Speech: Legal Framework for Investing in China in Shipping Related Industry

文章摘要 本文系统梳理外国投资者在中国航运相关行业的法律框架,涵盖基本法律环境、外商投资企业形式(合资、合作、独资、代表处等)、设立审批流程、企业所得税及流转税负担,并重点解析航运业特别准入规则。文章指出国际海运合资企业外资股比不得超过49%,董事长及总经理须由中方委派;货代、仓储等业务按WTO承诺逐步放开外资比例。为投资者选择进入路径和合规安排提供参考。

This is a speech made at  "Ports & Liners China 2002"

Ports & Liners China 2002, an international symposium held by Singapore IBC Group in Hillton Hotel, Shanghai. With the attendance of leading enterprises' representatives all over the world.

Abstract:

This speech will give you some general idea about the legal framework for investing in China. It covers five parts: the first part is about the general legal environment in China and the basic laws and regulations you must know before you invest in China; the second part will tell you what form can you choose when you invest in China and the advantages and the disadvantages of the forms; the third part focuses on how to establish the foreign investment enterprises; the fourth part introduces the fax for the foreign investment enterprises: corporation income tax, value-added tax and business tax; the fifth part focuses on the particular provisions on shipping related industries, it includes: general policy of China government on foreign investment in shipping related industries, special provisions and Chinaˇs commitment to accession to WTO for the international maritime transport services, auxiliary service, international integrated transport & storage, storage and warehousing services, freight forwarding agency services and ports.

冝 Basic laws and regulations
冝 Forms of foreign investment
冝 Establishment of foreign investment enterprises
冝 Tax for foreign investment company
冝 Particular provisions on shipping related industries

Basic Laws and Regulations
冝 Basic law environment
冝 Guidance of foreign investment
冝 The law on Sino-foreign equity joint venture and its detailed rules and regulations
冝 The law on Sino-foreign cooperative enterprises and its detailed rules and regulations
冝 The law on enterprises operated wholly with foreign capitals and its detailed rules
冝 Income tax law for enterprises with foreign investment and foreign enterprises and its detailed rules and regulations
冝 Other related laws and regulations

Guidance of Foreign Investment
冝 Guidance of foreign investment orientation regulation
冝 Catalogue for the guidance of foreign investment industries
Encouraged industries
Permitted industries
Restricted industries
Prohibited industries

Forms of Foreign Investment
冝 Equity joint venture
冝 Contractual joint venture
冝 Wholly foreign owned enterprises
冝 Sino-foreign joint stock company
冝 Holding company
冝 R&D center
冝 Representative office

Equity Joint Venture(EJV)
冝 Limited liability company
冝 Legal person in China
冝 With both Chinese and foreign investors
冝 Foreign investor(s) hold(s) at least 25% shares
冝 Profit and losses shared according to investorˇs relative share of the registered capital

Contractual Joint Venture (CJV)
冝 Limited liability company or partnership without legal person status
冝 With both Chinese and foreign investors
冝 Contribute capital, distribute income or product and bear risks according to contractual arrangement
冝 Chinese investors generally get fixed benefit
冝 Can be managed by one party(usually foreigner)

Wholly Foreign Owned Enterprises (WFOE)
冝 Limited liability company without Chinese partner
冝 Straightforward management structure
冝 Better intellectual property protection
冝 Easier to terminate
冝 Lack of local support

Representative Office
冝 Non-direct-operational institution
冝 Representing its enterprise
冝 Engage in liaison services, marketing survey, product introduction and technical exchange for its enterprise

How to Get Approval
冝 Project of proposal
冝 Feasibility study report, contract (only for EJVs and CJVs) and articles of association
冝 Certificate of approval
冝 Business license

Who Can Help You
冝 Chinese partner
劔 For EJVs and CJVs, the Chinese partners can help you to prepare and submit the documents and get approval.
冝 Agency
劔 For WFOEs, you have to entrust an agency to help you go through all the procedures till you get the business license.
劔 For EJVs and CJVs, you also can entrust an agency to do it for you.

Corporation Income Tax
冝 Generally:30%+3%(local)
冝 Enterprises registered in special economic zone and manufacturing enterprises registered in state level economic development zone can be levied to 15%.
冝 Enterprises in the industry of resource, transportation, port and wharf and registered in above-mentioned areas can be reduced to 15%.

Tax Holiday
冝 Manufacturing enterprises scheduled to operate for a period over 10 years can be exempted from income tax in the first 2 years from the profit-making year and be granted a 50% reduction in the next 3 years.
冝 High-tech FIE scheduled to operate for a period over 10 years can be exempted from income tax in the first  2 years from the profit-making year and be granted a 50% reduction in the next 6 years.
冝 FIE whose annual export sales value amounts to more than 70% of their annual sales value, can pay the income tax with 50% reduction at that year.

