瀛泰观点 | 你的钱被关起来了吗？Money in Cage?

 ——中国个人与外资境内合作途径分析How Can Chinese Individual Co-invest with Foreign Party in China?

导语

《中外合资经营企业法》于1979年7月颁布，迄今已经数次修改。作为改革开放后第一批正式颁布的法律之一，这部法律有着重要的历史意义，然而其开篇第一条对于合资各方中的中方投资者的限制始终未曾放开，即，排除了中国个人作为中外合资企业的投资者。

As one of the earliest law and regulations during Chinese reform and opening period since 1978, “Law of the People’s Republic of China on Sino-Foreign Equity Joint Venture”, which was adopted on July 1st, 1979 and amended several times afterwards, is historically important for attracting foreign investment in China. However, the limitation as stipulated in Article 1 is kept unchanged to exclude Chinese individual from co-investment with foreign party.

于1988年4月发布的《中外合作经营企业法》第一条也作了基本一致的规定。

Likewise, “Law of the People’s Republic of China on Sino-Foreign Contractual Joint Venture”, another foreign investment law which was adopted in April, 1988, has same limitation.

随着经济制度的不断改革，对民间资本的不断开放，在中国，个人作为企业投资主体已经不再面临重重法律障碍；随着外国资本的不断进入，外方与中国自然人的合作也面临广阔的需求。因此，中国个人能否在中国的法律框架之下实现与外方的合资合作，是律师常常被问及的问题。

Nowadays, investment by Chinese individual has been widely opened under law and policy; while whether and how to co-invest in China between foreign party and Chinese individual is often-times inquired. 

对此，笔者综合整理如下，以供参考。

As for this question, we make a research as below for reference. 

1.关于直接出资设立中外合资、合作经营企业 Newly Co-investment 

显然，根据《中外合资经营企业法》和《中外合作经营企业法》的上述规定，具有中国国籍的自然人是不能直接以股东身份出资设立中外合资、合作企业的。

Obviously, related regulations as mentioned above have thoroughly prevented Chinese individuals from establishing a new joint venture with foreign party.

然而实践中也有例外：

However, there are still EXCEPTIONs:

随着经济的发展，一些地方为了鼓励外商投资，放宽了对投资主体的限制，允许个人（自然人）作为中方投资者，投资设立中外合资、合作企业。以下是上海、北京等地方政府和人大颁布的相关地方性规定：

To boom investment and economy, some cities give special access to Chinese natural person’s co-investing with foreign party. Below are related local regulations of Beijing and Shanghai:
A、上海浦东Pudong District, Shanghai

《境内自然人在浦东新区投资设立中外合资、中外合作经营企业管理办法》（浦政综改 【2014】1号，2014.5.1实施）规定，持有中国居民身份证且具有完全民事行为能力的境内居民，可在浦东新区与外国公司、企业、其他经济组织或者个人共同投资设立鼓励类和允许类中外合资、中外合作经营企业。

According to “Administrative Measures for Establishment of Chinese-Foreign Equity and

Contractual Joint Venture with Domestic Natural Person within Pudong District” (Pu Zheng

Zong Gai No. 1 2014, effective from May 1st, 2014), any domestic citizen holding Chinese ID card with full capacity for civil conduct is allowed to co-invest with foreign companies,

enterprises, other economic organization or individuals for business of encouraged or allowed categorywithin Pudong District.
B、北京中关村ZhongGuanCun, Beijing
《中关村国家自主创新示范区条例》（2010.12.23实施）第十二条规定：中国公民以自然人身份在示范区出资兴办中外合资、合作企业，经审批机关批准后，工商行政管理部门予以登记注册。
According to Article 12 of “Regulation of ZhongGuanCun Science Park”(effective from 23rd December, 2010), administrative department for industry and commerce shall accept registration for the Chinese-foreign equity or contractual joint venture betweenChinese personal citizen and foreign enterprise, other organization or natural person within ZhongGuanCun Science Park on condition of approval of related authority.

可以看出，部分地方已经通过规范性文件实现了对于法律规定的突破。然而目前这样的地方试点突破仍然并不多见。

It’s apparently that local regulations have tried to break the limitation of law for co-investment between Chinese individual and foreign party. But pitifully, such breach is seldom.

