霍金豪森律师事务所演讲稿PPT.ppt

LegalConsiderationsonOverseasInvestmentbyChineseEnterprises中国企业海外投资有关法律问题 WeiJun魏军Co ManagingPartner联席执行合伙人Hogan HartsonL L P霍金 豪森律师事务所BeijingandShanghaiOffices北京 上海代表处 2 InvestmentMode投资模式Legal TaxStructuring法律 税收结构CorporateGovernance公司治理LocalLegalExposure当地法律风险Risks Prevention风险与预防 MainIssuestoThinkAbout主要考虑的因素 3 GreenfieldInvestment绿地投资Cashinvestment现金投资Investmentwithacquiredassets吞并投资InvestmentthroughM A并购投资Acquireandcontrolanexistingcompany吞并控制现存公司Buyintoanexistingcompanythroughsharepurchase通过购入股票 买进现存公司Otherinvestment其他投资Generaterevenuebyprovidingspecificservices includingexplorationanddevelopment equipmentlease etc 通过提供包括勘探和开发及设备租借在内的特殊服务获取利润Investthroughspecificrisksharingarrangement includingoil gasandmineexplorationandexcavation andproductsharingagreements通过包括石油 天然气及矿物勘探和发掘以及产品分摊协议等特别风险分摊协议进行投资 InvestmentMode投资模式 4 Importantissuestobeconsideredundereachmode在每种投资模式下需考虑的重要因素Creditor sright债权人的权利Internalcorporategovernance公司内部治理Taximplicationandaccountingconsideration税收问题和财务上的考虑Operationalissues brandpromotion etc 经营因素 品牌推介等 InvestmentMode continued 投资模式 5 Greenfieldinvestment绿地投资Advantages cleandebts raiseoftaxbasisforassets relativelylowrisks优点 债务清空 通过资产增加税收 风险相对教小Disadvantages maybedifficultfortakeoverofexistingbusinessand orgovernmentpermit缺点 或许对现存的企业并够存在困难或者难以得到政府许可InvestmentthroughM A通过并购进行投资Advantages automatictakeoverofexistingbusinessand orgovernmentpermit优点 自动获得包括政府在内的对现存的企业并购的许可Disadvantages undertakingofdebtsandemployees relativelyhighrisks duediligencenecessary 缺点 将会接受原企业的债务和员工 风险相对较高 需引起注意 Otherinvestment其他投资方式Advantages improvementofChineseenterprises internationalcompetitionstrength higherreturn优点 提高中国企业的国际竞争力 高回报Disadvantages relativelyhigherrisks缺点 风险相对较高 InvestmentModel continued 投资模式 6 Factorstobeconsideredforcorporatestructure 公司结构需考虑的因素Establishbusinessentitiesbasedonbusinesstypesandparticularindustrialrisks基于商业模式和具体产业风险 建立商业实体Establishspecialpurposevehicleintaxheavencountries在自由港建立有特殊目的的媒介Optimisecorporatestructurebyconsideringboththeabovefactors在考虑以上两点的基础上 优化公司结构 Legal TaxStructuring法律 税收结构 7 Wholly ormajority ownedsubsidiaries独资 或控股 分支机构Simplestructureforcorporategovernancepurpose简化企业机构以便实现公司治理的目的Subsidiariesnotundercontrol非控股分支机构StructureofBoardofDirectors董事会结构Deadlock breakingmechanism防死锁机制Resolutionsonmaterialmatters生产原料方面的考虑Exitmechanism退出机制 Corporategovernance公司治理 8 Localenvironmentprotectionpolicy本地环境保护政策Understandandpreciselyevaluateenvironmentalrisksassociatedwiththerelevantindustry了解并高度重视环境风险Enterprise sstrict retroactiveandjointliabilityonenvironmentprotectionissuesunderthelawsofsomecountries一些国家的相关法律对企业在环境保护方面有严格的规定严格 对企业在环境保护方面有追究力且要求企业承担这方面的义务Agreeuponindemnificationandcompensationclausesonenvironmentissueswhenacquiringassetsorequity对企业资产或债权进行吞并时 有涉及环境的赔偿条款Localemployment雇佣当地员工Employmentstrategybasedonlocalpolicy本地就业政策Understandrulesregardinglocallaborunionright employeewelfare layoff etc 理解本地工会的相关雇佣 工资 失业等规定 Locallegalissues continued 当地法律 9 Localpolicyforparticularindustries特殊行业的本地政策Governmentapprovalsforparticularindustries bank insurance energy mining telecom etc 政府对特殊行业的审批 银行 保险 能源 矿产 电信等 Administrativerulesforparticularindustries对特殊行业的行政管理规定Localpolicyconcerningforeigninvestment当地的外资政策Coexistenceofpreferentialpoliciesandrestrictivepoliciesforforeigninvestment优惠和限制政策兼有Localforeignexchangecontrol本地外汇交换控制Governmentcommitmenttoforeigninvestors政府对外资的承诺 Locallegalissues continued 当地法律 10 Maintypesofpoliticalrisks政治风险的主要类型Nationalization recentoilindustrynationalizationinVenezuela 国有化 最近委内瑞拉发生的石油行业国有化 Changeinlaw mostlyarisingfromgovernmentalternation 法律变化 主要是由政府换届引起的 Politicalsituation政治局势Governmentguarantee政府担保Letterofguaranteeissuedbythecentralgovernment theministryoffinanceorthecentralbank由中央政府出具的保证书 财政部或中央银行Waiverofsovereignimmunitybythegovernment政府对自动免疫的回避Letterofcomfort supportissuedbygovernment generallynotlegallybinding butmoreformoralundertaking 政府签发的支持信 没有法律效力 但能从道义上给予支持 Commercialrisks商业危机Resolution解决办法Carefulduediligence soundlegalstructureandproperlegaldocumentation良好的法律结构和恰当的法律文件Overseasinvestmentriskinsurance海外投资风险担保 Risks prevention风险与预防 11 BaltimoreBeijingBerli