not being treated as currency laboratories in the same way

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民币结算中心协同合作，如香港、伦敦和新加坡，这些地区近年来影响力不断提高。美国《外交官》杂志称“伦敦是中国和欧洲市场的桥梁，新加坡将日益繁荣的东南亚经

as Shanghai. But chatter from the media and officialdom is in agreement that the findings in Shanghai will inevitably trickle down, via the other FTZs, nationwide.

济圈和人民币交易结算体系联系起来，而香港凭借高度国际化的金融市场，成为中国和世界其他地区广泛联系的有利枢纽。如今，中国可促进人民币在一些关键市场的使用。” 报告称，更重要的是，“上海将会共同分享这一重要角色，并逐渐成长为非常关键的国际金融中心。” 上海之外：人民币外流和其他自贸区的发展上海自贸区并非“孤军奋战”。中国总理李克强于 2014 年 12 月份宣布，这只是中国即将成立的四大自贸区的其中之一，以上海自贸区为模型，天津、广东和福建也将逐渐成立自贸区。除了上海，其他三大自贸区也都各有特色与侧重。广东自贸区面积广阔，为 931.385 平方公里，将在海关通关和金融产业方面投入大量资源。福建自贸区，凭借其与台湾隔海相望的地理优势，将更加注重电子、石油化工和机械等技术产业。天津，作为中国北部最大港口和世界第四大繁

5th Annual Company Formation Guide

Wang Xinkui, an economist involved in drafting the FTZ plan, said: "Experiences learnt in the FTZ will be shared nationwide.” Chief China economist at UBS Wang Tao added: “It's difficult to segregate the Shanghai FTZ from the rest of China. There will be money flows underground. It can be said that the FTZ experiment opens a hole in China's capital account wall.” Undoubtedly, this is part of the plan. If the Chinese government hopes to make the yuan a global reserve currency, with Shanghai situated as a major RMB trading hub, the effort to first liberalize the currency in the Shanghai FTZ is “merely part of an overarching RMB strategy,” The Diplomat argues. Although the suggestion may be controversial, it is worth adding that there will inevitably also be an unofficial liberalization at play across the FTZs. While Shanghai may be the primary testing ground for liberalizing the RMB, make no mistake: the effect will also spread via “subterfuge”. An article

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in Forbes puts this in perspective, noting that “once banks in the Shanghai zone have the right to convert currency; businesses outside the zone will find ways to deal with those banks to convert currency and freely move cash in and out of the country, more or less at will.” The article notes that parallels have been drawn between the Shanghai FTZ and Deng Xiaoping’s grand experiment of 1980 with the Shenzhen Special Economic Zone. “It’s instructive to see how the laobaixing—ordinary folks—handled Deng’s rules. We credit Deng with the startling transformation of the Chinese economy because he permitted in-dividual initiative.”

忙港口，是北京和太平洋区域的联接枢纽，在海洋产业方面将发挥其独特优势，同时注重石油化工、手机和航空制造等产业的发展。值得一提的是，在推动人民币自由化方面，以上三大自贸区并不是作为试验场的角色出现，这和上海自贸区有所不同。媒体和政界则一致认为，上海自贸区的试验成果将会通过其他自贸区逐步在全国推广。曾参与设计自贸区规划方案的经济学家王新奎说：“上海自贸区试点的经验将会在全国推广。” 任职于瑞士联合银行 (UBS) 的中国首席经济学家王涛补充说：“上海自贸区和中国其他地区无法分离，资本是会在地下流动的，上海自贸区试点是打开中国资本账户的开始。” 毫无疑问，这只是整体规划的一部分。若中国政府希望推动人民币成为国际储备货币，使上海成为人民币交易结算中心，那么上海自贸区促进人民币自由化的举措只是《外交官》杂志宣称的“人民币发展策略极为重要的第一步”。尽管这一建议颇具争议，但值得一提的是上海自贸区必定

It might muddy the picture, but the messy reality was that individual initiative was the key to Shenzhen’s success, according to Forbes. “You can expect disobedience this dec-ade as well. Even if Premier Li locks down the Shanghai zone, money will come swoosh-ing through the area on its way to and from the rest of China. And if despite everything Li strictly controls every cent—actually, every fen—coming and going in Shanghai, he will not be able to keep his eye on all the other zones.” Risky Business While most would agree that liberalization is good and necessary in the longer term, it doesn’t mean that it won’t come with some short-term pain. In an effort to ease the transition and avoid undue economic stress, Beijing is not in a rush to remove all controls on the RMB. This has riled some critics who have suggested that currency reforms are too slow to gain traction, or worse, that they could lead to more dire consequences down the road if han-dled improperly. A study by Chatham House sums up this double edged sword, noting that despite the huge potential for success inherent in the plan, “the lack of progress in implementing meaningful steps to make the FTZ an ideal business hub for international investors, and the absence of a transparent and consistent regulatory framework, raise considerable concerns about whether the policy measures made in the Shanghai FTZ are

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会采取非官方的人民币自由化举措。上海作为人民币自由化的主要试验场，若不出意外，其试验成果会通过这一“托词”推广至全国。《福布斯》杂志发表的一篇文章认可了这种看法，并指出“一旦上海各大银行有权自由兑换人民币，其他地区的企业公司将会积极寻求办法与这些银行进行交易，从而在某种程度上随意引进或输出现金。” 文章还指出，很多人把上海自贸区和邓小平 1980 年实施的深圳经济特区计划做比较，“老百姓对邓小平这一举措的反应，对于之后的发展规划很有指导意义。我们赞赏邓小平的做法，他使中国经济出现了翻天覆地的变化，并首次允许鼓励个人主动性的发展。” 《福布斯》杂志认为，尽管当初设立经济特区的做法与计划经济的大背景背道而驰，但不可否认，提倡个人主动性是深圳经济特区试验成功的关键。“时至今天，违背宏观政策的情况时有发生。即使中国总理李克强关闭上海自贸区，货币仍然能够在中国其他地区之间经上海自由流通；即使流经上海的分毫都受到严格控制，政府也无法时刻严

5th Annual Company Formation Guide

replicable to the entire onshore market.” Chatham House is hardly alone. The International Monetary Fund (IMF) has also voiced concerns about unintended consequences that may be triggered by pushing through cur-rency liberalization, including the potential for a mass outflow of money from China. “According to IMF calculations, a speedy liberalization of cross-border capital move-ments could produce over several years net outflows from China equal to as much as 15% of the country’s GDP, roughly $1.35 trillion,” the Financial Times notes.“Of that sum, the Chinese would send as much as $2.25 trillion overseas, while foreigners would invest $900 billion in China.” Such an “exodus” of cash could cause the valuation of the RMB to fluctuate in unforeseen ways, the report said. Meanwhile, some have suggested that currency controls will never be fully lifted, but that the RMB will instead enter a gray zone between fully controlled and free. Speaking with the Financial

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密监督其他地区的状况。” 营商风险大部分人认为，从长远来看，人民币自由化十分必要且益处多多，但不可否认这一过程必然伴随着阵痛。为了使自由化转变更加平稳以及更好地避免随之而来的经济压力，北京方面不会立即取消所有对人民币的限制。但这种作法引起某些评论家的批评，他们认为货币改革进程过慢，会引发动力不足，且若不恰当处理，将会导致灾难性的后果。查塔姆研究所的一篇研究报告总结了这把双刃剑的潜在影响，认为尽管这一规划成功潜力巨大，但“在推动自贸区成为国际投资商理想投资目标的过程中，由于缺乏一些必要程序和公开透明的监管体系，该计划能否在整个在岸市场成功重演，尚不能下定论。” 查塔姆研究所的观点得到了国际货币基金组织的认同，他们都认为人民币自由化可能会引发一些意外后果，比如人民币大量流出中国的潜在风险。 “根据国际货币资金组织的估算，加速跨境资本自由流通会在未来几年里引起人民币的超额流出，净流出额相当于中国国内生产总值的 15%，即 1.35 万亿美元。” 《金融时报》称，“中国流出海外资金高达 2.25 万亿美元，而外商在华投资额只有 9000 亿美元。”这一巨大差额会导致人民币汇率出现无法预知的波动。同时，一些人称，对人民币的控制不会完全解除，人民币将处于完全控制和自由化的中间地带。Paul Lambert，透视投资管理有限公司（Insight Investment Management）的外汇主管，在接受《金融时报》采访时称，“人民币采取类似于新加坡元的准浮动汇率制”要比完全自由化的人民币更加可靠，并且他认为自贸区内的公司治理标准是另一个阻碍。一些评论家则纠结于人民币的自身价值。任职于新兴市场咨询公司的 Jonathan Anderson 甚至称人民币“与菲律宾

Times, Paul Lambert, head of currency at Insight Investment Management, said a “quasi-float along the lines of the Singapore dollar” may be more realistic than a fully liberalized RMB. Lambert also voiced concerns over corporate governance standards in the FTZs as another obstacle. Some critics have even taken the actual power of the RMB itself to task. Jonathan Ander-son of Emerging Advisors Group went as far as saying that the RMB was roughly “on a par with the Philippine peso and just a bit higher than Peru’s nuevo sol” — a far cry from the supposed “eye-popping” impact depicted by numbers showing the RMB’s globalization on an isolated chart, he added. When Beijing’s tight control over the economy to date is coupled with the reality of how little things have changed regarding currency poli-cy in the past decade, Anderson suggested that the RMB is unlikely to

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比索等价，价值略高于秘鲁的新索尔”，尽管从单独的图表来看，号称能证明人民币国际化程度的数据“令人瞩目”，但绝对数值仍微不足道。北京方面实行严格的经济政策，但事实是过去十年实施的货币政策并未有很大变动，因此， Anderson 认为在不远的将来，人民币不可能成为国际投资市场的主要货币。另外一些评论认为，人民币自由化将会是一个漫长的过程，但是绝对会取得成功。英国安石投资公司的研究部主管 Jan Dehn 预测，人民币在 12 年内将实现完全自由兑换，但前提是政府要对其严格控制和监管。他认为“基于中国同世界其他国家和地区签署的双边协议，人民币自由化将逐步向前发展，这也将会是中国在解除资本控制中发挥的主要作用。” 乐观派（谨慎派）的看法尽管以上观点在某一方面都有理有据，但自贸区计划仍然向前发展，对此，褒贬参半。对乐观派而言，海外投资商观念的转变— 而非北京方面规划的具体细节——是人民币自由化能否成功的最大决定因素。

5th Annual Company Formation Guide

account for a sig-nificant share of global portfolios in the near future. Other critics agree that liberalizing the RMB will be a long slog, but give the plan better odds of longer term success. Jan Dehn, head of research at Ashmore, has forecast total convertibility of the RMB within 12 years, but only under strict state control. In Dehn’s view, “the process will be gradual, based on the signing of bilateral agreements with dif-ferent countries around the world, and will be a function of China’s dismantling of capital controls.” The Case for (Cautious) Optimism While all of the above criticisms are valid to a point, the plan continues to forge ahead, one pronouncement at a time. And there are just as many cheerleaders as critics. Accord-ing to those who see more pros than cons, a shift in perception overseas — rather than the nuts and bolts of Beijing’s strategy — could be the biggest determining factor in whether the effort to free up the RMB succeeds. RMB use overseas is also gradually rising, says Patrick Zweifel, chief economist at Pictet Asset Management. Zweifel said he believes the RMB will be an international investment currency within three

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Patrick Zweifel，百达资产管理公司的首席经济学家，称海外人民币的使用范围正在扩展，他认为人民币在未来 3 到 5 年内将成为国际投资货币，蒙古和韩国是目前已经使用人民币结算的国家。他说：“4 年前，人民币贸易结算额为零，而现在中国 14% 的贸易额都使用人民币结算，这是所有贸易大国必经趋势的开始。”

to five years, listing Mongolia and South Korea as being among countries where the yuan is being used outside China today. “The volume of trade settled in RMB four years ago was zero, today it is 14 percent of Chinese trade,” he says. “This is only the beginning of a trend that all major trading nations have experienced.” No pain, no gain

不劳无获乐观来看——并且长远来看——毫无疑问，随着中国经济影响力的与日递增，人民币最终将成为可以和美元、欧元、日元和英镑比肩的国际货币。

With a liberal dose of optimism — and assuming a long enough time frame — there is little doubt that the RMB will eventually become an international currency that stands with the likes of the dollar, euro, yen and pound as China’s economic clout grows.”

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全球离岸公司建立行业总览 Global Offshore Incorporation An Overview

By Courtesy of GIG 在日趋全球化的今天，国际贸易和投资额都在急剧上升中，国界的概念已经淡化，数量惊人的财富能在眨眼间在全球范围内轻松转移，因此，对位于离岸金融辖区国际公司的需求也在过去的 20 年间保持持续的增长势头。 In a globalized world, where ever-increasing volumes of trade and investment are being conducted with little regard to national borders and huge sums of money can be transmitted around the earth at the press of a button, the demand for international companies, often located in offshore jurisdictions, has been rising steadily over the last two decades or so.

5th Annual Company Formation Guide

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国际公司和其作用国际或离岸公司能由各类人士使用来达成多个目的。海外人士在他们的初始金融辖区成为非居民，或那些希望在其它地方工作或退休的人都能合法地利用离岸公司的形式来在高赋税水平下保护自己的收入；离岸信托迄今为止，已成为降低隔代财富传承税务负担的最佳方法之一，为专业人士提供免于责任的资产保护方式。在离岸选址地继续为私人财富管理提供解决方案的同时，近年来增长最快的非公司建立行业莫属。离岸选址地能为公司提供的节税方式多种多样数不胜数：红利现金流的控股公司、在岸或离岸的上市架构、特殊目的工具、知识产权管理和认证、国际财富管理、房地产所有权和租赁等等。离岸公司架构的复苏

International Companies and Their Uses International or offshore companies can be used by a variety of people to achieve a number of aims. Expatriates who have become non-resident in their home jurisdictions, or who expect imminent departure for a job or retirement elsewhere, can legitimately use offshore companies to shelter income from high levels of taxation; and offshore trusts remain one of the best ways to minimize cross-generational inheritance taxation, as well as offering asset protection for professionals against liability suits. While offshore locations continue to offer solutions for the management of private wealth, a major growth sector in recent years has been on the corporate side. There are numberless ways in which offshore locations can offer tax-efficiency to corporates: holding companies for dividend flows; onshore or offshore listing structures; special purpose vehicles; IP management and licensing; international treasury management; real estate ownership and rental.

离岸公司建立行业还未完全从去年的危机中复苏，此外，离岸公司建立的活动也在全球的离岸业复苏中开始抬头。总体上来说，全球的情形在各个地方都不尽相同，一些特定的离岸金融辖区比其它地方的表现要好得多。根据 Appleby 公司 2014 年 8 月出版的最新“离岸公司注册” 报告，2013 年下半年在全球范围内新建立的离岸公司总数和上半年相比有所下降。虽然如此，一些特定的离岸辖区的公司建立活动水平则表现正常。英属马恩岛和耿西岛声明在这两个地方新注册的公司比过去的半年里分别增长了 10% 和 9%。英属维尔京群岛（BVI）在离岸公司新注册的数量上保持压倒性优势，比位居第二位的竞争对手塞舌尔高出两倍。毛里求斯和 BVI 两地新注册成立的公司都占据当地 12% 的新公司成立总数，领先于其它所有离岸金融辖区。毛里求斯也是当地新公司成立速度最快的金融辖区，比 2012 年增长了 13%，总数达到 18560 家。增长率第二高（3%）的则要数百慕大。

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Appleby 的公司建立分析报告也显示这一复苏现象是非常割裂的，比如英国的公司注册数量从 2013 年的下半年相比上半年有所降低，中国的公司注册数量则在同一时期内呈爆发时增长，达到了 35%。 2012 和 2013 年间的全球离岸公司注册的活动公司总数约在 1% 左右，而在萧条前的 2008 年到 2013 年之间则有 5% 的增长。 Appleby 的报告分析认为：“从 2013 年年底的公司注册数量总数上，我们能看到离岸市场的增长在总体上要低于它的在岸对手。在比较年度增长率时，只有毛里求斯在这方面比英国、香港和中国做得好。其它的金融辖区要么保持不变，要么以 0.2% 到 3% 的年增长率在其注册的活动公司总数上缓慢增长。

5th Annual Company Formation Guide

Offshore Incorporations Recovering Offshore company formations in many places have yet to fully recover to their pre-crisis levels, and offshore incorporation activity has tended to fluctuate since the global recovery took hold. The overall picture remains somewhat fragmented, and incorporations in certain jurisdictions are holding up much better than in others. According to Appleby's most recent "On the Register" report, released in August 2014, the total number of new offshore companies registered in the second half of 2013 was down compared with the first half. However, certain jurisdictions saw healthy levels of activity. The Crown Dependency jurisdictions of the Isle of Man and Guernsey revealed the largest increases in new companies joining the registers at 10 percent and 9 percent respectively when compared to the previous six months.

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离岸透明度和可信度世界经合组织（OECD）、金融行动小组（FATF）、欧盟和 G20 在过去 20 年对离岸业施加的压力不容小觑，而且事实上已经让离岸业作为整个行业在世界上受到不必要的误解。几乎所有的主要离岸金融辖区都以承认他们当地税务系统的方式来应对，不是以提高国际税率，而是以降低当地税率的方式，虽然他们急着和更大的高税率国家签订“税务信息交换协议”和传统的税务协定。另外，英国首相 Cameron 也在 2013 年 9 月向议会提出把英国作为倚靠避税天堂的国家是不公平的。在这些负面消息的影响下，承认诸如泽西岛、耿西岛和马恩岛在最近所做的正面努力是必要的，Cameron 认为：“我不认为把那些英属管辖地称为避税天堂是公平的说法。他们正在以实际行动来确保公正和开放的税务系统。把我们的重心转移到那些真正避税天堂的国家和地区才是最重要的。英国领地和海外辖区意义重大——正确地说——对英国人民和成员国来说，都已采取了必要的措施，因此也应该得到应有的支持。对那些税务行骗者来说确实是损失了私密性，但大多数情况下，主要的离岸辖区仍然和过去一样安全和私密。对很多人，当然也是对很多公司来说，免双重征税协定在处理和离岸金融辖区的问题时，是一个正面的优势。虽然如此，直到最近一段时间，离岸透明化运动主要的目的是以一系列的精心布局和架构的方式来阻止居住在高税

The British Virgin Islands (BVI) continues to dominate offshore new company registration activity by volume, and maintained a two-fold lead ahead of its nearest competitor, the Seychelles. Newly registered companies in Mauritius and the BVI each make up 12% of their local registry total, ahead of all the other offshore jurisdictions. Mauritius is also the offshore jurisdiction witnessing the fastest growth in the number of companies on its local register, with a 13% increase on 2012 to 18,560. The next biggest growth (3 percent) came from Bermuda. Appelby's incorporation statistics also show that the recovery has been quite two-paced, with comparator jurisdiction the United Kingdom having witnessed a small decrease in company registrations from the first half to the second half of 2013, while incorporation activity in China exploded by 35% over the same period.

率国家，拥有巨额财富的居民逃避他们的税务责任。而直到过去的两年里，这一重心才转移到公司税的避税行为上来，由于对于跨国公司来说，没有诸如在离岸辖区或低税率辖区进行公司注册的税务应对策略非常罕见。让公司透露更多的信息，比如谁是公司所有者，以及 OECD 的“基础侵蚀和利润转移”行动，都能在成功运用后对离岸公司建立行业产生深远的影响。

The total number of active companies on the offshore registers remains stable with a marginal increase of 1% between 2012 and 2013, and a 5% increase between pre-recession 2008 and 2013. "When looking at the total number of companies active on the registers at the end of 2013, we see that the offshore markets are generally lagging behind their onshore counterparts," observes Appelby's

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举例来说，2014 年 10 月，长久以来一向被认为在透明度

report. "Only Mauritius bucks this trend outperforming the UK, Hong Kong and China, when comparing year on year growth rates. The other offshore jurisdictions either remained flat or have reported small annual increases to the total number of active companies on their registers of between 0.2-3%."

方面是“干净辖区中最干净的辖区”的马恩岛，被哥伦比

Offshore Transparency and Respectability

现在没有一个金融辖区是被 OECD 列入“黑名单”的，个别政府有时候会单方面地排斥特定的离岸金融辖区，行动通常具有政治目的性，多和当地的法律相违背有关。

亚从离岸黑名单中去除。被哥伦比亚列入黑名单的话会导致资金转账时收取 33% 的资本预提税，而非通常标准的 10%。现在，仍然有 41 个国家位列哥伦比亚的黑名单。法国在 2013 年颇具争议性地把泽西岛和百慕大列入黑名单。这一行动让上述两个金融辖区被迫进行更多努力来达到法国的要求时感到无所适从。离岸公司建立的机制过去的四分之一个世纪中发生的一系列事件无疑把“离岸”

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It's a remarkable fact that the pressure on offshore over the last twenty years from the Organization for Economic Cooperation and Development (OECD), the Financial Action task Force (FATF), the European Union and the G20 has actually had the unexpected result of making offshore respectable. Almost all of the main jurisdictions have fallen in line by reorganizing their local tax regimes, not by increasing international tax rates but by reducing local ones, while they have rushed to sign Tax Information Exchange Agreements and classical tax treaties with larger, high-taxing countries. Indeed, British Prime Minister David Cameron went on the record in the House of Commons in September 2013 to say that it was unfair to call UK dependent territories tax havens, with all the negative connotations that tends

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和“在岸”这两个经济学提法推上了风口浪尖，在外国或离岸金融辖区建立一家公司仍然是一项复杂的工作，这还不包括公司建立本身所具有的复杂程度。虽然许多离岸金融辖区在公司法，特别是在英国的海外属地，都遵从英国普通法，但是每个地方仍有当地的不同之处，民事法地区的许多法律概念，特别是对那些已经习惯于在普通法系统下营商的人士来说，还不是非常熟悉的，一些金融辖区也许能允许公司在只有一名总监的情形下建立，而其它地方则需要一个以上才合法。要建立一家公司所需

to be attached to such a label. Recognizing the positive steps taken by the like of Jersey, Guernsey and the Isle of Man recently, Cameron told MPs that: "I do not think it is fair any longer to refer to any of the overseas territories or Crown Dependencies as tax havens. They have taken action to make sure that they have fair and open tax systems. It is very important that our focus should now shift to those territories and countries that really are tax havens. The Crown dependencies and overseas territories, which matter so much – quite rightly – to the British people and Members, have taken the necessary action and should get the backing for it."

要的公司初始股本资金的多少也有差别，更别说是否允许股本持有者的存在等条件，都各不相同。

It is true that there has been a loss of confidentiality for tax fraudsters, but in most situations, the main offshore jurisdictions are just as secure and private as they ever were. For many people, and certainly for companies, the existence of double tax avoidance treaties is a positive advantage when dealing with an offshore jurisdiction. However, it is also true that until recently, offshore transparency initiatives were mainly aimed at stopping predominately wealthy residents of high-tax countries escaping their tax liabilities at home with the help of carefully-structured and confidential offshore tax avoidance strategies. It has only been in the last couple of years that the focus has turned to corporate tax avoidance in a big way, and since it would be rare to find a multinational company without a tax mitigation strategy that involves a company formed in an offshore or low-tax jurisdiction, new proposals to make companies divulge more information about who owns them, plus the OECD's Base Erosion and Profit Shifting initiative, could have a major impact on offshore incorporations if they are successfully introduced. While no jurisdiction is currently "black-listed" by the OECD, individual governments sometimes act unilaterally to ostracize certain offshore jurisdictions, actions that are often as much politically motivated as they are to do with the transgression of some national law. For example, in October 2014, the Isle of Man, long considered to be in the ‘cleanest-of-the-clean' category with regard to transparency, was recently

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removed from Colombia's offshore blacklist. Placement on Colombia's blacklist can lead to the imposition of a 33 percent withholding on money transfers, rather than the standard 10 percent. Colombia still has 41 countries on its blacklist. France controversially black-listed Jersey and Bermuda in 2013, a move that perplexed the Governments of both jurisdictions after extra efforts were made to comply with the French requirements. The two territories were removed from the blacklist in December 2013. The Mechanics of Offshore Company Formation While the events of the last quarter century have undoubtedly brought "offshore" and "onshore" closer together in economic terms, establishing a company in a foreign or offshore jurisdiction can still be a complicated business, not least in the company formation process itself. Although many offshore jurisdictions have lots of things in common as regards their company laws, especially the British Dependent and Offshore territories which have tended to follow the English common law, there are still many local quirks and variations, and many of the concepts in civil law regimes especially may be unfamiliar to those who are used to doing business under a common law system. For example, some jurisdictions may permit a company to be formed with just one director, while others will require more than one. There are also differences in the amount of initial share capital needed in order to form a company, or whether bearer shares are permitted.

然而，得益于减少了大量纸上工作电子注册系统的采用，公司注册流程在近几年内已经从总体上来说得到了极大的简化。成立一家公司所需的时间在各个金融辖区内仍然各不相同，但最近这段时间内来看，少于 24 小时基本上是很少见的。大多数的金融辖区要收取初始的注册费和之后的年费。离岸金融辖区总体上来说是在互相竞争的情况下吸引国际资本，这些费用在一些地方会非常高昂，而且总体上这一费用因为政府要填补其它地方的税收不足而变得越来越高。

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However, company formation procedures are generally a lot simpler and faster than a few years ago thanks to electronic registration systems which have cut down on the amount of paperwork needed. The time taken for a new company to be approved may still vary depending on the jurisdiction, but 24 hours or less is not uncommon these days. Most jurisdictions charge initial registration and ongoing annual registration fees. While offshore jurisdictions are generally in competition with each other for international business, these fees can still be quite high in some locations, and they have generally speaking been on the rise as governments seek to make up for shortfalls in other tax revenues.

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在选择合适的金融辖区来成立一家国际公司时，还要考虑很多其它因素。最基本因素之一，也是最首要考虑的因素之一，就是候选地区的政治和经济的稳定性。另一个需要着重考虑的因素是这个地区的专业度和通讯基础设施。即使是最偏远的离岸金融辖区都已经通过电话或互联网和世界通讯系统保持着良好的联系，但是如果和世界另一头的顾问沟通（在半夜里）仍将会是一件麻烦事，也许重新考虑选址地才是比较明智的。因此地理位置是非常重要的决定性因素，离岸架构所处的时区应该是选择金融辖区地址的关键因素。结论

Other more general factors must also be considered when choosing the most appropriate jurisdiction in which to form an international company. One of the most basic, yet also one of the most important things to ponder, is the political and economic stability of the territory in question. Another important consideration is the jurisdiction's professional and telecommunications infrastructure. Even the most remote offshore jurisdictions are now relatively well-connected to the global communications network via telephone or internet, but if communicating with advisers across the other side of the world (in the middle of the night) is going to be a problem, it may be wiser to rethink your options. Geographical location is therefore also important, and it is vital that the time zone in which the offshore structure is based is taken into account. Conclusion

综上所述，建立一家国际公司的时候真是需要处处小心才是！在几乎所有的情况下，建立一家离岸公司都会在公司服务提供商、顾问或当地律所的帮助下进行——但也不要忘了在寻求此领域里可信赖，高度专业的独立顾问意见的同时，做好自己的功课。

So, as has been illustrated here, forming an international company can be quite a minefield! In all almost all circumstances, the process of forming a company offshore would be handled by a corporate service provider, adviser or local law firm - but it also pays to do one's homework, in addition to seeking out the views of a trusted, knowledgeable and independent advisor in this area.

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By GIG

香港的公司建立条例 The Hong Kong Companies Ordinance 本土企业家和国际投资者在香港进行新公司注册的记录又创新高，这在很大程度上归因于境内公司法的大修，该新版公司法于去年生效。本文概述了新香港公司条例所带来的变化。 Yet another record year for Hong Kong in terms of registrations of new companies by both local entrepreneurs and international investors has been attributed in large part to an overhaul of the territory's company law, which went into effect last year. This feature provides an overview of the changes brought about by the new Hong Kong Companies Ordinance.

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Introduction – Hong Kong's Attractions Hong Kong is not an offshore centre in the traditional sense of the word but rather a territory which offers a non-discriminatory low tax regime governed by the "territorial principle" under which only income arising in or derived from Hong Kong is taxable in the jurisdiction, making it the ideal location for a holding company. As such its attraction lies not in the tight secrecy and minimal corporate disclosure and administrative requirements which characterize a number of offshore common-law island jurisdictions but rather in low tax rates, generous tax deductible allowances, a policy of only taxing income sourced from within the jurisdiction and the complete absence of capital gains taxes, withholding taxes, interest taxes, sales tax & VAT. The establishment of an office in Hong Kong does not of itself render a company liable to profits tax where that office is not generating profits from within the territory. Indeed Hong Kong has been a favorite choice for regional headquarters, for this reason.

香港的魅力从传统意义上来说，香港不是一个离岸中心，而是一个受“属地原则”监管的非歧视性低税辖区。在这一原则的监管之下，在辖区范围内，仅当收入在香港产生或源自香港时才需要征税，这使得它成为设立控股公司的理想地点。因此它的魅力不在于良好的保密性和最少的公司曝露以及表征许多离岸普通法岛屿辖区的管理要求，而是低税率，慷慨的税收抵扣补贴以及仅对源自辖区内收入进行收税的政策，而且完全没有资本利得税，预提税，利息税，销售税和增值税。在香港成立办事处，如果在境内该办事处不会产生利润的话，则公司无需缴付利得税。事实上，因为这一原因，香港一直是地区性总部的首选之地。显然，中国内地的迅速开放和香港与内地的特殊关系，增加了香港作为地区性基地进行运营的吸引力。

Evidently, the rapid opening up of mainland China and Hong Kong's special relationship with the mainland have increased the attractions of Hong Kong as a regional base from which to operate. An Entrepreneurial Beehive Although Hong Kong's economic growth figures have not reached the heights seen in the years preceding the financial crisis, company formation statistics nevertheless attest to the popularity of the territory among local and foreign investors. According to the Hong Kong Companies Registry, the number of local companies registered under the Hong Kong Companies Ordinance surpassed 1.2m for the first time in 2014, after year-on-year growth of 9.4 percent. In March 2014, there was a jump in new registrations to a record monthly high of 30,463, ahead of the expiry of a waiver on business registration fees on April 1, 2014. The fee for a one-year certificate normally totals HKD2,250 (USD290), made up of a HKD2,000 fee and a HKD250 levy, but this fee had

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been waived for two years.