Personal Income Tax

Turnover Tax
冝 Value-added tax (VAT)
generally:17%
冝 Business tax
劔 For transport enterprises: 3%
劔 For storage and other service: 5%

Particular Provisions on
Shipping Related Industry
冝 General policy on foreign investment
冝 International maritime transport services
冝 Auxiliary service
冝 International integrated transport & storage
冝 Storage and warehousing services
冝 Freight forwarding agency services
冝 Ports

General Policy on Foreign
Investment (Encouraged)
冝 Under the encouraged list:
劔 Public wharf construction and operation
劔 Wharf equipments designing and manufacturing
劔 Ferry facility construction and operation (JV)
劔 International maritime transport services (subject to WTO commitment)
劔 International container integrated transport (subject to WTO commitment)
劔 Storage facility construction and operation

General Policy on Foreign Investment (Restricted)
冝 Under the restricted list:
劔 Container manufacturing
劔 Maritime cargo-handling services
劔 Freight forwarding agencies services
劔 Maritime agencies services

International Maritime Transport Services (Freight & Passengers)
冝 Establishment of registered companies for the purpose of operating a fleet under the national flag of P.R.C:
冝 Permitted to establish JV shipping companies;
冝 Foreign investment shall not exceed 49% of the total registered capital of the JV;
冝 The chairman of directors and the general manager of the JV shall be appointed by Chinese side

Auxiliary Service
冝 Maritime cargo-handling services, customs clearance services for maritime transport, container station and depot services:
劔 Only in the form of joint venture
劔 Foreign majority ownership is permitted.
冝 Maritime agencies services
劔 Only in form of joint venture
劔 Foreign equity share no more than 49%
劔 The chairman of directors and the general manager of the JV shall be appointed by Chinese side

International Integrated
Transport & Storage
冝 Encouraged but subject to WTO commitments:
劔 Foreign equity share no more than 50 per cent
劔 No later than 11/12/2002, foreign majority ownership will be permitted
劔 No later than 11/12/2005, wholly foreign ownership will be permitted

Storage and Warehousing Services
冝 Construction and operation of storage related to transport are encouraged
冝 Upon accession to WTO, only in the form of joint venture, with foreign investment not to exceed 49 per cent.
冝 Within one year after Chinaˇs accession, foreign majority will be permitted
冝 Within three years after Chinaˇs accession, wholly foreign-owned subsidiaries will be permitted

Freight Forwarding
Agency Services
冝 Upon accession, foreign freight forwarding agencies which have at least three consecutive years experience are permitted to set up JV, with foreign equity share not to exceed 50 per cent; Within one year after chinaˇs accession, foreign majority ownership will be permitted; Within four years after chinaˇs accession, wholly foreign-owned subsidiaries will be permitted.
冝 The minimum registered capital of the JV shall no less than US$1million. Within four years after accession, national treatment will be accorded.
冝 Operation term of  the JV shall not exceed 20 years.

Freight Forwarding
Agency Services (2)
冝 After one year operating in china, the JVs can set up branches when the registered capital of the both sides has been provided. Another US$120,000 shall be added to the original registered capital of the JV for the set-up of each branch. Within two years after chinaˇs accession, this additional registered capital requirement will be implemented on the basis of national treatment.
冝 A foreign freight forwarding agency may set up a second JV after its first JV has been in operation for five years. Within two years after Chinaˇs accession to the WTO, this requirement will be reduced to two years.

Ports
冝 Construction and operation of ports is encouraged.
冝 The operation term can be longer than 30 years
冝 Scope of business can be expanded into related business under approval, if the amount of the investment is large and profit returns are long
冝 Income tax rate is 15%, if operation term is over 15 years can be exempted from income tax in the first 5 years from the profit-making year and be granted a 50% reduction in the next 5 years.
冝 Reinvestment in wharf, 40% of the income tax paid can be refunded

Thank You
Good luck in China!
Contact me if you need any help:
Chambers Yang
Attorney-at-law/Partner
Haworth & Lexon
Suite 606 CIMIC Tower, 1090 Century Avenue, Pudong, Shanghai 200120, P.R. China
Tel: 0086-21-68767750   Fax: 0086-21-68767740
E-mail: chambers@HLlawyers.com
Http://www.HLlawyers.com

杨春宝一级律师简介

杨春宝一级律师,大成上海高级合伙人、资本市场部主任、国资基金研究中心主任,大成中国区私募基金专业带头人、科技与文化法律研究中心联合牵头人。执业30余年,长期从事私募基金、投融资、并购重组法律服务,尤其对对赌研究颇深且具有非常丰富的实战经验,并专注于金融机构股权投资业务。2004年起多次入选The Legal 500"私募基金"和"公司与商业"等境内外各类律师榜单,代理的中国法院首例适用外国法律审理外国公司的董事损害小股东权益纠纷案入选上海高院发布的《上海法院域外法查明典型案例》和威科先行"要案头条"。入选上海涉外法律人才库、上海市司法局鼎新法治人才库、上海国有企业改制法律顾问团,具有上市公司独立董事任职资格,系多家知名高校的兼职教授或兼职研究生导师及上海市商务委跨国经营人才培训班讲师。出版《私募股权投资基金风险防控操作实务》等16本投融资法律专著。了解更多

常见法律问题

外国投资者在华投资可选用哪些企业形式?各有什么特点?

