china offshore 2012 spring edition

2012, Spring China OffshOre 1

Letter frOm editOr | 编者的话

　　过去的一个季度让我们看到了中国离岸金融领域出现了一些令人振奋的

进展，其中包括人民币作为国际性货币的显著进展、以及有报告预测新加坡

将在未来三年内超越瑞士。随着全球的财富越来越多地向东移动，《中国离岸》

在这里为您带来关于这些新进展令人兴奋的指导和评论。

　　本期的独家增刊就离岸和中岸司法管辖区的公司建立流程提供了一份综

合性的指南，并且在主刊的评论部分由 Johnson Chien 讲述了一个企业家如

何建立多家离岸公司来保护和最大限度地发展自己的业务。

　　黄金和其它贵金属是我们封面故事的主题，我们在此讨论了在离岸持有

非货币资产的好处和风险。巨灾债券是特别报道的主题，它是使得投资组合

多样化的另一种方式，能够增强相对于国际市场的独立性。我们第二个特别

报道关注的是如何在离婚时保护自己的资产。

　　我们本期杂志的最后还包括了对保险巨头百慕大和离岸公司天堂哈伊马

角的司法管辖区特写。我们一如既往的欢迎读者的意见和反馈，希望您能喜

欢我们最新一期的《中国离岸》。

《中国离岸》编辑

Juliet Leclerec

The past quarter has seen a number of exciting developments in the domain of Chinese offshore finance, with notable developments in the establishment of the renminbi as an international currency and the report that predicted Singapore will overtake Switzerland as within the next three years. As the world’s wealth increasingly moves Eastward, China Offshore is here to provide guidance and commentary on these exciting new developments.

This issue’s exclusive supplement provides a comprehensive guide to company formation in offshore and mid-shore jurisdictions, complemented by an opinion in the main magazine from Johnson Chien detailing how one entrepreneur constructed his offshore companies to protect and maximize his business.

Gold, and other precious metals, are the subject of our cover story, which discusses the benefits and risks of holding one’s wealth offshore in non-currency assets. Catastrophe bonds, another way to diversify one’s portfolio and increase independence from the world markets, is the subject of our first special report, and the issue how to protect one’s assets in the event of a divorce is covered in our second second report.

We round off this issue with jurisdiction profiles of insurance giant Bermuda and offshore company haven Ras al-Khaimah. As always, we welcome reader comments and feedback, and we hope you enjoy our newest issue of China Offshore.

Editor, China OffshoreJuliet Leclerec

主编 Editor in Chief: Juliet Leclerec

撰稿人 Contributors: Johnson Chien, Martin Crawford,

Claire van den Heever, Baron Laudermilk,

Iain Manley, Leo Zhang

美术总监 Art Director: Susan Shen

美术编辑 Art Editor: Tank Hu

研究员 Researcher: Vanessa Fang

营运总监 Director of Operations: Leo Chang

制作总监，亚洲 Production Director, Asia: Gillian Bolsover

销售总监，亚洲 Sales Director, Asia: Matthew Sumner

销售总监，美洲 Sales Director, Americas: Spencer Hall

客户经理，亚洲 Accounts Managers: Robert Kempton,

Jackie Boole, Matthew Edward Spriegel, Nonnie Warren

发行经理 Circulation Manager: Iris Gao

出版机构 PuBLISHER

MX MEDIA GROuP LIMITED

地址 Address: Suites 1102-1103, 11/F Kowloon Building

555 Nathan Road, Mongkok, Kowloon, Hong Kong

广告投放 ADVERTISING ENquIRIES

亚洲 Asia: +852 3073 2008

美洲 Americas: +1 212 201 1353

电子邮件 E-mail: [email protected]

2 Spring, 2012

10 封面故事cover story

A shining opportunity一个闪亮的机会

新闻 NeWs04 全球离岸新闻

Offshore World News离岸世界重要资讯

All the latest news from across the offshore world

观点 oPINIoN06 离岸地区的选择及案例

The Selection of Offshore Jurisdictions: A Case Study

封面故事 cover story10 一个闪亮的机会

A Shining Opportunity

看点 eye oN17 哈伊马角持续的经济增长

使其成为了一个突出的离岸中心

RAK stands out as an offshore center amid sustained economic growth

23 百慕大：西方世界的离岸金融中心

Bermuda: Offshore Financial Center in the West

特别报道 sPecIAL rePort30 爱情和金钱：在离婚时利用离岸结构

保护您的资产

Love and Money: Using Offshore Structures to Protect Your Assets

in the Case of Divorce

35 巨灾债券：它们是什么、它们的风险、

它们的好处，以及如何保护你自己

Catastrophe Bonds: What they are, their risk, their benefits, and how to protect yourself

如果您有任何意见，问题或者有意为《中国

离岸》撰稿，敬请与我们编辑团队联系，我

们的电子邮件是 [email protected].

If you have any comments, questions or would like to contribute, please contact the China Offshore editorial team at [email protected].


目录SPRING 2012 春季

Contents

Company Formation GuideAn exclusive supplement of China Offshore magazine

S01建立公司Company Formation

S08观点 Opinion

S10行政特区导读Jurisdiction Guide

35

23advertiser direCtory

Allgemeines Treuunternehmen – Inside Front

Cover

British Virgin Islands International Financial

Center – Special Supplement Inside Front

Cover

ILS Fiducaries – S03

Offshore Incorporations Limited – S05

IBCR Belize – S07

International Registries (Far East) – S13

Fiducenter – S15

ACT – S17

Aspen Trust – Special Supplement Inside

Back Cover

AMS – Special Supplement Back Cover

RAK – 19

AIM Conference – 21

Deloitte – 25

LOM – 27

Bilanz Data – 28 – 29

Cook Islands Financial Services Development

Authority – Inside Back Cover

Bahamas Maritime Authority – Back Cover

4 Spring, 2012

GLObaL update全球概览

新闻 | NeWs

中国计划在2015年将上海打造成全球人民币中心　　中国正准备在未来的三年时间里将上海打造成全球人民币交易中心，将其作为到

2020年将该市建设成为国际金融中心的宏伟计划的一部分。

　　中国的最高经济规划机构国家发展和改革委员会联手上海政府于2012年1月31日公

布了此项计划。这展示了中央政府创建中国版伦敦、东京或者纽约的雄心。

　　此次公告也是2009年国务院宣布力争在2020年将上海打造成世界级的金融中心后第

一次公布具体的措施。

　　该计划概述了一系列政府将这个目标变为现实所需要采取的行动。上海官员在一份

声明中表示，上海将加快基础设施建设，建立一个跨境人民币支付系统，给跨境交易提

供便利，并且建立合适的桥梁来吸引全球的需求。这位官员还说，央行在境内人民币市

场公布的人民币中间价将成为国外和国内人民币交易市场的基准。

　　经济学家们认为，此项计划将帮助上海实现成为领先国际金融中心的远期任务，但

更为重要的是必须加快人民币汇率和利率的自由化来做到这一点。

　　中国的投资者都希望上海作为世界金融中心的亮相能够帮助他们到海外进行投资，

这将给予他们比以往更多的金融投资机遇。香港大学中国金融研究中心主任宋敏博士在

接受《中国离岸》的采访时表示，在上海达到发展的顶峰后，将会出现更多的机会。

　　他说：“上海成为国际金融中心必将为中国的投资者创造更多投资海外的机会。国际

板也将让国内投资者投资于一些国际知名公司。这将会给中国投资者创造了巨大的机会。”

China to make Shanghai Global Yuan Hub by 2015China is preparing Shanghai to be a global center for Yuan trading, paving

the road over the next three years as part of a its larger plans to make the city an international financial center by 2020.

The National Development and Reform Commission, China’s highest econom-ic planning agency, with the aid of Shanghai’s government, published the plan on January 31 2012. This announcement shows Beijing’s ambition in creating its own version of London, Tokyo or New York.

The plan outlines a series of actions the government will perform to make this goal a reality. Shanghai will accelerate its construction of its infrastructure to build a cross border Yuan payment system to ease border transactions, and making the right connections to attract global demand, said a Shanghai official in a statement. The official also said that making the daily Yuan midpoint, published by the central bank in onshore Rmb market, would serve as the benchmark for foreign and domestic Yuan trading markets.

Chinese investors are hoping that Shanghai’s debut as a world financial hub will allow them to invest abroad, and that it will give them more financial op-portunities than ever before. Dr. Frank Song, the director of Chinese financial research at The University of Hong Kong, told China Offshore that there will be many more opportunities after Shanghai reaches its peak.

“Shanghai becoming an international financial hub will certainly create more opportunities for Chinese investors to invest abroad. The international board will also allow domestic investors to invest in some well-known international compa-nies. This will create tremendous opportunities for Chinese investors.”

亚洲 AsIA 新加坡 Singapore

Singapore predicted to gain top offshore status by 2015Singapore may surpass Switzerland as a global offshore financial centre by

2015, according to a recent report published by financial consultant Wealth In-sight. The report also suggests the rise of high-net-worth-individuals in Singa-pore will prove central to the expansion of Asia’s banking sector as a whole.

While Singapore has always been a significant strategic and economic centre for global trade, in recent years the city-state has become a major financial centre that now competes with Hong Kong. The momentum that helped Singapore to rise as a banking haven arose in 2004, when the Singaporean government introduced a number favourable tax reforms. The following year saw the economy’s best per-formance since 2000, with real GDP rising by 8%. Since then, it has experienced a steady, sustainable level of economic growth.

During the report’s forecast period, total HNWI wealth is predicted to grow by 47% (10.1% per annum), reaching US$1.1 trillion in 2015.”By 2015, Singa-pore is expected to have gained significant ground on, and could even surpass, Switzerland as the world’s largest offshore financial centre,” said Wealth Insight analyst Andrew Amoils in The Telegraph. However, speaking with China Offshore, Urs Brutsch, Managing Director and founder of HP Wealth Management Singapore Pte Ltd said such growth may occur but over a much longer period, even with the Eurozone’s current difficulties. Brutsch, who has held positions in major financial institutions in both Switzerland and Singapore, suggests a growth horizon of 10 to 20 years would be far more achievable.

新加坡预计到2015年将成为全球最大离岸金融中心　　金融咨询公司Wealth Insight最近发布的一份报告显示，新加坡可能会在2015年超越

瑞士成为全球最大的离岸金融中心。该报告还认为，高净值人士在新加坡的崛起将对亚

洲银行业整体的发展至关重要。

　　虽然新加坡一直是全球贸易中的一个重要战略和经济中心，但是这个城市近年来已

经成为一个能够与香港展开竞争的主要金融中心。新加坡政府于2004年推出了一系列优

惠税收改革，从而帮助该国发展成一个银行业的避风港。在其后的一年中，新加坡经济

实现了自2000年以来最佳的表现，实际国内生产总值增长了8％。从那时起，新加坡就

开始了一段稳定、可持续的经济增长周期。

　　就该报告预测的期间而言，高净值人士总财富预计将增长47％（年均10.1％），

在2015年达到1.1万亿美元。Wealth Insight 的分析师Andrew Amoils在接受《每日电讯

报》的采访时表示：“到2015年，新加坡预计将能够显著缩小与瑞士的差距，甚至超过

瑞士成为世界上最大的离岸金融中心。”然而，在接受《中国离岸》的采访时，新加坡

HP财富管理公司的董事总经理及创始人Urs Brutsch认为，即便目前欧元区面临困难，新

加坡超越瑞士仍然需要更长的时间才会发生。 Brutsch在瑞士和新加坡的主要金融机构中

任职多年，他认为10至20年的发展期是更为合理的。谈及新加坡能够为投资者带来的优

势，他说：“新加坡在政治上和法律上是一个稳定的区域，并且拥有充满活力的地方经

济，其独特的地理位置和高素质的员工队伍（能够凭讲多国语言、包括普通话）将提升

对中国投资者的吸引力。”新加坡是目前亚洲唯一能够获得标准普尔、穆迪和惠誉这三

大信用评级机构AAA级信用评级的国家。

亚洲 AsIA 上海 Shanghai


NeWs | 新闻

国际条约观察　Treaty Watch

欧洲 eUroPe 马恩岛 Isle of Man

‘Greater transparency’ required from offshore centresThe Isle of Man treasury minister Eddie Teare noted in his annual budget

speech in late February that offshore financial centres will come under continued international pressure to be more transparent in their affairs.

“I expect to see in the coming years new approaches to information exchange, new forms of international agreement, additional requirements regarding the ownership of business and investment structures and further pressure for great-er transparency, he said before the Manx parliament, according to The Telegraph. “We do not need fear these developments, but we need to be fully aware that they are coming, to continue to participate, to influence the outcome wherever we are able to, and to accept that if there are “rules of the game” which apply to the global marketplace then we will have to follow them.”

The island has signed Tax Information Exchange Agreements with 25 coun-tries to date and an agreement with China comes into law in April. The China-UK DTA has placed the UK as a relatively friendly jurisdiction in terms of making investment into China, particularly for investors based in Europe, according to Nick Farr of UK financial firm Grant Thornton. “On the other hand Chinese inves-tors may also consider UK as a holding location for its outbound investment into Europe since the new DTA network is considered to be favourable,” he added. One of the changes included lowering the rate of withholding tax on dividends paid from a Chinese company to its UK shareholders has been reduced from 10% to 5% provided the UK shareholders own at least 25% of the capital of the company either directly or indirectly.

离岸中心需要“提高透明度”　　马恩岛财政部长Eddie Teare在他的年度财政预算案演说辞中指出，离岸金融中心将

继续受到来自国际社会的压力，要求其在内部事务上变得更加透明。

　　根据《每日电讯报》的报道，他向马恩岛议会表示：“在未来几年内，我预计会看

到一些信息交流的新途径、国际协议的新形式、对企业所有权和投资结构的新要求以及

进一步提高透明度的压力。我们并不需要担心这些事态的发展，但是我们需要充分认识

到，无论我们身处何处，它们已经并且继续会影响发展的结果。我们需要接受的是：如

果出现适用于全球市场的‘游戏规则’，我们必须遵守它们。”

　　迄今为止，该岛已经与25个国家和地区签署了税收信息交换协议，其中与中国签署

的协议将于今年4月在法律上生效。英国金融公司均富国际会计师事务所的Nick Farr 表

示，中国和英国之间签署的免双重征税协定将使得英国成为对中国投资相对友好的司法

管辖区，尤其是对总部设在欧洲的投资者。他补充说：“在另一方面，由于新的免双重

征税协定网络被认为是有利的，因此中国的投资者也可以考虑在英国建立控股公司，来

操作其对欧洲的对外投资。”其中的一项变化包括降低中国公司向英国股东支付股息的

预提所得税率。只要英国股东直接或者间接拥有该公司至少25％的股份，那么预提税率

就能从10％降低到5％。

　　在Teare先生最新公布的马恩岛预算案中，向非居民（包括在该岛拥有储蓄和投资的

英国人）支付的利息、股息和养老金仍然无需在马恩岛支付税款。在英国财政部减少了

马恩岛在增值税发票方面的份额之后（分析师认为此举给马恩岛造成的损失相当于其税

收收入的25％），马恩岛政府正在努力减少公共开支。

2011年2月13日 February 13, 2012

　　　　中国-加拿大　China - Canada

　　加拿大和中国官员同意修订现有的免双重征税协定（它的历史可以追溯到

1986年），以更好地适应不断变化的营商环境。

Canadian and Chinese officials agreed to update the countries’ existing dou-ble taxation agreement, which dates back to 1986, to better accommodate the changed business environment.

2011年1月24日 January 24, 2012

　　　　香港-捷克共和国　Hong Kong – The Czech Republic

　　根据香港税务机关公布的信息，去年6月两个司法管辖区之间签署的免双重

征税协议正式生效。

The double taxation agreement signed between the two jurisdictions in June of last year has officially entered force, according to information published by the Hong Kong tax authority.

2012年4月16日 April 16, 2012　　　　香港-西班牙　Hong Kong – Spain

　　这两个司法管辖区于2011年签署的免双重征税协定预计将于四月初生效。

The double taxation agreement signed between the two jurisdictions in 2011 is scheduled to enter into force in early April.

2012年3月2日 March 2, 2012　　　　塞浦路斯-俄罗斯　Cyprus - Russia

　　为了提升俄罗斯的投资吸引力，俄罗斯总统梅德韦杰夫批准了俄罗斯和塞浦

路斯之间的免双重征税协议，正式将塞浦路斯从俄罗斯的“黑名单”上去除。

In a move expected to increase the attractiveness of investment in the coun-try, Russian President Dmitry Medvedev signed a double taxation agreement be-tween Russia and Cyprus, officially removing Cyprus from the Russian “black list.”

2012年2月24日 February 24, 2012　　　　香港-泽西　Hong Kong – Jersey

　　来自香港和泽西岛的官员共同签署了免双重征税协定，规定了两个司法管

辖区之间企业和个人收入上的税收权利分配，其中包括营业利润、股息、利

息、特许权使用费、就业收入和退休金。

Officials from Hong Kong and Jersey jointly signed a double taxation agree-ment that stipulates the allocation of taxation rights on corporate and personal income between the two jurisdictions, including business profits, dividends, in-terest, royalties, income from employment and pensions.

6 Spring, 2012

the selection of offshore Jurisdictions: A case study

离岸地区的选择及案例

观点 | oPINIoN CHINA OFFSHORE

简生Johnson Chien

‘Offshore company’ is no longer a strange term in China, but it is now a synonym for “tax-free”. At present,

China is also actively planning the construction of Shanghai into an international offshore financial center. There are already more than 60 tax planning areas around the world, but do they meet the business or commercial needs of the Chinese consumer? This is the issue that will be explored in this article. Rather than discussing the tax systems and policies of various regions, this article hopes to reveal the other functions of offshore companies in terms of commercial purposes.

Mr. He (a pseudonym) has been engaged in the furniture manufacturing industry for over 20 years, from an apprentice making traditional mahogany furniture to a boss owning a semi-mechanized furniture production factory with more than 200 employees. He has pursued perfection, cost-effectiveness, functionality and an unassailable market position. However, the growth of his business is also influenced by external factors and it is because of this influence that he was led to seek the next stage of his business development.

Production, processing and foreign trade - the OEM road from China to Hong KongThe decade from 1995 to 2005 was not just the golden years for Mr. He, but also a period that witnessed a soaring growth in China’s exports. During this period, due to a policy of the Chinese government to attract foreign investment, many foreign enterprises, many of them from Hong Kong, Macao and Taiwan, came to China to set up factories.

离岸公司，在中国，相信已经不再是一个

陌生的名词，而是“免税”的代名词。

目前中国也在积极规划上海国际离岸金

融中心建设。然而目前全球有超过 60 个税务规划

地区，是不是每一个都符合企业或商业目的的需

求？这个问题非常值得深入探讨。本文的案例，

不在专注于讨论各个地区的税务体制及政策，而

希望从商业目的的角度揭示离岸公司其他方面的

功能。

　　何先生（化名），从事家具生产制造业已逾

二十载，从一个传统红木家具的学徒辗转发展成

为一间有二百多名员工的半机械化家具生产制造

厂的老板。完美、高性价比、多功能，甚至无懈

可击是他追求的目标，但是在发展过程中总是难

免受到外部因素的波及，如何引领他的企业走向

下一阶段的发展成了他最困惑的关键点。

生产加工外贸——中国到香港的 OEM 之路

1995 年到 2005 年，不只是何先生的黄金十年，

也是中国外贸出口跳跃性增长的十年。在此期间，

随着中国政府向外招商引资的政策，许多的外商

纷纷来到中国设厂，其中不乏是港澳台的企业。

何先生的初期小型工厂，也因着外商工厂的外包

订单，而快速成长。然而长期接触外商工厂高层

后，何先生发现外商工厂的登记投资方几乎都不

是来自原始国而是一些可能听都没有听过的小岛

国，如英属维尔京群岛、萨摩亚、开曼岛等地。

又或者是贸易中间接单方是香港、新加坡。他非

常好奇并开始刨根，找答案。

　　鉴于当时何先生的企业的股东结构、规模、发

展目标、商业资金灵活调度及中国的当时的法规政

策等因素的考量，单只设立一家传统离岸地区的国

际商业有限公司，并不能充分有效满足其需求，何

先生还需要一个现代国际税务金融地区的公司。

　　除了上述的考量因素外，何先生的主要想法是，

与其接在中国外商分包下来的定单，还不如主动出

击另外建立起一个外贸营销队伍。所以，他更进

有超过 10 年的境外服务

业的经验，包含 4 年在伯

利兹从事注册代理人及信

托人及 2 年在香港从事公

司秘书及公司架构规划人

的经验。目前是领一企业

服务有限公司的合伙人暨

执行董事。同时兼任上

海帝浩亚人才服务有限公

司的法人代表，YAP 深

圳代表处的首席代表及

PPF 香港子公司的董事。

J o h n s o n h a s o ve r 1 0 years experience in the offshore service industry, including four years in Belize as a Registered Agent and Trustee, and two years in Hong Kong as a Company Secretary and Corporate Structure planner. Among other roles, he is the co-owner and managing director of Leading Corporate Services Limited and acting Legal Representative of DHR International (Shanghai).


The small-sized factory owned by Mr. He grew because it outsourced orders from foreign factories. However as he got to know the senior executives at foreign factories, Mr. He discovered that almost all of the registered investors in these factories were not from their original countries, but instead were from some little-known small islands, such as the British Virgin Islands, Samoa, and the Cayman Islands, or they were intermediary agents receiving orders from Hong Kong or Singapore. After discovering this, Mr. He was very curious and started to investigate the benefits of offshore companies.

At that time considering both Mr. He's corporate shareholder structure, size, development goals and flexibility in allocating operation capital, and China’s laws and policies, setting up a traditional international business company limited in an offshore jurisdiction was unable to fully and effectively meet his needs. Mr. He needed a company in a modern international jurisdiction for taxation planning and finance.

In addition to the above considerations, Mr. He wanted to take the initiative to separately establish a foreign trade marketing team rather than continuing to receive orders subcontracted from

一步的就地理位置、外贸人才、货运港口发

达程度、货币稳定、金融机构、融资资本体

制完善水平及税务等因素进行考量。“香港”

最终成为了何先生的企业出发的第一步。

　　与此同时他另外设立了一间安奎拉国际

商业公司，并以安奎拉公司投资香港公司作

为法人股东，另令其准备外派到香港的高层

出任香港公司的董事。

　　选择设立安奎拉国际商业公司做为香港

公司的投资方的原因有：

　　避免人才流失及搭建员工奖励机制

　　利用公司股权做为高层员工奖励及留才

机制是一种已被广泛运用的商业管理手段。

鉴于，香港公司的股权变更必须上报香港税

务局并会有相关税务的产生。所以利用安

奎拉国际商业公司法的注册资本无规费限制

、股东变换无需申报及无相关税务产生的优

势，作为管理员工的高层员工奖励及留才机

制的平台，相当合适。

　　避免商业竞争之尴尬

　　因当时何先生的主要收入来源还是以接

在中国外商分包下来的订单为主，所以为避

免创建香港公司贸易平台时有可能会产生与

何先生的中国工厂（“中国工厂”）的客户

竞争其终端客户的利益冲突，所以香港公司

的股东、董事及管理团队的独立性在当时显

得至关重要。当然，利用香港公司法允许

法人股东制度、必须有财税申报要求去完善

香港公司的独立性。特别是在后期的国际税

务规划上，香港公司的独立性也绝对重要。

初始商业模式流程详见图一。

foreign companies in China. Therefore, he also considered jurisdictions based on their geographical location, foreign trade professionals and the maturity of their cargo port, and their monetary stability, financial institutions and fund-raising system in capital markets and taxation. Mr. He eventually chose Hong Kong as the first step for his company.

Meanwhile, he separately set up an Anguilla International Business Company and used it as the corporate shareholder to invest in the Hong Kong company. In addition, he prepared to send a senior level executive to be the director of the company's Hong Kong office.

The reasons why He Sheng choose to set up an Anguilla international business company as the investor in the Hong Kong entity included:

To avoid a drain on talents and to build employee incentive programs

Using corporate shares as a mechanism to reward senior staff and retain talents is a widely-used management tool. Since a change of the Hong Kong company’s shareholding structure must be reported to the Hong Kong Inland Revenue Department and some tax will occur, using the Anguilla International Business Company Law, which has no stipulated fees on registered capital, no need to report the change of shareholders, and no relevant taxation rules, as a platform to reward the management team and retain talent was an ideal option.