创业蜂巢虽然香港的经济增长数字未能达到金融危机前几年的高度，公司组建的统计数据依然证明了香港在当地和国外投资者中的普及度。据香港公司注册处统计，依据香港公司条例注册的本地公司数目首次在 2014 年超过 120 万家，同比增长率为 9.4%。在 2014 年 4 月 1 日之前注册的公司，按规定将免除公司注册费。因此在 2014 年 3 月，新注册公司数创月度新高记录为 30463。香港一年的证书费通常总计为 2,250 港元（290 美元），由 2,000 港元的费用和 250 港元的征税组成，但该费用已免除了两年。根据所记录的公司数 - 近 39000 家公司 - 通过电子注册在线成立，同比增长了 8.23 个百分点。去年新注册外国公

A record number of companies – almost 39,000 – were incorporated online through the e-Registry, an increase of 8.23 percent. 811 foreign companies were newly registered last year, an increase of almost four percent on 2013 levels. The total number of registered non-Hong Kong companies reached more than 9,600 by the end of 2014. "The new CO, which commenced operation on March 3 last year, provides a modernized legal framework for the incorporation and operation of companies in Hong Kong and reinforces Hong Kong's role as an international financial and commercial center," said the Registrar of Companies, Ada Chung. During the year, the Companies Registry conducted a comprehensive publicity program to promote public awareness of the major changes brought about by the new Ordinance, such as the abolition of the par value of shares and removal of the mandatory requirement of having a common seal. "We handled over 60,000 inquiries on the new Ordinance from January to August, 2014, and have organized or participated in over 70 briefings or seminars to promote the new law," Chung added. "The transition has been very smooth. The various initiatives introduced by the new CO further simplify the procedures for starting a business, as well as enhance corporate governance in Hong Kong."

International Investors Hong Kong also remains as popular as ever among foreign investors, and Invest Hong Kong, the territory's inward investment agency, assisted a record number of businesses to establish operations in 2014. InvestHK's Director-General of Investment Promotion, Simon Galpin, said: "2014 was another record year for InvestHK in terms of completed projects. Despite ongoing challenges in the global economy, Hong Kong continues to attract overseas and Mainland investors because of its enduring advantages and emerging business opportunities."

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司为 811 家，与 2013 年相比，同比增长了近 4 个百分点。截至 2014 年年底，注册的非香港公司总数超过 9,600 家。 “新公司条例于去年 3 月 3 日开始运作，为公司在香港的成立和运作提供了现代化的法律框架，并加强了香港作为国际金融及商业中心的地位，”公司注册处处长，Ada Chuang 说道。在这一年里，公司注册处进行了全面的宣传计划，以强化公众对新条例所带来重大变化的意识，例如取消股票面值并去除需备有公章的强制性要求。 “从 2014 年 1 月至 8 月，我们处理了超过 60000 例有关新条例的查询，并已组织或参与了 70 多个简报或研讨会以推行新的法律，”Chuang 补充道。“这一过渡一直很顺利。通过新法所引入的各种举措进一步简化了创业程序并加强了香港的公司监管。” 国际投资者香港在外国投资者、投资推广署和香港的外来投资机构中仍像以前一样流行。在 2014 年新建企业创新高这一记录中，它们功不可没。投资推广署署长 Simon Galpin 说：“在完成项目方面， 2014 年是再创纪录的一年。尽管面临全球经济的持续挑战，香港因为其经久不衰的优势和新兴的商业机会仍会继续吸引海外及内地投资者。” 去年该署协助 355 家海外及中国内地企业在香港成立公司

The Department assisted 355 overseas and Mainland companies to set up or expand in Hong Kong last year, a year-on-year increase of 5.4 percent. It hopes to increase this number to 370 this year. Foreign direct investment came from a record 47 economies in 2014. Mainland China continued to lead with a total of 75 projects, followed by the United States (44), the United Kingdom (32), Japan (28), and France (25). For the first time, InvestHK also helped companies from Bangladesh, Cyprus, Kuwait, Poland, Romania, and Tajikistan.

或扩大其规模，比去年同期增长 5.4％。它希望今年这一数字将增加至 370。 2014 年外国直接投资数字亦创记录，高达 47 个经济体，中国大陆继续保持领先地位，投资项目共计 75 个，其次是美国（44），英国（32），日本（28），法国（25）。同时，该署也首次为来自孟加拉国、塞浦路斯、科威特、波兰、罗马尼亚和塔吉克斯坦的企业提供帮助。

The number of companies with a parent overseas or in the Mainland that set up regional headquarters, regional offices, and local offices reached a record 7,585 in 2014. In addition, InvestHK set up a dedicated team to assist startups in 2014. During the year, the Department assisted 62 founders and entrepreneurs to start their businesses in Hong Kong, or 17.5 percent of its total number of projects. According to

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a recent survey by InvestHK, there are already more than 1,000 start-ups operating out of 35 co-work locations in Hong Kong. "In the year ahead, we will continue to identify investors from key sectors and markets. Our targets include companies ranging from entrepreneur-led ventures to multinationals that plan to set up or expand in our city," Galpin added. He confirmed that InvestHK will continue to reach out to potential clients in priority markets, including Mainland China and Association of Southeast Asian Nations (ASEAN) economies, and the Department will focus in particular on businesses engaged in financial technology, e-commerce, and maritime services. The New Companies Ordinance: Introduction 2014 年，母公司在海外或在大陆且在香港设立地区性总部，地区性办事处及当地办事处的公司数量达 7585，创新高记录。此外，投资推广署于 2014 年成立了一个专门团队来帮助初创公司。在这一年当中，该部门协助 62 家公司的创始人和企业家在香港开展其业务，占其总项目数量的 17.5%。根据投资推广署一项最近的调查显示，目前已有超过 1000 家初创企业在香港 35 个共同工作地进行运营。 “在未来的一年里，我们将继续从重点行业和市场中确定投资者。我们的目标范围包括从创业者主导的企业至计划在香港设立公司或扩大其公司规模的跨国公司，”Gaplin 补充说。他证实，投资推广署将在优势市场继续接触潜在客户，包括中国内地和东盟（ASEAN）经济体，同时，该部门将尤其专注金融技术、电子商务以及海事服务方面的业务。

A Brief History of the Companies Ordinance A comprehensive exercise to rewrite the CO was launched almost 10 years ago, in mid-2006. Following five rounds of public consultations and numerous discussions during a series of public forums and seminars over the years, the Companies Bill was finalized and introduced into the Legislative Council (LegCo) in January 2011. After 44 meetings lasting a total of over 120 hours and consideration of over 200 papers or submissions, the Bill was passed by LegCo on July 12, 2012. Aims of the Companies Law

新公司条例：简介新公司条例（CO）及其附属法例，其目的是为公司在香港的运作和整合提供现代化的法律框架，于 2014 年 3 月 3 日生效。该特辑是新法的简介，同时概述了因新法改革而将导致的重大变化。

The new Companies Ordinance (CO) and its subsidiary legislation, which is intended to provide a modernized legal framework for the operation and incorporation of companies in Hong Kong, came into effect on March 3, 2014. This feature provides an introduction to the new law and outlines the major changes that will result from the reforms.

5th Annual Company Formation Guide

According to the Government of the Hong Kong Special Administrative Region of China, the new CO seeks to achieve four main objectives: enhancing corporate governance; facilitating business; ensuring better regulation; and modernizing the law. However, the overriding aim of the new law is to strengthening Hong Kong's status as an international commercial and financial centre.

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公司条例简史对公司条例进行全方面改写的运动大约在 10 年前即 2006 年中期就已推出。此后几年，进行了五轮公共咨询并经由无数次公共论坛和研讨会的讨论，最终于 2011 年 1 月公司条例草案定稿并提交给立法会（LegCo）。在经过 44 次总时长为 120 小时会议，同时考虑了 200 多篇论文或意见之后，立法会于 2012 年 7 月 12 日通过了该草案。公司法主旨据中国香港特别行政区政府，新法旨在实现四个主要目标：加强企业管治，促进商业发展，确立更完善的制度及提供

Summary The major initiatives within the new CO, which consists of 921 sections and 11 schedules, include measures to strengthen the accountability of directors and to clarify the directors' duty of care, skill and diligence with a view to providing clear guidance, while it also enhances shareholder engagement and protection in a company's decision-making process. Public companies and the larger private companies (that do not qualify for simplified reporting) now need to prepare a more comprehensive directors' report, which includes an analytical and forward-looking "business review," although private companies are allowed to opt out by special resolution.

适时的法例。然而，新法的首要目标是加强香港作为国际商业和金融中心的地位。总结新法框架下的重大举措，包括 921 条条文和 11 个明细表，内容包括采取措施加强董事的问责制和阐明董事注意义务、技能和尽职职能，以期对其予以明确的指导，同时也增强了股东的参与性和对公司决策过程的保护度。尽管根据特别决议可针对性选择民营企业，但现在上市公司和规模较大的民营企业（即不符合简化报告）需准备一份更全面的董事会报告，其中包括一份具有分析性和前瞻性的“商业评论”。审计师是由新公司条例授权，要求更多人对公司或其附属企业的会计记录负责，同时履行审计职责为公司提供相应信息或合理解释。通过公共注册的精确信息可对公司注册进行更好的监管，这是注册收费方式的改进，同时执法体系也通过公司注册得以加强。中小型企业的报告将会变得更加容易，同时它们也将能够编写简单的财务和董事报告。此外，取消了股票面值并制定了所有公司无面值的强制性

Auditors are empowered by the new CO to require a wider range of persons accountable for the company, or its subsidiary undertakings' accounting records, to provide information or explanation reasonably required for the performance of the auditor's duties. Better regulation will be ensured by means of the accuracy of information on the public register, an improvement to the registration of charges scheme, and a strengthening of the enforcement regime through the Companies Registry. There will be easier reporting for small- and medium-sized enterprises, which will also be able to prepare simplified financial and directors' reports. In addition, par value for shares is abolished and a mandatory system of no-par for all companies is instituted, with the objective of not inhibiting the raising of new capital or unnecessarily complicating a company's accounting regime. At the same time, the requirement for companies to have a memorandum of association is abolished, and only articles of association are required. Conditions contained in the memorandum of existing companies are deemed to be provisions of their articles, except those relating to authorized share capital and par value, which are regarded as deleted under the new CO. The power of companies to issue share warrants

5th Annual Company Formation Guide CHINA OFFSHORE

离岸聚焦 OFFSHORE REPORTS

体系，目的是不阻碍新的资金募集，或简化公司的会计制度。与此同时，取消了企业需有相关备忘录的这一要求，仅需要公司章程。包含在现有公司谅解备忘录的相关条件被认为是包含在章程中的条例，法定股本及面值的相关条例除外，在新法下这些相关条件可视为已被删除。公司向持股人发行认股权证的权力被撤销。据认为，认股权证从反洗钱的角度来说是不可取的，因为在它们所有权的记录上以及它们转让的方式上缺乏透明度。为方便实施新法，制定了 12 项附属法例，用来提供解决相关的技术和程序问题。与此同时，公司注册处也已加强其信息系统，并进行政策和程序方面的全面审查，为新法律实施指定新的形式。这就要求公司遵守新法要求，同时根据要求采用相应新形式交付注册表。

5th Annual Company Formation Guide

to bearers is revoked. It is considered that share warrants are undesirable from the perspective of anti-money laundering because of the lack of transparency in the recording of their ownership and the manner by which they are transferred. To facilitate implementation of the new CO, 12 pieces of subsidiary legislation have been made to provide for the relevant technical and procedural matters. In parallel, the Companies Registry has enhanced its information system, carried out an overall review of its policies and procedures and specified new forms for the implementation of the new legislation. Companies are reminded to comply with the requirements under the new CO, and use the appropriate new forms for the delivery of returns to the Registry.

离岸聚焦 OFFSHORE REPORTS

5th Annual Company Formation Guide CHINA OFFSHORE

“ 意大利制造”和欧洲的外商直接投资 - 挑战和机遇并存 MADE-IN-ITALY AND DIRECT INVESTMENT IN EUROPE – Challenges and Opportunities Andrea Raimondi 专门从事于国际税务规划，资产保护和跨境投资。他是信托及财产从业者协会的成员之一及商学院硕士课程税法与实践的讲师。他还参加了关于会计和财务事宜的各种培训研讨会和会议，并发表了多篇相关主题的文章。

Andrea Raimondi specializes in International Tax Planning, Asset Protection, and cross-border investments. He is a member of STEPand a lecturer for the Business School Masters Course on Tax Law and Practice. He also participates in various training seminars and conferences on accounting and fiscal matters, and has published a number of articles on related subjects.

组

织化的机构投资商对外商直接投资表现出愈加浓厚的兴趣，各大公司投资决策的

原因可总结如下：

tructured and

• To gain access to products,

institutional

intellectual proper ty, know-

Investors have begun

how and technology

considering FDI (Foreign

• To simply increase its

Direct Investment) with an

asset base stake in another

• 通过股权取得竞争优势

increasing amount of interest.

company

• 打入外部市场

Some of the reasons behind

• 获取产品、知识产权、专有技术、

investing in companies can be

Nowadays, European

技术等

summarized as follows:

companies represent a

• 增加其位于其他公司的资产份额

great oppor tunity for FDI – • To gain a competitive

par ticularly “Made-in-Italy”

近年来，欧洲公司是外商直接投资的主

advantage through ownership

companies, meaning Italian

要目标，其中，“意大利制造”公司更

• To gain access to another

enterprises with excellent

是备受青睐。“意大利制造”，顾名思

market

products. “Made in Italy” has

5th Annual Company Formation Guide

Sponsored Article

义，指拥有高质产品的意大利公司，作

become a well-known brand

• Automotive: Volkswagen

为世界名牌，其卓越的产品工艺和技

worldwide, recognized for

purchased Ducati Motor

术为世人所称道。如果能够收购一家

its excellent workmanship.

Holding S.p.A. and

可以快速打入获利市场的意大利公司，

Acquiring an Italian company

Lamborghini.

对一家公司来说不仅可以减少发展业

that can lead a business to

• Food and beverages: bigger

务的阻力，亦可迅速提升国际知名度。

new profitable markets can be

groups or multinationals have

an easy way for a company

purchased a large number of

意大利位于欧洲南部，地中海北岸，

to develop its business.

well-known companies.

人口 6000 多万，是时尚之都，美食

Acquiring an Italian company

天堂，更是一个建筑王国，在这里，

can also be an effective way of

Because of the financial

历史遗址、宫殿城堡无不向您展现着

gaining international visibility.

crisis’ effect on European markets over recent years,

古典文化的魅力。过去 10 年里，意大利公司成为各国竞相投资的对象，自

Italy has a population of

it is now possible to find

2008 年以来，已经有 400 多个意大

60million, and is located in the

healthy and solid companies,

利公司被国际性大企业收入囊中。

Mediterranean, in southern

with strong know-how, brand

Europe. It is renowned for

awareness and market shares

近年来公司收购所涉及的三大行业主

fashion, food excellence and

with relatively low prices and

要为：

amazing real estate, especially

favorable conditions.

historical architecture, such · 时尚业：Conbipel, Sergio Tacchini,

as palaces and castles. Over

Moreover, many companies

Belfe e Lario, Mandarina Duck, Coccinelle,

the last 10 years, Italian

– born during the economic

Safilo, Ferré, Miss Sixty-Energie,

companies have become a

boom in the 70s – now find

Lumberjack e Valentino S.p.A. 等被日本

good investment oppor tunity;

themselves without someone

的伊藤忠商事株式会社所收购。

since 20 08, international

from the generation below

• 汽车业：大众收购杜卡迪和兰博基尼。

companies have purchased

them to hand their companies

• 餐饮业：大型跨国公司集团大量收购

more than 40 0 companies.

over to. That’s when the possibility of selling their

意大利知名公司。

Three major industries where

companies to someone who

近年来金融危机在欧洲的影响目前尚

acquisitions have been

proposes a good plan of

未完全平息，另一方面这也为某些大

relevant in these years include:

development and renewal becomes very interesting.

型企业发现和收购业绩良好、运营稳定的意大利公司提供了好机会，以较

• Fashion: Conbipel, Sergio

低的成本挖掘市场份额大、拥有专有

Tacchini, Belfe e Lario,

That’s the main reason that

技术且品牌知名度高的意大利公司。

Mandarina Duck, Coccinelle,

investing in such companies

Safilo, Ferré, Miss Sixty-

– suppor ted by brand new

此外，对于在经济繁荣的 70 年代成

Energie, Lumberjack e Valentino

and fresh financing, and with

立的公司而言，想要找到同时代值得

S.p.A. were purchased by

plans for international growth

“托付终身”的公司实属不易，这也

Itochu Corporation.

– represents a unique chance

5th Annual Company Formation Guide CHINA OFFSHORE

意味着是否能够将公司出售给拥有长

for the time being.

远发展规划和革新目标的企业变得更

e m p l oye e s’ p ro t e c t i o n a n d j o b p re s e r va t i o n a re o f t e n o f

加扑朔迷离。因此在刚刚发展起来、

However, these kinds of

缺乏融资机会的小公司投资，在当前

investments are linked to

看来是不错的选择，这些新品牌往往

cer tain challenges. First of all,

The third challenge, which

更有向国际市场进军的勇气和规划。

working in a deeply settled

is no less impor tant than

and regulated market – in

the others, concerns the

然而，这类投资常常伴随着一定的

terms of labor legislation,

regulation of the company’s

挑战。首先，在一个发展成熟、制

taxation, work safety,

per formance – whether it’s

度严格的市场，比如劳动法规、税

environmental impact, etc. – is

done remotely or not – via

收、工作安全保障和环境影响等等

not easy.

simple and effective KPIs.

都有严格规定的市场，想要获得栖身之地并非易事。

the utmost impor tant.

These are often not par t of T h e s e c o n d ch a l l e n g e i s

the culture of the acquired

re l a t e d t o l o c a l c u l t u re ,

company, but are able to

其次，文化差异也是一大难关，这需

in terms of gaining an

permit a cer tain level of

要全面了解东西方文化差异并且学习

understanding of what leads

control from afar, which

如何激发员工工作潜能，同时，用企

p e o p l e t o p e r fo r m a n c e

can work well for making

业文化留住核心人才也至关重要。文

exc e l l e n c e , a n d h ow t h a t

management choices and

化差异在业务谈判中尤其显示出其重

c a n b e va s t l y d i f fe re n t

quick adjustments.

要性，合作伙伴的情感需求和价值理

i n E a s t e r n a n d We s t e r n

念往往与谈判涉及的经济、数量和融

c u l t u re s . L e a r n i n g h ow t o

In addition, entry into Europe’s

资因素密不可分。家族企业是一个典

re t a i n ke y p e o p l e w i t h i n a n

financial markets by Asian

型的例子，企业拥有者对本地文化有

o rg a n i z a t i o n i s e s s e n t i a l ,

and Middle Eastern investors

着强烈的归属感，并且认为对员工本

t o o.

is occasionally complex

人和其工作的保障是最为重要的。

because of restrictions C u l t u r a l d i f fe re n c e s c a n

concerning legislation or

最后，同样重要的是对公司业绩的规章

also be crucial at the

banking systems (such as

管理——通过简单高效的主要业绩指

negotiation stage, during

restrictions on financial

标进行远程或实地管理。通常，这并

w h i ch a p o t e n t i a l p a r t n e r ’s

inflow from countries with an

不是被收购公司文化的组成部分，但

emotional needs and

“uncer tain” reputation). It is

却可以实现有效的远程控制，以便更

va l u e s a re o f t e n a d d e d t o

therefore necessary to find the

好地做出管理决策和快速业务调整。

e c o n o m i c , qu a n t i t a t i ve a n d

right structure and the most

financial aspects of the

suitable European market

然而，对于亚洲和中东投资商来说，

p ro c e s s . A f a m i l y b u s i n e s s

entry solution. Tax efficiency,

由于立法和金融体系的某些限制（比

is a case in point. The

discretion and confidentiality

如：来自主权信用等级为“不稳定”

b u s i n e s s ow n e r s m i g h t

are crucial for the success of

的国家的资本流入受限），进入欧

b e s t ro n g l y i n t e g r a t e d

an investment.

洲金融市场有时较为复杂，因此找

within their locale, and

5th Annual Company Formation Guide

Sponsored Article

到正确的市场准入途径和机构尤为

One of the most suitable

必要。税收效益、自由裁量权和保

vehicles for these purposes is

密性是成功投资不可或缺的因素。

the Maltese Private Foundation (MPF). The MPF has three

实现以上目标的最佳途径之一就是马耳

main par ticipants: the

• Acting through an efficient

他私人基金会（MPF）。基金会由三方

Founder/s; the Administrator/s

and white-listed European

组成：创办人 / 方、管理人 / 方、受益

and the Beneficiary/ies, each

resident structure: MPFs

人 / 方，三方各司其职。基金会的资产

with their own powers and

operate under European

由不同机构进行管理，每一机构都会建

constraints. The MPF’s assets

legislation (Malta has been a

立一个新公司，并且专门聘用总经理进

are segregated in separated

full EU member since 20 04),

行管理，总经理人选并无国籍限制。

cells. Under one cell, a new

and are accepted by European

company can be incorporated

Banks. (Maltese Banks are

马耳他私人基金会使客户在欧洲投资变

with a specifically appointed

open to working with foreign

得更加简单、高效，其优点包括：

Managing Director. The

banks, and the Country

· 对投资商的投资信息高度保密；

Managing Director is not

banking system is efficient)

· 保护投资资产不受第三方威胁；

required to be a Maltese

· 呈交关于投资受益的详细规划；

citizen or resident.

The new Maltese citizenship program for HNWIs is an

· 税收效益（股息分红免税；贸易和佣金 5% 税率；最终红利利息免预扣税；

The MPF is a vehicle that can

additional reason to look at

资本收入免税）

make investments in Europe

Malta as the ultimate gateway

· 通过高效且属于白名单的欧洲用户

easier, in a very efficient and

to Europe for FDI purposes.

进行代理：马耳他私人基金会运营

effective way. The benefits of

遵守欧洲法律（马耳他于 2004 年

such a vehicle include:

Being suppor ted during your negotiations by a qualified

加入欧盟），并且和欧洲银行也建立良好的合作关系（马耳他各银行

• High level of confidentiality

advisory which manages the

可自由与国外银行合作，国内银行

for the investor;

abovementioned aspects

系统高效灵活）。

• Protecting the invested

of the process through an

assets from third-par ties

integrated approach is a

新出台的针对高资产净值人士的马

threats;

cer tain way to maximize

耳他公民计划也使马耳他成为投资

• Identifying and planning the

the effectiveness of your

商在欧洲投资的最佳通道。

beneficiaries of the investment

investment from the very

into details;

beginning –from identifying

投资咨询顾问负责系统完整地管理以上

• Tax efficiency (no tax on

“the right” company to invest

投资进程，因此谈判期间须适当听取咨

income dividends, 5%on

in, to going through the due

询顾问的建议，以便使投资效益最大

trading and commissioning, no

diligence and negotiation

化，确定最佳投资公司、进行尽职调查，

withholding tax on outcome

phases in their entirety, right

以及与投资对象进行协商、收购后公

dividends or interests, no tax

up to the post-acquisition

司业绩管理等方面都包含其中。

on capital gains);

per formance management.

5th Annual Company Formation Guide CHINA OFFSHORE

以投资移民的方式放眼世界 Going Global with Citizenship by Investment

在

全球化的今天，通往跨境业

比是独一无二的，由于他们提供一个

务的门户和跨国生活方式都

仅在 90 天内就能完成的，平滑无缝

已打开。投资者在获得另一

的申请流程，且没有居住要求，没有

国公民权或居住权的选择上更为宽泛。商务或教育程度要求和客户投资的零这让个人能有更多的自由迁徙权利和

风险，投资行为仅在申请得到批准后

利用更国际化的平台来开展业务。头脑

才得以进行。

灵活的投资者会寻求以第二公民身份或居民权的方式来获得更多国际化的

另外，这四个提供投资移民计划的加勒

业务新机遇和扩展他们的全球业务。

比国家护照都让持有人有权在所有“加勒比共同体”国家生活和工作。成立于

众所周知，世界上不管是发达国家还是

1973 年的加勒比共同体和欧盟类似，

发展中国家，高素质专业人士都越来越

是一个由 15 个加勒比国家组成的地区

多。确实，在过去的几年里，寻求全新

性自由贸易和自由迁徙的国家联盟。

投资移民方式的富有商业精英和家族正在呈爆发式增长。监管的加强，国家政局不稳和经济挑战的不断加剧，这些因素都继续影响着商务人士和他们家族的生活。而另一方面，加勒比地区却变成经济欣欣向荣和政治稳定的避风港。因此商务人士把加勒比地区作为第二公民权的候选地也并不奇怪。依据申请人的原始国籍，特殊需求和个人目标，在通过严格的背景和尽职调查流程之后，公民权 / 居民全项目都能为他们面临的大多数问题提供简便的解决方案。

的起始投资额为 250000 美元，也可

的公民权。圣基兹和尼维斯早在 1984 年就创建多米尼克

邦在 1993 年也加入其中。另几个加勒比国家——格林纳达、安提瓜和巴布

多米尼克联邦提供“投资移民计划”

达——也紧随其后，采用相似的方案。

来快速获得这个热带天堂岛国的公

今天，圣基兹和尼维斯、多米尼克联邦

民权。该计划是最为实惠的选择，

和格林纳达脱颖而出，成为最受投资者

因为它能通过向该国政府基金贡献

欢迎的金融辖区。

100000 美元的方式来获得自己和家人的终身和完全的公民权。最近该国

这些项目的受欢迎程度和其它方案相

100

It is public knowledge that a global class of highly skilled professionals,from both developed and developing countries,is emerging more frequently by the day.Indeed, over the past few years there has been a surge of wealthy businessmen and families seeking innovative investor immigration solutions.

The oldest, most trusted and successful citizenship by investment program allowing applicants and their families to obtain citizenship of St Kitts and Nevis, with no residency requirement, in exchange for an investment made into the country. St Kitts and Nevis citizens enjoy visa free travel to 132 countries, including the UK, the Schengen Area, Hong Kong and Singapore; as well as, a secure means of protecting ones assets and wealth, not to mention a highly useful second passport for individuals and their family for future generations. A contribution made to the Sugar Industry Diversification Fund (SIDF) starting from USD250, 000, or an investment into an approved real estate project of USD400, 000 (plus government fees) secures one a St. Kitts and Nevis citizenship.

向“制糖工业多元化基金”（SIDF）

400000 美元来获得圣基兹和尼维斯

了第一个经济型移民项目。多米尼克联

within 90days; with no residence requirement, no business or education criteria and no risk to the client’s investment, as the investment is only made after application approval has been granted. To add, a passport from any of the four Caribbean jurisdictions offering a citizenship by investment programme, grants the right to live and work in all CARICOM member-countries. Established in 1973, CARICOM is a union of fifteen Caribbean countries operating a regional model of free trade and movement bearing certain similarities with the EU.

The rise in regulatory restrictions, economic challenges, and political uncertainty in various countries, continues to affect the lives of businesspersons and their families. 圣基兹和尼维斯 By contrast, the Caribbean is a safe and stable sanctuary with a growing 圣基兹和尼维斯是最老牌、最受信赖 economy. It is thus not surprising that businesspersons look to the 和最成功的投资移民国，让申请者和 Caribbean as a strong candidate for 他们的家人轻松获得公民权。圣基兹 alternative citizenship. Depending 和尼维斯投资移民项目没有居住要求。 on an individual’s country of origin, 该国公民在全世界 132 个国家享受免 particular needs, and personal goals, together with successfulcompletion 签待遇，这些国家包括英国、申根国家、 of the strict due diligence and 香港和新加坡，还能提供个人资产的 background verification processes, 全面保护，更不用说第二本护照对他 citizenship/residence programs can provide easy solutions to some of 们子女的未来意味着更多自由选择。 today’s most difficult problems.

以通过对该国认可的房地产项目投资最受欢迎的项目

n the wake of globalization, the doors have been opened to cross-border business and a multi-jurisdictional lifestyle. Those seeking to obtain or take up citizenship, or residence rights in another country, are simultaneously gaining entry to a wider array of countries. This provides individuals with greater freedom of movement and the ability to access a more international platform. Businessminded individuals will also look to alternative citizenship or residence as a means of opening themselves up to new and lucrative international business opportunities, and of expanding their global presence.

政府公布了一个房地产项目，最少投

5th Annual Company Formation Guide

The Most Popular Programs St. Kitts and Nevis established the first economic citizenship programme in 1984. The Commonwealth of Dominica followed suit in 1993. The other Caribbean nations – Grenada, and Antigua and Barbuda – have followed a similar model. Today, St. Kitts and Nevis, the Commonwealth of Dominica and Grenada stand out as the most popular and sought after jurisdictions for investors. The popularity of these programs is unparalleled to other programs because they offer a seamless application process completed

St. Kitts& Nevis

Dominica The Commonwealth of Dominica offers a fast route to citizenship of this peaceful tropical paradise through its Citizenship by Investment Programme. The program is the most affordable option as it requires a single applicant to make an economic contribution of USD100, 000, to the country’s Government Fund and in exchange the applicant, and their family will obtain full citizenship of the country for life. Recently the Government introduced a real estate option with a minimum investment requirement of USD200,000. Dominican citizens also enjoy visa free to 90 countries including the UK, Hong Kong and Singapore too. With no interview requirement or residency requirement this program is a very attractive option.

