China Offshore 5th Annual Company Formation Guide

5TH ANNUAL COMPANY FORMATION GUIDE

5TH A

NN

UA

L COM

PAN

Y FOR

MATIO

N G

UID

E

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

C

M

Y

CM

MY

CY

CMY

K

Jafza_One_Mandarin_Chinese_FP_Ad_200x250mm.ai 1 4/21/14 3:56 PM

2 5th Annual Company Formation Guide

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,

Frances Emery, Jonathan DeHart

美术总监 Art Director: Tank Hu

美术编辑 Designer: Lucas Liu

研究员 Researcher: Emma Zhang

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

出版机构 PUBLISHER

MX MEDIA GROUP LIMITED

地址 Address: Rooms 05-15, 13A/F, South Tower,

World Finance Centre, Harbour City, 17 Canton Road,

Tsim Sha Tsui, Kowloon, Hong Kong

广告投放 ADVERTISING ENQUIRIES

亚洲 Asia: +852 3073 2008

电子邮件 E-mail: [email protected]

5TH AnnuAl cOMPAnY fORMATIOn GuIde

5th A

nn

uA

l Com

pAn

y For

mAtio

n G

uid

e

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

5th Annual Company Formation Guide CHINA OFFSHORE 3

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 OffshoreJohn Yang

[email protected]


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

SPV Use in Cross-Border

Investment, Financing and Wealth

Management

48 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

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?

68 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

80 全球离岸公司建立行业总览

Global Offshore Incorporation An

Overview

88 香港的公司建立条例

The Hong Kong Companies

Ordinance

102 2014 - 2015 上半年热点

HALFYEAR HIGHLIGHTS

104 行政特区

JURISDICTIONS

231 离岸指南

OFFSHORE HANDBOOK

58 离岸聚焦OFFSHORE REPORT

71


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

目录 CONTENTS

广告商目录ADVERTISER DIRECTORY

24

离岸公司建立——全球趋势分析Offshore Incorporations - A Global Trend


观点 | OPINION CHINA OFFSHORE

The Evolution: Trends from China for the Offshore Industry

Simon Filmer

进化：中国离岸产业发展趋势

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。

China has experienced extraordinary growth over the last 20 years, becoming the second

largest economy in the world – with some metr ics grant ing China number one status ahead of the United States. Whi le the Chinese economy has undoubtedly s lowed in the last two years, i t st i l l proceeds at levels that would be the envy of many Western nat ions.

Under the leadership of Xi J inping, China is adopting a new growth model, one that involves opening up further to the rest of the world. This model encourages pr ivate investment, with a greater focus on domestic consumption, whi le improving consumer and

environmental protect ions, a greater respect for laws and less governmental interference in the market.

To further these aims, the Chinese government has launched a new wave of investment in publ ic infrastructure, in order to st imulate 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 government – this is achieved by way of f inancing, information shar ing and by an easing of regulatory approval procedures.New laws have been issued, regulat ions and pol icy

Member Contribution



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 ant i-corrupt ion campaign being conducted simultaneously.

Al l of the above has signi f icant impl icat ions for the offshore industry in i ts deal ings with China, some of which wi l l be examined in the fol lowing art ic le.

The swing for offshore corporate service providers from China inbound business to outbound has been widely ant ic ipated. In the Offshore 2020 report – a leading annual market research conducted by OIL, out of 300 professionals in the offshore industry, more than hal f reported conduct ing China related business. In the 2013, 56% reported that their

business was China outbound - for the f i rst t ime crossing the threshold of more outbound than inbound business. The same theme cont inued in 2014. In spite of the slowdown of the Chinese economy, theoffshore industry st i l l looks exceedingly favourably on business coming from China. When asked to name the top 10 locat ions for cl ient or iginat ion over the next f ive years, 40% of Offshore 2020 survey respondents opted for China as the top locat ion. This is wel l ahead of the second and third locat ions, the United States, (at 13%), and United Kingdom, (10%), respect ively. Interest ingly, even when respondents are sorted between those based in Asia, (who may



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

reasonably be expected to rely more great ly on new business from China), and those based outside Asia, the results remain the same: i t 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 l iberal ised, the use of RMB as a sett lement currency for cross-border trades increased. Should this development be a concern to offshore company providers?On the one hand, RMB l iberal isat ion could lead to a fa l l in demand for offshore structures, because using “conduits” for outbound capital f low would no longer be a structural necessity. On the other hand, easing Chinese investors’ and their corporate vehicles’ passage into internat ional markets may boost act iv i ty, creat ing a larger overal l pie of which offshore service providers have a share.

Offshore 2020 survey respondents, by a substant ia l major i ty (82%), said that the cont inued l iberal isat ion of RMB wi l l have a posit ive 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 overal l pie for the offshore industry. What insights do we have into the preferred jur isdict ions for China outbound business?

When asked this quest ion, Offshore 2020 respondents cited Hong Kong and the BVI as the preferred conduits, by a considerable margin, (40% and 33% of the vote respect ively) , with the Cayman Is lands third (7%), and the Seychel les 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 jur isdict ion for internat ional business companies and the BVI company has tradit ional ly been the vehicle of choice for many years in Greater China and throughout Asia – such that the term “BVI” has been used



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 descr ibe an offshore company. A straight-forward BVI company, owned and operated by i ts benef ic ia l owners, would have been standard pract ice for many Chinese cl ients.

Whi le the BVI company cont inues to be very popular, we have recent ly seen a greater use of BVI trusts and a commensurate increase in the number of BVI pr ivate trust companies (“PTCs”) being establ ished to act as the trustee of such trusts.

These vehicles are being set up for the same reasons that wealthy indiv iduals and fami l ies in the West and elsewhere have always done: pr imari ly succession planning, wealth planning, avoiding probate, asset protect ion, and pr ivacy among them.

In addit ion, Cayman companies, unt i l recent ly the only offshore vehicle that could l ist on the Hong Kong Stock Exchange, ( the BVI and other jur isdict ions have since been permitted), have been very popular both for use as l ist ing vehicles, but also for col lect ive investment schemes, (Cayman is the world’s leading funds jur isdict ion), and capital market and structured f inance vehicles.Pre-IPO planning is also a key dynamic of the China offshore market. Investor appet i te IPOs is close to pre-cr is is levels and many of the recent IPOs across global exchanges have been issued by Chinese based businesses, some of which have been very high prof i le. Al ibaba’s recent l ist ing on the New York Stock Exchange was exceedingly wel l-publ ic ised – less wel l-publ ic ised was that subscr ibers actual ly acquired shares in a Cayman company



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

that, in turn, received div idends from Al ibaba.

The recent announcement by Li KaShing, reputedly Asia’s wealthiest man and a t i tan of the Hong Kong economy, of a restructur ing of his exist ing businesses into one l isted Cayman vehicle has added more cachet to Cayman as a jur isdict ion. We bel ieve we are

already seeing the inf luence of these publ ic announcements and have seen a growth in recent months of Cayman incorporat ions from Greater China.

In conjunct ion with their re levant onshore legal, tax and other trusted advisors, wealthy Chinese indiv iduals and fami l ies wi l l , therefore, seek to establ ish the type of structurethat is suitable for their own, their business and their family’s personal circumstances. Oftent imes, that structure wi l l now, due the greater demands of more outbound and cross-border business, involve more than one offshore company, but a var iety of vehicles to suit the specif ic circumstances.

What advise do we at OIL have for jur isdict ions, and service providers, that are looking to China for new business? The key word is engagement. The BVI, for example, establ ished in 2013 BVI House Asia, a business development and diplomatic off ice, basedin Hong Kong, staffed by senior market ing and regulatory


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


off ic ia ls from the jur isdict ion.Other jur isdict ions, Guernsey and Jersey among them, have establ ished simi lar off ices in Shanghai and Hong Kong respect ively. The BVI has also entered into a Memorandum of Understanding with the Shenzhen Government in relat ion to i ts QianhaiFree Trade Zone. At the t ime of writ ing, i t is unclear how that partnership wi l l proceed, but i t underscores the wish for jur isdict ions to engage with and get close to pol icy makers in China.

In this art ic le, we have necessar i ly painted a rosy picture of business trends and developments– but, c l ients, and their service providers, must ensure that they stay abreast of local regulat ions, tax legis lat ion and enforcement. China, contrary to the common law systems of many of the

jur isdict ions that are offer ing services there, is a rules-based system. This can lead to some inconsistencies and di ff icult ies.

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 off ice address. This is notwithstanding that, in many countr ies, there is no developed postal system and a PO Box is often the only way to del iver mai l . This new rule has led to service providers scrambl ing to change their addresses, where possible, and cl ients seeking to ensure that they can cont inue their banking arrangements. Whi le this issue is manageable, there wi l l l ikely be other potent ia l obstacles to overcome.


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。

We have not considered in this art ic le, issues relat ing to FATCA,theCommon Report ing Standard (CRS) being dr iven by the Organisat ion of Economic Cooperat ion and Development (OECD), to which China is a signatory, and other matters, which are a funct ionof the post- f inanc ia l c r is is economy – but , no doubt , the indust ry w i l l , cont inue to evo lve and deve lop to hand le new requ i rements as they emerge.

F ive years in to the Offshore 2020 market research in i t ia t i ve , we at OIL have wi tnessed the emergence of a handfu l o f t rends in the o ffshore indust ry – some of these can be ext rapo lated through to the year 2020. For Ch ina, we pred ic t that i t w i l l the major growth dr iver for new bus iness wi th in the indust ry – th is w i l l be led by s tate owned enterpr ises and pr ivate companies f rom a l l sectors expanding overseas, the loca l base o f h igh net wor th ind iv idua ls growing at a pace far above that in Western

markets , and an increas ing ly conver t ib le RMB fac i l i ta t ing the move of a fur ther wave of Ch inese cap i ta l in to the g loba l economy.

As Ch ina becomes more in tegrated in to the g loba l



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 i ts growth wi l l not just be borne by Greater China-based service prov ide rs a lone . Serv ice prov iders across the ent i re spect rum of the va lue cha in – lega l , account ing and corporate serv ices – wi l l be act ive ly look ing to Ch ina to dr ive fu ture bus iness growth. A l l ma jor ju r isd ic t ions wi l l be more proact ive wi th the i r engagement w i th the count ry in an at tempt to create a n iche for themse lves.

Another t rend that has been observed over the last f i ve years , both in Greater Ch ina and across As ia , i s the r ise o f what we re fer to as the “B ig Four” ju r isd ic t ions. These are the BVI , Cayman, Hong Kong and S ingapore. The BVI ’s pre-eminent ro le as a lynchp in for in ternat iona l bus iness companies and Caymans’

popu lar i ty for investment funds and cap i ta l market veh ic les , as deta i led above, may gradua l l y erode, but we do not be l ieve they wi l l f racture . Hong Kong and S ingapore wi l l cont inue to grow in impor tance as “mid-shore” ju r isd ic t ions, o f fe r ing a combinat ion o f t rad i t iona l o f fshore benef i ts and onshore cred ib i l i t y, enab l ing c l ients to bu i ld substance.

We have fur ther deta i led the need for engagement w i th Ch ina, both at the governmenta l and regu la tory leve l o f a spec i f ic ju r isd ic t ion, and a lso at the serv ice prov ider leve l .

In conclusion, and as per our predict ions for the year 2020, offshore corporate service providers, who do not have a China strategy, do so at their per i l .



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 Washington-based Cato Institute and Chairman of the Board of the Center for Freedom and Prosperity.

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 CrisisBy 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 internat ional f inancial sector faces a per i lous future. Major chal lenges loom over an uncertain global economy, whi le a decidedly negat ive pol i t ical c l imate poses an existent ia l threat to the offshore f inancial community. With each passing year, thanks to demographic changes and poorly designed f iscal pol ic ies, pol i t ic ians from high-tax nat ions wi l l be increasingly f ixated on halt ing the migrat ion of jobs and investment to lower-tax jur isdict ions. Indiv iduals and jur isdict ions that benef i t f rom free internat ional capital f lows must act now i f they wish to weather the coming storm.

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

A Bleak Onshore Economic Outlook

Decades of i r responsible spending have left many developed nat ions with obl igat ions they cannot hope to meet, whi le demographic trends threaten to push their f loundering economies over the edge. Fal l ing birth rates and cl imbing l i fe expectancies are combining to transform the world's major economies, turning populat ion pyramids – where the young and healthy vast ly outnumber the old and inf i rm – into populat ion cyl inders.

Consider some basic data: In 1970 the birthrate across the

OECD was 2.76 chi ldren per woman. By 2010 i t was 1.74, which is below the replacement level of 2.1. At the same t ime, posit ive advances in healthcare are helping people l ive longer than ever, but that also means an increased burden on workers to provide for the ret i red or inf i rm. As welfare states can only funct ion when there are many more workers than dependents, this transformation poses ser ious f iscal chal lenges.

Simply stated, the burden of government spending is projected to dramatical ly increase in developed nat ions. And because budget wi l l grow much faster than the pr ivate sector, this is a recipe for lots



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.

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. I f current trends cont inue, nat ions l ike France, Germany, Belgium, the United Kingdom, and the United States are al l projected to see debt levels r ise to 300 percent-500 percent of gross domestic product (GDP) over the next few decades. I t 's a recipe for many more Greek-style f iscal col lapses.

Don’t forget that nat ions such as Greece, I ta ly, Spain, I re land, 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 wi l l be attacked by “bond vigi lantes” when their debts reach that level. After al l , Japan is st i l l stable with debt levels exceeding 200 percent of GDP. But i t does suggest that the world’s big nat ions are heading for trouble in the absence of s igni f icant f iscal reform.

Politicians Fan the Flames

Adding to the coming calamity are pol i t ic ians who have convenient ly misdiagnosed the fundamental problem as one of insuff ic ient tax revenue instead of excessive spending. Contrary to claims of widespread auster i ty, for instance, taxes have been cl imbing since the 2008 f inancial cr is is. Average top personal income tax rates in the EU have steadi ly increased in recent years. So has the average standard VAT rate. But



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

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

i f pol i t ic ians think that endlessly r is ing taxes wi l l solve their f iscal problems, then they are in for disappointment.

Revenue increases do nothing to solve a problem caused by a spending burden that cl imbs faster than pr ivate 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 per iod. In other words, addit ional revenue simply enables a higher spending burden. Unt i l they correct ly recognize that more spending is the source of their problem, pol i t ic ians can be counted on to exacerbate their f iscal problems with higher tax rates.

Another chal lenge is that higher tax rates don’t necessar i ly

translate into higher tax revenue. That’s especial ly true i f pol i t ic ians impose class-warfare tax hikes on the so-cal led r ich. Simply stated, people with lots of business and investment income have considerable abi l i ty to alter the t iming, level, and compensat ion of their income. So when their tax rates increase, they f igure out ways to reduce their taxable income.

Yet these higher tax rates almost certainly wi l l dampen economic performance. In other words, f iscal pol icy in many OECD nat ions is in a downward spiral . Pol i t ic ians seek to buy votes with more spending, part icular ly for income redistr ibut ion programs. These pol ic ies hurt growth by discouraging part ic ipat ion in the economy’s pr ivate sector. Pol i t ic ians also impose higher tax rates, ostensibly for



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 f iscal balance. Yet these higher rates further discourage product ive behavior, leading to less work, saving, and investment. And as the pr ivate sector languishes, there is even more pol i t ical pressure for addit ional government spending, which then leads to more taxes and even weaker growth.

At some point, a f iscal cr is is occurs because there is too much debt and so much stagnat ion.

Notwithstanding this destruct ive cycle, the pol i t ical c lass is st i l l agitat ing for more taxes. Not only do they want increases in exist ing taxes, but they’re also looking to inst i tute new taxes on f inancial transact ions and carbon emissions, and even to revive old wealth taxes.

These trends do not bode wel l for the global economy. Achieving real growth is di ff icult with a shr inking work force and other unfavorable demographic changes. Boost ing investment and deepening the stock of capital might be able to make up the di fference, but not with pol i t ic ians squeezing the l i fe out of the productive sector through excessive taxes, part icular ly discr iminatory taxes on income that is saved and invested.

Blocking the Escape

Knowing that high taxes are l ikely to spark an exodus of jobs and investment, pol i t ic ians in high-tax nat ions are compounding the problem with ant i-tax competit ion pol ic ies aimed at hinder ing mobi l i ty of labor and capital . More specif ical ly, in a misguided attempt to prevent cit izens (and their money) from f leeing high tax nat ions, they are using internat ional bureaucracies and inst i tut ions such as the G-20 and the OECD, to attack low-tax jur isdict ions and the service providers that help protect taxpayers from excessive f iscal burdens.

This is unfortunate since tax competit ion between jur isdict ions has served an important role by making i t at least somewhat more di ff icult for pol i t ic ians to impose bad pol icy. I t a lso means that one nat ion's f iscal mistakes can be another's opportunity to attract investment, thereby mit igat ing the economic harm of bad pol icy. Thwart ing tax



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

competit ion by erect ing barr iers to cross-border f lows, on the other hand, wi l l ensure maximum negat ive impact from the poor pol icy choices seen in recent years.

The G-20 and OECD cont inue to serve as the pr imary vehicles through which high tax nat ions seek to undermine tax competit ion. The ant i-tax competit ion campaign began in the 1990s as a response to global izat ion. Pol i t ic ians from high-tax nat ions resented the fact that some governments were lowering their tax rates to attract more jobs and investment. And because i t was increasingly easy for labor and capital to cross borders, this created a virtuous cycle, at least from the perspect ive of taxpayers.

But high-tax welfare states weren’t happy. So they decided to use internat ional bureaucracies to f ight back. The campaign became publ ic with the release of a 1998 report cal led, “Harmful Tax Competit ion: An Emerging Global Issue.” In the years since, the OECD has grown increasingly bold in i ts reach.

First came the blackl ists, where jur isdict ions with low tax rates and attract ive pol ic ies were singled out and pressured into counterproduct ive reforms. Among other things, they were required to sign Tax Information Exchange Agreements with a certain number of countr ies in order to be taken off the OECD's naughty l ist.

When that proved insuff ic ient to stop the f low away from



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 nat ions, bureaucrats unvei led the Mult i lateral Convent ion on Mutual Administrat ive Assistance in Tax Matters. I t would require signator ies to enforce the bad tax laws of other nat ions, whi le grant ing the OECD power of judge, jury, and execut ioner over any disputes.

At the same t ime, the United States began a uni lateral effort at global tax enforcement. Under the threat of protect ionist tax penalt ies, the Foreign Account Tax Compl iance Act (FATCA) conscr ipts f inancial inst i tut ions throughout the world, as wel l as their governments, to act as American tax enforcers. The OECD's tax col lectors apparent ly saw the pain caused by FATCA and got jealous. I f the United States could demand that other nat ions and foreign inst i tut ions enforce bear the cost and responsibi l i ty for enforcing US tax law, why could others nations not do the same?

The latest Common Report ing Standard takes al l the work jur isdict ions have put into placat ing the OECD for the last decade by meeting TIEA requirements and throws i t out the window. The idea that a jur isdict ion should sit back and wait for another nat ion to request the f inancial information of a resident – based on a reasonable suspicion – is now scoffed at. The new standard of automatic exchange instead obl i terates the presumption of innocence that formed the foundat ion of past cooperat ion and treats internat ional investors and low-tax jur isdict ions al ike as l i t t le more than resources of high-tax nat ions to exploit at wi l l . Due process legal protect ions no longer apply.

This has al l sorts of disturbing impl icat ions. Unt i l now the United States has, with narrow exceptions, been the most aggressive perpetrator of worldwide taxat ion. Not only



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。

worldwide taxat ion of capital income, but also corporate income and labor income. But i t is not through generosity or sound pr inciples that pol i t ic ians elsewhere refrain from reaching into their c i t izens' pockets regardless of where they l ive or work. Rather, they lack the inst i tut ions and resources to operate at a global scale. With a regime of automatic exchange in place, however, more can be counted on to soon fol low in American footsteps and adopt destruct ive worldwide tax systems.

Offshore Must Be Proactive

Pol i t ic ians have always resented the abi l i ty of the pr ivate sector to adapt and dodge their most destruct ive pol ic ies. In today's economic cl imate, they are more desperate than ever to contain and harvest revenue from the product ive sector of the economy. They are also pol i t ical ly emboldened to take radical steps in a misguided quest to mit igate the damage from decades of prof l igate spending and unsustainable welfare systems.



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 wi l l u l t imately backf i re economical ly at both the nat ional and internat ional levels, but not before doing ser ious harm to onshore economic performance and the offshore tax-planning community. To mit igate the damage, low-tax jur isdict ions and offshore service providers must come together and defend their r ight to exist by advocating for the pr inciples that have al lowed i t to thr ive.

Global izat ion provided opportunit ies for low-tax jur isdict ions. I f they were wi l l ing to implement pro-growth pol ic ies, they could capital ize on the mistakes of high-tax nat ions. But i f the G-20, OECD, and high-tax nat ions are successful , low-tax jur isdict ions wi l l no longer be al lowed to benef i t f rom the free f low of labor and capital .

Those jur isdict ions, as wel l as the pr ivate sector in those



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

nat ions, must now decide whether meek acceptance of a harsher cl imate dictated by the whims of high-tax nat ions 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 pi l lar of the global tax crackdown. FATCA not only faces growing pol i t ical opposit ion within the US in addit ion to widespread internat ional host i l i ty, but i t wi l l soon be subject to major legal chal lenges. I ts s igni f icant pract ical obstacles also cont inue to reveal the fol ly of pr ior i t iz ing enforcement of bad laws at the expense of al l other considerat ions – l ike cost, pr ivacy and internat ional comity.



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

税收来源似乎是更具吸引力的选择。

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。

FATCA was acknowledged as a precipitat ing force for the OECD's current push for automatic exchange. I f i t fa i ls, i t may provide opportunity to push the OECD back as wel l . Doing so wi l l require an offshore community organized around a common understanding of pr inciples for internat ional f inance such as respect for pr ivacy and recognit ion of sovereign boundaries.

Conclusion

Most people in offshore jur isdict ions, whether in government or the pr ivate sector, don’t appreciate their per i lous situat ion.

Onshore nat ions, part icular ly members of the OECD, have very dismal f iscal out looks. This unambiguously wi l l g ive them big incent ives 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.

But they wi l l have an even greater incent ive to attack the offshore world in the search for new revenue.

