CCH外资合伙企业研讨会 Investing in Partnerships in China 2010

CCH外资合伙企业研讨会 Investing in Partnerships in China 2010
通力律师事务所 / 人民币基金研讨会 CCH外资合伙企业研讨会通力律师事务所 / 人民币基金研讨会 CCH外资合伙企业研讨会 Investing in Partnerships in China 2010 外商投资新规――外资合伙企业 New Regulation on Foreign Investment - Foreign Invested Partnership Enterprises 通力律师事务所 Llinks Law Offices 2010年1月 January 2010 1 2009年9月25日 2009年9月25日通力律师事务所 1 1

一. 法规概述 Regulatory Overview
《中华人民共和国合伙企业法(2006修订)》, 2006年8月27日颁布、2007年6月1日起施行。 PRC Law of Partnership Enterprise (revised in 2006), promulgated on August 27, 2006 and implemented as of June 1, 《中华人民共和国合伙企业登记管理办法 (2007修订)》, 2007年 5月9日颁布、2007年6月1日起施行。 Administrative Measures on PRC Partnership Enterprise Registration (revised in 2007), promulgated on May 9, 2007 and implemented as of June 1, 2007.

《外国企业或者个人在中国境内设立合伙企业管理办法》 (“管理办法”) 2009年11月25日颁布、2010年3月1日起施行。 Administrative Measures on Establishment of Partnership Enterprises by Foreign Enterprise or Individual in China (the “Measures”) , promulgated on November 25, 2009 and implemented as of March 1, 2010. 《外商投资合伙企业登记管理规定(征求意见稿)》 Administrative Measures on Foreign Invested Partnership Enterprises Registration (Draft for Public Comments)

普通合伙企业: 由普通合伙人组成, 合伙人对合伙企业债务承担无限连带责任。 General Partnership Enterprise (“GPE”): consisting of general partners who shall assume unlimited, joint and several liability for the GPE’s debts.

有限合伙企业: 由普通合伙人和有限合伙人组成, 普通合伙人对合伙企业债务承担无限连带责任, 有限合伙人以其认缴的出资额为限对合伙企业债务承担责任。 Limited Partnership Enterprise (“LPE” / “LLP”): consisting of general partner(s) who assume unlimited, joint and several liability for the LPE’s debts, and limited partner(s) who assume limited liability for the LPE’s debts to the extent of capital contributions subscribed by such limited partner(s).

外商投资合伙企业: 2个以上外国企业或者个人在中国境内设立合伙企业, 以及外国企业或者个人与中国的自然人、法人和其他组织在中国境内设立合伙企业 Foreign Invested Partnership Enterprise (“FIPE”): partnership enterprises established by more than 2 foreign enterprises or individuals, or by foreign enterprise(s) or individual(s) with Chinese natural person(s), legal person(s) or other organization(s) in China 6

外资普通合伙企业 Foreign GPE 外国投资人 Foreign Investor 中国投资人 Chinese Investor 外资普通合伙企业 FI GPE (作为合伙人) (as partner)

外资普通合伙企业 Foreign GPE 外国投资人 Foreign Investor 外资普通合伙企业 FI GPE (作为合伙人) (as partner)

外资有限合伙企业 Foreign LPE 外国投资人 Foreign Investor 中国投资人 Chinese Investor 外资有限合伙企业 FI LPE (作为GP) (as GP) (作为LP) (as LP)

外资有限合伙企业 Foreign LPE 外国投资人 Foreign Investor 外资有限合伙企业 FI LPE (作为GP) (as GP) (作为LP) (as LP)

外资有限合伙企业(续) Foreign LPE (continued) 中国投资人 Chinese Investor 外国投资人 Foreign Investor 外资有限合伙企业 FI LPE (作为GP) (as GP) (作为LP) (as LP)

外资有限合伙企业(续) Foreign LPE (continued) 外国投资人 Foreign Investor 中国投资人 Chinese Investor 外资有限合伙企业 FI LPE (作为GP) (as GP) (作为LP) (as LP)

外商投资合伙企业系继中外合资经营企业、中外合作经营企业和外资企业(“三资企业”)以及外商投资股份有限公司后, 外国投资者在中国境内直接投资的又一种组织形式。 FIPE is a new form of organization directly invested by foreign investors in China, aside from Sino-foreign Equity Joint Venture Enterprises, Sino-foreign Cooperative Joint Venture Enterprises and Wholly Foreign Owned Enterprises (“FIE”) and Foreign Invested Company Limited by Shares.