Sponsored Article

Grenada

资额为 200000 美元。多米尼克公民

毫无疑问，人们都希望在更好，更友善

也享受和 90 个国家的免签政策，其

和更清洁的环境中生活。加勒比的自然

中也包括英国、香港和新加坡。这一

风光和由严格法律所保护的宽容社会

计划之所以如此吸引人也因为它没有

都让人心安。

面谈要求，更没有居住要求。与此同时，我们也以战略性的眼光来格林纳达

看待投资，聪明的投资者把第二国公民权作为他们家庭和第二代的保险措

格林纳达投资移民计划欢迎高素质的

施。这个由个人需求引发的第二国公

个人投资者和他们的家庭成员来获得

民权选择让它成为“后备计划”和“保

公民权，前提是在该国的房地产业最少

险措施”。其中最重要的，就是能够

投资 250000 美元，或者向格林纳达

在全球自由旅行而不受限制的能力。

的“国家改革基金”贡献 200000 美

频繁的国际旅行者把第二国公民权作

元。这一计划向投资者提供在这个享誉

为满足自己减少签证申请和缓解管理

全球的加勒比天堂岛国获得第二国身

负担的方式。所有提供投资移民计划

份的机会，特别适合大型家族的移民。

的国家都能让投资者在世界非常多的

和其他格林纳达公民一样，移民者也

国家旅行而无需签证。

能享受全球 110 个国家的免签，且从 2014 年 4 月开始，格林纳达将成为

除了对国际商务和投资提供支持外，

世界上仅有的五个免签中国的国家

免签证政策对那些在多个国家都有房

之一 —— 中国被视为世界第二大经

产，家族成员自由地在国外生活和子

济体。

女在海外接受教育来说都至关重要。

虽然加勒比地区独特的移民计划在世

加勒比投资移民模式是作为移民监和

界上享有盛誉，但也别忘了欧洲可供选

耗时冗长的移民政策的灵活性替代选

择；塞浦路斯和马耳他也有他们自己独

择，目的是向那些日程紧凑的商务人士

特和广受欢迎的经济移民计划，但门槛

提供高效便捷的解决方案。

则要高许多。总结提供一站式解决方案越来越多的个人投资者都开始把获得财富保护是投资者寻找令人安心的第

第二国公民权作为和世界保持同步，和

二国公民权的重要因素之一。国家法律

追寻美好未来的途径。对这些人来说，

越严格，在本国以外地区寻找资产管理

第二国公民权是他们成为世界公民的

方式的人就越多。

第一步。

The Grenada citizenship by investment program welcomes individuals of good character to obtain citizenship in Grenada for them and their families in return for an investment either in the form of a real estate purchase with a minimum investment of USD250, 000, or a minimum donation to Grenada’s National Transformation Fund of USD200, 000. This programme offers an excellent opportunity for investors to gain a useful alternative citizenship in this well-known Caribbean paradise and is particularly popular for large families. Similarly to the other programs Grenada citizens also enjoy visa free travel to over 110 countries and starting in April 2015, Grenada will be one of only five countries in the world to offer visa-free access to China – arguably the world’s largest economy. While the Caribbean is widely renowned for this particular type of programme, it is important not to discount the European options; both Cyprus and Malta have their own, popular, versions of an economic citizenship programme at a much higher investment threshold. Solving a multitude of problems Wealth protection is also one of the key factors driving investors to seek peace of mind in alternate jurisdictions. The more pervasive and heavy-handed the laws of countries become, the more individuals looking to protect their earnings seek options outside their countries of origin.

travellers may seek alternative citizenship for as basic a reason as needing to apply for fewer visas and alleviating their administrative burden. The jurisdictions offering citizenship by investment programmes all offer visa-free access to a wide array of countries. In addition to aiding those with international businesses and investments, visa-free access is of key importance to families with multiple homes, extended families residing elsewhere, and children studying abroad. The Caribbean citizenship by investment model was created as a flexible alternative to timeconsuming residence or minimumstay requirements, with the goal of providing efficient and quick citizenship solutions to businessmen with demanding schedules.

In Summary Increasingly, individuals have looked to alternative citizenship as a means of becoming integrated with peoples from all corners of the globe, and of working for a better future for mankind as a whole. For these individuals, alternative citizenship is but a stepping stone in the pathway to becoming citizens of the world.

There is little question that people would jump at the opportunity to live in a better, friendlier, and cleaner environment. The Caribbean offers stunning natural beauty, as well as peace of mind through strong rule of law and open and tolerant societies. In the same way that we view our investments in a strategic manner, smart investors are viewing alternative citizenship as an insurance policy for their families and future generations. This need for a ‘backup plan’ or for an ‘insurance policy’ in the form of analternative citizenship may be fuelled by a variety of personal wants and desires. Chief among these, is the ability to travel freely and without hindrance across international borders. Frequent

Micha-Rose Emmett 执行总裁 Group Managing Director of CS Global Partners Tel: +44207 318 4343 info@csglobalpartners.com www.csglobalpartners.com

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2014 热点 HIGHLIGHTS

亚洲 ASIA

欧洲 EUROPE

中国 China

瑞士 Switzerland

中国银行在卢森堡首次发行申根债券

瑞士银行业保密制度松动

中国银行卢森堡分行8日成功发行15亿元人民币“申根”债券。这是中国银行集团在欧洲大陆首次发行人民币债券。中国银行卢森堡分行已向卢森堡证券交易所提交申请，这一债券将成为首个在卢森堡证券交易所挂牌交易的中国企业离岸人民币债券，也将成为中国企业在欧洲大陆上市交易的首个离岸人民币债券。该债券期限3 年，利率为3.5%，得到当地和国际投资者积极响应，认购金额超过30亿元。

5月6日在巴黎举行的经济合作与发展组织（经合组织）年度部长理事会议上，包括瑞士和新加坡在内的40余个国家签署了《税务事项信息自动交换宣言》，其中就包括“避税天堂”瑞士以及蓬勃发展的离岸财富管理中心新加坡。视为竞争力之本的瑞士银行保密传统由来已久。

该债券之所以命名为“申根”象征着该债券将像“申根”签证一样，在欧洲国家间自由流动。而选择在卢森堡上市交易，进一步凸显卢森堡作为国际金融中心的重要地位，呼应了卢森堡建设人民币离岸中心的意愿。中行卢森堡分行是卢森堡首家人民币清算行。2013年，中行卢森堡分行跨境人民币结算量突破千亿元大关，成为境外人民币业务全面产品和服务的提供者，是众多“走出去”企业跨境人民币业务的主办行，在当地跨境人民币结算市场上处于领先地位。

BoC Issues 1st ‘Schengen Bond’ In Luxembourg On May 8, Bank of China successfully launched the offshore renminbi (RMB) ‘Schengen bond’ – the first of its kind to be issued by a company from the Chinese Mainland and listed in the Eurozone. The threeyear bond, priced at 3.50 percent, amounts to a total of RMB1.5bn (USD240.8m), is issued under the USD10bn MTN program of the Bank of China Group, and will be listed on the Euro MTF market of the Luxembourg Stock Exchange. As a new facet in the internationalization of the RMB, this first European RMB bond was named “Schengen bond” using the name of a small village at the borders of Luxembourg, France, and Germany which stands for free movement within Europe.

Lihong Zhou, the General Manager of the Luxembourg branch of Bank of China Limited, commented: “The successful launch of this Schengen bond is a further step towards the internationalization of the Renminbi, and shows the commitment of Bank of China to promote Luxembourg as a leading RMB financial center in Europe.”

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近年来，以银行保密传统为核心竞争力的瑞士受到来自美国、欧盟等国的重重压力，特别是2008年金融危机爆发之后，加大逃税力度以缓解本国财政拮据的欧美各国更是持续向瑞士施压，要求其改变现有银行制度，提供本国客户的账户信息。瑞士对坚持在经合组织框架下讨论银行信息交换问题，并制定相应的国际规则，而不只是与欧盟达成一个双边协定。同时，瑞士与德国、英国等欧盟国家签署双边税收协议，制定代扣税规定，在坚持本国银行保密传统的情况下照顾对方要求。而本次签署《税务事项信息自动交换宣言》，有分析认为，这是瑞士在银行保密传统方面的又一次重大妥协。根据在经合组织框架下制定的该标准，各国和各司法管辖区有权从各国和各辖区内的金融机构收集金融信息，并每年与其他政府和辖区自动进行信息交换。

Switzerland Pledges to Lift Veil on Tax Secrecy Switzerland, the world’s largest offshore financial center, has pledged automatically to hand the details of foreign bank accounts to other countries in one of the most significant breakthroughs in the global crackdown on evasion. At a ministerial meeting in Paris on Tuesday (May 6), Switzerland agreed to sign up to a new global standard on automatic information exchange, representing a decisive break with its centuriesold commitment to protecting the privacy of banking clients. The move is a big step forward for governments that have mounted a concerted attack on evasion in the wake of the global financial crisis and a series of tax scandals.Swiss co-operation is pivotal to the struggle to prise open taxpayers’ hidden accounts because of its long tradition of bank secrecy and its dominant wealth management sector, which has $2.2tn of offshore assets, the report said.

2014 热点 HIGHLIGHTS

亚洲 ASIA

亚洲 AISA

中国 China

香港 Hong Kong

中国的新自贸区遍地开花

香港和美国签订FATCA

中国将继续上海模式，继续建立三个新的自贸区，政府意欲以新建立的自贸区来刺激滑坡的对外贸易的日趋疲软的经济情况，来为这个世界上第二大的经济体打上一支强心针。

11月13日，香港和美国正式签订了政府间协定（IGA），其中的实质性条款早在今年5月份就已经在双方得到协商通过。这一协定将规定香港的金融机构将完全遵照美国的外国账户纳税法案（FATCA）。

据中国政府宣布的消息称，三个新建立的自贸区将位于中国西南部省份的广东和福建，另一个将位于北部城市天津。上海自贸区，或简称为上海FTZ，成立于2013年的9月，报道称是政府寄希望于针对外国投资政府管理的金融和货币限制政府改革的试验田。在宣布这三个新自贸区的政府公文内，中国政府也承诺将在现有的上海自贸区内进行更多的试验来鼓励外国投资和发展制造业和服务业。中国南部的广东自贸区被认为将包括香港和澳门，作为政府将上述地区纳入整个中国大陆经济体的尝试之一。政府也希望借此鼓励制造商把低端的制造业向更高端升级，让中国不再是过去20年里低水平制造的代名词。政府也在近期讨论过在东南亚和中亚地区建立更多自贸区的可能性，北京政府也希望建立一个中国和欧洲之间的“二十一世纪的经济带和海运丝绸之路。”

为了应对外国金融机构希望规避向美国政府透露其美国公民客户的账号信息的行为，美国财政部开发了数个IGA的典型模式。在IGA模式2的规定下，也是香港和美国政府现在签订的这一合约，香港的金融机构将需要向美国国税局注册并单独签订合约。在这些合约的规定下，香港的金融机构将取得他们的美国账户持有人的同意才能按年度向美国国税局透露账户信息。虽然如此，该协议将由IGA所规定的相关美国纳税人基于所需要和在被索取时的在政府层面的信息交换，并依照香港和美国在2014年3月所签订的税务信息交换协议而执行。香港的金融机构因此被要求对其运营和客户进行FATCA的评估，且需要有“合适的流程和系统来保护客户的财产、投资、或在其它金融工具中的利益来不被第三方获取，以及避免帮助客户在当地或海外进行避税的行为。”首个IGA的报告将于2015年5月发布。

New China Free Trade Zones to Lift Growth China will create three new free trade zones modeled on one established a year ago in Shanghai as the government tries to support lackluster trade and boost slowing growth in the world’s second-largest economy. The three new zones will be established in the southern and eastern provinces of Guangdong and Fujian and in the northern port city of Tianjin, China’s State Council said in a statement. Shanghai’s free trade zone, or FTZ, which opened in September 2013, was heralded as a laboratory for ambitious free market reforms that would lift everything from financial and currency restrictions to administrative controls on foreign investment.Beijing is also hoping the zones will push manufacturers into upgrading from the low-end manufacturing that made China an export powerhouse over the last two decades.Officials have recently discussed the possibility of setting up more FTZs in countries in Southeast and Central Asia along what Beijing has dubbed the “21st Century Silk Road Economic Belt and Maritime Silk Road” trade routes between China and Europe.

Hong Kong, US Sign FATCA Agreement On November 13, Hong Kong and the United States signed an inter-governmental agreement (IGA), the substantive terms of which were agreed in May this year, and which will facilitate compliance with the US Foreign Account Tax Compliance Act (FATCA) by financial institutions in Hong Kong.

To address situations where foreign law would prevent an FFI from complying with the terms of an FFI agreement, the US Treasury has developed model IGAs. Under the terms of the Model 2 IGA, which Hong Kong and the US have now signed, financial institutions in Hong Kong will need to register and conclude separate individual agreements with the IRS. Under these agreements, Hong Kong institutions will seek consent from their US account holders to report their account information to the IRS annually. However, the agreements will also be supplemented under the IGA by the exchange of information on relevant US taxpayers at government level on an as-needed basis and upon request, pursuant to a tax information exchange agreement signed between Hong Kong and the US in March 2014. The first reporting under the IGA will take place in March 2015. 5th Annual Company Formation Guide CHINA OFFSHORE

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行政特区 JURISDICTIONS

非洲 AFRICA

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塞舌尔

Seychelles

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Seychelles

行政特区 JURISDICTIONS

概况

塞舌尔

General

Seychelles

公司类型

国际商业公司

法律类型

混合

Type of Company

IBC

现成公司可用率

是

建立新公司所需时间

2天

Shelf Company Availability

Yes

公司税

无

双重征税协议

否

股本或等值股本标准货币

美元

允许使用货币

任何币种

最低付清股本

1 美元

法定股本要求

10 万美元

董事董事最低人数

1人

本地董事

否

公开记录权限

否

会议地点

任何地方

股东股东最低人数

1人

公开记录权限

否

会议地点

任何地方

公司秘书是否需要

否

是否为注册地或者有资质人员

否

账户账户准备要求

是

审计账户

否

账户登记记录

否

公开记录权限

否

Member Contribution

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5th Annual Company Formation Guide

Type of Law

Time to Establish a New Company Corporate Taxation

Double Taxation Treaty Access

Hybrid 2 Days Nil

Share Capital or Equivalent

Starndard Currency

US$

Minimum Paid Up Share Capital

US$1

Permitted Currencies

Usual Number of Shares Issued

Any

Directors

US$100,000

Minimum Number

One

Publicly Accessible Records

Local Required

Location of Meetings

Shareholders

Anywhere

Minimum Number

One

Location of Meetings

Company Secretary

Anywhere

Required

Publicly Accessible Records

Local or Qualified

Accounts

Requirements to Prepare

Yes

Requirements to File Accounts

Audit Requirements

Publicly Accessible Records

No No

By Seychelles Investment Board

行政特区 JURISDICTIONS

行政特区：塞舌尔地区：印度洋，非洲货币：塞舌尔卢比语言：英语、法语时区：UTC+4

Country: Seychelles Region: Indian Ocean, Africa Currency: Seychellois rupee (SCR) (SR) Languages: English, French Time Zone: UTC +4

区号：+248 通讯设施：优秀

Phone Code: +248 Communications: Good

简介 Introduction 塞舌尔是热带天堂的代名词。115 个靠近赤道的岛屿和旋风带以外的地理位置，让它成为令人艳羡的度假天堂。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 89000 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。

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.

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行政特区 JURISDICTIONS

The service sector contributes 70% of the Seychelles's economy, which is based on tourism, fish processing and commerce. The International Trade Zone is successful, and the Seychelles are on the way towards becoming an Indian Ocean trading entrepot, which is their avowed goal. The Government is torn between Colbertian paternalism (very French) and economic liberalism (very English) and it is hard to say which is winning.

塞舌尔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。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。塞舌尔的物价飙升，货币储备短缺和高通胀率都让这个国家在 2008 年年中入不敷出，因此进行了进一步的财政紧缩，政府转而求助于国际货币基金组织要求获得金融支援。 2009 年底，国际货币基金组织同意向该国注资 3100 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

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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 mid-2008, 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 Vehicle Types: Limited companies, public limited companies, trusts, sole proprietorships, general partnerships and limited partnerships Capital primary business districts: Victoria Good Relationships: China, Indonesia, Switzerland, United Kingdom Bad Relationships: Burma, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria

行政特区 JURISDICTIONS

组织的赞扬。

Tax Burden - Business: Very Light

适合于 :

Tax Burden - Individual: Very Light

财富管理、银行业、基金管理、航运、游艇、货物贸易、金融贸易、控股公司离岸工具类型：有限公司、公众有限公司、信托、独资公司、通用合伙公司和有限合伙公司主要资本商务区域：维多利亚港良好关系：中国、印度尼西亚、瑞士、英国

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: Denmark, Faroe Islands, Finland, Greenland, Guernsey, Iceland, Netherlands, Norway, Sweden

不良关系：缅甸、伊朗、北韩、利比亚、索马里、苏丹、叙利亚税赋负担——商务：非常轻微税赋负担——个人：非常轻微总体税率： CIT 25-33% ( 独资公司和合伙公司 18.75%-33%), PIT 0%, VAT 15% 协定签约国家：巴林、巴巴多斯、博茨瓦纳、中国、塞浦路斯、印度尼西亚、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地区：丹麦、法罗群岛、芬兰、格陵兰、耿西岛、冰岛、荷兰、挪威、瑞典

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Member Contribution

塞舌尔 Seychelles

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

Q &A

2. 贵金融辖区对中国客户来说的最佳优势是什么？请列举一个。

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

保密性。在注册时，无需提供任何公司详情，因此公司信息不会

Confidentiality. There is no requirement for filing any details about the company with the Registrar, and therefore information is not publicly available.

被公开。 3. 中国客户为什么要选择贵地建立公司？向中国递送公司文件所需时间“长” （从塞舌尔至中国至少需要 4-5 天时间）是中国公司使用空壳公司的主要原因。因此，服务供应商将会在他们的香港公司或中国公司保有一批空壳公司，这样他们可以立即分配给客户。此外，在英属维尔京群岛比塞舌尔更受中国客户欢迎之时，出于上述提到的同样原因，代理商通常会向中国客户建议使用空壳公司。现在由于时差关系，名称检查和公司成立时间在英属维尔京群岛所需时间较长，因此中国客户发现塞舌尔空壳公司是一个非常不错的选择。

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3. What is the main reason a Chinese client would consider using a shelf company in your jurisdiction? The “long” time frame for delivery of company documents to China (a courier from Seychelles may take at least 4-5 days to reach China) is the main reason for a Chinese client to use shelf companies. Service providers would therefore keep a batch of shelf companies at their China or Hong Kong office so that they may allocate them to clients immediately. Also, when the BVI was previously more popular than Seychelles with Chinese clients, agents used to propose shelf companies to Chinese clients for the same reason as mentioned above. Now, due to the time difference, name checks and incorporation time (which is longer in the BVI), Chinese clients find Seychelles shelf companies to be a very good alternative.

行政特区 JURISDICTIONS

Q &A 4. What is your jurisdiction’s unique selling point in setting up offshore companies for Chinese clients? Efficient same day incorporation. 5. It has been suggested that price remains a major factor for consideration for Chinese clients. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? Yes, price remains a major factor. It is quite difficult to see a change in the years to come due to the high competition in the market. And there is no real emphasis on quality. Price remains the main factor. 6. Opening a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is this the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up?

国客户从价格到质量要求上的转变？

Yes. The Seychelles banking sector is suffering from the same challenges and more. Currently, it is almost impossible to set up a bank account for an offshore company in Seychelles. The major banks (BMI Offshore Bank and Barclays Bank) are undergoing remediation processes and are not taking on new customers until further notice. The other banks are either not opening bank accounts for offshore companies, or require faceto-face meetings. The timeframe to open a bank account in Seychelles would vary from bank to bank as they each have their own requirements. We could open a bank account within approximately three weeks for a non-Chinese client.

是的，价格仍是主要因素。由于市场竞争激烈，近年来价格很难

For Chinese clients, one major problem is when it comes to providing the due diligence in the required format.

4. 贵金融辖区对中国客户来说在离岸公司设立方面的独特卖点是什么？公司成立即日生效 5. 有数据表明中国客户仍然关心价格方面的问题。您是否同意这一观点？您认为这会在未来几年内有所改变吗？您是否也经历中

产生变化。没有真正的重视质量，价格仍是主要因素。

Source: CKLB Corporate Services (Hong Kong) Ltd.

6. 在一些金融辖区开立银行账户比较困难。请问贵辖区是否也是如此？在贵辖区的公司开立银行账户能有多快？是的。塞舌尔银行业目前正遭受同样的挑战甚至更多。目前，在塞舌尔为离岸公司开立银行账户几乎不可能。各大银行（BMI 离岸银行和巴克莱银行）正在处于修复过程，目前并未接收新的客户，除非有进一步通知。其他银行或者不为离岸公司开户，或者需要跟受益所有人面对面受理。在塞舌尔开设银行账户所需时间各银行间均不相同，因为他们每个都有各自的要求。我们可以在三周内（非中国客户）开设一个银行账户，甚至需要更长时间。对中国客户而言，主要问题是需以所需格式提供尽职调查。来源 : CKLB Corporate Services (Hong Kong) Ltd.

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亚洲 ASIA

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行政特区

香港

Hong Kong

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Hong Kong

JURISDICTIONS

行政特区 JURISDICTIONS

概况

香港

General

Hong Kong

公司类型

有限公司

法律类型

英国普通法

Type of Company

Limited Liability

现成公司可用率

是

Shelf Company Availability

Yes

建立新公司所需时间 1 天公司税

16.50%

双重征税协议

是

Type of Law

Time to Establish a New Company

1 Day

Corporate Taxation

16.50%

Double Taxation Treaty Access Yes

Share Capital or Equivalent

股本或等值股本标准货币

港币

允许使用货币

任何主要币种

最低付清股本

1 港币

法定股本要求

Starndard Currency

Hong Kong Dollar

Permitted Currencies

Any major currency

Minimum Paid Up Share Capital HK$1 Usual Number of Shares Issued 1 Directors

董事董事最低人数

1人

本地董事

否

公开记录权限

是

会议地点

任何地方

股东股东最低人数

1人

公开记录权限

是

会议地点

任何地方

公司秘书是否需要

是

是否为注册地或者有资质人员

Minimum Number

Publicly Accessible Records

Yes

Local Required

Location of Meetings

Shareholders

Minimum Number

Location of Meetings

Company Secretary

Anywhere

Required

Yes

Publicly Accessible Records

Accounts

Requirements to Prepare

Annual

账户准备要求

年度

审计账户

年度

账户登记记录

是

公开记录权限

只有上市公司

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Yes

Local, qualification only required for listed company

账户

Member Contribution

Anywhere

只有上市公司需要 Local or Qualified

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English Common Law

Audit Requirements

Annual

Requirements to File Accounts Yes Publicly Accessible Records

Listed companies only

By Midland Consult(Hong Kong)Limited

行政特区 JURISDICTIONS

行政特区：香港地区：亚洲货币：港元语言：粤语、英语时区：UTC+8

Country: Hong Kong Region: Asia Currency: Hong Kong Dollar (HKD) (HK$) Languages: Cantonese, English Time Zone: UTC +8

时区：+852 通讯设施：极佳

Phone Code: +852 Communications: Very Good

公司建立成本：2000-2800 美元公司建立时间：12-20 天维护成本：600-1200 美元

Formation Cost: 2000 - 2800 USD$ Formation Time: 12 - 20 days Maintenance Cost: 600 - 1200 USD$

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

Hong Kong has thrived historically as a trading entrepot serving many Asia Pacific countries and also as a lowcost manufacturing centre, and has turned towards the provision of services, particularly financial services. Its economic success is largely based on a wholehearted adherence to free and open trade, the values encompassed in a British common law legal system and a laissez-faire, non-interventionist attitude on the part of government. There are few if any significant

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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，或者和某些普通法岛屿行政特区一样的管理需求，而是建立在低税率、慷慨的可抵扣税率、仅针对在该特区内产生的收入征税的政策以及完全没有资本利得税、预提税、利息税、销售税和增值税的基础上。如果不在香港当地产生利润，在香港建立一个办公室并不意味着需要提交利润税。因此香港无疑是地区总部设立的最佳选择。

Suitable for: Banking, Insurance, Fund Management, Shipping, Trading Goods, Trading Financial, Intellectual Property/ Licensing, Holding Companies, E-commerce, Property Ownership Vehicle Types: Limited companies, public limited companies, trusts, branches, general partnerships, limited partnerships and sole proprietorships Capital primary business districts: Victoria, Kowloon Good Relationships: China, Singapore, United States

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。

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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.

5th Annual Company Formation Guide

Bad Relationships: Burma, Cuba, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria Tax Burden - Business: Light Tax Burden - Individual: Light

行政特区 JURISDICTIONS

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、通用合伙公司、有限合伙公司和独资公司主要资本商务区域：维多利亚、九龙良好关系：中国、新加坡、美国不佳关系：缅甸、古巴、伊朗、北韩、利比亚、索马里、苏丹、叙利亚税赋负担——商务：轻税赋负担——个人轻总体税率： CIT 16.5%, PIT 15%, VAT 0% 合约签订地区：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、印度尼西亚、爱尔兰、日本、泽西、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定国：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, Jersery, Kuwait, Liechtenstein, Luxembourg, Malaysia, Malta, Mexico, Netherlands, New Zealand, Portugal, Qatar, Spain, Switzerland, Thailand, United Kingdom, Vietnam TIEA Jurisdictions: United States

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Member Contribution

香港 Hong Kong 1. 行业研究表明中国在能预见到的未来是最大的客源国，您是否在公司建立方面也注意到了这方面的趋势？过去几年时间里，中国客户的需求有了显著的增长。但是，随着 2015 年初发生的政策和经济变化，我们预期会出现平缓的趋势，甚至会有略微的下降。 2. 贵金融辖区对中国客户来说的最佳优势是什么？请列举一个 1）香港拥有完善的体制，为中国企业提供适当的形象。 2）香港是一个国际金融中心，资金的流入流出比中国大陆更容易。 3）香港是说英语的商业环境，与国际金融机构有更好的沟通。 4）最后但同样重要的是，还有一些固有的偏好性。 3. 有数据表明中国客户仍然关心价格方面的问题。您是否同意这一观点？您认为这会在未来几年内有所改变吗？您是否也经历中国客户从价格到质量要求上的转变？我们完全同意这种说法。但是，价格依然是区分中国客户的有效工具。通常情况下，对自己所需服务有更深刻认识的客户愿意支付更高的价格。当他们需要高质量的专业服务而非基本的标准服务时，平均价格会进一步提高。 4. 在一些金融辖区开立银行账户比较困难。请问贵辖区是否也是如此？在贵辖区的公司开立银行账户能有多快？有一种国际趋势是银行家在开立账户方面采取了更加严格的方式，包括 KYC 和尽职调查检查、商务活动确实存在的证据、反洗钱问题等。本地银行需要大约一两周的时间审核申请。国际银行大概需要两到四周。 5. 对中国人来一个字来形容贵金融辖区的公司建立行业，那会是什么？有待改善。有些公司根据国际标准提供优质的服务，而其他公司

Q &A 1. Industry research suggests that China will soon rank first in the world as a source of clients. Have you experienced an increase in demand for your company incorporation services from this region? The demand from Chinese clients has seen a significant increase during the past few years. However, we expect a plateau, or even a slight decrease, in line with the policy and economic changes in early 2015. 2. What is the single most important advantage your jurisdiction provides for Chinese clients? 1) Hong Kong has well-established systems which provide a positive image for Chinese enterprises. 2) As Hong Kong is an international financial center, money inflow and outflow are easier than in China. 3) Hong Kong has an English-speaking business environment which means better communication with international financial institutions. 3. It has been suggested that price remains a major factor for consideration for Chinese clients. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? We totally agree with this statement. However, price is still a good tool to differentiate Chinese clients. The clients that are willing to pay a higher price usually have a better understanding of the service they need. When they require a higher quality of professional service than a basic or standard service, the average price will increase further. 4. Opening up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is this the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? It is an international trend for bankers to take a more stringent approach in account opening, including Know Your Customer and due diligence processes, proof of real business activities, anti money-laundering issues, etc. Local banks will need around 1-2 weeks to review an application. International banks will need around 2-4 weeks.

则以具有竞争性的价格提供质量相对较差的服务。

5. If you could describe the incorporation industry as it relates to China in one word, what would that be?

来源：Midland Consult(Hong Kong)Limited

Improvement needed. While some of the firms provide services according to international standards with good quality, others offer competitive prices with comparatively low quality services. Source: Midland Consult(Hong Kong)Limited

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阿联酋

United Arab Emirates

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行政特区 JURISDICTIONS

哈伊马角在全球投资者眼中脱颖而出... UAE

通过哈伊马角离岸，您可以在哈伊马角 Al Jazerah / Al Hamra 地区的金融城里安全地进行投资，这里距离迪拜仅有45分钟的车程。您可以拥有一个免税的环境，并且能够捕捉该地区对离岸市场不断增长的需求。

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概况

阿联酋

General

UAE

公司类型

有限责任公司

法律类型

阿联酋公司法

Type of Company

LLC

Time to Establish a New Company

4 - 6 weeks

现成公司可用率无建立新公司所需 4至6周时间

Type of Law

Shelf Company Availability

公司税

除了石油工业和国内银行，没有收入或资本税不 Corporate Taxation 代扣所得税

双重征税协议

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， Double Taxation Treaty Access 几内亚，香港，匈牙利，印度，印度尼西亚，爱尔兰，意大利，日本等 80 国 Share Capital or Equivalent

股本或等值股本标准货币

迪拉姆

允许使用货币

任何币种

最低付清股本

15 万迪拉姆

法定股本要求

待定

董事最低人数

1人

本地董事

是

公开记录权限

无任何地方

股东最低人数

2人

公开记录权限

是

会议地点

任何地方否

是否为注册地或无特殊要求者有资质人员账户账户准备要求

否

审计账户

否

账户登记记录

否

公开记录权限

否

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Usual Number of Shares Issued Minimum Number Local Required

Publicly Accessible Records Location of Meetings Minimum Number

Publicly Accessible Records Location of Meetings

Company Secretary

公司秘书

5th Annual Company Formation Guide

Apart from the oil industry and domestic banking, there are no income or capital taxes no withholding tax Canada, China, Cyprus, Czech Republic, Egypt, Estonia, Fiji, Finland, France, Georgia, Germany, Greece, Guinea, Hong Kong, Hungary, India, Indonesia, Ireland, Italy, Japan etc in total of 80 countries. DHS Any

Minimum Paid Up Share Capital 150.000 DHS

Shareholders

股东

是否需要

Permitted Currencies Directors

董事

会议地点

Standard Currency

UAE Company Law

Required

Local or Qualified

TBD One Yes No

Anywhere Two Yes

Anywhere No

Accounts

No specific requirements

Requirements to Prepare

Publicly Accessible Records

Audit Requirements

Requirements to File Accounts

No No

By Trinity Group

行政特区 JURISDICTIONS

行政特区：阿联酋地区：中东货币：迪拉姆语言：阿拉伯语、英语时区：UTC-4

Country: United Arab Emirates Region: UAE - Middle East (EMEA) Currency: Dirham (AED) (DH) Languages: Arabic, English Time Zone: UTC +4

区号：+9714 通讯设施：优秀

Phone Code: +9714 Communications: Good

公司建立成本：8000-14000 美元公司建立时间：13-21 天维护成本：3000-5000 美元

Formation Cost: 8000 - 14000 USD$ Formation Time: 13 - 21 days Maintenance Cost: 3000 - 5000 USD$

简介 Introduction 迪拜，作为阿联酋的一部分，是阿里港——一个巨型的人造港口的所在地，也是该地区最大的自贸区，超过 5500 家公司在此地安家。这里新建的机场也将成为世界最大之一。迪拜先进的航空运输村让世界最快的海空运输缩减到四小时之内。这里没有外汇管制，配额或贸易壁垒。进口税非常之低，许多产品都免税。

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-of-the-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.