To avoid the embarrassment of commercial competition

Because Mr. He's main source of revenue was still based on obtaining the orders subcontracted by foreign companies

CHINA OFFSHORE oPINIoN | 观点

何先生 /Mr. He 90%员工 /Employees 10%

安圭拉公司控股、员工激励机制

Anguilla IBC Investment and ESOP

何先生及其他股东Mr. He and Other

Shareholders

中国工厂生产Chinese Production

Factory

香港公司

市场开拓、物流

HK PC BD and Logistics

贸易

Trading

贸易

Trading

100% 控股100% Shareholder


客户 Client

图一 Figure 1

8 Spring, 2012

in China, avoiding the conflict of competing for customers between the Hong Kong trading company and Mr. He's Chinese company, and keeping the independence of the shareholders, directors and management team was crucial at that time. Of course, the Hong Kong company law allowed corporate shareholders, but Mr. He had to meet the financial reporting requirements to beef up the independence of the Hong Kong company. Especially in terms of late-stage international taxation planning, it was absolutely important for the Hong Kong company to maintain its independence. The initial business model is described in Figure 1.

A f t e r t h i s , M r. H e c r e a t e d a shareholding and employee platform using the Anguilla company, developed the Hong Kong company into an independent trader and used the China factory as the main entity for OEM and processing. However, the SARS virus in 2003 battered booming Hong Kong into recession; once again Mr. He felt the impact of external factors on his business model.

Design, production and foreign trade - the ODM road from China to the USWith the launch and maturity of the

“Anguilla+Hong Kong+China factory” business model, the number of direct purchasing customers from the US grew rapidly. In addition to China’s trade fairs, Mr. He also participated in overseas trade fairs. When communicating with local buyers, he found that “distance” and “after-sale services” became the bottleneck for growth. Thus, Mr. He decided to set up an entity in the US to shorten the distance with customers, provide swift “after-sale services” and better grasp the US market. The detailed ODM business mode is shown in Figure 2.

The office set up in the United States served as a cost center and didn’t engage in profit-making commercial activities, instead, it focused on "customer relations", "market development" and "product development and design”. Therefore, Mr. He used the Anguilla international business company to invest and set up a Delaware LLC.

B2C returning to the Chinese market – the road of brand and channel During 2008 and 2009, the US market was hit by the sub-prime debt turmoil that broke out in July 2007. Mr. He's US business was seriously challenged. At that time,

　　自此，何先生打造了以安奎拉公司为控

股及员工平台、香港公司为独立的贸易商，

而中国工厂为 OEM 生产及加工的主力部队。

然而，2003 年的一场 SARS，将商机蓬勃

的香港一下子打入了冰谷。这也让何先生

再次体验到外部因素对商业模式冲击力度。

设计生产外贸——中国到美国的 ODM 之路

随着“安奎拉 + 香港 + 中国工厂”的商业

模式启动及成熟，来自美国的直接采购客户

开始增多。除了参加在中国的商展外，何

先生的企业也开始参加国外的商展。在实

际与当地采购方进行实际交流过程中，“距

离”及“售后服务”成为了市场发展的瓶颈。

为此，何先生决定在美国设点以缩短与客户

之间的距离、提供快捷的“售后服务”及提

高美国市场的掌握度。ODM 商业模式流程

详见图二。

　　因在美国的设立的办公室为一个成本中

心，不从事营利商业活动，但专注在“客户

联系”、“市场开发”、“产品开发及设计”；

故何先生使用了安奎拉国际商业公司投资设

立了一间德拉瓦 (Delaware) 的 LLC 。

B2C 回归中国市场－品牌、渠道之路

2008 － 2009 美国市场因为 2007 年 7 月爆

发的次贷金融风波，何先生的美国生意受到

严重的冲击。而当时，中国的高端家具市场

正处于一个消费模式转型的阶段。所以借助

着由 2003 年开始在美国累积的经验及其客

观点 | oPINIoN CHINA OFFSHORE





Factory

香港公司



德拉瓦客服中心Delaware Client

Center LLC

贸易

Trading

贸易

Trading



100% 控股

100% Shareholder

客户 Client

市场 & 产品开发、售后服务Market & Product Development and Client servicing

图二 Figure 2


Shareholders


CHINA OFFSHORE oPINIoN | 观点

户的品牌资源，何先生与一间美国知名的家

具品牌合作回中国投资。回归商业模式流程

详见图三。

　　何先生利用其安奎拉国际商业公司与美

国的合作方共同设立了一间塞舌尔国际商业

公司作为投资中国外商独资公司的投资方。

并同时借助何先生的中国工厂及香港公司成

功的搭建了美国设计、中国制造、香港加工

贸易、中国外商独资公司品牌代理销售的完

整平台。

总结

随着中国的改革开放，经济全球化的深度发

展，中国的企业主都开始涉及如何利用离岸

公司作为投资、控股、贸易、税务规划、资

产规划、管理激励规划等用途。然而在企业

茁长发展的过程中不是一间离岸公司就可以

满足所有的需求，这中间涉及到的考量点很

多，甚至“国籍”也是一个关键因素。所以

在现今政策趋紧多变的环境下，寻找即合适

又有弹性的离岸地区去符合企业发展的需求

是一个长期的课题。

China's high-end furniture consumption patterns were in a transition stage. So with the help of its experience accumulated in the United States since 2003 and the brand resources of its customers, Mr. He started to team up with a well-known US furniture brand to invest back in China. This returning business model is shown in Figure 3.

Mr. He used the Anguilla international business company to set up a Seychelles International Business Company with its US partner as the investor in the wholly foreign-owned company in China. Meanwhile, it utilized Mr. He's Chinese factory and Hong Kong company to successfully establish a complete platform of designing in the US, manufacturing in China, doing and processing trade in Hong Kong, and using the foreign-owned company in China as the brand’s sales agent.

SummaryWith China's reform and opening up as well as increasing economic globalization, China's business owners are beginning to address how to use offshore companies for investment, shareholding, trading, tax planning, and estate planning, as well as management incentive planning purposes. However, it’s impossible to use a single offshore company to meet all the requirements of a company during its growth. Rather, the decision should take into account situations where the “nationality” of the company is the key factor. Therefore, in today’s business environment with frequently changing policies, looking for a suitable and flexible offshore jurisdiction to meet a company’s requirements must be an ongoing process.



Factory

塞舌尔公司

控股

Seychelles IBC Holding Company

中国外商公司贸易、销售

Chinese WOFE Trading and Selling

香港公司



美国知名家具客户Reputable American

Furniture Client


60% 控股60% Shareholder100% 控股

100% Shareholder




德拉瓦客服中心Delaware Client

Center LLC

100% 控股

100% Shareholder

100% 控股

100% Shareholder

图三 Figure 3


Shareholders

10 Spring, 2012

金融危机对黄金来说是件好事情。

当全球金融市场在 2008 年 8 月

走向深渊时，这种贵金属的价格

只出现了短暂的下跌，但是几个月后，它

开始攀升。截至 2011 年 7 月，黄金的价

值增加了一倍多。黄金的价格之所以能够

创历史新高，是因为投资者将购买它作为

一个保障—— 作为对危机后不确定性的对

冲。欧元濒临溃败（一些人认为欧元的未

来是无望的），在未来某个阶段，政府为

应对危机而采取的量化宽松和接近零利率

的政策将最终导致恶性通货膨胀。虽然金

融业已经从 2008 年低的低点恢复了一些元

气，但是其基本面仍然是令人不安的。如

果再遭受另一个危机的重创，现金短缺的

政府将无法拯救这些银行。

　　到 2011 年年底，黄金的价格出现了下

跌。一些分析家认为这是一个新的泡沫，

很快就会破灭。专业从事实体黄金交易和托

管的 LOM 离岸金融服务公司的总裁 Scott

The financial crisis has been good to gold. When the world’s financial markets went into a tailspin in August

2008, the price of the precious metal dipped briefly, but a few months later it started to climb. By July 2011, it had more than doubled. Gold was charting record highs, because investors were buying it up as a safeguard – a hedge against post-crisis uncertainty. The euro was on the ropes – some were calling the future of the currency hopeless – and at some stage the quantitative easing and near-zero interest rates governments had implemented to combat the crisis were likely to end in runaway inflation. The financial industry had recovered some of its luster from its 2008 low, but its fundamentals were still troubling. If another crisis hit, cash-strapped governments wouldn’t be able to bail the banks out.

Then, towards the end of 2011, the gold price dipped. Some analysts considered it a new bubble, waiting to pop. “Gold has always attracted strong commentary from market participants,” says Scott Lines, the president of LOM Offshore Financial Services, which specialises in the trading and custody of physical gold. “Just after the turn of the millennium, most of the investment community viewed gold as a ‘barbaric relic’, which was only going to go down in price, but it has risen consistently since then. I suspect that the same commentators who thought it could only go down in 2002 now believe it to be a bubble.” Its price has yo-yoed through 2012, but it has held onto to most of its post-crisis gains, because the economic picture behind its rise has by and large remained the same. “Higher inflation is coming,” explains Mr Lines. “The world’s

一个闪亮的机会A Shining Opportunity

By Iain Manley


central banks will continue to print money despite the economic outlook stabilizing and in many regions there are still tremendous debts outstanding at the national level. All of these argue for investors to hold some gold.”

Gold and other precious metals, especially silver, are considered a safe haven in times of crisis – as well as a barbaric relic – for a variety of reasons, most of which are tied up with their history. The metal has been a unit of exchange and store of wealth since at least 3000 BCE, when market economies first emerged in the Fertile Crescent. The first stamped coins, which appeared in Greece between 700 and 500 BCE, were made using a naturally occurring alloy of gold and silver called electrum. For most of the rest of history, these two precious metals were the basis of global trade, because they gave people across the world a way to agree on what a product was actually worth.

The other precious metals – platinum and rare metals like rhodium, palladium and bismuth, which are considered a part of “the platinum group” – were only discovered in the 18th and 19th centuries. Like gold and silver, they derive their value from scarcity at one end and demand from industry and investors at the other, but metals in the platinum group are even more scarce than

Lines 认为：“黄金总是能够引起市场参与

者的强烈评论。2012 年，黄金的价格一直

在波动，但是基本维持住了其危机后的增

长，这是因为黄金价格上涨背后的经济大

环境几乎没有改变。Lines 解释说：“更厉

害的通货膨胀正在到来。，尽管经济前景

稳定，世界各国的中央银行将继续印发钞

票。许多地区仍有巨大的国家债务。所有

这些都支持投资者持有一些黄金。”

　　黄金和其他贵金属（尤其是银）被认为

是危机时期的避风港，以及是“野蛮的遗物”，

其原因是多样的，大多数与它们的历史相关。

至少从公元前 3000 年以来（市场经济首次

出现于新月沃土），黄金就一直是货币交换

的单位，并且被用来储藏财富。在接下来的

日子中，这两种贵金属成为了全球贸易的基

础，它们让世界各地的人们找到了衡量产品

实际价值的方法。

　　其他贵金属（比如铂和铑、钯、铋等稀

有金属，它们被称为“铂金组”）直到 18

和 19 世纪才被发现。与金银一样，它们的

价值一方面来自自身的稀缺性，另一方面来

自工业和投资者的需求。但是，铂族金属的

稀缺性要更胜于黄金或白银（就数量级而

言），它们的价格一般跟踪黄金，在过去曾

经比黄金高，但是也曾经远远低于黄金。

　　发行不与黄金和白银直接挂钩的货币

（被称为法定货币）的首个政府是中国宋代

的政府。由于引起了恶性通货膨胀，这项试

验最终失败，但是元代政府再一次进行了尝

试，却也得到了相同的结果。1971 年，由

尼克松领导的美国政府结束了黄金与美元之

间的直接兑换，迎来一个新的货币时代。所

有的储备货币成为了法定货币（最后采取行

动的瑞士，于 2000 年），黄金和白银被降

级成为普通商品，与可可和锡相类似。但是

贵金属的追随者迅速指出，其中有一个细微

的差别：黄金和白银拥有客观的价值，这

是几千年来由工业作为保障的。而法定货币

（实际上就是“随它去”的货币）没有这种

价值。

　　在不同程度上来说，贵金属已经被证

明是一个对冲危机和法定货币波动的合理方

式。购买贵金属的方式有很多，黄金给投资

者带来的产品更是非常混乱，但是 Lines 认

为，不是所有产品都能给予一样的投资机会。

他说：“你可以购买黄金基金、生产黄金的

公司、交易所买卖的黄金基金、黄金凭证以

gold or silver – by an order of magnitude – and their prices, which generally track gold’s, have pushed above it and fallen well below it in the past.

The first government to issue money that was not directly pegged to gold and silver – called fiat currency – was the Song Dynasty, in China. The experiment failed because it led to hyperinflation, but it was tried again by the Yuan Dynasty, with the same result. In 1971, the US government under Nixon ended the direct convertibility of dollars for gold, ushering in a new era for money. All reserve currencies became fiat currencies – the last to go was Switzerland, in 2000 – and gold and silver were knocked down a level, to take their place among ordinary commodities, like cocoa and tin. They picked up the label ‘barbaric relic’ but in the way they rose and fell in value, gold and silver continued to behave more like currencies than commodities, with one subtle difference, which precious metal’s adherents are quick to point out. Both have an objective value, established over millennia, backed up by industry, whereas fiat currency – literally “let it be” currency – does not.

To different extents, precious metals have proved to be a sound way of hedging against crises and the volatility of fiat currencies.

cover story | 封面故事

12 Spring, 2012

封面故事 | cover story

黄金是一种永久的金属，这不仅是因为它保留光泽的时间要比其它金属

更长，而且是由于几千年来它一直被作为货币交换的单位。在 1971 年

以前，各大主要货币的价值都与黄金挂钩。黄金价格的上涨和下跌在很

大程度上与货币（而不是商品）相类似。对黄金的需求约有 50％来自珠

宝业。另外 10％来自科技产业，剩余的 40％来自投资者，这些投资者

持有金条或者各种各样的金币，其中最为有名的是 Kruger Rand 金币。

与黄金一样，白银千百年来一直被用来作为货币和储存财富。它的价格

一直追随黄金的价格，但是波动性更大。白金相对较低的价值（在近

400 年的时间里比黄金低 15.5 倍，目前比黄金低 50 倍左右）使得其更

容易被分割，从而有效地对小额交易进行结算。白银是一种被广泛使用

的工业金属，应用领域包括电器、摄影和药品等等。按重量计算，其相

对较低的价值使得它的储藏要比黄金更昂贵，但是银币和银质收藏品的

价值通常要高于银条的机制。流通范围最广的银币是加拿大银枫叶和美

国银鹰。“自制银币”同样很受欢迎。

铂金是已知最不活泼的金属，拥有广泛的工业用途，包括为生产发动机

的催化转换器、实验室设备、电气接点和珠宝。铂金是极其稀少的：其

每年的产量仅为黄金总产量的 8％。然而，铂金的价格密切跟踪黄金。

在 2002 年至 2008 年 8 月（当时金融危机重创商品市场）之间，它们之

间的相关性为 95％。无论是铂金的实际交易价格还是针对黄金的价格都

出现了暴跌，这主要是由于铂金的交易市场相对较小，并且更容易受到

积极或消极情绪的影响，另一部分的原因是工业需求出现了减少。

铂金以金条和硬币的形式出售，但是后者是罕见的，这是因为加工该金

属的难度所带来的成本。最著名的铂金硬币是美国铂金鹰。其他的包括

澳大利亚考拉和中国熊猫。

钯金与铂金拥有相似的化学性质，它们的工业用途大致相同。钯也是一

种相对稀缺的金属，通常以钯金条和硬币的形式出售，其中包括加拿大

枫叶和中国熊猫。钯的流通范围并不广，流动性低于黄金、白银和铂金。

因此，购买和销售价格之间的价差通常高于其它交易范围更广的贵金属。

黄金Gold

白银Silver

铂金Platinum

与钯和铂金一样，铑被化学家定义为“铂金组”的一部分。它是最昂贵

的贵金属，最高价格超过每盎司 10000 美元。与钌、铱和锇一样，铑的

交易量比其它金属要小得多，因此市场也不太正式。在美国，铑由庄信

万丰每日定价两次，但是这仅仅是为买家和卖家讨价还价的起始点，如

果买家大批量地购买，可以获得相对便宜的价格。铑金条和硬币是十分

罕见的，这是因为铑非常硬而脆，因此不像其它贵金属那样拥有多种用途。

投资者通常会购买一个金属“海绵”。

铑

Palladium钯

Rhodium

$9745价格跌宕起伏，在 1991 年和 2008 年时出现过两个制高点，随后却大幅下降至谷底价格。比较 20 年前价格反跌无涨。

$1041曾在 2001 年达到历史最高价 1041 美金，却在 2005 年时跌回 182 美元。在2009 底价格回暖。相比较 20 年前价格增加了近 6 倍

$1825走势基本与金价相同，在 2011 年 2 月时达到历史最高点，1825 美元。

$1771近 20 年来，黄金价格不断走高，更在2011 年 9 月伦敦金属交易市场中标出1771 美元的高价。比较 1999 年的金价，涨幅近达 5 倍。

$41银色价格从 1993 年时的 4 美金涨到目前的 35 美元，在 2011 年 4 月时更是标出 41 美元。

五种金属近 20 年价格涨幅分析（货币：美元、单位：盎司）



Like palladium and platinum itself, rhodium is a part of what chemists call the platinum group. It is the most expensive precious metal, with peak prices in excess of US$10,000 per ounce. Along with ruthenium, iridium, osmium, it is traded in significantly smaller quantities than other metals, and the palladium market is less formal as a result. Its price in America is set twice daily by Johnson Matthey, but this is just a starting point for bargaining between buyers and sellers, who pay less if they buy in bulk. Bullion bars and coins are rare, because rhodium is extremely hard and brittle, without the diverse practical uses of other precious metals. Investors normally buy a metal “sponge.”

Gold is the perennial metal, not only because it retains its luster for longer than most other metals, but also because it has functioned as a unit of exchange for millennia. Until 1971, it underpinned the value of every major currency and its price continues to rise and fall in broadly the same way as currencies, rather than commodities. Approximately 50 percent of demand for gold comes from the jewelry industry. Another ten percent comes from the technology industry. The remaining 40 percent comes from investors, who hold the metal in bullion bars or a wide variety of gold coins, the most famous of which is the Kruger Rand.

Like gold, silver has been used as money and a store of wealth for thousands of years. Its price track’s gold’s, but is more volatile. The metal’s lower relative value – which was fifteen and half times less than gold for almost 400 years, but is now closer to fifty times less – makes it is easily divisible and useful way of settling small transactions. It is a widely used industrial metal, with applications in electrical appliances, photography and medicine, among others. Its lower relative value, by weight, makes it more expensive to store than gold, but silver coins and collectibles often have a value in excess of their bullion value. The most widely circulated silver coins are the Canadian Silver Maple Leaf and the American Silver Eagle. “Silver rounds” are also popular.

Palladium has similar chemical properties to platinum and its industrial uses are broadly the same. It is also a relatively scarce metal. Palladiumis normally sold in bullion bars and coins, including the Canadian Maple Leaf and the Chinese Panda. Palladiumit is not widely circulated and has lower liquidity than gold, silver or platinum. As a result, the spread between purchase and sale prices is generally broader than is typical of more heavily traded precious metals.

Platinum is the least reactive known metal and has a wide variety of industrial uses, including the production of catalytic converters for engines, laboratory equipment, electrical contacts and jewelry. It is exceptionally scarce: only eight percent of gold’s total volume is produced annually. Nevertheless, platinum’s price closely tracks gold’s, with a 95 percent correlation between 2002 and August 2008, when the financial crisis hit commodity markets. Its price nosedived both in real terms and relative to the price of gold, mostly because it trades in acomparatively smaller market and is more easily affected by positive or negative sentiment, but also because of reduced industrial demand.

It is sold in bullion bars and coins, but the latter are rare because of the cost of difficulty of working the metal. The best known platinum coin is the American Platinum Eagle. Others include the Australian Koala and Chinese Panda.

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五种金属伦敦标价 1990~2011 年以来价格走势平均值Price of Precious Metals, 1990-2011(London Bullion Market Association)

GoldHighest Yearly Average Price: $1569

SilverHighest Yearly Average Price: $35

PlatinumHighest Yearly Average Price: $1667

Palladium Highest Yearly Average Price: $733

RhodiumHighest Yearly Average Price: $6458

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14 Spring, 2012


There are a variety of ways to buy into them – gold presents investors with an especially confusing array – but according to Mr Lines, not all are created equal. “You can buy gold funds, companies that produce gold, gold exchange traded funds, gold receipts and gold futures and options,” he says. “All will give you financial exposure to gold and should reflect price movements relating the price of gold, but you have counterparty risk with all of them and may find yourself unable to get hold of the gold or the value it represents because the vehicle you used is compromised.”

In the opinion of Frank Suess, the CEO and chairman of BFI Capital Group, the best way to make sure an investment in gold doesn’t slip through your fingertips is to buy physical gold bullion. “In the context of decades of loose monetary and fiscal policies, particularly in the West, physical gold, and to some degree silver, represent a form of ‘sound money’. Worldwide, wealthy families and investors are concerned about the implications of excessive sovereign debt and the flaws of the world’s fiat currency and banking system. They are looking to hard assets, including precious metals, as a means to protect their wealth against the corresponding financial risks.”

及黄金期货和期权。所有这些都能使得你投

资黄金，并且应该反应黄金价格的变动。但

是，这些产品都拥有对手风险，你也许会

发现自己无法掌控黄金或者它代表的价值，

只是因为你使用的工具受到了损害。”

　　BFI 资本集团的董事长和首席执行官

Frank Suess 认为，确保黄金投资不从你指

尖溜走的最好办法就是购买实物黄金。他说：

“在几十年宽松的货币政策和财政政策下（尤

其是西方国家），实物黄金和（在一定程度

上）白银代表了‘健全货币’的形式。在世

界范围内，富裕的家庭和投资者担心过度主

权债务和世界法定货币和银行体系的缺陷所

带来的影响。他们正在寻找硬资产（包括贵

金属）作为一种手段来保护自己的财富，应

对相应的金融风险。”

　　Suess 先生解释说：“在过去的 12 年里，

黄金的价格已经从 2000 年的每盎司约 280

美元上涨到了 2011 年的每盎司大约 1900

美元。在此期间，金融业已经认识到：黄金

是一个有趣的投资选择，拥有非常坚实的需

求。这些产品没有实物金属提供支持（或有

只有少量实物进行支持）。如果你正在试图

对冲严重金融危机的风险，拥有实物黄金（而

不是一些仅有少量黄金作为支持的现金结算

解决方案）能够确保在需要时你可以及时提

货或以体面的价格出售黄金。”

　　Suess 先生认为，除了黄金和白银以外

的贵金属拥有有趣的投资潜力，但是它们的

基本面没有那么坚实。他说：“铂金和钯是

有趣的投资选择，但是这些金属的投机性质

较重，而本质也是更为偏工业的。其它的稀

有金属包括铋、铟和碲，它们也可以成为有

趣的投资以及长期的资本收益工具。投资这

些类型的金属需要注意，这些市场相当缺乏

流动性，并且是不透明的。因此，在这一领

域的投资应该十分谨慎。”

　　Seuss 先生和 Lines 先生都建议，客户

应该将贵金属离岸持有，因为实物金属能够

提供金融安全，而离岸金融中心能够提供法

律保护。Suess 先生说：“有些人将自己的

风险管理提升到了一个更高的水平。他们对

历史有所了解，并且考虑了金融危机经常伴

随的社会、政治和监管风险，他们选择将自

己部分的财富移至国外。”

　　其中一个政治和监管风险就是没收。

例如，1933 年大萧条经历最坏的时期，美

“Over the past 12 years,” explains Mr Suess, “the price of gold has gone from about US$ 280 per troy ounce in 2000 to almost US$ 1900 per troy ounce in 2011. Over this period, the financial industry has caught on to the fact that gold is an interesting investment, with very solid demand. That has led to a large number and variety of precious metals products being offered, generally by banks. These products are not or only fractionally backed by the actual physical metals. If you are looking for a hedge against the risks that come with a severe financial crisis, having physically allocated gold, rather than some fractionally backed solution with cash settlement clauses, will ensure that – if and when needed – you can promptly take delivery or sell at a decent price.”