二. 立法背景 Background of the Measures
2007年3月初, 商务部办公厅发布《外商投资合伙企业管理办法 (送审稿)》(“送审稿”), 共四章38条。 In March 2007, the general office of MOFCOM publicized the Administrative Measures on PRC Partnership Enterprise Registration (Draft for Examination) (the “Draft Measures”), which was divided into 4 chapters containing 38 articles.

The Official Draft Measures finally promulgated has only 16 articles. 二. 立法背景 Background of the Measures 必要性: 填补缺位法规 Necessary: Supplementary (gap-filler) regulations 敏感性: 与私募股权基金关联度高 Sensitive: Closely related to private equity fund 2007：经济形势乐观 – 宏观调控 – 外资热钱恐慌 2007: Economic optimism – Macro-controls – Foreign hot money panic 2008：政策侧重于平衡, 立法趋于谨慎 2008: Balance and prudent law-making procedure 2009 ：“保八”定基调 2009: “Eight-percent GDP growth” benchmark policy

2009年11月, 国务院最终颁布《管理办法》, 其简化了原《送审稿》的内容, 修正了《送审稿》中诸多突破《合伙企业法》的规定(例如合伙人出资方式、期限、合伙协议及其修正案的效力、合伙协议的准据法律等)。 The Measures was finally approved by the State Council, which largely simplified the contents of the Draft Measures and revised a number of provisions in the Draft Measures which are inconsistent with the Partnership Enterprise Law (e.g., method and schedule of capital contribution by partners, term, effectiveness of partnership agreements and its amendments, applicable law of partnership agreements, etc).

三. 《管理办法》的主要内容和特点 Main Content and Feature of the Measures
是三资企业法的补充? 还是合伙企业法的补充? A Gap-Filler to the Regulations on FIEs? Or A Supplemental to the Partnership Law? 17

改审批制为登记制 Replace Examination & Approval by Registration 《送审稿》: 设立外商投资合伙企业, 应当由合伙人或者其委托的代表提出申请, 商务主管部门审查批准后, 发给批准证书。此外, 外资合伙企业的相关事项发生变更, 也需要同三资企业一样, 取得商务主管部门的事先批准后方可进行登记。 Draft Measures: To establish a FIPE, the partners or their duly authorized representatives shall apply to the competent administration for examination, approval, and issuance of the approval certificate. Moreover, any changes relating to a FIPE shall obtain prior approval of the competent administration for examination before registration for such changes, which is the same as FIEs.

《管理办法》: 外国企业或者个人在中国境内设立合伙企业, 应当由全体合伙人指定的代表或者共同委托的代理人向国务院工商行政管理部门授权的地方工商行政管理部门(以下称“企业登记机关”)申请设立登记。 The Measures : For a foreign enterprise or individual to establish a PE in China, a representative designated or jointly authorized by all the partners shall apply for registration of establishment to the local administration of industry and commerce authorized by SAIC (“Registration Authority”).

《管理办法》: 企业登记机关予以登记的, 应当同时将有关登记信息向同级商务主管部门通报。外商投资合伙企业变更登记或者注销登记的, 企业登记机关应当同时将有关变更登记或者注销登记的信息向同级商务主管部门通报。 The Measures : Upon registration, the Registration Authority shall simultaneously report the registration data to the administration of commerce of the same level. In case of registration of change or deregistration of a FIPE, the Registration Authority shall report the corresponding data to the administration of commerce of the same level.

《管理办法》: 提交《中华人民共和国合伙企业登记管理办法》规定的文件以及符合外商投资产业政策的说明。 The Measures: Submitting the documents stipulated in the Administrative Measures on PRC Partnership Enterprise Registration and an explanation for compliance with the foreign investment industry policy .

问题: 如果涉及限制或者禁止外商投资产业政策的领域,《管理办法》并未直接规定是否须经商务主管部门的审查批准。 Issue: If involving industries where foreign investment is restricted or prohibited, the Measures did not directly stipulated whether the examination and approval by the administration of commerce shall be obtained. 问题: 是否意味着工商局具有一定的审核权? Q: Does the Registration Authority have the power of examination and approval?

问题: 外资合伙企业若涉及限制类行业领域, 是否会参照适用三资企业境内再投资规定？ Issue: If a FIPE involves restricted industries, whether the above provisions on FIE reinvestment in China will be used as reference? 三资企业境内再投资, 不得对禁止类领域再投资, 若再投资涉及限制类, 则工商局在登记前要求申请人取得商务主管部门的审查批准。 FIEs cannot reinvest in prohibited industries in China. If involving restricted industries, the Registration Authority requires that the applicant obtain the examination and approval by the administration of commerce before registration.