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阿联酋迪拉姆能够自由兑换且和美元紧密相关。其它免税的区域包括迪拜的迪拜国际金融中心（DIFC），一个有着 1000 家国际金融机构的金融中心，还有迪拜互联网城，已有 1400 家公司进驻。除了石油工业和国内银行业，这里没有所得税或资本税，也没有预提税。迪拜和一些高税率国家签订了一些免双重征税协议，在国际税务规划中被许多大型公司使用。石油曾是迪拜的支柱产业。阿联酋曾经是一个发展水平很低的地区，但是到 1985 年，迪拜已成为世界人均收入最高的地区。大量的财富被投入七个酋长国的资本改进市场和社会服务行业。石油生产位于阿布扎比和迪拜，工业发展基本上都和石油有关，但由于缺乏训练有素的员工和原材料而发展程度受限。得利于阿里自由贸易区，来自 120 个国家的 5500 家公司在这里营商，阿联酋的非石油进口在 1986 年和 1994 年之间增长了 200%。非石油贸易总额在 2012 年达到 2970 亿美元。 2002 年间，迪拜开始进行迪拜国际金融中心的项目规划，期望成为一个主要的金融中心，2003 年出台了迪拜金融中心的法规框架，当年七月，阿联酋联邦内阁允许了迪拜金融中心拥有更大程度的自主权。DIFC 在 2003 年正式启动，并于 2004 年底开始运营。迪拜政府期望到 2010 年，该中心的金融产业将为阿联酋的 GDP 贡献 20% 的产值。虽然这一目标没有实现，但 DIFC 的发展依然稳定，2012 年的公司注册率以 7% 的速度上升。这把迪拜的活动公司总数刷新到 912 家。迪拜属于海湾地区的海关联盟地区，该联盟于 2003 年 1 月 1 日开始运作，参与国家包括科威特、卡塔尔、阿曼、沙特阿拉伯、巴林和阿联酋（包括迪拜） 2000 年，政府开始建设迪拜投资园区——也被称为迪拜互联网城（DIC），这里有高度发达的科技基础设施。该项目的第一步在 2002 年完成。到 2012 年年初，超过 140 家公司在这里建立，包括 IT 界的所有世界著名品牌。

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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 international tax planning by major corporations. Petroleum has traditionally dominated the economy of the UAE. At one time an underdeveloped area, by 1985 the region had the highest per capita income in the world. This immense wealth has been invested in capital improvements and social services in all seven of the emirates. Petroleum production is centred in Abu Dhabi and Dubai. Industrial development is essentially petroleum related but is limited by a lack of trained personnel and raw materials. Helped along by the Jebel Ali Free Trade Zone, which is home to 5,500 companies from over 120 countries, the emirate's non-oil imports expanded by 200% between 1986 and 1994. Total non-oil trade reached a record US$297bn in 2012. During 2002, Dubai began to develop plans for the Dubai International Financial Centre (DIFC), intended to be a major financial entrepot; a proposed regulatory structure for the DIFC was published in June, 2003. In July of that year, the Federal Cabinet of the (UAE) approved a Federal Decree allowing the DIFC a large degree of sovereignty. The DIFC was launched in 2003 and began operations in late 2004. It had been hoped that the Centre would double - to 20% - the financial sector's contribution to the GDP of the United Arab Emirates by 2010. Although this goal was not achieved, DIFC is registering continued growth with a 7% rise in active registered companies recorded in 2012. This brings the total of active companies in the centre to 912. Dubai belongs to the unified customs area of the Gulf Co-operation Council which came into effect on January 1, 2003 and covers Kuwait, Qatar, Oman, Saudi Arabia, Bahrain, and the United Arab Emirates (including Dubai).

行政特区 JURISDICTIONS

DIC 在迪拜南部占地 3200 亩，靠近阿里自由贸易区，提供极为先进的设施和场地来服务制造业、办公室、住宅和学校、研究中心、分销中心和物流企业。在很短的时间内，迪拜互联网城里就成立了很多国际化的科技公司。全球科技巨擎们都进驻此地：微软、甲骨文、惠普、IBM、康柏、戴尔、西门子、佳能、Logica、索尼爱立信、西科等等都包含在内。这些公司雇佣的高知识员工队伍人数超过 12000 人。

In 2000, the Government began to construct Dubai Investment Park, also known as Dubai Internet City (DIC), which has a highly developed technical infrastructure. The first phase of the project was completed in 2002. By early 2012, more than 1,400 companies had established themselves in the DIC, including almost all the big names in IT. The DIC occupies 3,200 hectares in the South of Dubai, near the Jebel Ali Free Zone, offering state of the art facilities and sites for manufacturing, offices, housing, and academic, research, distributions and logistics institutions.

适合于：财富管理、资产管理、银行业、保险业、基金管理、游艇业、货物贸易、金融贸易、控股公司、房地产所有权离岸工具种类：有限公司、公众有限公司、股权公司、通用合伙公司、有限合伙公司、分公司和独资公司主要资本商务区域：迪拜

Within a short span of time, a dynamic international community of ICT companies established itself in Dubai Internet City. The global ICT giants are all represented: Microsoft, Oracle, HP, IBM, Compaq, Dell, Siemens, Canon, Logica, Sony Ericsson and Cisco, to name just a few. These companies represent a community of over 12,000 knowledge workers. Suitable for: Wealth Management, Treasury Management, Banking, Insurance, Fund Management, Yachting, Trading Goods, Trading Financial, Holding Companies, Property Ownership

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行政特区 JURISDICTIONS

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

良好关系：中国关系不佳：缅甸、古巴、伊朗、北韩、利比亚、索马里

Capital Primary Business Districts: Dubai

税赋负担——商务：

Good Relationships: China

极轻

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

总体税率：

Tax Burden - Business: Very Light

税赋负担——个人：

CIT 0%, PIT 0%, VAT 0% 条约签订地区：阿尔及利亚、亚美尼亚、奥地利、阿塞拜疆、白俄罗斯、比利时、波黑共和国、保加利亚、加拿大、中国、捷克共和国、埃及、爱沙尼亚、芬兰、法国、格鲁吉亚、德国、希腊、印度、印度尼西亚、爱尔兰、意大利、哈萨克斯坦、韩国、拉托维亚、黎巴嫩、卢森堡、马来西亚、马耳他、毛里求斯、蒙古、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、也门税务信息交换协议签订地区：无

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, Czech Republic, Egypt, Estonia, Finland, France, Georgia, Germany, Greece, India, Indonesia, Ireland, Italy, Kazakhstan, Korea, Republic of, Latvia, Lebanon, Luxembourg, Malaysia, Malta, Mauritius, Mongolia, 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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行政特区 JURISDICTIONS

General

UAE Ras Al Khaimah 概况

阿联酋哈伊马角

Type of Company

Limited by shares

实体类型

有限股权责任

政治稳定性

优秀

Common or Civil Law

Excellent Any

法律类型

任意

Yes

受益人披露

有

Yes

注册地变更

允许

Nil

公司税

无

English or Arabic

姓名语言要求

英语或阿拉伯语

One

股东最低人数

One

管理人员最低人数

Yes

是否允许公司董事

是

Dhs 1,000 (minimum)

法定股本要求

最少为 1000 迪拉姆

最低付清股本

全额

Local Requirements

Fully paid

Registered Office/Agent

Yes

注册办公室

需要

当地合伙人

不需要

当地管理人员

无

Local Meetings

当地会议

无

政府注册管理人员

需要

政府注册股东

需要

Political Stability

Disclosure of Beneficial Owner

Migration of Domicile Permitted Corporate Taxation Language of Name

Corporate Requirements Minimum Number of Shareholders / Members Minimum Number of Directors / Managers Corporate Directors / Managers Permitted Usual Authorised Capital Minimum paid up Local Partner

Local Directors

Government Register of Directors Yes / Managers Government Register of Yes Shareholders / Members Annual Requirements Required

Local or qualified

Recurring Government Costs Minimum Annual Tax / Licence Fee Annual Return Filing Fee

成立条件

本地要求

年审要求是否需要

无

Any

注册地或有资质人员

任意

DHS 2,000

最低年税 / 证书费用

2000 迪拉姆

年收入申报费用

无

政府费用

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阿联酋 UAE

Member Contribution

Q &A

1. 贵金融辖区对中国客户来说的最佳优势是什么？请列举一个

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

RAK 离岸公司获得的财政和监管收益

Fiscal & Regulatory benefits of RAK offshore companies • 100% income tax exemption • 100% corporate tax exemption • 100% capital and profit repatriation • No capital gains tax • No value-added tax • No withholding tax • Absolute privacy, confidentiality and protection of assets and information • Ability to maintain bank accounts in the UAE • One director required, one shareholder and one secretary (even if they are the same person) • The ability to own property in the UAE • Annual Audit Report not required • Shareholder/director is not required to be physically present in the UAE for incorporation

● 100% 所得税免除 ● 100% 公司税免除 ● 100% 资本和利润汇回 ● 无资本利得税 ● 无增值税 ● 无预扣税 ● 绝对隐私、保密以及资产与信息的保护 ● 在阿拉伯联合酋长国维持银行账户的能力 ● 最低要求一位董事、一位股东和一位秘书（可以是同一个人） ● 阿拉伯联合酋长国的自有物业 ● 不要求年度审计报告 ● 成立公司不要求股东 / 董事本人出现在阿拉伯联合酋长国 2. 中国客户考虑在贵辖区建立公司的主要原因是什么？在当前的全球经济情况下，哈伊马角酋长国正在成为一个可以非常有效地组建离岸公司的辖区。阿拉伯联合酋长国即将享受欧盟管辖带来的好处，银行现在必须向税务机关披露信息。一些“老辖区”自由裁量权的声誉正在被侵蚀。长期以来，作为一个安全的免税辖区，阿拉伯联合酋长国一直都是成立国际银行和公司的理想选择。随着欧洲的最新发展，在哈伊马角酋长国注册公司、进行企业和个人银行业务在国际企业和高资产净值人士之中变得更加受欢迎。 3. 贵金融辖区在为中国客户建立离岸公司方面的独特卖点是什么？很多辖区都被认为是避税港。阿拉伯联合酋长国是一个拥有“实体经济”的“实体”国家。它拥有悠久的国际贸易、财务和商业历史，今天，它也是世界上发展最快、居民生活水平最高的国家之一。独特性：阿拉伯联合酋长国不是经济合作与发展组织（OECD）的成员无国外信息交流阿拉伯联合酋长国未被 OECD 列入避税港“黑名单”（也没有列入金融行动特别工作组黑名单）阿拉伯联合酋长国不是欧盟的成员，也无需遵守欧盟规定

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2.Whatis the main reason a Chinese client would consider using a shelf company in your jurisdiction? In the current worldwide economic situation, RAK is becoming a very efficient place to incorporate your offshore company. UAE looks set to reap the rewards of the EU ruling, under which banks are now forced to reveal information to tax authorities. The reputation for discretion of some “old jurisdictions” is being eroded. UAE has long enjoyed a reputation as a secure, tax-free jurisdiction for international banking and company incorporation. With this latest development from Europe, RAK company registration and corporate and personal banking options are becoming more popular with international businesses and high net worth individuals. 3.What is your jurisdiction’s unique selling point in setting up offshore companies for Chinese clients? Many jurisdictions are considered as tax havens. The United Arab Emirates is a 'real' country with a 'real economy'. It has an established history of international trade, finance and business, and today it is one of the fastest growing countries in the world with one of the highest standards of living. The UAE is also unique in that it is not a member of the Organization for Economic Cooperation and Development (OECD), it has no foreign exchange of information, it is not on the OECD 'blacklist' of tax havens (nor the FATF blacklist), and it is not a member of the EU or subject to EU regulation. 4. Opening a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is this the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? Opening bank accounts has never been a challenge for us, especially having a bank account opened in the UAE. Actually,

行政特区 JURISDICTIONS

Q &A

4. 在一些金融辖区开立银行账户比较困难。请问贵辖区是否也是如此？在贵辖区的公司开立银行账户能有多快？对我们来说，开立银行账户从来都不是什么难题，特别是在阿拉伯联合酋长国开立银行账户。实际上，开立银行账户是我们为客户提供的最大便利之一。阿拉伯联合酋长国中 90% 的银行都接受哈伊马角酋长国离岸公司，并拥有在线银行系统；有些银行可以提供流通卡，可以在全球范围内使用，甚至提取现金。此外，客户可以持有多个货币账户，包括中国人民币货币账户。

one of our outstanding advantages is that clients may have a bank account. 90% of the banks in UAE accept RAK offshore, and they have online banking systems. Some of the banks can provide current cards, which can be used globally and even to withdraw cash. Moreover, clients can have multiple currency accounts, including accounts in Chinese RMB. To open a RAK IBC bank account takes around five working days. 5. If you could describe the incorporation industry as it relates to China in one word, what would that be?

机遇——从 2012 年起，我们就开始在中国进行推广，扩展自身的

Opportunity–We started promoting in China so as to expand our reputation in 2012; during the last several years we have found that marketing to China is unique and has potential which results from the advantages of the jurisdiction. Still, we’ve got lots of work to do towards China marketing, and we are confident that with the reputation of RAK Offshore spreading, Chinese clients will realize that they have an attractive option.

知名度；过去几年时间里，我们发现因为中国辖区的优势，在中

Source: RAK Investment Authority

在哈伊马角酋长国 IBC 开立银行账户，大概需要 5 个工作日的时间。 5. 如果以一个字向中国人来描述贵辖区，这个字会是什么？

国进行营销是独特且具有潜力的。针对中国市场的营销，我们仍然有很多事情要做，随着哈伊马角酋长国离岸业务的覆盖面越来越广，我们相信中国客户会意识到它们有了一个更好的选择。来源：RAK 投资管理局

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加勒比海 CARIBBEAN 巴哈马

The Bahamas

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Bahamas

行政特区 JURISDICTIONS

概况

巴哈马

General

The Bahamas

公司类型

国际商业公司

法律类型

普通法

Type of Company

IBC

现成公司可用率

是

Shelf Company Availability

Yes

建立新公司所需时间 3 至 5 个工作日公司税

否

双重征税协议

否

股本或等值股本标准货币

美元

允许使用货币

任何币种

最低付清股本

任意

法定股本要求

5 千至 5 万美元

董事董事最低人数

1人

本地董事

否

公开记录权限

是

会议地点

任何地方

股东股东最低人数

1人

公开记录权限

否

会议地点

任何地方

公司秘书是否需要

否

是否为注册地或者有无限制资质人员

Time to Establish a New Company Corporate Taxation

Double Taxation Treaty Access

账户准备要求

是

审计账户

无

账户登记记录

是

公开记录权限

否

Member Contribution 5th Annual Company Formation Guide

Common 3-5 Working Days None

Share Capital or Equivalent

None

Starndard Currency

US$

Minimum Paid Up Share Capital

Any

Permitted Currencies

Usual Number of Shares Issued

Any

Directors

5,000 - 50,000

Minimum Number

One

Publicly Accessible Records

Yes

Local Required

Location of Meetings

Shareholders

Anywhere

Minimum Number

One

Location of Meetings

Company Secretary

Anywhere

Required

Publicly Accessible Records

Local or Qualified

Any

Accounts

账户

132

Type of Law

Requirements to Prepare

Yes

Requirements to File Accounts

Yes

Audit Requirements

Publicly Accessible Records

None No

By Bahamas Financial Services Board

行政特区 JURISDICTIONS

行政特区：巴哈马地区：加勒比货币：巴哈马元语言：英语时区：UTC-5

Country: The Bahamas Region: Caribbean Currency: Bahamian Dollar (BSD) (B$) Languages: English Time Zone: UTC -5

区号：+1242 通讯设施：良好

Phone Code: +1242 Communications: Good

公司建立成本：1300-2900 美元公司建立时间：9-15 天维护成本：1000-2000 美元

Formation Cost: 1300 - 2900 USD$ Formation Time: 9 - 15 days Maintenance Cost: 1000 - 2000 USD$

简介 Introduction 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。2012 年 5 月，选民弹劾了 Hubert Ingraham 首相的自

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 business-friendly. In May 2012, voters

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由国家运动党政府，38 个议会席位中有 29 个把票投给了由 Perry Christie 领导的进步自由党。Christie 先生从 2012 年 5 月 8 日起宣誓就职巴哈马首相。经济依赖于金融服务业和旅游业巴哈马早在 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。巴哈马经济很大程度上以来旅游业，但是金融服务业也越来越变得重要。这里有一家证交所（BISX）但它在私有化承诺缺席的情况下很难发展成为一个安全的金融基地。领先的行业包括银行业（2011 年底为止有 278 家银行）和互惠基金（2011 年底又 713 只）。信托管理也前景广阔。离

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ousted Prime Minister Hubert Ingraham's Free National Movement Party, with 29 of the 38 House of Assembly seats going to the Progressive Liberal Party led by Perry Christie. Mr. Christie was sworn in as Prime Minister on May 8, 2012. Economy Based on Financial Services and Tourism The Bahamas was a trust and tourist jurisdiction very early in the 20th century, but was relatively late in developing as a financial centre. The economy is heavily dependent on tourism (4m visitors a year), but financial services are growing in importance. GDP was USD11.24bn in 2012 (est) at purchasing power parity, and GDP per head was about USD31,900 in 2012 (est) at PPP. This is above average for the region, but well behind the most successful (and smaller) jurisdictions such as the Cayman Islands and the British Virgin Islands. 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. The economy is heavily dependent on tourism, but financial services are growing in importance. There is a stock exchange (BISX) but it has struggled to develop a secure financial base in the absence of promised

行政特区 JURISDICTIONS

岸运作通过国际商务公司或其它税务豁免的形式进行。保险业有 13 亿美元的资产。专业服务非常优良。船舶注册方面对大型船只来说是很成功的。这里没有所得税、资本利得税、增值税、销售或使用税或财富税。年度政府预算主要来自于商业、国家保险、印花税和物业税。巴哈马和别国签订了 28 个税务信息交换协议。适合于：财富管理、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、外商公司、有限合伙、豁免有限合伙公司和分离账户公司

privatizations. Leading sectors are banking (278 banks at the end of 2011) and mutual funds (713 at the end of 2011). Trust management is also prominent. Offshore operations take place through International Business Companies or other tax-exempt forms. The insurance sector has assets of USD1.3bn. Professional services are excellent. The shipping registry has been very successful for larger vessels. There is no income tax, capital gains tax, VAT, sales or use tax or wealth tax. Annual government fees are imposed on businesses and there are national insurance, stamp duties and property taxes. The Bahamas has signed 28 Tax Information Exchange Agreements. Suitable for: Wealth Management, Banking, Shipping, Aviation, Yachting, Intellectual Property/Licensing, Holding Companies

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主要的资本营商区域：拿骚

Vehicle Types: Limited companies, public limited companies, trusts, foreign companies, limited partnerships, exempted limited partnerships and segregated account companies

关系良好行政特区：巴巴多斯、伯利兹、百慕大、英属维尔京群岛、开曼群岛、多米尼加、牙买加、蒙特色拉特岛、圣基茨和尼维斯、圣卢西亚岛、圣文森特岛、格林纳丁斯群岛、苏里南、特立尼达和多巴哥、特克斯和凯科斯群岛、英国、美国关系不佳的行政特区：缅甸、古巴、伊朗、北韩、利比亚、索马里、苏丹、叙利亚税赋负担——商业：

Capital primary business districts: Nassau Good Relationships: Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, Dominica, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, 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

非常轻

Tax Burden - Business: Very Light

税赋负担——个人：

Tax Burden - Individual: Very Light

非常轻

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

总体税率： CIT 0%, PIT 0%, VAT 0%

Treaty Jurisdictions: None

签订条约的行政特区：无签订税务信息交换协议的特区：阿根廷、阿鲁巴岛、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、格陵兰岛、耿西岛、冰岛、印度、日本、韩国、马耳他、墨西哥、摩纳哥、荷兰、新西兰、挪威、波兰、圣马力诺、南非、西班牙、瑞典、英国、美国

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TIEA Jurisdictions: Argentina, Aruba, Australia, Belgium, Canada, China, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, India, Japan, Korea, Republic of, Malta, Mexico, Monaco, Netherlands, New Zealand, Norway, Poland, San Marino, South Africa, Spain, Sweden, United Kingdom, United States

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巴哈马 The Bahamas

Member Contribution

Q &A

1. 贵金融辖区对中国客户来说的最佳优势是什么？请列举一个

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

地理位置。我们处于美洲的十字路口。我们距离美国佛罗里达州

Location. We are at the crossroads of the Americas. We are located 60 miles off the coast of Florida, USA, so any clients wanting to have a corporate structure located in the Bahamas can take advantage of our unique location and capitalize on the advantages of trading in the North and South American markets within the same time zone as New York. The Bahamas offers a favorable location for ownership of intangible assets, and the operation of corporate offices and businesses involved in international trade.

海岸仅 60 英里。所以任何希望在巴哈马建立企业结构的客户，都可以利用我们独特的区位优势，以及处在和纽约相同的时区，同时与北美和南美的市场进行交易的优势。对于无形资产所有权、公司办公机构的运营，以及国际贸易业务的操作，巴哈马都提供了有利的地理位置。 2. 贵金融辖区对中国客户来说在离岸公司设立方面的独特卖点是什么？ - 在巴哈马设立企业结构独特的卖点是今年早些时候，巴哈马总理 Perry Christie 和中国国家主席习近平宣布了一项拟议中的协议，原则上允许巴哈马成为世界上可以开展人民币交易的金融辖区之一。那些进口中国商品的企业会从中直接获益，而他们目前还在使用美元支付给供应商。人民币业务的开展使这些企业可以在他们的发票结算中使用中国当地的货币。 3. 有数据表明中国客户仍然关心价格方面的问题。您是否同意这一观点？您认为这会在未来几年内有所改变吗？您是否也经历中国客户从价格到质量要求上的转变？

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2. What is your jurisdiction’s unique selling point in setting up offshore companies for Chinese clients? Earlier this year, the Bahamas Prime Minster Perry Christie and Chinese President Xi Jinping announced a proposed agreement that would, in principle, allow the Bahamas to become a jurisdiction that will be permitted to trade in the Renminbi (RMB). The most immediate benefit will fall to those businesses that import goods from China and currently pay their suppliers using US dollars. Increased access to the RMB will afford these businesses the opportunity to settle their invoices in the Chinese local currency. 3. It has been suggested that price remains a major factor for consideration for Chinese clients. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures?

行政特区 JURISDICTIONS

Q &A

- 我认为在比较离岸金融中心的时候，价格是其中一个因素。但更重要的是，我认为在考虑这个问题时，应该从整体上考虑所有的因素，如监管、商业和法律环境等。客户想要优质的服务，价格不应该是唯一的决定因素。巴哈马还提供了独特的生活方式，在新开的由中国投资的 Baha Mar 度假村，客户在那里还可以拥有自己的居住权。 4. 您是否同意这个行业正面临巨大的监管压力？中国客户是否会被吸引到更具透明度的金融辖区？ - 今天，加强监管已经成为了标准，客户也逐渐习惯了。我们必须承认，现在面对监管就是我们做生意的一部分，我们必须调整我们的服务产品来遵从它。有利方面是客户在考虑一个金融辖区的时候，会看待诸如离岸中心的服务和成熟度等因素。如果一个金融辖区的监管不是那么繁琐，那显然对于客户就是一个优势。 5. 如果让您用一个词来形容对中国服务的公司建立行业，您会怎么说？

I agree that price is one factor when comparing offshore financial centers. But more importantly, I think that one has to look at all factors holistically, such as regulation, business and legal environment when considering centers. Clients want superior service, and price should not be the only determining factor. The Bahamas also offers a unique lifestyle, and with the newly-opened and Chinese-funded Baha Mar resort, clients can also own a residence there. 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? Today, increased regulation has become the standard and clients are gradually becoming accustomed to it. We have to accept that this is now a part of doing business, and we have to tailor our service offerings to comply. One motivating aspect is that clients will look at factors such as the service and sophistication of the offshore center when gravitating to a jurisdiction. If the regulations are less onerous in one jurisdiction, then obviously that is a benefit to the client. 5. If you could describe the incorporation industry as it relates to China in one word, what would that be? Accommodating.

亲切通融

Source: BDO Bahamas

来源： BDO Bahamas

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英属维尔京群岛

British Virgin Islands

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行政特区行政特区 jurisdicTions JURISDICTIONS

BVI

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行政特区 JURISDICTIONS

概况

英属维尔京群岛

General

BVI

公司类型

有限公司

法律类型

普通法

Type of Company

现成公司可用率

是

建立新公司所需时间

24 小时

Shelf Company Availability

Yes

公司税

无

双重征税协议

否

股本或等值股本标准货币

美元

允许使用货币

任何币种

最低付清股本

1 美元

法定股本要求

5 万美元

董事董事最低人数

1人

本地董事

否

公开记录权限

否

会议地点

任何地方

Type of Law

Time to Establish a New Company Corporate Taxation

Double Taxation Treaty Access

Common 24hrs * Nil

Share Capital or Equivalent

Starndard Currency

US$

Minimum Paid Up Share Capital

US$1

Permitted Currencies

Usual Number of Shares Issued

Any

Directors

50,000

Minimum Number

One

Publicly Accessible Records

Local Required Shareholders

Anywhere

Minimum Number

One

Location of Meetings

Company Secretary

Anywhere

是否为注册地或者有资质人员否

Required

Optional

账户

Accounts

Requirements to Prepare

Yes

Requirements to File Accounts

股东股东最低人数

1人

公开记录权限

否

会议地点

任何地方

公司秘书是否需要

可选

账户准备要求

是

审计账户

否

账户登记记录

否

公开记录权限

否

Location of Meetings

Publicly Accessible Records

Local or Qualified Audit Requirements

Publicly Accessible Records

No No

*Note: the processing time differs by the agents, but once the application is submitted to the registry, the company is incorporated within 24 hours. By BVI House Asia

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行政特区：英属维尔京群岛地区：加勒比货币：美元语言：英语时区：UTC-4

Country: British Virgin Islands Region: Caribbean Currency: US dollar (USD) (US$) Languages: English Time Zone: UTC -4

区号：+1284 通讯设施：优良

Phone Code: +1284 Communications: Good

公司建立成本：900-1700 美元公司建立时间：2-4 天维护成本：400-800 美元

Formation Cost: 900 - 1700 USD$ Formation Time: 2 - 4 days Maintenance Cost: 400 - 800 USD$

简介 Introduction 英属维尔京群岛（BVI）高度依赖于旅游业和金融服务业。 BVI 有强大的互惠基金和专属保险行业。 “金融服务委员会” 确保对金融机构进行独立和高效的监管。相对其它加勒比国家，BVI 的价格相对低廉，并能提供相对强大的专业服务。政府对该国的商务需求响应迅速，它的法律体系大多灵活机动和比较直截了当。免税离岸工具（IBC）可以得到利用，本国的税率在任何情况下都不太高。BVI 是新兴市场公司

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

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金融方面的新领导者。适合于：财富管理、银行业、保险业、基金管理、航运业、航空、游艇、贸易金融、知识产权 / 执照、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、通用合伙公司、有限合伙公司和国际商务公司主要资本商务区域：罗德城良好关系：

mostly flexible and straightforward. No-tax 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, E-commerce, Property Ownership

英国、美国关系不佳：亚

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

税赋负担——商务

Capital primary business districts: Road Town

缅甸、古巴、伊朗、北韩、利比亚、索马里、苏丹、叙利

非常轻

Good Relationships: United Kingdom, United States

税赋负担——个人非常轻

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

总体税率：

Tax Burden - Business: Very Light

CIT 0%, PIT 0%, VAT 0% Tax Burden - Individual: Very Light 条约签订国：

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

瑞士 Treaty Jurisdictions: Switzerland 税务信息交换协议签订行政特区：阿鲁巴岛、澳大利亚、奥地利、加拿大、中国、古拉索岛、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、荷兰、新西兰、挪威、波兰、葡萄牙、圣马丁、瑞典、英国、美国

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TIEA Jurisdictions: Aruba, Australia, Austria, Canada, China, Curacao, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, India, Ireland, Netherlands, New Zealand, Norway, Poland, Portugal, Sint Maarten, Sweden, United Kingdom, United States

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英属维尔京群岛

British Virgin Islands

1. 行业研究表明中国在能预见到的未来是最大的客源国，您是否在公司建立方面也注意到了这方面的趋势？英属维尔京群岛（BVI）仍然是中国首选的金融辖区，并且一直会有在英属维尔京群岛设立商业公司和其他公司架构的需求。针对不同的目的，如上市工具、合资公司、资产控股公司、开放和封闭式基金工具，即英属维尔京群岛的公司用于这些不同目的的事实凸显了英属维尔京群岛作为一个稳定、灵活和领先的国际金融中心在日益复杂和不断变化的全球金融体系中的作用和可持续的发展。在中国，英属维尔京群岛是一个主要的外国直接投资者。统计数据显示，尽管受到全球金融危机的影响，中国流经英属维尔京群岛的外向和内向外商直接投资仍然持续增加。尽管主要的经济体还在困境中苦苦挣扎，中国的经济却还在继续增长，并选择英属维尔京群岛作为增长的一个渠道。当前的趋势表明在两到三年内，中国的对外投资将超过外来投资。在 2002 年至 2011 年间，中国在海外的投资平均每年增长 45％，并且在 2013 年达到 1010 亿美元，使中国成为世界上的第三大投资者。英属维尔京群岛仍然是中国企业的首选合作伙伴，有一个事实可以清楚表明这一点，即英属维尔京群岛是中国外来直接投资的第二大接受国——仅次于香港。随着中国经济的继续开放，到 2020 年即将成为世界上最大的投资者，英属维尔京群岛也将继续作为中国境外投资的管道。 2. 贵金融辖区对中国客户来说的最佳优势是什么？请列举一个。英属维尔京群岛对中国客户来说优势众多，其中最重要的一点是在和中国客户合作期间，英属维尔京群岛在亚洲地区积累了丰富的经验，并且建立起完善的基础设施。英属维尔京群岛与亚洲地区（包括中国在内）已有将近 25 年的合作历史，对亚洲地区金融市场需求有很深了解，并且也在竭力满足这些需求。在英属维尔京群岛的从业机构中，和中国客户进行频繁业务往来的多是世界领先的企业公司、信托公司、律师事务所、会计师事务所以及金融服务企业。凭借 25 年多帮助中国客户从事国际业务的经验，英属维尔京群岛辖区内的从业机构对中国、亚洲乃至全世界客户的业务和个人财富需求都颇为了解。英属维尔京群岛拥有一支世界范围内的经验丰富、值得信赖的专家团队网络，提供企业咨询，以及信托和遗产规划、基金、投资、专属保险和船舶飞机注册及其他金融服务等方面的财富管理解决方案。

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5th Annual Company Formation Guide

Q &A

1. Industry research suggests that China will soon rank first in the world as a source of clients. Have you experienced an increase in demand for your company incorporation services from this region? The British Virgin Islands (BVI) continues to be the jurisdiction of choice for the China and there continues to be a demand for BVI business companies and other corporate structures. The fact that BVI companies are used for such diverse purposes – as listing vehicles, joint venture companies, asset holding companies and open and close-ended fund vehicles – highlights the role and sustainability of the BVI as a stable, flexible and leading international finance centre in an increasingly complex and evolving global financial system. In China the BVI plays a major role in FDI. Statistics show that China’s outward and inward FDI flows through the BVI have, in spite of the global financial crisis, continued to increase. While major economies struggled, China continued to experience growth, and chose BVI as a conduit for that growth. Today, trends show that China’s outward investment is set to overtake inward investment within two to three years. Outbound Chinese investment grew by an average annual rate of 45 percent between 2002 and 2011, and in 2013, swelled to US$101 billion, making China the third largest investor in the world. The BVI has continued to be the chosen partner for Chinese business, highlighted by the fact that it is the second largest recipient of China’s inward direct investment – second only to Hong Kong. As China continues to open up its economy, slated to become the world’s largest by 2020, the BVI will continue to be the go-to conduit for China offshore investment. 2. What is the single most important advantage your jurisdiction provides for Chinese clients? The BVI provides many advantages for Chinese clients, but one of the greatest competitive advantages that the BVI has is its deep experience and mature infrastructure in the Asia region doing business with Chinese clients. The BVI has been doing business with China and Asia for more than 25 years and has developed an intimate understanding of the demands and needs of the market and strived to respond to those needs. BVI practitioners doing business with Chinese clients come from the world’s leading corporate firms, trust companies, law firms and accounting firms, as well as others involved in the financial services sector. Having helped Chinese clients do business globally for over 25 years, the BVI practitioners are market experts when it comes to understanding the BVI and the business and personal wealth needs of clients in China, Asia and throughout the world. The BVI is proud to have a robust network of experienced, trusted advisors around the world. They offer a sophisticated array of corporate services, in addition to diverse wealth management solutions in trust and estate planning, funds and investment business, captive

行政特区 JURISDICTIONS

Q &A 其健全的监管体制。

insurance and ship and aircraft registration and financing services.