2、关于并购方式成立中外合资经营企业中的中方自然人股东 M&A

（1） 对外贸易经济合作部、国家税务总局、国家工商行政管理总局、国家外汇管理局《关于加强外商投资企业审批、登记、外汇及税收管理有关问题的通知》（外经贸法发[2002]575号 2013.01.01实施）第五条规定：外国投资者收购境内各种性质、类型企业的股权，……， 原境内公司中国自然人股东在原公司享有股东地位一年以上的，经批准，可继续作为变更后所设外商投资企业的中方投资者。 暂不允许境内中国自然人以新设或收购方式与外国的公司、企业、其他经济组织或个人成立外商投资企业。

According to Article 5 of “Notice concerning the Relevant Issues on Strengthening the Approval, Registration, Foreign Exchange Control and Taxation Administration of Foreign-funded Enterprises” (No. 575 [2002] of the Department of Treaty and Law under the MOFTEC, effective from January 1st, 2013),  Where a foreign investor purchases the share rights of a domestic enterprise of any nature or type, ……Where the Chinese natural person shareholder of an original domestic company has the status as a shareholder for one year or more, it may, upon approval, continue to be the Chinese investor of the foreign-funded enterprise established after the modification. No Chinese domestic natural person is permitted to set up a foreign-funded enterprise with a foreign company, enterprise, other organization or individual by means of new establishment or purchase.

（2）商务部《关于外国投资者并购境内企业的规定》（商务部令2009年第6号 2009.06.22实施）第五十四条规定： 被股权并购境内公司的中国自然人股东，经批准，可继续作为变更后所设外商投资企业的中方投资者。

According to Article 54 of “Provisions of the Ministry of Commerce on M&A of a Domestic Enterprise by Foreign Investors” (Order No. 6 [2009] of the Ministry of Commerce, effective from June 22nd, 2009), a Chinese natural person shareholder of the domestic company merged by equity merger, upon approval, may continue to be the Chinese investor in the foreign investment enterprise established after the merger.

根据上述规定，在股权并购中，满足自然人股东地位满一年的条件并经批准，自然人是可以成为中外合资企业中的股东的。值得注意的是，《中外合资经营企业法》已经于2016年9月进行了修订，对于除了实施准入特别管理措施领域以外的中外合资取消了审批管理而改为备案制度，上述涉外股权并购中关于中国自然人股东在并购后继续作为投资者是否还需要批准，目前尚未有明确规定。

Besides, the amendment in September, 2016 to “Law of Sino-Foreign Equity Joint Venture” has admitted registration progress in place of the original approval procedure for Sino-Foreign investment except for some special business area, it’s not clarified whether the above mentioned “upon approval” is still necessary.  

3、关于境内公司部分中国籍股东变更为外国籍Nationality Change

商务部《关于外国投资者并购境内企业的规定》（商务部令2009年第6号，2009.06.22实施）第五十五条规定：境内公司的自然人股东变更国籍的，不改变该公司的企业性质。

According to Article 55 of “Provisions of the Ministry of Commerce on M&A of a Domestic Enterprise by Foreign Investors” (Order No. 6 [2009] of the Ministry of Commerce, effective from June 22nd, 2009), If the nationality of a natural person shareholder of the domestic company is changed, the nature of the company will not be affected therefore. 

根据上述规定，如果境内企业的部分中国籍股东变更国籍，不影响企业的性质和其他中国籍自然人股东持股。

Consequently, nationality change of part of the Chinese individual shareholders will not affect other individual shareholders.

4、关于境内公司某中国籍自然人股东死亡后外国人继承 Inheritance

对于外国人继承内资公司的中国自然人股权，是否改变公司的性质，是否须经行政部门的审批，其他中国自然人股东是否收到影响，我国《公司法》以及相应的外商投资立法对此未做出明确规定。

It’s not clearly stated in “Company Law” nor other related law that, in case shares of a Chinese individual shareholder being inherited by foreigner(s), whether other Chinese individual shareholder(s) will be affected, or government approval is needed, or company character shall be changed to foreign funded company. 