Mr Suess thinks that precious metals other than gold and silver have interesting investment potential, but less solid fundamentals. “Platinum and palladium have been an interesting investment, but these metals are somewhat more speculative and much more industrial in nature. There are rare metals too, such as Bismuth, Indium or Tellurium, which may be considered interesting investments and long-term capital gains plays. The caveat with these kinds of


国总统富兰克林·德拉诺·罗斯福颁布了一

项行政命令，宣布持有金条和金币为非法

行为。现有的金条或者金币必须以每盎司

20.67 美元（如果大约为每盎司 371.10 美元）

的价格兑换给美联储，而大多数拥有大量黄

金的美国公民已经将它们转移到了离岸金融

中心，尤其是瑞士。

　　对那些决定将实物贵金属进行离岸持有

的投资者来说，他们拥有另一种选择：购买

金条或金币、选择一个离岸金融中心、并且

将这些贵金属存放在那里的保险箱或银行。

Seuss 先生说：“首先，你必须决定是持有

金条还是金币。但是如果持有量大的话，我

们通常使用金条。”对那些希望购买金币并

且在香港或者新加坡持有它们的中国投资者

来说，Seuss 先生建议购买中国熊猫和澳大

利亚袋鼠金币。他说：“这些金币在亚洲的

使用非常频繁，因此流动性更好。最近，他

们投资最多的是加拿大枫叶和美国老鹰，但

在瑞士他们同样能够以优惠的条款购买到任

metals is that the markets are quite illiquid and opaque, so investing in this sector should be done with great caution.”

Mr Seuss and Mr Lines both advise that clients hold their precious metals offshore, because what physical metals can offer in financial security, offshore financial centers can offer in legal protection. “Some take their risk management to a yet higher level,” says Mr Seuss. “Conscious of history, and in consideration of the social, political and regulatory risks that frequently accompany periods of economic crisis, they keep part of their wealth outside of their home country.”

One such political and regulatory risk is confiscation. In 1933, for example, when the Great Depression was at its worst, US President Franklin Delano Roosevelt issued an executive order that made it illegal to hold gold bullion and coins. Existing holdings were

to be handed over to the Federal Reserve, in exchange for $20.67 per troy ounce (roughly equivalent $371.10 today), but the majority of American citizens who owned large amounts of gold transferred it to offshore financial centers, particularly Switzerland.

Investors who have decided to hold physical precious metals offshore are presented with another set of options: buying bullion bars or coins, choosing an offshore financial center and depositing the metals in safety deposit boxes or banks. “First,” says Mr Seuss, “you must decide whether you want to hold bars or coins. Many of our clients prefer coins because of the flexibility in liquidating and transporting them, but for large allocations, we generally use kilo bars.” For Chinese investors who would like to buy coins and hold them in Hong Kong or Singapore, Mr Seuss recommends buying the


16 Spring, 2012


Aluminum, which is so cheap now that it is used to make cans and cooking utensils, wasonce more valuable than gold. At a banquet, the Emperor of France, Napoleon III, gave his most honored guests aluminum cutlery, while everybody else had to make do with silver. Aluminum bars were exhibited alongside the French crown jewels at 1855’s Exposition Universelle and the pyramid set atop the Washington Monument is made of 100 pure ounces of the metal.

Aluminum was valuable because it was exceedingly difficult to extract from ore, but in 1886, with invention of the Hall-Héroult process, its supply exploded and its price fell through the floor. An equivalent explosion in the supply of other precious metals is unlikely, but industrial demand for precious metals is unreliable. Much of the platinum and palladium presently sold is bought by the motor industry. It uses the metals to make catalytic convertors, but is hunting for a way around its dependence on such scarce resources. Demand for silver declined with the rise of digital photography, because the metal was an important part of developing film. Technological advances like these can’t be predicted, but they can easily make a fool out of investors hanging onto metals they think are worth more than gold.

由于如今的铝非常便宜，它被用来制作做罐头和炊具。但是，它曾经比黄金还要贵重。在一

次宴会上，法国皇帝拿破仑三世请他最尊贵的客人使用铝制餐具，而其他人只能使用银做

的餐具。在 1855 的世界博览会上，铝棒与法国王冠上的宝石一起展出，连华盛顿纪念碑的塔尖

也是用 100 盎司纯铝制成的。

　　当时铝非常值钱，这是因为从矿石中提取它是极其困难的事情。但是由于 1886 年发明的霍

尔 - 赫鲁特流程，铝的供给暴增，使得其价值直线下降。其它贵金属供应量不可能实现相同规

模的增长，但是对贵金属的工业需求是不可靠的。目前，铂和钯被主要出售给汽车行业。该行

业使用这些金属来制作催化转换器，但是它们正在寻求其它方法来减少对稀缺资源的依赖。数

码摄影的兴起使得对白银的需求下降，而之前白银一直是制作胶片的重要组成部分。这些技术

进步是不能被预测的，但它们可以轻易地骗过那些认为这些金属比黄金更值钱的投资者。

Chinese Panda or the Australian Kangaroo. “These are used quite frequently in Asia,” he says, “and are more liquid as a result. Many of our Chinese clients also buy and store their metals in Switzerland. There, the choice of coins is broader and the markets are deeper, thus offering a wider choice of options. Lately, they have invested mostly in Canadian Maple Leafs and American Eagles, but in Switzerland they can also buy any other coin at excellent terms, including the Panda or the Nugget.”

With that done, the investor needs to decide where to deposit the metals. “The drawback of an offshore safe deposit box,” says Mr Seuss, “is primarily that you have to travel, remove the metals and then find a buyer if you want to sell.” Mr Suess’s company, BFI Capital, uses a program called Global Gold, which offers physically allocated

铝的兴衰：一个警世故事The Rise and Fall of Aluminum: A Cautionary Tale

ownership, combined with an efficient trading setup, allowing investors to buy and sell remotely. It is a non-bank solution that he says more and more wealthy clients and families are turning to.

Gold and other precious metals are not for everybody. Many analysts and experts says they are cold, inert lumps with no cash flows and no earnings power. They say that investors who buy them are losing out on dividend or interest income and the accumulation of intrinsic value over time, but the last word should perhaps go to Mr Seuss colleague, Dirk Steinhoff. “In a world long on potential crises and short on any sustainable solutions,” he recently wrote, “we probably have to stick to our gold, and, for that matter, have to continue to buy more gold for quite some time to come.”

何其他金币，包括熊猫或金块。”

　　完成这些后，投资者需要决定在何处

存放这些贵金属。Seuss 先生说：“离岸保

险箱的一个缺点是如果你希望出售，你必须

到那里、将金属转移走、然后找到买家。”

Seuss先生的BFI资本公司有一个被称为 “环

球黄金”的项目，它能够提供实物黄金所有权，

以及高效的交易安排，允许投资者进行远程

的购买和出售。黄金和其他贵金属并非适合

所有人。许多分析家和专家指出，他们是冷

的惰性肿块，没有现金流量，也没有盈利能

力。他们表示，购买它们的投资者正在失去

股息或利息收入，并且随着时间的推移会丧

失长期积累的内在价值。但是，我们最后应

该听一听 Seuss 先生的同事 Dirk Steinhoff

是怎么说的。他最近写道：“这个世界拥有

太多潜在危机，拥有太少的可持续解决方案，

在这种背景下，我们也许应该坚持拥有黄金。

就这个问题而言，应该在相当长的一段时间

内继续购买更多的黄金。”

链接 sidebar


独家

特刊

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Company Formation Guide

公司建立指南开曼群岛 The Cayman Islands, 英属维尔京群岛 The British Virgin Islands

香港 Hong Kong, 萨摩亚 Samoa, 马绍尔群岛 The Marshall Islands

塞浦路斯 Cyprus, 塞舌尔 The Seychelles, 巴哈马 The Bahamas

02 Spring, 2012


company Formation

excLUsIve rePort | 独家报道

建立公司

By Claire van den Heever

2012 COmpany fOrmatiOn Guide S01

Offshore company formation has long been a comprehensive solution for wealthy people

around the globe to exercise financial p r u d e n c e , e a s e t h e i r t a x b u rd e n , and secure legal protection for their assets in an unpredictable world. It is inevitable that China’s wealthy – who are multiplying more quickly than in any other nation – are progressively following suit. Easing their tax burden is only one of a handful of key motivators for Chinese corporations and high net worth individuals taking steps to incorporate a company offshore. Aside from the asset protection gained through offshore company formation, experts say that “capital freedom” is also on Chinese people’s minds, while many wealthy individuals will also form offshore companies in preparation for a move abroad.

对全球的富裕人士来说，离岸公司

的组建一直是一个综合性的解决

方案，来进行审慎的理财、减轻

他们的税务负担，并且在一个不可预知的世

界里依法保护资产的安全。不可避免的，中

国的富裕人士（他们的增长比其他任何国家

都更快速）正逐步跟随这种趋势。减轻的

税务负担仅仅是中国企业和高净值人士采取

措施建立离岸公司的主要动机之一。除了通

过组建离岸公司获得对资产的保护以为，专

家表示中国人同样考虑“资本自由”，许多

富裕人组建离岸企业正是为将来移民国外做

好准备。

　　人们在离岸金融中心的问题上拥有丰富

的选择 - 像香港和新加坡一样在家门口提供

所谓“中岸”解决方案的司法管辖区通常是

中国人首选的目的地，那么人们是如何选择

离岸中心的呢？这个相对年轻的市场拥有充

足的增长空间，因此规模较大、较为知名的

离岸金融中心（如英属维尔京群岛和开曼群

岛）通常会被该行业的新人认为是“安全”

的选择。CIL 集团（一家为高净值人士和企

业客户提供财富管理和离岸企业建立建议的

中国公司）的董事总经理 Michael Liu 发现，

就建立离岸企业而言，除了香港以外，英属

维尔京群岛和开曼群岛是其中国客户的首要

选择。虽然税率、免双重征税协定和资本要

求始终会对进行任何形式的离岸投资的决策

产生重大影响，但是对潜在的中国客户来说，

了解相应的司法管辖区看起来更为重要。

Liu 先生说：“熟悉最为重要。当（该司法

管辖区）拥有中国大使馆时，人们会有更多

的信心。英属维尔京群岛和开曼群岛等司法

管辖区得益于其在中国的良好声誉，因为许

多中国企业在境外上市时采用它们。”

　　这两个司法管辖区已经在全球范围内

建立起了作为领先离岸金融中心的声誉，

这是多年来它们在这个相对较新的产业中

不断创新的成果。那些使用离岸结构的富

裕中国人已经意识到了这些司法管辖区在

这方面做出的努力，在有针对性的营销中

也发挥了作用，使得经验不足的中国人认

识到在这两个国家提供的离岸产品中能够

获得的好处。Liu 先生说：“然而，在中国

市场，（它们的知名度）同样在很大程度

上受到大型律所的意见的影响。”

　　相比外籍富裕人士，中国的富裕人士在

With an abundance of offshore f inancial centers to choose from – and jurisdictions like Hong Kong and Singapore that offer so-called “mid-shore” solutions on their doorstep – which are Chinese people’s preferred jurisdictions, and how do they go about selecting them? In a relatively young market, with plenty of room for growth, it seems that the larger, more well-known offshore centers, such as the British Virgin Islands and the Cayman Islands are often considered ‘safe’ choices for newcomers to the industry. Michael Liu, managing director of the CIL Group – a China-based company that advises high net worth individuals and corporate clients on wealth management and offshore company formation – has found that, apart from Hong Kong, the British Virgin Islands and the Cayman Islands are his Chinese clients’ first

002 Spring, 2012

选择离岸金融的问题上更加倚重专业建议，

这是一项主要的不同点。库克群岛金融服务

发展局的首席执行官 Jenner Davis 女士表

示：“许多中国客户并不熟悉国际金融中心

通常能够提供的结构。服务提供商必须更多

地投身其中，参与中国客户的交易。他们需

要更周到的服务和更高层次的意见，而来自

其他市场的客户只是想要建立能够满足他们

特殊需求的实体。”成熟和新兴的离岸金融

中心（以及位列两者之间的金融中心）都在

争夺来自全球高净值人口增长最快的市场的

业务。一些司法管辖区清楚地认识到这群相

对较新的离岸投资者的期望，因此它们认为

中文服务是必不可少的。

　　伯利兹了解需要付出多少努力才能获

得相对行业老大的竞争优势，因此它 ( 以英

属维尔京群岛为模板制订了 1990 年国际商

业公司法 ) 已经在其国际商业公司注册处聘

请全职的中国员工。该注册处的副注册官

Katherine Haylock 表示，伯利兹有许多中

国人口，在政府、银行和离岸办公室里都有

中国人，因此“文化上的熟悉”是该司法管

辖区的最大卖点之一。国际商业公司（该司

法管辖区最出名的公司结构）能够使用中国

客户自己的语言进行注册，可以使用中文申

报企业备忘录和章程，并且可以用汉字发出

正式的公司成立证明。

　　虽然比伯利兹鲜为人知，马绍尔群岛共

和国拥有地理位置的优势。就吸引来自中国

的客户而言，它在亚太地区中的位置也许是

其最大的优势，这个微小的密克罗尼西亚群

岛国家是全球增长最快的离岸司法管辖区之

一。除了比加勒比地区的竞争对手更接近中

国以外，马绍尔群岛还把中文服务作为自己

two choices of jurisdiction when it comes to setting up offshore companies. Although factors such as tax rates, double taxation agreements and capital requirements will always have significant bearing on decisions to make any kind of investments offshore, it appears that it may be even more important for potential clients from China to be familiar with the jurisdiction in question. “Familiarity matters the most”, says Mr. Liu. “When there is a Chinese embassy [in the jurisdiction], people have more confidence in it. Jurisdictions like the British Virgin Islands and the Cayman Islands have the benefit of a good reputation in China because there are many Chinese enterprises using them when listing abroad.”

The reputations that these two

jurisdictions have built for themselves around the world as leading offshore financial centers are the fruit of several years as pioneers in this relatively new industry. Wealthy Chinese who use offshore structures are aware of the efforts made by these jurisdictions at the outset, and targeted marketing will have also played a role in making less experienced Chinese aware of the benefits of offshore products in both countries. “In the Chinese market , however, [their popularity] is also heavily influenced by the opinions of big law firms”, says Mr. Liu.

The weight given to professional advice is one key difference in the way in which wealthy Chinese approach offshore finance, compared to their non-Chinese counterparts. “Many Chinese clients are not familiar with the structures typically offered in many international finance centers,” says Ms. Jenner Davis, CEO of the Cook Islands Financial Services D e ve l o p m e n t Au t h o r i t y. “ S e r v i c e providers must generally be more hands-on and involved with the transactions of their Chinese clients. They require a more intense level of service and higher level of advice, whereas clients from other markets just want the entity required for their particular needs.” Established and up-and-coming offshore centers – and

Company Registrations in Hong Kong

香港的企业注册

来源：香港公司注册处 Source: Hong Kong Companies Registry

2008 2009 2010 2011

当地公司的注册数量 98645 109424 139530 148329

Number of Local Companies Incorporated

新登记的外资公司 872 683 737 798

New Foreign Companies Registered

“许多中国客户并不熟悉国际金融

中心通常能够提供的结构。服务提

供商必须更多地投身其中，参与中

国客户的交易。”

库克群岛金融服务发展局的首席执行官Jenner Davis

“Many Chinese clients are not familiar with the structures typically offered in many international finance centers, Service providers must generally be more hands on and involved with the transactions of their Chinese clients.”

Jenner Davis, CEO of the Cook Islands Financial, Services Development Authority. “

S02 COmpany fOrmatiOn Guide 2012

声音 Voices


的长处。国际注册（远东）有限公司（马

绍尔群岛政府在亚洲唯一指定的公司注册代

理）的亚洲业务主管 Annie Ng 认为，中国

客户能够使用他们的母语处理离岸金融事务

是非常重要的。Ng 女士指出，马绍尔群岛

在香港和中国大陆的办事处能够“为客户提

供一站式的售后服务。”国际注册在香港、

大连和上海的办事处意味着，客户能够亲自

处理他们的业务，并且不存在语言障碍。

　　鉴于企业建立费用和整体成本仍然是

那些寻找离岸金融产品的中国人所考虑的

一个因素，提供中文服务无疑是这些司法

管辖区的优势。在那些不专门提供会说中

文的员工的离岸司法管辖区，包括 CIL 集

团的 Liu 先生在内的顾问能够扮演一个中

国投资者急需的中间人的角色。他说：“作

为一个中国的本土顾问，我们与合格的代

理商和全球各地的律师一起合作，提供离

岸架构服务。我们是双方之间的桥梁。”

包括 CIL 集团在内的公司能够看到客户的

everything in between – are all vying for business from the world’s fastest growing population of high net worth individuals. Well aware of the expectations that this relatively new demographic of offshore investors has, Chinese language services have been recognized as essential by several jurisdictions.

Knowing how much effort is needed to obtain a competitive edge over the biggest players, Belize – which based its 1990 International Business Companies Act on the British Virgin Islands’ model – has employed full time Chinese staff at its International Business Company Registry, says Deputy Registrar Katherine Haylock. Belize has a large Chinese population, Chinese people in government, banks as well as offshore offices, and “cultural familiarity” is one of the jurisdiction’s

biggest selling points, Ms. Haylock says. International Business Companies – for which the jurisdiction is best known – can be incorporated in Chinese clients’ own language; Chinese language memoranda and articles of association can be filed, and an official certificate of incorporation can be issued in Chinese characters.

Although lesser-known than Belize, the Republic of the Marshall Islands has geography on its side. Its location within the Asia Pacific region is perhaps its biggest advantage when it comes to attracting clients from China, and the tiny Micronesian nation of islands is one of the fastest growing offshore jurisdictions in the world. Apart from being located much closer to China than its Caribbean counterparts, the Marshall Islands counts Chinese language services among their



004 Spring, 2012

具体需求，并且提出个性化的金融解决方

案。Liu 先生解释说：“我们使用中文为客

户提供服务，但在与代理人和律师合作时，

我们把英语作为工作语言。”

　　简化境外公司的注册过程是一项大型的

业务，目前有越来越多的公司提供这些服务。

离岸注册有限公司 (OIL) 是全球最知名的公

司注册专家之一。像 CIL 集团一样，OIL 认

为英国属维尔京群岛和开曼群岛已经成为那

些希望建立离岸公司的中国高净值人士和企

业最喜爱的司法管辖区。OIL 公司的首席执

行官 Martin Crawford 透露，这些历史悠

久的离岸金融中心对中国人很有吸引力，因

为它们拥有“强大的法律体系、较低的交易

成本、较低的风险以及简单的审计和会计

要求。”

　　Liu 先生和 Crawford 先生都同意，

许多富裕的中国人认为英属维尔京群岛的

商业公司能够最好地满足他们的需求。

Crawford 先生说：“在建立投资控股企业

上，英属维尔京群岛一直是最热门的司法管

辖区。”许多客户认为，英属维尔京群岛的

控股公司特别是适合控股各种资产。Liu 先

生说：“当涉及到控股工具时，人们关心他

们的税务负担将会低到什么水平，以及他们

转移控股工具名下的资产有多便利。保密性

也可能对他们很重要。”他说，在选择理想

的离岸结构时，“你所找到的答案可能是一

家没有税务负担、年度申报要求最低的公

司。” Crawford 先生对此表示同意，他说：

“每个司法管辖区有其自身的特点。”开曼

群岛（它的税收豁免公司通常是中国投资者

和非中国投资者最经常使用的结构）有自

己的优势。Crawford 先生解释说：“开曼

strong points. Annie Ng, Head of Asia for International Registries (Far East) Ltd – the only appointed company formation agent of the Marshall Islands government in Asia – recognizes how important it is for Chinese clients to be able to deal with their offshore financial affairs in their native language. Ms. Ng points out that the Marshall Islands’ presence in Hong Kong and mainland China can be equated to a “one-stop after sales service for clients”. International Registries offices in Hong Kong, Dalian and Shanghai mean that clients can conduct their business in person, and without language barriers.

Given that set-up fees and overall cost is still a factor for Chinese who are in the market for offshore financial products, having the option of Chinese language services is undoubtedly to

these jurisdictions’ advantage. In cases where an offshore jurisdiction does not have a dedicated Chinese-speaking staff, advisors such as CIL Group’s Mr. Liu fulfill a much-needed intermediary role. “As a local Chinese consultant, we work with qualified agents and lawyers all over the world who provide offshore structuring services. We are the bridge between the two sides.” Companies like the CIL Group identify clients’ specific needs and suggest personalized financial solutions. “We use Chinese to serve the client and use English as a working language when co-operating with agents and lawyers”, explains Mr. Liu.

Simplifying the offshore company formation process is big business, and today there are a growing number of companies offering these services. Offshore Incorporations Limited (OIL) is among the world’s best-known company formation specialists, and like the CIL Group, OIL has found the British Virgin Islands and the Cayman Islands to be two of the most popular jurisdictions for Chinese high net worth individuals and corporations looking to form offshore companies. According to Martin Crawford, CEO of OIL, these long-established offshore financial centers are attractive to Chinese because of their “strong rule of law, low transaction costs, low

New Companies Registered in the British Virgin Islands

英属维尔京群岛注册的商业公司

2008 2009 2010 2011

第一季度 First Quarter 20752 12307 16596 19010

第二季度 Second Quarter 15831 9871 12815 15689

第三季度 Third Quarter 16133 13368 15946 17056

第四季度 Fourth Quarter 9000 11931 14267

来源：英属维尔京群岛金融服务委员会数据统计表 2011 年第三季度Source: BVI Financial Services Commission Statistical Bulletin, 2011 Q3

“原则上， [ 在公司注册的战略上 ]

中国或非中国客户之间并没有没有

太大的区别。你总是需要从全局上

看问题，考虑各个要素：受益人的

情况、资产的类型、位置和控制体

系。”

CIL 集团董事总经理 Michael Liu

声音

“In principle, there is not much difference [in company formation strategies] between Chinese or non-Chinese c l ients . You always need look at the picture as a whole, and think about several elements: the beneficiary situation, the type of assets, the location and the controlling system.”

Michael Liu, Managing Director of the CIL Group


Voices


群岛的豁免公司与英属维尔京群岛商业公

司拥有相似的特征。这些离岸公司很受欢

迎，并且因为它们的管理便利性、灵活性

和免税地位被广泛地使用。它们已经被国

际金融界以及全球主流的证券交易所广泛

地接受和理解。”

　　免税的政策同样帮助伯利兹获得了部

分希望更为谨慎地进行资产投的富裕中国

客户，这个市场的增长非常迅速。虽然伯

利兹的国际商业公司（IBC）结构是以英属

维尔京群岛的模型为基础的，但是它正在

努力地提供更多的产品和服务，与全球领

先的离岸金融中心进行竞争。通过全面的

中文服务来迎合中国市场是该司法管辖区

旨在脱颖而出所采取的方法之一，而提升

公司注册的效率和便利性是另一项措施。

伯利兹国际商业公司能够在 24 小时内建

立，伯利兹公司注册处的 Haylock 女士把

它描述为“一个非常简单和直截了当的过

程。”伯利兹国际商业公司受欢迎的其它

risks and simple audit and accounting requirements”.

Many wealthy Chinese find that a British Virgin Islands Business Company suits their needs best, both Mr. Liu and Mr. Crawford agree. “The British Virgin Islands has been the most popular jurisdiction for investment holdings”, says Mr. Crawford. Many clients find the British Virgin Islands’ holding companies particularly suitable for holding various assets. “When it comes to a holding vehicle, people are concerned with how low their tax burden will be and how easy it is when they want to transfer the assets under the holding vehicle’s control. Confidentiality may also be important to them”, say Mr. Liu. In selecting the ideal offshore structure, “You may find the answer is a type of company with no tax

burden and minimal requirements for annual filing”, he says. “It is not only the type of company, but also the jurisdiction that matters.” “Every jurisdiction has its own specialty”, Mr. Crawford agrees. The Cayman Islands – where Exempted Companies are utilized most often, by both Chinese and non-Chinese investors – has its own advantages. “Cayman Exempted Companies have similar characteristics to the British Virgin Islands Business Company”, explains Mr. Crawford. “These offshore companies are very popular and widely used because of their administrative ease, flexibility, tax exempt status, and the fact that they are widely accepted and understood by the international financial community, as well as many of the world’s popular stock exchanges .”