3. 贵金融辖区对中国客户来说在离岸公司设立方面的独特卖点是

This experience and mature infrastructure also relates to the BVI’s robust regulatory regimes.

英属维尔京群岛丰富的行业经验和完善的基础设施服务也离不开

什么？世界级的高效率。英属维尔京群岛的立法部门为公司的设立和管理提供最为高效创新的服务，《英属维尔京群岛 2004 年商业公司法》是世界上公认现代化程度最高和进步性最大的公司法之一，这部法律提供了最大限度的灵活性。金融辖区内的各公司企业在年度股东会议、审计决算、董事须在英属维尔京群岛居住等方面都没有限制，因此可确保业务运行高效快捷。依赖先进的电子系统 VIRRGIN，英属维尔京群岛的任何公司可在 24 小时内完成注册，英属维尔京群岛的专用工具已在世界范围内通过测试，且已使用多年，由于其使用的广泛性，英属维尔京群岛的所有离岸公司在中国市场都被简称为“BVI”。 4. 有数据表明中国客户仍然关心价格方面的问题。您是否同意这一观点？您认为这会在未来几年内有所改变吗？您是否也经历中国客户从价格到质量要求上的转变？当然，英属维尔京群岛可以同时满足中国客户在质量和价格两方面的需求，英属维尔京群岛是世界上公认的开展业务最经济高效的金融辖区之一。公司的成立费用、加盟入伙、基金或信托成本、运营费用都很低。这里有最为高质的公司架构，提供最具价值的运营机会。中国客户和英属维尔京群岛的业务往来已有多年，由于其能够提供最佳的价格和最好的质量，因此未来这种业务往来也会一如既往地向前发展。 5. 如果您用一个词来形容贵辖区公司建立行业和中国的关系，这句话会是什么？在中国，英属维尔金群岛是市场的领导者，它的大名几乎等同于公司建立行业。英属维尔京群岛公司在中国的公司建立方面非常受欢迎，如果一定要用一个单词来形容，这个词就是 BVI。

3. What is your jurisdiction’s unique selling point in setting up offshore companies for Chinese clients? World Class Efficiency. The BVI has some of the most innovative legislation that facilitates efficient incorporation and administration of companies. The BVI Business Companies Act 2004 is widely regarded as one of the most modern and progressive company laws in the world, offering the greatest flexibility. Companies can be operated with ease: there are no requirements for annual shareholder meetings, no requirements to file audited accounts, and no requirements for directors to reside in the BVI, ensuring simple and quick corporate transactions. BVI companies can be incorporated quickly and easily within 24 hours on BVI’s electronic state-of-the-art electronic system VIRRGIN. The BVI’s special purpose vehicles have been tried and tested over many years throughout the world. Their use is so prolific that offshore companies are known in the Chinese market as simply “BVIs). 4. It has been suggested that price remains a major factor for consideration for Chinese clients. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? Of course the BVI offers both the best price and best quality. The BVI is known as the most cost-effective jurisdiction in which to do business. The set up fees for a company, partnership, fund or trust arrangement are low, and operating fees are minimal. These are all top quality structures, so ultimately the BVI provides the best value for money. Chinese clients have been doing business with the BVI for many years and will remain doing business with the BVI because the jurisdiction offers a combination of best price and best quality. 5. If you could describe the incorporation industry as it relates to China in one word, what would that be? In China, the “BVI” is the market leader and its name has become synonymous with the incorporation industry. The use of BVI companies is so dominant that in China one word is used for the incorporating companies, and that word is “BVI”.

来源：BVI House Asia Source: BVI House Asia

5th Annual Company Formation Guide CHINA OFFSHORE

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国际商务公司法案国家的建立

The IBC Act - the Building of a Nation

ne summer ’s day

Oxford graduates and former

in 1976, Harney

English barristers who were

Westwood & Riegels,

soon joined by a third par tner,

then the only law firm in the

Richard Peters, a brilliant

British Virgin Islands (BVI),

London tax barrister. The

received a call from Wall

future seemed spectacularly

Street lawyer Paul Butler of

bright at this stage.

the renowned firm Shearman & Sterling. He was keen

Unfor tunately, the success

to explore various double

of the DTT was causing

taxation treaties (“DTTs”)

concern in Washington, and

between the USA and

the American authorities

various "micro-states" in the

summoned a delegation from

Caribbean that offered the

the BVI to discuss the treaty.

potential for generous US tax

The delegation was led by

relief. Michael Riegels said

McWelling Todman QC – "Mac"

Colin Riegels 撰文（合伙人，Harney Westwood&Riegels 公司的银行业务及财务主管）

they would be very happy to

to his friends. The delegation

assist and star ted looking into

was not especially successful.

By Colin Riegels (Par tner, Head of Banking and Finance at Harney Westwood & Riegels)

it right away.

Mac Todman would later joke grimly that their meetings

The transaction closed

had been not so much a case

successfully and soon

of "negotiation" as "plea-

976 年夏天的某一日，

Harneys were servicing a

gotiation". In any event, the

Harney Westwood &

steady stream of US tax-

Americans unceremoniously

Riegels 公司，英属维尔京

related work. Mr Butler would

cancelled the DTT in 1982.

群岛（BVI）唯一一家律师事务所，

later remark that he had been

接到华尔街著名律所 Shearman &

rather lucky in selecting the

Up until the mid-1970s, the

Sterling Paul Butler 律师的电话。

BVI and Harneys. He had

BVI had been something

当时，在加勒比海的各个“ 小国”

anticipated having to closely

of an economic backwater,

均有可能提供优厚的美国税收减免，

supervise “local counsel”, but

and this new business had

而 Paul Butler 则热衷于探索美国

had found two very able men.

injected a cer tain degree of

和这些“ 小国” 间的各种双重征税

Neville Westwood and Michael

prosperity into the islands.

条约（DTT）。Michale Riegels

Riegels were Cambridge and

People were anxious that the

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5th Annual Company Formation Guide

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表示，他们很乐意协助，并且会马

momentum should continue.

type of corporate vehicle. The

上开始展开调查。

Mr Butler suggested offering a

legislation was based upon

new corporate product in the

the very modern Delaware

这一业务顺利结束，此后 Harneys

market. Instead of promoting

Corporation Law, but

所承接的美国税务相关的工作便源

a structure which would create

incorporated additions from

源不断。Paul Butler 先生后来指出，

tax leakage, the BVI should

innovative company legislation

他很幸运地选择了 BVI 和 Harneys

create a new tax-neutral

in other jurisdictions. On 15

公司。他本来预计是需要密切监督

company which would provide

August 1984, the Legislative

“ 当地律师”，但他却找到了两个

a flexible corporate vehicle

Council of the BVI passed

很能干的人。Neville Westwood

for commercial purposes

the International Business

和 Michael Riegels 是剑桥和牛

anywhere in the world.

Companies (IBC) Act into law.

Richard Peters, 是不久之后加入

In the end, a committee of

Thir ty years later, it is easy

公司的第三位合伙人，他是著名的

five people, later known as

to overlook how radical

伦敦税务律师。在此阶段，他们的

the “Gang of Five” (Paul

the IBC Act was at the

未来似乎不可限量。

Butler, Lewis Hunte – the

time. It streamlined the

Attorney General – and the

incorporation procedure,

不幸的是， DTT 的成功在华盛

three Harneys par tners) were

removed the requirement

顿引起各界关注，美国当局传唤

tasked with developing the

of corporate capacity and

BVI 代表来商讨该条约。代表团由

legislation to create a new

corporate benefit, recognised

津的毕业生，此前是英国的律师。

McWelling Todman QC 及他的朋友组成。代表团此次来访不是特别成功。 Mac Todman 后来严肃地开玩笑说，他们的会谈，与其说是一场“ 谈判”，不如说是一场“ 认罪求情会”。之后，美国人于 1982 年毫不客气地取消了 DTT。英属维尔京群岛的经济停滞状态持续至 20 世纪 70 年代中期，而这一新的业务为该群岛带来一定程度的繁荣。人们非常焦虑，不知道这一势头是否能够持续下去。Paul Butler 先生建议公司在市场上推出一项新产品。BVI 应该创建一个新的税收中立公司，能够为世界各地提供灵活的公司载体以用于商业目的，而不是推动能够造成税收漏损

5th Annual Company Formation Guide CHINA OFFSHORE

149

的结构。

that companies could exist

the case, from approximately

without members, permitted

1989 to 1997 the incorporation

最后，由五人组成的委员会，后来

companies to provide financial

numbers exploded, growing

被称为“五人帮”（保罗 • 巴特勒，

assistance for the acquisition

at a rate of nearly 50% year-

刘易斯 • 亨特 ——总检察长 ——

of their own shares, provided

on-year. In 1999, a study

和三位 Harneys 的合作伙伴）接受

for true statutory mergers,

by accountancy firm KPMG

了这一任务，即制定法律，以创建

and created new statutory

estimated that the BVI had

一个新型的公司载体。这项立法基

tools for restructuring and

amassed a 41% global market

于非常现代的特拉华州公司法而设，

reorganisation. Most of these

share for offshore vehicles. By

但也融合附加了其他辖区有创新性

innovations would not appear

20 04, the BVI would have the

的公司立法。 1984 年 8 月 15 日，

in other jurisdictions until

12th highest GDP per head of

BVI 立法委员会通过国际商业公司

many years later. The IBC Act

population in the entire world.

（IBC）法案，将其正式纳入当地法

was truly ahead of its time.

律体系。

A popular theory ascribed to However, what mattered to

the surge in popularity of IBCs

三十年后，人们很容易就忽视了 IBC

the Government and private

is the business dealings of

法案在当时是何等激进。它简化了注

sector of the BVI was whether

Sir Li Ka-shing. Back in the

册过程，去除了对企业能力和企业效

the IBC product would sell.

late 1980s, the businessman

益的要求，认可公司没有成员构成，

While this was not initially

was reorganising his highly

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5th Annual Company Formation Guide

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successful Hong Kong-based

of the IBC may simply have

shipping business, Hutchison

been a combination of a

Whampoa, and chose to use

good product and timing.

BVI companies as holding

In 1991, changes were

companies in his new

made to create a simple but

reorganisation of the group.

comprehensive system for

Such was the regard that

the registration of security

Mr Li was held in that many

interests created by IBCs.

other businessmen and young

This proved extremely popular

entrepreneurs rapidly followed

with lenders providing debt

his example.

financing to BVI companies. Leading international finance

允许公司提供财务援助以收购自家股票，提供真正的法定合并，同时创建新的法定工具以进行公司调整和重组。直到若干年后，大多数创新在其他司法辖区依然将不会再现。 IBC 法案是真正超越时代的存在。不过，影响到政府和英属维尔京群岛私企部门的是 IBC 产品是否存在销售。尽管刚开始这没什么，但约从 1989 年至 1997 年，公司注册数量呈爆炸式增长，比去年同期增长近 50%。1999 年，由毕马威会计师事务所（KPMG）研究估计，作为离岸公司载体，BVI 已经积累了达 41% 的全球市场份额。截止 2004 年，BVI 人均 GDP 位列全球第 12 位。 IBC 普及度暴增的一个流行理论则归因于与李嘉诚的业务合作。李嘉

There is little doubt that

lawyer Philip Wood QC once

the IBC proved to be

remarked that he thought

extraordinarily popular in

the BVI security registration

Hong Kong. Professionals

system was the "best in the

in the BVI used to joke that

world"; this also undoubtedly

when a man turns 18 in Hong

helped to cement the BVI as

Kong, his father would hand

a market leader in the finance

him a mobile phone and a BVI

market.

company and tell him to go and make his way in the world.

Eventually, in the early 20 0 0s the industry in the BVI

We also credit its popularity

plateaued at high, but stable,

to another Hongkonger,

incorporation numbers. By this

businessman Ted Powell,

time, the IBC Act had been

who persuaded the Registrar

driving the BVI's economy for

of Companies to open for a

two decades, but all around

limited period on a public

it, the world of commerce had

holiday to form a great

moved on to the electronic

number of companies with an

age. At times, the IBC Act

incorporation date of 8/8/88.

appeared increasingly out

Those lucky companies proved

of pace with this new world

to be just as popular as Mr

– almost as if it was trying

Powell had predicted and sold

to send a fax to an e-mail

at an incredible rate.

address. Industry practitioners began to realise that it was

But the surge in popularity

time to replace the model.

5th Annual Company Formation Guide CHINA OFFSHORE

151

诚的航运业以及和记黄埔以香港为

There was also exter nal

u n t i l t h e ve r y e n d o f t h e

总部。早在 20 世纪 80 年代后期，

pressure on the BVI to change

d ay b e fo re p ro c e s s i n g t h e

李嘉诚就对其早已斩获成功的业务

its company legislation in

incorporation. The name of

进行重组，并选择使用 BVI 公司作

response to tax competition

t h a t c o m p a ny wa s " T h e L a s t

为重组新集团的控股公司。正因李先

guidance from the OECD and

IBC Limited".

生做了如此选择，许多其他商人和

other inter national bodies,

青年企业家们迅速追随，纷纷效仿。

and after two years of

A single piece of legislation

work, a replacement for the

brought on transfor mative

IBC 在香港非常受欢迎，这是毫无

I B C A c t , t h e BV I B u s i n e s s

changes in the BVI. Although

疑问的。英属维尔京群岛的专业人

C o m p a n i e s A c t , wa s p a s s e d

the BVI is still a small place

士常开玩笑说，在香港，当一个人

into law on 24 December

and Tor tola still has a small

年满 18 岁后，他的父亲将递给他一

20 04.

island feel, the prosper ity brought about by the Act is

个手机和一个 BVI 公司，然后告诉

T h e I B C A c t wa s f i n a l l y

evident everywhere. You have

re p e a l e d o n 3 1 D e c e m b e r

to wonder about when those

另一个有功之臣是香港商人特德 •

2 0 0 6 , b u t n o t b e fo re R i ch a rd

f ive men sat down in the

鲍威尔（Ted Powell），他曾劝说

Pa r s o n s – t h e m a n w h o

Attor ney General's chambers

公司注册处处长在公休日开设有限

wa s i nvo l ve d i n t h e 8 / 8 / 8 8

and one of them picked up

的时间，用以设立大量注册日为 88

incorporations – made an

a pen, whether they really

年 8 月 8 日的公司。这些幸运公司

u n u s u a l re qu e s t . H e a p p l i e d

had any idea at all that what

正如鲍威尔先生所预言的那样受欢

fo r t h e i n c o r p o r a t i o n o f a n

they were about to do would

迎，而且以不可思议的高价卖出。

I B C a n d re qu e s t e d t h a t t h e

transfor m the economic

C o m p a n i e s R e g i s t r y wa i t

status of a n a t i o n .

他去闯荡，打出自己的天下。

但 IBC 的这种人气飙升也仅仅是优质产品和时势相结合的结果。1991 年，更改 IBC 们所创建的安全利益注册体系，使其更为简单全面。这一更改非常受那些为 BVI 公司提供债务融资的贷款人的欢迎。领先国际律所的金融律师 Philip Wood QC 曾表示，他认为英属维尔京群岛的注册体系是“ 全球第一”；这毫无疑问有助于巩固英属维尔京群岛在金融市场上的市场领导者地位。最后，在 21 世纪初，BVI 工业趋于稳定高值水平，同时注册公司数量也趋向稳定。而在此时，曾推动英属

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维尔京群岛经济二十年的 IBC 法案，突然之间，其周边的商业世界已经转移到了电子时代。IBC 法案的节奏与这个新的世界时有不合拍迹象出现，其该情况日益增多 —— 这种不合拍就好像试图给电子邮件地址发传真一样。业内人士开始意识到，是时候转型了。 BVI 还存在来自于经合组织（OECD）和其他国际机构主体的外部压力，要求改变公司立法，响应税收竞争的方针，经过两年努力之后， IBC 法案的替代法，英属维尔京群岛商业公司法于 2004 年 12 月 24 日通过，正式纳入当地的律法体系。 IBC 法案最终在 2006 年 12 月 31 日废除，但在此之前，理查德 • 帕森斯（Richard Parsons） —— 曾参与 88 年 8 月 8 日公司注册 —— 提出一项不同寻常的要求。他申请成立一家 IBC 公司，且要求公司注册处处理人员等待，直至该法案废除当日公司注册处办公的最后一刻。该公司名称为 “最后的 IBC 有限公司”。单一立法对 BVI 也带来变革性变化。尽管 BVI 依旧是一个小地方，托托拉岛（Tortola）依旧给人以小岛的感觉，但因该法案带来的繁荣比比皆是。此时，你不禁想知道当年那五名男子坐在总检察长室，其中一人拿起笔时，他们是否意识到自己接下来将做的事情足以改变一个国家的经济状况。

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行政特区 JURISDICTIONS

开曼群岛

Cayman Islands

154

5th Annual Company Formation Guide

Cayman

Contact Information: Address：Suite 329, 10 Market Street, Camana Bay, Grand Cayman KY1-9006, Cayman Islands Cayman Tel : +1 (345) 749 7590 Website：www.loebsmith.com

行政特区 JURISDICTIONS

概况

开曼群岛

General

Cayman Islands

公司类型

豁免公司

法律类型

公司法

Type of Company

Exempted

现成公司可用率按要求按标准费率为 2 至 3 个建立新公司所需工作日，支付额外费用时间可加快至 1 个工作日公司税

无需征收豁免公司的收入，资本收益，公司增值税或印花税。

双重征税协议

否

Type of Law

Shelf Company Availability

On request

2-3 business days at standard rates but can be reduced to 1 business day for an additional fee No income, capital gains, corporation value added taxes Corporate Taxation or stamp taxes imposed on an exempted company Double Taxation Treaty Access No Time to Establish a New Company

Share Capital or Equivalent

股本或等值股本标准货币

美元

允许使用货币

任何币种

最低付清股本

无

法定股本要求

股份可完全发行，部分发行或未缴股款股份可在一个以上的货币计价

董事

Starndard Currency

US$

Minimum Number

One

Permitted Currencies

1人

本地董事

否

公开记录权限

否

会议地点股东

没有要求必须在开曼群岛 Location of Meetings

股东最低人数

1人

公开记录权限

否

会议地点公司秘书

没有要求必须在开曼群岛 Location of Meetings

是否需要

否

Local Required

Publicly Accessible Records Shareholders

Minimum Number

Publicly Accessible Records Company Secretary

是否为注册地或否者有资质人员账户账户准备要求

是

审计账户

否

账户登记记录

否

公开记录权限

否

5th Annual Company Formation Guide

Any

Minimum Paid Up Share Capital None Shares may be issued fully, partly or nil paid Shares may be Usual Number of Shares Issued denominated in more than one currency Directors

董事最低人数

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Companies Law

Required

Local or Qualified

No No

Not required to be held in Cayman One No

Not required to be held in Cayman No

Accounts

Requirements to Prepare

Yes

Publicly Accessible Records

Audit Requirements

Requirements to File Accounts No

By Loeb Smith

行政特区 JURISDICTIONS

行政特区：开曼群岛地区：加勒比货币：开曼群岛元区号：+1345 通讯设施：良好公司建立成本：2900-4500 美元公司建立时间：2-3 天维护费用：1400-2200 美元

Country: Cayman Islands Region: Caribbean Currency: Cayman Islands dollar (KYD) (CI$) Languages: English Time Zone: UTC -5 Phone Code: +1345 Communications: Good Formation Cost: 2900 - 4500 USD$ Formation Time: 2 - 3 days Maintenance Cost: 1400 - 2200 USD$

简介 Introduction 开曼群岛是世界上最大的离岸银行业中心，也是排名在百慕大之后，世界第二大离岸专属保险基地。这里没有直接或间接税；政府收入来自于关税、印花税和向公司征收的年费。最近试图征收的一项工资税因为工作签证费的不断增加而搁浅。因此在这里雇佣外国人很困难，也很昂贵。开曼群岛的经济高度依赖旅游业和金融服务业。从 1997 年开曼群岛股票交易市场开市以来，互惠基金已成为一个主

Cayman is the largest offshore banking centre in the world, and the second largest offshore captive insurance base after Bermuda. There are no direct or indirect taxes; government revenue comes from customs duties, stamp duty and annual fees levied on corporations. A recent attempt by the administration to impose a payroll tax was withdrawn in favour of a substantial increase in work permit fees. It is thus difficult and expensive to employ expats. The economy is highly dependent on

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tourism and financial services. Since the opening of the Cayman Islands Stock Exchange in 1997, mutual funds have become a growing sector, and the islands have emerged as a predominant registration base for hedge funds, CDOs and other securitization instruments. Although Cayman has an established commercial infrastructure and a flexible approach to regulation, it is an expensive jurisdiction. 要的增长行业，整个群岛已成为世界上最主要的对冲基金、债务抵押债券（CDO）和其它证券形式的注册基地。虽然开曼群岛有成熟的营商基础设施和灵活多变的法规制度，

Suitable for: Wealth Management, Treasury Management, Banking, Fund Management, Shipping, Aviation, Yachting, Trading Financial, Intellectual Property/Licensing, Holding Companies

它仍是一个比较昂贵的行政特区。

一个在乔治城，大开曼群岛，另一个位于开曼湾。几条主

Vehicle Types: Limited companies, public limited companies, exempt companies, foreign companies, trusts, limited partnerships and exempted limited partnerships

要的航线都经停开曼群岛，每天都有航班飞往迈阿密，每

Capital primary business districts: George Town

开曼群岛是一个以英语为官方语言的英国附属地，位于加勒比海地区的古巴和中美洲之间。这里有两个国际机场，

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

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

行政特区 JURISDICTIONS

适合于：财富管理、资产管理、银行业、基金管理、航运、航空、游艇、贸易金融、知识产权 / 许可证、控股公司离岸工具种类：有限公司、公众有限公司、豁免公司、外国公司、信托、有限合伙公司和豁免有限合伙制公司主要资本商务区域：乔治城良好关系：巴哈马、巴巴多斯、百慕大、伯利兹、加拿大、多米尼加、印度、牙买加、蒙特色拉特岛、圣基茨和尼维斯、圣卢西亚、圣文森特岛和格林纳丁斯群岛、特立尼达和多巴哥、特克斯和凯斯特群岛、美国不良关系：缅甸、古巴、北韩、利比亚、索马里、苏丹、叙利亚税赋负担——商务非常轻税赋负担——个人非常轻总体税率： CIT 0%, PIT 0%, VAT 0% 条约签订国：英国纳税信息交换协定地区：阿根廷、阿鲁巴岛、澳大利亚、巴西、加拿大、中国、古拉索岛、捷克共和国、丹麦、法罗岛、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、南非、瑞典、英国、美国

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开曼群岛

Cayman Islands

1. 行业研究表明中国在能预见到的未来是最大的客源国，您是否在公司建立方面也注意到了这方面的趋势？是的。中国客户在开曼群岛成立豁免公司的需求每一年都在持续增长。中国客户看重开曼公司所提供的灵活性、资产安全性、轻松的运营、维护和控制以及极具竞争力的费用。中国客户还看重开曼群岛提供的成熟商业环境以及全面的服务，包括银行、信托公司、律师、会计、保险经理、共同基金经理和管理人以及所有预期的支持服务。 2. 贵金融辖区对中国客户来说的最佳优势是什么？请列举一个利用开曼的企业结构，中国客户可以在国际金融交易和 / 或投资中实现最大的灵活性并获得其他利益：与控股公司携手打造集团业务将投资和税收效益最大化的能力、执行首次公开募股、合并或兼并其他开曼公司或另一金融辖区内允许与外国实体合并或兼并的公司、退市、进行私人交易以及实现有效的公司税务结构；利用开曼企业结构促进节税财富管理和继任计划的能力。 3. 中国客户为什么要选择贵地建立公司？开曼的结构之所以是国际金融交易和 / 或投资的理想选择有诸多原因，包括：成立以中文命名的公司；在提交文件之后一个工作日内成立公司；不要求董事为开曼居民；股东登记簿和会议簿记可

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1. Industry research suggests that China will soon rank first in the world as a source of clients. Have you experienced an increase in demand for your company incorporation services from this region? Yes. The demand for incorporation of Cayman Islands exempted companies from Chinese clients continues to increase yearly. Chinese clients appreciate the flexibility, asset security, ease of operation, maintenance and control afforded by Cayman companies, as well as the highly competitive fees charged. Chinese clients also appreciate that Cayman offers a sophisticated business environment with a full range of services including banks, trust companies, lawyers, accountants, insurance managers, mutual fund managers and administrators, and all the expected support services. 2. What is the single most important advantage your jurisdiction provides for Chinese clients? Cayman corporate structures allow Chinese clients to maximize the flexibility and other benefits of utilizing such structures in international finance transactions and/or investments such as: the ability to structure group businesses with a holding company to maximize investment and tax efficiency, effect IPOs, merge or consolidate with another Cayman company or a company from another jurisdiction that permits mergers or consolidations with a foreign entity, to effect de-listings, and take-private transactions, and generally achieve efficient tax structuring of businesses; the ability to use Cayman corporate structures to facilitate tax-efficient wealth management and succession planning

行政特区 JURISDICTIONS

Q &A 以在另一金融辖区保管；不要求每年召开股东大会；最大的保密性——不要求公开提交股东登记簿或会计信息；不收取红利分配税或资本利得税；不收取红利或其他分配的预扣税；不收取礼品、地产或继承税；无外汇限制。 4. 贵金融辖区对中国客户来说在公司建立方面的独特卖点是什么？开曼群岛是顶尖的离岸金融辖区，具有非常成熟的商业环境以及全面的服务，包括银行、信托公司、律师、会计、保险经理、共同基金经理和管理人以及所有预期的支持服务。中国客户看重开曼群岛环境的成熟程度、开曼公司所提供的灵活性、资产安全性、宽松的运营、维护和控制以及极具竞争力的费用。来源：Loeb Smith

3. What is the main reason a Chinese client would consider using a shelf company in your jurisdiction? Cayman structures are ideal for international finance transactions and/or investments for many reasons, including: incorporation with name written in Chinese characters; incorporation within one business day of documents being filed; no requirement for directors to be resident in Cayman; register of shareholders and minute books can be held in another jurisdiction; no requirement for shareholders’ annual general meeting; maximum confidentiality – with no requirement to publicly file register of shareholders or accounting information; no taxes on distributions or on capital gain; no withholding taxes on dividends or other distribution; no gift, estate or inheritance taxes; no foreign exchange restrictions 4. What is your jurisdiction’s unique selling point in setting up offshore companies for Chinese clients? The Cayman Islands are the leading offshore financial jurisdiction with a very sophisticated business environment with a full range of services including banks, trust companies, lawyers, accountants, insurance managers, mutual fund managers and administrators, and all the expected support services. Chinese clients appreciate the degree of sophistication as well as the flexibility, asset security, ease of operation, maintenance and control afforded by Cayman companies, and the highly competitive fees charged. Source: Loeb Smith