对此，上海市第一中级人民法院的意见是（详见（2009）沪一中民五（商）终字第7号判决）：判断公司是内资公司还是外资公司，是根据出资来源地原则，与股东的国籍无关。已入外国籍的华人继承内资公司股权，在不改变该公司出资来源地的情况下，该内资公司不应变更为外商投资企业。

As a not binding reference, the opinion of Shanghai No. 1 Intermediate People’s Court (see No. 7 Judgment of the Civil 5 dept. (Commercial) Final 2009) is that, the company character of domestic or foreign-funded shall be decided by investment origin instead of shareholder nationality, and as a result, when shares to be inherited by foreign citizen of Chinese origin, the investment origin is not changed, and the domestic company shall not be deemed as changing to a foreign-funded company.     

5、上市公司的中国自然人投资 Public Company

国务院办公厅1999年8月转发的外经贸部、国家计委、国家经贸委、财政部、中国人民银行、海关总署、国家税务总局、国家外汇局、国家出入境检验局的《关于当前进一步鼓励外商投资意见的通知》中，便规定了“符合条件的外商投资企业可申请发行a股或b股”。 

According to Circular of the General Office of the State Council in August, 1999 on Forwarding the Opinions of the Ministry of Foreign Trade and Economic Cooperation and Other Departments on Further Encouraging Foreign Investment, “Any foreign-funded enterprise that meets the related requirements may apply for the issuance of A-shares or B-shares.”

外经贸部于2001年5月18日发布了《关于外商投资股份公司有关问题的通知》（外经贸资字（2001）39号），对外贸易经济合作部、中国证券监督管理委员会于2001年10月8日发布了《关于上市公司涉及外商投资有关问题的若干意见》的通知（外经贸部资发[2001]538号）为外商投资股份有限公司申请上市发行a股或b股进一步确定了法律基础。

Furthermore, the Circular of the General Office of Ministry of Foreign Trade and Economic Cooperation On “Relevant Issues of Foreign-funded Joint Stock Companies” (No. 39 [2001] Investment of the Ministry of Foreign Trade and Economic Cooperation) issued on May 18th, 2001, and Notice of the Ministry of Foreign Trade and Economic Cooperation and China Securities Regulatory Commission on “Some Opinions Relevant to Foreign Investment in Listed Companies” (No. 538 [2001] of the Ministry of Foreign Trade and Economic Cooperation) issued on October 8th, 2001 gave further foundation for foreign funded enterprise listed in public.

如果说B股在一定程度上限制了中国自然人在证券市场上的行为，外商投资企业发行A股更直接为中国自然人通过证券市场成为外商投资股份有限公司的股东提供了法律依据。

As a result, although B-shares market still has some limitation to Chinese individuals, A-shares market has given clear and direct legal base for Chinese individuals to be shareholders of public listed foreign funded enterprises through securities market. 

6、合伙企业的特别规定Special Regulation on Partnership Enterprise

《外国企业或者个人在中国境内设立合伙企业管理办法》（国务院令第567号，2010.03.01实施）第二条规定：本办法所称外国企业或者个人在中国境内设立合伙企业，是指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。

According to Article 2 of Administrative Measures for the Establishment of Partnership Enterprises within China by Foreign Enterprises or Individuals (No. 567 Order of the State Council, effective from March 1st, 2010), The phrase “establishment of partnership enterprises within China by foreign enterprises or individuals” refers to the establishment of partnership enterprises within China by 2 or more foreign enterprises or individuals, as well as the establishment of partnership enterprises within China by foreign enterprises or individuals together with Chinese nature persons, legal persons and other organizations. 

综上所述，尽管最高级别的全国人大的法律对于中国自然人与外资的合作并未放开限制，但是法规、规章、相关规范性文件以及司法判例已经根据实际需要进行了诸多突破。

Conclusively, despite of the limitation by highest level law of National People’s Congress to co-investment between Chinese individuals and foreign fund, quite some breaches have been made through related regulations, measures, rules and some judicial verdicts.  

相比判例法系国家而言，成文法系国家的法律滞后性更为突出；而在变革的社会中，这一问题尤为凸显。下位法对上位法的突破存在法律逻辑的问题，但是更为切合经济发展和地方发展的需要。

The delay of law is comparatively more serious in written law countries than in case law countries, while even in highlight during a reforming period. Disregarding the logical problem for the breach by lower law to higher level law, economic and local development is better supported.

在经济实践中，如何在法律体系的框架内以最为便捷的方式实现预期的投资目的是一个值得持续关注和研究的问题。

Anyway, it’s more focused on how to realize the anticipated investment in a most convenient legal way and we will keep studying. 

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