And this isn’t just an issue of f inancial pr ivacy and so-cal led tax evasion. The OECD and G-20 now expl ic i t ly are seeking to undermine and cr ipple tax avoidance and other forms of legal tax planning. The OECD’s Base Erosion and Prof i t Shi f t ing in i t iat ive is just one example.

From an economic perspect ive, one hopes the offshore world wi l l survive these attacks. There aren’t many constraints on the greed of the pol i t ical c lass. And i f they succeed in destroying tax evasion and tax avoidance, pol i t ic ians wi l l feel even further emboldened to implement destruct ive tax laws.



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.

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

The fifth report on the Competit iveness Index (Xinhua-Dow Jones IFCD Index)

was released in 2014, four years after the f i rst was joint ly released by Xinhua Press and Chicago Merchandise Exchange Group (CME). This index ref lects the competit iveness of 45 cit ies around the world as internat ional f inancial centers. The latest report revealed that Shanghai ranked f i f th ( f rom sixth in 2013, s ide-by-side with Hong Kong), competing with cit ies l ike New York and London, which were ranked f i rst and second in previous years.

The report points out that Hong Kong is st i l l among the highest-ranking cit ies in certain categories, including “f inancial market,” “ industr ia l support” and “service level”, but the ranks of the categories “growth and development” and “nat ional environment” have fal len substant ia l ly. (The former fe l l f rom second posit ion last year down to sixth this year, whi lst the latter fe l l out of the top ten.) This is due to a slowdown in economic growth and an unstable domestic environment.

Shanghai has made signi f icant progress according to the report, with a ranking of number one for the "growth and development" indicator for f ive consecut ive years. I ts ranking as a “f i nanc i a l ma rke t ” and fo r “ i ndus t r i a l suppo r t ” have been re l a t i ve l y s tab le too . The deve lopmen t o f i n f r as t ruc tu re and soc i a l managemen t has caused Shangha i ’s “ se r v i ce l e ve l ” r ank ings to j ump to number s i x . Th i s i s one o f t he key f ac to rs i n enab l i ng Shangha i ’s compe t i t i veness to s tand up to Hong Kong ’s t h i s yea r.

Member Contribution


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 f inancial professionals point out that the perceived advantage of Shanghai’s f inancial reforms is an important factor in the jur isdict ion’s cont inual r ise, compared with other internat ional f inancial centers. Since the establ ishment of Shanghai’s Free Trade Zone (FTZ), breakthroughs in f inancial reform have been a dr iv ing force in i ts increasing competit iveness as an internat ional f inancial center. Shanghai’s FTZ has become an important spr ingboard for accessing a pool of internat ional f inancial centers.

Despite the fact that the United States’ f inancial centers are relat ively stable within a global context – and that the U.S. is st i l l among the most powerful

economies – Asia’s f inancial centers are a powerful force which wi l l change global f inancial patterns in the future. The Asia-Pacif ic region’s relat ively compl icated structure, the abi l i ty of indiv idual member states to complement one another, a long with the region’s economic potent ia l , are al l key reasons for developing Asia’s f inancial centers. Such fundamental e lements dr ive f inancial centers across Asia to develop rapidly, and there is a general trend for internat ional f inancial centers to be incl ined towards Asia.

Evidence for such trends is provided in The Opinions of the State Counci l of the PRC on Promoting Shanghai to Accelerate Development of the Modern Service




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

Industry and Advanced Manufactur ing Industry to Bui ld Internat ional Financial Centers and Internat ional Marine Transportat ion, released in 2009 by the State Counci l of the PRC. Shanghai is str iding along a path of “one core” – which refers to the establ ishment of f inancial markets – and “two focuses”, which refers to the f inancial reform and opening pi lot, a long with the creat ion of an environment conducive to f inancial development. The top-layer design was unrol led from the Overal l Resolut ion of the Shanghai (China) Free Trade Zone, approved by the State Counci l of the PRC on September 27, 2013. Fol lowing this, the People’s Bank of China, China Banking

Regulatory Commission (CBRC), China Securi t ies Regulatory Commission (CSRC) and China Insurance Regulatory Commission (CIRC) publ ic ized the relevant standards. The off ic ia l implementat ion of the Free Trade Zone on September 29, 2013 enabled many f inancial inst i tut ions and enterpr ises to begin working together to achieve success.

Mainland China’s f inancial reform has gone in two dist inct direct ions. Key reforms – such as those relat ing to interest and exchange rates, the bank deposit insurance system, or the exchangeabi l i ty of capital – are most ly carr ied out v ia methods that can be categorized “top to bottom” methods.



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、

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

The second direct ion is best categorized “bottom to top”. I t is an opt ion that the market is free to choose, and Bei j ing encourages local governments to pi lot them. The development of onl ine and regional f inance is among the in i t iat ives that have been pi loted. Regional reform that comprises “bottom to top” covers China’s developed coastal regions in the eastern, central and western parts of the country, the industr ia l izat ion of central China, the less developed west, and the autonomous and border regions. These reforms involve f inancial l iberal izat ion,

f inancial cooperat ion with Hong Kong and Macao, rural f inancial reform, and the broader development of local and cross-border f inancial cooperat ion. The establ ishment of Shanghai’s FTZ is an important step in regional reforms. In addit ion to establ ishing more accessible administrat ive procedures and re-shortening of negat ive l ist, the implementat ion of the Shanghai FTZ one year ago has so far achieved the fol lowing:

I . The Shanghai FTZ has contr ibuted to the growth of cross-border RMB sett lement by support ing the city in i ts role



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

as an RMB clear ing center. By the end of September 2014, cross-border RMB sett lement in the FTZ amounted to over RMB 200 bi l l ion, an increase of more than 2.5 t imes year-on-year. Over 19.1 bi l l ion in RMB was borrowed overseas, al lowing the f inancing costs within the FTZ to be reduced by between 10% and 20%.

I I . A group of global f inancial trading markets have been domes t i ca l l y es tab l i shed . The Shangha i I n te r na t i ona l Go ld Trad ing Cen te r opened i n m id -Sep tember, and The Shangha i I n te r na t i ona l Ene rgy Trad ing Cen te r was i nco rpo ra ted i n t he FTZ .

I I I . To date, there have been ten China-funded banks connected to the Shanghai FTZ’s account monitor ing management system. Over 5,000 free trading accounts have been opened.

Financial innovat ion and construct ion of offshore f inancial centers are the two pr incipal axes of the Shanghai FTZ. Banks and other f inancial inst i tut ions provide offshore

f inancial services to residents outside the jur isdict ion. They include deposits and loans for non-resident cl ients who undertake the role of f inancial intermediary, as wel l as services such as fund management, insurance, tax planning, trust and asset protect ion. But wi l l Shanghai’s FTZ become a spr ingboard for offshore f inance? China-funded banks and f inanc ia l ins t i tu t ions have a respons ib i l i t y to act ive ly create cond i t ions conduc ive to innovat ion and the format ion o f a t rad ing center for RMB products wi th in the Shangha i FTZ. Of course, to at ta in the goa l o f product innovat ion, these banks and inst i tu t ions must have cons iderab le knowledge of in terest ra tes, exchange rates, fore ign exchange management and other in ternat iona l convent ions, so as to fu l l y understand r isk contro l , pr ic ing techn iques, and commodi t ies por t fo l ios , amongst others .

Over t ime, fore ign- funded banks and other f inanc ia l ins t i tu t ions wi l l ach ieve seamless in tegrat ion wi th in



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 in ternat iona l f inanc ia l serv ice system, just as Shangha i ’s FTZ wi l l cer ta in ly become in tegrated wi th in the in ternat iona l t rad ing system. In the fu ture , f ind ing a way to make use o f advantageous g loba l networks and h igh-qua l i ty c l ients to prov ide g loba l l y in tegrated and comprehens ive f inanc ia l serv ices wi l l become fore ign-funded inst i tu t ions’ n iche, a long wi th equ ipp ing Shangha i and other reg ions to s t r ide in to in ternat iona l f inanc ia l centers .

Ch ina is cur rent ly fast- t rack ing the amendment o f the Trust Law. Once the lega l t rust system is in p lace, demand for t rust management w i l l encourage Ch ina to acce lerate the growth o f wea l th management serv ices wi th in

the PRC. Whi le many o ffshore f inanc ia l serv ices wi l l become tang ib le , in tegrated offshore serv ices wi l l be created too.

A repor t t i t led Examples o f Innovat ion in the Shangha i Free Trade P i lo t Zone, re leased on October 10, 2014, i l lus t ra tes typ ica l cases o f innovat ion in enterpr ises, inc lud ing var ious mode ls and ach ievements f rom d i f fe rent f ie lds and perspect ives. In the fu ture – w i th the accumulat ion o f such cases and cont inued ad justment and implementat ion o f f inanc ia l regu la tory measures – I persona l ly be l ieve that Shanghai ’s deve lopment in conjunct ion wi th the Free Trade Zone wi l l a l low i t to prope l i tse l f in to a pos i t ion among the wor ld ’s top in ternat iona l f inanc ia l centers .



美国税法困扰中国家庭和公司US Tax Law Worries for

Chinese Families and CompaniesRobert W. Wood

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).

The U.S. and China enjoy increasingly strong connect ions. Yet v ir tual ly no

Chinese fami ly or business rel ishes deal ing with the Internal Revenue Service ( IRS). American tax laws are famously complex, and deal ing with the IRS can be l ike qu icksand. Of course, whether they l i ke i t or not , U.S. c i t i zens and green card ho lders (U.S. permanent res idents ) must dea l w i th the IRS.

They must f i le their tax returns with the IRS on a worldwide basis, even i f they are resident and paying taxes elsewhere. There was a t ime when the only Chinese persons worrying about such issues were U.S. cit izens and permanent residents. Increasingly, though, many others having more attenuated connect ions 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 report ing and disclosure rules. FATCA, the Foreign Account Tax Compl iance Act, has expanded America’s tax reach into many foreign countr ies, including

China. And the U.S. is enforcing i ts tax laws more vigorously than ever.

FATCA requires foreign banks to reveal Americans with accounts over $50,000. Non-compl iant inst i tut ions can be frozen out of U.S. markets, so inst i tut ions worldwide are complying.Despite the upt ick in enforcement, U.S. worldwide tax report ing has been a part of U.S. law for decades.

FBARs date to 1970, requir ing f i l ing for any non-U.S. account(s) having a combined value of more than $10,000 at any t ime dur ing the year. Compl iance with al l these rules was fair ly low unt i l the last 6 or 7 years. In 2009,the IRS struck a groundbreaking sett lement with UBS for $780 mi l l ion in penalt ies 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 cr i t ical U.S. f inancial markets i f they fai led to pass along American data. More than 100 nat ions have agreed to the law, including China. Foreign



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 Inst i tut ions (FFIs, a term def ined in FATCA) must report account numbers, balances, names, addresses, and U.S. ident i f icat ion numbers.

For U.S.-owned fore ign ent i t ies , they must repor t the name, address, and U.S. Taxpayer Ident i f icat ion Number of each substant ia l U.S. owner. Amer ican ind ic ia w i l l l i ke ly mean a le t ter f rom the bank ask ing about U.S. compl iance and the need to ver i fy that so the bank can a lso be compl iant w i th the U.S.

FBARs Still Required

FATCA does not replace FBARs. U.S. persons with foreign bank accounts exceeding $10,000 must f i le an FBAR by each June 30.These forms are ser ious, and so are the cr iminal and civ i l penalt ies.

FBAR fai lures can mean f ines up to $500,000 and pr ison up to ten years. Even a non-wi l l fu l c iv i l FBAR penalty can mean a $10,000 f ine. Wi l l fu l FBAR violat ions can draw the greater of $100,000 or 50 percent of the account for each violat ion–



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（FFIs，

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。

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

Form 5471 filing

Current ly, there are four categories of persons that must f i le Form 5471, ranging from Category 2 through Category 5. Category 1 was el iminated in 2004. A Category 2 f i ler includes a U.S. cit izen or resident who is an off icer or director of a foreign corporat ion in which a U.S. person acquires shares represent ing 10 percent

or more of the aggregate vot ing power or value of the corporat ion.

A “U.S. person” is a cit izen or a resident of the U.S., a domestic partnership or corporat ion, or a domestic estate or trust. A corporat ion or partnership is considered “domestic” i f i t was organized in the U.S. or under the laws of the U.S. or of any state.

A trust is considered “domestic” i f a court within the U.S. is able



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

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”。

to exercise pr imary supervis ion over the administrat ion of the trust or one or more U.S. cit izens or residents have the author i ty to control a l l substant ia l decis ions of the trust. An estate is usual ly considered “domestic” i f 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 vot ing or part ic ipat ing shares in a foreign corporat ion;

● Acquires vot ing or part ic ipat ing shares that, when added to the shares owned on the date of acquisi t ion, equals or exceeds 10 percent or more of the vot ing or part ic ipat ing shares; or

● Disposes of vot ing or part ic ipat ing shares in a foreign corporat ion that reduces

ownership to less than 10 percent.

A Category 4 f i ler is a U.S. person who owned more than 50 percent of the aggregate vot ing power or value of a foreign corporat ion for at least 30 days dur ing the foreign corporat ion’s year. Whi le Form 5471 is required for Category 2 and 3 f i lers only for the year in which the relevant transact ions occur, a U.S. person should f i le Form 5471 for each year in which the more than 50 percent ownership threshold is met.

General ly, a Category 5 f i ler is a “U.S. shareholder” (as def ined herein) who owned stock in a foreign corporat ion that is a control led foreign corporat ion (CFC). The stock must have been owned for at least 30 days dur ing the year, as wel l as owned on the last day of the year. A U.S. shareholder is general ly def ined as a U.S.



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%

person who owns 10 percent or more of the vot ing shares of a CFC.

General ly, a CFC is a foreign corporat ion that has persons qual i fy ing as U.S. shareholders that own more than 50 percent of the vot ing or part ic ipat ing stock of the corporat ion on any day of the year. As with Category 4 f i lers, a U.S. person should f i le Form 5471 for each year in which the Category 5 requirement is met.

IRS Audit Per iods and Penalt iesWhen a U.S. shareholder holds more than 50 percent of the vote or value of a foreign corporat ion, the company is a control led foreign corporat ion or CFC. A U.S. shareholder is a U.S. person who owns 10 percent or more of the foreign corporat ion’s total vot ing power.That tr iggers report ing, including f i l ing an annual IRS Form 5471.

I t is an understatement to say this is an important form. Fai l ing to f i le i t means penalt ies, general ly $10,000 per form. A separate penalty can apply to each Form 5471 f i led late, and to each Form 5471 that is incomplete or inaccurate.

What’s more, this penalty can apply even i f no tax is due on the return. That seems harsh, but the next rule—about the statute of l imitat ions—is even more surpr is ing. The IRS normal ly gets three years to audit. But i f you have a CFC and fai l to f i le a required Form 5471, your tax return remains open foraudit indef in i te ly.

This statutory overr ide of the normal IRS statute of l imitat ions is sweeping. The IRS not only has an indef in i te per iod to examine and assess taxes on i tems relat ing to the missing Form 5471. In fact, the IRS



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

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

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

can make any adjustments to the ent ire tax return with no expirat ion unt i l the required Form 5471 is f i led.

You might think of a Form 5471 l ike the signature on your return. Without a signature under penalt ies of per jury, a tax return real ly isn’t a tax return. Simi lar ly, without a required Form 5471, the tax return wi l l remain open.

What i f 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

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

The harsh statute of l imitat ion rule for Form 5471 was the result of the HIRE Act passed March 18, 2010. Not coincidental ly, this was the same law that brought us FATCA. Bottom l ine: be careful with CFCs and with Form 5471.

IRS Voluntary Disclosure Programs

The presence of al l of these tough rules may cause some



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。



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. cit izens and residents to consider how to correct their past fa i l ings. Start ing in 2009, with changes in 2011, 2012, and 2014, the IRS has given taxpayers a way to resolve their noncompl iance 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, involv ing 8 years of amended tax returns 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 cert i fy ing under penalt ies of per jury that he or she was non-wi l l fu l . Caut ion is in order, s ince the IRS can examine the taxpayer. The Streamlined actual ly consists of a Domestic Streamlined program for people in the U.S., and a Foreign Streamlined program for those l iv ing abroad.

Both Streamlined programs involve three years of tax returns, not eight. Both Streamlined programs require FBARs for s ix years instead of three, to match the six year FBAR statute of l imitat ions. The Foreign Streamlined program has no penalty. The Domestic Streamlined program appl ies a 5 percent penalty to the highest

year-end balance in the offshore accounts over the six FBAR years.

Some U.S. cit izens and residents may think more about gett ing out of these rules than about correct ing their f i l ing history. Yet i t can be di ff icult to exit without addressing the past.

Expatriation

To put oneself beyond the reach of the IRS, a cit izen must give up U.S. cit izenship. A permanent resident (green card holder) must give up that status. I t is also relevant to dist inguish between residents and long-term residents.

In general, a long-term resident is a non-U.S. cit izen who is a lawful permanent resident of the U.S. in at least eight years dur ing the 15-year per iod before that person’s residency ends. Holding a green card for even one day dur ing a year wi l l ta int the whole year.

Never the less, a person is not t reated as a lawfu l permanent res ident for purposes o f th is e ight-year test in a year in wh ich that person is t reated as a res ident o f a fore ign count ry under a tax t reaty, and who does not wa ive the t reaty benef i ts app l icab le to the res idents o f that count ry.

The U.S. tax law on expat r ia t ing changed mul t ip le t imes over the last few decades. In 2004, Congress d iscarded tax avo idance



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

mot ives a l together. In 2008, Congress made fur ther changes.

I f a U.S. c i t i zen or long-term res ident expat r ia tes on or a f ter June 17, 2008, he is deemed to have so ld a l l o f h is wor ldwide proper ty for i ts fa i r market va lue the day before leav ing the U.S. Th is deemed ga in is sub ject to U.S. tax at the cap i ta l ga in ra te . For tunate ly, there are except ions f rom i ts app l icat ion.

F i rs t , an ind iv idua l i s sub ject to the ex i t tax on ly i f he has an average net annua l income tax for the f i ve years preced ing expat r ia t ion o f $160,000, or i f he has a net wor th o f $2 mi l l ion or more on the date o f expat r ia t ion. However, another way o f be ing h i t w i th th is ex i t tax is i f you fa i l to cer t i f y on Form 8854 that you have compl ied wi th a l l U.S. federa l tax ob l igat ions for the f i ve years preced ing the date o f your expat r ia t ion or te rminat ion o f res idency.



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

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。

There is a lso a ga in on sa le thresho ld. I f a taxpayer has less than $600,000 of income f rom the deemed sa le o f assets on expat r ia t ion, there is no tax due. Th is exempt ion amount is ad justed for in f la t ion ($690,000 for 2015) .

Plan Ahead

I f the last f i ve years o f IRS, Just ice Depar tment and U.S. leg is la t i ve act ions have taught us anyth ing, i t i s that U.S. tax ru les are noth ing to take l ight ly.Fami l ies and companies wi th U.S. in terests and U.S. shareho lders and members need to cons ider them and the i r app l icat ion to the i r facts .

Whether the appropr ia te s t ra tegy is to cor rect past f i l ings, to rest ructure a company, to have a fami ly member g ive up a U.S. passpor t or green card, p lann ing is impor tant . Of course, i t i s not just taxes at s take. When one adds uncer ta in t ies about fami ly worr ies , and what can be b ig do l la rs a t s take, these can be daunt ing issues.

Regard less o f how grave the s i tuat ion may seem, there is a lmost a lways a way to address i t . That is fa r bet ter than the increas ing ly dangerous approach of ignor ing these issues.



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

As 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



Haibo Xu

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。

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 medium-sized enterprises for many years.

Dongming Liu

刘冬明毕业于华东政法大学，获学士学位。

后于美国明尼苏达大学获得法律硕士学位。

刘冬明于 2013 年获国家法律职业资格，先

后在多家大型事务所实习，参与大量买卖

合同纠纷、金融借款纠纷、著作权维权类

及保险追偿类民商事诉讼类业务。后于美

国明尼苏达州明尼阿波利斯市州立法院民

事庭实习。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.

[email protected]: 8621-60795656, 8621-60795618 E-mail: [email protected], [email protected]

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


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 SPVSpecial 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 cross-border operational management. This includes public listings, assets securitization, equity financing, and family wealth management.

（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




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

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

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



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.

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

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.

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

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



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.

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 代理注册 SPV 也会存在一定的风险，

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、

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.

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.



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.

3. Risks and Suggestions for Establishing Overseas SPVEach 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.

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。





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.

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

Given the recent prob lems Amer ican t rad ing companies are hav ing in

estab l ish ing bank accounts in Hong Kong, v iab le a l te rnat ives need to be found. These issues, wh ich are d i rect ly re la ted to the Amer ican IRS car ry ing out extens ive invest igat ions in Hong Kong concer n ing b reaches o f t he new FATCA regu la t i ons , have made banks i n t he t e r r i t o r y wa ry o f se t t i ng up any new pe rsona l o r even company bank accoun ts . O the r, sma l l e r accoun t ho lde rs have been asked to f i nd ‘ a l t e r na t i ve ’ bank ing a r rangemen ts , wh ich i s ha rd l y conduc i ve to ass i s t i ng SMEs .

In fact , Hong Kong has been coming under increas ing spot l ight for a number o f years . The ter r i to ry has been b lack l is ted as a tax haven by severa l count r ies , inc lud ing France and I ta ly, wh i le the U.S. is known to have cons idered such act ions. However, there are susta ined

concerns about the qua l i ty o f numerous main land Ch inese f inanc ia l investments , and of the t rue nature concern ing the s tated independence of Hong Kong’s Secur i t ies and Futures Commiss ion. An overa l l deter iorat ion in audi t s tandards has a lso been not iced by numerous commentators on Hong Kong’s t ransparency.

Whi le the terr i tory has long been a viable entry point for business in China, that is now being compromised by what appears to have been a decade-long, increasingly lax approach to the acceptance of dubious mainland Chinese investors at the expense of fu l l corporate d isc losure. I t remains to be seen how ser ious an issue th is w i l l become. However, shou ld major Hong Kong bank ing and f inanc ia l ins t i tu t ions be impl icated in corporate wrongdoing, and Hong Kong’s systemat ic approach to f inanc ia l t ransparency found to be want ing, the damage to i ts in ternat iona l reputat ion wi l l be profound.