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库拉索

Curacao

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库拉索Steevensz|Beckers税务律所向位于荷兰加勒比地区（库拉索、圣马丁、阿鲁巴和所有荷兰加勒比地区的岛屿，比如博内尔岛、赛巴、圣尤斯塔西亚）的本土和国际客户提供独立且高质量的税务顾问服务。我们协助客户把风险降至最低并解决税务问题，让他们发现其中产生的机遇。我们向大中型家族企业和他们的股东、大中型公众贸易公司、高净值人士、私人股本公司和其它组织（包括非盈利性组织和慈善组织）提供国内和国际税务顾问服务。

行政特区 JURISDICTIONS

Steevensz|Beckers税务律所和他的伙伴一起为零售、房地产、娱乐和酒店、食品和饮料、租赁业公司、国际贸易和电子商务公司、私人股本公司、国际控股公司和金融服务商提供服务。合作 Steevensz|Beckers税务律所已在多个国家建立起一个由税务同行组成的广阔网络。

库拉索位于拉丁美洲海岸线上，交通便利，有一个天然海港和加勒比地区最大的集装箱码头和石油输出和精炼设施，可以被称为欧洲、亚洲和拉丁美洲之间的物流和金融集散地。库拉索签订了超过90个双边投资协议，对投资进行免予征用的保护，这也是库拉索能提供的资产保护机遇之一。库拉索是荷兰王国的一部分，个人和公司都能在需要进行刑事和民事诉讼时利用荷兰海牙的荷兰高级法院。

For more information, please contact us: Steevensz|Beckers Tax Lawyers Landhuis Joonchi II Kaya Richard J. Beaujon z/n, Curaçao Phone: +599.9.736.05.06 Fax: +599.9.736.05.02 Mobile: +599.9.522.29.42 Emile Steevensz: steevensz@sb-curacao.com Web: www.steevenszbeckers.com

Curacao

为什么选择库拉索？库拉索被认为是加勒比地区的首个中岸税务金融辖区，兼有经合组织（OECD）要求的透明度，也有税务实质、低税率、金融架构、资产保护、具有竞争力的架构机会和与税务协定网络的通路。库拉索有极佳的控股制度，只要符合特定要求就能对子公司的收入免征红利和资本利得税。库拉索从2009 年起就位居经合组织白名单之列，和美国有 FATCA协议。另外，除了荷兰和挪威已经生效，以及马耳他和塞舌尔待定外，库拉索已和世界上超过36个国家签订了税务信息交换和免双重征税协议。

“世界上最难理解的东西就是所得税” – 阿尔伯特爱因斯坦

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概况

库拉索

General

Curacao

Private Limited Liability Company or Public Limited Liability Company Curaçao law. Curaçao civil law jurisdiction based on Dutch law. limited availability 1-5 working days. Deed must be passed by a civil notary. Yes. Corporate income tax rate 25% (2016: 22%). Participation exemption rules available; Tax rate economic zone: 2%; tax rate export facility 3.625% (2016: 3.19%); Limited treaties. Double taxation Double Taxation Treaty treaty with the Netherlands and Access Norway and about 26 Tax Exchange and Information Agreements. Share Capital or Equivalent Starndard Currency Nafl. = Netherlands Antilles guilder Permitted Currencies All. Most used are USD or Euro Min. Paid Up Share Capital 0.01 Sometimes incorp. with 1 share, Usual Number of Shares cap. contributions are allocated to Issued share premium reserves. Usually 100 shares of 100 or 1,000 of 10. Directors Minimum Number 1 Local Required Yes No. financial statements are not Publicly Accessible published with the trade register of Records the chamber of commerce Location of Meetings Dir's meetings must be in Curaçao Shareholders Minimum Number 1 Publicly Accessible No. shareholders register is kept by Records the mgr. director at office of the Co. Location of Meetings Should be in Curacao but not ltd. Company Secretary Required No

私营有限责任公司或公共有 Type of Company 限责任公司库拉索岛的法律。库拉索民 Type of Law 法律类型法是以荷兰法律管辖。 Shelf Company Availability 现成公司可用率有限责任建立新公司所 1-5 个工作日。契约必须由 Time to Establish a New Company 需时间民事公证传递。是。企业所得税税 25％（2016 年：22％）。参与公司税可用免税规则；经济区税率： Corporate Taxation 2％；出口设施税率 3.625％（2016 年：3.19％）

公司类型

有限条约。与荷兰和挪威签双重征税协议订双重征税条约及与其他 26 国的交换和信息协议。股本或等值股本标准货币荷属安的列斯荷兰盾允许使用货币任何币种，主要是美元和欧元最低付清股本 0.01 有时候我们把一个份额和出法定股本要求资额分配给股本溢价 . 通常是 100 股或 1000 股。董事董事最低人数 1 人本地董事是公开记录权限

否，财务报表不与商会的商业登记一起公布

会议地点库拉索股东股东最低人数 1 人否，股东登记册是存放由总公开记录权限经理办公室。会议地点会议应在库拉索岛但不限制公司秘书是否需要否是否为注册地或否者有资质人员账户是。财务报表必须进行，并账户准备要求必须纳税申报。审计账户荷兰 GAAP/ IFRS 账户登记记录没有公开，但与纳税申报公开记录权限否

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Local or Qualified Accounts

Requirements to Prepare

Audit Requirements Req. to File Accounts Publicly Acc. Records

n.a.

Yes. Financial statements must be made and filed with the tax return. Dutch GAAP/IFRS No publicly, but with the tax return No

By Steevensz|Beckers Tax Lawyers

行政特区 JURISDICTIONS

行政特区：库拉索所属地区：加勒比货币：荷兰安的列斯群岛荷兰盾（ANG）（f）语言：荷兰语，帕皮阿门托语时区：UTC -4

Country: Region: Currency: Guilder (ANG) (f) Languages: Time Zone:

Curacao Caribbean Netherlands Antillean

电话区号： +5999 通讯设施： + 良好

Phone Code: +5999 Communications: Good

公司建立成本：900 - 2100 美元公司建立时间：7-14 天年度维护费用：100-300 美元

Formation Cost: 900 - 2100 USD$ Formation Time: 7-14 days Maintenance Cost: 100 - 300 USD$

Dutch, Papiamento UTC -4

简介 Introduction 库拉索行政特区成立于 2010 年 10 月 10 日，当时荷兰安地列斯群岛解散并分裂成两个独立的行政特区，另一个特区名为圣马丁岛。库拉索面积为 450 平方公里，人口 147000 人，位于委内瑞拉以北大约 50 公里处；库拉索距离迈阿密只有 2.5 小时的飞行时间。库拉索是荷兰王国的所属国，并有对内事务的绝对自治权，其法律系统是基于普通法的民事法典。

The jurisdiction of Curacao was created on October 10, 2010 when the Netherlands Antilles was dissolved and became two separate jurisdictions, the second being Sint Maarten. Approximately 450 sq km in size with a population of 147,000, Curacao lies about 50 km north of Venezuela; Miami is 2.5 hours by air from Curaçao. Curaçao is a country within the Kingdom of the Netherlands with full autonomy in internal affairs, and its legal system is based on the civil code. The

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库拉索群岛的官方（且使用）语言是荷兰语，但特别在首都威廉斯塔德，西班牙和英语也被广泛使用。货币为安地列斯群岛盾，对美元的固定汇率为 1 美元兑换 1.79 盾。在荷兰安地列斯地区解散时，曾计划在库拉索和圣马丁岛推广使用加勒比盾。但这一计划几度搁浅和推迟，且何时能够真正实施并未有时间表。库拉索的经济很大程度上依赖旅游业，石油加工 / 航运和离岸金融业。库拉索群岛没有针对外国公司的政府限制，鼓励对内投资。库拉索的营商环境比较发达，有较佳的通讯设施。库拉索群岛正在大力发展它的离岸税务行业，对外国投资者的激励政策也有，这里还有数个自贸区，包括一个仅对利润征收 2% 的“E-zone”。适合架构：航运、知识产权 / 授权、控股公司、电子商务、电子博彩业、房地产持有、财富管理离岸工具种类：有限责任公司、豁免公司、基金会、通用合伙和有限合伙

official (and used) language is Dutch, but Spanish and English are also widely spoken, particularly in the capital, Willemstad. The currency is the Netherlands Antillean guilder which is fixed against the US dollar at USD1 = ANG1.79. It had been planned to introduce the Caribbean Guilder for Curaçao and Sint Maarten at the same time that the Netherlands Antilles were dissolved. However, the timetable for the switchover has slipped many times, and there is no fixed date for when it will take place. The economy is largely based on tourism, petroleum processing/trans-shipment and offshore finance. There are no government restrictions on foreign-owned businesses in Curaçao, and inwards investment is encouraged. The business environment is fairly sophisticated and there is a good telecommunications infrastructure. Curacao is phasing out its offshore tax regime, but fiscal incentives are available to foreign investors, and there a number of Free Zones, including an ‘E-Zone,’ within which profits are taxed at 2%. Suitable for: Shipping, Intellectual Property/Licensing, Holding Companies, E-commerce, E-gaming, Property Ownership, Wealth Management Vehicle Types: Limited liability companies, exempt corporations, foundations, general partnerships and limited partnerships

公司关系良好：阿鲁巴岛、巴西、中国、印度、荷兰、挪威、巴拿马、圣

Good Relationships: Aruba, Brazil, China, India, Netherlands, Norway, Panama, Sint Maarten

马丁岛关系不佳：缅甸、伊朗、北韩、利比亚、索马里、苏丹、叙利亚税务负担——商务：

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

一般

Tax Burden - Business: Moderate

税务负担——个人：

Tax Burden - Individual: Heavy

繁重总体税率： CIT 34.5%, PIT 13%-49.4%, VAT 5%

Headline tax rates: CIT 34.5%, PIT 13%-49.4%, VAT 5% Treaty Jurisdictions:

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签订条约的行政特区：阿鲁巴、荷兰、挪威、圣马丁岛税收信息交换协议（TIEA）签订国：安提瓜和巴布达、阿根廷、澳大利亚、百慕大、英属维尔京群岛、加拿大、开曼群岛、哥伦比亚、丹麦、法罗群岛、芬兰、法国、格陵兰、冰岛、墨西哥、新西兰、圣基兹、圣卢西亚、圣文森特和格林纳丁斯群岛、西班牙、瑞典、英国、

Aruba, Netherlands, Norway, Sint Maarten TIEA Jurisdictions: Antigua and Barbuda, Argentina, Australia, Bermuda, British Virgin Islands, Canada, Cayman Islands, Colombia, Curacao, Denmark, Faroe Islands, Finland, France, Greenland, Iceland, Mexico, New Zealand, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Spain, Sweden, United Kingdom, United States

美国

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库拉索：国家简介和外国投资 Curacao: Country and Foreign Investment By Global Incorporation Guide

2004 年，因为组成岛屿之间发生了不可调和的矛盾，荷属安的列斯群岛爆发了宪法危机，荷兰及地方政府因此指定了联合委员会，并得出应该解散金融辖区的结论，库拉索岛和圣马丁岛成为与荷兰和加勒比海阿鲁巴岛并存的自治国家，但是剩余的三个岛——萨巴岛、博内尔岛和圣尤斯泰希厄斯岛——应该纳入到海牙荷兰政府的直接控制之下。 2004 年 12 月，荷兰内阁批准了此项决议。荷属安的列斯群岛解体的转变过程始于 2007 年 7 月，作为荷兰王国境内的辖区，荷属安的列斯群岛于 2010 年 10 月 10 日解体。出现了两个新的辖区——库拉索岛和圣马丁岛。其他三个岛屿，萨巴岛、博内尔岛和圣尤斯泰希厄斯岛，成为荷兰的海外自治区（OMON）。荷兰国王依然是荷兰的国家元首，继续为荷兰的外交事务和国防负责。库拉索岛的公民依然保留荷兰国籍。

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A constitutional crisis erupted in the Netherland Antilles in 2004 owing to irreconcilable differences between the constituent islands and led to a joint Commission appointed by the Netherlands and the local government concluding that the jurisdiction should be broken up, with the islands of Curacao and St Maarten becoming autonomous countries alongside the Netherlands and the Caribbean island of Aruba, whilst the remaining three islands - Saba, Bonaire and St. Eustatius - should be brought under the direct control of the Dutch government in The Hague. This was approved by the Dutch cabinet in December 2004. The transition process towards the dismantling of the Netherlands Antilles began in July 2007 and the Netherlands Antilles as a jurisdiction within the Kingdom of the Netherlands was dissolved on October 10, 2010. Two new jurisdictions, Curacao and St. Maarten, came into existence. The other three Islands, Bonaire, Saba and St. Eustatius became

行政特区 JURISDICTIONS

Overseas Municipalities of the Netherlands (OMON). The Dutch monarch has remained as the head of state and the Netherland continues to be responsible for foreign affairs and defense. The citizens of Curacao continue to be Dutch nationals. Curacao lies in the Southern part of the Caribbean, between Venezuela and Cuba. The capital, Willemstad, is the main financial centre and seat of Government.

库拉索岛坐落在加勒比海的南部，位于委内瑞拉和古巴之间。首都威廉斯塔德是主要的金融中心和政府所在地。其法律、政治和行政体系很多程度上都是效仿荷兰，但却有一些对离岸体制有影响的普通法。库拉索岛建立了自己的政府、司法制度和中央银行。荷兰语是官方语言，但英语也是常用的语言；本土语言是帕皮阿门托语——克里奥耳语的一种方言。本地货币是荷属安的列斯群岛荷兰盾（ANG），计划从 2012 起以荷属加勒比海荷兰盾取代此种货币。印制新货币的成本以及政局的不稳定导致了引入新货币的延迟，最早也要推迟到 2013 年。库拉索岛有四通八达的机场；只需大约一个小时就可以飞到迈阿密。库拉索岛有一个发达的港口，属于荷兰船舶注册局的一部分。库拉索岛的经济非常开放，很大程度上依赖于旅游业和离岸金融服务。库拉索岛的自然资源贫乏，所以大部分商品都要靠进口。邻国委内瑞拉的国家石油公司 PDVSA 在库拉索岛上经营着一家重要的精炼厂，这个工厂停业过一段时

The legal, political and administrative systems are largely modeled on Dutch originals, but there has been some common law influence on the offshore regime. Government, Judiciary and Central Bank are established on Curacao. Dutch is the official language, but English is often spoken; the local language is Papamiento, a Creole dialect. The local currency is the Netherlands Antillean guilder (ANG) and there were plans to replace this with the Dutch Caribbean Guilder from 2012. The cost of printing the new currency coupled with political uncertainty has led to the introduction of the new currency to be delayed until 2013 at the earliest. There is a wellconnected airport on Curacao; flight time to Miami being about one hour. Curacao has a good port, and is part of the Dutch ship registry. The Curacao economy is very open and is highly dependent on tourism and offshore financial services. Most goods are imported since there are few natural resources. The important refinery in Curacao, run by neighboring Venezuela's state oil company PDVSA, was shut for a while but is now partially open again, and used mostly for trans-shipment to China. GDP per head at USD15,000 (2011 est.) is reasonable for the Caribbean area as a whole, but unemployment is high. The Government used to run a large deficit, but had been planning a balanced budget from 2009. Failure to introduce important reforms to reduce health care spending has led to a substantial deficit in 2011 and 2012. Local taxes are quite high for residents, but there is a well-developed offshore sector which originated in World War Two as a haven for Dutch companies fleeing the German occupation of the Netherlands. Many financial links are to the Netherlands in one

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间，但现在已经部分重新开放，主要用于到中国的转运。放眼整个加勒比海地区，人均 15,000 美元（2011 年估计值）的国内生产总值是一个合理的数字，但库拉索岛的失业率偏高。政府一度出现过巨大的赤字，但是从 2009 年，政府一直在计划平衡预算。未能引进降低医疗支出的重要改革导致库拉索岛在 2011 年和 2012 年出现了巨额的赤字。对居民征收的地方税相当高，但自第二次世界大战起，从被德国占领的荷兰逃出的荷兰公司就在这里建立了发达的离岸部门，成为了荷兰公司的避税天堂。在一个方向上，是通往荷兰的金融纽带，在另一个方向上，是通往南美。金融和专业基础设施非常发达，具有荷兰（民法）的特征。银行、共有基金（专业投资人）、运输、许可、保险和控股公司是主要的离岸部门。大多数离岸活动的课税负担不重，但也不是最低的。荷属安的列斯群岛和库拉索岛只与挪威和荷兰签订了税收协定，可以享受很多荷兰的税收协定和健全的预扣税体制。但是，库拉索岛一直在寻求打造更加广泛的税收协定网络，在与美国达成的税收信息交换协议之外，还与很多其他国家达成了税收信息交换协议。尽管没有银行机密立法，但是正常情况下，该辖区不理会非收税协定合作伙伴在税务事项上的援助请求。实际上，

direction and to South America in the other. The financial and professional infrastructure is welldeveloped, with a Dutch (civil law) cast. Banking, mutual funds (for professional investors), shipping, licensing, insurance and holding companies are the main offshore sectors. The tax burden on most offshore activities is light but not minimal. The Netherlands Antilles, and Curacao by default, has traditionally had tax treaties only with Norway and, of course, the Netherlands, which gives access to the many Dutch tax treaties and good withholding tax regime. However, it has been seeking to create a more extensive tax treaty network, and in addition to a Tax Information Exchange Agreement with the United States, has concluded TIEAs with a number of other countries. There is no banking secrecy legislation as such, but the jurisdiction does not normally respond to requests for help on tax matters from other than treaty partners. In fact, the Netherlands Antilles had faced pressure from international bodies to legislate more firmly against drug-related financial transactions: the Antilles' geographical position has led to a substantial

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在反毒品相关金融交易方面，荷属安的列斯群岛承受着国际机构更多的立法压力：因为安的列斯群岛的地理位置，通过该辖区会发生大量的不法毒品交易和毒资转移。人们认为主管当局可为毒品犯罪的国际调查员提供帮助，但是过去，议会不愿落实改善信息披露方面的立法。 1999 年末，荷属安的列斯群岛通过一项新的税务立法，名为“新财政框架”，旨在改善辖区作为离岸金融中心的形象，振兴该辖区的金融服务业。自 2002 年 1 月 1 日起生效的立法以及修订过的“BRK”（荷兰王国税务安排）抹除了“在案”和“离岸”公司之间的差别，简化了税率。但是，现有的离岸公司在 2019 年之前不受新规定的限制。除了税务立法之外，还引进了新的公司形式，允许免税的离岸运营：这种公司形式就是 NABV（荷属安的列斯群岛有限责任私人公司）或英文名为 AEC（安的列斯群岛豁免公司），出于多种目的，此种形式取代了离岸荷兰私人公司。

illicit trade in drugs and drug money through the jurisdiction. The authorities are seen as being helpful to international investigators of drug crime, but the Parliament has in the past shown itself reluctant to put in place legislation improving disclosure. At the end of 1999, Netherlands Antilles passed new tax legislation known as The New Fiscal Framework intended to improve the jurisdiction's image as an Offshore Financial Centre and to revitalize its financial services industry. The legislation, which came into force from 1st January 2002 along with a revised 'BRK' (Tax Arrangements for the Dutch Kingdom), removed the distinction between 'onshore' and 'offshore' companies and simplified tax rates. However, existing offshore companies are grandfathered until 2019. Alongside the tax legislation, a new corporate form was introduced to allow offshore operations on a taxexempt basis: this is the NABV (Netherlands Antilles Besloten Vennootschap) or AEC in English (Antilles Exempt Company), and it has supplanted the offshore NV for many purposes.

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库拉索 Curacao

Q &A

1. 贵金融辖区对中国客户来说的最佳优势是什么？请列举一个

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

库拉索岛是荷兰王国的一部分。库拉索岛是一个非常透明的金融

Curaçao is part of the Kingdom of the Netherlands, so it is a very transparent jurisdiction with a modern tax code that is similar to the Dutch tax code. Curaçao is not only a logistical gateway to Latin America with its natural harbor – with one of the largest container terminals in the Caribbean, a refinery and a large modern shipyard – but it can be considered a financial gateway to Latin America too. Curaçaohas an excellent financial sector, extremely favorable tax trading regimes, and modern holding and investment regimes.

辖区，拥有与荷兰税法类似的现代税法。库拉索岛不仅是通过天然港进入拉丁美洲的物流通道，拥有加勒比海最大的集装箱码头之一、精炼厂和大型现代船厂，也可被视为金融拉丁美洲的金融通道。库拉索岛拥有健全的金融行业，极其有利的税收贸易机制，现代控股机制和投资机制。 2. 贵金融辖区在为中国客户建立离岸公司方面的独特卖点是什么？税务考虑因素： - 参与免税的控股机制，在满足特定条件的情况下，豁免从子公司收到的股息以及通过子公司股份转让实现的资本利得； - 有利的贸易机制。经济区（2%）或出口设施规定（大约 3%）我们注意到出口设施规定也可以用于融资、银行业务和许可； - 金融活动、股票债券投资、存款和许可活动的免税机制； - 通过我们与荷兰达成的税收安排超出荷兰协定网络； - 与西班牙中介控股联合超出西班牙协定网络； - 通过挪威税收协定超出挪威税收协定网络 - 健全的海外居民设施。 - 资产保护的可能性，维持家庭财富、家庭办公室。

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2. What is your jurisdiction’s unique selling point in setting up offshore companies for Chinese clients? Tax considerations: - Holding regime with participation exemption that exempts dividends received from subsidiaries and capital gains realized with the alienation of shares in the subsidiary, provided certain conditions are met; - Favorable trading regime: Economic zone (2%) or export facility rules (approx. 3%). The export facility rules can also be applied to financing, banking and licensing; - Tax exempt regime for financial activities, investment in shares bonds, deposits and license activities; - Access to the Dutch treaty network through our tax arrangement with the Netherlands; - Access to the Spanish treaty network in combination with Spanish intermediary holdings; - Access to the Norwegian tax treaty network - Excellent expat facilities

行政特区 JURISDICTIONS

Q &A 非税考虑事项： - 作为荷兰王国的一部分，库拉索岛是 90 双边投资协定的参与方，可以提供防止征收的投资保护； - 人员使用多种语言。大多数都说荷兰语、英语和西班牙语。 - 大型中国社区。 3. 您是否同意这个行业正面临巨大的监管压力？中国客户是否会被吸引到更具透明度的金融辖区？是的，中国企业必须做出相应的调整，必须认识到如果它们要在多个国家运营，最好要选择透明的金融辖区。诸如哥伦比亚、委内瑞拉、阿根廷、巴西等很多拉丁美洲国家将安圭拉岛、英属维尔京群岛、开曼群岛列入了黑名单，通过此类国家进行投资的难度更大。我相信中国企业会意识到在透明离岸辖区建立企业的重要性会与日俱增。重要的是，在金融辖区中越来越重要的因素并不是零税率，而是贵方在该辖区内拥有的资产的实体以及贵方要披露的信息。 4. 在一些金融辖区开立银行账户比较困难。请问贵辖区是否也是如此？在贵辖区的公司开立银行账户能有多快？ 6-8 周 5. 如果以一个字向中国人来描述贵辖区，这个字会是什么？（被中国人）低估。尽管库拉索岛的中国理事会付出了巨大的努力，中国企业还没有找到进入库拉索岛的方式。来源：Steevensz|Beckers Tax lawyers

- Excellent potential for asset protection, maintaining family wealth, and family offices Non-tax related considerations: - As a part of the Kingdom of the Netherlands, Curaçao is party to 90 Bilateral Investment Treaties that provide investment protection against, amongst others, expropriation; - Residents are multi lingual, with most speaking Dutch, English or Spanish. - Large Chinese community 3. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent? Yes, Chinese business will have to adapt to this, and they must realize that if they do business in multiple countries, they would bebetter off doingso from transparent jurisdictions. Many Latin American countries, such as Colombia, Venezuela, Argentina and Brazil consider jurisdictions such as Anguilla, BVI and the Cayman Islands as black-listed, which makes it more difficult to invest through such countries.I am convinced that Chinese entrepreneurs will recognize that establishing their businesses in transparent offshore structures is increasingly important. It is not the zero tax ratethat is important –it is the substance and presence that you have in a jurisdiction that becomes more and more important. 4. Opening up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is this the casein your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? Within 6-8 weeks 5. If you could describe the incorporation industry as it relates to China in one word, what would that be? Underestimated (by the Chinese). Chinese entrepreneurs have not yet found their way to Curaçao, despite the good efforts of the Chinese consul in Curaçao. Source: Steevensz|Beckers Tax lawyers

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欧洲 EUROPE

塞浦路斯 Cyprus

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Cyprus

行政特区 JURISDICTIONS

概况

塞浦路斯

General

Cyprus

公司类型

有限责任公司

法律类型

公司法

Type of Company

Limited Liability Company

现成公司可用率

按要求

Shelf Company Availability

On request

建立新公司所需时间 5 至 15 工作日

Type of Law

Time to Establish a New Company

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

公司税双重征税协议

是

标准货币

欧元

允许使用货币

任何币种

最低付清股本

1 欧元

法定股本要求

1 欧元的 1000 股

Double Taxation Treaty Access Yes Starndard Currency

Permitted Currencies

EUR Any

Minimum Paid Up Share Capital 1 EUR

Usual Number of Shares Issued 1000 shares by 1 EUR Minimum Number

One

Publicly Accessible Records

Yes

董事最低人数

1人

本地董事

否

公开记录权限

是

会议地点

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

股东最低人数

1人

公开记录权限

是

会议地点

任何地方

公司秘书是

是否为注册地或者有否资质人员账户账户准备要求

是

审计账户

是

账户登记记录

是

公开记录权限

是

176

Corporate Income Tax 12,5%, VAT 19%

Directors

董事

是否需要

5 - 15 working days

Share Capital or Equivalent

股本或等值股本

股东

Company Law

5th Annual Company Formation Guide

Local Required

Shareholders

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

Minimum Number

One

Location of Meetings

Company Secretary

Anywhere

Required

Yes

Publicly Accessible Records

Local or Qualified

Yes

Accounts

No residency requirements

Requirements to Prepare

Yes

Audit Requirements

Yes

Requirements to File Accounts Yes Publicly Accessible Records

Yes

By Brazhnikov & Partners Ltd.

行政特区 JURISDICTIONS

行政特区：塞浦路斯地区：欧洲货币：欧元语言：希腊语、英语时区：UTC+2

Country: Cyprus Region: Europe Currency: Euro (EUR) (€) Languages: Greek, English Time Zone: UTC +2

区号：+357 通讯设施：良好

Phone Code: +357 Communications: Good

公司建立成本：2800-4600 美元公司建立时间：5-9 天维护成本：1600-2200 美元

Formation Cost: 2800 - 4600 USD$ Formation Time: 5 - 9 days Maintenance Cost: 1600 - 2200 USD$

简介 Introduction 塞浦路斯是一个独立的民主共和国，也是英联邦成员国。它的国民生产总值相当不错，人均约为 21000 美元（2010 年）。该国经济主要以来服务业，旅游业非常重要。而失业率也不高。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

Cyprus is an independent democratic republic, and a member of the Commonwealth. It is prosperous: GDP US$21,00 (2010) per head. The economy is dominated by services, with tourism particularly important. Unemployment is low. The Cyprus Government worked hard to create a favorable offshore tax regime while at the same time maintaining a normal-looking domestic economy, albeit

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于偏低。这一成功主要归因于从 1975 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 10%。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市场的控股公司和投资公司非常有效的选址地。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、有限合伙公司、独资公司和信托主要资本商业区域：尼科西亚、利马索尔、拉纳卡良好关系：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、拉托维亚、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、英国不良关系：缅甸、埃及、伊朗、北韩、利比亚、索马里、苏丹、叙利亚、土耳其税赋负担——商务：轻税赋负担——个人：一般

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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 1975. 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 10% tax. Cyprus has double-tax treaties with more than 40 other countries, including most major Western 'hightax' 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 markets. Suitable for: Wealth Management, Treasury Management, Shipping, Yachting, Intellectual Property/Licensing, Holding

行政特区 JURISDICTIONS

Companies, Property Ownership Vehicle Types: Limited companies, public limited companies, branches, general partnerships, limited partnerships, sole proprietorships and trusts Capital Primary Business Districts: Nicosia, Limassol, Larnaca 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, Slovakia, Slovenia, Spain, Sweden, United Kingdom Bad Relationships: Burma, Egypt, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria, Turkey Tax Burden - Business: Light Tax Burden - Individual: Moderate

总体税率： CIT 10%, PIT 20-35%, VAT 18% 签订条约行政特区：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、赛舌尔、新加坡、斯洛伐克、斯洛文尼亚、南非、瑞典、叙利亚、塔吉克斯坦、

Headline Tax Rates: CIT 10%, 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 Kingdom, United States, Uzbekistan TIEA Jurisdictions: None

泰国、乌克兰、英国、美国、乌兹别克斯坦税务信息交换协议签订国：无

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塞浦路斯 Cyprus

Q &A

1. 贵金融辖区对中国客户来说的最佳优势是什么？请列举一个

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

1) 在塞浦路斯成立控股公司的主要优势就是节省大量的税费。以

1) Cyprus’s main advantage is that it’s a prime location for holding companies, which can lead to substantial tax savings. The following key factors make Cyprus the best jurisdiction for a holding company:

下核心因素使塞浦路斯成为成立控股公司的最好金融辖区： a) 免受预提税或者以减免税率从运营中公司提取股息的能力 b) 塞浦路斯拥有广泛的双重税收协定网络——最高税率 15%，多个国家甚至为零税率。 2）无需缴纳资本利得税或运营国家的类似税费即可处理运营中公司投资的能力。资本利得无需纳税。 3）在控股公司的金融辖区内无需缴纳地方股息税和资本利得税

a) The ability to extract dividends out of the operating company free of withholding tax or at a reduced rate b) Cyprus’s wide network of double tax treaties allows this – the highest tax rate is 15% and several countries have a zero tax rate

c) 控股公司从其本地及外国子公司处收到的股息无需在塞浦路斯纳税。 d) 处置投资无需缴纳资本利得税。 4）从控股公司提取股息、在控股公司金融辖区内不会产生任何费改税的能力。 e) 塞浦路斯征收的唯一预扣税就是在塞浦路斯境内由权利或资产的使用所衍生的版税预扣税，税率为 10%（以条约规定为准）。 f) 向塞浦路斯居民支付的所有其他股息、利息和版税款项均无需扣税。 2. 中国客户选择贵金融辖区建立公司的主要原因是什么？对股息、利息、版税均不征收预扣税，不论是否存在双重征税协定，也不论接收方的居住国是哪里。如果中国客户想要持有外国股份（资产）并有意在未来以零税率将其销售给第三方，那么从税收的角度来看，购买塞浦路斯空壳公司是最佳的解决方案。处置任何证券（股份、期权、互换、远期合同、FX、GDR 等）的所得无需在塞浦路斯缴纳任何税费。如果相关收入需在塞浦路斯缴纳税费，在海外缴纳的税费可享受单边税收抵免。塞浦路斯也是在欧盟与世界其他地方之间作为控股“三明治”的理想选择。 3. 贵金融辖区在为中国客户建立离岸公司方面的独特卖点是什么？个人（500 万欧元投资起）投资计划（1 个家庭）及集体投资计划（5 个家庭 250 万欧元）可在 3 个月内通过投资获得塞浦路斯公民身份。此种集体或个人投资计划在欧洲是最有效率的，塞浦路斯宪法不要求放弃现有护照，一般来说，建立塞浦路斯控股公司应该是最有效的方式。

3) Exemption from local tax on dividends and capital gains in the holding company jurisdiction c) Dividends received by a holding company from its local and foreign subsidiaries are exempt from Cyprus tax d) There is no tax on capital gains upon disposal of investments 4) The ability to extract dividends from the holding company without charging tax in the holding company jurisdiction e) The only withholding tax levied by Cyprus is a 10% withholding tax on royalties derived from the use of a right or asset within Cyprus (subject to treaty provisions) f) All other dividends, interest and royalty payments made to non-residents of Cyprus may be made without deduction of tax 2. What is the main reason a Chinese client would consider using a shelf company in your jurisdiction? There are no withholding taxes on dividends, interests or royalties irrespective of the existence of a Double Tax Treaty or the recipient’s country of residency. If a Chinese client wants to hold foreign shares (assets) and sell them with no tax to a third party in the future, the purchase of a Cyprus Shelf Company is the best solution from a tax point of view. Gains from disposing of any securities (shares, options, swaps, forward contracts, FX, GDR etc) are exempted from tax in Cyprus. Unilateral tax credit relief is available for taxes paid abroad if the respective income is subject to tax in Cyprus. Cyprus is also good for using within a holding “sandwich” between the EU and rest of the world. 3. What is your jurisdiction’s unique selling point in setting up offshore companies for Chinese clients?

