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姚约茜、刘家成:中英双语 | 外资私募基金如何在中国落地 (中)

发布日期:2020-03-16

第二部分 外资私募基金管理人的设立

01

 针对外资私募基金管理人的支持政策

For the purpose of the investment business in China, the foreign investors may set up and register the private investment fund manager either as FEM or FSM, and in the form either as wholly foreign-owned enterprise or equity joint venture.

Upon the issuance of FAQ10, you may set up an FSM by the way of wholly foreign-owned enterprise or equity joint venture.  Specifically, in accordance with the first answer to the first question under FAQ10 as follow:

“According to the policy outcomes achieved in the seventh and eighth China-U.S. Strategic and Economic Dialogues and the seventh China-UK Economic and Financial Dialogue, upon approval by the China Securities Regulatory Commission, a wholly foreign-owned or equity joint venture private securities fund management institution should be registered as a private securities investment fund manager with the Asset Management Association of China and meet the following conditions in order to carry out the private securities fund management business within the territory of China.” 

It is explicit to point out that the form of FSM shall either be wholly foreign-owned enterprise or equity joint venture, and the eligible foreign investors may have its discretion to set up wholly foreign-owned enterprise and holding 100% equity interest to carry out the private securities business in China.

为了中国进行投资活动之目的,外国投资者可选择以外商独资企业或中外合资企业的形式来设立主体,并登记成为外资私募股权投资基金管理人或外资私募证券投资基金管理人。

在《私募基金登记备案相关问题解答(十)》颁布后,您可以通过外商独资企业或合资企业的方式建立外资私募证券基金管理人。

具体来说,根据《私募基金登记备案相关问题解答(十)》中第一个问题的第一个答案,即:

根据第七轮、第八轮中美战略与经济对话以及第七次中英经济财金对话达成的政策成果,经中国证监会同意,外商独资和合资私募证券基金管理机构在中国境内开展私募证券基金管理业务,应当在中国证券投资基金业协会登记为私募证券基金管理人,并应当符合以下条件:(一)该私募证券基金管理机构为在中国境内设立的公司……

从而可以明确指出,外资私募证券基金管理人的形式可以是外商独资企业或合资企业。符合条件的外国投资者可以自行决定成立外商独资企业并持有100%的股权进行中国的私募证券基金业务。

02

 享有的权利和义务

As mentioned above, you may intend to set up a wholly foreign-owned enterprise or equity joint venture in accordance with the Foreign Investment Law.  No matter which form to be chosen, the wholly foreign-owned enterprise or equity joint venture shall be entitled to enjoy relevant rights and interests and comply with the obligations in accordance with the Foreign Investment Law, and key points are as follows: 

如上所述,您可能会想要根据《外商投资法》来成立外商独资企业或合资企业。不论选择哪种形式,独资企业或合资企业均有权享有相关权益,并应遵守《外国投资法》规定的义务,要点如下:

01


遵守《负面清单》的规定

Compliance with the negative list

Under Section 4 and Section 28 of the Foreign Investment Law, foreign investment, (we understand, including the set-up of FEM and/or FSM, no matter through wholly foreign-owned enterprise or equity joint venture), shall be entitled to the pre-establishment national treatment and comply with the negative list. 

As mentioned above, currently the PRC Negative List and the FTZ Negative List are the foremost polices.  Other than Section 22 (Finance) in PRC Negative List and Section 19 in FTZ Negative List that promulgated the restriction of the shareholding percentage of foreign investors in a securities investment fund management company, which we understand is mainly in relation to the public offering, rather than private offering, there is no other restriction in the Negative List to the set-up of the foreign private securities manager. 

根据《外商投资法》第四[1]条和第二十八[2]条,外商投资(我们理解为包括外资私募股权投资基金管理人和/或外资私募证券管理人的设立,无论是以合资还是独资的方式)均应享有准入前国民待遇且须遵守《负面清单》的规定。

如上所述,目前《中国负面清单》和《自贸区负面清单》是最重要的政策。除了《中国负面清单》第22项[3]和《自贸区负面清单》第19项[4]颁布了限制外商投资者在证券投资基金管理公司中的持股比例的限制外(此举主要是针对公募,而非私募),《负面清单》中对外资私募证券管理人的设立没有其他限制。

02


投资与获利

Investment and Profit

Section 21 of the Foreign Investment Law provides an encouraging and positive policy to the foreign investment and freedom to transfer the investment and/or profit inward and outward of China, which brings a great attraction to foreign investors to set up the FEM and/or FSM and carry out private investment business in China. 