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。



I t shou ld a lso be noted that shou ld Hong Kong’s prob lems eventua l l y be endorsed by the Ch inese Cent ra l Government for the i r own pol i t ica l ends; the cred ib i l i t y o f Hong Kong as an in ternat iona l f inanc ia l center may be damaged i r reparab ly. Pres ident X i J inp ing is we l l aware that i l l i c i t Ch inese money has found i ts way in to Hong Kong, and may at tempt to take down i ts inst i tu t ions, w i th the cooperat ion o f the U.S. IRS in br ing ing them down.

The quest ion o f whether th is cou ld be seen as a pun ishment for Hong Kong c i t i zens for the i r ca l ls for more democracy, or a des i re to see a more eas i l y manageable Shangha i rep lace the ter r i to ry as Ch ina’s premier f inanc ia l serv ices hub must now be asked, a l though the la t ter c i ty is nowhere near be ing able to offer internat iona l f inanc ia l serv ices to the extent Hong Kong can. Th is may resu l t in the deve lopment o f a gap in the prov is ion o f f inanc ia l serv ices for the

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



internat iona l bus iness look ing to access the Ch ina market . I f so, the on ly other ju r isd ic t ion ab le to compete wi th Hong Kong for main land Ch ina bank ing and t rade purposes is S ingapore, and i t may a l ready be pre ferab le .

S ingapore has many benef i ts for in ternat iona l t rad ing companies. I t runs on the same t ime zone as Hong Kong and main land Ch ina, and l ike Hong Kong, is an approved RMB t rad ing hub – mean ing RMB t ransact ions can be fu l f i l l ed in S ingapore. Whi le S ingapore is a lso sub ject to Amer ican FATCA regu la t ions, i t has not been tar red wi th the same brush o f constant i l l i c i t Ch inese money coming in to i ts f inanc ia l serv ices in anywhere near the vo lumes that Hong Kong has at t racted.

S ingapore’s t ransparency demands are among the h ighest in the wor ld – garner ing much-needed “c lean t rade” approva l f rom the Un i ted States – yet i t a lso cons is tent ly ranks f i rs t in the Wor ld Bank’s “Ease o f Bus iness” g loba l rank ings. The message here is loud and c lear – in ternat iona l bus inesses wi th noth ing to h ide and engaged in leg i t imate t rade act iv i t ies are we lcome to estab l ish and operate in S ingapore. Hong Kong’s downfa l l i s that i t has become too lax in i ts f inanc ia l due d i l igence, and is now suffer ing because of th is . I t i s poss ib le i t seems, to be just too c lose to main land Ch ina.

S ingapore a lso possesses a number o f advantages when i t comes to China t rade that even Hong Kong, w i th i ts d i rect prox imi ty to Ch ina, surpr is ing ly lacks. These inc lude a comprehens ive Double Tax Treaty w i th Ch ina which o ffe rs the immediate capabi l i t y to reduce taxes through wi thho ld ing mechan isms as an a l te rnat ive to the h igher Ch ina corporate income tax ra tes. S ingapore is a lso a member o f ASEAN, wh ich has a Free Trade Agreement d i rect ly w i th Ch ina.

For deta i ls o f how th is agreement impacts Ch ina-ASEAN t rade, p lease see our la test issue o f Ch ina Br ie f ing Magaz ine (compl imentary download) here. Th is is someth ing Hong Kong does not possess at the moment , and arguab ly means that S ingapore is a more soph is t icated tax opt ion than Hong Kong in wh ich to base a t rad ing company wi th des igns on Ch ina. From a s t ra teg ic v iewpoint th is a lso makes sense – f ree t rade throughout ASEAN now means the supply cha in is mov ing deeper in to As ia – and S ingapore is r ight in the midd le o f that .

In shor t , S ingapore’s s tatus as an ASEAN member is a s ign i f icant pu l l fo r companies cons ider ing investment in to and beyond Ch ina. As such, S ingapore en joys tar i f f - f ree t rade wi th impor tant As ian sourc ing and manufactur ing markets such as Indones ia , Ma lays ia , the Ph i l ipp ines,

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

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。



Tha i land and V ie tnam as we l l as Brunei , Cambodia, Laos and Myanmar. S ingapore is a lso in a favorab le pos i t ion for t rad ing wi th non-ASEAN count r ies as we l l . For example, ASEAN has a tax t reaty wi th Ind ia, whereas Hong Kong does not .

In terms of the FATCA issue that has impacted so bad ly upon Hong Kong, S ingapore is ahead here too. The S ingapore Government has just s igned off an “ In tergovernmenta l Agreement” ( IGA) that br ings them in to U.S. compl iance concern ing FATCA regu la t ions. S ingapore is the f i rs t nat ion in Southeast As ia to have done th is , wh ich in i ts own r ight w i l l be a draw for Amer ican companies mindfu l o f f inanc ia l compl iance and repor t ing issues.

Tax incent ive programs offe red by the S ingapore government ,

such as the Globa l Trader Program and HQ Program, are a lso s ign i f icant draws, as we l l as tax incent ives ava i lab le to the fore ign investors under the Product iv i ty and Innovat ion Cred i t (P IC) Scheme, wh ich encourages bus inesses, espec ia l l y SMEs, to invest in product iv i ty and innovat ion. Under the P IC Scheme, bus inesses can get cash payouts or a 400 percent tax deduct ion/a l lowance on expendi tures o f up to S$400,000 for each of the fo l lowing s ix act iv i t ies :

● Purchase/ leas ing o f prescr ibed automat ion equ ipment● Tra in ing expendi tures● Acquis i t ion o f in te l lectua l proper ty● Regis t ra t ion o f in te l lectua l proper ty● R&D● Des ign expendi tures

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——



In terms of overa l l tax exposure, S ingapore a lso o ffe rs a h igh ly compet i t i ve tax reg ime – corporate income tax is 17 percent ; and there are no taxes to be pa id on prof i ts rea l i zed externa l l y f rom S ingapore. Ind iv idua l income tax rates are about 20 percent , and can be reduced g iven spec i f ic expense a l lowances – someth ing that is becoming increas ing ly d i f f icu l t to obta in in Hong Kong. Last ly, s imi la r to Hong Kong, most S ingapore companies are reg is tered as pr ivate l im i ted l iab i l i t y companies.

Requirements for Incorporation

A profess iona l serv ices f i rm must be engaged to reg is ter on the beha l f o f companies wi th non-S ingapore Nat iona l Reg is t ra t ion Ident i ty Card (NRIC) ho lders , non-Employment Pass ho lders and/or non-Dependant Pass

ho lders in the ro le (s ) o f d i rector, company secretary and/or shareho lder.

Key Points of Singapore Company Establishment

These inc lude the requ i rement that the company secretary and at least one d i rector are S ingapore res idents and ho ld the approva ls requ i red accord ing to the Account ing and Corporate Regu latory Author i ty (ACRA) and S ingapore Indust ry C lass i f icat ion Code ( “SSIC Code” ) .

● At least one shareho lder. A S ingapore pr ivate l im i ted company shou ld have at least one shareho lder, but no more than 50. The shareho lder can be a person or another lega l ent i ty (such as a fore ign company) and 100 percent fore ign shareho ld ing is a l lowed. New shares can be

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

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。



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

i ssued or ex is t ing shares can be t ransfer red to another person any t ime a f ter the S ingapore company has been incorporated.

● However, a t least one d i rector must be a S ingapore res ident . A res ident is def ined as a S ingapore C i t i zen, a S ingaporean Permanent Res ident , an Approva l - in-Pr inc ip le Employment Pass ho lder, or a person who has been issued an Employment Pass. Th is means that a fore igner in tend ing to be

employed by the S ingapore company can be the so le d i rector o f that company, prov id ing they obta in an employment pass and pay taxes in S ingapore. There is no l im i t on the number o f add i t iona l loca l or fore ign d i rectors a S ingapore pr ivate l im i ted company can appoint . Most companies wi l l have at least two d i rectors , as banks and other f inanc ia l ins t i tu t ions usua l ly requ i re two s ignator ies. The so le shareho lder and so le d i rector can be the same person, but non-shareho lders



● 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 a lso be appointed as d i r e c t o r s .

● S i m i l a r t o p ro c e d u re s i n H o n g K o n g , a c o m p a n y s e c re t a r y m u s t b e a p p o i n t e d a n d t h e y m u s t b e a S i n g a p o re r e s i d e n t .

● P a i d - u p C a p i t a l . T h e m i n i m u m p a i d - u p c a p i t a l ( a l s o k n o w n a s s h a re c a p i t a l ) f o r r e g i s t r a t i o n o f a S i n g a p o re c o m p a n y i s S $ 1 ( U S $ 0 . 8 0 ) . T h e p a i d -u p c a p i t a l c a n b e i n c re a s e d a n y t i m e a f t e r t h e c o m p a n y ’s i n c o r p o r a t i o n .

● R e g i s t e re d A d d re s s . A l o c a l S i n g a p o re a d d re s s m u s t b e p ro v i d e d a s t h e r e g i s t e re d a d d re s s o f t h e c o m p a n y. B u s i n e s s c e n t e r s a re c o m m o n l y u s e d i n S i n g a p o re a n d c a n f u l f i l l t h i s o b l i g a t i o n .

● I n c o r p o r a t i o n P ro c e s s . G e n e r a l l y, a p r i v a t e l i m i t e d l i a b i l i t y c o m p a n y c a n b e i n c o r p o r a t e d i n 1 - 2 d a y s .

C o m p a n y r e g i s t r a t i o n i s c o m p l e t e d o n l i n e w i t h t h e A c c o u n t i n g & C o r p o r a t e R e g u l a t o r y A u t h o r i t y ( A C R A ) .● S i n g a p o re C o m p a n y N a m e A p p ro v a l

T h e i n f o r m a t i o n r e q u i r e d f o r a c o m p a n y n a m e a p p l i c a t i o n i s a s f o l l o w s :

● P ro p o s e d c o m p a n y n a m e● P r i n c i p a l a c t i v i t i e s a s i d e n t i f i e d i n S i n g a p o re ’s I n d u s t r y C l a s s i f i c a t i o n C o d e ( S S I C ) . D e t a i l s c a n b e o b t a i n e d f r o m t h e A C R A o n l i n e f a c i l i t y h e re● A p p ro v a l s f r o m o t h e r g o v e r n m e n t a u t h o r i t i e s ( w h e re r e q u i r e d )● P a r t i c u l a r s o f d i r e c t o r s & s h a re h o l d e r s a s f o l l o w s :● N a m e● I D n u m b e r● N a t i o n a l i t y● R e s i d e n t i a l a d d re s s● C o n t a c t n u m b e r / e m a i l a d d re s s● Pos i t ion he ld● Spec i f icat ions for S ingapore Company Names

A company name cannot be



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、

ident ica l to that o f another ent i ty on the reg is ter.The ava i lab i l i t y o f bus iness names can be checked by search ing the ACRA’s on l ine d i rectory o f bus inesses on B izF i le .2

A pr ivate l im i ted company shou ld have the word “Pr ivate” (or “Pte.” ) or “Send i r ian” ( the Malay term, abbrev ia ted to “Sdn.” ) as par t o f i ts name, inser ted immediate ly before the word “L imi ted” (or “Ltd.” ) or “Berhad” or “Bhd. , ” another Malay term.Cer ta in words (such as bank, f inance, law, media , e tc . ) in a proposed name may requ i re the rev iew and approva l o f the re levant government author i ty.

An approved name wi l l be reserved for 60 days f rom the date o f app l icat ion; th is per iod can be extended for another 60 days by f i l ing an extens ion request just before the exp i ry date.

Singapore Company Registration

Fo l lowing the approva l o f company name, an app l icat ion to incorporate a company shou ld be submi t ted. The app l icat ion for incorporat ion is s imi la r for a l l types o f bus inesses. A company is usua l l y incorporated wi th in 15 minutes a f ter the reg is t ra t ion fee is pa id . Incorporat ion wi l l on ly take longer – typ ica l l y an add i t iona l 14 – 60 days i f the app l icat ion needs to be re fer red to other author i t ies for approva l or rev iew.

The fo l lowing in format ion is requ i red when submi t t ing the app l icat ions for incorporat ion in S ingapore:

● Name appl icat ion number or approved company name● Company type● Regis tered off ice address● Share cap i ta l deta i l s● Share cap i ta l● Al lo tment o f shares



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。

● Group shares in format ion● Class o f shares● Memorandum and Ar t ic les o f Assoc ia t ion● Part icu lars o f add i t iona l d i rectors/shareho lders● Name(s )● ID number / passpor t● Nat iona l i ty● Res ident ia l address● Contact number/emai l address

Following successful incorporation, the Company Registrar wil l send an official email notif ication, which is treated as the off ic ia l cert i f icate

of incorporat ion. A business prof i le containing the part iculars of the new company can also be obtained onl ine with a smal l appl icat ion fee. These two documents are suff ic ient in Singapore for al l legal and contractual purposes, inc lud ing open ing o f corporate bank accounts , s ign ing an o ff ice lease, subscr ib ing to te lephone/ in ternet serv ices and so on, and wi l l typ ica l l y be prov ided by your S ingapore corporate estab l ishment serv ice prov iders . Once the company has been successfu l l y i nco rpo ra ted and i ssued a Un ique En t i t y Number (UEN ) , t he company may beg in ope ra t i ons .

Singapore is now home to over 7,000 foreign MNC’s who have made the country their base for Asian operat ions – including China. Thousands more smal ler foreign companies have now chosen Singapore as their corporate home for conduct ing 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 attract ive to companies looking to spread beyond the remit of China and Hong Kong. Given Hong Kong’s current problems with FATCA compl iance and the di ff icult ies now faced there by smal l internat ional traders looking to access the China market, Singapore provides both access to the Asian markets of ASEAN and India, as wel l as China on an increasingly v iable basis.

OFFSHORE REPORTS

离岸聚焦


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

OFFSHORE REPORTS

离岸聚焦


上海自贸区自 2013 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。

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 2007 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

Since i ts estab l ishment in September 2013, Shangha i ’sFree Trade Zone (FTZ) has been mak ing in ternat iona l head l ines as bus inesses and investors

f lock to take advantage of a h igh ly appeal ing set o f loosened rest r ic t ions that are fac i l i ta t ing the creat ion o f an ent i re ly new f inanc ia l ecosystem. Among the most s ign i f icant benef i ts o f the FTZ is mak ing company format ion immeasurab ly eas ier for investors – both loca l and fore ign. Schemes such as cross-border lend ing and cash pool ing – which have he lped fac i l i ta te yuan c i rcu la t ion and usage in the o ffshore market – are a lso be ing a l lowed.The Zone’s estab l ishment is seen as act ive ly enab l ing the c i ty ’s r ise as an in ternat iona l f inanc ia l center, and whi le i t – and the handfu l o f o thers wi th in the count ry that are fo l lowing in i ts foots teps – is s t i l l cons idered a p i lo t pro ject , i t i s a lso recogn ized as a bo ld move that symbol izes the la rge s t r ides Ch ina is mak ing towards the l ibera l i zat ion o f i ts cur rency.

L ibera l i zat ion and re form of the Renminb i has long been an in ternat iona l l y hot top ic among po l i t ic ians and economists – par t icu lar ly thosewho are threatened by the prospect o f i t becoming a reserve cur rency. But in recent

OFFSHORE REPORTS

离岸聚焦


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 2011 年 12 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 65% 左右 - 同月，

years , Be i j ing’s concer ted e ffor ts to l ibera l i ze the Renminb i have been pra ised, and the goa l o f mak ing i t f ree ly conver t ib le in the very near fu ture is in s ight . Ch ina is now c lose enough to jo in ing the In ternat iona l Monetary Fund’s major league of reserve cur renc ies that there is specu la t ion about a poss ib le dea l to inc lude the yuan in the IMF’s un i t o f account la ter th is year, i l lus t ra t ing just how far Be i j ing’s deve lopment and progress towards l ibera l i zat ion have come. Among the e ffects o f Ch ina’s ongo ing Renminb i l ibera l i zat ion is Ch inese c i t i zens’ improved ab i l i t y to move money out the count ry. Whi le Ch inese investors wou ld v iew th is deve lopment in an unequ ivoca l l y pos i t i ve l ight , i t i s uncer ta in what i ts e f fect on the o ffshore indust ry w i l l be, and there wi l l l i ke ly be both pos i t i ve and negat ive features o f these changes.

Currency l ibera l i zat ion is a re la t i ve ly broad term that encompasses var ious d i f fe rent f i sca l and governmenta l po l ic ies . In Ch ina’s case, l ibera l i zat ion can be broad ly categor ized into one of two main groups:po l ic iesthat invo lve the in ternat iona l i zat ion o f the Renminb i , and those that re la te to the estab l ishment o f Free Trade

OFFSHORE REPORTS

离岸聚焦


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。2014 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 4500 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。

Colin Riegels，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，

Zones wi th in the count ry. In essence, a l l e f for ts a t l ibera l i zat ion a im to reduce rest r ic t ions on the movement , t rade and use o f a cur rency. Renminb i in ternat iona l i zat ion began in earnest in Ju ly 2007, when the f i rs t d im sum bond – the Hong Kong cu is ine- insp i red name for a bond issued outs ide o f Ch ina, but denominated in Ch inese Renminb i – was issued by the Ch ina Deve lopment Bank.Unt i l Ju ly 2010, on ly Chinese and Hong Kong banks cou ld issue Renminb i -denominated bonds, unt i l deregu la t ion led to the deve lopment o f an o ffshore market for the cur rency and, in turn , the in ternat iona l i zat ion o f d im sum bonds.

S ince becoming the f i rs t o f fshore yuan c lear ing center, Hong Kong has had to compete wi th an increas ing number o f o ther ju r isd ic t ions that want to make a move towards more yuan-denominated t rade set t lement , reduced t ransact ion fees, and c loser t ies w i th Ch ina. London and S ingapore are foremost among them. The la t ter is now wel l on i ts way to becoming a gateway to Southeast As ia and, in par t icu lar, the members o f the Assoc ia t ion o f Southeast As ian Nat ions (ASEAN) , through which i t w i l l have the potent ia l to fac i l i ta te yuan-denominated t rade across the reg ion. A min ing company in Indones ia dea l ing wi th a Malays ian customer, for instance, cou ld make use o f a yuan-denominated t rade set t lement in order to lower t ransact ion costs , or bet ter manage cur rency r isks. There has been p lenty o f opt imism for ASEAN’s potent ia l as a t rade par tner s ince the t rad ing b loc surpassed Japan as Ch ina’snumber two import ing reg ion in 2012, and f reer movement o f Renminb i w i l l be essent ia l fo r fu r ther dr iv ing that growth.

Hong Kong reached what is be l ieved to be i ts peak as an o ffshore yuan center in December 2011, when i t he ld 90 percent o f the yuan in the o ffshore market . That f igure had dropped to approx imate ly 65 percent by September 2013 – the same month Shangha i ’s FTZwas estab l ished. Desp i te th is s ign i f icant reduct ion in yuan ho ld ings – and the s imul taneous r ise o f o ther o f fshore c i t ies – Hong Kong’s head star t has he lped i t to remain the top yuan

OFFSHORE REPORTS

离岸聚焦


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 Riegels 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。

20 世纪 60 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 q u a r t e r o f 2 0 1 4 d e p o s i t s a n d c e r t i f i c a t e s o f d e p o s i t h a d r e a c h e d a p p ro x i m a t e l y 1 t r i l l i o n y u a n , a n d t h e o u t s t a n d i n g b a l a n c e o f y u a n - d e n o m i n a t e d b o n d s i s s u e d o f f s h o re e x c e e d e d 4 5 0 b i l l i o n y u a n .

Today, d im sum bonds have been deregu la ted to the extent that the i r i ssuance is no longer rest r ic ted to main land ent i t ies . Mul t i la tera l companies and in ternat iona l ins t i tu t ions, such as the Wor ld Bank and the As ian Deve lopment Bank, are now free to issue yuan-denominated bonds, highl ight ing the Renminbi’s increasingly s igni f icant role in internat ional f inance.The cont inued internat ional izat ion of China’s currency has largely been viewed in posit ive l ight on a global scale. I t adds eff ic iency and resi l ience to China’s trade and investment f lows, lowers transact ion costs byel iminat ing foreign exchange exposure, opt imizes l iquidity management and al lows for better management of currency r isks. Simi lar ly, China’s recent efforts to establ ish Free Trade Zones have obvious advantages for indiv iduals, companies and inst i tut ions who have investment or business interests in China. But, as is always the case with unfami l iar innovat ions, there are skept ics, too.

One reason for skept ic ism, explains Nathan Chow, an economist with DBS Bank, is that some worry the establ ishment of Shanghai’s FTZ wi l l undermine the development of offshore yuan markets. Although Hong Kong’s establ ishment as an offshore yuan market predates the Shanghai FTZ, the jur isdict ion is a usefu l example o f how he ightened compet i t ion is not a lways det r imenta l . Whi le the r ise o f o ther o f fshore yuan markets such as London and S ingapore have led to a reduct ion in Hong Kong’s propor t ion o f yuan depos i ts , i t ’s exact ly that : a reduct ion in propor t ion, not cap i ta l i tse l f . Arguab ly, the growth in number o f o f fshore yuan c lear ing centers has on ly increased demand for yuan-denominated bonds, Ch inese cur rency accounts , and the var ious re la ted Renminb i serv ices that are s tead i ly becoming expected of forward-th ink ing f inanc ia l inst i tu t ions–becauseof p ioneers l i ke Hong Kong.

OFFSHORE REPORTS

离岸聚焦


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

Col in R iege ls , a par tner and head of the bank ing and f inance g loba l pract ice group at Harneys (one o f the wor ld ’s la rgest and o ldest o f fshore law f i rms) , does not see cont inued Renminb i l ibera l i zat ion as a threat to the o ffshore indust ry in any sense. “At i ts hear t , the o ffshore indust ry is pr imar i l y based upon cross border cap i ta l movements,” he exp la ins . “Accord ing ly, any k ind o f l ibera l i zat ion wh ich increases the ab i l i t y o f one f i f th o f the popu lat ion o f the g lobe to move money in ternat iona l l y can on ly be a good th ing.”

Chow shares R iege ls ’ opt imism, and says that fear about the estab l ishment o f Shangha i ’s FTZ is “unwarranted” . He exp la ins that look ing at the Eurodo l la r market sheds l ight on how the o ffshore market cou ld, in fact , grow in sp i te o f deregu la t ion onshore.