4. 有数据表明中国客户仍然关心价格方面的问题。您是否同意这一观点？您认为这会在未来几年内有所改变吗？您是否也经历中国客户从价格到质量要求上的转变？

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2) The ability to dispose of investment in an operating company without any liability for capital gains tax or its equivalent in the operating country. Capital gains are exempt from tax.

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Obtaining citizenship by investment in Cyprus within three months for individuals (from a five million euro investment for one family), or from a collective scheme of investments of 2.5 million euro from five families. These collective or individual

行政特区 JURISDICTIONS

Q &A schemes are most effective in Europe, and Cyprus’s Constitution does not require applicants to give up their current passport. Normally, this would be structured most effectively by setting up a Cyprus holding company. 4. It has been suggested that price remains a major factor for consideration for Chinese clients. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? I would agree with this statement only as it applies to the initial stage of client relations – when a client may be afraid to pay a high price for unqualified, low quality or slow services. This is an initial fare to pay high fees for nothing and it is normal. But as the majority of Chinese clients are reasonable businessmen, after receiving the corporate service provider’s verification and confirmation of their reliability – and once a business relationship has been established – they shift their emphasis to quality and mutual trust. High quality comes at a cost because personnel’s qualifications and caliber requires adequate investment from the service provider’s side. 5. Opening up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is this the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up?

只有在建立客户关系的初始阶段，我才同意这种说法，一开始客户会害怕为不合格、低质量或反馈慢的服务支付过高的价格。一开始会担心自己所支付的高昂费用打了水漂，这很正常。但是，大多数理性的商人、中国客户已经将重点放在质量以及建立业务关系后的彼此信任之上，注重核实及确认公司服务供应商的可靠性。因为所需的人员和资质级别需要服务供应商做出充分的投入，所以高质量服务的价格不会特别低。 5. 在一些金融辖区开立银行账户比较困难。请问贵辖区是否也是如此？在贵辖区的公司开立银行账户能有多快？

Cyprus has a great advantage in setting up accounts for new companies. Cyprus remains flexible and oriented towards international business as a key to success for the island’s economy. Cyprus banks have specialized international business units with multilingual staff and extended cut-off times for the main currency payments. Almost any company can set up an account within ten working days of the day that full documents are submitted – apart from Bermuda (due to specific certification, this only applies to accounts opened within four months) and FATF listed jurisdictions, where no accounts can be opened. Cyprus has an excellent advantage in fast-tracking the opening of accounts for stock brokers and investment vehicles for stock markets. Source: Brazhnikov & Partners Ltd

塞浦路斯在为新公司创立账户方面拥有巨大的优势。塞浦路斯坚持灵活的政策，以国际业务为导向，这也是塞浦路斯经济成功的关键所在。塞浦路斯银行拥有专业的国际业务部门，多语言能力的员工，主要货币付款的延长截止时间。除了百慕大（因为仅用于认证的账户在 4 个月内开立）和金融行动特别工作组列出的金融辖区（无法开立账户）以外，任何公司在提交了所有必要的文件之后，都可以在 10 个工作日内开立账户。在为股票经纪人和股票市场投资工具快速开立账户方面，塞浦路斯拥有无以伦比的优势。来源 : Brazhnikov & Partners Ltd

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耿西岛

Guernsey

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If you’re looking for company formation expertise, you’ll find it...

here.

Guernsey

Guernsey’s reputation as a premier location for trust and company services has been built over 50 successful years. With more than 150 fiduciary providers, ranging from multinational organisations to independent, boutique operations, there is a huge pool of company incorporation experience and expertise at your disposal. In addition, our business friendly environment offers a wide range of fiduciary solutions, modern company law, pragmatic regulation, firstclass support services and a reputation for innovation in financial services that is second to none. Make Guernsey your first port of call.

Telephone: +86 21 5116 7512 guernseyfinance.com.cn Email: w.weng@guernseyfinance.com.cn 5th Annual Company Formation Guide CHINA OFFSHORE

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General

Guernsey

概况

耿西岛

公司类型

有限公司，担保有限公司，单元公司组建，受保护单元 Type of Company 公司，无限和混合责任制

法律类型

2008 年耿西岛公司法否，但企业可以付费在 15 现成公司可用率分钟内注册建立新公司时间最长一天不包括一些受监管的金融服公司税务业务，企业所得税的标准税率为 0％。耿西岛已与 25 个国家签署双重征税协议双重征税协议股本或等值股本标准货币英镑允许使用货币任何币种最低付清股本

一个（担保公司不必有股）

法定股本要求董事董事最低人数

无 1人无限制，但必须有一个常驻代理，无论是本地居民的董事或耿西岛企业服务提供商

本地董事

公开记录权限

是 - 可以付费通过请求注册处的声明得到有关当前和以前的董事资料

会议地点

主席出席的会议地点

股东股东最低人数

1人

公开记录权限

否

会议地点公司秘书是否需要是否为注册地或者有资质人员账户账户准备要求

在耿西岛或者其他任何地方

审计账户

是的，但可广泛性豁免

账户登记记录

注册处不要求

公开记录权限

否

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否无是

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Ltd. Companies, Ltd. by Guarantee, Incorporated Cell Co., Protected Cell Companies, Unlimited and Mixed Liability Type of Law The Companies Law, 2008 No, but companies can be Shelf Company Availability incorporated in 15 minutes for a fee Time to Estab. a New Co. One day maximum Excl. some regulated financial Corporate Taxation services business, standard rate of corporate income tax is 0%. Double Taxation Treaty Guernsey has signed DTAs with Access 25 jurisdictions. Share Capital or Equivalent Starndard Currency GBP Permitted Currencies Any Minimum Paid Up Share One (Guarantee companies need Capital not have shares) Usual No of Shares Issued N/A Directors Minimum Number One no - but must be a resident agent Local Required - a local resident director or a Guernsey Co. Service Provider Yes - information regarding current Publicly Accessible and previous directors can be Records obtained by requesting a Statement of the Register - for a fee In the place in which the chairman Location of Meetings of the meeting is present Shareholders Minimum Number One Publicly Accessible No Records Location of Meetings In Guernsey, or elsewhere Company Secretary Required No Local or Qualified

n/a

Accounts Requirements to Prepare Yes Yes, but exemptions of a broad Audit Requirements nature are available Requirements to File Not with the Registry Accounts Publicly Accessible No Records

By Guernsey Finance and Guernsey Registry

行政特区 JURISDICTIONS

金融辖区：耿西岛地区：欧洲货币：英镑 (GBP) (£) 语言：英语时区：UTC 0

Country: Guernsey Region: Europe Currency: Pound Sterling (GBP) (£) Languages: English Time Zone: UTC 0

区号：+441481 通讯设施：良好

Phone Code: +441481 Communications: Good

简介 Introduction 耿西岛的经济很大程度上依赖于金融业。为了保护有限的资源，政府由外国非居民控制的不鼓励劳动密集型产业投资。这里没有投资激励政策或投资补助金，但是电子和其它知识密集型产业却是政府所鼓励的。耿西岛有欧洲最大的专属保险业和强健的银行业、投资基金业和信托产业，其顾问行业和金融基础设施也非常发达。海峡群岛股票交易中心已成为欧洲公司金融业最重要的节税地。这里没有公司税，但是金融公司需要缴纳的税低至 10%。耿西岛是控股公司和贸易公司面向欧洲业务和电子商务的基地。离岸工具：

The economy is dominated by the finance sector. To protect its limited resources the government tends to discourage labour-intensive inward investment controlled by non-residents. There are no investment grants or incentives, but electronics and other knowledge-based industries are encouraged. Guernsey has Europe's largest captive insurance sector as well as strong banking, investment fund and trusts sectors, with a well-developed advisory and financial infrastructure. The Channel Islands Stock Exchange, which has become a key part of tax-efficient European corporate finance, is based in Guernsey. There is no corporate tax, except for financial companies which pay tax at 10%. Guernsey remains a favored base for holding and trading companies working into the EU, and for e-commerce activity.

财富管理、财资管理、银行业、保险、基金管理、航运、游艇、贸易金融、控股公司、电子博彩业、房地产所有权

Suitable for: Wealth Management, Treasury Management, Banking, Insurance, Fund Management, Shipping, Yachting, Trading Financial, Holding Companies, E-gaming, Property Ownership

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耿西岛 Guernsey 1. 行业研究表明中国在能预见到的未来是最大的客源国，您是否在公司建立方面也注意到了这方面的趋势？是的，我们已见证了中国业务需求的明显，和未来发展的显著机会。通过建立根西岛金融办事处并通过与一些中国机构建立伙伴关系及一些公司在中国建立办事处的做法，根西岛近年来一直在中国扩大其影响力，中国在根西岛投资私人财富业务与日俱增，该趋势尤为明显，根西岛注册处很乐意通过发展上述关系，协助企业的注册成立。 2. 贵金融辖区对中国客户来说的最佳优势是什么？请列举一个。根西岛是成熟的金融服务中心，且地理位置靠近英国。我们的公司法是以完善的司法先例为基础。尽管我们不是欧盟的一员，但我们依旧可以进入这些市场。这使得我们能够根据客户的个人需求进行量身定制。 3. 贵金融辖区对中国客户来说在离岸公司设立方面的独特卖点是什么？在意识到了中国市场的重要性之后，我们今年正在修改公司法，使其能够允许注册名字中带有翻译的中文字符。根西岛是创新性的辖区，首创了受保护细胞公司和保障单元结构，可对风险进行隔离。根西岛可在香港联交所上市，而且耿西岛是除英国外，在伦敦证券交易所上市公司最多的地方，这再一次着重表明了耿西岛公司符合客户需求的能力。 4. 有数据表明中国客户仍然关心价格方面的问题。您是否同意这一观点？您认为这会在未来几年内有所改变吗？您是否也经历中国客户从价格到质量要求上的转变？是的，我们确实相信客户正寻求性价比较高的关系，而不一定是去寻求最低成本。耿西岛可承诺的其它优势因素诸如政治和社会稳定，经验丰富的专业金融服务商以及市场准入等，均具有同等的重要性。耿西岛注册公司也可以提供有限合伙、有限责任合伙、基金会等选择，公司可以有多样架构，例如受保护单元和保障单元结构。这使得耿西岛可以很好的满足客户的个性化需求。 5. 您是否同意这个行业正面临巨大的监管压力？中国客户是否会被吸引到更具透明度的金融辖区？是的——耿西岛拥有符合国际标准的透明度政策，且高度重视其在国际社会上的职责。出于这一原因，客户可以放心通过耿西岛

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Q &A 1. Industry research suggests that China will soon rank first in the world as a source of clients. Have you experienced an increase in demand for your company incorporation services from this region? Yes. We have seen a significant increase in demand for services from China, and significant opportunities for future growth. Guernsey has been actively developing its presence in China over many years, both through the establishment of the Guernsey Finance Office, and also through a number of firms establishing offices and partnerships with Chinese institutions. In particular, there is an increasing trend for new private wealth businesses in Guernsey originating in China, and the Guernsey Registry is pleased to assist with the incorporation of companies through the development of those relationships. 2. What is the single most important advantage your jurisdiction provides for Chinese clients? Guernsey is a mature financial services center, and is geographically close to the United Kingdom. Our Companies Law is based on well-established legal precedents. Whilst we are not part of the European Union, we can provide access to those markets. This enables us to tailor services to the individual needs of clients. 3. What is your jurisdiction’s unique selling point in setting up offshore companies for Chinese clients? Having recognized the importance of the Chinese market, we are amending our Company Law this year to allow for names to be registered with a translation into Chinese characters. Guernsey is an innovative jurisdiction, having pioneered Protected Cell companies and Incorporated Cell structures, enabling risk to be segregated. Guernsey Companies can be listed on the Hong Kong Stock Exchange, and more Guernsey Companies are listed on the London Stock Exchange than companies from any other jurisdiction (excluding the UK), once again emphasizing the ability of Guernsey Companies to meet client needs. 4. It has been suggested that price remains a major factor for consideration for Chinese clients. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? Yes – We do believe that clients are looking for value for money from their relationships, and that is not necessarily achieved at the lowest cost. Other factors which Guernsey is well-placed to deliver on – such as political and social stability, the professionalism of experienced financial services providers, and access to markets – are equally important. The Guernsey Registry also is the home of Limited Partnerships,

行政特区 JURISDICTIONS

Q &A

公司进行投资，因为他们的声誉将会受到保护。在信誉良好的金融辖区进行工作，这一点的重要性正日益增强，因为它们可提供高质量的专业服务，可为客户提供适当的建议，可以保护他们的权利，与此同时也可根据国际标准保障他们的私密性要求。来源：耿西岛注册处

Limited Liability Partnerships and Foundations. Companies can have various structures, for example Protected Cell and Incorporation Cell structures. This enables clients’ individual requirements to be very well met through Guernsey. 5. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent? Yes – Guernsey has a policy of meeting international standards on transparency, and takes its responsibilities in the international community very seriously. For that reason, clients investing through Guernsey companies can be assured that their reputation will be protected. It is going to become increasingly important to work through reputable jurisdictions with high quality professional services that can deliver appropriate advice to clients, whilst protecting their right to confidentiality within international standards. Source: Guernsey Registry

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列支敦士登

Liechtenstein

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“多变时代值得信赖的伙伴”

«A reliable connection – even in times of continuous change» 作为列支敦士登领先的信托公司之一，我们自1929年至今就一直是一家值得信赖的国际信托和企业服务提供商。

As one of Liechtenstein’s leading trust companies, we have been a reliable provider of international trust and corporate services since 1929.

· 资产组合、财务规划和资产保护 Asset structuring, financial planning and asset protection · 家庭办公室服务 Family office services · 遗产和继承事宜规划 Inheritance and succession planning · 国际税收咨询和税务规划 International tax advice and tax planning · 法律咨询服务 Legal advice Liechtenstein

· 信托、基金会和企业 Trusts, foundations and companies · 控股和专利权管理公司 Holding and patent management companies · 商业交易的处理和结算 Handling and settlement of commercial transactions · 选择合适的银行机构 Selection of a suitable banking institution · 会计和审计 Accounting and auditing · 居住地改变 Change of residency

Allgemeines Treuunternehmen since 1929

Allgemeines Treuunternehmen · General Trust Company · Compagnie Fiduciaire Générale Aeulestrasse 5 · P.O. Box 83 · 9490 Vaduz · Principality of Liechtenstein T +423 237 34 34 · F +423 237 34 60 · info@atu.li · www.atu.li

行政特区 JURISDICTIONS

概况

列支敦士登

General

Liechtenstein

公司类型

股份公司

法律类型

民法

Type of Company

现成公司可用率

否

建立新公司所需时间

文件递交后大约 3 至5天

双重征税协议

是

股本或等值股本标准货币

瑞士法郎

允许使用货币

任何币种

最低付清股本

是

法定股本要求

5 万瑞士法郎

董事董事最低人数

1人

本地董事

是

公开记录权限

是

会议地点

任何地方，但是建议在列支登士敦

股东股东最低人数

1人

公开记录权限

否

会议地点

任何地方，但是建议在列支登士敦

公司秘书否

是否为注册地或者有否资质人员账户账户准备要求

是

审计账户

是

账户登记记录

是

公开记录权限

否

190

"Civil"

Shelf Company Availability

Time to Establish a New Company

最低年税 1200 瑞士 Corporate Taxation 法郎的 12.5%

公司税

是否需要

Type of Law

5th Annual Company Formation Guide

approx. 3-5 days after all documents are received

12.5% with min annual tax of CHF 1,200

Double Taxation Treaty Access

Share Capital or Equivalent

Yes

Starndard Currency

CHF

Permitted Currencies

Minimum Paid Up Share Capital

Any

Yes

Usual Number of Shares Issued

Directors

CHF50,000

Minimum Number

One

Local Required

Publicly Accessible Records

Yes

Location of Meetings

Shareholders

Anywhere, but recommended in Liechtenstein

Minimum Number

One

Publicly Accessible Records

Location of Meetings

Company Secretary

Anywhere, but recommended in Liechtenstein

Required

Local or Qualified

Accounts

Requirements to Prepare

Yes

Audit Requirements

Requirements to File Accounts

Publicly Accessible Records

Yes

By Allgemeines Treuunternehmen

行政特区 JURISDICTIONS

行政特区：列支敦士登地区：欧洲货币：瑞士法郎语言：德语时区：UTC+1

Country: Liechtenstein Region: Europe Currency: Swiss franc (CHF) (CHF) Languages: German Time Zone: UTC +1

区号：+423 通讯设施：优秀

Phone Code: +423 Communications: Good

公司建立成本：12000-22000 美元公司建立时间：4-6 天维护成本：5000-13000 美元

Formation Cost: 12000 - 22000 USD$ Formation Time: 4 - 6 days Maintenance Cost: 5000 - 13000 USD$

简介 Introduction 列支敦士登是君主立宪制国家，有土地 160 平凡公里，人口为 37009 人（2013 年 7 月的预估数），位于瑞士和奥地利之间。它和瑞士有关税联盟和货币联盟。列支敦士登属于欧洲自由贸易联盟国家，从 1995 年加入欧洲经济区，它并非联合国的成员国。列支敦士登的官方语言是德语；英语和法语也得到广泛的应用，并在日常生活中使用一种方言。

Liechtenstein is a constitutional monarchy, has a land area of about 160 sq km (60 sq m), a population of 37,009 (July 2013 est), and is sandwiched between Switzerland and Austria. It has a customs union and a monetary union with Switzerland. Liechtenstein belongs to EFTA, and since 1995 to the EEA; it is not a member of the UN. The official language is German; English and French are also spoken, with a local dialect used in everyday life.

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在 2003 年进行的全民公决中，当权王子 Hans-Adam 二世获得了新的彻底统治权，其中包括他有权否决议会提案，解散整个政府和全国进入紧急状态等。列支敦士登在和瑞士进行经济联合之前（1922 年开始，并于 1980 年加强）还是一个农业国，在经济联合后让它工业和金融业得以起飞。王子家族致力于领导全国取得经济上的成功。人均国民总产值高达 181780 美元（2010 年）。列支敦士登的人均 GDP 并不反应该国的财富总量，因为在该国工作的许多人都在列支敦士登和邻国之间通勤。通货膨胀很低且失业率低于 2.4% 左右。货币是瑞士法郎，没有外汇管制。欧洲经济区的会员身份让列支敦士登有机会大多数情况下进入欧盟的单一市场。 2003 年 10 月，在遭遇戏剧性的变化后，列支敦士登拒绝签订让欧洲经济区吸收十个国家在 2004 年加入欧盟。显然是为了报复捷克共和国和斯洛伐克 1940 年的所谓“贝纳斯” 法令，该法令旨在驱逐列支敦士登国民以及征用他们的房屋。但在当年 11 月，列支敦士登最终屈服并签署了条约。适合于：银行业、基金管理、游艇、金融贸易、知识产权 / 许可证、控股公司离岸工具种类：

A referendum held in March 2003, gave the ruling Prince Hans-Adam II sweeping new powers, including the right to veto parliamentary bills, sack the entire government and introduce emergency rule. Liechtenstein was primarily an agrarian country until its economic union with Switzerland (1922 and reinforced in 1980) propelled it into rapid industrial and financial development. The princely family is highly active in leading the country economically. GDP per capita is just over USD181,780 (2010). GDP per capita for Liechtenstein does not reflect the general wealth of the nation, as many individuals working in the country commute from neighbouring nations. Inflation is low and unemployment is low at around 2.4%. The currency is the Swiss Franc, and there are no exchange controls. Membership of the EEA gives Liechtenstein access to the single market of the EU in most respects. In October, 2003, in a dramatic development, Liechtenstein refused to sign an agreement to expand the EEA to incorporate the ten nations due to accede to the EU in 2004, apparently in order to get back at the Czech Republic and Slovakia for the 'Benes' decree in the 1940s which resulted in the expulsion of Liechtenstein nationals and the expropriation of their property. But at the end of November Liechtenstein gave in and signed up. Suitable for: Banking, Fund Management, Yachting, Trading Financial, Intellectual Property/Licensing, Holding Companies

有限公司、公众有限公司和信托

Vehicle Types: Limited companies, public limited companies and trusts

主要资本商务区域：瓦杜兹、沙安

Capital Primary Business Districts: Vaduz, Schaan

关系良好：

Good Relationships: Switzerland, United Kingdom

瑞士、英国

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

关系不良：缅甸、埃及、伊朗、北韩、利比亚、索马里、苏丹、叙利亚税赋负担——商务：轻

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Tax Burden - Business: Light Tax Burden - Individual: Moderate

行政特区 JURISDICTIONS

税赋负担——个人：温和总体税率： CIT 12.5%, PIT 21%, VAT 8% 条约签订国：奥地利，德国，香港，卢森堡，圣马力诺，英国，乌拉圭税务信息交换协议签订国：安道尔、安提瓜和巴布达、澳大利亚、比利时、加拿大、

Headline tax rates: CIT 12.5%, PIT 21%, VAT 8% Treaty Jurisdictions: Austria, Germany, Hong Kong, Luxembourg, San Marino, United Kindgom, Uruguay TIEA Jurisdictions: Andorra, Antigua and Barbuda, Australia, Belgium, Canada, China, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, India, Ireland, Japan, Mexico, Monaco, Netherlands, Norway, Saint Kitts and Nevis, Saint Vincent and the Grenadines, South Africa, Sweden, United Kingdom, United States

中国、丹麦、法罗岛、芬兰、法国、德国、格陵兰、冰岛、印度、爱尔兰、日本、墨西哥、摩纳哥、荷兰、挪威、圣基茨和尼维斯、圣文森特岛和格林纳丁斯群岛、南非、瑞典、英国、美国

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列支敦士登

Liechtenstein

1. 行业研究表明中国将成为世界第一的客户来源国。您是否有感觉有更多的中国客户在贵金融辖区建立公司呢？中国的是亚洲市场上正在崛起的经济大国，有 13 亿人的市场和世

2. 贵金融辖区对中国客户提供的最重要优势是什么？

China is a thriving economy in the Asian market. With about 1.3 billion people and ranked as one of the largest economies worldwide, there is a Chinese HNWI population with about 500,000 individuals, most of whom have generated their wealth as first-generation entrepreneurs. Alleghenies Treuunternehmen (ATU) as a family office service provider during the last 86 years notes that many rich Chinese people are 50 years old or younger, and older entrepreneurs are ready to transfer wealth to the younger, internationally educated generation. The transfer of assets means unexpected complexity in the international world and increases the demand for our wealth management services.

列支敦士登的金融产品，有基金会、信托，且初看公司架构和其

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

界最大的经济总量。中国的高净值人士数量有 50 万人之多，大多数人在第一代就积累了财富。ATU 作为家族办公室提供商有着 88 年的历史，我们发现中国的高净值人士大部分都在 50 岁以下且希望把财富传承给具有国际教育背景的年轻一代。资产的转移意味着在国际上需要经历的复杂程序，因此对我们的管理服务要求也在增加。

它的金融辖区可以互换。当然，不可互换的则是我们 88 年在国际信托和公司法领域，列支敦士登作为金融中心的丰富经验。列支敦士登金融中心的首要元素是它和瑞士在 1924 年签订的关税协议，且在第二年把瑞士法郎作为法定货币并在 1995 年加入欧洲经济区域（EEA）。家族办公室服务意味着信用和长久的关系，这也是列支敦士登几代人以来，从 1926 年开始就一如既往坚持的。 3. 中国客户在贵金融辖区考虑采用现成公司的主要理由是什么？理由之一是和财富的转移密不可分的。下一代人的未来不可估量，许多年轻一代的家族成员都曾在海外名校就读，或参加过和金融有关的教育课程。年轻一代有在国际银行、律所、顾问公司或跨国公司的经验。他们期望寻找有在家族办公室服务方面有着悠久历史的专家团队。 4. 贵金融辖区在为中国客户设立离岸公司方面的最独特卖点是什么？列支敦士登的政治、经济、文化和金融领域和瑞士一样稳固牢靠。列支敦士登的专家能进行有效的管理。且在第二点里有说明， ATU 有悠久历史和提供量身打造服务的丰富经验。这是中国富人客户最需要的服务，他们需要在跨境金融方面能提供实实在在解决方案的公司。 5. 有人认为中国客户对价格非常敏感。您是否这样认为，您觉得这一现象在最近几年内是否有变化？是否注意到他们从价格到离岸架构的质量方面的重心转移？未来价格会越来越不重要。国际上来看，运营家族办公室越来越面临的一个事实就是，同一个物业架构对一个家族来说更有效，可在国际上进行运作，这比一个家族在一个国家之内同时运作和

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Liechtenstein financial products: that means foundations, trusts and companies, which are interchangeable at first sight with the structures of other jurisdictions. What, however, is not interchangeable is the 88-year-old experience of the financial center of Liechtenstein in the international trust and company law fields. Substantial key elements of the financial center of Liechtenstein are the customs agreement with Switzerland of 1924, the takeover of the Swiss franc as a legal currency in the following year, as well as the entry to the European Economic Area (EEA) in 1995. Family Office services mean trust and long-lasting relationships, something Liechtenstein can easily demonstrate for generations, since 1926. 3. What is the main reason a Chinese client would consider using a shelf company in your jurisdiction? One of the reasons is closely linked to the transition of wealth. The openness of the next generation is remarkable. Many members of the younger generation have attended renowned universities abroad or participated in education programs with a strong affiliation to the field of finance. The younger generation has worked for international banks, law firms, consultation agencies or international corporations. They look for professionals showing a waterproof long-lasting track record on family office services. 4. What is your jurisdiction’s unique selling point in setting up offshore companies for Chinese clients? Political, economic, cultural and financial sectors in Liechtenstein are as stable as in Switzerland. Liechtenstein directors perform effective Management. As mentioned under point 2, ATU has a long history with experience and tailoredmade services. This is the most important point required by the wealthy Chinese clients who require real solutions for the crossborder financial situation. 5. It has been suggested that price remains a major factor for consideration for Chinese clients. Do you agree with this statement, and how do you think this will change in the years

行政特区 JURISDICTIONS

Q &A to come? Are you noticing a shifting emphasis on price to an emphasis on the quality of offshore structures? Price will be of less importance in future. Internationally operating families are increasingly faced with the fact that one property structuring can be more effective for a family which operates internationally than a family who lives exclusively in one country and is working there. Here, elbowroom arises, which does not open for families or members of the families, who do not change their residence. One example is that a member of the family who moves to Switzerland with a tailormade trust or a tailor-made foundation manages to prevent the assets and yields from being attributed to the person residing in Switzerland, which opens up enormous space for maneuvering. A good family office provider can offer such tailor-made solutions. 6. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent? In today's world of increasing transparency and cooperation between countries, an growing gap stands out between the expectations in property structuring with respect to the maintenance of personal control and influence on the one hand, and discretion or confidentiality and effectiveness on the other hand. Noticeably, these two expectations are contradictory. A professional Family Office advisor knows how to take care of the cultural circumstances of such expectations, listens and justifies the trust of his customers, when he represents their interests reliably and responsibly. Based on the expectations of his customers, he will offer tailor-made solutions in the context of Family Office support. 生活，而不改变居住地点来说有效得多。这里，自由的空间越来

Source: Allgemeines Treuunternehmen

越多，并不对不改变住址的家族成员开放。一个例子就是，家族成员在量身打造的信托或基金会移居到瑞士后并不意味着他的资产产出归因于生活在瑞士的成员，这让财富规划的自由空间更大。好的家族办公室提供商能提供这种定制的服务。 6. 您是否同意这个行业遭受越来越多的监管后，中国客户会转到那些更为透明的金融辖区？今天的世界透明度越来越高，国与国之间的合作越来越多，而产权架构和个人控制 / 影响之间的鸿沟也自然越来越大，自由裁量权 / 私密性和有效性都要面面俱到。显而易见的是，这些要素是互相驳斥的。专业的家族办公室顾问知道如何处理这些文化和期望值方面的问题，他能倾听和平衡顾客的信任，提供他们的兴趣，责任和可靠性。他将以家族办公室的方式来提供定制化的解决方案。来源：Allgemeines Treuunternehmen

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马耳他 Malta

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Malta

行政特区 JURISDICTIONS

概况

马耳他

General

Malta

公司类型

有限责任公司

法律类型

1995 年公司法

现成公司可用率

否

Type of Company

Limited Liability Company

Time to Establish a New Company

2-3 Working Days

建立新公司所需时间 2 至 3 个工作日公司税

35%，海外股东可申请信用卡或退款系统

双重征税协议

是

标准货币

欧元

允许使用货币

任何币种

法定股本要求董事董事最低人数

Corporate Taxation

Double Taxation Treaty Access

Directors

Ordinary Share of 1 Euro

Minimum Number

One

最低付清股本是 1165 Minimum Paid Up Share Capital 欧元的 20% Usual Number of Shares 普通股一欧元 Issued 1人

Local Required

公开记录权限

是

会议地点

地点有效控制和管理则在马耳他，其他的则无 Location of Meetings 限制

Publicly Accessible Records Shareholders

股东最低人数

1人

公开记录权限

是

会议地点

任何地方

Minimum Number

Publicly Accessible Records

Location of Meetings

Company Secretary

公司秘书是

是否为注册地或者有否资质人员

Required

Local or Qualified Accounts

账户账户准备要求

是

审计账户

是

账户登记记录

是

公开记录权限

是

198

Yes

Euro

Permitted Currencies

否

是否需要

35%, credit/refund system may apply for overseas shareholders

Starndard Currency

本地董事

股东

The Company Act 1995

Shelf Company Availability No

Share Capital or Equivalent

股本或等值股本

最低付清股本

Type of Law

Member Contribution 5th Annual Company Formation Guide

Any

Euro 1165 of which at least 20% is to be paid up

Yes

Malta - For place of effective control & management; otherwise no restrictions One Yes

Anywhere Yes No

Requirements to Prepare Yes Audit Requirements

Requirements to File Accounts Publicly Accessible Records

Yes Yes Yes

By Prospera Europe Ltd

行政特区 JURISDICTIONS

金融辖区：马耳他地区：欧洲货币：欧元 (EUR) (€) 语言：马耳他语、英语时区：UTC+1

Country: Malta Region: Europe Currency: Euro (EUR) (€) Languages: Maltese, English Time Zone: UTC +1

区号：+356 通讯设施：优良

Phone Code: +356 Communications: Good

简介 Introduction 马耳他政府企图创造一个高科技的制造业和创建一个加工和配销设施，为它高速发展的自由港服务。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

The government has attempted to create a hightechnology 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 lowtax 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. Suitable for: Wealth Management, Banking, Insurance, Fund Management, Shipping, Yachting, E-commerce, E-gaming, Property Ownership

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Member Contribution

Malta

马耳他

Q &A

1. 贵金融辖区对中国客户来说的最佳优势是什么？请列举一个

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

马耳他是最吸引中国投资人的投资地点之一。中国 - 马耳他签订

Malta is one of the most attractive holding locations for investment into China. A combination of the new favorable China-Malta Tax Treaty (effective as from 25th August 2011), Malta’s advantageous tax environment and Malta’s holding regime means that Malta is becoming the jurisdiction-of-choice from which to hold Chinese Subsidiaries.