《外商投资法》第二十一条[5]为外商投资提供了积极支持的政策,以及外部投资与/或利润出入中国的自由。这极大吸引了外国投资者在华设立外资私募股权投资基金管理人和/或外资私募证券基金管理人,并促进外商在华私募投资活动的发展。

03


知识产权保护

Protection of Intellectual Property

There is a great and positive change to the protection of intellectual property of the foreign investment in accordance with Section 22 of the Foreign Investment Law.  The legitimate rights and interest of the holders of intellectual property rights will be well protected from any infringement.

根据《外商投资法》第二十二条[6],对外商投资的知识产权保护有巨大且积极的变化。知识产权持有人的合法权益将受到良好保护,不受任何侵犯。

04


《公司法》和《合伙企业法》的适用

Application to the Company Law and Partnership Enterprise Law

Compared with the Previous Foreign Law, the Foreign Investment Law explicitly points out that the foreign-funded enterprise shall be subject to the provision of the Company Law of the People’s Republic of China (the “Company Law”)(公司法), and the Partnership Enterprise Law of the People’s Republic of China (中华人民共和国合伙企业法), in accordance with Section 31 of the Foreign Investment Law.

与之前的“外资三法”相比,根据《外商投资法》第三十一条[7],《外商投资法》明确指出:外商投资企业应遵守《中华人民共和国公司法》(“《公司法》”)和《中华人民共和国合伙企业法》的规定。

Specifically, unlike the equity joint venture, or the cooperative joint venture, or the wholly foreign-owned enterprise established under the Previous Foreign Law, the highest power authority to the foreign-funded enterprise (including but not limited to the wholly foreign-owned enterprise or equity joint venture) under Foreign Investment Law shall be the Shareholder’s meeting, rather than the board of directors. It is a great change and more consistent with the Company Law. 

具体而言,与之前“外资三法”所规定的合资企业、合作企业或独资企业不同,《外商投资法》规定的外资企业(包括但不限于独资企业或合资企业)的最高权力机构应是股东大会,而不是董事会。这是一个巨大的变化,且更加符合《公司法》的要求。

03

 设立的程序和时间表

The establishment of the FPM shall comply with the general requirements and we are going to outline the steps as follows for your reference:

外资私募证券基金管理人的设立应符合一般要求,我们将概述所需步骤,供您参考:

01


Step1: select the location for the establishment of the FPM and obtain the approval to the business scope thereof.

As per our prior experience and consulted with relevant competent Administration for Industry and Commerce (the “AIC”)(工商管理局/市场监督管理局), it is becoming more and more difficult for investor(s) to set up an a wholly-foreign-owned enterprise or equity joint venture with the business scope involving the wordings like “investment and management” or “asset management”, due to the explosion of the breach in P2P industry in the past recent years.  

In addition, the approvals of relevant finance department, sub-district office, police department shall also be obtained, provided that, the timeline and procedure to obtain such approvals are still uncertain right now and will be subject to actual practice and consultation results with the aforesaid authorities accordingly.

第一步:选择设立外资私募证券基金管理人的地点并获得其经营范围的批准。

根据我们的既有经验,并咨询过工商管理局和市场监督管理局,由于近年来P2P行业违规行为的激增,对于投资者而言,建立一家经营范围涉及“投资管理”或“资产管理”的外商独资或合资企业越来越困难。

此外,还须获得相关财务部门,街道办事处,警察部门的批准。但目前尚不确定获得此类批准的时间和程序,将取决于前述有关部门的实际操作和咨询结果。

02


Step2: name pre-verification with the competent AIC

It may take AIC about 3-4 business days to review the application documents upon the date of the receipt thereof and issue the enterprise name pre-verification notice(企业名称预先核准通知书), pursuant to which the pre-approved enterprise name of the FPM will be reserved for six months. 