006 Spring, 2012

Types of Companies Registerd in the Cayman Islands in 2012 (January and February)

2012 年在开曼群岛注册的公司类型 (1 月和 2 月 )

免税公司（总） Exempt 1294

1 有期限的公司 Limited Duration 1

2 继续注册公司 Reg By Way of Continuation 8

3 独立投资组合公司 Segregated Portfolio Company 30

4 特殊经济区公司 Special Economic Zone Company 5

5 免税公司 Exepmt 1250

外资 Foreign 73

非居民 Non-Resident 13

居民（总）Resident 97

1 非盈利 Non-profit 1

2 居民 Resident 95

3 有限担保 Limited Guarantee 1

总注册数 TOTAL REGISTRATIONS 1477

原因还包括不要求对股东、董事、贷款、

合同或收费进行强制备案，也不强制要求

提交财务报表。Haylock 女士解释说：“公

司必须向伯利兹国际商业公司注册处提交

备忘录和公司章程，之后将在 24 小时内发

出的注册证书。这必须通过正式授权的注

册代理进行。”客户的私密严格受法律保护。

　　Ng 女士说：“高净值人士必须选择一

个能够保持一定程度私密性的司法管辖区。”

她特别强调了这是马绍尔群岛的主要优势之

一。他说：“注册马绍尔群岛公司要通过注

册代理人，是相当安全的。考虑到该国与中

国目前没有外交关系，因此马绍尔群岛和中

国之间不存在信息交换条约。”就马绍尔群

岛能够提供的离岸公司类型而言，Ng 女士

说：“对高净值人士来说，同时拥有注册和

Tax exemptions have also helped Belize to secure a portion of the growing market of wealthy Chinese who are looking to invest their assets more carefully and, though the structure of the country’s International Business Companies (IBC) was based on the British Virgin Islands’ model, Belize is endeavoring to offer more to compete with one of the world’s leading offshore centers. Catering to the Chinese market through its comprehensive Chinese language services are one way that the jurisdiction is aiming to stand out; efficiency and the ease with which companies can be incorporated is

another. The Belize IBC can be formed within 24 hours after what the Belize Companies Registry ’s Ms. Haylock describes as “an extremely simple and straightforward process.” Other reasons for the Belize IBC’s popularity include the fact that there are no mandatory filings of shareholders, directors, loans, contracts or charges, nor are there any mandatory filings for submissions of financial statements. “The Memorandum and Articles of Association of the company must be filed at the Belize IBC Registry and a certificate of incorporation will be issued within 24 hours afterwards”, explains Ms. Haylock. “This must be done via a duly licensed Registered Agent.” Clients’ confidentiality is strictly protected by law.

“ C h o o s i n g a j u r i s d i c t i o n t h a t m a i n t a i n s a c e r t a i n d e g r e e o f confidentiality is a must for the high net worth client”, says Ms. Ng, highlighting one of the Marshall Islands’ major boons. “Marshall Islands company information is kept quite safe by registered agents, and considering there are no diplomatic relations with China at this moment, there is therefore no information exchange treaty between the Marshall Islands and the PRC.” In terms of the type of offshore companies that the Marshall Islands offers, Ms. Ng says, “A Limited Liability Company (LLC) and an International Business Corporation (IBC) with both registered and bearer shares may be most practical for high net worth individuals.”

An LLC has the advantages of both a limited company and a partnership company combined. “This kind of entity allows the profit to be allocated freely according to internal agreements, but the members of an LLC are only liable for the actual investment they put in. They are not personally liable for any debt [accumulated by] their Marshall Islands

来源：开曼群岛总注册处 Source: Cayman Islands General Registry




不记名股票的有限责任公司（LLC）和国际

商业公司（IBC）也许是最切实合适的选择。”

　　有限责任公司拥有有限公司和合伙公

司共同的优势。Ng 女士说：“这种类型的

实体也许企业根据内部协议自由地分配利

润，但是有限责任公司的股份仅需要以他

们的出资为限承担相应的责任。他们个人

不会对马绍尔群岛有限责任公司（所积累）

的任何债务承担责任。他们承担的风险与

他们所占的股票比例成正比。”

　　马绍尔群岛拥有与伯利兹不同的金融

产品，而后者的产品也不同于英属维尔京

群岛或开曼群岛。OIL 公司的首席执行官

Crawford 先生指出，各司法管辖区有其自

身的特点，客户的特殊需要和情况一直对

他们选择什么样的离岸路径起着重要的作

用。对任何金融领域来说，信息就是力量。

保持对离岸行业最新发展的了解将能够帮

助中国不断增长的高净值人士准确地找出

他们希望从离岸金融中心那里获得的东西，

并且让他们的资金能够更好地运作起来。

LLC. They only undertake risk in line with the ratio of shares in hand,” Ms. Ng explains.

The Marshall Islands have a different financial product offering to Belize which, in turn, is different to the British Virgin Islands or the Caymans. Every jurisdiction has its own specialty, as OIL’s CEO, Mr. Crawford, pointed out, and clients’ particular needs and circumstances will always play a part in determining the offshore route that they choose to take. As with any financial undertaking, information is power; keeping abreast of the latest offshore developments will only help China’s burgeoning population of high net worth individuals to define what exactly they need from an offshore financial center and, in turn, become more proactive in making their money work for them.

“投资者不但考虑低税务负担的公

司，同时对司法管辖区也要有所考量”

CIL 集团董事总经理 Michael Liu

“It is not only the type of company, but also the jurisdiction that matters.”

Michael Liu, Managing Director of the CIL Group

“每个司法管辖区有其自身的特点”

OIL 公司的首席执行官 Martin Crawford

“Every jur isdict ion has i ts own specialty”

Martin Crawford, CEO of OIL,


声音 Voices

008 Spring, 2012S08 COmpany fOrmatiOn Guide 2012

观点 | oPINIoN

Martin 拥有 15 年领导亚太地区大中

型企业的经验，专业领域包括离岸金

融服务、外汇和资产管理。Martin 在

金融服务业拥有强大的背景。在加入

OIL 以前，Martin 曾经担任纳闽国际

商业及金融中心有限公司的首席执行

官，它是马来西亚纳闽商业和金融中

心的业务发展机构。

With over 15 years' experience leading medium to large companies in the Asia Pacific region in offshore financial services, foreign exchange and asset management, Martin has a strong background in financial services. Before joining OIL, Martin was the CEO of Labuan IBFC Inc, the business development agency of Labuan International Business and Financial Centre in Malaysia.

香港巩固了其地位Hong Kong consolidates its position

Martin Crawford

Chief Executive Officer, Offshore [email protected]

如果你想向中国提供离岸服务，那么

请去香港。这并不是一种新的说

法，但是它似乎变得一年比一年更

为显著。监管政策、强大的本地资本市场以

及在地理上接近中国大陆，这些因素让香港

巩固了其作为中国投资者建立对内和对外企

业结构的首选目的地的地位。

　　围绕使用免双重征税协定（DTTs）来

实现税收效率的离岸环境（以及随之而来的

实体运作要求）不可避免地让香港受到了大

家的青睐。OIL 最新的 2020 年离岸白皮书

中对行业参与者的调研显示，免双重征税协

定和税收信息交换协议（TIEAs）正在成为

投资决策的重要因素。相反，出于零税率的

考虑则变得越来越不重要。

　　从基本上来看，香港与中国大陆之间的

免双重征税协定所带来的优势是明确的：在

中国大陆的外商全资企业和开曼群岛或者相

类似的母公司之间建立一个香港实体能够一

举消除双重征税，并且针对某些被动的收入

流提供较低的预提税率。

　　但这并不是全部。随着越来越多的国家

规定免双重征税协定的好处仅提供给那些在

相关司法管辖区开展一定程度商业活动的实

体，企业为此不得不开设办事处和雇佣职员。

这在包括香港在内的成熟国际商业中心要简

单得多，因为在那里维持实际运营是有商业

价值的。

　　在 OIL 的调研中，有超过四分之三的受

访者表示，客户对将在岸业务进行离岸注册

的需求越来越大，主要是因为对信息交换和

If you want to provide offshore services to China, go to Hong Kong. This statement is not new, but it

seems to become more significant with each passing year. A combination of regulatory policy, strong local capital markets and geographical proximity are allowing Hong Kong to consolidate its position as the location of choice for China inbound and outbound corporate structures.

A n o f f s h o re e nv i ro n m e n t t h a t revolves around the use of double tax treaties (DTTs) to achieve tax efficiency – and the substance requirements that arise from that – inevitably works hugely in Hong Kong’s favor. According to a survey of industry participants as part of OIL’s latest Offshore 2020 White Paper, DTTs and tax information exchange agreements (TIEAs) are increasingly seen as important factors in investment decision-making. Zero-tax considerations, by contrast are becoming less important.

On a basic level, the advantages of Hong Kong’s DTT with China are clear: Placing a Hong Kong entity in between a China-based wholly foreign owned enterprise and a Cayman Islands or similar parent vehicle can at a stroke

eliminate double taxation and offer reduced withholding taxes on certain passive income streams.

But that’s not all. With a growing number of nations ruling that DTT benefits are only available to an entity able to prove a certain level of business activity in the relevant jurisdiction, the onus is on companies to open offices and hire staff. This is much easier to do in a developed international business center like Hong Kong where it makes c o m m e rc i a l s e n s e to m a i n t a i n a n operational base.

M o r e t h a n t h r e e q u a r t e r s o f respondents in OIL’s survey said that they are seeing increased demand from clients to incorporate elements of onshore into offshore structures, citing more stringent regulation on information exchange and DTTs as the key driving factors. In this context it is no surprise that Hong Kong and Singapore are expected to become the most important “mid-shore” jurisdictions in Asia.

Asked to rank jur isdict ions by importance now and in 5-10 years time, survey respondents said the British Virgin Islands (BVI) is the market leader at present , closely followed by the Cayman Islands and Hong Kong, with


With a growing number of nations ruling that DTT benefits are only available to an entity able to prove a certain level of business activity in the relevant jurisdiction, the onus is on companies to open offices and hire staff. This is much easier to do in a developed international business center like Hong Kong

随着越来越多的国家规定免双重征税协定的好处仅提供给那些在相关司法管辖区开展一定程度商业活动的实体，企业为此不得不开设办事处和雇佣职员。这在包括香港在内的成熟国际商业中心要简单得多

免双重征税协定更为严格的监管。在这种情

况下，香港和新加坡有望成为亚洲最重要的

“中岸”司法管辖区，这并不让人感到意外。

　　在被要求按重要性对目前和未来 5 －

10 年的司法管辖区进行排名时，调研的受

访者表示，英属维尔京群岛（BVI）是目前

市场的领先者，紧随其后的是开曼群岛及香

港，新加坡排在第四位。然而，未来 10 年

内在注册在岸和离岸企业的领域香港和新加

坡将占据前两位。

　　香港能够吸引投资者建立实体的特点包

括：一个完善、高性能的在岸金融业、一个

强有力的法律制度、高水平的服务、相对较

少的官僚主义以及广泛的国际贸易网络。这

些特点也让香港为离岸企业提供服务的行业

得到了蓬勃的发展。

　　OIL 调查发现，香港是首次公开募股

（IPOs）、企业贸易和建立投资控股公司

最热门的目的地。有 22％的受访者把投

资控股的目的作为他们选择香港的主要动

机，另外有四分之一的受访者是出于交易目

的，11％的受访者是为了建立特殊目的公司

(SPV) 。到 2020 年，控股公司和 SPV 所占

的份额预计将分别上升到 25％和 15％。

　　投资控股公司的数量尤其能够反应香港

作为企业并购以及投资基金活动平台的持久

吸引力，其中包括私募基金、风险资本工具

和对冲基金。这一活动将越来越多地集中在

流出中国的资本以及进入该国的货币。

　　香港成为跨境企业的热门目的地并不意

味着包括英属维尔京群岛和开曼群岛在内的

传统司法管辖区将走向末路。事实上，它们

可以在一定程度上从中受益。虽然加勒比地

区的离岸金融中心和包括泽西岛、耿西岛和

马恩岛的欧洲目的地预计将被香港夺取一部

分市场份额，但是这更多地反映了一种离岸

企业的演变，而不是所谓丧钟的敲响。

　　毫无疑问，这些司法管辖区将继续受益

于“纯粹”的离岸需求。事实上，英属维尔

京群岛依然是亚洲最常用的司法管辖地，拥

有一定的优势。然而，这些目的地与香港是

在同一条产业链上的。新加坡似乎也在最大

限度地减少与香港的直接竞争。后者利用自

身与中国大陆的邻近和发达的资本市场来吸

引基金管理者，而前者已经开始发展有别于

香港的业务，尤其是私人银行，新加坡在信

息交换方面的坚决态度和积极的财富管理政

策获得了良好的回报。

Singapore in fourth place. However, over the next 10 years a trend towards incorporating onshore and offshore elements into structures will see Hong Kong and Singapore assuming the top two places.

Many of the characteristics of Hong Kong that appeal to investors seeking to build substance – a well established and high performing onshore financial sector, a strong legal system, high levels of service, relatively painless bureaucracy and extensive international trade links – also allow the jurisdiction to flourish in areas that complement offshore structures.

The OIL survey found that Hong Kong is the most popular destination for initial public offerings (IPOs), corporate trading and investment holding companies. 22% of respondents cited investment holding purposes as their primary motivation, while another quarter opted for trading purposes and 11% for special purpose vehicles (SPV). By 2020, the holding and SPV shares are expected to rise to 25% and 15%, respectively.

The investment holding numbers in particular reflect Hong Kong’s enduring

appeal as a platform for corporate M&A and also investment fund activity, w h e t h e r i t i s p r iva t e e q u i t y a n d venture capital vehicles or hedge funds. Increasingly, this activity will focus on Chinese outbound capital flows as well as money entering the country.

Hong Kong's emergence as a popular jurisdiction in cross-border structures doesn't spell the end for traditional jurisdictions such BVI and Cayman; in fact, they can benefit from it to a certain extent. Although the Caribbean offshore financial centers and European strongholds like Jersey, Guernsey and the Isle of Man are expected to cede ground to Hong Kong, this is more a reflection of evolving offshore structures than a death knell.

Without question these jurisdictions will retain their appeal for “pure” offshore demand as Cayman holds its status as the preeminent home for fund structures and BVI continues to be favored as a location for SPVs and individual tax planning and asset protection. Indeed, BVI remains by some distance the most commonly used jurisdiction in Asia. However, these functions form part of a chain in which Hong Kong also features. For example, of the last 100 IPOs in Hong Kong to November 2011, 62 were Cayman-incorporated entities. And BVI is commonly used as a domicile for the SPVs set up by company owners to hold investments in these newly-listed entities.

Singapore too appears to be following a path that minimizes direct competition with Hong Kong. While the latter draws in fund managers with its proximity to China and developed capital markets, the former has identified space around the Hong Kong footprint , notably private banking where its firm line on information exchange and proactive we a l t h m a n a g e m e n t p o l i c i e s p ay dividends.


010 Spring, 2012

对中国投资者来说，开曼群岛有什么优势？开曼群岛已经被香港联合交易所批准允许该岛注册的公司在那里上市。注册证

书可以适用中文名，并且允许注册地迁移。开曼群岛是政治稳定的司法管辖地。

可以建立什么类型的公司？居民：有担保的居民有限公司和非盈利居民公司 ( 基于公司法 S80)

非居民：非居民有限担保公司和非盈利非居民公司 ( 基于公司法 S80)

税务免除公司：税务免除－有期限公司，税务免除－独立投资组合，税务免除－

无限公司，税务免除－有限担保，税务免除－持续登记，税务免除－有条件的

持续登记，税务免除－特殊经济区公司，税务免除 - 非盈利 ( 基于公司法 S80)

以及税务免除－无面值公司。

外资：在另一个司法管辖区注册成立的公司可以在开曼群岛登记为外资公司，

从事当地的业务。

税务免除公司是国际贸易的首选公司。

建立公司的要求有哪些？

资本对最低实收资本没有要求。

组成和结构公司必须至少拥有一名成员，同时需要备忘录和公司章程。公司必须向企业注

册处（ROC）登记董事及高级职员名单，以及递交年度报表。公司需要拥有当

地的注册办事处以及受监管的公司经理。

年会、审计和报告年度会议 : 没有规定董事必须要在开曼群岛举行年度会议。

审计和财务报告 : 仅受监管的实体（即银行、信托基金公司、保险公司或其他

受监管实体或服务提供商）必须向监管机构提交年度经审计的帐目。向监管机

构提交的经审核帐目需要包括利润报表。

向公司注册处递交的年度报表不包括财务报告。

What are the advantages of the jurisdiction for Chinese investors? Cayman has been approved by the Hong Kong Stock Exchange for public listings. Chinese names are allowed on the Certificate of Incorporation and the migration of domicile permitted. Cyprus is a politically stable jurisdiction.

What types of companies can be opened? Resident: Resident Limited by Guarantee and Resident – Non-profit (under S80) Non-Resident: Non Resident Limited Guarantee and Non-Resident – Non-profit (under S80) Exempt: Exempt – Limited Duration , Exempt – Segregated Portfolio, Exempt – Unlimited, Exempt – Limited Guarantee, Exempt – Registration by Way of Continuation , Exempt – Provisional Registration by Way of Continuation , Exempt – Special Economic Zone Companies, Exempt - Non-profit (under S80) and Exempt – no par value Foreign: Companies incorporated in another jurisdiction may register in Cayman Islands as a foreign company to conduct business locally.Exempt Companies are the preferred type for international transactions.

What are the requirements for company formation? Capital There are no minimum paid-up capital requirements Compositional and structuralCompanies must have a minimum of one member. A memorandum and articles of association are required. A register of directors and officers must be filed with the Registrar of Companies (ROC), and annual returns must be fined with the ROC. A local registered office to be kept with regulated company manager.Annual meeting, auditing and reportingAnnual Meeting: There is no requirement that the directors hold annual meetings in the Cayman Islands. Auditing & Financial Statement: Only regulated entities i.e. banks, trusts companies, insurance companies or other regulated entities or service provider

开曼群岛 The Cayman Islands

行政特区导读 | JUrIsdIctIoN GUIde

建立一家公司需要多长的时间？一般服务需要 3 到 5 天，加急服务只需 24 小时。

建立公司的费用为多少？注册成本（不包括政府收费）根据公司的设计结而不同。对不复杂的公司结构

而言，范围从 500 美元至 1500 美元。

注册成立公司一般的税率为多少？没有收入税、资本利得税或者其它形式的直接税。

监管当局能够要求获得关于企业管理人员的背景或者身份信息、或者

企业的会计信息？关于实益所有人和企业管理人员的背景或者身份信息 : 所有的服务提供商必须

根据法律规定的相关程序保留信息文件。企业会计信息 : 受监管的实体需要保

留充分的帐目信息，并且递交给与监管机构。所有实体必须备存帐目。

这些信息会与其他司法管辖区共享么？开曼群岛拥有一个税收信息交换协议（TIEAs）的网络，会根据这些协议的规

定进行信息交换。

公司建立适用什么法律？公司法（2011 年修订）、本土公司（控制）法（2007 年修订）- 仅针对居民

企业

现行法律是否预期会发生任何改变？会。

are required to file annual audited accounts with the Regulatory Authority. Audited accounts to regulators will include profit statements. Annual returns to the Registrar of Companies do not include financial statements.

What length of time is necessary to open a company? Three to five days with the regular service and 24 hours with the express service.

What are the fees associated with company incorporation? The costs to incorporate (excluding the government fee) vary in accordance with the structure proposed. They range from US$500 – US$1,500, for structures which are not complicated.

What is the general taxation rate for incorporated companies? There are no income, capital gains or other forms of direct taxation.

Can the regulatory authorities request information about the background and identity of company officers, or company accounting information? Information on the identity and background of beneficial owners and officers: All service providers are required to keep a file of information which can be produced pursuant to procedures provided in legislative enactment. Accounting Information on Companies: Regulated entities are required to keep full accounts and file the same with regulators. All entities are required to keep accounts.

Can this information be shared with other jurisdictions? Cayman has a network of Tax Information Exchange Agreements (TIEAs) which allow for information exchange as per the agreements

What laws apply to company formation? Companies Law (2011 Revision) , Local Companies (Control) Law (2007 Revision) – Resident Companies Only

资料来源：开曼岛注册登记所


Source: Cayman Islands Registrar of Companies


What are the advantages of the jurisdiction for Chinese investors?There are quite a few advantages of using the BVI, including tax benefits, the establishment of TIEA agreements, competitive offerings and a swift time to market.

What types of companies can be opened?Company limited by shares; Company limited by guarantee not authorized to issue shares; Company limited by guarantee authorized to issue shares; Unlimited company not authorized to issue shares; Unlimited company authorized to issue shares; Segregated portfolio company; Restricted purpose company; Private trust company.Shareless companies are also permitted. The preferred type of company for international transactions is a company limited by shares.

What are the requirements for company formation?Capital requirementsThere are no minimum paid-up capital requirementsCompositional and structural Each company must have at least one director and one shareholder. Companies limited by shares are the most popular and the company can be authorized to issue any number of shares or an unlimited number of shares.Annual meeting, auditing and reporting Meetings may be held in or outside the BVI, either in person or via telephone, and proxy members are permitted. Other meetings may be held either when directors consider it necessary, on demand by holders of 30% of members’ votes, or upon order of the Court.

What length of time is necessary to open a company? Incorporations can be done within 24 hours of submission of documents to the Registry

对中国投资者来说，英属维尔京群岛有什么优势？使用英属维尔京群岛有相当多的优势，其中包括税收优惠、税收信息交换协议、

有竞争力的产品以及快速地对接市场。

可以建立什么类型的公司？股份有限责任公司；不被授权发行股票的担保有限公司；被授权发行股票的担

保有限公司；不被授权发行股票的无限公司；被授权发行股票的无限公司；独

立投资组合公司；限制目的公司；私人信托公司。

同样允许建立无股份公司。

国际交易首选的公司类型是股份有限公司。


资本要求没有最低实收资本要求

组成和结构每家公司必须至少有一名董事和一名股东。股份有限公司是最流行的企业类型，

公司可以被授权发行任何数量的股份或数量不受限制的股份。

年会、审计和报告会议可以在英属维尔京群岛境内或境外举行，可以是亲自出席或者通过电话进

行，允许代理成员出席。当董事认为有必要时，可以召开其他会议，其中包括

持有投票权 30％以上的股东提出要求时，或者根据法院的要求。

建立一家公司需要多长的时间？注册可以在向注册处提交文件后的 24 小时内完成。

建立公司的费用为多少？注册登记费为每家公司每年 350 美元，但是如果公司被授权发行的股票超过

50000 股，那么每年的费用将增加到 1100 美元。

The British Virgin Islands英属维尔京群岛注册成立公司一般的税率为多少？位于英属维尔京群岛的公司（也就是在英属维尔京群岛经营的公司）根据

2004 年工资税法支付工资税。除此之外，不在英属维尔京群岛运营、没有英

属维尔京群岛资产的英属维尔京群岛商业公司免于在英属维尔京群岛支付税

款。


企业的会计信息？是的，前提是监管者认为获得这种信息是为了协助对严重犯罪（比如洗钱、恐

怖主义或者欺诈）的调查或起诉。

这些信息会与其他司法管辖区共享么？这些信息可以与其他监管机构共享，前提是法律监管规范制订了严格的要求。

公司建立适用什么法律？2004 年英属维尔京群岛商业公司法（修订版）

现行法律是否预期会发生任何改变？没有重大变化。

What are the fees associated with company incorporation? The Registry registration fee is $350 per annum per company but increases to $1,100 per annum, if the Company is authorized to issue more than 50,000 shares. What is the general taxation rate for incorporated companies? BVI based companies, that is, companies operating in the BVI, pay payroll tax in accordance with the PayrollTaxes Act, 2004. Otherwise, BVI Business Companies not operating in the BVI and with no BVI based assets are exempt from the payment of taxes in the BVI.

Can the regulatory authorities request information about the

background and identity of company officers, or company

accounting information? Yes, in circumstances where the regulator is satisfied that such information is required to assist with the investigation or prosecution of serious crimes such as money laundering, terrorism or fraud.

Can this information be shared with other jurisdictions? The information can be shared with other regulators, provided that the strict requirements set out in statutory regulatory gateway provisions are adhered to.

What laws apply to company formation? BVI Business Companies Act, 2004 (as amended).

Are any changes to the current law anticipated? No major changes.


资料来源：英属维尔京群岛国际金融中心

Source: BVI International Finance Centre

012 Spring, 2012

1. 对中国投资者来说，萨摩亚有什么优势？萨摩亚能够提供快速和简单的注册手续和利于营商的国际金融立法。公司可以

使用中文注册自己的名称和撰写组织大纲及章程，注册企业的存续证明书可以

用中文签发。

　　萨摩亚在保密规定和对该国企业工具以及法律机密条款的潜在误用或滥用

之间实现了平衡。

　　在任何国际金融立法下注册的所有实体（比如国际公司、信托、银行和保

险公司）都不需要就它们的收益支付税款，也不需要就它们的交易和合同支付

税款。此外，任何离岸实体通过银行业从萨摩亚向境外转移外汇都不会面临货

币或外汇管制。

2. 可以建立什么类型的公司？- 国际商业公司 (IBC) - 股份有限公司 - 担保有限公司

- 混合公司 ( 股份和担保有限公司 ) - 美式有限公司 (LLCs)

- 债权人控制公司 - 独立国际基金公司

-5、10 或者 20 年的长期公司 - 特殊目的国际公司

3. 建立公司的要求有哪些？

资本没有资本要求，股份可以无面值。

组成和结构 1988 年国际公司法的第三部分和第四部分特别规定了国际公司的组成和结构

要求。受托人公司需要向注册处递交备忘录和公司章程、注册办公室证明和相

关的注册费用。企业名称预留 14 天内免费，如果支付 20 美元，可保留三个月。

年会、审计和报告法律对年度股东会议没有要求，但是它们可以在世界上任何地方或通过电子渠

道举行。虽然对经审核财务账目没有要求，但是如果企业发出财务报告，需要

萨摩亚 Samoa

1. What are the advantages of the jurisdiction for Chinese investors?Samoa offers fast and simple incorporation procedures and user friendly international finance legislation. Companies can have their names, Memorandum and Articles of Association in the Chinese language, and a Certificate of Good Standing for incorporated companies may be issued in the Chinese language.