对于取消审批制度的猜想: Speculation on Abandoning the Examination and Approval System 宏观层面—整个经济和政策大环境发生变化, 商务部的职能可能发生变化 Macroscopic View: With the change in the entire economic and political environment, the responsibilities and functions of MOFCOM may also changed.

技术层面—由于合伙企业(特别是普通合伙企业)非常弱化“认缴出资”的概念, 认缴出资具有相当的灵活性, “投资总额”和“注册资本”对合伙企业适用度不高。 Technical View: Because PE (esp. GPE) weakens the concept of Subscribed Capital (which is quite flexible), the concept of TOTAL INVESTMENT and REGISTERED CAPITAL may not completely applicable to LPE.

例外—投资项目核准: 外国企业或者个人在中国境内设立合伙企业涉及须经政府核准的投资项目的, 依照国家有关规定办理投资项目核准手续。 Exception — approval of invested project: If the establishment a PE in China by a foreign enterprise or individual involves an invested project requiring government approval, the project approval formalities shall be carried out according to the relevant PRC laws.

行业准入和经营范围 Industry Access and Business Scope 《送审稿》: 外商投资合伙企业的设立和经营活动应符合国家关于外商投资的产业政策。从事《外商投资产业指导目录》规定的“限于合资、合作”产业的外商投资合伙企业中, 必须有一名以上的中国普通合伙人。从事《外商投资产业指导目录》规定的“中方控股”或者“中方相对控股”产业的外商投资合伙企业中, 中国合伙人对于《合伙企业法》第三十一条所规定事项之外的其他待决事项应当具有决定权。从事“中方控股”产业的外商投资合伙企业, 中国合伙人分配比例之和为51%及以上; 从事“中方相对控股”产业的外商投资合伙企业, 中国合伙人的分配比例之和大于任何一方外国合伙人的分配比例。

Draft Measures: The establishment and business activities of a FIPE shall comply with the foreign investment industry policy of the PRC. A FIPE engaging in the industries limited to Equity Joint Venture or Contractual Joint Venture, as stipulated in the Catalogue for Guidance of Foreign Investment Industries, must have more than 1 Chinese GP. As for a FIPE engaging in the industries where the Chinese parties must hold a majority or relative majority of shares, the Chinese partner shall have the decision making power on the matters other than those stipulated by Article 31 of the Partnership Enterprise Law. As for a FIPE engaging in the industries where the Chinese parties must hold a majority of shares, the total proportion allocated to the Chinese partners shall be 51% or more; as for a FIPE engaging in the industries where the Chinese parties must hold a relative majority of shares, the total proportion allocated to the Chinese partners shall be more than that of each of the foreign partners.

《送审稿》: 外商投资合伙企业不得通过合伙人财产份额的出质、转让和强制执行、合伙企业的表决办法、合伙人的入伙和退伙、有限合伙人和普通合伙人的相互转变等方式规避前述要求。 Draft Measures: A FIPE cannot evade the above requirements by methods of pledge, transfer and enforcement of contributed shares of the partners, voting system of PE, partner’s joining and withdrawing from the enterprise, change from LP to GP or vice versa, etc.

《管理办法》: 外国企业或者个人在中国境内设立合伙企业, 应当遵守《合伙企业法》以及其他有关法律、行政法规、规章的规定, 符合有关外商投资的产业政策。 Draft Measures: Establishment of a PE in China by foreign enterprise or individual should be in compliance with the Partnership Enterprise Law and the provisions of other relevant laws, administrative regulations and the foreign investment industry policies.

问题: 《送审稿》中设定的标准也缺乏合理性, 例如其要求“中方控股”产业的外商投资合伙企业, 中国合伙人分配比例之和为51%及以上, 从事“中方相对控股”产业的外商投资合伙企业, 中国合伙人的分配比例之和大于任何一方外国合伙人的分配比例。 Issue: The standards set forth by the Examination Draft Measures was not reasonable, such as the requirement that the Chinese partners have the total allocation proportion of 51% or more, and that a FIPE where the Chinese parties hold relative majority of shares must have a total allocation proportion which is be more than that of each of the foreign partners.

问题: 将来是否会出台类似的补充规定、细则, 目前无法预期。但在外资合伙企业登记制的原则下, 商务主管部门无法直接参与外资合伙企业的审批, 这可能也是给将来制订细则留下的悬念。 Issue: It is unpredictable now whether similar supplemental regulations will be promulgated in future. Notwithstanding, based on the principle of registration of foreign PE, MOFCOM is unable to involve in the approal of FIPES, which was probably left open to future promulgation of detailed regulations.