Changes in US regu la t ions dur ing the 1960s, inc lud ing changes to reserve requ i rements , in terest ra te rest r ic t ions and borrowing l im i ts , had the e f fect o f mak ing o ffshore bank ing more appea l ing to loca l banks. As a resu l t , US do l la r l iqu id i ty was d i rected to London, where non-US banks d id not face Federa l Reserve imposed regu lat ions. The Eurodol la r market consequent ly saw rap id growth.

Acco rd ing to Chow, the sus ta i nab le g rowth o f t he Eu rodo l l a r ma rke t can be a t t r i bu ted to seve ra l f ac to rs – mos t cha rac te r i s t i ca l l y, i t s f unc t i on as a t h i rd pa r t y i n te rmed ia r y be tween non-US l ende rs and non-US bo r rowers o f do l l a r s . Mak ing use o f o f f sho re j u r i sd i c t i ons i s a l so mot i va ted by ades i re to separa te cu r rency r i sk f rom coun t r y r i sk , Chow po in t s ou t . I n t he same way tha t ove rseas cen t ra l banks w i th do l l a r secu r i t i e s he ld i n Eu ropean depos i to r i es we re s t i l l ab l e to ca r r y ou t no rma l ope ra t i ons du r i ng the Sep tember 11 th t e r ro r i s t a t t acks i n New Yo rk i n 2001 , conce r ns ove r Ch ina ’s po l i t i ca l s t ab i l i t y a re l a rge l y m i t i ga ted i f yuan i s he ld o f f sho re , r a the r t han exc lus i ve l y on PRC so i l .

In ternat iona l investors genera l l y pre fer to t ransact in a par t icu lar cur rency through

OFFSHORE REPORTS

离岸聚焦


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

offshore marketsand there fore , where the yuan is concerned, o f fshore markets in Hong Kong and beyond are expected to evo lve a long s imi lar paths to the i r Eurodo l la r counterpar ts .

Head of Renminb i in ternat iona l i zat ion for HSBC, V ina Cheung, descr ibes how she v iews Ch ina’s approach to Renminb i in ternat iona l i zat ion in a recent ar t ic le in G loba l Trade Rev iew about the in t roduct ion o f a two-way Renminb i sweep ing so lu t i on be tween Ch ina and Ge rmany. “Ch ina has es tab l i shed a th ree-pronged approach to Renminb i in ternat iona l i zat ion: expanding the currency’s ro le in cross-border t rade set t lement , deve lop ing o ffshore Renminb i centers and encourag ing a wider use o f Renminb i in cross-border investment . ”

Renminb i c ross-border sweeping is one way that enab les the c i rcu la t ion o f the cur rency between onshore and the o ffshore markets , she exp la ins . “These are genera l l y the emerg ing o ffshore Renminb i centers in the process o f deepen ing the Renminb i l iqu id i ty poo ls and deve lop ing Renminb i investment , f inanc ing, and hedg ing/ r isk management products . Coupled wi th a s t rong bus iness re la t ionsh ip wi th Ch ina,

OFFSHORE REPORTS

离岸聚焦


Renminb i t rade set t lement becomes a v is ib le opt ion wi th commerc ia l benef i ts . ”

Rather than see Renminbi l iberal izat ion as a threat to the offshore industry, she points out that the “ l iberal izat ion of China’s payments landscape” has addressed a chal lenge that internat ional companies doing business in China faced for approximately a decade: how to redeploy surplus l iquidity accumulatedin China in a cost-eff ic ient way. “ (These businesses’) abi l i ty to mobi l ize working capital in China to contr ibute to global or regional l iquidity opt imizat ion has been l imited, result ing in external borrowing costs whi le surplus l iquidity remained unused.” HSBC is a known proponent of Renminbi internat ional izat ion, and Cheung told Global Trade Reviewthat she hopes the government wi l l cont inue along this path.

The Shanghai FTZ has become the poster chi ld for China’s currency l iberal izat ion, but i t soon may have to share the l imel ight when i t is be joined by three other pi lot zones in T ianj in, Guangdong, and Fu j ian Prov ince. A l l th ree wi l l rep l icate the Shangha i mode l by o ffe r ing re laxed company format ion requ i rements and st reaml ined approva l procedures that , prev ious ly, were la rge ly on ly ava i lab le to Ch inese investors i f they lookedto o ffshore f inanc ia l so lu t ions. These draw cards, and the encourag ing number o f new companies or fore ign invested enterpr ises that were opened in Shangha i ’s FTZ between September 2013 and January 2014 – in excess o f 2600 and 280, respect ive ly – are the reason that a degree o f concern has ar isen about o ffshore ju r isd ic t ions fur ther a f ie ld los ing the i r appea l w i th Ch inese investors .

January 2015 data f rom Shangha i Customs showed that t rade generated f rom the FTZ reached 762.4 b i l l ion yuan ($122.8 b i l l ion ) in 2014, account ing for an impress ive 26.6 percent o f to ta l t rade in Shangha i . But there is s t i l l room for the growth, Ba i Ming, a research fe l low at the Ch inese Academy of In ternat iona l Trade and Economic Cooperat ion, told the Global T imes in late March. More pol ic ies are expected to further open up the investment cl imate in the zone. The Shanghai FTZ had gained useful

优惠。2013 年 9 月至 2014 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

2600 和 280，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 2015 年 1 月，上海自贸区总

交易额达到 7624 亿元（合计 1228 亿美元），占上

海总交易额的 26.6%，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

OFFSHORE REPORTS

离岸聚焦


knowledge on f inancial l iberal izat ion and trade faci l i tat ion, and this could be appl ied 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 cross-border 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.

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 innovat ion and construct ion of offshore f inancial cen te rs a re t he two p r i nc ipa l axes o f t he Sh a n g h a i F T Z , ” says 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 cl ients who undertake the role of f inancial 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?”

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

OFFSHORE REPORTS

离岸聚焦


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.”

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。Colin Riegels 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。”

OFFSHORE REPORTS

离岸聚焦


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?

OFFSHORE REPORTS

离岸聚焦


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

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。

China’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: l iberalization 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.

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.”

Not only does the prospect of l iberalizing 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 l iberalized 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 l iberalization, as Australian Treasurer Wayne Swan put it in 2012

OFFSHORE REPORTS

离岸聚焦


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

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

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.

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 Beij ing had hoped to do, Forbes notes.

Indeed, the RMB is sti l l not fully convertible and its capital account has not yet been completely opened. This l ingering 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

OFFSHORE REPORTS

离岸聚焦


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 convertibil ity 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 l iberalization 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 l iberalized 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 Beij ing. Speaking at the Summer Davos Forum in 2013, just prior to the un-veil ing the zone, Premier Li Keying touted the Shanghai FTZ as a key pil lar in the process to unfettering the yuan. Li’s sentiment

OFFSHORE REPORTS

离岸聚焦


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，

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

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. Do-mestically, 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.

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 l iberalizing 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.

OFFSHORE REPORTS

离岸聚焦


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。

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

From full convertibil ity 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.”

Crucially, the report adds, “This is a role that wil l 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 l inks 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 Beij ing and the Pacific — Tianjin wil l 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

OFFSHORE REPORTS

离岸聚焦


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

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

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

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 diff icult 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 l iberalize 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 l iberalization at play across the FTZs. While Shanghai may be the primary testing ground for l iberalizing the RMB, make no mistake: the effect wil l also spread via “subterfuge”. An article

OFFSHORE REPORTS

离岸聚焦


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

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 f ind ways to deal with those banks to convert currency and freely move cash in and out of the country, more or less at wil l.”

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 startl ing transformation of the Chinese economy because he permitted in-dividual initiative.”

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 l iberalization 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, Beij ing is not in a rush to remove all controls on the RMB.

This has ri led 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

OFFSHORE REPORTS

离岸聚焦


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

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 tri l l ion,” the Financial T imes notes.“Of that sum, the Chinese would send as much as $2.25 tri l l ion overseas, while foreigners would invest $900 bil l ion 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 wil l never be fully l ifted, but that the RMB will instead enter a gray zone between fully controlled and free. Speaking with the Financial

OFFSHORE REPORTS

离岸聚焦


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 l iberalized RMB. Lambert also voiced concerns over corporate governance stan-dards 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 Phil ippine 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 globaliza-tion on an isolated chart, he added. When Beij ing’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

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

OFFSHORE REPORTS

离岸聚焦


account for a sig-nificant share of global portfolios in the near future.

Other critics agree that l iberalizing 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 convertibil ity 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 Beij ing’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

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。

OFFSHORE REPORTS

离岸聚焦


to five years, l isting 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

With a l iberal dose of optimism — and assuming a long enough time frame — there is l ittle 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.”

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。”

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。

OFFSHORE REPORTS

离岸聚焦


全球离岸公司建立行业总览Global Offshore IncorporationAn 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.

OFFSHORE REPORTS

离岸聚焦


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

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。

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.

OFFSHORE REPORTS

离岸聚焦


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。

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.

OFFSHORE REPORTS

离岸聚焦


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.

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

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

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。

OFFSHORE REPORTS

离岸聚焦


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。

举例来说，2014 年 10 月，长久以来一向被认为在透明度

方面是“干净辖区中最干净的辖区”的马恩岛，被哥伦比

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”

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%."

Offshore Transparency and Respectability

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

OFFSHORE REPORTS

离岸聚焦


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

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。

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."

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

OFFSHORE REPORTS

离岸聚焦


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.

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.

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。

OFFSHORE REPORTS

离岸聚焦


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

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.

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

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。

OFFSHORE REPORTS

离岸聚焦


香港的公司建立条例The Hong Kong Companies Ordinance

By GIG

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.

OFFSHORE REPORTS

离岸聚焦


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。

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.

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

OFFSHORE REPORTS

离岸聚焦


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

been waived for two years.

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."

OFFSHORE REPORTS

离岸聚焦


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

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 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.

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

OFFSHORE REPORTS

离岸聚焦


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。

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。

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

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.

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

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.

OFFSHORE REPORTS

离岸聚焦


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

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

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.

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

OFFSHORE REPORTS

离岸聚焦


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.

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。

OFFSHORE REPORTS

离岸聚焦



“ 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

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：

• 通过股权取得竞争优势

• 打入外部市场

• 获取产品、知识产权、专有技术、

技术等

• 增加其位于其他公司的资产份额

近年来，欧洲公司是外商直接投资的主

要目标，其中，“意大利制造”公司更

是备受青睐。“意大利制造”，顾名思

Structured and

institutional

Investors have begun

considering FDI (Foreign

Direct Investment) with an

increasing amount of interest.

Some of the reasons behind

investing in companies can be

summarized as follows:

• To gain a competitive

advantage through ownership

• To gain access to another

market

• To gain access to products,

intellectual property, know-

how and technology

• To simply increase its

asset base stake in another

company

Nowadays, European

companies represent a

great opportunity for FDI –

particularly “Made-in-Italy”

companies, meaning Italian

enterprises with excellent

products. “Made in Italy” has

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.


义，指拥有高质产品的意大利公司，作

为世界名牌，其卓越的产品工艺和技

术为世人所称道。如果能够收购一家

可以快速打入获利市场的意大利公司，

对一家公司来说不仅可以减少发展业

务的阻力，亦可迅速提升国际知名度。

意大利位于欧洲南部，地中海北岸，

人口 6000 多万，是时尚之都，美食

天堂，更是一个建筑王国，在这里，

历史遗址、宫殿城堡无不向您展现着

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

2008 年以来，已经有 400 多个意大

利公司被国际性大企业收入囊中。

近年来公司收购所涉及的三大行业主

要为：

• 时尚业：Conbipel, Sergio Tacchini,

Belfe e Lario, Mandarina Duck, Coccinelle,

Safilo, Ferré, Miss Sixty-Energie,

Lumberjack e Valentino S.p.A.等被日本

的伊藤忠商事株式会社所收购。

• 汽车业：大众收购杜卡迪和兰博基尼。

• 餐饮业：大型跨国公司集团大量收购

意大利知名公司。

近年来金融危机在欧洲的影响目前尚

未完全平息，另一方面这也为某些大

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

低的成本挖掘市场份额大、拥有专有

技术且品牌知名度高的意大利公司。

此外，对于在经济繁荣的 70 年代成

立的公司而言，想要找到同时代值得

“托付终身”的公司实属不易，这也

become a well-known brand

worldwide, recognized for

its excellent workmanship.

Acquiring an Italian company

that can lead a business to

new profitable markets can be

an easy way for a company

to develop its business.

Acquiring an Italian company

can also be an effective way of

gaining international visibility.

Italy has a population of

60million, and is located in the

Mediterranean, in southern

Europe. It is renowned for

fashion, food excellence and

amazing real estate, especially

historical architecture, such

as palaces and castles. Over

the last 10 years, Italian

companies have become a

good investment opportunity;

since 2008, international

companies have purchased

more than 400 companies.

Three major industries where

acquisitions have been

relevant in these years include:

• Fashion: Conbipel, Sergio

Tacchini, Belfe e Lario,

Mandarina Duck, Coccinelle,

Safilo, Ferré, Miss Sixty-

Energie, Lumberjack e Valentino

S.p.A. were purchased by

Itochu Corporation.

• Automotive: Volkswagen

purchased Ducati Motor

Holding S.p.A. and

Lamborghini.

• Food and beverages: bigger

groups or multinationals have

purchased a large number of

well-known companies.

Because of the financial

crisis’ effect on European

markets over recent years,

it is now possible to f ind

healthy and solid companies,

with strong know-how, brand

awareness and market shares

with relatively low prices and

favorable conditions.

Moreover, many companies

– born during the economic

boom in the 70s – now find

themselves without someone

from the generation below

them to hand their companies

over to. That’s when the

possibility of selling their

companies to someone who

proposes a good plan of

development and renewal

becomes very interesting.

That’s the main reason that

investing in such companies

– supported by brand new

and fresh financing, and with

plans for international growth

– represents a unique chance

Sponsored Article


意味着是否能够将公司出售给拥有长

远发展规划和革新目标的企业变得更

加扑朔迷离。因此在刚刚发展起来、

缺乏融资机会的小公司投资，在当前

看来是不错的选择，这些新品牌往往

更有向国际市场进军的勇气和规划。

然而，这类投资常常伴随着一定的

挑战。首先，在一个发展成熟、制

度严格的市场，比如劳动法规、税

收、工作安全保障和环境影响等等

都有严格规定的市场，想要获得栖

身之地并非易事。

其次，文化差异也是一大难关，这需

要全面了解东西方文化差异并且学习

如何激发员工工作潜能，同时，用企

业文化留住核心人才也至关重要。文

化差异在业务谈判中尤其显示出其重

要性，合作伙伴的情感需求和价值理

念往往与谈判涉及的经济、数量和融

资因素密不可分。家族企业是一个典

型的例子，企业拥有者对本地文化有

着强烈的归属感，并且认为对员工本

人和其工作的保障是最为重要的。

最后，同样重要的是对公司业绩的规章

管理——通过简单高效的主要业绩指

标进行远程或实地管理。通常，这并

不是被收购公司文化的组成部分，但

却可以实现有效的远程控制，以便更

好地做出管理决策和快速业务调整。

然而，对于亚洲和中东投资商来说，

由于立法和金融体系的某些限制（比

如：来自主权信用等级为“不稳定”

的国家的资本流入受限），进入欧

洲金融市场有时较为复杂，因此找

for the time being.

However, these kinds of

investments are linked to

certain challenges. First of all,

working in a deeply settled

and regulated market – in

terms of labor legislation,

taxation, work safety,

environmental impact, etc. – is

not easy.

The second chal lenge is

re lated to local cul ture,

in terms of gain ing an

understanding of what leads

people to per formance

excel lence, and how that

can be vast ly d i f ferent

in Eastern and Western

cul tures. Learning how to

reta in key people with in an

organizat ion is essent ia l ,

too.

Cultura l d i f ferences can

also be crucia l at the

negot iat ion stage, dur ing

which a potent ia l par tner ’s

emot ional needs and

values are of ten added to

economic, quant i tat ive and

f inancia l aspects of the

process. A fami ly business

is a case in point . The

business owners might

be strongly integrated

within thei r locale, and

employees’ protect ion and

job preservat ion are of ten of

the utmost impor tant .

The third challenge, which

is no less important than

the others, concerns the

regulation of the company’s

performance – whether it’s

done remotely or not – via

simple and effective KPIs.

These are often not part of

the culture of the acquired

company, but are able to

permit a certain level of

control from afar, which

can work well for making

management choices and

quick adjustments.

In addition, entry into Europe’s

f inancial markets by Asian

and Middle Eastern investors

is occasionally complex

because of restrictions

concerning legislation or

banking systems (such as

restrictions on financial

inflow from countries with an

“uncertain” reputation). It is

therefore necessary to f ind the

right structure and the most

suitable European market

entry solution. Tax efficiency,

discretion and confidentiality

are crucial for the success of

an investment.


到正确的市场准入途径和机构尤为

必要。税收效益、自由裁量权和保

密性是成功投资不可或缺的因素。

实现以上目标的最佳途径之一就是马耳

他私人基金会（MPF）。基金会由三方

组成：创办人 / 方、管理人 / 方、受益

人 / 方，三方各司其职。基金会的资产

由不同机构进行管理，每一机构都会建

立一个新公司，并且专门聘用总经理进

行管理，总经理人选并无国籍限制。

马耳他私人基金会使客户在欧洲投资变

得更加简单、高效，其优点包括：

• 对投资商的投资信息高度保密；

• 保护投资资产不受第三方威胁；

• 呈交关于投资受益的详细规划；

• 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；

资本收入免税）

• 通过高效且属于白名单的欧洲用户

进行代理：马耳他私人基金会运营

遵守欧洲法律（马耳他于 2004 年

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

可自由与国外银行合作，国内银行

系统高效灵活）。

新出台的针对高资产净值人士的马

耳他公民计划也使马耳他成为投资

商在欧洲投资的最佳通道。

投资咨询顾问负责系统完整地管理以上

投资进程，因此谈判期间须适当听取咨

询顾问的建议，以便使投资效益最大

化，确定最佳投资公司、进行尽职调查，

以及与投资对象进行协商、收购后公

司业绩管理等方面都包含其中。

One of the most suitable

vehicles for these purposes is

the Maltese Private Foundation

(MPF). The MPF has three

main participants: the

Founder/s; the Administrator/s

and the Beneficiary/ies, each

with their own powers and

constraints. The MPF’s assets

are segregated in separated

cells. Under one cell, a new

company can be incorporated

with a specif ically appointed

Managing Director. The

Managing Director is not

required to be a Maltese

citizen or resident.

The MPF is a vehicle that can

make investments in Europe

easier, in a very eff icient and

effective way. The benefits of

such a vehicle include:

• High level of confidentiality

for the investor;

• Protecting the invested

assets from third-parties

threats;

• Identifying and planning the

beneficiaries of the investment

into details;

• Tax efficiency (no tax on

income dividends, 5%on

trading and commissioning, no

withholding tax on outcome

dividends or interests, no tax

on capital gains);

• Acting through an efficient

and white-listed European

resident structure: MPFs

operate under European

legislation (Malta has been a

full EU member since 2004),

and are accepted by European

Banks. (Maltese Banks are

open to working with foreign

banks, and the Country

banking system is eff icient)

The new Maltese citizenship

program for HNWIs is an

additional reason to look at

Malta as the ultimate gateway

to Europe for FDI purposes.

Being supported during your

negotiations by a qualif ied

advisory which manages the

abovementioned aspects

of the process through an

integrated approach is a

certain way to maximize

the effectiveness of your

investment from the very

beginning –from identifying

“the right” company to invest

in, to going through the due

diligence and negotiation

phases in their entirety, r ight

up to the post-acquisition

performance management.

Sponsored Article

在全球化的今天，通往跨境业

务的门户和跨国生活方式都

已打开。投资者在获得另一

国公民权或居住权的选择上更为宽泛。

这让个人能有更多的自由迁徙权利和

利用更国际化的平台来开展业务。头脑

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

业务新机遇和扩展他们的全球业务。

众所周知，世界上不管是发达国家还是

发展中国家，高素质专业人士都越来越

多。确实，在过去的几年里，寻求全新

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。

最受欢迎的项目

圣基兹和尼维斯早在 1984 年就创建

了第一个经济型移民项目。多米尼克联

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

达——也紧随其后，采用相似的方案。

今天，圣基兹和尼维斯、多米尼克联邦

和格林纳达脱颖而出，成为最受投资者

欢迎的金融辖区。

这些项目的受欢迎程度和其它方案相

比是独一无二的，由于他们提供一个

仅在 90 天内就能完成的，平滑无缝

的申请流程，且没有居住要求，没有

商务或教育程度要求和客户投资的零

风险，投资行为仅在申请得到批准后

才得以进行。

另外，这四个提供投资移民计划的加勒

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

1973 年的加勒比共同体和欧盟类似，

是一个由 15 个加勒比国家组成的地区

性自由贸易和自由迁徙的国家联盟。

圣基兹和尼维斯

圣基兹和尼维斯是最老牌、最受信赖

和最成功的投资移民国，让申请者和

他们的家人轻松获得公民权。圣基兹

和尼维斯投资移民项目没有居住要求。

该国公民在全世界 132 个国家享受免

签待遇，这些国家包括英国、申根国家、

香港和新加坡，还能提供个人资产的

全面保护，更不用说第二本护照对他

们子女的未来意味着更多自由选择。

向“制糖工业多元化基金”（SIDF）

的起始投资额为 250000 美元，也可

以通过对该国认可的房地产项目投资

400000 美元来获得圣基兹和尼维斯

的公民权。

多米尼克

多米尼克联邦提供“投资移民计划”

来快速获得这个热带天堂岛国的公

民权。该计划是最为实惠的选择，

因为它能通过向该国政府基金贡献

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

政府公布了一个房地产项目，最少投

In 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. Business-minded 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.

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 rise in regulatory restrictions, economic challenges, and political uncertainty in various countries, continues to affect the lives of businesspersons and their families. By contrast, the Caribbean is a safe and stable sanctuary with a growing economy. It is thus not surprising that businesspersons look to the Caribbean as a strong candidate for alternative citizenship. Depending on an individual’s country of origin, particular needs, and personal goals, together with successfulcompletion of the strict due diligence and background verification processes, citizenship/residence programs can provide easy solutions to some of today’s most difficult problems.

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

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.

St. Kitts& Nevis

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.

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.