①法律概念与规则解释:中国法律为外国投资者提供了多种企业组织形式,主要包括中外合资经营企业、中外合作经营企业、外商独资企业、中外合资股份制公司、控股公司、研发中心及代表处等。合资企业要求外方持股至少25%,按出资比例分享利润并分担风险;合作企业可不按持股而按合同约定分配收益或产品,通常中方获得固定回报;独资企业无中方股东,管理结构直接,便于知识产权保护和企业终止;代表处不能直接经营,仅可从事联络、市场调研、产品介绍与技术交流。②案件事实与实务场景引用:演讲内容显示,中外合资经营企业为有限责任公司,具有中国法人资格,外方持股不低于25%;合作经营企业既可为法人型也可为合伙型,可由一方(通常为外方)管理;外商独资企业缺乏本地合作方支持,但设立和终止程序相对简便。设立时需提交项目建议书、可行性研究报告、合同(仅合资与合作企业)及章程,取得批准证书后办理营业执照。③实务指引与风险提示:投资者应结合业务性质选择企业形式。若需快速进入且重视控制权,可考虑独资;若需借助中方资源或资质,可选择合资或合作。合作企业的固定回报安排虽灵活,但需注意商业风险分配;代表处不能开展直接经营活动。选择形式还应结合行业准入目录,凡属于限制类或禁止类的业务,必须先确认是否允许外资进入及股比上限,避免审批受阻。

中国对航运相关行业的外资准入有哪些特别限制?

①法律概念与规则解释:航运相关行业在外商投资产业目录中分属鼓励类与限制类,适用不同的准入规则。国际海运服务(含货物与旅客运输)被纳入WTO承诺范围,设立合资船公司时外方出资比例不得超过合资企业注册资本的49%,且董事会董事长与总经理须由中方指定。船舶代理、货物装卸、集装箱站及堆场等辅助服务仅允许采用合资形式,其中船舶代理外资股比同样不得超过49%,而装卸等辅助服务允许外资拥有多数股权。②案件事实与实务场景引用:演讲特别指出,国际综合运输仓储属于鼓励类,但受WTO承诺限制,加入时外资不得超过50%,自2002年12月11日起允许外资多数,至2005年12月11日起允许独资。仓储服务在加入时只能合资且外资不超过49%,一年内放开多数股权,三年内允许独资。货运代理在加入时外资不超过50%,一年内允许多数,四年内允许独资,且合资货代最低注册资本不少于100万美元。③实务指引与风险提示:投资者应准确识别拟从事业务属于国际海运、港口装卸、船舶代理、仓储还是货代,因为各子行业的股比上限和放开时点差异较大。对于中方控股要求的领域,可设计股权结构时考虑由中方实际控制;对于已开放至独资的业务,则可通过设立外商独资企业简化管理。同时应关注行业准入目录的动态调整以及企业实际经营地址是否位于特殊经济区域,以防享受不到相关优惠待遇。

外商投资企业可享受哪些税收优惠待遇?

①法律概念与规则解释:外商投资企业在所得税和流转税方面设有基础税率和优惠机制。一般企业所得税税率为30%,另附3%的地方所得税;设在经济特区以及国家经济技术开发区的生产性企业可减按15%征收;从事资源、交通、港口、码头建设且设在上述区域的企业也可享受15%税率。流转税方面,增值税基本税率为17%,交通运输业适用3%营业税,仓储及其他服务业适用5%营业税。②案件事实与实务场景引用:演讲内容显示,经营期在10年以上的生产性外商投资企业,从获利年度起可享受两年免征所得税、三年减半征收的优惠;经营期10年以上的高新技术企业可享受两年免征、六年减半;当年出口产值占企业总产值70%以上的企业,当年所得税可减半征收。这些优惠与企业的经营年限、所属行业及出口比例挂钩,并非自动适用,需在设立及年度申报中作出相应安排。③实务指引与风险提示:投资者应合理测算优惠期限,注意优惠从获利年度起算,而非从设立年度起算,因此亏损年度不计入优惠期。若企业计划享受港口、交通类15%低税率,应确保其经营场所和项目性质符合目录要求。同时,出口导向型企业在经营中应维护出口销售占比记录,以便在达标年度享受减半优惠。需关注税法政策变化,避免因税率调整导致原测算模型失效。

以上内容仅供参考,不构成法律意见。如需专业法律服务,请联系杨春宝一级律师:chambers.yang@dentons.cn

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