问题: 是否意味着股权投资基金可以无需审批以外资合伙企业的形式设立? Q: Can equity investment funds be established in the form of FIPE without being examined and approved? 《管理办法》: 国家对外国企业或者个人在中国境内设立以投资为主要业务的合伙企业另有规定的, 依照其规定。因此, 对于以投资为主要业务(包括股权投资)的外资合伙企业, 其仍受到其他相关规定的限制和约束。 The Measures: If other regulations provide for the establishment of PE in China, as established by foreign enterprises or individuals, which mainly engage in investment businesses, such regulations shall be observed. Therefore, as for a FIPE mainly engaging in investment businesses (including equity investment), it shall still be limited and subject to other relevant regulations.

资本、出资和融资 Capital, Capital Contribution and Financing 三资企业: 以公司制形式设立的三资企业有注册资本和投资总额的概念。 FIE: FIE incorporated in the form of a company has registered capital and total investment amount. 合伙企业: 合伙人认缴出资和实际出资。普通合伙人可以用货币、实物、知识产权、土地使用权或者其他财产权利出资, 也可以用劳务出资, 但有限合伙人不得以劳务出资。 PE: subscribed capital and actual capital of the partners. A GP can contribute its capital in cash, in kind, by way of IP, land use right or other property rights, or by way of labor service. But a LP shall not make capital contribution by way of labor service.

三. 《管理办法》的主要内容和特点 Main Content and Feature of The Measures
《送审稿》: 外国合伙人以货币出资的, 应为可自由兑换的外币。经审批机关批准, 外国合伙人可以用其从中国境内举办的其他企业获得的人民币利润, 或者以这些企业转股和清算所得等合法获得的人民币出资。 The Draft Measures: Capital contribution by foreign partners in cash shall be convertible foreign currency. After approval by the approval authority, foreign partners can make capital contribution by using RMB profits drawn from other enterprises in China set up by them, or RMB incomes from equity transfer and liquidation of such enterprises.

《送审稿》: 外商投资合伙企业的出资额, 是指为设立企业, 在工商行政管理机关登记的合作各方认缴的、除劳务出资之外的出资额之和。外商投资合伙企业的出资额一般不得减少。如因生产经营规模变化等原因确需减少的, 须经审批机关批准。 The Draft Measures: The amount of capital contribution of a FIPE means the sum of the capital subscribed by all the partners (excluding labor service) which is registered with the Registration Authority for establishment of such enterprise. Generally, the amount of the FIPE shall not be reduced. If necessary due to change of production and business scale, the reduction shall be approved by the approval authority.

《送审稿》: 外商投资合伙企业的投资总额的核定, 根据其出资额的数额, 参照中外合资经营企业的注册资本与投资总额的比例规定办理。 The Draft Measures: The total investment amount of a FIPE shall be examined and determined based on its amount of capital contribution by reference to the regulations in proportion to the registered capital and total investment amount of Sino-foreign Equity Joint Venture Enterprises.

《送审稿》: 除以劳务出资外, 合伙人一般应当从颁发批准证书之日起90天内一次缴清合伙协议约定的出资。 The Draft Measures: Except for labor service, generally, the partners shall pay its capital stipulated in the partnership agreement in a lump sum within 90 days after issuance of the approval certificate.

《管理办法》: 外国企业或者个人用于出资的货币应当是可自由兑换的外币, 也可以是依法获得的人民币。 The Measures: Currency contributed by foreign partners in cash shall be convertible foreign currency or RMB legally obtained by the foreign partners.

虽然《送审稿》对于外资合伙企业的“投资总额”作出规定, 但《管理办法》未采纳此概念。 Although the Draft Measures provided the total investment amount of FIPE, the Measures did not include such concept. 《送审稿》限制外国合伙人以劳务进行出资。《管理办法》未采纳此观点。 The Draft Measures restrict foreign partners from making capital contribution by way of labor service, but the Measures removed such restrictions.

与《送审稿》相比, 《管理办法》并未限制外国投资人用于出资的人民币来源, 而仅仅是要求“依法获得”。但由于中国外汇管理制度的限制, 除了境内取得的人民币利润、投资转让、清算所得的人民币资金之外, 外国投资人通过其他途径合法取得人民币资金的渠道非常有限, 原则上外国投资人转让境内资产、股权取得的收益应当立即结汇汇出境外。 Compared with the Draft Measures, the Measures did not set out restrictions on sources of RMB capital contribution of foreign investors, but only require such RMB be legally obtained. Subject to the restrictions under the foreign exchange control system of the PRC, besides the RMB profits drawn in China and RMB incomes from equity transfer and liquidation, the foreign investors have limited avenues for obtaining RMB capital through other legal means. In principle, foreign investors shall promptly settle and remit abroad the foreign exchange derived from the earnings arising out of transfer of assets and equity in China.