第二步:通过工商行政管理机关办理企业名称预先核准

工商行政管理机关可能会在收到申请文件之日起大约3-4个工作日内对其进行审核,并发出《企业名称预先核准通知书》,该通知书核准的企业名称有效期为6个月。

03


Step3: registration with AIC and issuance of the business license It normally takes AIC around 1-2 weeks to issue the business license if Step 1 -3 have been successfully completed.

第三步:通过工商行政管理机关设立登记并取得企业营业执照

如果第一到三步已成功完成,工商行政管理机关通常需要1-2周才能签发营业执照。

04


Step4: post-establishment registration with various local government authorities After receiving the business license, the FPM must register with relevant authorities, mainly including the followings:

第四步:完成在各地方政府部门的注册登记

收到营业执照后,必须向有关当局注册登记,主要包括以下内容:

• Carving the company chop (公章), finance chop (财务章), legal representative chop (法人章), invoice chop (发票章) and other chops;

• Obtaining the foreign exchange registration certificate (外汇登记证) and the approval of opening the registered capital account (资本金账户);

• Obtaining the approval for opening the RMB bank account and opening the RMB accounts;  

The timeline to complete the above post-establishment registration will be subject to the actual practice. 

公章、财务章、法人章、发票章和其他图章的制作;

取得外汇登记证和资本金账户;

获得批准开设人民币银行基本户和其他人民币账户;

上述注册登记所需时间取决于实际情况。

To our knowledge, Step 1 above is the most important part of the establishment of an FPM with the business scope involving “investment and management” or “asset management” so far.  And we are willing to advise you to communicate with relevant authorities in advance and help you on this matter.  Upon your further request, we would be pleased to advise you on the documentation requirements in connection with the above-mentioned registration and approval procedures.

截至目前,因为经营范围涉及“投资管理”或“资产管理”,第一步便是设立外资私募证券基金管理人最关键的一步。我们建议您提前与有关当局沟通,并乐意就此为您提供一切帮助。

如您有进一步需求,我们还将为您提供关于上述注册登记和批准程序的文件要求的建议。

04

 设立的程序和时间表

The distribution of profit becomes the most important issue to the foreign investors in the recent years.  With the Reform and Opening-up and the effectiveness of Foreign Investment Law, it is going to be more comfortable and positive to the foreign investors.  In accordance with the Section 7 under the Circular of the State Administration of Foreign Exchange on Further Advancing the Reform of Foreign Exchange Administration and Improving Examination of Authenticity and Compliance (the “Circular”)(国家外汇管理局关于进一步推进外汇管理改革完善真实合规性审核的通知) and the Section 21 of Foreign Investment Law, the profits of an FPM may be exchanged into foreign currency and remitted out of China to the foreign shareholder thereof, upon the satisfaction of the following requirements:

近年来,利润分配成为外国投资者最看重的问题。随着改革开放和《外商投资法》的生效,外国投资者将在此方面获得更大的自由和积极效果。

根据《国家外汇管理局关于进一步推进外汇管理改革完善真实合规性审核的通知》第七条[8](以下简称“《通知》”)和《外商投资法》第二十一条的规定,外资私募基金管理人的利润可以兑换成外币并汇出中国,前提需满足以下要求:

(1) the bank where the FPM’s account(s) are opened is responsible for the remittance of the profits, if the amount of the profits to be remitted is over 50,000 U.S. dollars (exclusive);

(2) the issuance of the resolution of the board of directors with respect to the profit’s distribution;

(3) the original of the tax record form;

(4) the audited financial statements;

(5) the losses of the previous years must be recovered before the profit’s remittance.