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


资额为 200000 美元。多米尼克公民

也享受和 90 个国家的免签政策，其

中也包括英国、香港和新加坡。这一

计划之所以如此吸引人也因为它没有

面谈要求，更没有居住要求。

格林纳达

格林纳达投资移民计划欢迎高素质的

个人投资者和他们的家庭成员来获得

公民权，前提是在该国的房地产业最少

投资 250000 美元，或者向格林纳达

的“国家改革基金”贡献 200000 美

元。这一计划向投资者提供在这个享誉

全球的加勒比天堂岛国获得第二国身

份的机会，特别适合大型家族的移民。

和其他格林纳达公民一样，移民者也

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

世界上仅有的五个免签中国的国家

之一——中国被视为世界第二大经

济体。

虽然加勒比地区独特的移民计划在世

界上享有盛誉，但也别忘了欧洲可供选

择；塞浦路斯和马耳他也有他们自己独

特和广受欢迎的经济移民计划，但门槛

则要高许多。

提供一站式解决方案

财富保护是投资者寻找令人安心的第

二国公民权的重要因素之一。国家法律

越严格，在本国以外地区寻找资产管理

方式的人就越多。

毫无疑问，人们都希望在更好，更友善

和更清洁的环境中生活。加勒比的自然

风光和由严格法律所保护的宽容社会

都让人心安。

与此同时，我们也以战略性的眼光来

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

施。这个由个人需求引发的第二国公

民权选择让它成为“后备计划”和“保

险措施”。其中最重要的，就是能够

在全球自由旅行而不受限制的能力。

频繁的国际旅行者把第二国公民权作

为满足自己减少签证申请和缓解管理

负担的方式。所有提供投资移民计划

的国家都能让投资者在世界非常多的

国家旅行而无需签证。

除了对国际商务和投资提供支持外，

免签证政策对那些在多个国家都有房

产，家族成员自由地在国外生活和子

女在海外接受教育来说都至关重要。

加勒比投资移民模式是作为移民监和

耗时冗长的移民政策的灵活性替代选

择，目的是向那些日程紧凑的商务人士

提供高效便捷的解决方案。

总结

越来越多的个人投资者都开始把获得

第二国公民权作为和世界保持同步，和

追寻美好未来的途径。对这些人来说，

第二国公民权是他们成为世界公民的

第一步。

Grenada

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.

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 ‘back-up 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

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 time-consuming residence or minimum-stay 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.

Sponsored Article


Micha-Rose Emmett

执行总裁

Group Managing Directorof CS Global Partners

Tel: +44207 318 [email protected]


HIGHLIGHTS

2014 热点

中国银行在卢森堡首次发行申根债券

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。

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 three-year 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 Luxem-bourg 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.”

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 centuries-old 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.

亚洲 ASIA 中国 China

欧洲 EUROPE瑞士 Switzerland

瑞士银行业保密制度松动

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。

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。


HIGHLIGHTS

2014 热点

中国的新自贸区遍地开花

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。

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。”

香港和美国签订FATCA

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）。

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 ambi-tious free market reforms that would lift everything from financial and cur-rency 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-govern-mental 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 comply-ing 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.

亚洲 AISA香港 Hong Kong

亚洲 ASIA 中国 China

JURISDICTIONS

行政特区


AFRICA非洲


JURISDICTIONS

行政特区

塞舌尔Seychelles

Seychelles

JURISDICTIONS

行政特区


概况塞舌尔 General Seychelles

公司类型国际商业公司 Type of Company IBC

法律类型混合 Type of Law Hybrid

现成公司可用率是 Shelf Company Availability Yes

建立新公司所需时间 2 天 Time to Establish a New Company 2 Days

公司税无 Corporate Taxation Nil

双重征税协议否 Double Taxation Treaty Access No

股本或等值股本 Share Capital or Equivalent

标准货币美元 Starndard Currency US$

允许使用货币任何币种 Permitted Currencies Any

最低付清股本 1 美元 Minimum Paid Up Share Capital US$1

法定股本要求 10 万美元 Usual Number of Shares Issued US$100,000

董事 Directors

董事最低人数 1 人 Minimum Number One

本地董事否 Local Required No

公开记录权限否 Publicly Accessible Records No

会议地点任何地方 Location of Meetings Anywhere

股东 Shareholders

股东最低人数 1 人 Minimum Number One



公司秘书 Company Secretary

是否需要否 Required No

是否为注册地或者有资质人员否 Local or Qualified No

账户 Accounts

账户准备要求是 Requirements to Prepare Yes

审计账户否 Audit Requirements No

账户登记记录否 Requirements to File Accounts No


By Seychelles Investment BoardMember Contribution


JURISDICTIONS

行政特区

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

区号：+248通讯设施：优秀

Country: SeychellesRegion: Indian Ocean, AfricaCurrency: Seychellois rupee (SCR) (SR)Languages: English, FrenchTime Zone: UTC +4

Phone Code: +248Communications: Good

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.

简介 Introduction

JURISDICTIONS

行政特区


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

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.

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


JURISDICTIONS

行政特区

组织的赞扬。

适合于 :

财富管理、银行业、基金管理、航运、游艇、货物贸易、

金融贸易、控股公司

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

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

Tax Burden - Business: Very Light

Tax Burden - Individual: Very Light

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

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

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

JURISDICTIONS

行政特区


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.

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

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

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.

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。

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。

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

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。

塞舌尔 Seychelles

Member Contribution


JURISDICTIONS

行政特区

Q&A4. 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?

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

Source: CKLB Corporate Services (Hong Kong) Ltd.

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

国客户从价格到质量要求上的转变？

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

产生变化。没有真正的重视质量，价格仍是主要因素。

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.

JURISDICTIONS

行政特区


ASIA亚洲


JURISDICTIONS

行政特区

香港Hong Kong

Hong K

ong

JURISDICTIONS

行政特区


概况香港 General Hong Kong

公司类型有限公司 Type of Company Limited Liability

法律类型英国普通法 Type of Law English Common Law


建立新公司所需时间 1 天Time to Establish a New Company 1 Day

公司税 16.50% Corporate Taxation 16.50%

双重征税协议是 Double Taxation Treaty Access Yes


标准货币港币 Starndard Currency Hong Kong Dollar

允许使用货币任何主要币种 Permitted Currencies Any major currency

最低付清股本 1 港币 Minimum Paid Up Share Capital HK$1

法定股本要求 1 Usual Number of Shares Issued 1

董事 Directors

董事最低人数 1 人 Minimum Number 1


公开记录权限是 Publicly Accessible Records Yes


股东 Shareholders

股东最低人数 1 人 Minimum Number 1




是否需要是 Required Yes

是否为注册地或者有资质人员

只有上市公司需要 Local or Qualified Local, qualification only required for listed company

账户 Accounts

账户准备要求年度 Requirements to Prepare Annual

审计账户年度 Audit Requirements Annual

账户登记记录是 Requirements to File Accounts Yes

公开记录权限只有上市公司 Publicly Accessible Records Listed companies only

By Midland Consult(Hong Kong)LimitedMember Contribution


JURISDICTIONS

行政特区

行政特区：香港地区：亚洲货币：港元语言：粤语、英语时区：UTC+8

时区：+852通讯设施：极佳

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

Country: Hong KongRegion: AsiaCurrency: Hong Kong Dollar (HKD) (HK$)Languages: Cantonese, EnglishTime Zone: UTC +8

Phone Code: +852Communications: Very Good

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

香港作为亚太地区诸多国家贸易中转站和集散地的角色，

以及作为低成本制造业中心，一直以来都让它成为一个繁

荣的行政特区，现在它业已成为服务业，特别是金融服务

业的首选地。香港的经济成功很大程度上是基于纯粹的免

税和自由贸易区，其价值体现在基于英国普通法的法律体

系和自由制度，政府对经济的干涉降低到最小程度。外国

投资的障碍也非常少。香港政府一直以来都遵循对外国商

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

简介 Introduction

JURISDICTIONS

行政特区


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。

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。

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.

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

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

Tax Burden - Business: Light

Tax Burden - Individual: Light


JURISDICTIONS

行政特区

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


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


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

JURISDICTIONS

行政特区


Q&A1. 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.


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.

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

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



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。




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。



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

则以具有竞争性的价格提供质量相对较差的服务。

来源：Midland Consult(Hong Kong)Limited

香港 Hong Kong

Member Contribution


JURISDICTIONS

行政特区

JURISDICTIONS

行政特区


阿联酋United Arab Emirates


JURISDICTIONS

行政特区

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。

哈伊马角在全球投资者眼中脱颖而出...

UA

E

JURISDICTIONS

行政特区


概况阿联酋 General UAE公司类型有限责任公司 Type of Company LLC法律类型阿联酋公司法 Type of Law UAE Company Law现成公司可用率无 Shelf Company Availability No

建立新公司所需时间

4 至 6 周Time to Establish a New Company 4 - 6 weeks

公司税除了石油工业和国内银行，没有收入或资本税不代扣所得税

Corporate Taxation

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

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，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

Double Taxation Treaty Access

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.

股本或等值股本 Share Capital or Equivalent标准货币迪拉姆 Standard Currency DHS允许使用货币任何币种 Permitted Currencies Any最低付清股本 15 万迪拉姆 Minimum Paid Up Share Capital 150.000 DHS法定股本要求待定 Usual Number of Shares Issued TBD 董事 Directors董事最低人数 1 人 Minimum Number One本地董事是 Local Required Yes公开记录权限无 Publicly Accessible Records No会议地点任何地方 Location of Meetings Anywhere股东 Shareholders股东最低人数 2 人 Minimum Number Two公开记录权限是 Publicly Accessible Records Yes会议地点任何地方 Location of Meetings Anywhere公司秘书 Company Secretary是否需要否 Required No


无特殊要求 Local or Qualified No specific requirements

账户 Accounts账户准备要求否 Requirements to Prepare No审计账户否 Audit Requirements No账户登记记录否 Requirements to File Accounts No公开记录权限否 Publicly Accessible Records No

By Trinity Group


JURISDICTIONS

行政特区

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 EmiratesRegion: UAE - Middle East (EMEA)Currency: Dirham (AED) (DH)Languages: Arabic, EnglishTime Zone: UTC +4



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.

简介 Introduction

JURISDICTIONS

行政特区


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。

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).


JURISDICTIONS

行政特区

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。

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


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


迪拜

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.

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

JURISDICTIONS

行政特区


良好关系：

中国

关系不佳：

缅甸、古巴、伊朗、北韩、利比亚、索马里


极轻


极轻

总体税率：

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


无

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

Capital Primary Business Districts: Dubai

Good Relationships: China

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



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


JURISDICTIONS

行政特区

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

Political Stability Excellent 政治稳定性优秀

Common or Civil Law Any 法律类型任意

Disclosure of Beneficial Owner Yes 受益人披露有

Migration of Domicile Permitted Yes 注册地变更允许

Corporate Taxation Nil 公司税无

Language of Name English or Arabic 姓名语言要求英语或阿拉伯语

Corporate Requirements 成立条件

Minimum Number of Shareholders / Members One 股东最低人数 1

Minimum Number of Directors / Managers One 管理人员最低人数 1

Corporate Directors / Managers Permitted Yes 是否允许公司董事是

Usual Authorised Capital Dhs 1,000 (minimum) 法定股本要求最少为 1000 迪拉姆

Minimum paid up Fully paid 最低付清股本全额

Local Requirements 本地要求

Registered Office/Agent Yes 注册办公室需要

Local Partner No 当地合伙人不需要

Local Directors No 当地管理人员无

Local Meetings No 当地会议无

Government Register of Directors / Managers Yes 政府注册管理人员需要

Government Register of Shareholders / Members Yes 政府注册股东需要

Annual Requirements 年审要求

Required No 是否需要无

Local or qualified Any 注册地或有资质人员任意

Recurring Government Costs 政府费用

Minimum Annual Tax / Licence Fee DHS 2,000 最低年税 / 证书费用 2000 迪拉姆

Annual Return Filing Fee NA 年收入申报费用无


JURISDICTIONS

行政特区


Q&A1. 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

RAK 离岸公司获得的财政和监管收益

● 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

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

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

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.


Opening bank accounts has never been a challenge for us, especially having a bank account opened in the UAE. Actually,

阿联酋 UAE

Member Contribution


JURISDICTIONS

行政特区

Q&A



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。

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？

机遇——从 2012 年起，我们就开始在中国进行推广，扩展自身的

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

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

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.


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.

Source: RAK Investment Authority

JURISDICTIONS

行政特区


CARIBBEAN加勒比海

巴哈马The Bahamas

Baham

as

JURISDICTIONS

行政特区


概况巴哈马 General The Bahamas

公司类型国际商业公司 Type of Company IBC

法律类型普通法 Type of Law Common


建立新公司所需时间 3 至 5 个工作日 Time to Establish a New Company 3-5 Working Days

公司税否 Corporate Taxation None

双重征税协议否 Double Taxation Treaty Access None




最低付清股本任意 Minimum Paid Up Share Capital Any

法定股本要求 5 千至 5 万美元 Usual Number of Shares Issued 5,000 - 50,000

董事 Directors





股东 Shareholders







无限制 Local or Qualified Any

账户 Accounts


审计账户无 Audit Requirements None



By Bahamas Financial Services BoardMember Contribution


JURISDICTIONS

行政特区

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

区号：+1242通讯设施：良好


Country: The BahamasRegion: CaribbeanCurrency: Bahamian Dollar (BSD) (B$)Languages: EnglishTime Zone: UTC -5



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

简介 Introduction

JURISDICTIONS

行政特区


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

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


JURISDICTIONS

行政特区

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


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

JURISDICTIONS

行政特区


主要的资本营商区域：

拿骚

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：

非常轻


非常轻

总体税率：


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

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

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




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

Treaty Jurisdictions: None

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


JURISDICTIONS

行政特区

JURISDICTIONS

行政特区


Q&A


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

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。


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。





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.

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?

巴哈马 The Bahamas

Member Contribution


JURISDICTIONS

行政特区

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？

亲切通融

来源： BDO Bahamas

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.


Accommodating.

Source: BDO Bahamas

JURISDICTIONS

行政特区


英属维尔京群岛British Virgin Islands


JURISDICTIONS

行政特区jurisdicTions

行政特区

2014 Trusts & Foundations Guide China OffshOre 151

BV

I

BV

I

JURISDICTIONS

行政特区


概况英属维尔京群岛 General BVI

公司类型有限公司 Type of Company BC



建立新公司所需时间 24 小时 Time to Establish a New Company 24hrs *

公司税无 Corporate Taxation Nil

双重征税协议否 Double Taxation Treaty Access No




最低付清股本 1 美元 Minimum Paid Up Share Capital US$1

法定股本要求 5 万美元 Usual Number of Shares Issued 50,000

董事 Directors





股东 Shareholders





是否需要可选 Required Optional

是否为注册地或者有资质人员否 Local or Qualified No

账户 Accounts


审计账户否 Audit Requirements No

账户登记记录否 Requirements to File Accounts 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


JURISDICTIONS

行政特区

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

区号：+1284通讯设施：优良


Country: British Virgin IslandsRegion: CaribbeanCurrency: US dollar (USD) (US$)Languages: EnglishTime Zone: UTC -4



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

简介 Introduction

JURISDICTIONS

行政特区


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。


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


罗德城

良好关系：

英国、美国

关系不佳：

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

非常轻


非常轻

总体税率：


条约签订国：

瑞士

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

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

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

Capital primary business districts: Road Town

Good Relationships: United Kingdom, United States





Treaty Jurisdictions: Switzerland

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


JURISDICTIONS

行政特区

JURISDICTIONS

行政特区


Q&A英属维尔京群岛 British Virgin Islands1. 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


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。


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。


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.


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


JURISDICTIONS

行政特区

Q&A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

其健全的监管体制。


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”。




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。

来源：BVI House Asia

insurance and ship and aircraft registration and financing services.

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


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).


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.


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”.

Source: BVI House Asia


国际商务公司法案 -国家的建立

The IBC Act - the Building of a Nation

1976 年夏天的某一日，

Harney Wes twood &

Riegels 公司，英属维尔京

群岛（BVI）唯一一家律师事务所，

接到华尔街著名律所 Shearman &

Sterling Paul Butler律师的电话。

当时，在加勒比海的各个“小国”

均有可能提供优厚的美国税收减免，

而 Paul Butler 则热衷于探索美国

和这些“小国”间的各种双重征税

条约（DTT）。Michale Riegels

One summer’s day

in 1976, Harney

Westwood & Riegels,

then the only law firm in the

British Virgin Islands (BVI),

received a call from Wall

Street lawyer Paul Butler of

the renowned firm Shearman

& Sterling. He was keen

to explore various double

taxation treaties (“DTTs”)

between the USA and

various "micro-states" in the

Caribbean that offered the

potential for generous US tax

relief. Michael Riegels said

they would be very happy to

assist and started looking into

it r ight away.

The transaction closed

successfully and soon

Harneys were servicing a

steady stream of US tax-

related work. Mr Butler would

later remark that he had been

rather lucky in selecting the

BVI and Harneys. He had

anticipated having to closely

supervise “local counsel”, but

had found two very able men.

Neville Westwood and Michael

Riegels were Cambridge and

Oxford graduates and former

English barristers who were

soon joined by a third partner,

Richard Peters, a brilliant

London tax barrister. The

future seemed spectacularly

bright at this stage.

Unfortunately, the success

of the DTT was causing

concern in Washington, and

the American authorities

summoned a delegation from

the BVI to discuss the treaty.

The delegation was led by

McWelling Todman QC – "Mac"

to his fr iends. The delegation

was not especially successful.

Mac Todman would later joke

grimly that their meetings

had been not so much a case

of "negotiation" as "plea-

gotiation". In any event, the

Americans unceremoniously

cancelled the DTT in 1982.

Up until the mid-1970s, the

BVI had been something

of an economic backwater,

and this new business had

injected a certain degree of

prosperity into the islands.

People were anxious that the

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

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


表示，他们很乐意协助，并且会马

上开始展开调查。

这一业务顺利结束，此后 Harneys

所承接的美国税务相关的工作便源

源不断。Paul Butler 先生后来指出，

他很幸运地选择了 BVI 和 Harneys

公司。他本来预计是需要密切监督

“当地律师”，但他却找到了两个

很能干的人。Neville Westwood

和 Michael Riegels 是剑桥和牛

津的毕业生，此前是英国的律师。

Richard Peters, 是不久之后加入

公司的第三位合伙人，他是著名的

伦敦税务律师。在此阶段，他们的

未来似乎不可限量。

不幸的是， DTT 的成功在华盛

顿引起各界关注，美国当局传唤

BVI 代表来商讨该条约。代表团由

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

momentum should continue.

Mr Butler suggested offering a

new corporate product in the

market. Instead of promoting

a structure which would create

tax leakage, the BVI should

create a new tax-neutral

company which would provide

a f lexible corporate vehicle

for commercial purposes

anywhere in the world.

In the end, a committee of

f ive people, later known as

the “Gang of Five” (Paul

Butler, Lewis Hunte – the

Attorney General – and the

three Harneys partners) were

tasked with developing the

legislation to create a new

type of corporate vehicle. The

legislation was based upon

the very modern Delaware

Corporation Law, but

incorporated additions from

innovative company legislation

in other jurisdictions. On 15

August 1984, the Legislative

Council of the BVI passed

the International Business

Companies (IBC) Act into law.

Thir ty years later, it is easy

to overlook how radical

the IBC Act was at the

time. It streamlined the

incorporation procedure,

removed the requirement

of corporate capacity and

corporate benefit, recognised

Sponsored Article


的结构。

最后，由五人组成的委员会，后来

被称为“五人帮”（保罗 • 巴特勒，

刘易斯 • 亨特 ——总检察长 ——

和三位 Harneys 的合作伙伴）接受

了这一任务，即制定法律，以创建

一个新型的公司载体。这项立法基

于非常现代的特拉华州公司法而设，

但也融合附加了其他辖区有创新性

的公司立法。 1984 年 8 月 15 日，

BVI 立法委员会通过国际商业公司

（IBC）法案，将其正式纳入当地法

律体系。

三十年后，人们很容易就忽视了 IBC

法案在当时是何等激进。它简化了注

册过程，去除了对企业能力和企业效

益的要求，认可公司没有成员构成，

that companies could exist

without members, permitted

companies to provide financial

assistance for the acquisition

of their own shares, provided

for true statutory mergers,

and created new statutory

tools for restructuring and

reorganisation. Most of these

innovations would not appear

in other jurisdictions until

many years later. The IBC Act

was truly ahead of its time.

However, what mattered to

the Government and private

sector of the BVI was whether

the IBC product would sell.

While this was not initially

the case, from approximately

1989 to 1997 the incorporation

numbers exploded, growing

at a rate of nearly 50% year-

on-year. In 1999, a study

by accountancy firm KPMG

estimated that the BVI had

amassed a 41% global market

share for offshore vehicles. By

2004, the BVI would have the

12th highest GDP per head of

population in the entire world.

A popular theory ascribed to

the surge in popularity of IBCs

is the business dealings of

Sir Li Ka-shing. Back in the

late 1980s, the businessman

was reorganising his highly


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

successful Hong Kong-based

shipping business, Hutchison

Whampoa, and chose to use

BVI companies as holding

companies in his new

reorganisation of the group.

Such was the regard that

Mr Li was held in that many

other businessmen and young

entrepreneurs rapidly followed

his example.

There is little doubt that

the IBC proved to be

extraordinarily popular in

Hong Kong. Professionals

in the BVI used to joke that

when a man turns 18 in Hong

Kong, his father would hand

him a mobile phone and a BVI

company and tell him to go

and make his way in the world.

We also credit its popularity

to another Hongkonger,

businessman Ted Powell,

who persuaded the Registrar

of Companies to open for a

limited period on a public

holiday to form a great

number of companies with an

incorporation date of 8/8/88.

Those lucky companies proved

to be just as popular as Mr

Powell had predicted and sold

at an incredible rate.

But the surge in popularity

of the IBC may simply have

been a combination of a

good product and timing.

In 1991, changes were

made to create a simple but

comprehensive system for

the registration of security

interests created by IBCs.

This proved extremely popular

with lenders providing debt

f inancing to BVI companies.

Leading international f inance

lawyer Philip Wood QC once

remarked that he thought

the BVI security registration

system was the "best in the

world"; this also undoubtedly

helped to cement the BVI as

a market leader in the finance

market.