《送审稿》规定, 合伙人对外资合伙企业的出资额未经批准不得减少。《管理办法》取消了此项限制。依照《合伙企业法》, 合伙人按照合伙协议的约定或者经全体合伙人决定，可以增加或者减少对合伙企业的出资。 The Draft Measures provided that the partners shall not reduce the amount of capital contributed to the FIPE without approval. The Measures did not include such a provision. According to the Partnership Enterprise Law, partners can increase or reduce the capital contribution of a FIPE based on the partnership agreement or the decision of all the partners.

《送审稿》规定了合伙人的缴付出资期限(颁发批准证书之日起90日内), 这一规定突破了《合伙企业法》, 也改变了合伙企业出资灵活性的特点, 因此在《管理办法》未采用此项规定。 The Draft Measures set forth the schedule for capital contribution by the partners (within 90 days after issuance of the approval certificate), which exceeds the scope of the Partnership Enterprise Law and also changes the flexibility of capital contribution as a feature of PE, so such provision was not included under the Measures.

问题: 外资合伙企业没有投资总额概念, 其外汇额度如何设定? Q: Without the concept of total investment amount for the FIPE, how is the foreign exchange quota established?

目前缺乏实践和法规细则的依据, 我们理解应当以外资合伙企业的认缴出资为限, 授予外资合伙企业的外汇额度, 但也不排除为了限制外汇流动, 而仅仅以外国投资人的出资部分为限授予外汇额度(可能性较小)。 Currently, there lacks a guideline both in practice and by detailed regulation. We understand that the foreign exchange quota shall be limited to the subscribed capital contribution of the FIPE. It is also possible (although less likely) that, in order to restrict the flow of foreign exchange, the foreign exchange quota will be limited to the capital contribution made by the foreign investors.

问题: 三资企业可以在投资总额和注册资本的差额(“投注差”)范围内举借外债或者筹集境内银行借款。但外资合伙企业不存在投注差的概念, 是否意味着其无法举借资金? Q: FIEs can borrow foreign loans or raise money from domestic banks within the scope of the difference between the total investment amount and the registered capital (“Borrowing Limitation”). While the FIPE do not have the concept of a Borrowing Limitation, how do such enterprises go about borrowing money?

外债只能在外汇管理局授予的外汇额度内进行。境内人民币借款在实践中容易突破“投注差”的限制, 但取决于贷款人的实践操作。 Foreign loans can only be borrowed within the scope of the foreign exchange quota granted by the administration of foreign exchange. Domestic RMB loans may easily exceed the Borrowing Gap limit, as long as the borrower provides sufficient security to the lender’s satisfaction.

组织机构简单化 Simplification of Organizational Structure 类型组织机构责任权力机构董事会监事会高级管理人员股东责任董监高责任外商投资企业外商独资企业股东外商独资的有限责任公司的组织机构应当符合《公司法》和公司章程的规定有限责任 (例外刺破公司面纱) 董事、监事、高级管理人员应当遵守法律、行政法规和公司章程, 对公司负有忠实义务和勤勉义务中外合资企业董事会成员不得少于3人外商投资公司应当设立监事制度, 具体事宜可以由公司章程规定正副总经理（或正副厂长）由合营各方分别担任合营企业设经营管理机构, 负责企业的日常经营管理工作总经理、副总经理由合营企业董事会聘请中外合作企业董事会或者联合管理委员会成员不得少于3人董事会或者联合管理机构可以决定任命或者聘请总经理负责合作企业的日常经营管理工作外商投资股份有限公司外商投资的股份有限公司的组织机构应当符合《公司法》和公司章程的规定

Type Organizational Structure Responsibility Highest Authority Board of Directors Board of Supervisors Senior Officers Responsi bility of Sharehol der Responsibility of Director, Supervisor and Senior Officer Foreign Invested Enterprise Wholly Foreign Owned Enterprise Shareholder The organizational structure of a limited liability company wholly owned by foreign investor shall comply with the Company Law and the articles of association of such company. Limited liability (exception for piecing of corporate veil) The director, supervisor and senior officer shall comply with the laws, administrative regulations and the articles of association of the company, and shall assume the obligations of good faith and due diligence to the company. Sino-foreign Equity Joint Venture Enterprise The Board of Directors shall have at least 5 members. A foreign invested company shall establish the supervisor system, of which the details can be stipulated in the articles of association of such company. The General Manager and Deputy General Manager (or the director and deputy director) shall be assumed by different parties of the joint venture enterprise respectively. The joint venture enterprise shall establish management organizations responsible for the day-to-day business operation and management of such enterprise. The General Manager and Deputy General Manager shall be engaged by the Board of Directors of the joint venture enterprise.