Samoa has balanced confidentiality provisions against potential misuse or abuse of vehicles it offers and confidentiality provisions in its governing laws.

All entities registered under any of the international finance legislation (e.g. international companies, trusts, banks and insurance companies) are not liable to pay taxes or duties on their gains, or upon transaction and contracts. Furthermore, no currency or exchange control regulations apply to the taking or sending of an foreign currency out of Samoa by any of the offshore entities via the banking sector

2. What types of companies can be opened?International Business Companies (IBC); companies limited by shares; companies limited by guarantee; hybrids (limited by both shares and guarantee); US styled Limited Life Companies (LLCs); creditor controlled companies; segregated fund international companies; long term companies for 5, 10 or 20 years;special purpose international company

3. What are the requirements for company formation?Capital: There are no capital requirements and shares may be of no par value.Compositional and structural: The International Companies Act 1988 (the Act) particularly Part III and Part IV provides for the composition and structural requirements of international companies. A trustee company lodges the Memorandum and Articles of Association, notice of registered office and the prescribed fee with the Registrar. Name approval is reserved at no charge for 14 days and on payment of USD20 can be reserved for three months.Annual meeting, auditing and reporting: There are no requirements for annual meetings under the Act however when held they can be held anywhere in the world or electronically. Although there is no requirement for audited financial accounts, or that they be filed, an international company is required to keep such accounts and records as the directors consider necessary to reflect the financial

有一家国际公司来保管这些公司董事认为必要的帐目及纪录，以反映公司的财

务状况。

4. 建立一家公司需要多长的时间？24 个小时或者更短

5. 建立公司的费用为多少？公司注册费用为 30000 美元

6. 注册成立公司一般的税率为多少？根据国际公司法注册成立的国际公司不承担任何税率。离岸法例下注册的所有

实体都免于支付企业税、印花税和其他政府征费。

7. 监管当局能够要求获得关于企业管理人员的背景或者身份信息、

或者企业的会计信息？可以。

8. 这些信息会与其他司法管辖区共享么？一般来说，根据 1988 年国际公司法，国际公司的信息是机密。但是，该法律

和其它相关法律都有条款规定：在离岸司法管辖区要求共享特定信息时，需要

考虑这种要求的本质做出决定，信息可以会被共享。

9. 公司建立适用什么法律？1988 年国际公司法规定了国际公司的建立和运作方式。国内公司适用不同的

法律。另外有其它的法律针对国际信托、有限责任合伙、独立基金国际公司、

国际共同基金的注册登记、以及国际银行和保险公司的许可登记。

position of the company.

4. What length of time is necessary to open a company?24 hours or even less

5. What are the fees associated with company incorporation?$300.00USD for company incorporation

6. What is the general taxation rate for incorporated companies?International companies incorporated under the International Companies Act are not liable for any taxation rates. All entities registered under the offshore legislation are exempt from taxes, stamp duties and other government levies.

7. Can the regulatory authorities request information about the background and identity of company officers, or company accounting information?Yes.

8. Can this information be shared with other jurisdictions?Generally information about international companies are confidential pursuant to the International Companies Act 1988, nonetheless there are provisions in this Act as well as other relevant legislation whereby information may be shared with jurisdictions requesting that particular information depending on the nature of such request.

9. What laws apply to company formation?The International Companies Act 1988 regulates the formation and operation of international companies. A different legislation controls domestic companies. Legislations also exist to govern the registration of International Trusts, Limited Liability Partnerships, Segregated Fund International Companies, International Mutual Funds and the licensing of International Banks and Insurance Companies.



资料来源：萨摩亚国际权威金融公司

Source: Samoa International Finance Authority


The Marshall Islands马绍尔群岛What are the advantages of the Marshall Islands for Chinese investors?There are eight Marshall Islands registrar offices in Asia with the Asian head office situated in Hong Kong, and offices in both Shanghai and Dalian. The Marshall Islands offer zero taxation, same day incorporation, and high confidentiality of shareholder and director information. The Marshall Islands are widely accepted for IPO in US, London and Singapore Stock Exchanges. Currently, 37 Marshall Islands companies are publicly traded. There is a Marshall Islands lawyer available in Hong Kong to provide legal opinion on corporate matters and finance matters. Furthermore, the legalization of Marshall Islands documents can be arranged in as little as three weeks and Chinese versions of the documents are available.

What types of companies can be opened?IBC, Limited Liability Company, and Limited Partnership

What are the requirements for company formation?Capital: US$50,000 as standard authorized share capital, Paid in capital can be as low as $1 in any currencyCompositional and structural: One director and one shareholder is required Annual meeting, auditing and reporting: No requirement for submitting annual returns and annual meeting minutes to the registered agent of the Marshall Islands

Can the regulatory authorities request information about the

background and identity of company officers, or company

accounting information?Only with a court subpoena and this information cannot be shared with other jurisdictions.

对中国投资者来说，马绍尔群岛有什么优势？亚洲有 8 个马绍尔群岛企业注册办事处，亚洲的总部位于香港。为了方便中国

的客户，马绍尔群岛注册点在上海和大连设有办事处。

　　马绍尔群岛可以提供零税收、一日企业建立、以及保密性极高的股东和董事

信息。岛内企业受到广泛的认可，能够在美国、伦敦和新加坡证券交易所实现

上市。目前，有 37 家马绍尔群岛公司实现了公开上市。

　　香港有马歇尔群岛的律师，可以就公司事务和财务事项提供法律意见。

　　此外，马绍尔群岛企业文件的法律证明程序仅需要三周，并且能够提供文

件的中文版本。

可以建立什么类型的公司？在马绍尔群岛可以开设三种类型的公司：国际商业公司、有限责任公司、有限

合伙制


资本标准法定股本为 50000 美元，实收资本可以低至 1 美元，在任何货币汇率下

组成和结构一名董事和一名股东

年会、审计和报告不要求向马绍尔群岛注册代理人提交年度申报表和年度会议纪要


企业的会计信息？只有法院传票才行


资料来源：国际注册有限公司 Source: International Registries Limited

014 Spring, 2012

What are the advantages of Cyprus for Chinese investors?Cyprus offers stable conditions and a positive climate for foreign investment and business activities. As one of the most stable economies in the European Union (EU), Cyprus has developed into a very dynamic global business and financial centre. Its geographical advantage as a natural bridge linking Europe, Africa and Asia became even more important following its accession to the EU (2004) and the Economic and Monetary Union (2008). The island has established a reputation as a springboard for international investors accessing the large EU markets as well as the emerging economies of the Middle East, Eastern Europe, North Africa, India and China.

In the 21st century, Cyprus has become a bridge of economic co-operation conductive to investments as well as the destination of choice for investors seeking an ideal location for doing business. Its market-oriented economy operates within a transparent regulatory and legal system predicated on the Common Law and fully harmonized with the collective framework of laws and regulations of the EU.

Cyprus provides many advantages to the corporate sector, including the lowest corporate taxation rates in the EU (10%) and double taxation agreements with 45 countries. Cyprus companies enjoy exemptions from any withholding tax on inbound dividends, interest and royalty payments. Taxation exemptions also apply with respect to dividend income, profits from overseas permanent establishments and profits from the sale of securities. Moreover, Cyprus offers relatively lower operating costs with high quality services, including banking, tax, accounting, auditing, business administration, legal, investment, brokerage and funds management.

What types of companies can be opened?The following five types of business entities may be registered under Cyprus law: limited liabil¬ity private or public company, general or limited Partnerships, business/trade names, European Company (Societas Europeas), and a branch of a foreign company. What are the requirements for company formation?• A company name, which will then be submitted to the Registrar of Companies for approval.

对中国投资者来说，塞浦路斯有什么优势？塞浦路斯能够为外商投资和经营活动提供稳定的环境和积极的氛围。作为欧盟

（EU）最稳定的经济体之一，塞浦路斯已经发展成为一个非常有活力的全球商

业和金融中心。它是连接欧洲、非洲和亚洲的天然桥梁，这种地理优势在其加

入欧盟（2004 年）和欧洲经济与货币联盟（2008 年）后变得更加重要。该岛

已经为自己赢得了声誉，成为国际投资者进入欧盟大型市场和包括中东、东欧、

北非、印度和中国等新兴经济体的跳板。

　　在 21 世纪，塞浦路斯已成为一个有利于投资的经济合作桥梁，以及那些

寻求理想营商地点的投资者的首选目的地。该地区以市场为导向的经济拥有透

明的监管和法律制度（基于普通法），并且与欧盟法律和法规的集体框架完全

融合。

　　塞浦路斯能够为企业提供许多优势，包括欧盟最低的公司税率（10％）以

及与 45 个国家签署的免双重征税协定。塞浦路斯的公司可享有任何入境的股

息、利息和特许权使用费的预扣税豁免政策。税收豁免也适用于股息收入、从

海外常设机构获得的利润以及从出售证券获得的利润。此外，塞浦路斯能够提

供相对较低的运营成本和优质的服务，包括银行、税务、会计、审计、工商管理、

法律、投资、经纪和基金管理。

可以建立什么类型的公司？根据塞浦路斯法律可以注册以下五种类型的商业实体：有限责任私人或公共公

司、一般或有限合伙制、商业 / 贸易公司、欧洲公司（Societas Europeas）以

及外国公司的分支机构。

建立公司的要求有哪些？- 公司名称，它将被提交给公司注册处并进行核准。

- 必须提供该公司的主要活动，就此撰写备忘录和公司章程并且提交。

- 每个实益拥有人 / 股东 / 董事需要有银行资信证明。

塞浦路斯 Cyprus- 每家公司都应该至少有一名股东。

- 就国际商业公司而言，重要的是，无论从税收角度和管理角度来说，该公司

的管理和控制都需要在该司法管辖范围内进行。如果是这样的话，最好委任不

超过一名外国董事。

- 另一项法律规定是一家公司需要有一个注册办事处。

建立一家公司需要多长的时间？选择加急流程，注册处或者港口国控制处进行企业名称注册大约需要两到五个

工作日。选择正常流程，公司注册只能通过注册处进行，需要约一个月的时间。

建立公司的费用为多少？公司注册处收取的相关费用以及申请人律师或者服务提供商的费用。就注册处

而言，必须支付的费用为 153.79 欧元，外加公司名义额定股本价值的 0.6％。

可选费用（几乎所有申请人都会选择支付）的是加急注册费用，为 85.43 欧元。

就律师 / 供应商的费用而言，它会取决于提供的服务而有所不同，也可能会在

律师 / 供应商的选择上有所差异。

注册成立公司一般的税率为多少？塞浦路斯的企业税率为 10％。

公司建立适用什么法律？与外商直接投资有关的立法包括但不限于以下：

- 公司法第 113 章

- 银行法

- 关于预防和制止洗钱活动的法律

- 投资服务和监管市场法

- 透明度法 ( 监管市场交易的可转让证券 )

• The main activities of the company must be provided so that the Memorandum and Articles of Association can be drawn up for submission. • A bank reference is required for each beneficial owner/shareholder/director. • Every company should have at least one shareholder.• In the case of international business companies, it is important, both from a tax point of view and for administrative purposes, that the management and control of the company are exercised within the jurisdiction. If this is the case, then it is advisable for not more than one director to be appointed from abroad.• Another legal requirement is that a company has a registered office.

What length of time is necessary to open a company?With the accelerated procedure, the company name registration at the Registrar or the PSC takes approximately two to five working days. With the normal procedure, possible only through the Registrar, the duration is approximately one month.

What are the fees associated with company incorporation?The costs involved relate to fees charged by the Registrar of Companies and the applicant’s lawyer or service provider. With re¬spect to the Registrar, the non-discretionary fees that must be paid amount to €153.79 plus 0.6% of the value of the company’s nominal authorized share capital. A discretionary fee that applicants almost invariably opt for is the accelerated registration procedure, amounting to €85.43. With respect to lawyer/provider fees, these will vary depending on the services pro¬vided, and possibly also on the choice of lawyer/ provider.

What is the general taxation rate for incorporated companies? The corporate tax in Cyprus is 10%.

What laws apply to company formation?Legislation that is relevant to Foreign Direct Investment includes, inter alia, the following:• Companies Law Chapter 113• Banking Law




- 可转让证券法关于集合投资的规定

- 保险法和其他相关法律

- 国际信托法

- 受托人法

- 塞浦路斯股票交易所法

- 控制损害知识产权的商品走私行为的法律

- 商船法

- 有限和无限责任合伙法第 116 章

- 备兑债券发行法

- 合伙制和商标法

- 支付服务法

现行法律是否预期会发生任何改变？最近，塞浦路斯共和国政府正在采取新的一些措施，涉及所有的经济领域，其

中包括鼓励就业、改善政策框架来吸引外国投资、引入确保中小型企业融资的

机制、改进物业税政策、拨出城市规划整修的费用、采取支持旅游业的措施、

充实服务业，给予税收优惠和促进绿色增长。这些措施主要集中用于推动公共

和私营部门伙伴关系监管框架的建立、兴建基础设施项目、提供城市规划激励

政策、简化规管架构来改善营商环境、以及加快来自可再生能源的光伏系统的

安装。这些措施将会推动塞浦路斯经济在金融领域的增长，后者已经受到了全

球金融危机的影响。

• Law on the Prevention and Suppression of Money Laundering Activities• Investment Services and Regulated Markets Law• Transparency Law (Transferrable Securities Traded in Regulated Markets)• Undertakings in Collective Investments in Transferrable Securities Law• Insurance Services and other Related Issues Law• International Trusts Law• Trustees Law• Cyprus Stock Exchange Law• Law on the Control of the Trafficking of Merchandise that Breaches Intellectual Property Rights• Merchant Shipping Law• Limited and Unlimited Liability Partnership Chapter 116• Law on the Issuance of Covered Bonds• Law on the Partnerships and Trade Names• Law on the Payment of Services

Are any changes to the current law anticipated? Recently the Government of the Republic of Cyprus is moving forward with new measures which cover all areas of economic activity, and include encouraging employment, improving the framework for attracting foreign investment, introducing a mechanism to guarantee the financing of small and medium-sized enterprises, modernizing property taxes, introducing a charge on town planning renovations, measures to support tourism, enriching the services sector, granting tax incentives and green growth. The measures focus primarily on promoting a regulatory framework for public-private partnerships, infrastructure projects, providing town planning incentives, simplifying the regulatory framework for improving the business climate and accelerating the installation of photovoltaic systems from renewable energy sources. These measures will take place for to boost the financial growth of the Cyprus economy which has been affected by the global crisis.


资料来源：塞浦路斯投资促进署

Source: Cyprus Investment Promotion Agency

016 Spring, 2012

塞舌尔 The Seychelles对中国投资者来说，塞舌尔有什么优势？该司法管辖区的一般优势包括：

　　传统的企业注册和成立文件证明，注册速度非常快，通常在 1 天内完成。

　　塞舌尔国际商业公司、基金会和信托基金在塞舌尔免于征税，没有准备、

审计或者提交会计报表的要求。各种法例明确规定隐私受到保护。

　　成本低。建立塞舌尔国际商业公司所有费用的总和要低于英属维尔京群岛

公司需要支付的政府费用。

　　塞舌尔是一个监管规范、位列于白名单上的司法管辖区。它也是一个和平、

安全和政治稳定的国家，将能够继续在很长一段时间内提供服务。

　　它所在的时区可以方便地在工作日内为中国和全球大多数国家提供服务。

　　塞舌尔拥有取悦他人的传统，特别是取悦外国人，因此它能够为国际客户

提供一流的服务。

可以建立什么类型的公司？国际商业公司－建立和管理这种类型的公司非常快速、简便和便宜。只能够在

其它司法管辖区开展业务，但不能在塞舌尔开展业务。不需要在塞舌尔缴税，

不需要申报年度报表或者帐户。

　　国内公司－可以被用来同时经营本地和国际业务的公司（它可以在塞舌尔

经营业务）。注册需要时间更长一些，但是注册过程同样很容易。从塞舌尔得

到的收入需要承担 0 至 33％的税率。公司每年必须提交年度报表及帐目。

　　CLS - 基于国内公司法，但是用于国际业务，而不是本地业务。它可以在

塞舌尔拥有实质性的业务，这是受到鼓励的。由于大部份收入不是来自塞舌尔，

因此它所承担的税率仅为 1.5％。这种公司类型通常被用来从塞舌尔与许多国

家签订的免双重征税协定中获得好处。塞舌尔目前拥有与非洲国家签订的最大

免双重征税协定网络（目前数量要多于毛里求斯）。

　　PCC - 另一种基于国内公司法的公司。它允许建立细胞公司来明确地将各

方不同的资产区分开，并且保持这种状态，但是这些资产是位于同一法律结构

下的。它通常被基金和保险相关业务所使用。

What are the advantages of the jurisdiction for Chinese investors?The general advantages of the jurisdiction include: Traditionally signed certificate of incorporation and formation documents, registered very quickly, usually within 1 day.Seychelles IBCs, Foundations and trusts are not taxed in Seychelles and there are no requirements to prepare, audit or file accounting statements. Privacy guarantees are clearly provided for in the various legislations.Low cost. A Seychelles IBC can be formed, all fees included, for the less than the government fee of a BVI company.Seychelles is a regulated and white-listed jurisdiction. It is also a peaceful, safe and politically stable country that will be able to continue to offer its services for a long time to come.It is in a time-zone that can conveniently serve China and most of the world as well during the course of the working day.Seychelles has a culture of wanting to please, especially to please foreigners, resulting in great service to international clients.

What types of companies can be opened?IBC – A company that is quick, easy and cheap to form and to administer. Can only do business in other jurisdictions, and not in Seychelles. There are no taxes to pay in Seychelles and no filings of annual returns or accounts.Domestic companies – A company that can be used both for local and international business (it can do business in Seychelles). Registration takes a little longer but is also easy. Taxes range between 0 and 33% for income derived from source in Seychelles. Annual returns and accounts must be filed annually.CSL – Based on domestic company legislation but intended for international business, not local business. It can have substantial operations in Seychelles and this is encouraged. As income is not mostly derived from a source in Seychelles it is taxed at 1.5% only. It is popularly used to access double taxation agreements that Seychelles has with many countries. Seychelles now has the biggest network of agreements for the avoidance of double taxation with African countries (now more than Mauritius).PCC – Another company based on domestic company legislation. It provides for the

creation of cells to clearly separate and keep separate the assets of different and generally unrelated parties but under the same legal structure. It is intended to be used by Funds and insurance related businesses.

What are the requirements for company formation?Capital requirements: For a Seychelles IBC minimum is one unit of any international currency but not less than equivalent of one USD .Capital does not have to be paid up immediately and can be paid much later when the company actually needs capital injection. For a domestic and other company types the minimum is 100 Seychelles rupees which we equate to USD 10. For CSLs a typical minimum is USD 100.Compositional and structural requirements: A Seychelles IBC can have one director and one shareholder, which may or may not be the same person. Persons can be natural or non-natural (corporations, foundations). Other company types require two directors and shareholders, and directors have be natural persons (individuals).

Annual meeting, auditing and reporting requirements?For IBC, none. Directors of IBC must retain accounting documents privately in their records only. There are no auditing or reporting requirement other than in legal proceedings or in an anti-money laundering case. For other company types, an annual meeting is a requirement as are filing and auditing of financial statements and filing of annual returns.

What length of time is necessary to open a company?IBC 1 day. CSL 2-3 weeks. Domestic company 2-3 weeks. PCC 2-3 weeks.

What are the fees associated with company incorporation?IBC: government fee USD 100, our typical all inclusive fee is USD 350. Domestic company: government fee approximately USD 10 for lower tier share capital, our typical all inclusive fee is USD 650. CSL: government fees USD 1200, our typical all inclusive fee is USD 3500. PCC: government fee is USD 1200, our all inclusive fees is USD 3500.


资本要求

对塞舌尔国际商业公司来说，最低的资本要求是一个单位的任何国际货币，但

是价值不得小于一美元。资本不需立即支付，通常可以更晚，即在该公司实际

需要注资时进行支付。

对于国内和其他的公司类型来说，最低资本为 100 塞舌尔卢比，相当于 10 美元。

对 CSL 来说，一般的最低要求为 100 美元。

组成和结构要求塞舌尔的国际商业公司可以有一名董事和一名股东，他们可以是、也可以不是

同一个人。他们可以是自然人或非自然人（公司、基金会）。其他类型的公司

需要有两名董事和股东，董事需要是自然人（个人）。

年会、审计和报告要求对国际商业公司来说，没有要求。国际商业公司的董事必须留会计凭证，仅供

他们的私人记录之用。除非进入法律程序或者反洗钱的案件，对公司没有审计

或报告的要求。对于其他类型的公司，它们需要召开年度会议，申报和审计财

务报告，并且提交年度报表。

建立一家公司需要多长的时间？国际商业公司：1 日。 CSL：2-3 周。国内企业：2-3 周。PCC：2-3 周。

建立公司的费用为多少？

国际商业公司：政府费用为 100 美元，我们一般全包费用的总额为 350 美元。

国内企业：对股本较小的企业来说，政府费用约为 10 美元，我们一般的全

包费用是 650 美元。 CSL：政府费用为 1200 美元，我们一般的全包费用为

3500 美元。政协：政府费用为 1200 美元，我们的全包费用为 3500 美元。

注册成立公司一般的税率为多少？




What is the general taxation rate for incorporated companies? IBC: zero. CSL: 1.5% on worldwide income. Domestic company: 0 to 33%, 15-33% on Seychelles sourced income only, 0% on internationally sourced income. PCC: zero (fund and offshore insurance businesses) unless it is also a CSL in which case it would be taxed at 1.5% on its worldwide income.

Can the regulatory authorities request information about the background and identity of company officers, or company accounting information?Only in an anti-money laundering investigation, under a TIEA or DTA (not fishing expeditions or general requests). TIEAs only exist with Denmark, Finland, Greenland, Iceland, Netherlands, Norway and Sweden. As with almost all DTAs worldwide Seychelles DTAs include standard OECD clauses. Of course the Courts can request information relating to any matter.

Can this information be shared with other jurisdictions?Yes, provided there is an agreement to do so if the other jurisdictions request (under a TIEA or DTA) in a bona fide tax investigations (not fishing expeditions).

What laws apply to company formation?IBC Act 1994 as amended.Companies Act 1972 as amendedCompanies (Special) Licences Act 2003Protect Cell Companies Act 2003

Are any changes to the current law anticipated?Nothing major for the foreseeable future (this year) – amendments of 27th December 2011 may be relaxed and refined. There is talk of a unification of all the Companies Acts but this is not expected for some time yet.