Eventually, in the early

2000s the industry in the BVI

plateaued at high, but stable,

incorporation numbers. By this

time, the IBC Act had been

driving the BVI's economy for

two decades, but all around

it, the world of commerce had

moved on to the electronic

age. At times, the IBC Act

appeared increasingly out

of pace with this new world

– almost as if it was trying

to send a fax to an e-mail

address. Industry practitioners

began to realise that it was

time to replace the model.

Sponsored Article


诚的航运业以及和记黄埔以香港为

总部。早在 20 世纪 80 年代后期，

李嘉诚就对其早已斩获成功的业务

进行重组，并选择使用 BVI 公司作

为重组新集团的控股公司。正因李先

生做了如此选择，许多其他商人和

青年企业家们迅速追随，纷纷效仿。

IBC 在香港非常受欢迎，这是毫无

疑问的。英属维尔京群岛的专业人

士常开玩笑说，在香港，当一个人

年满 18 岁后，他的父亲将递给他一

个手机和一个 BVI 公司，然后告诉

他去闯荡，打出自己的天下。

另一个有功之臣是香港商人特德 •

鲍威尔（Ted Powell），他曾劝说

公司注册处处长在公休日开设有限

的时间，用以设立大量注册日为 88

年 8 月 8 日的公司。这些幸运公司

正如鲍威尔先生所预言的那样受欢

迎，而且以不可思议的高价卖出。

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

There was also external

pressure on the BVI to change

i ts company legislation in

response to tax competit ion

guidance from the OECD and

other international bodies,

and a f te r two years o f

work , a rep lacement fo r the

IBC Act , the BV I Bus iness

Companies Act , was passed

i n to l aw on 24 December

20 04 .

The IBC Act was f inal ly

repealed on 31 December

2006, but not before Richard

Parsons – the man who

was involved in the 8/8/88

incorporat ions – made an

unusual request . He appl ied

for the incorporat ion of an

IBC and requested that the

Companies Registry wai t

unt i l the very end of the

day before processing the

incorporat ion. The name of

that company was "The Last

IBC Limited".

A single piece of legislation

brought on transformative

changes in the BVI. Although

the BVI is sti l l a small place

and Tor tola sti l l has a small

island feel, the prosper ity

brought about by the Act is

evident everywhere. You have

to wonder about when those

f ive men sat down in the

Attorney General's chambers

and one of them picked up

a pen, whether they really

had any idea at al l that what

they were about to do would

transform the economic

status of a nat ion.


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。

Sponsored Article

JURISDICTIONS

行政特区


开曼群岛Cayman Islands

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

Caym

an

JURISDICTIONS

行政特区


概况开曼群岛 General Cayman Islands

公司类型豁免公司 Type of Company Exempted 法律类型公司法 Type of Law Companies Law现成公司可用率按要求 Shelf Company Availability On request

建立新公司所需时间

按标准费率为 2 至 3 个工作日，支付额外费用可加快至 1 个工作日

Time to Establish a New Company

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

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。

Corporate Taxation

No income, capital gains, corporation value added taxes or stamp taxes imposed on an exempted company

双重征税协议否 Double Taxation Treaty Access No股本或等值股本 Share Capital or Equivalent标准货币美元 Starndard Currency US$允许使用货币任何币种 Permitted Currencies Any最低付清股本无 Minimum Paid Up Share Capital None

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

Usual Number of Shares Issued

Shares may be issued fully, partly or nil paid Shares may be denominated in more than one currency

董事 Directors董事最低人数 1 人 Minimum Number One本地董事否 Local Required No公开记录权限否 Publicly Accessible Records No

会议地点没有要求必须在开曼群岛 Location of Meetings Not required to be held in Cayman

股东 Shareholders股东最低人数 1 人 Minimum Number One公开记录权限否 Publicly Accessible Records No

会议地点没有要求必须在开曼群岛 Location of Meetings Not required to be held in Cayman

公司秘书 Company Secretary是否需要否 Required No是否为注册地或者有资质人员

否 Local or Qualified No

账户 Accounts账户准备要求是 Requirements to Prepare Yes审计账户否 Audit Requirements No账户登记记录否 Requirements to File Accounts No公开记录权限否 Publicly Accessible Records No

By Loeb Smith


JURISDICTIONS

行政特区

行政特区：开曼群岛地区：加勒比货币：开曼群岛元


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 IslandsRegion: CaribbeanCurrency: Cayman Islands dollar (KYD) (CI$)Languages: EnglishTime Zone: UTC -5



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

简介 Introduction

JURISDICTIONS

行政特区


要的增长行业，整个群岛已成为世界上最主要的对冲基金、

债务抵押债券（CDO）和其它证券形式的注册基地。虽然

开曼群岛有成熟的营商基础设施和灵活多变的法规制度，

它仍是一个比较昂贵的行政特区。

开曼群岛是一个以英语为官方语言的英国附属地，位于加

勒比海地区的古巴和中美洲之间。这里有两个国际机场，

一个在乔治城，大开曼群岛，另一个位于开曼湾。几条主

要的航线都经停开曼群岛，每天都有航班飞往迈阿密，每

周都有航班飞往北美和欧洲的主要城市。

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。

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.

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

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

Capital primary business districts: George Town

Good Relationships: Bahamas, Barbados, Bermuda, Belize, Canada, Dominica, India, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, Turks and Caicos Islands, United States





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


JURISDICTIONS

行政特区

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


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


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


非常轻

总体税率：


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

JURISDICTIONS

行政特区


Q&A



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。


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。


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


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.


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

开曼群岛 Cayman Islands


JURISDICTIONS

行政特区

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


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


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

JURISDICTIONS

行政特区


库拉索Curacao


JURISDICTIONS

行政特区

“世界上最难理解的东西就是所得税”– 阿尔伯特爱因斯坦

For more information, please contact us:Steevensz|Beckers Tax LawyersLandhuis Joonchi IIKaya Richard J. Beaujon z/n, CuraçaoPhone: +599.9.736.05.06Fax: +599.9.736.05.02Mobile: +599.9.522.29.42Emile Steevensz: [email protected] Web: www.steevenszbeckers.com

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。

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。

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。

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。

Curacao

JURISDICTIONS

行政特区


概况库拉索 General Curacao

公司类型私营有限责任公司或公共有限责任公司

Type of Company Private Limited Liability Company or Public Limited Liability Company

法律类型库拉索岛的法律。库拉索民法是以荷兰法律管辖。

Type of Law Curaçao law. Curaçao civil law jurisdiction based on Dutch law.

现成公司可用率有限责任 Shelf Company Availability limited availability建立新公司所需时间

1-5 个工作日。契约必须由民事公证传递。

Time to Establish a New Company

1-5 working days. Deed must be passed by a civil notary.

公司税

是。企业所得税税 25％（2016 年：22％）。参与可用免税规则；经济区税率：2％；出口设施税率 3.625％（2016 年：3.19％）

Corporate Taxation

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%);

双重征税协议有限条约。与荷兰和挪威签订双重征税条约及与其他26 国的交换和信息协议。


Limited treaties. Double taxation treaty with the Netherlands and Norway and about 26 Tax Exchange and Information Agreements.

股本或等值股本 Share Capital or Equivalent标准货币荷属安的列斯荷兰盾 Starndard Currency Nafl. = Netherlands Antilles guilder允许使用货币任何币种，主要是美元和欧元 Permitted Currencies All. Most used are USD or Euro最低付清股本 0.01 Min. Paid Up Share Capital 0.01

法定股本要求有时候我们把一个份额和出资额分配给股本溢价 . 通常是 100 股或 1000 股。


Sometimes incorp. with 1 share, cap. contributions are allocated to share premium reserves. Usually 100 shares of 100 or 1,000 of 10.

董事 Directors董事最低人数 1 人 Minimum Number 1本地董事是 Local Required Yes

公开记录权限否，财务报表不与商会的商业登记一起公布

Publicly Accessible Records

No. financial statements are not published with the trade register of the chamber of commerce

会议地点库拉索 Location of Meetings Dir's meetings must be in Curaçao股东 Shareholders股东最低人数 1 人 Minimum Number 1

公开记录权限否，股东登记册是存放由总经理办公室。


No. shareholders register is kept by the mgr. director at office of the Co.

会议地点会议应在库拉索岛但不限制 Location of Meetings Should be in Curacao but not ltd.公司秘书 Company Secretary是否需要否 Required No是否为注册地或者有资质人员

否 Local or Qualified n.a.

账户 Accounts

账户准备要求是。财务报表必须进行，并必须纳税申报。

Requirements to Prepare Yes. Financial statements must be made and filed with the tax return.

审计账户荷兰 GAAP/ IFRS Audit Requirements Dutch GAAP/IFRS账户登记记录没有公开，但与纳税申报 Req. to File Accounts No publicly, but with the tax return公开记录权限否 Publicly Acc. Records No

By Steevensz|Beckers Tax Lawyers


JURISDICTIONS

行政特区

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

电话区号： +5999通讯设施： +良好

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

Country: CuracaoRegion: CaribbeanCurrency: Netherlands Antillean Guilder (ANG) (f)Languages: Dutch, PapiamentoTime Zone: UTC -4


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

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

简介 Introduction

JURISDICTIONS

行政特区


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


有限责任公司、豁免公司、基金会、通用合伙和有限合伙

公司

关系良好：

阿鲁巴岛、巴西、中国、印度、荷兰、挪威、巴拿马、圣

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：

一般

税务负担——个人：

繁重

总体税率：

CIT 34.5%, PIT 13%-49.4%, VAT 5%

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

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

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

Tax Burden - Business: Moderate

Tax Burden - Individual: Heavy

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

Treaty Jurisdictions:


JURISDICTIONS

行政特区

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、

美国

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

JURISDICTIONS

行政特区


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

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。


JURISDICTIONS

行政特区

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.

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 well-connected 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

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

JURISDICTIONS

行政特区


direction and to South America in the other. The financial and professional infrastructure is well-developed, 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

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，


JURISDICTIONS

行政特区

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 tax-exempt 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.

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。

JURISDICTIONS

行政特区


Q&A


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

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。


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.


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

库拉索 Curacao


JURISDICTIONS

行政特区

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。



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。



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


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


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

JURISDICTIONS

行政特区


塞浦路斯Cyprus

EUROPE欧洲

Cyprus

JURISDICTIONS

行政特区


概况塞浦路斯 General Cyprus

公司类型有限责任公司 Type of Company Limited Liability Company

法律类型公司法 Type of Law Company Law

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Time to Establish a New Company 5 - 15 working days

公司税企业所得税 12.5％，增值税 19％

Corporate Taxation Corporate Income Tax 12,5%, VAT 19%



标准货币欧元 Starndard Currency EUR


最低付清股本 1 欧元 Minimum Paid Up Share Capital 1 EUR

法定股本要求 1 欧元的 1000 股 Usual Number of Shares Issued 1000 shares by 1 EUR

董事 Directors




会议地点不要求在塞浦路斯举行，但它会影响公司的居住权

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

股东 Shareholders





是否需要是 Required Yes


否 Local or Qualified No residency requirements

账户 Accounts


审计账户是 Audit Requirements Yes



By Brazhnikov & Partners Ltd.


JURISDICTIONS

行政特区

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: CyprusRegion: EuropeCurrency: Euro (EUR) (€)Languages: Greek, EnglishTime Zone: UTC +2



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

简介 Introduction

JURISDICTIONS

行政特区


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


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


轻


一般

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 'high-tax' countries, and most Central and Eastern European states. This is unusual for an international offshore financial centre and the effect is that Cyprus is a very effective location for holding and investment companies aimed at emerging markets.

Suitable for: Wealth Management, Treasury Management, Shipping, Yachting, Intellectual Property/Licensing, Holding


JURISDICTIONS

行政特区

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、

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

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

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

JURISDICTIONS

行政特区



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

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

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。





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:

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

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.

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 taxd) 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


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.


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

塞浦路斯 Cyprus


JURISDICTIONS

行政特区

Q&A

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。



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

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.


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.


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

JURISDICTIONS

行政特区


耿西岛Guernsey

here.If you’re looking for company formationexpertise, you’llfind it...

guernseyfinance.com.cn

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, first-class 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

Email: [email protected]

China offshore - company formation.indd 1 4/15/2015 4:20:05 PM


JURISDICTIONS

行政特区

here.If you’re looking for company formationexpertise, you’llfind it...

guernseyfinance.com.cn

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, first-class 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

Email: [email protected]

China offshore - company formation.indd 1 4/15/2015 4:20:05 PM

Guernsey

JURISDICTIONS

行政特区


概况耿西岛 General Guernsey

公司类型有限公司，担保有限公司，单元公司组建，受保护单元公司，无限和混合责任制

Type of Company

Ltd. Companies, Ltd. by Guarantee, Incorporated Cell Co., Protected Cell Companies, Unlimited and Mixed Liability

法律类型 2008 年耿西岛公司法 Type of Law The Companies Law, 2008

现成公司可用率否，但企业可以付费在 15分钟内注册

Shelf Company Availability No, but companies can be incorporated in 15 minutes for a fee

建立新公司时间最长一天 Time to Estab. a New Co. One day maximum

公司税不包括一些受监管的金融服务业务，企业所得税的标准税率为 0％。

Corporate TaxationExcl. some regulated financial services business, standard rate of corporate income tax is 0%.

双重征税协议耿西岛已与 25 个国家签署双重征税协议


Guernsey has signed DTAs with 25 jurisdictions.

股本或等值股本 Share Capital or Equivalent标准货币英镑 Starndard Currency GBP允许使用货币任何币种 Permitted Currencies Any

最低付清股本一个（担保公司不必有股）Minimum Paid Up Share Capital

One (Guarantee companies need not have shares)

法定股本要求无 Usual No of Shares Issued N/A董事 Directors董事最低人数 1 人 Minimum Number One

本地董事无限制，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

Local Requiredno - but must be a resident agent - a local resident director or a Guernsey Co. Service Provider

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


Yes - information regarding current and previous directors can be obtained by requesting a Statement of the Register - for a fee

会议地点主席出席的会议地点 Location of Meetings In the place in which the chairman of the meeting is present

股东 Shareholders股东最低人数 1 人 Minimum Number One


会议地点在耿西岛或者其他任何地方 Location of Meetings In Guernsey, or elsewhere公司秘书 Company Secretary是否需要否 Required No是否为注册地或者有资质人员

无 Local or Qualified n/a

账户 Accounts账户准备要求是 Requirements to Prepare Yes

审计账户是的，但可广泛性豁免 Audit Requirements Yes, but exemptions of a broad nature are available

账户登记记录注册处不要求Requirements to File Accounts Not with the Registry

公开记录权限否Publicly Accessible Records No

By Guernsey Finance and Guernsey Registry


JURISDICTIONS

行政特区

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: GuernseyRegion: EuropeCurrency: Pound Sterling (GBP) (£)Languages: EnglishTime Zone: UTC 0


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：

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

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.

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

简介 Introduction

JURISDICTIONS

行政特区


Q&A1. 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.


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.


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.


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,



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。


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。


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。




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。



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

耿西岛 Guernsey


JURISDICTIONS

行政特区

Q&A

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.


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

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

JURISDICTIONS

行政特区


列支敦士登Liechtenstein

«A reliable connection – even in times of continuous change»

As one of Liechtenstein’s leading trust companies, we have been a reliableprovider 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

· 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

AllgemeinesTreuunternehmen

since 1929

Allgemeines Treuunternehmen · General Trust Company · Compagnie Fiduciaire GénéraleAeulestrasse 5 · P.O. Box 83 · 9490 Vaduz · Principality of Liechtenstein

T +423 237 34 34 · F +423 237 34 60 · [email protected] · www.atu.li

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。

“多变时代值得信赖的伙伴”Liechtenstein

JURISDICTIONS

行政特区


概况列支敦士登 General Liechtenstein

公司类型股份公司 Type of Company AG

法律类型民法 Type of Law "Civil"

现成公司可用率否 Shelf Company Availability No

建立新公司所需时间文件递交后大约 3至 5 天

Time to Establish a New Company approx. 3-5 days after all documents are received

公司税最低年税 1200 瑞士法郎的 12.5%

Corporate Taxation 12.5% with min annual tax of CHF 1,200



标准货币瑞士法郎 Starndard Currency CHF


最低付清股本是 Minimum Paid Up Share Capital Yes

法定股本要求 5 万瑞士法郎 Usual Number of Shares Issued CHF50,000

董事 Directors


本地董事是 Local Required Yes


会议地点任何地方，但是建议在列支登士敦

Location of Meetings Anywhere, but recommended in Liechtenstein

股东 Shareholders



会议地点任何地方，但是建议在列支登士敦

Location of Meetings Anywhere, but recommended in Liechtenstein





账户 Accounts


审计账户是 Audit Requirements Yes



By Allgemeines Treuunternehmen


JURISDICTIONS

行政特区

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: LiechtensteinRegion: EuropeCurrency: Swiss franc (CHF) (CHF)Languages: GermanTime Zone: UTC +1



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.

简介 Introduction

JURISDICTIONS

行政特区


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


有限公司、公众有限公司和信托


瓦杜兹、沙安

关系良好：

瑞士、英国

关系不良：

缅甸、埃及、伊朗、北韩、利比亚、索马里、苏丹、叙利亚


轻

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

Vehicle Types: Limited companies, public limited companies and trusts

Capital Primary Business Districts: Vaduz, Schaan

Good Relationships: Switzerland, United Kingdom

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

Tax Burden - Business:Light



JURISDICTIONS

行政特区


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、

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

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

JURISDICTIONS

行政特区


Q&A1. 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

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。

2. 贵金融辖区对中国客户提供的最重要优势是什么？

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

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


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

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.


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.


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 tailored-made services. This is the most important point required by the wealthy Chinese clients who require real solutions for the cross-border 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

列支敦士登 Liechtenstein


JURISDICTIONS

行政特区

Q&A

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

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

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 tailor-made 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.


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.

Source: Allgemeines Treuunternehmen

JURISDICTIONS

行政特区


马耳他Malta

Malta

JURISDICTIONS

行政特区


概况马耳他 General Malta

公司类型有限责任公司 Type of Company Limited Liability Company法律类型 1995 年公司法 Type of Law The Company Act 1995现成公司可用率否 Shelf Company Availability No

建立新公司所需时间 2 至 3 个工作日Time to Establish a New Company 2-3 Working Days

公司税35%，海外股东可申请信用卡或退款系统

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

双重征税协议是Double Taxation Treaty Access Yes

股本或等值股本 Share Capital or Equivalent标准货币欧元 Starndard Currency Euro允许使用货币任何币种 Permitted Currencies Any

最低付清股本最低付清股本是 1165欧元的 20%

Minimum Paid Up Share Capital

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

法定股本要求普通股一欧元Usual Number of Shares Issued Ordinary Share of 1 Euro

董事 Directors董事最低人数 1 人 Minimum Number One本地董事否 Local Required No

公开记录权限是Publicly Accessible Records Yes

会议地点地点有效控制和管理则在马耳他，其他的则无限制

Location of MeetingsMalta - For place of effective control & management; otherwise no restrictions

股东 Shareholders股东最低人数 1 人 Minimum Number One


会议地点任何地方 Location of Meetings Anywhere公司秘书 Company Secretary是否需要是 Required Yes是否为注册地或者有资质人员


账户 Accounts账户准备要求是 Requirements to Prepare Yes审计账户是 Audit Requirements Yes

账户登记记录是Requirements to File Accounts Yes


By Prospera Europe LtdMember Contribution


JURISDICTIONS

行政特区

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: MaltaRegion: EuropeCurrency: Euro (EUR) (€)Languages: Maltese, EnglishTime Zone: UTC +1


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 high-technology manufacturing sector and to establish processing and distribution facilities around its rapidly growing Freeport. There are extensive investment incentives. Almost without wanting to, Malta has become the leading EU provider of gaming services, to its immense profit. Manufacturing, tourism and shipping are also rewarding. Its banking, mutual funds, insurance and trust service sectors are growing. Malta offers low-tax regimes to companies, although they are hard to understand.

There is a reasonably sophisticated business and professional infrastructure. Business sectors with offshore activity include banking, investment fund management (there is a stock exchange with a growing array of mutual fund listings), trust management, shipping and investment holding.

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

简介 Introduction

JURISDICTIONS

行政特区



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

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


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.


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.


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


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.


Yes. Chinese clients will be looking for tax and treaty-friendly 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

马耳他 Malta

Member Contribution


JURISDICTIONS

行政特区

Q&A

JURISDICTIONS

行政特区


瑞士Switzerland

菲谢尔

Zurich-苏黎世 Basel-巴塞尔 www.vischer.com

Y O U R T E A M F O R S W I S S L A W A n d T A x你的瑞士法律和税务团队

VI0610_Anz_China Daily_181x231.indd 1 02.03.15 09:22

Sw

itzerland

JURISDICTIONS

行政特区


概况瑞士 General Switzerland公司类型有限公司，有限责任公司 Type of Company Corporation (Ltd.) 法律类型成文公司法 Type of Law Statutory corporate (private) law. 现成公司可用率无 Shelf Company Availability As a rule, no.建立新公司所需时间

1-4 周Time to Establish a New Company 1-4 weeks;

公司税企业所得税：12％-25％（含7.8％的联邦企业所得税）

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

双重征税协议中 / 瑞士双重征税协议和香港 / 瑞士双重征税协议，两者都受到控制。


Sino/Swiss DTA, HK/ Swiss DTA both are subject to conduit rules.

股本或等值股本 Share Capital or Equivalent标准货币瑞士法郎 Standard Currency CHF (Swiss Franc)允许使用货币瑞士法郎 Permitted Currencies CHF (Swiss Franc)

最低付清股本公司为 5 万瑞士法郎，有限责任公司为 2 万瑞士法郎

Minimum Paid Up Share Capital CHF 50,000.00 for corporate

法定股本要求有限公司：最低股本为 10万瑞士法郎，每股最低面值为 0.01 瑞士法郎。


Ltd. Minimum share capital is CHF 100,000.00, minimum face value per share is CHF 0.01.

董事 Directors董事最低人数 1 人 Minimum Number 1

本地董事至少有一个本地有资格签字绑定公司

Local RequiredAt least 1 local must have signatory power to bind the company

公开记录权限全名；企业的功能；公司签署权力；籍贯，住址

Publicly Accessible RecordsFull name; corporate function; corporate signatory power; place of origin, residential address

会议地点不受监管。可以在任何地方 Location of Meetings Not regulated. 股东 Shareholders股东最低人数 1 人 Minimum Number 1

公开记录权限有限公司：只有创始人公开。有限责任公司：股东可公开。


Ltd: Only the identity of the founders is accessible at the commercial register upon request.