Type of Company Organizational Structure Responsibility Highest Authority Board of Directors Board of Supervisors Senior Officers Responsi bility of Sharehol der Responsibility of Director, Supervisor and Senior Officer Foreign Invested Enterprise Sino-foreign Contractual Joint Venture Enterprise The Board of Directors or the Joint Manageme nt Committee shall have at least 3 members. A foreign invested company shall establish the supervisor system, of which the details can be stipulated in the articles of association of such company. The Board of Directors or the Joint Management Committee can decide the appointment or engagement of the General Manager to be responsible for the day- to-day business operation and management of such enterprise. Limited liability (exception for piecing of corporate veil) The director, supervisor and senior officer shall comply with the laws, administrative regulations and the articles of association of the company, and shall assume the obligations of good faith and due diligence to the company. Foreign Invested Company Limited by Shares The organizational structure of a foreign invested companies limited by shares shall comply with the Company Law and the articles of association of such company.

组织机构简单化 Simplification of Organizational Structure 类型合伙人合伙人责任合伙企业普通合伙企业合伙人对执行合伙事务享有同等的权利。按照合伙协议的约定或者经全体合伙人决定, 可以委托一个或者数个合伙人对外代表合伙企业, 执行合伙事务。不执行合伙事务的合伙人有权监督执行事务合伙人执行合伙事务的情况。合伙人对合伙企业有关事项作出决议, 按照合伙协议约定的表决办法办理。合伙协议未约定或者约定不明确的, 实行合伙人一人一票并经全体合伙人过半数通过的表决办法合伙人对合伙企业债务承担无限连带责任特殊的普通合伙企业一个合伙人或者数个合伙人在执业活动中因故意或者重大过失造成合伙企业债务的, 应当承担无限责任或者无限连带责任, 其他合伙人以其在合伙企业中的财产份额为限承担责任。合伙人在执业活动中非因故意或者重大过失造成的合伙企业债务以及合伙企业的其他债务, 由全体合伙人承担无限连带责任。有限合伙企业有限合伙企业由普通合伙人执行合伙事务。有限合伙人不执行合伙事务普通合伙人对合伙企业债务承担无限连带责任, 有限合伙人以其认缴的出资额为限对合伙企业债务承担责任

Type Partner Responsibility of Partner PE GPE The partners shall have equal rights to manage the PE affairs. Based on the partnership agreement or the decisions of all the partners, one or more partners can be assigned to manage the PE affairs on behalf of the PE. The other partners shall have the right to supervise the executive partner(s) regarding the management of the PE affairs. Resolutions by the partners on the matters relating to a PE shall apply the voting measures stipulated in the partnership agreement. If the partnership agreement has no provisions or no specified provisions, each partner shall have one vote and resolutions with majority voting of all the partners shall be adopted. The partners assume unlimited, joint and several liability for PE’s debts Special GPE In case of PE’s debts attributable to one or more partners’ willful misconduct or gross negligence during the course of managing the PE affairs, such partner(s) shall assume unlimited liability or unlimited, joint and several liability, and the other partners shall assume the liability limited to its shares in the PE. In case of PE’s debts not attributable to the any partner’s willful misconduct or gross negligence during the course of managing the PE affairs and other PE’s debts, all the partners shall assume unlimited, joint and several liability. LPE The GP of a LPE shall manage the PE affairs. The LP is not responsible for implementing the PE affairs. The GP shall assume unlimited, joint and several liability for the LPE’s debts, and LPs shall assume the liability limited to the capital contribution subscribed by such LP for the LPE’s debts.

《管理办法》与《合伙企业法》的进一步衔接 Closer Connection between The Measures and The Partnership Enterprise Law 《管理办法》未突破《合伙企业法》的规定, 只是在其基础上就外资合伙企业作出了补充性规定; 同时, 《管理办法》未作规定的, 依照《中华人民共和国合伙企业登记管理办法》和国家有关规定执行。 The Measures did not exceed the scope of the Partnership Enterprise Law, but only supplement the provisions on FIPE based on the Partnership Enterprise Law. It also specified that if there is no provisions therein, the Administrative Measures on PRC Partnership Enterprise Registration and the relevant PRC laws shall be implemented.