国际商业公司：零。 CSL：全球收入的 1.5％。国内公司：0％至 33％，对仅

来自塞舌尔的收入为 15-33％，对国际来源的收入为 0％。PCC：零（基金和

离岸保险业务），除非它同样也是一个 CSL 公司，在这种情况下，税赋为其

全球收入的 1.5％。


企业的会计信息？根据税收信息交换协定或者免双重征税协定的规定（不包括钓鱼行动或者一般

要求），只有在打击清洗黑钱的调查中才被允许。仅仅与丹麦、芬兰、格陵兰、

冰岛、荷兰、挪威和瑞典签署了税收信息交换协定。在全球几乎所有的免双重

征税协定中，塞舌尔的免双重征税协定包括了标准的经合组织条文。当然，法

院可以就有关事项要求获得信息。

这些信息会与其他司法管辖区共享么？是的，前提是存在一个相关的协议，并且其他司法管辖区的要求（根据税收信

息交换协定或者免双重征税协定）是一个真正的税务调查（而不是钓鱼行为）。

公司建立适用什么法律？1994 年国际商业公司法修订案

1972 年企业法修订案

2003 年公司（特别）牌照法

2003 年保护子公司法

现行法律是否预期会发生任何改变？在可预见的未来（今年）没有重大的变化。- 2011 年 12 月 27 日的修订案也

许会被放松或者完善。有预期政府会同一所有的公司法，但是这不会在短时期

内发生。


资料来源：ACT - Offshore

Source: ACT - Offshore

018 Spring, 2012S18 COmpany fOrmatiOn Guide 2012

巴哈马 The Bahamas

What are the advantages of The Bahamas for Chinese investors?The Bahamas has been providing financial services since the 1930s. It sustains a sophisticated financial sector - home to more than 270 licensed banks and trust companies, including seven of the world’s top eight private banks and 35 of the top 100 global banks The range of professional investment management services available in The Bahamas is similar to that found in the world’s leading financial centres, with over 120 broker dealers and investment advisory firms that offer investment management services, custodial services, corporate services and registrar and transfer agent services. More than 60 fund administrators provide fund administration, corporate services and registrar and transfer agent services. In excess of 700 Funds are licensed in The Bahamas. The Bahamas’ insurance industry is aided by a modern and compliant regulatory environment and market responsive insurance legislation to offer the right ingredients and ideal environment to provide the fundamental benefits of international wealth management; namely asset protection, tax efficiency and investment flexibility;Policymakers and regulators are committed to an open and ongoing dialogue with the private sector. This has created an environment designed to encourage the continued growth of the sector through adherence to internationally accepted regulatory principles and efficiency in their administration.

What types of companies can be opened?An international business company (IBC); a company limited by shares or guarantee; an unlimited company; a limited duration company, a foreign company registered under the Companies Act 1992; a segregated accounts company (SAC).

What are the requirements for company formation?Capital: There is no minimum capital requiredCompositional and structural: For domestic companies, registration of M&A must occur within six months after the issuance of Certificate of Incorporation document by the Registrar General. Incorporated can be done by bank and trust companies, attorneys, and financial and corporate services providers. For IBCs, Registration of M&A is required at the time of incorporation.

对中国投资者来说，巴哈马有什么优势？从 20 世纪 30 年代以来，巴哈马就开始提供提供金融服务。它拥有成熟的金融

业，有超过 270 家持牌的银行和信托投资公司，其中包括全球 8 大私人银行

中中的 7 家以及全球 100 大银行中的 35 家。巴哈马能够提供的于其他全球领

先的金融中心相同的专业投资管理服务，拥有超过 120 家中介绍和投资咨询公

司，提供投资管理服务、托管服务、企业服务及过户登记处及转让代理服务。

有超过 60 家基金管理公司提供基金管理、企业服务以及登记和过户代理服务。

有超过 700 个基金在巴哈马注册。巴哈马的保险业得益于现代化的、符合监管

环境并且市场反应灵敏的保险法律体系，能够提供正确的元素和理想的环境，

在国际财富管理服务上为客户带来根本的利益，即资产保护、税收效率和投资

的灵活性；

　　决策者和监管者致力于与私营部门进行开放和持续的对话。在遵守国际公

认的监管原则和保持管理效率的前提下，这创立了一个旨在鼓励行业持续发展

的环境。

可以成立什么类型的公司？国际商业公司（IBC）；基于股份或者担保的有限公司；限期公司；根据 1992

年公司注册法的外国公司；独立账户公司（SAC）。


资本没有最低资本要求

组成和结构国际商业公司：并购的登记需要在注册时完成。

注册必须由持牌银行、信托投资公司和 FCSP 法令许可的企业服务提供商完成。

年会、审计和报告国际商业公司：不要求举行年度股东大会。在需要通过特别决议时，召开董事

会议。国际商业公司无须提交年度报表，但是在公司注册时或者注册后的 12

个月内向总注册处提交董事及高级管理人员的登记信息，并且在信息发生变化

时及时更新。

建立一家公司需要多长的时间？基于公司名称的可用性和事先预约，国内和国际商业公司都可以在 48 小时内

完成注册。

建立公司的费用为多少？注册费用为 330 美元（如果股本超过 50000 美元，则为 1000 美元），外加核

证副本每份加收 30 美元

注册成立公司一般的税率为多少？国际商业公司：如果公司的股本不超过 50000 美元，税款为 350 美元。如果

股本超过 50000 美元，则为 1000 美元。

这些信息会与其他司法管辖区共享么？如果巴哈马已经与别国签署了税务信息交换协议（TIEA），据此订约各方同意

就信息交换提供协助，这些信息与缔约方在条约所规定的税务领域的国内法律

的管理和执行相关，那么公司实益拥有人的身份相关信息可能会被交换。应注

意，巴哈马国的政府必须就任何 TIEA 条款的实施制订相关法律。

有哪些成立公司需参考的法律？1992 年公司法、2000 年国际商业公司法和修订案、2004 年独立帐户公司法

现行法律是否预期会发生任何改变？不会

Annual meeting, auditing and reporting: IBCs are not required to hold AGMs and directors’ meetings are held in the event special resolutions need to be passed. IBCs are not required to submit annual Statement of Returns but are required to submit registers of directors and officers to the Registrar General upon incorporation or within 12 months thereof, as well as when changes are made.

What length of time is necessary to open a company?Both domestic and international business companies can be incorporated within 48 hours based on name availability and reservation.

What are the fees associated with company incorporation?For IBCs, the registration fee is USD330 (USD1,000 where the share capital is over USD50,000) plus an additional USD30 for each certified copy of M&A.

What is the general taxation rate for incorporated companies? For IBCs with share capital up to USD50000 the tax isUSD350. If share capital is over USD50,000, USD1,000.

Can the regulatory authorities request information about the background and identity of company officers, or company accounting

information?Regulators are empowered to request the production of information on the identity and background of beneficial owners and officers, pursuant to the relevant KYC requirements applicable to each licensee. If The Bahamas has entered into a tax information exchange agreement (TIEA) with another country whereby the contracting parties agree to provide assistance through the exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of the contracting parties concerning taxes covered by the agreement, then information relevant to the identity of the beneficial owners of a company may be exchanged.


资料来源：巴哈马群岛海外金融服务公司

Source: Bahamas Financial Services Board

2012, Spring China OffshOre 0192012 OffshOre & private bankinG S09

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arim

020 Spring, 2012


rAK stands out as an offshore center amid sustained economic growth

哈伊马角持续的经济增长使其成为了一个突出的离岸中心

By Leo Zhang

RAK eye oN | 看点

对中国投资者而言，哈伊马角酋长国

无疑是一个有吸引力的地方。坐落

在东方和西方之间的贸易十字路

口的它，自然而然地成为了服务和进入邻近

市场的门户所在，这些市场包括中东、非洲、

印度次大陆和独联体国家。

　　虽然哈伊马角只是阿拉伯联合酋长国

（UAE）中第四大的酋长国，但是经济增

长迅速，其重点行业包括制造业、服务业、

房地产，建筑和旅游。其利于营商的政策也

有助于锁定外来直接投资，并且最近被伦

敦《金融时报》的外国直接投资杂志（FDI

Magazine）评为最佳投资目的地。

　　与其他酋长国和海湾地区国家不同，哈

伊马角碳氢化合物储备几乎可以忽略不计，

也不是一个主要的石油生产国。因此，它必

须通过向外国投资者开放来实现经济发展的多

样化。该酋长国的目标是利用自己的战略地

位和自由的营商环境来吸引全球的企业集团。

主要行业和政策

哈伊马角一直被视为阿联酋重要的工业中

心，该国有三个主要的工业领域：水泥、陶

瓷和药品。近年来，阿联酋已经建立自由贸

易区，并且与外国政府和投资者加强了联系，

希望增强其经济发展的基础。

　　20 世纪 80 年代，哈伊马角设立了海湾

制药工业公司（Julphar），它是波斯湾地区

第一家制药公司。该国的猎鹰国际科技公司

（FTI）代表了高新技术产业，生产光存储介质。

最近，该酋长国一直在发展服务行业，拥有

著名的哈伊马角银行和哈伊马角保险公司。

　　哈伊马角没有企业税、所得税、资本利

得税、增值税或预提所得税。自由贸易区内

Ras Al Khaimah is undoubtedly an appealing place to Chinese i n v e s t o r s . L o c a t e d a t t h e

crossroad of trade between the East and West, it naturally becomes a destination to service and access markets such as Middle East , Afr ica , the Indian Subcontinent and the CIS countries.

Although being only the fourth-largest emirate in the United Arab Emirates (UAE), RAK has a rapidly growing economy, supported by key industries such as manufacturing, services, real estate, construction and tourism. Its business-friendly policies a lso helped secure foreign direct investment and recently earned the rating of the best investment destination by the FDI Magazine, Financial Times, London.

Unlike some of the other emirates or countries in the Gulf region, Ras Al Khaimah has negligible deposits of hydrocarbons and is not a major oil producer. Thus, it has to diversity its economy by opening up to foreign investors. The goal is to attract global conglomerates by taking advantage of the emirate’s strategic position and liberal business environment.

Major industries and policiesRAK has long been considered as a key industrial center in the UAE with

18 Spring, 2012

哈伊马角国家银行（也被称为“RAKBANK”）是该地区历史最为悠久的金融服务提供商之一，它被《海湾商业杂志》评为 2009 年海湾合作委员会成员国的排名前 50 位银行中盈利能力第二强的银行。

the national Bank of ras al-Khaimah, also known as raKBanK, is one of the oldest financial service providers in the region and was voted the second most profitable bank among GCC top 50 banks in 2009 according to Gulf Business Magazine.

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inquinho Silva

three main sectors: cement, ceramics and pharmaceuticals. In recent years, the emirate has been establishing Free Zones and enhanced relationships with overseas governments and investors to enhance its economic base.

I n t h e 1 9 8 0 s , R A K s e t u p G u l f Pharmaceutical Industries (Julphar), t h e P e r s i a n G u l f r e g i o n ’ s f i r s t pharmaceuticals company. Its Falcon Te c h n o l o g i e s I n te r n a t i o n a l ( F T I ) represents high-tech industry and produces optical storage media. More recently, the emirate has been developing a service sector with prominent RAK Bank and RAK Insurance companies.

In RAK, there is no corporate tax, income tax, capital gains tax, value added tax or withholding tax. Foreign investors can fully own their local units in Free Zones. There are also no foreign exchange controls, trade barriers or quotas, no restrictions on capital repatriation, and

的外国投资者可以全资拥有子公司。该国也没

有外汇管制、贸易壁垒或配额制度，对遣返

资本没有任何限制，土地和劳动力成本也很低。

　　哈伊马角的自然风光包括 65 公里洒满

阳光的沙滩，它正成为一个新的目的地旅游

地，海滩度假胜村包括希尔顿、Rotana 酒

店和悦榕庄。 2010 年 9 月，哈伊马角推出

了第一个水上公园 Ice Land，更多新的旅游

项目正在建设中。

　　哈伊马角同样通过空中、海上和陆路与

大多数邻国紧密相连。该酋长国的道路网络

能够实现连接整个中东地区的陆路转运。哈

伊马角拥有一个国际机场，以及海湾地区拥

有集装箱装卸设施的最大散货装卸港口之一。

　　哈伊马角离岸的总经理 Peter Michael

Schuster 表示，总体而言，哈伊马角并不

在经济合作与发展组织（OECD）的黑名单

上，因为它不是所谓的“避税天堂”。哈伊

马角离岸是海湾地区第一个综合性的离岸金

融中心，提供的服务从国际商业公司到信托

和基金。Schuster 先生表示，相比其它邻

近的离岸目的地，哈伊马角的一大优势是“我

们能够提供较低的收费和较少的要求，不要

low costs in land and labor.W i t h t h e n a t u r a l t o p o g r a p h y

consisting of 65 kilometers of sun-kissed sandy beaches, RAK is becoming a new destination on tourist maps with beach resorts including Hilton, Rotana or Banyan Tree. In September 2010, first water park Ice Land was opened and more new tourism projects are under construction.

RAK is also well connected to most of the neighboring countries by air, sea and roads. The emirate has a road network m a k i n g ove r l a n d t ra n s - s h i p m e n t throughout the Middle East. It has an international airport and one of the largest bulk handling ports in the Gulf region with container handling facilities.

In general, RAK is not on the blacklist o f the Organizat ion for Economic Cooperation and Development (OECD) as it is not a “tax heaven”, said Peter Michael Schuster, General Manage of RAK Offshore, the first comprehensive offshore center in the Gulf region, offering services from IBCs to trusts and funds. One of the advantages over other neighboring destinations is that “we offer lower fees and fewer requirements as no physical presence is required. In the current worldwide economic situation, RAK is becoming very efficient place to incorporate your offshore company,” he said.

RAK has a network of registered offshore agents who take care of all administrat ive and legal matters . Generally businesses, that want to be registered in the United Arab Emirates, but do not intend to conduct any substantial business in the country, can opt for RAK Offshore international registry service, Mr Schuster said.

This service is particularly suitable for companies looking for minimizing their overall liability, seeking protection or in need of establishing an exchange

看点 | eye oN RAK

20 Spring, 2012

control trading vehicle. It takes only 24 hours to set up a company in RAK Offshore.

Solid growthRAK’s gross domestic product growth averaged at 14 percent between 2004 and 2008, and managed to hit nine percent in 2009 amid one of the worst global economic downturns.

“A worldwide crisis is just that , worldwide. While you will see differences in the way people invest and move money, on the flip side, a crisis can also provide a golden opportunity,” said Mr. Schuster. During the period from 2008-2011, a total of 429 industrial units started their operations with RAK Investment Authority (RAKIA). This number of industrial units continues to increase each year.

求企业实体业务的存在。在当前全球经济形

势下，哈伊马角对注册您的离岸公司来说是

一个高效的地方。”

　　Schuster 先生表示，哈伊马角拥有境

外注册代理商的网络，能够满足客户所有的

管理和法律事务需求。一般来说，那些希望

在阿联酋注册但是又不希望在该国开展任何

实质性业务的企业可以选择哈伊马角离岸的

国际注册服务。

　　这项服务特别适合那些希望使得整体债

务最小化、寻求保护、或者需要建立一个外

汇控制贸易工具的企业。在哈伊马角设立离

岸公司只需要 24 小时。

稳健的增长

在 2004 年至 2008 年间，哈伊马角的国内

生产总值（GDP）增长率平均为 14 ％，

2009年当全球遭受最为严重的经济衰退时，

它还保持了 9％的增长率。

　　Schuster 先生说：“全球性的危机是遍

及全球的。虽然你们会看到人们用不同的方

式来投资和运作资金，但是另一方面危机提

供了一个千载难逢的机会。”在 2008-2011

年期间，共有 429 家工业企业向哈伊马角投

资管理局（RAKIA）进行了登记并开始运作。

工业企业的数目还在每年不断地增加。

　　哈伊马角投资管理局的首席执行官

Khater Massaad 博士曾经对记者表示，哈

伊马角的发展蓝图是力求实现长期的社会经

济增长。根据这一目标，制造业、旅游业、

房地产、建筑和服务业已经成为推动当地经

济增长的主要行业。在过去的两年中，哈伊

马角政府通过平衡自己的资产负债取得了良

好的主权评级。

　　去年十二月，全球评级机构标准普尔确

认了哈伊马角的长期和短期外币和本币主权

信用评级为“A/A-1”。前景为稳定。哈伊

马角的转让和可兑换性评估评级为“AA +”。

　　标准普尔表示，肯定的评级体现了哈伊

马角是阿联酋的成员，这被认为能够为它的

政治和经济稳定提供帮助和潜在支持。这也

反映了哈伊马角的经济持续增长和政府盈

余，这些因素加强了哈伊马角作为小规模净

债权国的地位。

　　标准普尔在一份媒体声明中表示：“在我们

看来，阿联酋成员国的身份有利于哈伊马角的

经济和政治稳定，阿联酋将会在政治、经济或

者财政出现压力的情况下提供外部支持。”

Dr Khater Massaad, chief executive of RAKIA, has told the media that RAK’s development roadmap sought to achieve long-term socio-economic growth. Under the initiative, manufacturing, tourism, real estate, construction and services have become key growth sectors of the local economy. In the last two years, RAK has achieved good sovereign ratings, primarily through its efforts to consolidate the government’s balance sheet.

In December, global ratings agency Standard & Poor’s affirmed its long- and short-term ‘A/A-1’ foreign and local currency sovereign credit ratings on RAK. The outlook is stable. The transfer and convertibility assessment on RAK is ‘AA+’.

S & P s a i d t h a t t h e a f f i r m a t i o n ref lects RAK’s membership of the UAE, which is bel ieved to provide

在 2011 年举行的 Horasis 全球阿拉伯商务会议上，哈伊马角的领导人 H.H. Sheikh Saud Bin Saqr Al Qasimi 呼吁阿拉伯企业努力创新和进行投资知识。与阿联酋的其他酋长国不同，哈伊马角并不是一个主要的石油生产国，这促使其需要建立一个强大的、国际性的营商环境。

At the Horasis Global Arab Business Meeting in October 2011, H.H. Sheikh Saud Bin Saqr Al Qasimi, The Ruler of Ras Al Khaimah, called upon Arab businesses to embrace innovation and invest in knowledge. RAK, unlike some of the UAE’s other constituent emirates, is not a major oil producer, spurring its need to establish a strong, international business environment.

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ichter Frank-Jurgen看点 | eye oN RAK

22 Spring, 2012

an anchor and potential support for political and economic stability. It also reflects sustained economic growth and government surpluses, which are strengthening RAK’s slight net creditor position.

“In our opinion, membership of the UAE benefits RAK’s economic and political stability, and the UAE would provide external support in situations of political, economic, or financial stress,” S&P said in a media statement.

“The financial capacity of the UAE and the larger emirates, in particular Abu Dhabi, would be ample to cover RAK’s modest liabilities,” S&P added. “But in our view, RAK appears unlikely to require such support.” RAK citizens are relatively wealthy – GDP per capita is expected to be US$21,897 in 2011, slightly above the median for ‘A’ rated sovereigns – supporting S&P’s ratings on the emirate.

Tapping China Talking about investment options for wealthy Chinese, Mr. Schuster pointed out the emirate can offer Industrial Park, Real Estate, Free zone and Non-Free zone companies. He singled out one project:

　　标准普尔补充说：“阿联酋以及规模较

大的酋长国（特别是阿布扎比）的财政能力

将能够充分地覆盖哈伊马角的适度负债。但

在我们看来，哈伊马角似乎不太需要这种

支持。” 哈伊马角的公民相对比较富裕，

2011 年的人均国内生产总值预计将达到

21897 美元，略高于“A”级主权国的中位数，

因此支持了标准普尔对该酋长国的评级。

进军中国

谈及中国富裕人士的投资选择，Schuster

先生指出，该酋长国能够提供工业园区、房

地产、自由贸易区和非自由贸易区公司。他

特别提到了一个项目：壮观的 AL Marjan 岛。

它是由五个人造岛屿组成的，距离哈伊马角

市中心西南约 27 公里。

　　五个人工岛的覆盖面积超过 270 万平方

米，项目价值将达到 18 亿美元。AL Marjan

岛延伸两公里，是远离日常生活喧嚣的真

正的宁静避风港。

　　Schuster 先生表示，由于哈伊马角投资

管理局张开双臂欢迎所有行业，中国的投资

者来自各个不同的行业，从工业一直到贸易。

他说：“截至目前，有大约 30 家中国公司

在我们这里注册，这个数字将继续增加。”

　　对于一个家庭来说，哈伊马角同样拥有

所需的一切基础设施和旅游景点。Schuster

先生说：“生活为中国家庭来说非常方便，

因为这里有高标准的学校、医院、娱乐中心、

酒店、海滩和高尔夫俱乐部。除了这些以外，

这里的零犯罪率能够让中国人享受一个安全

和舒适的环境。”

　　对哈伊马角来说，提高自己在中国的企

业家中的知名度可能是最为紧迫的任务。中

国内地的大多数人只知道有阿联酋这个国

家，但却不了解它包括七个酋长国。

　　Richard Yan 拥有一家纺织贸易企业，

并且与中东国家开展业务。他说：“这里是

一个有趣的地方，有美丽的风景和友好的人

民。”去年，他去过阿联酋，并且在哈伊马

角稍作停留。

　　“但是，与迪拜和阿布扎比相比，哈伊

马角在中国人心中是相对陌生的。我注意到

他们正在增加推广活动，这有利于业务的开

展。现在有越来越多的中国小型和中型企业

希望向海外扩张。”

the spectacular Al Marjan Island, which is a collection of five man-made islands located 27 kilometers southwest of the major town center in RAK.

The group of five islands will cover an area of over 2.7 million square meters and will be worth over US$1.8 billion USD. Al Marjan Island will expand over two kilometers into the clear blue waters of the Arabian Gulf, offering a true haven of serenity away from the hustle of everyday life.

According to Mr. Schuster, Chinese investors come from a wide range of sectors, from industrial to trading. “As of right now, there are around 30 companies that are registered with us and the numbers continue to increase,” he said.

For a family, RAK also has all the infrastructure and attractions. “It’s very convenient for Chinese families since there are high standards of schools, hospitals, entertainment centers, hotels, beaches and golf clubs,” Mr Schuster said. “Apart from these by having zero crime rates, Chinese can enjoy a safe and pleasant environment.”

As for RAK, boosting its awareness among Chinese entrepreneurs may be the most urgent task as many mainland people only know there is an UAE but don’t understand there are seven emirates under it.

“ I t ’ s a n i n te re s t i n g p l a c e w i t h beautiful landscape and nice people,” said Richard Yan, which owns a textile trading business and has deals in Middle East countries. Yan visited RAK last year as a stop in his trip to UAE.

“But compared with Dubai and Abu Dhabi, RAK is relatively unknown in China. I’ve noticed they are increasing promotions and that’s positive for business as more Chinese small and medium-sized firms want to expand overseas.”

看点 | eye oN RAK

In RAK, there is no corporate tax, income tax, capital gains tax, value added tax or withholding tax. Foreign investors can fully own their local units in Free Zones. There are also no foreign exchange controls, trade barriers or quotas, no restrictions on capital repatriation, and low costs in land and labor.

哈伊马角没有企业税、所得税、资本利得税、增值税或预提所得税。自由贸易区内的外国投资者可以全资拥有子公司。该国也没有外汇管制、贸易壁垒或配额制度，对遣返资本没有任何限制，土地和劳动力成本也很低。


百慕大距离南卡罗来纳州的迈阿密市

以东约 1100 英里，这个亚热带的

岛屿是全球人均收入最高的国家之

一。它成功地利用自己的战略地位，为跨国

公司提供金融服务，并且拥有每年接纳 36 万

多名游客的豪华旅游设施。百慕大拥有发达

的经济，其中包含一个巨大的离岸金融行业，

它是该国最大的产业之一。百慕大拥有超过

12600 家外资企业，覆盖从金融到制造的各

个行业。

百慕大政府

百慕大是一个议会制民主国家。它采取多党

制体系，总理是政府首脑。百慕大是最古老

的英国自治海外领土，但是仍然保持内部的

自治。议会由两院组成，分别是众议院和参

议院，由君主任命当政者。目前，英国女王

伊丽莎白二世是百慕大的国家首脑，而 Ewart

Brown是百慕大总理。该国的司法系统以公正、

并且保护企业的财产和人民的公民权利而闻

名。百慕大政府是该国最大的雇主、最大的

消费者和收入来源。

百慕大的离岸中心和金融产品

百慕大是著名的离岸金融中心，其部分原因

是该国针对企业和个人所得的直接税率较低。

虽然百慕大是一个离岸国际商业及金融中心，

但是它却不是一个国际银行中心。外资银行

可以在百慕大注册和经营，但是它们并不能

以银行的身份进行登记和开展业务。百慕大

只有四家主要的银行和一家本地银行，最大

是百慕大汇丰银行，它约占有 47％的本地银

行市场。按照规模来排列，接下来的三家银

行分别是 Butterfield 银行有限公司、百慕大商

业银行和资本 G 银行有限公司。

　　由于该国优惠的税收制度以及反应快速

的监管架构，百慕大是与保险相关的创新

解决方案——也就是所谓的另类风险转移

BERmudA eye oN | 看点

Bermuda: offshore Financial center in the West

百慕大：西方世界的离岸金融中心

By Baron Laudermilk

About 1,100 miles from Miami, and east of South Carol ina , l ies Bermuda, a subtropical

island that boasts one of the highest per capital incomes in the world. It has successfully exploited its strategic position by providing financial services fo r m u l t i n a t i o n a l c o m p a n i e s a n d luxury tourist facilities for more than 360,000 visitors annually. Bermuda has a developed economy that contains an enormous offshore financial sector, one

of the countries largest industries. There are more than 12,600 foreign companies in Bermuda involved in everything from finance to manufacturing.