会议地点不受监管。可以在任何地方 Location of Meetings Not regulated. 公司秘书 Company Secretary

是否需要有限公司：是但是实际上不强求

Required Ltd: Yes, but in practice not enforced.


不要求 Local or Qualified Not required.

账户 Accounts账户准备要求是 Requirements to Prepare Yes审计账户是 Audit Requirements Yes

账户登记记录否Requirements to File Accounts No

公开记录权限是 Publicly Accessible Records YesBy Vischer


JURISDICTIONS

行政特区

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

电话区号： +41通讯设施：良好

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

Country: SwitzerlandRegion: EuropeCurrency: Swiss franc (CHF) (CHF)Languages: German, French, ItalianTime Zone: UTC +1



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

简介 Introduction

JURISDICTIONS

行政特区


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、

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

资本的主要营商地区：

伯尔尼、苏黎世

关系良好：

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

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

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.

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

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

Capital Primary Business Districts: Bern, Zurich

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

Tax Burden - Business: 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:


JURISDICTIONS

行政特区

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

JURISDICTIONS

行政特区


Q&A1. 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


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。


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%）。


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

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。



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


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.


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).


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.


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

瑞士 Switzerland


JURISDICTIONS

行政特区

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


菲利克斯 • W • 恩格里博士法学硕士 , 律师Dr. Felix W. EgliAttorney 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 [email protected]

收购私营企业或上市公司的控股权

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

Acquisition of controlling stake in private or listed companies

As 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 privately-held 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.

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


Sponsored Article

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 aw, 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 [email protected]

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。

合资公司

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。

设立分公司或子公司

最后，中国投资者也可在瑞士设立分公司或子公司。

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

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.

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.

Joint ventures

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


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

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.


Sponsor Article

司在瑞士工商登记处完成注册登记手续，该账户将一直被冻结。股东以实物而非货币出资的，作为出资的实物必须在实物出资协议中有详实描述。公司创始人必须以书面形式报告实物出资的性质、状态以及其合理估价。最后，必须由有资质审计师审核创始人的报告并确认其是否完整、正确。公司名称方面没有特别限制，但不得与已经在瑞士登记的其它公司名称相似，也不能以具有误导性或仅以描述性文字命名。

成立有限责任公司的最低注册资本为2 万瑞士法郎，股份有限公司为 10 万瑞士法郎并且其中应缴付至少 5 万瑞士法郎。不论哪种情况，只要公司全职雇员不超过 10 人，且全体股东合意通过不聘请审计师，法律并不强制要求公司聘请审计师。但是，如果日后某股东要求聘请审计师，或者当公司全职雇员超过 10 人时，则必须聘请审计师。只要公司连续两年内不超过以下条件中的两个，则审计内容为有限审计：资产负债表总额为 2000 万瑞士法郎；年售额 4000 万瑞士法郎；每年平均拥有 250 名全职雇员。当然，股东随时都可选择进行全面审计。

某些受监管行业要求公司或者分公司持有牌照（例如：能源、广播电视、电信、金融服务、公共交通）

在某些受监管行业，例如能源、广播电视、电信、金融服务、公共交通，只有在外国公司或者外国控股公司获得相关牌照或许可的前提下，外国投资者才能通过瑞士公司或者分公司经营相关业务。然而，即使在这些领域，瑞士方面在已于 2014 年 7 月 1 日生效的中瑞自由贸易协定中对中国服务提供商作出了超出《服务贸易总协定》之外的承诺。

Establishing a company requires a notarized deed of establishment, including the company’s articles of incorporation, as well as the determining of all signatories. The nominal share capital must be paid into a bank account held in the name of the company to be established. This account is then blocked until the registration of the company in the commercial register

is completed. If the nominal share capital is paid up in kind rather than in cash, the relevant contribution in kind needs to be described in sufficient detail in the contribution in kind agreement. The founder(s) must report in writing the nature and state of the contribution in kind, as well as the reasonableness of its valuation. Finally, a licensed auditor must review the founder’s report and confirm its completeness and correctness. With respect to the company name, there are no restrictions, apart from the fact

that it must not be identical to a company name already registered in Switzerland, nor may it be misleading or merely descriptive.

The minimum nominal share capital is CHF 20,000 for a limited liability company and CHF 100,000 (with a minimum of CHF 50,000 paid up from the outset) for a corporation. In either case, auditors are not legally required, provided the company has fewer than 10 full-time employees, and all shareholders have opted out of having auditors. If, however, a shareholder later requests the introduction of auditors, or if the company has more than 10 full-time employees, auditors must be elected. Their audit will be limited, as long as the company does not exceed two of the following thresholds in two consecutive years: Balance sheet total of MCHF 20; annual sales of MCHF 40; and 250 full-time employees based on a yearly average. The shareholders may, however, at any time opt for a full audit.

In regulated f ields such as energy, radio and television, telecommunications, f inancial services, and public transpor tation, foreign investors must operate through a Swiss company or branch l icensed for such businesses, provided that the relevant permits or l icenses are granted to foreign or foreign-controlled companies. Never theless, even in some of these f ields the Sino-Swiss FTA (entered into force on July 1, 2014) committed Switzer land – other than under GATS – to grant cer tain improvements to Chinese service providers.

Sponsored Article

JURISDICTIONS

行政特区


英国United Kingdom


JURISDICTIONS

行政特区

专家慧眼 – 无论您在世界何处开展业务

Expert insight - wherever in the world you do business

乔登氏信托公司在英国及离岸的办事处为英国与离岸公司提供多种英国与离岸公司以及信托服务。

在每一个地区的专业基础上，我们的目标是传递最高标准的贴身、优质的服务。

全球化办公地点意味着我们能够根据您的个人需求提供最好的解决方案。

From Jordans Trust Company offices in the UK and overseas, we provide a wide variety of UK and offshore company and trust services.

With locally based expertise in each of our jurisdictions, we aim to deliver the highest standards of excellence through our tailored and core services.

The widespread location of our offices means we can provide the best solution for your individual needs.

想了解更多有关乔登氏信托公司的服务，请联络我们：For more information, or to talk to us, please contact:

电话 Call: +44 (0)117 918 1407邮箱 Email：[email protected]

www.jordanstrustcompany.com

英属维尔京群岛塞浦路斯中国香港泽西岛塞舌尔英国

British Virgin Islands Cyprus Hong Kong Jersey Seychelles UK

China Offshore March 2015 B.indd 1 24/03/2015 12:45:47

UK

JURISDICTIONS

行政特区


概况英国 General UK

公司类型公共，私人有限公司，担保

Type of Company Public, Private,Limited, Guarantee



建立新公司所需时间 1 天 Time to Establish a New Company 1 Day

公司税从 2015 年 4 月起为 20% Corporate Taxation 20% (from April 2015)

双重征税协议是，超过 100 Double Taxation Treaty Access Yes, over 100 treaties


标准货币英镑 Starndard Currency GBP


最低付清股本 1 英镑 Minimum Paid Up Share Capital GBP 1.00

法定股本要求无 Usual Number of Shares Issued N/A

董事 Directors

董事最低人数 1 人 Minimum Number 1




股东 Shareholders

股东最低人数 1 人 Minimum Number 1




是否需要否但是建议 Required No, but advisable


否 Local or Qualified N/A

账户 Accounts


审计账户是，所有小公司可获得审计豁免

Audit Requirements Yes, audit exemption exists for small companies



By Jordans Trust CompanyMember Contribution


JURISDICTIONS

行政特区

行政特区：英国地区：欧洲货币：英镑语言：英语时区：UTC 0

区号：+44通讯设施：极佳

公司建立成本：200-600美元公司建立时间：1天维护费用：100-300美元

Country: United KingdomRegion: EuropeCurrency: Pound Sterling (GBP) (£)Languages: EnglishTime Zone: UTC 0

Phone Code: +44Communications: Very Good

Formation Cost: 200 - 600 USD$Formation Time: 1 dayMaintenance Cost: 100 - 300 USD$

虽然英国是一个适合营商的国家，它高度专业的金融服务业、

普通法的运用、直截了当的公司法都让它的吸引力经久不衰。

但是它也是一个税收相对较高的国家，即使有一些机会可以

适当节税。英国的“离岸”依靠泽西岛、耿西岛和马恩岛，

都提供低税率的可能性，对那些非英国居民的公司也有有利

的税收政策可用。英国的服务业由银行、金融和保险业组成，

位于伦敦的中心部位。英国有极佳的通讯网络、铁路系统和

Although the UK must be counted as business-friendly, with its superb professional services, a common law heritage, and straightforward company law, it is relatively highly taxed and there are few if any niches available by way of escape. The ‘offshore’ dependencies of Jersey, Guernsey and the Isle of Man (qv) do however provide low-tax possibilities, and there is a beneficial tax regime for ‘non-doms’ – those who do not have UK origins. The services sector is dominated by banking,

简介 Introduction

JURISDICTIONS

行政特区


公路系统，包括通过英吉利海峡隧道连接欧洲的高铁和许多

机场，伦敦的希思罗机场就旅客数量上来看是世界上最繁忙

的机场。英国的信托法非常成熟，税务优势很大，特别在遗

产税方面更有极大的优势。

英国的公司税税率自 2012 年开始为 24%（2011 年为

26%），其最低的 20% 的税率适用于的可征税收入达到 30

万英镑；这个低税率在 2011 年 4 月前为 21%。边缘税率减

免在可征所得税 20 万英镑和 150 万英镑之间得到运用，这

一政策能让公司的企业税负担降到极低。另一个得到减免的

是 2010 年 4 月实行的，运用于在英国专利所得收入的 10%

的税率。

2010 年 4 月 6 日起，个人所得税在收入达到 12 万英镑时需

要征税 50%。资本利得税为 18%，适用于 2011/2012 年年

度免税额度为 10600 英镑（之前为 10100 英镑）。

适用于：

保险业、航运、游艇、金融贸易、电子商务

finance and insurance, centred in the City of London. The UK has excellent telecommunications, extensive rail and road networks, including high-speed rail links to Europe via the Channel Tunnel, and a number of airports, with London Heathrow said to be the world’s busiest in terms of passenger numbers. The UK has well-developed trust law, with distinct tax advantages, especially in relation to inheritance tax.

Corporation tax is charged at a rate of 24% from 2012 (26% in 2011), although a lower rate of 20% applies to taxable profits of up to GBP300,000; this lower rate was 21% prior to April 2011. Marginal rate relief may apply where taxable profit falls between GBP300,000 and GBP1.5m, which can reduce the company’s corporation tax liability. Another reduced corporation tax rate of 10% applies from April 2010 to profits derived from UK patents.

From April 6, 2010, the top rate of personal income tax is 50% on income of over GBP150,000. Capital gains are taxed at 18%, subject to an annual exemption of GBP10,600 for the 2011/12 tax year (GBP10,100 previously).


JURISDICTIONS

行政特区


有限公司、公众有限公司、有限合伙公司、有限责任合伙公

司、独资公司、分公司和专业公司


伦敦

良好关系：

澳大利亚、奥地利、比利时、保加利亚、克罗地亚、塞浦路

斯、捷克共和国、丹麦、爱沙尼亚、芬兰、法国、德国、希

腊、匈牙利、印度、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、斯洛伐

克、斯洛文尼亚、西班牙、瑞典、美国

关系不佳：

伊朗、北韩、索马里、叙利亚

赋税负担——商务：

重度


极重

总体税率：

CIT 20-25%, PIT 20-50%, VAT 20%

签订条约国：

安提瓜和巴布达、阿根廷、亚美尼亚、澳大利亚、奥地利、

阿塞拜疆、巴林、孟加拉国、巴巴多斯、白俄罗斯、比利时、

伯利兹、玻利维亚、波黑共和国、博茨瓦纳、文莱、英属维

尔京群岛、保加利亚、缅甸、加拿大、开曼群岛、智利、中国、

克罗地亚、塞浦路斯、捷克共和国、丹麦、埃及、爱沙尼亚、

埃塞俄比亚、福克兰群岛、法罗群岛、斐济、芬兰、法国、

冈比亚、格鲁吉亚、德国、加纳、希腊、格林纳达、圭亚那、

香港、匈牙利、冰岛、印度、印度尼西亚、爱尔兰、以色列、

意大利、象牙海岸、牙买加、日本、约旦哈萨克斯坦、肯尼

亚、基里巴斯、韩国、科威特、拉托维亚、莱索托、利比亚、

列支敦士登、立陶宛、卢森堡、马其顿、马拉维、马来西亚、

Suitable for: Insurance, Shipping, Yachting, Trading Financial, E-commerce

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

Capital Primary Business Districts: London

Good Relationships: Australia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, India, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United States

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

Tax Burden - Business: Heavy

Tax Burden - Individual: Very Heavy

Headline Tax Rates: CIT 20-25%, PIT 20-50%, VAT 20%

JURISDICTIONS

行政特区


马耳他、毛里求斯、墨西哥、摩尔多瓦、蒙古、黑山共和国、

蒙特色拉特岛、摩洛哥、纳米比亚、荷兰、新西兰、尼日利亚、

挪威、阿曼、巴基斯坦、巴拿马、巴布亚新几内亚、菲律宾、

波兰、葡萄牙、卡塔尔、罗马尼亚、俄罗斯、圣基茨和尼维

斯、沙特阿拉伯、塞尔维亚、塞拉利昂、新加坡、斯洛伐克、

所罗门群岛、南非、西班牙、斯里兰卡、苏丹、斯威士兰、

瑞典、瑞士、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、图瓦卢、乌干达、乌克兰、

美国、乌兹别克斯坦、委内瑞拉、越南、赞比亚、津巴布韦


安圭拉岛、安提瓜和巴布达、阿鲁巴岛、巴哈马、伯利兹、

百慕大、巴西、英属维尔京群岛、库拉索岛、多米尼加、直

布罗陀、格林纳达、耿西岛、马恩岛、泽西岛、利比亚、列

支敦士登、马绍尔群岛、圣基茨和尼维斯、圣卢西亚、圣文

森特岛和格林纳丁群岛、圣马力诺、圣马丁、特克斯和凯科

斯群岛、乌拉圭

Treaty Jurisdictions: Antigua and Barbuda, Argentina, Armenia, Australia, Austria, Azerbaijan, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Belize, Bolivia, Bosnia-Herzegovina, Botswana, Brunei, British Virgin Islands, Bulgaria, Burma (Myanmar), Canada, Cayman Islands, Chile, China, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Ethiopia, Falkland Islands, Faroe Islands, Fiji, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Grenada, Guyana, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Ivory Coast, Jamaica, Japan, Jordan, Kazakhstan, Kenya, Kiribati, Korea, Republic of, Kuwait, Latvia, Lesotho, Libya, Liechtenstein, Lithuania, Luxembourg, Macedonia, Malawi, Malaysia, Malta, Mauritius, Mexico, Moldova, Mongolia, Montenegro, Montserrat, Morocco, Namibia, Netherlands, New Zealand, Nigeria, Norway, Oman, Pakistan, Panama, Papua New Guinea, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saint Kitts and Nevis, Saudi Arabia, Serbia, Sierra Leone, Singapore, Slovakia, Slovenia, Solomon Islands, South Africa, Spain, Sri Lanka, Sudan, Swaziland, Sweden, Switzerland, Taiwan, Tajikistan, Thailand, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Tuvalu, Uganda, Ukraine, United States, Uzbekistan, Venezuela, Vietnam, Zambia, Zimbabwe

TIEA Jurisdictions: Anguilla, Antigua and Barbuda, Aruba, Bahamas, Belize, Bermuda, Brazil, British Virgin Islands, Curacao, Dominica, Gibraltar, Grenada, Guernsey, Isle of Man, Jersey, Liberia, Liechtenstein, Marshall Islands, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, San Marino, Sint Maarten, Turks and Caicos Islands, Uruguay


JURISDICTIONS

行政特区

JURISDICTIONS

行政特区


Q&A1. 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


是的，出于在英国及大欧盟市场内投资和贸易的目的，在英国创

办公司和合伙企业的中国客户的数量越来越多。


英国是中国客户进入英国和整个欧洲的一个重要通道。在欧盟成

员国中，英国是成立公司最快也是成本最低的国家，在鼓励外国

投资方面，英国的税务机制也是最优惠的之一。英国一个核心的

优势就是它并非离岸国家，而是与欧盟完全融为一体。




我们预计中国的投资人会要求更加精密的安排，以便于管理复杂

的跨国贸易，实现个人资产规划的目的。对定制安排以及使用辖

区内先进财务、企业和信托基础设施和先例的需求也会不断增长。

此类量身定制的服务必然会更加昂贵，但是要实现成功的规划，

中国客户就需要做好承担此项成本的准备。



透明度在全球贸易和投资中扮演着越来越重要的角色，在不满足

国际标准的金融辖区内开展业务会变得很困难。因此，客户会不

可避免地向着合规的离岸中心偏移。



英国从没有被银行列入黑名单或者被特别列为高风险国家。开立

银行账户过程的效率取决于与公司活动相关的感知风险以及公司

董事和所有者的资质证明。一般情况下，可以在 7 到 14 天内开立

银行账户。

来源：Jordans Trust Company


Yes, we have increasing numbers of Chinese clients using UK companies and partnerships for investment and trading purposes in the UK, and within the broader EU market place.


The UK is an important gateway for Chinese clients into the UK and to Europe in general. Of the EU member countries, the UK is the fastest and least expensive in which to incorporate, and has one of the most favorable tax regimes designed to encourage foreign investment. A key advantage is that the UK is not offshore and is wholly integrated into the European Union.


We predict that Chinese investors will require more sophisticated arrangements to manage complex cross border trading and personal estate planning objectives. There will be an increased need for bespoke arrangements and the use of jurisdictions with sophisticated financial, corporate and trust infrastructures and precedents. Such tailored services will inevitably be more expensive, but this is a cost that Chinese clients will be prepared to bear for successful planning.


Transparency is playing an increasingly relevant role in global trade and investment and it will become difficult to work with jurisdictions that do not meet with international standards. Gravitation towards compliant offshore centers is therefore inevitable.


The UK has never been black listed or specifically singled out as being high risk by banks. The efficiency of the bank account opening process depends on the perceived risk associated with the activities of the company and the credentials of the directors and owners of the company. In typical circumstances, bank accounts can be opened in 7-14 days.

Source: Jordans Trust Company

英国 United Kingdom

Member Contribution


JURISDICTIONS

行政特区

Q&A

JURISDICTIONS

行政特区


OCEANIA大洋洲


JURISDICTIONS

行政特区

新西兰New Zealand

New Zealand

JURISDICTIONS

行政特区


概况新西兰 General New Zealand

公司类型股份有限，混合 Type of Company Limited by shares, hybrid

法律类型基于当地法律的英国法 Type of Law English based with local legislation

现成公司可用率是 Shelf Company Availability yes

建立新公司所需时间 24 小时Time to Establish a New Company

24 hours (with all documents present)

公司税 28%，受托人则为 0 Corporate Taxation 28% or 0% if look-through or trustee

双重征税协议是Double Taxation Treaty Access

Yes, but if look-through - will depend on treaty

股本或等值股本 Share Capital or Equivalent标准货币新西兰元 Starndard Currency NZ Dollar允许使用货币新西兰元 Permitted Currencies NZ Dollar

最低付清股本 1Minimum Paid Up Share Capital $1

法定股本要求 100Usual Number of Shares Issued 100

董事 Directors董事最低人数 1 人 Minimum Number 1本地董事是 Local Required Yes

公开记录权限有限Publicly Accessible Records Limited

会议地点全世界 Location of Meetings International股东 Shareholders股东最低人数 1 人 Minimum Number 1

公开记录权限有限Publicly Accessible Records Limited

会议地点全世界 Location of Meetings International公司秘书 Company Secretary是否需要否 Required No是否为注册地或者有资质人员


账户 Accounts账户准备要求是 Requirements to Prepare Yes审计账户除非账目庞大 Audit Requirements only if "large"

账户登记记录除非公司庞大加上有外国股东

Requirements to File Accounts

only if large and with foreign shareholders

公开记录权限限于公司介绍，董事及股东名字和宪法详情。


limited to details of company, name of director and shareholder and details of constitution.

By Helmores Wealth Limited.Member Contribution


JURISDICTIONS

行政特区

金融辖区：新西兰地区：亚太货币：新西兰元(NZD) (NZ$)语言：英语时区：UTC+12


Country: New ZealandRegion: Asia-PacificCurrency: New Zealand dollar (NZD) (NZ$)Languages: EnglishTime Zone: UTC +12


新西兰是太平洋西南部的一个岛国，距离澳大利亚 2000 公

里，中间隔着塔斯曼海。该国主要由两个岛组成——北岛和

南岛。人口约为 425 万。

新西兰是议会民主制国家，也是英联邦国家。国家元首是英

国君主。John Key 自 2008 年被选举上台成为首相。

之前，新西兰的经济依赖于肉类和奶类制品向英国的出口。

但是自英国加入欧盟后，新西兰经济开始多元化。农业仅占

国民总产值的 4.9%，其经济更大程度上依赖于服务业，占

GDP 的 71.6%，制造业占比为 23.5%。旅游业也成为该国

的一大经济支柱，该国大部分的游客来自于澳大利亚、日本、

美国和英国。

离岸工具：

有限公司、公众有限公司、信托、分公司、通用合伙和有限

合伙公司

New Zealand is a remote island country in the south-western Pacific, situated about 2,000 km south-east of Australia across the Tasman Sea. The country mainly comprises two islands – the North and South islands. Its population is around 4.25m.

New Zealand is a parliamentary democracy and a British Commonwealth realm. The chief of state is the British Monarch. John Key has been the Prime Minister since the November 2008 general election.

Previously, New Zealand based its economy on the export of meat and dairy products to the United Kingdom. However, since Britain's membership of the European Union, New Zealand has diversified. Agriculture now represents only 4.9% of gross domestic product (GDP), with the economy being dominated by services at 71.6% of GDP, and manufacturing at some 23.5%. Tourism has become an important part of the country’s economy, with most of the country’s visitors originating from Australia, Japan, the United States, and the United Kingdom.