《管理办法》条文相比《送审稿》大幅减少, 可以预期在实践中会出现大量有关外资合伙企业如何适用的问题(包括工商主管部门、商务主管部门、外汇管理部门之间的协调), 而这些问题无法简单的通过《合伙企业法》条文予以解决, 因此相关部门有可能会出台相应的配套文件。 The number of articles of the Measures were largely reduced compared with the Draft Measures. It is expected that numerous problems will arise in practice regarding the implementation of PE (including the coordination between the administration of commerce and the administration of foreign exchange), and such problems can hardly be resolved solely in reliance of the provisions of the Partnership Enterprise Law. Therefore, the relevant departments are likely to promulgate corresponding supplemental files.

四. 外资私募股权基金的契机? Opportunity for Foreign Private Equity Investment Fund
外商投资创投企业和外资有限合伙企业 FI Venture Capital Enterprise and FI LPE 结构项目外资创投企业有限合伙公司制非法人制主要障碍设立时间较长; 有投资范围的限制。外资资本金结汇不能用于股权投资; 合伙企业上市公司股东的政策不明确(目前该政策因创业板的推出正在调整); 外汇直接结汇有难度。设立要求基本与其他外商投资企业(外商独资、中外合资、中外合作)相同非法人制的组织形式法律规定不明确, 各地操作差异性很大投资人与境内投资人共同设立投资性外资合伙企业的可行性尚不确定设立所需时间相对较长相对较长, 可能长于设立外资创投企业公司治理和控制法律、法规和实践相对完善但如投资人为外资创投企业的小股东, 其可能无法对目标企业乃至项目公司进行全面的控制协议约定由合伙协议约定责任承担投资者以其各自认缴的出资额为限对创投企业承担责任投资者对创投企业的债务承担连带责任。普通合伙人承担无限责任, 有限合伙人以其各自认缴的出资额为限承担有限责任

Item FI Venture Capital Enterprise LPE Incorporation System Non-incorporation System Major Obstacles Time consuming in the establishment process; Restrictions on investment scope. Foreign exchange settlement for the foreign capital cannot be used for equity investment; No specified policy on the PE’s qualification as the shareholders of listed companies (currently such policy is being adjusted with the emergence of ChiNext); Difficulty in direct foreign exchange settlement. Requirements or Establishment Basically same as other FIEs No specified regulations on the organizational form of non- incorporation; great difference subject to local practices It cannot be determined whether it is feasible for investors and Chinese investors to jointly establish FIPE. Time Required for Establishment Comparatively long Comparatively long and may be longer than the establishment of a FI venture capital enterprise

Item FI Venture Capital Enterprise LPE Incorporation System Non-incorporation System Corporate Governance and Control Comparatively comprehensive laws, regulations and practices, but if the investor is a minority shareholder of a FI venture capital enterprise, it may not be able to have overall control over the target enterprise and even the project company According to agreement According to the partnership agreement Assumption of Responsibility The investors shall assume liability limited to the capital contribution subscribed by such investors for the debts of the FI venture capital enterprise. The investors shall assume joint and several liability for the debts of the FI venture capital enterprise. The GP shall assume unlimited liability and the LP shall assume the liability limited to the capital contribution subscribed by such LP respectively.

结构项目外资创投企业有限合伙公司制非法人制经营范围主要用于创业投资。所投资项目受《外商投资创业投资管理规定》以及外商投资产业目录双重规范投资范围广; 但所投资项目是否受外商投资产业目录规范不明确。税收负担需就其全球所得缴纳中国企业所得税, 但是其从投资于中国境内企业取得的股息收入一般可以免征企业所得税; 投资额70%抵扣应纳税所得额; 公司制创投和个人可能双重征税。可由投资各方分别申报缴纳企业所得税, 也可以由该创投企业统一申报缴纳企业所得税; 投资总额70%抵免应纳税所得额的优惠政策能否适用存在不确定性。有限合伙企业不纳税, 由合伙人各自纳税; 税法规定不全面。增资、减资、重组境内投资人为国有资本, 手续复杂; 投资人为境外基金, 项目公司改变持股结构、注册资本等需经审批和登记; 增、减资方面的缺乏弹性。协议约定, 但需办理登记手续投资回报留存公司的法定盈余公积和公司其他资金可能减少投资人的投资回报投资人设立的子公司的机构, 留存公司的法定盈余公积和公司其他资金可能减少投资人的投资回报实施难度有相对应的法律规定, 可行无明确对应的法律规定, 实施有难度

Item FI Venture Capital Enterprise LPE Incorporation System Non-incorporation System Business Scope Mainly in venture capital investment. The invested projects shall be subject to both the Administrative Regulations on Foreign Invested Venture Capital Investment and the Catalogue for Guidance of Foreign Investment Industries. Wide range of investment; But it can not be determined whether the invested projects shall be subject to the Catalogue for Guidance of Foreign Investment Industries. Taxation PRC enterprise income tax for its global income shall be paid, but that for its dividend income arising from its investment in PRC enterprises can be exempted in general; 70% of the investment amount can be deducted from taxable income amount; Both the incorporated venture capital enterprise and the individual may need to pay tax. The enterprise income tax can be filed and paid by the respective investors or solely by the venture capital enterprise; It cannot be determined whether the preferable policy that 70% of the investment amount can be deducted from taxable income amount is applicable. An LPE need not pay taxes and the partners shall pay taxes; No comprehensive stipulations under tax law.