了新的优惠的税收协定（自 2011 年 8 月 25 日起生效），马耳他拥有有利的税务环境以及控股机制，这些加在一起，就使马耳他成为了控股中国子公司的优选金融辖区。 2. 中国客户在贵金融辖区建立公司的主要理由是什么？考虑在马耳他成立公司的主要原因：税务效率、易于管理、相对较低的在岸成本以及拥有有利税收协定的金融辖区。中国公司可以利用马耳他控股公司控股欧洲和国际集团子公司以及全世界范围内的股份投资。 3. 贵金融辖区对中国客户来说在公司建立方面的独特卖点是什么？和英属维尔京群岛不同，马耳他不是受中国受控外国公司规则所限的离岸避税天堂。马耳他具有非常有利的企业税务系统，是在岸（欧盟）税务居民及税收遵从辖区。对中国客户而言，使用马耳他控股公司的两大优势是： 1）支付中国股利只需支付最低的中国预扣税，不用支付其他马耳他税种。 2）由中国子公司任何处理引发的利润（资本利得）可以免征中国及马耳他税项。 4. 有人认为中国客户对价格非常敏感。您是否这样认为，您觉得这一现象在最近几年内是否有变化？是否注意到他们从价格到离岸架构的质量方面的重心转移？我同意。现如今，价格是主要因素，也是中国客户倾向于选择英属维尔京群岛之类的零税收、低成本离岸辖区的原因。随着离岸市场不断变化，透明度不断增加，这种情况也会改变。随着即将到来的税务信息的全球信息交换，中国客户需要更注重实质、更加成熟的结构。这种企业解决方案就是税务居民和税收遵从。这是朝着更优质量的转变。 5. 您是否同意这个行业遭受越来越多的监管后，中国客户会转到那些更为透明的金融辖区？是的。中国客户将要寻找税务及条约友好、安全稳固的金融辖区进行海外投资，实现资产保护、财产规划和税收效率。马耳他满足所有需求。来源：Prospera Europe Ltd

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2. What is the main reason a Chinese client would consider using a shelf company in your jurisdiction? Main reasons to consider using a Malta company include: tax efficiency, ease of administration and relatively low cost for an onshore and tax treaty-friendly jurisdiction. The Maltese holding company regime can be used by Chinese companies to hold European and international group subsidiaries and share investments across the world. 3. What is your jurisdiction’s unique selling point in setting up offshore companies for Chinese clients? Malta is not a pure offshore tax haven like BVI, which is caught up by Chinese CFC rules. It is an onshore (EU) tax resident and compliant jurisdiction with a very beneficial corporate tax system. For Chinese clients, there are two main advantages of using a Maltese holding company: 1) Chinese dividends may be paid with the lowest level of Chinese withholding tax (WHT) and no further Malta tax 2) Profit (capital gains) arising on any disposal of a Chinese subsidiary are exempt from both Chinese and Maltese tax 4. It has been suggested that price remains a major factor for consideration for Chinese clients. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? I agree. Today price is a major factor and this is why Chinese clients prefer zero tax low cost offshore jurisdictions like BVI. This will change as the offshore world is changing and becoming more transparent. With an upcoming global automatic exchange of tax information, Chinese clients need more sophisticated structures with more substance. Such corporate solutions are tax resident and compliant. This is a shift towards better quality too. 5. Do you agree that as the industry comes under increasing regulatory pressure, Chinese business will gravitate to jurisdictions that are perceived as more transparent? Yes. Chinese clients will be looking for tax and treatyfriendly safe and established jurisdictions for holding foreign investments, asset protection, estate planning and tax efficiency. Malta fits the bill on all those accounts. Source: Prospera Europe Ltd

行政特区 JURISDICTIONS

Q &A

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瑞士

Switzerland

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Zurich-苏黎世

Basel-巴塞尔

www.vischer.com

菲谢尔

YOUR TEAM FOR SWISS LAW And TAx 你的瑞士法律和税务团队

Switzerland

行政特区 JURISDICTIONS

概况

瑞士

General

Switzerland

公司类型法律类型现成公司可用率建立新公司所需时间

有限公司，有限责任公司成文公司法无

Type of Company Type of Law Shelf Company Availability Time to Establish a New Company

Corporation (Ltd.) Statutory corporate (private) law. As a rule, no.

公司税

1-4 周

企业所得税：12％ -25％（含 Corporate Taxation 7.8％的联邦企业所得税）

1-4 weeks;

Corporate income tax: 12%-25% (including 7.8% federal corporate income tax charge)

中 / 瑞士双重征税协议和香 Double Taxation Treaty Sino/Swiss DTA, HK/ Swiss DTA 港 / 瑞士双重征税协议，两 Access both are subject to conduit rules. 者都受到控制。 Share Capital or Equivalent 股本或等值股本 Standard Currency CHF (Swiss Franc) 标准货币瑞士法郎 Permitted Currencies CHF (Swiss Franc) 允许使用货币瑞士法郎公司为 5 万瑞士法郎，有限 Minimum Paid Up Share CHF 50,000.00 for corporate 最低付清股本 Capital 责任公司为 2 万瑞士法郎 Ltd. Minimum share capital is 有限公司：最低股本为 10 Usual Number of Shares CHF 100,000.00, minimum face 法定股本要求万瑞士法郎，每股最低面值 Issued value per share is CHF 0.01. 为 0.01 瑞士法郎。 Directors 董事 Minimum Number 1 董事最低人数 1人 At least 1 local must have 至少有一个本地有资格签字 Local Required signatory power to bind the 本地董事绑定公司 company Full name; corporate function; 全名；企业的功能；公司签 Publicly Accessible Records corporate signatory power; place of 公开记录权限署权力；籍贯，住址 origin, residential address Not regulated. 会议地点不受监管。可以在任何地方 Location of Meetings Shareholders 股东 Minimum Number 1 股东最低人数 1人 Ltd: Only the identity of the founders is accessible at the 有限公司：只有创始人公开。 Publicly Accessible Records 公开记录权限 commercial register upon 有限责任公司：股东可公开。 request. Not regulated. 会议地点不受监管。可以在任何地方 Location of Meetings Company Secretary 公司秘书 Ltd: Yes, but in practice not 有限公司：是但是实际上不 Required 是否需要 enforced. 强求是否为注册地或 Local or Qualified Not required. 不要求者有资质人员 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 No 账户登记记录否 Accounts Publicly Accessible Records Yes 公开记录权限是

双重征税协议

By Vischer

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行政特区：瑞士所属地区：欧洲货币：瑞士法郎（CHF）语言：德语、法语、意大利语时区： UTC+1

Country: Switzerland Region: Europe Currency: Swiss franc (CHF) (CHF) Languages: German, French, Italian Time Zone: UTC +1

电话区号： +41 通讯设施：良好

Phone Code: +41 Communications: Good

公司组建费用：6000-10000 美元公司组建时间：8-13 天年度维护费用 3000-6000 美元

Formation Cost: 6000 - 10000 USD$ Formation Time: 8 - 13 days Maintenance Cost: 3000 - 6000 USD$

简介 Introduction 瑞士喜欢把自己称为“最欧洲的国家”，尽管它从查理曼大帝起就不是欧盟的成员国。当然两个双边协议的签订正让瑞士越来越靠近欧盟，至少在表面上如此。瑞士被称为世界上最大的私人银行中心，三分之一的私人财产都位于瑞士。瑞士的银行业资产早已突破 3 万亿瑞士法郎。虽然瑞士作为经合组织成员国，在 2000 年向经合组织表示会尊崇信息的交换协议，但它仍是银行信息私密性的最大拥戴者。

Switzerland likes to call itself 'the most European country', yet it has stayed outside the European Union since Charlemagne. However two sets of 'bilateral agreements' are gradually bringing Switzerland within the EU in all but name. Switzerland is said to be the world's biggest centre of private banking, with more than a third of all private wealth based there. Swiss banking assets exceed three trillion Swiss francs. Although Switzerland, an OECD member, agreed in

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最近，瑞士和多个国家，如德国、英国等签订了一系列的税收协议，以对它的国民在保护私密性的基础上征税。瑞士从这方面上来说并非一个离岸金融中心，但它仍有一系列的公司形式能让国际投资者和跨国公司加以利用，来显著降低税费。当然，作为一个民事法典的金融辖区，瑞士不可避免地有些官僚主义，这意味着节奏的缓慢和价格的昂贵。瑞士和超过 100 个国家签订了税务协定。适合于：财富管理、资产管理、银行业务、保险、基金管理、航运、

2000 with an OECD declaration aimed at securing information exchange, it has fought a rearguard action ever since to preserve banking secrecy. Most recently, it has entered a series of agreements with Germany, the UK etc to tax their nationals Swiss assets on a confidential basis. Switzerland is not an offshore jurisdiction as such, but has a series of specialised corporate forms which can be used by international investors and multinational companies to reduce their tax bills to a significant extent. However, as a civil code jurisdiction, Switzerland tends to the bureaucratic, meaning slow and expensive. Switzerland has double tax treaties with more than 100 other countries.

航空、游艇、知识产权 / 许可证、控股公司、电子商务、电子博彩可用工具种类：有限公司、公众有限公司、独立所有权、分支机构、通用合伙人和有限合伙人公司

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

伯尔尼、苏黎世

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

关系良好：

Capital Primary Business Districts: Bern, Zurich

资本的主要营商地区：

奥地利、比利时、保加利亚、加拿大、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、日本、拉托维亚、立陶宛、卢森堡、马耳他、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、英国关系不佳：缅甸、北韩、利比亚、索马里、苏丹、叙利亚

Good Relationships: Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom Bad Relationships: Burma, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria

税务负担 —— 商务：一般税务负担 —— 个人：一般总体税率：CIT 8.5%（合伙人和独立所有人 0%-11.5%）（市区和地方税 6%-24%），PIT 0%-11.5%, VAT 8% 协议签订行政辖区：阿尔巴尼亚、阿尔及利亚、亚美尼亚、澳大利亚、奥地利、阿塞拜疆、孟加拉、白俄罗斯、比利时、保加利亚、加拿

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Tax Burden - Business: Moderate Tax Burden - Individual: Moderate Headline tax rates: CIT 8.5% (partnership and sole proprietor 0%-11.5%) (cantonal and municipal taxes 6%-24%), PIT 0%-11.5%, VAT 8% Treaty Jurisdictions:

行政特区 JURISDICTIONS

大、智利、中国、哥伦比亚、克罗地亚、捷克共和国、丹麦、厄瓜多尔、埃及、爱沙尼亚、芬兰、法国、格鲁吉亚、德国、加纳、希腊、香港、匈牙利、冰岛、印度、印度尼西亚、伊朗、爱尔兰、以色列、意大利、象牙海岸、牙买加、日本、卡撒克斯坦、韩国、科威特、吉尔吉斯斯坦、拉托维亚、列支敦士登、立陶宛、卢森堡、马其顿、马来西亚、马耳他、墨西哥、摩尔多瓦、蒙古、黑山共和国、摩洛哥、荷兰、新西兰、挪威、巴基斯坦、菲律宾、波兰、葡萄牙、卡塔尔、罗马尼亚、俄罗斯、塞尔维亚、新加坡、斯洛伐克共和国、斯洛文尼亚、南非、西班牙、斯里兰卡、瑞典、台湾、塔吉克斯坦、泰国、特立尼达和多巴哥、突尼斯、土耳其、土库曼斯坦、乌克兰、阿联酋、英国、美国、乌拉圭、乌兹别克斯坦、委内瑞拉、越南 TIEA 行政辖区：安道尔、格陵兰、耿西岛、马恩岛、泽西岛、圣马力诺、赛舌尔

Albania, Algeria, Armenia, Australia, Austria, Azerbaijan, Bangladesh, Belarus, Belgium, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, Estonia, Finland, France, Georgia, Germany, Ghana, Greece, Hong Kong, Hungary, Iceland, India, Indonesia, Iran, Ireland, Israel, Italy, Ivory Coast, Jamaica, Japan, Kazakhstan, Korea, Republic of, Kuwait, Kyrgyzstan, Latvia, Liechtenstein, Lithuania, Luxembourg, Macedonia, Malaysia, Malta, Mexico, Moldova, Mongolia, Montenegro, Morocco, Netherlands, New Zealand, Norway, Pakistan, Philippines, Poland, Portugal, Qatar, Romania, Russia, Serbia, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sri Lanka, Sweden, Taiwan, Tajikistan, Thailand, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam TIEA Jurisdictions: Andorra, Greenland, Guernsey, Isle of Man, Jersey, San Marino, Seychelles

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瑞士 Switzerland 1. 行业研究表明中国在能预见到的未来是最大的客源国，您是否在公司建立方面也注意到了这方面的趋势？是的，过去几年里，我们服务的中国投资人的比例稳步上升。但是，与西方金融辖区的外国客户相比，来自中国客户的委托管理在数量和规模上还是远远不足。之所以会出现这种情况，是因为在西方金融辖区缺乏投资经验的中国公司通常不愿意为优质的法律和税务意见支付费用，因为他们不了解西方法律体系的复杂性，低估了适当法律和税务意见的重要性，不知道在西方法律体系中，合同通常不会随着环境的变化而变通——不论您与合同方的个人关系有多好，这也是为什么基于可预测未来的预期（和保护）而量身定制的法案草拟如此重要。 2. 贵金融辖区对中国客户来说的最佳优势是什么？请列举一个优势有二：欧洲最自由的劳动法和可持续性的低税收——之所以有持续的低税收，是因为瑞士是欧洲国债占比最低的国家之一（只占国内生产总值的 36%）。

Q &A 1. Industry research suggests that China will soon rank first in the world as a source of clients. Have you experienced an increase in demand for your company incorporation services from this region? Yes, the pitches for Chinese investors that we do have steadily increased in the last years. Nevertheless, mandates from Chinese clients are – compared with mandates from foreign clients from western jurisdictions – still rather insignificant in number and volume. The reason is that Chinese with little or no experience with investments in western jurisdictions are often unwilling to pay for quality legal and tax advice. This is because they are unaware of the complexity of western legal systems, they underestimate the importance of proper legal and tax advice, and are unaware of the fact that in western legal systems contracts are usually not adaptable to changing circumstances – irrespective of how excellent your personal relationship with your contracting party is – which is why tailor-made legal drafting anticipating (and protecting from) foreseeable future developments is so important. 2. What is the single most important advantage your jurisdiction provides for Chinese clients?

3. 中国客户为什么要选择贵地建立公司？

There are two: The most liberal labor laws in Europe and sustainably low tax – sustainably low because Switzerland has one of the lowest national debts in Europe (only 36% of GDP).

不会，如果中国客户有意购买空壳公司，大部分法律顾问会说服

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

他放弃这种想法。购买空壳公司是有风险的，因为从顾问的意义上看，瑞士没有空壳公司业务，顾问不会出于销售的目的而建立不活动的空壳公司。因此，任何时候，购买空壳公司都存在购买无效的风险，因为此类公司的创立并不合规，您无法得知此类公司过去是否活动或者从事过哪些活动，所以您可能会买到隐藏债务。最后但同样重要的是，如果公司的股东为了规避税金清空了公司，可能会触发正式的清盘程序，而您可能因此承担隐藏的税务责任。因此，购买空壳公司的成本通常要高于创立新公司。 4. 在一些金融辖区开立银行账户比较困难。请问贵辖区是否也是如此？在贵辖区的公司开立银行账户能有多快？是的，是有些困难。要开立账户，您必须说服瑞士银行您不是为了偷税漏税或洗钱，也不是腐败的政治官员。这一过程可能花费几周的时间，某些特定的案例甚至可能要花费好几个月，银行通常会要求当面会晤新创立瑞士公司的受益所有人。但是，如果中国客户是信誉良好的企业家，有广泛的海外业务，并已经与瑞士银行的中国子公司有过业务往来，那么这一过程会快得多，在客户亲自拜访银行之后，一周内就可以完成所有手续。过去几年里，美国向瑞士和瑞士银行施加了不少压力，要求它们降低银行的机密性以打击避税行为，因此，目前瑞士银行在为外

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They wouldn’t, because if they intended to buy a shelf company, most legal advisors would talk them out of it. Buying shelf companies is risky as in Switzerland there is no shelf company business in the sense of advisors establishing shelf companies with the only purpose to keep them dormant until they are sold. Therefore, whenever someone offers you a shelf company, you risk that the purchase is void because the company was not properly established, and that you would be buying hidden liabilities because you don't know about the company’s activity in the past – and last but not least, that you assume hidden tax liabilities should the company have been emptied by its shareholders to circumvent the tax charges that a formal liquidation would have triggered. Therefore, buying a shelf company is usually more expensive than establishing a new one. 4. Opening up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is this the case in your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up? Yes, it is a challenge. The banks in Switzerland must be convinced that you are neither a tax evader, nor a money launderer, nor a corrupt politician. This process can take several weeks or, depending on the particular case, even months, and the bank usually requests meeting the beneficial owner of the newly-established Swiss company in person. Nevertheless, if the Chinese client is a well-established entrepreneur with large operating businesses abroad and is already banking with a

行政特区 JURISDICTIONS

Q &A 国人开立账户时，要进行的尽职调查与以往不同。不夸张的说，瑞士银行已经被美国的法律体系所绑架，如果没有采取适当的程序，仅仅为了避免在美国被起诉，瑞士银行就要支付数以亿计美元的罚金。美国人无法再利用被起诉的银行洗钱，因为这样必然会造成全球银行无法开展业务。瑞士银行的“罪行”是为美国避税者开立银行账户，但这在瑞士是完全合法的，因为在瑞士，税务诈骗是犯罪，但避税不是。造成这种差别的原因是瑞士要求纳税者对所有收入和财富进行纳税申报，认为这样可以节省行政支出，但同时他们也认为这样会让纳税者陷入利益冲突，纳税者可能容易忽视对某些利润或资产的申报。因此，瑞士认为因为此类疏忽而判定他们有罪是不恰当、不公平的做法，只有在他们提交伪造文件或编织一系列谎言隐藏应纳税财富和收益的时候，才可以施加刑事制裁。来源：Vischer

Chinese subsidiary of a Swiss bank, the process is much faster and all may be set up within a week from a client's personal visit at the bank.For Switzerland, banks’ diligence when opening accounts for foreigners is comparatively new, and is the result of the pressure the US applied on Switzerland and Swiss banks in the past few years to abandon banking secrecy with respect to tax evasion. Swiss banks have been literally blackmailed by the US legal system to pay billion dollar fines without due process, only to avoid being indicted in the US. (No one in the US would clear dollars for an indicted bank, which would inevitably drive a global bank out of business.) The Swiss banks' "crime" was to have opened bank accounts for US tax evaders, although this was perfectly legal here in Switzerland, where only tax fraud – but not tax evasion – is a crime. The reason for this distinction is that Switzerland – which requires taxpayers to file tax declarations for all their revenue and wealth themselves – recognized that this saves administration expenses, but brings taxpayers into a conflict of interest in which they may easily overlook declaring some revenues or assets. Therefore, Switzerland considered that criminalizing them for such omissions would be inadequate and unfair and applied criminal sanctions only if they file forged documents or construe a web of lies to hide taxable wealth and revenues. Source: Vischer

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中方到瑞士直接投资的选择 CHINESE FDI IN SWITZERLAND OPTIONS

菲利克斯 • W • 恩格里博士法学硕士 , 律师 Dr. Felix W. Egli Attorney at Law, Partner 菲利克斯的主要职业领域为并购、企业融资、与公司法和商法相关的综合法律咨询。作为多家大型企业的瑞士法律顾问，他在跨境并购交易、与股权相关的资本市场交易（瑞士证券交易所认可的保荐代表人）、国际商务协议、公司治理等领域积累了丰富的经验。他是菲谢尔律师事务所中国业务的主管。 Felix W. Egli mainly practices in the areas of mergers & acquisitions and corporate finance and advises on all aspects of corporate and commercial law. As Swiss counsel to large industrial groups he has extensive experience in cross-border M&A transactions, equity related capital market transactions (recognized by the SIX Swiss Exchange as representative of issuers), international commercial contracts, corporate governance and related issues. He is the head of the VISCHER China desk. +41 58 211 34 90 fegli@vischer.com

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收购私营企业或上市公司的控股权

Acquisition of controlling stake in private or listed companies

一

般来说，除了下面单独列举的不适用领域外，中国投资者在瑞士进行直接投资时可以采用所有可能的并购类型。他们可通过股权交易或资产交易的形式收购私营企业或上市公司的控股权，或从理论上讲，以移民入境兼并的方式达到上述目的，即中国公司并入一家瑞士公司且此瑞士公司为存续公司。不过最简便的方式就是收购瑞士未上市公司的股权或其资产与债务。银行股东收购或出售银行 10％或更多的股份、增持或减持股份使其所持股份超过或低于 20％、33％或 50％的，必须在交易完成前上报瑞士金融市场监督管理局（“监管局”），由该监管局决定是否禁止此交易或附条件性批准此交易。类似的规定同样约束着（再）保险公司：（再）保险公司股东增持或减持股份，使其所持股份超过或低于其目标企业的资本或表决权的 5%、10%、 20%、331/3%、50% 或 662/3% 的，都必须上报监管局，由该监管局决定是否禁止此交易或附条件性批准此交易。收购上市公司的控股权就意味着要按照《瑞士联邦证券交易所和证券交易法》（“证券法”）及其实施细则公开发出要约收购。如果收购方希望收

s a rule, Chinese investors have, except in certain fields listed below ("Licensed company or branch required in some regulated fields"), all possible M&A options open to them for their foreign direct investments in Switzerland. They may either acquire a controlling stake in a private or listed company by a share deal, an asset deal or – theoretically – an immigration merger (Chinese company merging in a surviving Swiss company). The easiest way is acquiring shares in or assets and liabilities of a privatelyheld Swiss company. Bank shareholders acquiring or selling a stake of 10% or more in the bank, or increasing or decreasing their shareholding beyond or below either 20%, 33% or 50% must notify the supervisory authority (FINMA) before closing the transaction which could thereupon prohibit such shareholdings or subject them to conditions. Similar provisions apply with respect to (re)insurance companies: shareholders in (re)insurers reaching, increasing or decreasing their shareholding beyond or below 5% 10%, 20%, 331/3 %, 50% or 662/3% of the capital or voting rights of the target must notify the supervisory authority (FINMA) which could thereupon prohibit such shareholdings or subject them to conditions.

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购目标公司 100 ％的控股权，只有在大股东持有目标公司 98％表决权的情况下，证券法才允许收购方买断剩余小股东。股东持有、增持或减持其上市公司的股份超过或低于其目标企业的资本或表决权的 5%、10%、 15%、20%、25%、331/3%、50% 或 662/3% 的，都必须在 4 个工作日内通知目标企业和证券交易所，目标公司应在收到通知的 2 个工作日内公布此通知。为避免公开要约邀请，从理论上讲，可考虑中国公司和作为存续公司的瑞士目标企业之间进行企业移民入境兼并。只要中国法律允许且所有相关的中国法律规定均已满足，瑞士法律则允许上述并购方式。通过并购方式买断小股东则需要获得 90％以上股东的批准。

Acquiring control of a listed company means making a public tender offer in accordance with the Federal Act on Stock Exchange and Securities Trading (SESTA) and its implementing regulations. If 100% control is sought, the SESTA allows a squeeze-out of the remaining minority shareholders only if the majority shareholder holds 98% of the target’s outstanding voting rights. Shareholders reaching, increasing or decreasing their shareholding in a listed company beyond or below 5%, 10%, 15%, 20%, 25%, 331/3 %, 50% or 662/3% of the capital or voting rights of the target must notify the relevant listed company and the stock exchange within four banking days, and the relevant listed company is required to publish the notification within two banking days of its receipt.

如果收购方并非或者至少初始并非以控股为目的，则中国投资者在最初时仅需通过订立合资协议并收购瑞士合资公司股权的形式投资瑞士合资公司。合资协议通常规定股权转让的限制、约定董事会构成以及合资各方承诺的资金投入。协议中也可以约定股东大会的表决方法。

To avoid a public tender offer, an immigration merger between a Chinese company and the Swiss target (as the surviving company) could theoretically be considered. From a Swiss legal perspective, such a merger would be permissible if Chinese law permitted it and all relevant Chinese legal prerequisites were met. The squeeze-out of minority shareholders by way of a merger requires the approval of 90% of all shareholders.

设立分公司或子公司

Joint ventures

最后，中国投资者也可在瑞士设立分公司或子公司。

If control is not – or at least not in the first stage – sought, the Chinese investor may initially invest in a Swiss joint venture by entering into a joint venture agreement and acquiring shares in a Swiss joint venture company. Joint venture agreements usually contain share transfer restrictions, provisions about board representation and financing commitments of the joint venture

合资公司

设立分公司是指按照中国母公司权力机构做出的关于同意在瑞士设立分支机构以及任命瑞士首席代表的决议，并在瑞士工商登记处办理登记手续。需要提供中国母公司的公司章程副本（或中国法律规定的等效企业文

高悦法学硕士，美国纽约州注册律师 Yue (Fiona) Gao Attorney at Law (New York) 高悦律师是菲谢尔律师事务所涉华业务的首要联系人，给中国客户提供中文语言支持，帮助中国客户了解瑞士的法律、经济、文化大环境及与中国的差异，并协助中国客户的对瑞直接投资和对瑞贸易。同时她也帮助菲谢尔律师事务所的瑞士客户了解中国的法律、经济、文化的环境和差异，并联合谢菲尔律师事务所合作的中国律所向瑞士企业对中国直接投资和对华贸易提供法律服务。 Member of VISCHER China Desk. Fiona has several years of working experience in China in the field of Chinese general c o r p o r a t e l a w, t r a n s a c t i o n a l a n d commercial IP, foreign direct investment (FDI), and M&A, etc. Since 2014 she works as in-house legal counsel for a Swiss pharmaceutical company in Basel. +41 58 211 32 05 fgao@vischer.com

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件），以及中国母公司在工商登记处的登记证明（或中国法律规定的证明企业合法存续的等效文件）。此外，申请登记时应提交分公司所有授权签字人经公证的合法签字，个别情形下上述签字还要经过认证。分公司的名称必须由中国母公司的全称加上 “Zweigniederlassung XY 构成，其中“Zweigniederlassung” 在德语中是指分公司的意思，而“XY”则指分公司所在城市的名称。所有中文文件均需随附公证过的德语译文。设立子公司需要经公证的公司设立文件，包括公司章程及所有授权签字人的任命。注册资本必须存入即将设立的子公司名下的银行帐户中。直到公

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partners. They may also provide for voting arrangements in the shareholders’ meetings. Establishment of branch or subsidiary Lastly, Chinese investors may establish a branch or subsidiary in Switzerland. Establishing a branch means registering the branch in the commercial register based on a resolution of the Chinese company’s competent corporate body resolving to establish the branch and determining the representative(s) domiciled in Switzerland. This must be accompanied by a copy

of the Chinese company’s articles of incorporation (or equivalent corporate document under Chinese law) and an excerpt from the commercial register (or equivalent proof of lawful existence under Chinese law). Further, the application for registration needs to provide legalized and, as the case may be, super legalized signatures of all signatories of the branch. The branch name must consist of the Chinese company’s full name, supplemented by "Zweigniederlassung XY". ("Zweigniederlassung" means “branch” in German and “XY” stands for the name of the city where the branch is located.) All Chinese documents need to be accompanied by certified translations into German.