Bermuda’s GovernmentB e r m u d a i s a p a r l i a m e n t a r y representative democracy. It has a multi-party system, and the Premier is the head of the government. Bermuda is the oldest self-governing British Overseas territory but still maintains internal

百慕大会议大厦是该国议会和最高法院的所在地，它建于 1817 年，于百慕大在 1815 年将首都从汉密尔顿迁至圣·乔治之后建立。百慕大政府创造了一个稳定和利于投资的环境，辅以有效的税收制度和蓬勃发展的证券交易所。

The Bermuda Session House, which is the seat of both the Parliament and the Supreme Court, was built in 1817, after the capital of Bermuda was moved from St. George to Hamilton in 1815. Bermuda’s government has created a stable and investment friendly environment, with an efficient tax system and a booming stock exchange.

BERmudA

24 Spring, 2012

（ART）——的注册目的地。这些技术允许

资本市场的投资者直接提供保险和再保险，

另类风险转移正在使得保险和金融市场变得

更加融合。另类风险转移的很大一部分工作

就是风险证券化，其中包括再保险“侧挂车”

（Sidecars）和巨灾债券。此外，其他一些在

百慕大流行的做法还包括融资风险转移，它

通常利用再保险市场的架构。许多跨国保险

公司把总部设在了百慕大，这使得该国成为

了全球最大的再保险中心之一。

　　百慕大证券交易所（BSX）是世界上规模

最大的完全电子化离岸证券市场，目前的市

值超过 3000 亿美元。该交易所拥有超过 400

种上市证券，以及大约 300 种离岸基金，它

们已经成为具有吸引力的投资选项。百慕大

证券交易所专业提供资本市场交易工具，比

如债务发行、对冲基金、存托凭证项目和股票。

　　百慕大拥有许多离岸金融服务和独立的

投资中心，能够帮助他们的客户战略性地建

立他们自己的投资组合。百慕大最流行的投

资选择之一是共同基金。百慕大与世界上最

大的共同基金公司有密切联系，其中包括全

autonomy. The Parliament consists of two chambers: The House of Assembly and the Senate. The monarch appoints the governor. Currently, Queen Elizabeth II is the head of the state of Bermuda, and Ewart Brown is the Premier of Bermuda. The judicial system has a reputation for being non-biased and protects businesses’ property and peoples’ civil rights. The Bermuda government is the largest employer in the country, and the largest spender and revenue earner.

B er m u d a’s O f f s ho re Center a nd Financial ProductsBermuda is famous for its offshore financial center, which was partly built on its low direct taxation on corporate and personal income. While Bermuda is an offshore international business and financial center, it is not an international banking center. Foreign banks are

allowed to register and to operate in Bermuda but it is illegal for them to register or operate as banks. There are four main banks and only one local bank. The largest bank is Bank of Bermuda (HSBC). It holds about 47 percent of the local banking market. The next three are Butterfield Bank Limited, Bermuda Commercial Bank (BCB), and Capital G Bank Limited.

Due to the country’s favorable tax system and its highly reactive regulatory framework, Bermuda is the domicile choice for insurance-related innovative solutions known as Alternative Risk Transfer (ART). Most of these techniques permit investors in the capital markets to take a direct role in providing insurance and reinsurance protection, and as such the field of alternative risk transfer is brining about a convergence of insurance and financial markets. A huge sector of alternative risk transfer activity is risk securitization including reinsurance sidecars and catastrophe bonds. In addition, a number of approaches that are popular in Bermuda involve funding risk transfer, often within the structures of the reinsurance market. A large number of multinational insurance companies are based in Bermuda, making the country one of the world’s largest reinsurance centers.

The Bermuda Stock Exchange (BSX) is the world’s largest fully electronic offshore securities market, with a current market capitalization that exceeds $300 billion. There are over four hundred securities listed on the stock exchanges, and nearly three hundred offshore funds that have become attractive investments. The BSX specializes in trading capital m a rke t i n s t r u m e n t s s u c h a s d e b t issues, hedge funds, depository receipt programmers and equities.

There are many financial offshore services and independent investment centers in Bermuda that can aid their

看点 | eye oN BERmudA

400

2003 2004 2005 2006 2007 2008 2009

350

300

250

200

150

100

50

0

Total Assets of Professional Insureres and Reinsurers in Bermuda

百慕大职业保险与再保险商的总资产

来源：百慕大财政部Source: Bermuda Monetary Authority

职业保险和再保险商Professional Ins./ Reins.

四级保险商Class 4 Insurers

长期保险商Long-term insurers


球基金和富达。百慕大的金融服务供应商能

够直接与共同基金的管理人员进行交流，并

且就他们的投资和战略获得深度的信息。许

多公司同样与超过 40 家共同基金公司保持业

务关系，它们联合推出的独家基金产品超过

800 个。百慕大的金融服务业（尤其是共同基

金行业）可以为投资者的投资组合提供有价

值、可持续增长的投资选项。

　　投资百慕大的房地产一直是高利润，并且

有望在未来几年变得更加有利可图。对海外买

家来说，百慕大是一个聪明的选择，因为相比

cl ients in strategical ly build their portfolios. One of the most popular investments in Bermuda are mutual funds. Bermuda is connected with the largest mutual fund companies in the world, from Globefund to Fidelity. Bermuda’s financial service providers are able to speak directly with mutual fund executives and service to acquire in-depth information on their investments and strategies. Many of these companies are also connected with more than 40 mutual fund companies with over 800 unique funds between them. Bermuda’s financial services industry, especially their mutual funds sector, can add valuable and sustainable section to one’s portfolio.

Investing in Bermuda’s real estate has been highly profitable, and is expected to become more lucrative in the next few years. For overseas buyers, Bermuda

is a clever alternative since real estate prices have historically not fluctuated as much as they have in the United States and Europe. The condominiums market has grown at an average of 18% in 2009 and 2010. In addition, 2010 showed 300 percent increases in houses that were put under contract the year before they were built. The government implemented a policy in 2005 that stipulated that non-Bermudians are eligible to buy property but only from other non-Bermudian owners. This is another reason why the real estate in Bermuda is increasing at an unprecedented rate. The key to buying a home or a condominium in Bermuda, is to find online website that has Bermuda homeowners trying to sell their homes.

Bermuda’s tax regime is highly efficient for many Western companies. Due to their use of Bermuda, Google saved $3.1 billion in taxes between

BERmudA eye oN | 看点

Bermuda is the domicile choice for insurance-related innovative solutions known as Alternative Risk Transfer (ART).

百慕大是与保险相关的创新解决方案——也就是所谓的另类风险转移（ART）——的注册目的地。

26 Spring, 2012

美国和欧洲，百慕大的房地产价格在历史上的

波动并不大。2009 年和 2010 年，公寓市场的

平均增长率为 18％。此外，2010 年隔年预售

房屋的数量增长了 300％。2005 年，百慕大政

府推出了一项政策，规定非百慕大的居民能够

购买物业，但是只能从其他非百慕大业主那里

购买。这是为什么百慕大的房地产能够以前所

未有的速度不断增长的另一个原因。在百慕大

购买住宅和公寓的关键所在是浏览那些百慕大

业主用来出售住宅的网站。

　　对许多西方公司来说，百慕大的税收体

制是非常高效的。由于使用了百慕大税收体

制，谷歌公司在 2007 年至 2008 年节约了

31 亿美元的税款，其所得税税率也降低到了

2.4％。根据全球工会（总部设在比利时的国

际性工会组织）委托的一项研究显示，百慕

大被认为一个“专业为希望获得低税率、稳

定性和私密性的非居民公司和个人提供金融

服务的”金融中心。

中国在百慕的离岸中心的机会

中国商务集团（CBN）首席运营官 Adam

Wu 表示，中国拥有超过 6 万亿美元的外汇

储备，除了美国之外，该国比世界上任何其

他国家拥有更多的百万富翁。这就是为什么

中国政府和一些投资者能够花巨资投资类

似巴哈马 Baha Mar 项目的原因，后者包括

Rosewood、蒙德里安和君悦等酒店集团，以

及 Jack Nicklaus 设计的高尔夫球场。吴博士

强调，在未来几年随着百慕大进一步发展和

壮大，中国投资者可以在百慕大的旅游及酒

店业找到赚钱的机会。

　　Sino-Bermuda Exchange 创始人 Scott

Pearman 表示：“我已经看到百慕大和中国

之间的对内和对外旅游业存在差距，两国之

间的外商直接投资也存在赤字。在过去的几

年里，中国对加勒比地区投入了巨资，其中

包括大约 30 亿美元的百慕大项目。”

　　百慕大拥有大量的企业，能够帮助中国

投资者投资私募基金、经纪交易、信托投资

公司、保险公司、对冲基金和房地产项目，

并且找到一个更有效的税收框架。目前美国

人、加拿大人和英国人仍然是百慕大离岸金

融中心的主要客户。但是，百慕大欢迎来自

各国的投资。随着更多的中国投资者了解百

慕大的赚钱机会，我们预计大量的中国投资

者会飞抵百慕大，来探索新的投资机会。

2007 and 2008 and lowered its income tax rate to 2.4%. According to a study commissioned by Global Unions, an international union organization based in Belgium, Bermuda was identified as a financial center that “specializes in supplying f inancial services to nonresident companies and individuals in exchange for low taxes, stability and secrecy.”

China’s Opportunities In Bermuda’s Offshore CenterDr. Adam Wu, the COO of the China Business Network (CBN), said China has more millionaires than any other country in the world besides the United States. That is why the Chinese government and some people can afford to invest big money in projects like Baha Mar in the Bahamas. Dr. Wu stressed that Chinese investors can find lucrative opportunities in Bermuda’s tourist and hotel industries as it continues to expand and boom in the years ahead.

“I recognized that there was a gap between inbound and outbound tourism between Bermuda and China as well as deficit between foreign direct investment between China and Bermuda”, said Mr. Scott Pearman, the founder of the Sino-Bermuda Exchange. “China has been investing quite heavily in the Caribbean over the last several years, including a nearly $3 billion project in the Bahamas.”

Bermuda has an overwhelming number of companies that are able to help Chinese investors invest in private equity finds, broker-deals, trust companies, insurance companies, hedge funds, real estate, and find a more efficient tax framework. Americans, Canadians and the British still primarily use Bermuda’s offshore center. But everybody’s money is good in Bermuda. As more Chinese investors learn about the lucrative opportunities in Bermuda, we can expect to see a flood of Chinese investors flying to Bermuda to explore new investment opportunities.

看点 | eye oN BERmudA

178

147

171

249

211

投资基金/资产净值（以10亿元百慕大元计）Investment funds/Net Asset Value (BD$ billions)

2006

2007

2008

2009

2010

2190

2162

1887

1472

1440

百慕大银行和储蓄公司总资产Bermuda Banks and Deposit Companies Total Assets

2006

2007

2008

2009

2010

1302

1303

1133

955

900

基金总数Total Number of Funds

2006

2007

2008

2009

2010

23100

24168

22805

21627

23369

百慕大分类基金的投资组合数量Number of Portfolios within Bermuda Classified Funds

2006

2007

2008

2009

2010

来源：百慕大财政部Source: Bermuda Monetary Authority

2012, Spring China OffshOre 272012 OffshOre & private bankinG S19

28 Spring, 2012S20 OffshOre & private bankinG 2012

奥地利私人基金会The Austrian Private Foundation奥地利私人基金会的合法地位

奥地利私人基金会本身是一个法人实体，它没有股票，也没有股东。它只需一份公证书就能够建立，创建人能够在不可撤销或可撤销的前提下建立基金会。需要注意的是，只有作为创始人的个人才能够撤销基金会。不如，作为创始人的法人或个人可以随时修改公开章程和非公开的附录。

基金会的章程是一份公开的文件，里面规定了基金会的一般情况，包括基金会的名称、席位、是否可撤销以及创始人是否预期要修改基金会的章程。

类似以下内容的重要细节

• 受益人的名称， • 受益人能够获得的款项，以及• 基金会的资产总量

将会被收录在非公开的附录里。创始人可以指定任何人作为受益人，并且可以随时增加额外或者新的受益人。

L e g a l s t a t u s o f a n A u s t r i a n private foundation

The Austrian Private Foundation is a corporate entity

per se, it has no shares and no shareholders. It comes

into existence with the help of a notarial deed whereby

the founder can establish the foundation on an

irrevocable or revocable basis. It is important to note,

that only individuals acting as founders can revoke

a foundation. Nevertheless both juridical persons or

individuals as founders can at any time amend both the

public charter as well as the non-public by-laws.

The charter of the foundation is a public document and

governs general topics like the name of the foundation,

its seat and whether it is revocable or irrevocable and

whether the founder has foreseen the possibility to

amend the charter of the foundation or not.

The important details like

• the names of the beneficiaries,

• the payments which have to be effected to the

beneficiaries and

• the total amount of assets endowed to the foundation

are included in the non-public by-laws.

The founder can denominate any beneficiary he thinks

of and can, denominate additional or new beneficiaries

whenever he likes to do so.

如果创始人过世了，会发生什么？

主要的好处之一是创始人的死亡无论在税收方面还是其他方面对基金会的运营不会产生任何影响。当创始人将其资产给予基金会后，这些资产就成为了基金会的合法财产，因此不再是继承人所应得财产得一部分。从逻辑上来说，由于没有东西需要继承，也就没有需要支付的继承税。根据奥地利的法律，创始人的权利不能被继承。

基金会非公开的附录通常规定，在创始人过世后，其在附录里规定的个人、企业实体或者协会将成为受益人。成为奥地利私人基金会的受益者不会触发任何继承税或遗产税。

What happens after the founder has deceased ?

One of the major benefits is, that the death of the

founder does not have any impact on the situation of

the foundation, neither taxwise nor otherwise.

When the founder has endowed his assets to the

foundation they become legal property of the

foundation and therefore will not form part of the

accrual left for the heirs. Logically there is nothing

left to be inherited and as a consequence there is also

no inheritance tax coming due. Rights embedded in

the position of being a founder cannot be inherited

according to Austrian law.

The non-public by-laws of the foundation usually

foresee, that after the founder has died those

individuals or corporate entities or associations whom

he has foreseen in the non-public by-laws will become

beneficiaries.

Becoming beneficiary of an Austrian private foundation

does not trigger any inheritance tax or estate tax.

创始人的权利

奥地利基金会创始人的权利非常广泛：• 他选择第一任管理委员会的成员• 他可以随时修改章程和非公开的附录• 他可以决定支付给受益人的金额以及何时支付• 他可以决定他死后财产如何分配• 他可以知道管理委员会如何投资和投资何种产品• 他可以随时撤销基金会• 他可以随时增加额外或者新的受益人

奥地利私人基金会法规定基金会必须至少有以下企业实体：• 管理委员会• 审计师


Bilanz-Data Wirtschaftstreuhand GmbHSchwarzenbergstraße 1-3/14a1010 Vienna, AustriaPhone: (+43 1) 516 12 0Fax: (+43 1) 516 12 14Email: [email protected]

2011 年 8 月于维也纳Erich Baier，工商管理硕士、法学硕士（国际税法） TEP 注册税务顾问

Vienna, August 2011Erich Baier, MBA, LL.M. (Int’l Tax Law) TEP Certified Tax Advisor

The rights of the founder

The rights of the founder of an Austrian foundation are

very far reaching:

• he selects the first board of management

• he can amend the charter and the non-public by-laws

at any time

• he can determine how much is paid to whom and when

• he can determine what happens after he has died

• he can give guidelines to the management board of

how to invest and into what

• he can revoke the foundation at any time

• he can determine additional or new beneficiaries at

any time

The Austrian Private Foundation Act governs that

the foundation has to have a minimum of corporate

bodies, which are:

• the management board and

• the auditor

管理委员会

创始人有权选择第一任管理委员会，除非法庭对委员会进行提名。后者仅在创始人未在章程中制定不同的规则时适用。

The management board

The first management board is selected by the founder,

otherwise the court nominates the board, but only, if

the founder has not foreseen a different regulation in

the charter.

审计师

法律规定年度账户必须经由注册公共会计师进行年度审计。此外，基金会委员会的所有成员有权向竞争法庭提出要求，进行外部审计。

Auditor

Law determines that the annual accounts have to be

audited by a Certified Public Accountant every year.

Furthermore every member of the foundation's board

has the right to request such an extraordinary audit by

lodging such a request with the competent court.

基金会的征税

奥地利国内的税法规定对国内和外国的红利不征税，对出售其他公司股份的国内和外国资本利得也不征税。从一定程度上来说，通过基金会的帮助利息收入也可以实现免税。基金会的最低资本金授予额度为 7 万英镑，这些资金可以在后期被用来投资，而不会被锁定。在成立时，基金会收到的净资产将仅需支付一次性 2.5% 的税。

对基金会、财产授予者或受益人• 无净值税• 无赠予税• 无继承税

Conclusion

Using an Austrian private foundation can lead to

enormous advantages not only taxwise but also be

very helpful in preserving and protecting assets and net

wealth for a family.

Furthermore an Austrian foundation might open ways

to avoid problems concerning formalities of a will or

claims of spouses or other family members in case of

an inheritance.

Together with a generally friendly tax climate in Austria

the Austrian Private Foundation is a perfect tool for

• dynastic wealth planning

• managing wealth tax-free

• preserving assets for a family

• Sharia compliant structures

• legally avoiding income tax and inheritance tax burdens

I may therefore invite you to go the Austrian way, it

pays off !

受益人的征税

如果受益人是非本国居民且居住在没有缔结税收条约的国家时，向此类受益人支付的金额将被收征 25％的预提税。当受益人居住在缔约国时，相关税收协定的规则将适用。

一般而言，基金会的付款会被认为是其他收入，因此仅在受益人作为居民的国家进行征税（如果有此项税）。在奥地利与其他国家签署的 88 项税收协定中，大部分是上述的情况。只有当缔约国没有根据广义税务协定第十条对红利收入进行定义时，对此类支付的征税权利属于奥地利。然而，在几乎所有的类似税收协定中，预提税被大幅地削减了，范围为 5％至 15％。收款人还可以在本国申请外国税收减免。因此，我希望邀请您来奥地利创建基金会，这将为您带来好处！

Taxation of the beneficiaries

In case of non-resident beneficiaries living in non-treaty

countries payments made to such beneficiaries are due

to a 25 % withholding tax at source.

Provided such a beneficiary is living in a treaty country

the relevant tax treaty regulations have to be applied.

The general rule is that payments from foundations are

considered as other income and therefore only taxable

in the country where the beneficiary is resident, if

at all. This is the case in the majority of the 88 tax

treaties Austria currently has with other countries.

Only in case of a treaty with a country, which does

not have an extensive definition of dividend income

in Art 10 of the very tax treaty, the right to levy taxes

upon such payments is left in Austria. Nevertheless in

almost all cases of such treaties the withholding tax

is significantly reduced, ranging between 5 % and 15

%, whereby the recipient of such a payment will be

granted a foreign tax credit in his home country.

Sponsored Article

30 Spring, 2012

就在不久前，中国人的婚姻还是终身

制的。对于女性来说，这在很大程

度上就像是无期徒刑：一旦你进入

婚姻，你就不得不放弃自己的权利，遵从你

的丈夫和他的家人，并且以他们认为正确的

方式来服侍他们。对妇女来说，离婚是可耻的。

少数成功地脱离自己丈夫的女性就被打上了

破鞋的标签。由于随之而来的耻辱，第二次

婚姻既不常常发生，也充满了问题的，及时

女性离婚后单身也一样问题重重。从更大的

范围上来看，一个离婚女人的耻辱是她父母

的耻辱。如果父母选择不要让她回到自己的

家庭，她就不得不在一个明确的将妇女视为

劣势的社会中独自谋生。在 1949 年中华人民

共和国成立前，中国的劳动力一直由男性占

主导地位。虽然早在 20 世纪初，政府已经呼

吁尊重妇女的权利，但是真正开始系统地促

进两性之间平等的是毛泽东主席，他认为这

将有助于中国成为世界强国。 1950 年，中国

制定了第一部婚姻法。它采取了大胆的举措，

给予男人和妇女平等的权利，禁止买卖新娘、

包办婚姻、娃娃亲和纳妾，并且使得离婚合

法化。

爱情和金钱：在离婚时利用离岸结构保护您的资产

By Claire van den Heever

特别报道 | sPecIAL rePort

It wasn’ t terr ib ly long ago that marriage in China was for l i fe . For women, i t often bore more

resemblance to a life sentence: once you entered into a marriage, you relinquished your rights to your husband and his family, and served them as they saw fit. Divorce was shameful for women, and those few who did manage to successfully s e c e d e f ro m t h e i r h u s b a n d s we re labelled po xie (old shoe). Because of the accompanying stigma, second marriages were neither very likely nor without problems of their own, and were perhaps only as problematic as remaining single after a divorce. A divorced woman’s shame was, by extension, her parents’ shame too, and if they chose not to allow her back into their household, she was left to fend for herself in a society that still unequivocally viewed women as inferior. China’s workforce was very much male-dominated until after the

founding of the People’s Republic in 1949. Although the previous government had made calls for women’s rights earlier in the 1900s, it was Chairman Mao Zedong who began systematically forcing equality between the sexes, in the belief that it would help China become a world power. In 1950, China’s very first marriage law was enacted. It took bold steps to give men and women equal rights, banning bride sales, arranged marriages, child betrothals, concubines, and legalizing divorce.

Though it was legal for both women and men to file for the annulment of a marriage, divorce was only permitted failing “mediation and counseling”, and couples needed formal permission from their employer or neighborhood committee before it was considered. In 1985, by which time the wheels of China’s economic reform process were turning steadily, divorce was still relatively rare.

Love and Money: Using Offshore Structures to Protect Your Assetsin the Case of Divorce


sPecIAL rePort | 特别报道

Love and Money: Using Offshore Structures to Protect Your Assetsin the Case of Divorce

Since then, China’s accelerated economic growth has been accompanied by mounting pressure to achieve financial success, and the number of divorces has risen correspondingly. Between 1985 and 2009, China’s divorce rate quadrupled, from 0.4 per 1000 people to 1.85 per 1000.

While there are several factors that contributed to the upsurge, an amendment to the marriage law in 2003 was central. The formal permission from employers or neighborhood committees that had previously been required of couples fell away, and the procedure was greatly simplified, allowing people to get divorce certificates more easily. Since 2003, China’s divorce rate has risen at an average of 7.65 percent a year, according to a report published by the Ministry of Civil Affairs in early 2011. And the trend only seems to be on the rise.

The first three months of 2011 saw a 17 percent increase in the number of couples that formally notified the government of the end of their marriage, compared to the same period in 2010, according to a report published in on 5 May 2011 in the capital’s top-selling Chinese-language daily, the Beijing Times. The statistics may be particularly pertinent to Beijingers, who are heading the trend, with divorce rates in the city almost doubling between 2004 and 2010, according to government data. 2009 figures show that divorce rates in Shanghai were on the capital’s tail at 38 percent, compared to Beijing’s 39 percent. Shenzhen and Guangzhou were not far behind, at 36 and 35 percent respectively. In looking to the reason behind the increase in divorces, statistics point to the pressure of a fast-paced life in China’s major commercial hubs. Soaring housing prices in cities throughout China and difficulties faced by career-oriented working mothers –

　　虽然男女双方都有权提出离婚，但是离

婚只在“调解与辅导”无效后才被允许。在

离婚申请被考虑前，夫妻双方需要他们雇主

或居委会的正式批准。 1985 年，随着中国

经济改革的车轮平稳转动，离婚还是比较少

见的。自那时以来，中国经济的加速增长一

直伴随着实现经济上的成功所带来的越来越

大的压力，因此离婚的人数也随之出现了上

升。在 1985 年和 2009 年间，中国的离婚

率翻了两番，从每千人中有 0.4 人上升到了

至每千人中有 1.85 人。

　　虽然有几个因素促使离婚率升高，但是

2003 年修订的婚姻法是最重要的动因。夫

妻之间的离婚不再需要单位或者居委会的证

实批准，其中的流程也被大大简化了，这让

人们更容易拿到离婚证明。根据民政部 2011

年初发表的一份报告，自 2003 年以来中国

的离婚率不断上升，已经达到了平均每年

7.65％，这种趋势似乎还在上升。

　　根据北京最畅销的华文日报《京华时报》

2011 年 5 月 5 日的一篇报道，2011 年前三

个月，正式向政府提请离婚的夫妻数量相比

2011 年同期增长了 17％。这些统计数字也

许与北京人特别相关，他们正在引领这股潮

流。根据政府的统计数据，北京人的离婚率

在 2004 年至 2010 年间几乎翻了一番。2009

年的数字显示，上海的离婚率为 38％，略低

于首都的 39％。深圳和广州也不甘落后，分

别为 36％和 35％。寻求离婚率增长背后的

原因，统计数据指出，中国的主要商业中心

城市面临快节奏的生活压力。中国各地城市

房价的飙升和在职母亲所面临的困难（许多

母亲在远离家乡的地方抚养她们的孩子，没

有家庭的支持）同样被认为会造成压力，从

而导致婚姻的破裂。

　　事实上，中国的第一代独生子女（通常

被称为 80 后）从 21 世纪初开始结婚，这并

不是一种巧合。这也许在离婚率不断攀升的

问题上大家最常想到的原因。80 后的孩子通

常会被与自私、不成熟和物质主义联系在一

起，这是由于在他们的家庭里父母只溺爱一

个孩子，而祖父祖母和外祖父外祖母也经常

会让这些孩子接受到过度的关注。来自北京

某区法院的统计数据证实了这种育儿方式所

带来的影响。在该法院于 2009 年公布这些

数字前的五年内，30 岁以下夫妻的离婚率每

年都比前一年翻一番。在30岁以下的夫妇中，

many of whom raise children away from their hometown, without their family’s network of support – have also been blamed for causing stress that may lead to the breakdown of a marriage.