Item FI Venture Capital Enterprise LPE Incorporation System Non-incorporation System Capital Increase, Decrease, Reorganization In the case that the Chinese investor holds state-owned capital, complex formalities will be involved; In the case where an overseas fund is the investor, the change of shareholding structure and registered capital of the project company, etc will require examination, approval and registration; Capital increase and decrease lack flexibility. By agreement, provided that corresponding registration is carried out. Investment Return The legal capital surplus and other capital reserves in the company may reduce the investment return of the investors. The institutions of the subsidiary established by the investors, the legal capital surplus and other capitals reserved in the company may reduce the investment return of the investors. Difficulty in Implementation Feasible with corresponding legal basis Difficult to implement without specified corresponding legal basis

服务类行业 Service Industries 股权投资企业? Equity investment enterprise? 《管理办法》: 国家对外国企业或者个人在中国境内设立以投资为主要业务的合伙企业另有规定的, 依照其规定。 The Measures: If other regulations otherwise provide for the establishment of PE in China which main engage in investment businesses by foreign enterprises or individuals, such regulations shall be observed.

外资有限合伙理想模式 FI LPE – Ideal Structure
投资人(Investor) (LP) 投资 (Investment Portfolio) 境外(Offshore) GP 境内/Onshore (×) 有限合伙企业 LPE

外资有限合伙理想模式2 FI LPE – Ideal Structure2
投资人(Investor) (LP) 投资 (Investment Portfolio) 境外(Offshore) GP 境内境外 (×) (?) 外商投资企业(FIE) (GP) 有限合伙企业 LPE

外资有限合伙基本模式 FI LPE - Basic Structure
100% 外商投资企业境内再投资公司(GP) 境内有限公司 (GP) 有限合伙企业境内投资人 (LP) 投资项目境外投资者外商投资股权投资管理公司(管理人) 委托管理协议境内境外

外资有限合伙的变通模式1 FI LPE – Alternative Structure1
投资项目境外投资者股权投资管理公司 (管理人) 境内合资(合作)有限公司(GP) 有限合伙企业境内投资人 (LP) 委托管理协议合作协议境内境外

外资有限合伙的变通模式2 FI LPE – Alternative Structure2
境外投资者中外合资(合作)投资管理公司有限合伙企业境内投资人作为GP 作为LP 委托管理协议境内境外

契约式 Contractual Mode 境外投资者契约型基金股权投资管理公司境内投资人管理协议投资项目境内境外托管银行
100% 管理协议投资项目境内境外托管银行资金监管

信托模式 Trust Mode 信托计划境外投资者股权投资管理公司境内投资人信托计划投资人信托公司认购至少10% 投资顾问
投资顾问协议 (与信托公司分享管理费及收益) 投资项目发行次级受益人优先受益人信托计划境内境外

银行理财产品 Asset Management Product
境外投资者合作协议购买理财产品股权投资管理公司投资项目银行信托公司受托投资 (代持) 信托监管投资人 (私人银行客户) 有限合伙企业账户投资管理公司境内境外

联系方式 Contacts 俞卫锋 (David Yu) Partner/Attorney 电话 Tel: 021-3135 8686
邮箱陆易 (Clare Lu) 电话 Tel: 邮箱上海银城中路68号时代金融中心19楼北京西城区金融街7号英蓝国际金融中心传真 Fax: 传真 Fax: 70

声明 Disclaimer 该讲稿中所反映的信息截止于2010年1月26日。在准备该讲稿的过程中, 我们依赖并假设我们所获得的所有公开信息是准确、完整的, 且我们并未对该等信息进行核查。本讲稿中的信息并不构成通力律师事务所正式的法律意见。 Information contained herein is provided on January 26, In the course of preparing this material, we assume that all the public information we have obtained and relied upon is accurate and complete. Furthermore, we have not undertaken any independent review or verification against such information. Any information contained herein does not constitute a formal legal opinion of Llinks Law Offices. 71

CCH外资合伙企业研讨会 Investing in Partnerships in China 2010

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