(1) 如果要汇出的利润金额等值五万美元以上(不含),则由外资私募证券基金管理人的开户行负责汇出利润;

(2) 与本次利润汇出相关的董事会利润分配决议(或合伙人利润分配决议);

(3) 税务备案表原件;

(4) 经审计的财务报表;

(5) 境内机构利润汇出前应先依法弥补以前年度亏损。

For the convenience, we are going to outline the general procedure of profit remittance for your reference as follows:

为方便起见,我们将概述利润汇款的一般程序,以供您参考:

01


Step1: convene and hold the board of directors and issue the resolution of the board of directors with respect to the previous year profit’s remittance to the foreign shareholder out of China;

第一步:召开董事会,并发布董事会关于上一年向中国境外股东汇出利润的决议;

02


Step2: engage an accounting firm to audit the relevant annual financial statements of the FPM and issue an audited financial statements or financial reports, which shall be submitted to the State Administration of Foreign Exchange (the “SAFE”)(国家外汇管理局), State Administration of Taxation (the “SAT”)( 国家税务局) and other competent authorities (if needed);

第二步:聘请会计师事务所对外资私募证券基金管理人的相关年度财务报表进行审计,并发布经审计的财务报表或财务报告,并将其提交国家外汇管理局、国家税务局和其他主管部门(如有需要);

03


Step3: Application of taxation record filing with the SAT or branches thereof if the amount of the profits to be remitted is over 50,000 U.S. dollars (exclusive);

第三步:若利润汇出金额等值五万美元以上(不含),向国家税务局或其分支机构申请税务备案表;

04


Step4: Purchase the foreign exchange currency in the bank where the FPM’s account is opened and finish the profit’s remittance.

第四步:在外资私募证券基金管理人的开户行购买外汇,最后汇出利润。

The procedures above are subject to the amendment to the laws and regulations by the SAFE, the SAT or other competent authorities and we will advise you of any change should they occur if requested. 

上述程序受国家外汇管理局、国家税务局或其他主管部门对法律法规的修改的约束。如您有需要,一旦发生法律法规的修改,我们将会提供针对性建议。

注释

[1] “The State shall implement the management systems of pre-establishment national treatment and negative list for foreign investment. For the purpose of the preceding paragraph, pre-establishment national treatment refers to the treatment given to foreign investors and their investment during the investment access stage, which is not lower than that given to their domestic counterparts; negative list refers to special administrative measures for the access of foreign investment in specific fields as stipulated by the State.  The State shall give national treatment to foreign investment beyond the negative list.  The negative list will be issued by or upon approval by the State council.” Section 4, Foreign Investment Law of the People’s Republic of China, effective date of 2020.01.01.

“国家对外商投资实行准入前国民待遇加负面清单管理制度。前款所称准入前国民待遇,是指在投资准入阶段给予外国投资者及其投资不低于本国投资者及其投资的待遇;所称负面清单,是指国家规定在特定领域对外商投资实施的准入特别管理措施。国家对负面清单之外的外商投资,给予国民待遇。负面清单由国务院发布或者批准发布。”《中华人民共和国外商投资法》第四条。

[2] “Foreign investors shall not invest in any filed forbidden by the negative list for access of foreign investment.  For any filed restricted by the negative list, foreign investors shall conform to the investment conditions provided in the negative list.  Filed not included in the negative list shall be managed under the principle that domestic investment and foreign investment shall be treated uniformly.” Section 28, Foreign Investment Law of the People’s Republic of China, effective date of 2020.01.01.

“外商投资准入负面清单规定禁止投资的领域,外国投资者不得投资。外商投资准入负面清单规定限制投资的领域,外国投资者进行投资应当符合负面清单规定的条件。外商投资准入负面清单以外的领域,按照内外资一致的原则实施管理。”《中华人民共和国外商投资法》第二十八条。

[3] “The proportion of foreign capital invested in a securities company shall be less than 51 percent, the proportion of foreign capital invested in a securities investment fund management company shall be less than 51 percent (this limit on the foreign shareholding proportion will be canceled in 2021).” Section 22, PRC Negative List, effective date of 2019.07.30.

“证券公司的外资股比不超过51%,证券投资基金管理公司的外资股比不超过51%。(2021年取消外资股比限制)”《外商投资准入特别管理措施(负面清单)(2019年版)》第22项。

[4] “The proportion of foreign capital invested in a securities company shall be less than 51 percent, the proportion of foreign capital invested in a securities investment fund management company shall be less than 51 percent (this limit on the foreign shareholding proportion will be canceled in 2021).” Section 19, FTZ Negative List, effective date of 2019.07.30.