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

简介 Introduction

JURISDICTIONS

行政特区


Q&A



是的。大部分公司的成立都是与跨国业务而非国内经营相关。过

去 18 个月里，成立公司的数量几乎翻了一番。


最重要的优势可能就是我们为客户提供的保护。这一点有很强的

立法支持，在客户要求时，法院也可以采取行动。

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？

新西兰对与中国的业务往来持开放态度——我们是第一个与中国

签订自由贸易协议的西方国家，我们一直在寻找与我们最大的贸

易伙伴之间的业务往来方式。




价格对客户很重要，但我相信中国的客户非常精明，他们知道尽

管价格是重要因素，但最重要的还是关系。金钱的价值不仅仅体

现在获得尽可能最低的价格，还可以通过客户可以得到的服务、

忠诚度及有形效益来实现。随着客户变得越来越精明，未来这一

点将继续发挥重要的作用。


Yes. Most incorporation has been in relation to cross-border business rather than domestically focused operations. Over the last 18 months the number has increased by approximately 100%.


Probably the most important is the protection we offer the client. This is backed by strong legislation and courts that will take action when required by the client.


New Zealand is open to do business with China – we are the first western nation to have a free trade agreement with China, and we are always looking for ways to do business with our biggest trading partner.


Price is important to the client, but I believe the Chinese client is very sophisticated in that, while price is important, most important is the relationship. Value for money is perceived not just in the lowest price possible, but also through the delivery of service, loyalty and tangible benefit to the client. This will continue to play an important role in the future as the clients

新西兰 New Zealand

Member Contribution


JURISDICTIONS

行政特区

Q&A我们已经注意到客户对质量的重视，价格只是其中的一部分。



我相信中国客户会倾向于选择业务友好型金融辖区，而不是为了

监管而监管的辖区。中国客户希望服务供应商能够为他们提供保

护，不想将太多时间花费在形式主义的规定上。这不仅仅是中国

的趋势——也是全世界范围内的发展趋势。



如果受益所有人不在新西兰，要在新西兰开设银行账户就会变得

极其困难。但是，新西兰的税务机制为客户提供了便利——有了

新西兰的银行账户，就意味着可以在新西兰纳税。我们有能力在

一个友好、安全的金融辖区内轻松地为客户设立银行账户，只需

三到五个工作日。

来源：Helmores Wealth Ltd.

only become more sophisticated. We already see an emphasis on quality, and pricing is part of that.


I believe the Chinese client will gravitate to the jurisdictions that are business friendly and not tied up with regulation for regulation’s sake. The Chinese client wants to see that their service provider is in a place that provides protection, but does not want to spend so much time on compliance for no reason other than the rules say so. This is not a trend just from China – it is a growing trend throughout the world.


New Zealand has become extremely difficult to set up a bank account in if the beneficial owner is not located here. However, that actually works to the client’s advantage, given the New Zealand tax regime on structures: a New Zealand bank account will mean tax is payable in New Zealand. We have the ability to easily set up a bank account for clients in a friendly and safe jurisdiction, within three to five working days.

Source: Helmores Wealth Ltd.

2014 Trusts & Foundations Guide CHINA OFFSHORE 231

序号 Serial No

行政特区 Jurisdiction

签署日期 Signed On

生效日期 Effective On

1奥地利Austria 1991.04.10 1992.11.01

2塞浦路斯Cyprus

1990.10.25 1991.10.05

3香港Hong Kong

2003.12.10 2006.12.08

4马耳他Malta 2010.10.23 2011.08.25

5毛里求斯Mauritius 1994.08.01 1995.05.04

6新西兰New Zealand 1986.09.16 1986.12.17

7塞舌尔Seychelles 1999.08.26 2000.01.17

8新加坡Singapore 2007.07.11 2007.09.18

9阿联酋United Arab Emirates 1993.07.01 1994.06.05

10英国UK 1984.07.26 1984.12.23

11澳大利亚Australia 1988.11.17 1990.12.28

12巴巴多斯Barbados 2000.05.15 2000.10.27

13加拿大Canada 1986.05.12 1986.12.29

14瑞士Switzerland 1990.07.06 1991.09.27

15卢森堡Luxembourg 1994.03.12 1995.07.28

16冰岛Iceland 1996.06.03 1997.02.05

17拉脱维亚Latvia 1996.06.07 19970.1.27

18爱尔兰Ireland 2000.04.19 2000.12.29

19南非South Africa 2000.04.25 2001.01.07

中国和主要行政特区签订的免双重征税协议表DTA Access of China with Major Jurisdictions


安道尔 Andorra

奥利地 Austria


百慕大 Bermuda

英属维尔京群岛 British Virgin Islands


库克群岛 Cook Islands

耿西岛Guernsey

香港 Hong Kong

马恩岛 Isle of Man

泽西岛 Jersey

利比里亚 Liberia

阿根廷 Argentina

安道尔 Andorra

阿根廷 Argentina

阿根廷 Argentina

阿鲁巴 Aruba

阿根廷 Argentina

澳大利亚 Australia

奥利地 Austria

丹麦 Denmark

阿根廷 Argentina

阿根廷 Argentina



安圭拉 Anguilla

阿鲁巴 Aruba

阿鲁巴 Aruba


阿鲁巴 Aruba

丹麦 Denmark


法罗群岛 Faroe Islands



丹麦 Denmark

奥利地 Austria

阿鲁巴 Aruba



加拿大 Canada



比利时 Belgium

格陵兰 Greenland

博茨瓦纳 Botswana

奥利地 Austria


比利时 Belgium


比利时 Belgium

比利时 Belgium

中国 China

比利时 Belgium

芬兰 Finland

百慕大 Bermuda

冰岛 Iceland

加拿大 Canada

巴西 Brazil 芬兰 Finland

捷克 Czech Republic

巴林 Bahrain

加拿大 Canada

巴西 Brazil


巴西 Brazil

法国 France


挪威 Norway

中国 China

加拿大 Canada

法国 France

丹麦 Denmark

伯利兹 Belize

中国 China

加拿大 Canada

丹麦 Denmark

加拿大 Canada

德国 Germany

中国 China

瑞典 Sweden


中国 China

加纳 Ghana


百慕大 Bermuda

丹麦 Denmark

中国 China


中国 China

希腊 Greece

丹麦 Denmark

美国 United States

丹麦 Denmark


格陵兰 Greenland

芬兰 Finland




芬兰 Finland


格陵兰 Greenland



丹麦 Denmark

冰岛 Iceland

法国 France


芬兰Finland

丹麦 Denmark

法国 France

丹麦 Denmark

冰岛 Iceland

法国 France

芬兰 Finland


印度 India

德国 Germany

哥斯达黎加 Costa Rica

法国 France


德国 Germany


爱尔兰 Ireland

德国 Germany

法国 France

芬兰 Finland

荷兰 Netherlands

格陵兰 Greenland

多米尼加国 Dominica

德国 Germany

芬兰 Finland

格陵兰 Greenland

芬兰 Finland

意大利 Italy

直布罗陀 Gibraltar

德国 Germany

法国 France

挪威 Norway

冰岛 Iceland

直布罗陀Gibraltar

格陵兰 Greenland

法国 France

耿西岛 Guernsey

法国 France

韩国 Republic of Korea

格陵兰 Greenland

格陵兰 Greenland

德国 Germany

波兰 Poland


格林纳达 Grenada

耿西岛 Guernsey

德国 Germany

冰岛 Iceland

德国 Germany

墨西哥 Mexico

匈牙利 Hungary

冰岛 Iceland

格陵兰 Greenland

葡萄牙 Portugal

摩纳哥 Monaco

危地马拉 Guatemala

冰岛 Iceland

格陵兰 Greenland

印度 India

格陵兰 Greenland

荷兰 Netherlands

冰岛 Iceland

印度 India

匈牙利 Hungary

南非 South Africa

荷兰 Netherlands

耿西岛 Guernsey

印度 India

耿西岛 Guernsey

爱尔兰 Ireland

耿西岛 Guernsey


日本 Japan

印度尼西亚 Indonesia

冰岛 Iceland

瑞典 Sweden

挪威 Norway


日本 Japan

冰岛 Iceland

荷兰 Netherlands

冰岛 Iceland

挪威 Norway


爱尔兰 Ireland

爱尔兰 Ireland


波兰 Poland

泽西岛 Jersey


印度India


爱尔兰 Ireland

南非 South Africa


意大利 Italy

意大利 Italy

葡萄牙 Portugal


马耳他 Malta

爱尔兰 Ireland

挪威 Norway

意大利 Italy

瑞典 Sweden

挪威 Norway

日本 Japan

日本 Japan

圣马力诺 San Marino


墨西哥 Mexico

意大利 Italy

波兰 Poland

日本 Japan

波兰 Poland

莱索托 Lesotho

墨西哥 Mexico

西班牙 Spain

中国澳门 Macao, China

摩纳哥 Monaco

日本 Japan

葡萄牙 Portugal

马耳他 Malta

葡萄牙 Portugal

墨西哥 Mexico

荷兰 Netherlands

瑞典 Sweden

马绍尔群岛 Marshall Islands

荷兰 Netherlands


圣马丁岛 Sint Maarten

墨西哥 Mexico


荷兰 Netherlands


瑞士 Switzerland

毛里求斯 Mauritius


马耳他 Malta

瑞典 Sweden

荷兰 Netherlands



挪威 Norway

摩纳哥 Monaco

挪威 Norway

墨西哥 Mexico



斯洛伐克 Slovakia

挪威 Norway

波兰 Poland

蒙塞拉特岛 Montserrat

波兰 Poland

荷兰 Netherlands


挪威 Norway

斯洛文尼亚 Slovenia

波兰 Poland

葡萄牙 Portugal

萨摩亚 Samoa



波兰 Poland

南非 South Africa

葡萄牙 Portugal



南非 South Africa

挪威 Norway

葡萄牙 Portugal

瑞典 Sweden


南非 South Africa


西班牙 Spain

波兰 Poland


瑞士 Switzerland

瑞典 Sweden

瑞典 Sweden

特克斯和凯科斯群岛 Turks and Caicos Islands

瑞典 Sweden

葡萄牙 Portugal


土耳其 Turkey

瑞士 Switzerland

瑞士 Switzerland

乌拉圭 Uruguay


新加坡 Singapore

南非 South Africa


土耳其 Turkey

土耳其 Turkey

瓦努阿图 Vanuatu



瑞典 Sweden










其他 others

其他 others

其他 others

其他 Others

其他 Others

行政特区-

税务信息交换网络 Jurisd

ictions - T

IEA

netwo

rks


安道尔 Andorra

奥利地 Austria


百慕大 Bermuda




耿西岛Guernsey

香港 Hong Kong


泽西岛 Jersey


阿根廷 Argentina

安道尔 Andorra

阿根廷 Argentina

阿根廷 Argentina

阿鲁巴 Aruba

阿根廷 Argentina


奥利地 Austria

丹麦 Denmark

阿根廷 Argentina

阿根廷 Argentina



安圭拉 Anguilla

阿鲁巴 Aruba

阿鲁巴 Aruba


阿鲁巴 Aruba

丹麦 Denmark





丹麦 Denmark

奥利地 Austria

阿鲁巴 Aruba



加拿大 Canada



比利时 Belgium

格陵兰 Greenland

博茨瓦纳 Botswana

奥利地 Austria


比利时 Belgium


比利时 Belgium

比利时 Belgium

中国 China

比利时 Belgium

芬兰 Finland

百慕大 Bermuda

冰岛 Iceland

加拿大 Canada

巴西 Brazil 芬兰 Finland


巴林 Bahrain

加拿大 Canada

巴西 Brazil


巴西 Brazil

法国 France


挪威 Norway

中国 China

加拿大 Canada

法国 France

丹麦 Denmark

伯利兹 Belize

中国 China

加拿大 Canada

丹麦 Denmark

加拿大 Canada

德国 Germany

中国 China

瑞典 Sweden


中国 China

加纳 Ghana


百慕大 Bermuda

丹麦 Denmark

中国 China


中国 China

希腊 Greece

丹麦 Denmark


丹麦 Denmark


格陵兰 Greenland

芬兰 Finland




芬兰 Finland


格陵兰 Greenland



丹麦 Denmark

冰岛 Iceland

法国 France


芬兰Finland

丹麦 Denmark

法国 France

丹麦 Denmark

冰岛 Iceland

法国 France

芬兰 Finland


印度 India

德国 Germany

哥斯达黎加 Costa Rica

法国 France


德国 Germany


爱尔兰 Ireland

德国 Germany

法国 France

芬兰 Finland

荷兰 Netherlands

格陵兰 Greenland


德国 Germany

芬兰 Finland

格陵兰 Greenland

芬兰 Finland

意大利 Italy


德国 Germany

法国 France

挪威 Norway

冰岛 Iceland

直布罗陀Gibraltar

格陵兰 Greenland

法国 France

耿西岛 Guernsey

法国 France


格陵兰 Greenland

格陵兰 Greenland

德国 Germany

波兰 Poland



耿西岛 Guernsey

德国 Germany

冰岛 Iceland

德国 Germany

墨西哥 Mexico

匈牙利 Hungary

冰岛 Iceland

格陵兰 Greenland

葡萄牙 Portugal

摩纳哥 Monaco

危地马拉 Guatemala

冰岛 Iceland

格陵兰 Greenland

印度 India

格陵兰 Greenland

荷兰 Netherlands

冰岛 Iceland

印度 India

匈牙利 Hungary

南非 South Africa

荷兰 Netherlands

耿西岛 Guernsey

印度 India

耿西岛 Guernsey

爱尔兰 Ireland

耿西岛 Guernsey


日本 Japan

印度尼西亚 Indonesia

冰岛 Iceland

瑞典 Sweden

挪威 Norway


日本 Japan

冰岛 Iceland

荷兰 Netherlands

冰岛 Iceland

挪威 Norway


爱尔兰 Ireland

爱尔兰 Ireland


波兰 Poland

泽西岛 Jersey


印度India


爱尔兰 Ireland

南非 South Africa


意大利 Italy

意大利 Italy

葡萄牙 Portugal


马耳他 Malta

爱尔兰 Ireland

挪威 Norway

意大利 Italy

瑞典 Sweden

挪威 Norway

日本 Japan

日本 Japan



墨西哥 Mexico

意大利 Italy

波兰 Poland

日本 Japan

波兰 Poland

莱索托 Lesotho

墨西哥 Mexico

西班牙 Spain


摩纳哥 Monaco

日本 Japan

葡萄牙 Portugal

马耳他 Malta

葡萄牙 Portugal

墨西哥 Mexico

荷兰 Netherlands

瑞典 Sweden


荷兰 Netherlands



墨西哥 Mexico


荷兰 Netherlands


瑞士 Switzerland



马耳他 Malta

瑞典 Sweden

荷兰 Netherlands



挪威 Norway

摩纳哥 Monaco

挪威 Norway

墨西哥 Mexico



斯洛伐克 Slovakia

挪威 Norway

波兰 Poland

蒙塞拉特岛 Montserrat

波兰 Poland

荷兰 Netherlands


挪威 Norway


波兰 Poland

葡萄牙 Portugal

萨摩亚 Samoa



波兰 Poland

南非 South Africa

葡萄牙 Portugal



南非 South Africa

挪威 Norway

葡萄牙 Portugal

瑞典 Sweden


南非 South Africa


西班牙 Spain

波兰 Poland


瑞士 Switzerland

瑞典 Sweden

瑞典 Sweden


瑞典 Sweden

葡萄牙 Portugal


土耳其 Turkey

瑞士 Switzerland

瑞士 Switzerland

乌拉圭 Uruguay


新加坡 Singapore

南非 South Africa


土耳其 Turkey

土耳其 Turkey




瑞典 Sweden










其他 others

其他 others

其他 others

其他 Others

其他 Others



马耳他 Malta



巴拿马 Panama

萨摩亚 Samoa


新加坡 Singapore



安道尔 Andorra



安圭拉 Anguilla

加拿大 Canada



百慕大 Bermuda

安圭拉 Anguilla


安提瓜和巴布达 Antigua and Barbuda

百慕大 Bermuda

丹麦 Denmark


丹麦 Denmark

丹麦 Denmark

丹麦 Denmark


丹麦 Denmark




百慕大 Bermuda






比利时 Belgium


芬兰 Finland


芬兰 Finland

芬兰 Finland

芬兰 Finland

伯利兹 Belize

芬兰 Finland

加拿大 Canada


格陵兰 Greenland


格陵兰 Greenland

格陵兰 Greenland

格陵兰 Greenland

百慕大 Bermuda

法国 France

丹麦 Denmark

冰岛 Iceland

库拉索 Curacao

冰岛 Iceland

冰岛 Iceland

耿西岛 Guernsey

巴西 Brazil

格陵兰 Greenland


挪威 Norway


挪威 Norway

爱尔兰 Ireland

冰岛 Iceland

库拉索 Curacao


芬兰 Finland


瑞典 Sweden

日本 Japan

荷兰 Netherlands


冰岛 Iceland

法国 France

耿西岛 Guernsey


墨西哥 Mexico

挪威 Norway


爱尔兰 Ireland

德国Germany


摩纳哥 Monaco

瑞典 Sweden



格陵兰 Greenland

泽西岛 Jersey

荷兰 Netherlands

瑞士 Switzerland

耿西岛 Guernsey


耿西岛 Guernsey




挪威 Norway

冰岛 Iceland

纽埃岛 Niue

挪威 Norway

泽西岛 Jersey


印度 India

圣基茨和尼维斯 Saint Kitts and Nevis



瑞典 Sweden

爱尔兰 Ireland

圣文森特和格林纳丁斯 Saint Vincent and the Grenadines

南非 South Africa


日本 Japan

萨摩亚 Samoa

瑞典 Sweden


墨西哥 Mexico



摩纳哥 Monaco



荷兰Netherlands



挪威 Norway

British Virgin Islands 英属维尔京群岛



乌拉圭 Uruguay



南非 South Africa

瑞典 Sweden



行政特区-

税务信息交换网络 Jurisd

ictions - T

IEA

netwo

rks



马耳他 Malta



巴拿马 Panama

萨摩亚 Samoa


新加坡 Singapore



安道尔 Andorra



安圭拉 Anguilla

加拿大 Canada



百慕大 Bermuda

安圭拉 Anguilla



百慕大 Bermuda

丹麦 Denmark


丹麦 Denmark

丹麦 Denmark

丹麦 Denmark


丹麦 Denmark




百慕大 Bermuda






比利时 Belgium


芬兰 Finland


芬兰 Finland

芬兰 Finland

芬兰 Finland

伯利兹 Belize

芬兰 Finland

加拿大 Canada


格陵兰 Greenland


格陵兰 Greenland

格陵兰 Greenland

格陵兰 Greenland

百慕大 Bermuda

法国 France

丹麦 Denmark

冰岛 Iceland

库拉索 Curacao

冰岛 Iceland

冰岛 Iceland

耿西岛 Guernsey

巴西 Brazil

格陵兰 Greenland


挪威 Norway


挪威 Norway

爱尔兰 Ireland

冰岛 Iceland

库拉索 Curacao


芬兰 Finland


瑞典 Sweden

日本 Japan

荷兰 Netherlands


冰岛 Iceland

法国 France

耿西岛 Guernsey


墨西哥 Mexico

挪威 Norway


爱尔兰 Ireland

德国Germany


摩纳哥 Monaco

瑞典 Sweden



格陵兰 Greenland

泽西岛 Jersey

荷兰 Netherlands

瑞士 Switzerland

耿西岛 Guernsey


耿西岛 Guernsey




挪威 Norway

冰岛 Iceland

纽埃岛 Niue

挪威 Norway

泽西岛 Jersey


印度 India




瑞典 Sweden

爱尔兰 Ireland


南非 South Africa


日本 Japan

萨摩亚 Samoa

瑞典 Sweden


墨西哥 Mexico



摩纳哥 Monaco



荷兰Netherlands



挪威 Norway

British Virgin Islands 英属维尔京群岛



乌拉圭 Uruguay



南非 South Africa

瑞典 Sweden




企业服务提供商Corporate Service Providers

Hong Kong

Italy

Malta

UAE

CORPORATE AND

FIDUCIARY SERVICES

Midland Consult(Hong Kong)Limited

R&P Consulting S.r.l.

Prospera Europe Ltd

Tinity Group

www.midlandconsult.hk

www.raimondi-partners.it

www.prosperainfo.com

www.trinitygroup.eu

Tel: +852 28992009

Tel: +39 059 359536

Tel: +356 21 22 4847

Tel: +971 4 447 8931

[email protected]

[email protected]

[email protected]

[email protected]

专业机构Professional Associations

Hong Kong

Asia Offshore Association

asiaoffshore.org

Tel: +852 30732008

[email protected]

Seychelles

UAE

UAE

Seychelles Investment Board

Jebel Ali Free Zone

RAK Offshore

www.sib.gov.sc

www.jafza.ae

www.rakoffshore.ae

Tel: +248 4 295 500

Tel: +800 – JAFZA (52392)

Tel: +971 7 206 8666

[email protected]

[email protected]

[email protected]

国际金融中心International Financial Centers

Bahamas

BVI

Guernsey

Bahamas Financial Service Board

BVI House Aisa

Guernsey Registry

www.bfsb-bahamas.com

www.bviifc.gov.vg

www.guernseyregistry.com

Tel: +242 393 7001

Tel: +852 34688532

Tel: +44 (0)1481 743800

[email protected]

[email protected]

[email protected]

委托和信托服务Trust & Fidciary Services

Cyprus

Switzerland

Hong Kong

UK

Liechtenstein

Malta

Brazhnikov & Partners Ltd.

Vischer

The CKLB Fiduciary Group

Jordans Trust Company

Allgemeine Treuunternehmen

Chetcuti Cauchi Advocates

www.brazhnikovpartners.com

www.vischer.com

www.cklb.com

www.jordanstrustcompany.com

www.atu.li

[email protected]

Tel: +357 222 64 8 64

Tel: +41 58 211 34 00

Tel: +852 2805 6636

Tel: +44 (0)20 7400 3333

Tel: +423 237 34 34

Tel: +356 2205 6200

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

离岸律所Offshore Law Firms

Cayman Islands

Curacao

Hong Kong

New Zealand

UK

衡力斯

Loebsmith

Steevensz|Beckers Tax Lawyers

Harney Westwood & Riegels

Helmores Wealth Limited.

CS Global Partners

www.loebsmith.com

www.steevenszbeckers.com

www.harneys.com

www.helmores.co.nz

csglobalpartners.com

Tel: +1 345 749 7590

Tel: +5999 736 0506

Tel: +852 3195 7200

Tel: +0064 3 3665086

Tel: +44 (0)20 7318 4343

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]