“证券公司的外资股比不超过51%,证券投资基金管理公司的外资股比不超过51%。(2021年取消外资股比限制)”《自由贸易试验区外商投资准入特别管理措施(负面清单)(2019年版)》第19项。

[5] “A foreign investor may, in accordance with the law, freely transfer inward and outward its contributions, profits, capital gains, income from asset disposal, royalties of intellectual property rights, lawfully obtained compensation or indemnity, income from liquidation and so on within the territory of China in CNY or a foreign currency.” Foreign Investment Law of the People’s Republic of China, effective date of 2020.01.01.

“外国投资者在中国境内的出资、利润、资本收益、资产处置所得、知识产权许可使用费、依法获得的补偿或者赔偿、清算所得等,可以依法以人民币或者外汇自由汇入、汇出。” 《中华人民共和国外商投资法》第二十一条。

[6] “The State shall protect the intellectual property rights of foreign investors and foreign-funded enterprises and protect the legitimate rights and interests of holders of intellectual property rights and relevant right holders; in case of any infringement of intellectual property rights, legal liability shall be investigated strictly the legal liability in accordance with the law.” Foreign Investment Law of the People’s Republic of China, effective date of 2020.01.01.

“国家保护外国投资者和外商投资企业的知识产权,保护知识产权权利人和相关权利人的合法权益;对知识产权侵权行为,严格依法追究法律责任。” 《中华人民共和国外商投资法》第二十二条。

[7] “The organization form, institutional framework and standard of conduct of a foreign-funded enterprise shall be subject to the provision of the Company Law of the People’s Republic of China, the Partnership Enterprise Law of the People’s Republic of China, and other laws.” Section 31, Foreign Investment Law, effective date of 2020.01.01.

“外商投资企业的组织形式、组织机构及其活动准则,适用《中华人民共和国公司法》、《中华人民共和国合伙企业法》等法律的规定。” 《中华人民共和国外商投资法》第三十一条。

[8]“Continuously implement and improve the outward and remittance management policy for foreign exchange profits from direct investment.  Where a bank remits profits of a domestic institution equivalent to more than USD50,000 (exclusive), it shall, based on the principle of real transaction, review the profit distribution resolution of the board of directors (or profit distribution resolution of partners) relating to such profit remittance, the original of tax record form, and audited financial statements, and shall seal on the original of tax record form indicating the amount and date of such remittance.  The domestic institution shall make up the losses of previous years in accordance with the law before profit remittance. Section 7, the Circular of the State Administration of Foreign Exchange on Further Advancing the Reform of Foreign Exchange Administration and Improving Examination of Authenticity and Compliance.

“继续执行并完善直接投资外汇利润汇出管理政策。银行为境内机构办理等值5万美元以上(不含)利润汇出业务,应按真实交易原则审核与本次利润汇出相关的董事会利润分配决议(或合伙人利润分配决议)、税务备案表原件、经审计的财务报表,并在相关税务备案表原件上加章签注本次汇出金额和汇出日期。境内机构利润汇出前应先依法弥补以前年度亏损。” 《国家外汇管理局关于进一步推进外汇管理改革完善真实合规性审核的通知》(汇发〔2017〕3号)第七条。

— To Be Continue —

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姚约茜,德衡律师集团高级合伙人,北京德和衡(上海)律师事务所执行主任,跨境投资并购业务中心总监。中国及美国纽约州执业律师、上海律协国际投资委员会委员、《钱伯斯亚太榜单》公司/商事上榜律师。

联系方式

电话:13701749668

邮箱:yaoyuexi@deheng.com

刘家成,北京德和衡(上海)律师事务所资深律师,华东政法大学国际金融法硕士,主要业务方向是跨境并购、跨境融资、PE/VC投融资及资管业务。

联系方式

电话:13928901386

邮箱:liujiacheng@deheng.com

质控人:刘克江  跨境投资并购业务中心副总监、国际仲裁与调解专业委员会主任

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