The fact that China’s first only-child generation – often referred to as the post-80s generation – began getting married in the early 2000s is no coincidence, and is perhaps the most cited cause of escalating divorce rates. Selfishness, immaturity and materialism are among the characteristics associated with “post-80s” offspring, due to being raised in households in which their parents only have one child to dote on, often with two sets of grandparents adding to the amount of undivided attention these children receive. Statistics from a Beijing district court confirm speculations about the impact of this era of child-rearing. During each of the five years before the court released these figures in 2009, the divorce rate among under-30s doubled compared to the previous year. Ninety-seven percent of the under-30 couples were only children. Today, in a society which requires prospective husbands to have a certain degree of wealth before being considered “marriage material”, it is unsurprising that money-motivated

2007 26.6

32.2

38.5

39.7

46.5

1

59.6

66.5

77.1

84.8

94.6

2

93.8

102.1

117.8

131

146.6

3

140.4

155.3

171.3

196.1

211.1

4

2008

2009

2010

2011

中国人的离婚数 ( 按季度 )/ 万人

来源：中华人民共和国民政部Source: Ministry of Civil Affairs of the People's Republic of China

Divorces in China per Quarter (ten thousand people)

32 Spring, 2012

如果婚姻关系出现破裂，并且夫妻拥有大量的财产，那么会出现额外的复杂问题。建立离岸信托是在离婚时保护某人资产的最佳方法，因为它们在法律上不属于夫妻任何一方。

When a relationship is breaking down, additional complications arise when the couple holds significant assets. Offshore trusts are one of the best ways to protect ones assets in the event of a divorce because they legally belong to neither spouse.

有 97％为独生子女。在如今这个要求未来丈

夫拥有一定财富能够被考虑为“结婚对象”

的社会中，这种以金钱为目的的婚礼变得越

来越普遍，这并不让人感到意外。

　　随着越来越多的人认识到离婚在中国变

得非常普遍，做他们自己做好最坏的打算似

乎是唯一明智的选择。离婚和它在感情和经

济上的影响也许不会是每个新郎或者新娘在

婚礼当天新郎考虑的事情，但是高净值人士

可能会因为离婚而损失上百万的资产，因此

他们需要采取足够的预防措施，无论未来的

事情会变得如何不受欢迎或者意外。

　　就在不可预见的情况下保护您的资产而

言，离岸境外无疑是最有效的方法。虽然离

婚只是许多未预料到的和可能发生的事件之

一，但是将您的一部分转移至离岸通常涵盖所

有的事件。您可以选择多种离岸结构来实现

这一目的，方法的选择通常取决于高净值人

士的特殊需求以及他们在岸资产的分布情况。

　　锦天城律师事务所代表中国客户进行离

岸财富管理的王繁律师表示，离岸公司、离

岸基金和离岸信托都是资产保护的可行方

法，高净值人士需要多元化的资产组合。她

解释说：“高净值人士所关心的问题是保护

这些资产的安全，即单独存放他们的资产并

且保证它们的安全，无论是出于离婚或其他

目的。”所有的离岸金融产品在一定程度上

都能够保护资产，但当一对富裕的中国夫妇

特别希望针对离婚进行资产保护时，离岸信

托基金被认为是最有利的。在离婚的过程中，

他们绝对不会承受任何的风险，因为从法律

上来说他们并不属于对方。

　　大成律师事务所的郑志律师同样为高净

值人士提供离岸财富管理建议，他认为英属

维尔京群岛是大部分客户所选择的司法管辖

区，这得益于该地优惠的税率以及服务的便

利性和性价比。那些打算移民的中国客户是

另一种类别 ; 他们并不是基于便利性或者成

本而选择离岸金融中心的。在大多数国家的

移民过程中，离岸信托和其他产品（同样包

括在岸交易、物业投资）往往是关键的步骤。

在清晰地界定客户资产后（如果目标是保护

资产不受离婚的影响，这个过程特别重要），

选择最能满足客户需求的离岸目的地是下一

步的工作。锦天城律师事务所的王女士解释

说：“我们通常建议高净值的客户在结婚前

对他们的资产进行分类，比如房地产、现金

assets.Offshore companies, offshore funds

and offshore trusts are all viable methods of asset protection, and high net worth individuals are likely to have diversified asset combinations, says lawyer Wang Fan, who advises Chinese clients on offshore wealth management on behalf of Allbright Law Offices. “What high net worth individuals are concerned with is the safety of protecting such assets, namely arranging for their assets to be separated and protected, whether for divorce or other purposes”, she explains. All offshore financial products protect assets to some extent, but when a wealthy Chinese spouse specifically seeks to protect their assets against divorce, offshore trusts are considered most conducive. There is absolutely no risk of them being surrendered during a divorce settlement because – by their nature – they legally belong to neither of the spouses in question.

Lawyer Zheng Zhi of Dacheng Law Offices, who also provides advice to high net worth individuals on offshore

marriages are becoming increasingly common.

As more people become privy to the proliferation of divorce in China, preparing themselves for the worst begins to seem like the only sensible option. Divorce – and its emotional and financial repercussions – may be far from every bride or groom’s mind on their wedding day, but high net worth individuals who stand to lose millions would do well to take precautions – no matter how unwanted or unexpected the events of the future may be.

Investing offshore is arguably the most effective way of protecting your assets from unforeseen circumstances and, though divorce is just one of many unanticipated and possible events, having a portion of your assets offshore usually covers all bases. There are various ways in which offshore structures can be used to do this, and the choice of method generally depends on the specific needs of the high net worth individual, as well as the distribution of their onshore



和股票、公司股票等等，然后据此设计出适

当的资产管理结构。”就可以转移到海外的

资产类型而言，大成律师事务所的郑先生说：

“一般而言，文物、不动产和证券资产必须

保持在岸，而现金和股票可以进行离岸投资。”

但是也有例外的情况。郑先生说：“例如，

不动产和证券资产可以兑现，然后到境外进

行投资。”郑先生还建议夫妻签署婚前协议。

他说：“应该界定婚前财产，包括哪些婚前

财产属于谁。接下来，夫妻应该决定在离婚

后如何分配财产。”

　　虽然郑先生的意见听起来很明智，婚前

协议是在中国是比较少见的。王女士也表示：

“婚前协议的概念一般并不被中国客户所接

受。除了法律因素，其背后有着复杂的原因，

比如情感和个人信任。”中国成年人的财富

几乎总是与他们的家庭紧密相连，这一部分

是因为子女被寄希望在父母年老时照顾他们，

另一部分是因为年轻的夫妇在经济独立前需

要依靠他们的父母。把家庭成员考虑进来在

婚姻资产如何分配的问题上起着重要的作用。

未来的丈夫一般需要为婚姻购买房子，来满

足女方父母的条件。对富裕的家庭而言，如

果对方没有相对应的财富，那么父母会认为

儿子或者女儿的这门亲事不那么门当户对。

　　这对所谓“富二代”的父母来说尤其如

此。虽然他们也出生在八十年代，但是“富

二代”不同于一般的“80 后”，后者被以他

们的自私而闻名，虽然这两种类别并不相互

排斥。被定义为“富二代”的孩子通常出生

在富裕的家庭，这些家庭从中国经济开放的

早期开始赚钱，并且随着时间的推移积累不

同程度的财富。由于只有一个孩子，这些家

长往往是特别关注儿子或者女儿所面临配偶

申请离婚的威胁。如果不提前采取适当的法

律措施（或者如果签署的婚前协议平等地保

护夫妻双方），他们将失去很大一部分的家

庭财产。随着离婚率的上升，这些“富二代”

高净值人士（以及他们的父母）相比过去更

关心如何保护他们的资产。王女士解释说：“这

些人财富积累在一定程度上受益于中国约 30

年的改革开放政策。相当多的所谓“富二代”

甚至“富三代”出现在这个环境中。王女士

指出，许多国家都经历了长时期的经济发展，

但是中国在一个问题上是独一无二的。她说：

“中国与其他国家不同的是，中国还实行了

计划生育政策，这意味着，如今不少高净值

wealth management , says that the British Virgin Islands is the jurisdiction of choice for most of his clients because of its preferential tax rates and the ease and cost-effectiveness of its services. Chinese clients who are planning to emigrate are in a different category; they do not select offshore financial centers based on convenience or cost. Offshore trusts and other products – as well as onshore transactions, such investments in property – are often key steps in many countries’ emigration procedures. Deciding which offshore jurisdiction is best suited to a client’s needs is the next step after clearly defining their assets – a process which is particularly important if the goal is to protect them against divorce. “We normally suggest that high net worth individual clients categorize their assets – such as real estate, cash and stocks, corporation equities – before getting married, and then design the appropriate asset management s t r u c t u re s a c c o rd i n gly ”, ex p l a i n s Allbright Law’s Ms. Wang. In terms of the type of assets that can be transferred offshore, Dacheng Law’s Mr. Zheng says, “Generally speaking, antiquities, immovable property and securities assets must stay onshore, and cash and stocks can be invested offshore.” There are exceptions. “Immovable property and securities assets, for example, can be cashed and then invested offshore.” Mr. Zheng also advises couples to sign pre-nuptial agreements. “Pre-marital property should be defined, including which premarital properties belong to whom. Next, the couple should agree on how the postnuptial properties will be divided.”

As sensible as Mr. Zheng’s advice sounds, pre-nuptial agreements are relatively rare in China. “The concept of a pre-nuptial agreement is generally not accepted by Chinese clients yet”, Ms.

Wang concurs. “This is for complicated reasons beyond legal ones, such as emotion and personal trust.” Chinese adults’ wealth is also nearly always tied to that of their family – either because offspring will be expected to support their parents financially in their old age, or because young couples rely on their parents before becoming financially independent. Having family members in the equation plays a major role in determining how assets are divided within a marriage. Prospective husbands who are expected to buy property before marrying are usually satisfying girlfriends’ parents’ prerequisites, and for particularly wealthy families, it is the parents who often deem their son or daughter’s potential match unsuitable if they don’t have any wealth of their own.

This is particularly true of the parents of offspring known as the “second generation”. Though they were also born in the eighties, this “generation” is different to the “post-80s” progeny known for their selfishness, though the two groups are not mutually exclusive. “Second generation” children were born into wealthy families that began to make their money in the early days of China’s economic reform and, over time, have accumulated fortunes of varying worth. With only one child, parents of these children tend to be particularly aware of the threat of a son or daughter’s spouse filing for divorce. If adequate legal measures aren’t taken in advance – or if a pre-nuptial agreement is signed that protects both spouses equally – they stand to lose a significant portion of the family estate. With divorce on the rise, these “second generation” high net worth individuals – and their parents – are more concerned about protecting their assets than in the past, Ms. Wang explains. “Some of these individuals accumulated their wealth, to a certain degree, from


34 Spring, 2012

人士是家庭中唯一的接班人。”

　　不管家庭或配偶多么富裕，中国的社会

还没有习惯婚前协议，因此建议自己的丈夫

或妻子签署婚前协议会立即引发猜疑，并且

可能在婚姻开始之前就将其埋葬。离岸资产

保护是一个微妙的替代品，它是越来越多富

裕中国人在结婚前正在考虑的选择，无论是

第一、第二、还是第三次婚姻。王女士说：

“由于中国的高离婚率，高净值人士总是急

于找到方法，希望既能够不伤害[未来配偶的]

感情，又能够保护他们的家庭资产。”

　　虽然中国高净值人士中的绝大多数是男

性，但是利用离岸结构来保护离婚的资产并

不一定就是一个希望傍大款的年轻女子和有

钱老男人之间的故事。郑先生和王女士都建

议，女性客户需要针对离婚进行资产保护和

分配。王女士接手的一个案例证明了女性在

中国能够走得有多远。“这个客户是女性，拥

有资产的价值约为 1 亿元人民币，其中包括动

产、股票、基金等等。她在结婚后的一年内发

现丈夫有外遇，进而提出离婚诉讼，她在结

婚前已经怀孕，因此婚前在新西兰建立了离

岸信托。信托的受益人指定为她的孩子。”

　　郑先生提到了一个成功的离婚案件，夫

妻双方友好分手。他们为未来不可预见的情

况（比如离婚）所做出的准备让整个过程非

常顺利，而且对双方都很公平。这位丈夫去

了郑先生的律师事务所寻求建议。“我的客

户是投资者。当时他的资产有 10 亿人民币。

他已经结婚十五年，他的妻子在一家外国公

司的高管。他们有一个儿子和一个女儿，两

个孩子都在出国留学。这对夫妻的离婚是因

为他们基本上不能相容。其结果是，他们通

过协议离婚：丈夫获得儿子的抚养权，妻子

获得了女儿的抚养权。他们共同的现金资产

和证券资产被平分。境外投资属于丈夫，但

丈夫同意全额支付子女抚养费，直到他们的

儿子和女儿长到 18 岁。除了这些资产，这

对夫妇分别为自己的晚年（在英属维尔京群

岛）建立了信托基金。他们同样（在英属维

尔京群岛）为子女建立了信托基金。”

　　两位律师所提供的案例表明，离岸资产

保护和审慎规划的价值是不可低估的。它们

也说明了人们越了解自己能够获得的在岸和

离岸金融服务，在离婚的情况下（不可预见，

但是变得越来越可能）事情可以顺着他们的

意愿发展。

experiencing approximately thirty years of China’s reform and opening-up policies. Quite a large number of the so-called ‘affluent second generation’ and even ‘affluent third generation’ emerged from these circumstances.” Plenty of countries have undergone prolonged periods of economic development, but China is unique in one respect, Ms. Wang points out. “What makes China different from other countries is that China also implemented family planning policies, meaning that today, quite a few high net worth individuals are the only successors within the family.”

No matter how much wealth a family or a spouse has, Chinese society is not yet accustomed to pre-nuptial agreements, so suggesting one’s husband or wife-to-be signs a pre-nuptial agreement immediately raises suspicions, and may end a marriage before it has even begun. Offshore asset protection is a subtle alternative that more and more wealthy Chinese are considering prior to getting married. “With the high divorce rate in China, high net worth individuals are always eager to find methods which not only prevent them from hurting [a future spouse’s] feelings, but protect their family’s assets as well”, says Ms. Wang.

While the vast majority of Chinese high net worth individuals are male, using offshore structures to protect one’s assets from divorce is not necessarily a stereotypical story of gold-digging young women and older, wealthy men. Both Mr. Zheng and Ms. Wang have advised female clients on protecting and distributing their assets in the event of a divorce. One particular case that Ms. Wang handled is testament to how far women have come in China. “This client was female, and owned assets worth approximately RMB 100 million, including movable assets, stocks, funds and so on. She initiated a divorce lawsuit against her husband

within a year after getting married because he had an affair. She had fallen pregnant before getting married and so established an offshore trust in New Zealand before the marriage. The trust beneficiary appointed was her child.”

Mr. Zheng referred to a successful divorce case in which both spouses parted amicably. The fact that they had planned ahead for unforeseen circumstances like divorce meant that the process went smoothly and was fair to both parties. The husband went to Mr. Zheng’s law firm for advice. “My client was an investor. At that time he had one billion renminbi in assets. He had been married for fifteen years; his wife was an executive in a foreign company. They had a son and a daughter, and both of the kids were studying abroad. The couple got divorced because they were basically incompatible. The outcome was that they divorced by agreement: the husband gained custody of the son and the wife gained custody of the daughter. Their joint cash assets and securities assets were equally divided. The overseas investments belonged to the husband, but the husband agreed to pay full child support until their son and daughter were 18 years old. Besides these assets, the couple had established separate offshore trusts [in the British Virgin Islands] for their old age. They had also established trust funds [in the BVI] for their children.”

As both lawyers’ cases demonstrate, t h e va l u e o f b o t h o f f s h o r e a s s e t protection and prudent planning cannot be underestimated. They also illustrate that the more knowledge individuals have with regards to the offshore and onshore financial services available to them, the more likely things are to go their way in the – unforeseen, but increasingly likely – event of divorce.




巨灾债券：它们是什么、它们的风险、它们的好处，以及如何保护你自己catastrophe Bonds: What they are, their risk, their benefits, and how to protect yourself

People who invest in catastrophe bonds are not able to predict their ups and downs as if one believes he or she can read the market, but instead hopes that nature graces them with pleasant and calm weather.

投资巨灾债券的人自认为能够读懂市场，其实他们并不能预测债券的涨跌，

只能暗地里希望能够得到上天的青睐，给予他们愉快和平静的天气。

By Baron Laudermilk

36 Spring, 2012

照片

提供

Photo by D

avid Sifry

卡特里娜飓风于 2005 年 8 月摧毁了美国南部新奥尔良市，它引发了历史上最大的保险赔付案例之一。根据美国议会的报告，总保险赔偿金额在 6 亿至 20 亿美元之间。飓风过后的巨额保险支出让更多的保险公司通过发行巨灾债券来分散其风险（和回报）

Hurricane Katrina, which crashed into the city of New Orleans in the southern United States in August 2005, triggered one of the largest insurance payouts in history, with the total insured damages amounting to between US $600 million and $2 billion according to a congressional report. The huge insurance payouts in the wake of the hurricane encouraged more insurers to spread their risks (and rewards) by issuing catastrophe bonds.

什么是巨灾债券？

巨灾债券在保险业又被称为“猫债

券”（cat bonds），它们被认为是

最危险但又最有利可图的投资工具，仅次于

对冲基金。这种债券的市场规模仍然很小，

总计为 42 亿美元，但是它却每年都在迅速

地增长。灾债券虽然能够让人变得富裕，却

也能使得成千上万的人在一夜间失去数百万

美元。投资巨灾债券的人自认为能够读懂市

场，其实他们并不能预测债券的涨跌，只能

暗地里希望能够得到上天的青睐，给予他们

愉快和平静的天气。

　　巨灾债券是结构性证券产品，它们允许

保险公司将其风险转嫁给资本投资者。换句

话说，保险公司将这些债券出售给投资者，

从而让他们承担重大的风险，比如由于巨型

地震和飓风而带来的巨额损失。巨灾债券能

够为暴风保险提供保障。这种交易的运作原

理是：保险公司发行债券，该债券的收益与

一定时间内发生自然灾害的可能性直接相关。

例如，南加州发生的地震。如果灾害事件没

有发生，投资者将获得债券收益，通常从 2％

至 14％。但是，一旦发生重大灾难，投资者

可能会失去他们的本金。

　　巨灾债券的诞生是出于保险公司针对重

大灾难的发生进行风险分散的需要，它们仅

仅依靠保费是无法赔偿这种灾难所带来的损

失的。当 1992 年安德鲁飓风袭击美国时，

保险公司损失了 170 亿美元，从而导致他们

进军资本市场，寻找传统再保险的替代品。

　　许多投资巨灾债券投资的人是对冲基金

经理、资产管理人、巨灾导向基金、银行、

养老基金、以及富有的个人。巨灾债券通常

是浮动利率债券，如果自然灾难发生，本金

就会损失。作为保险产品，巨灾债券通常用

于为投资传统巨灾再保险提供另一种不同的

路径选择。

　　目前有许多专门面向灾难的基金，它们

在这个行业中起了很大的作用，其中包括高

盛资产管理公司、奥本海默基金、太平洋投

资管理公司、先锋投资和瑞士信贷。为巨灾

债券进行评级的评级机构包括惠誉、标准普

尔和穆迪。评级考量的是巨灾触发重大损失

时的违约可能性。大多数巨灾债券的评级低

于投资级（BB 和 B 类评级）。

　　每只巨灾债券都有它自己的触发事件，

这些事件都被写入了债券的发行文件。该文


What are Catastrophe Bonds?Catastrophe Bonds, known in the insurance industry as “cat

bonds”, are considered to the riskiest yet most lucrative investment instruments

next to hedge funds. The market is still small, standing at $4.2 billion, but it is growing rapidly every year. Catastrophe bonds have made people rich, but have also made thousands of people lose


件仅提供给债券的潜在买家，因为巨灾债券

不需要遵循美国证券交易委员会的登记和披

露要求。请记住，是否发生触发事件的问题

可能会变得很复杂，并且最终在法院提起诉

讼。这可能意味着，这些类型的证券会面临

更多的不确定性。例如，在 9/11 事件发生之

后，出现了一些财产保险诉讼案件，其中需

要确定的是对世贸中心的袭击应该被看作是

一个还是两个事件。

巨灾债券：他们有自己的优点和缺点

对冲基金市场和另类投资在线新闻咨询网站

Opalesque 上发表的一篇文章认为，与保险

挂钩的证券资产一直能够提供良好的回报。

根据这篇文章，投资巨灾债券的对冲基金一

直能够获取不错的利润，而且波动性很小。

这篇文章认为，风险资产的低波动性是大量

投资充斥这个市场的原因之一。

　　2011 年绝对是巨灾债券遭受重大损失的

一年，但是这一年大部分基金仍然得到了正

回报。在过去的几年里，巨灾债券的平均回

报为 7％。对这些类型的债券，通常有公司

会去计算在某些地区某个时间发生灾难的风

险。因此，投资佐治亚州海岸的对冲基金的

投资者往往只能得到较低的回报，因为飓风

从未光顾过佐治亚的海岸。对冲基金会主要

针对类似佐治亚的地区，因为它们通常被认

为是安全的，具有较低的波动性，这几乎能

够保证获得收益。

　　巨灾债券也能够为投资组合提供巨大的

机会，因为这些债券的分类几乎与传统债券、

股票、以及市场的跌宕起伏毫不相关。许多

在欧美市场受到“灼烧”的投资者已经开始

寻找替代品来保护和扩充自己的资金。巨灾

债券能够使得投资者的投资组合实现多样化，

并且创造资金产生的新方式。

　　但是，投资巨灾债券的缺点是令人难以

置信的。灾难建模全球领先机构 R.M.S. 的首

席科学家 Robert Muir-Wood 在几年前接受

《纽约时报》的采访时表示：“你需要面对

的是一个物理过程。佐治亚之所以没有被灾

难击中并不是有什么样特别的原因。佐治亚

只是幸运而已。”这些话可能会传到许多遭

受重大损失的投资者的耳朵里。其实，相比

投资承保新奥尔良部分地区以及日本南部沿

海地区的债券的投资者，投资承保佐治亚部

分地区的巨灾债券的人并没有显得那么幸运。


millions of dollars in one night. People who invest in catastrophe bonds are not able to predict their ups and downs as if one believes he or she can read the market, but instead hopes that nature graces them with pleasant and calm weather.

Catastrophe bonds are structured securities that allow insurers to move their risks to capital investors. Or in other words, insurers use the bonds to pay investors to take on major risks, such as enormous losses due to the biggest earthquakes and hurricanes. Catastrophe bonds finance storms. Here is how the deal works: An insurer will issue bonds whose returns are directly connected to the likelihood of a natural disaster over a certain period of time, for example an earthquake hitting southern California. If the event does not occur, investors will earn a yield on the bond, typically from 2 to 14 percent. But the investors could lose their principal if a disaster does strike.

Cat bonds came about from the need by insurance companies to mollify a portion of the risks that they would e n c o u n te r i f a m a j o r c a t a s t ro p h e occurred, which would create losses that they could not cover with just the premiums. When Hurricane Andrew struck the United States in 1992, insurers lost $17 billion, which led them to tap into capital markets as an alternative to traditional reinsurance.

M a n y p e o p l e w h o i n v e s t i n catastrophe bonds are hedge fund managers, asset managers, mangers of catastrophe-oriented funds, banks, pension funds, or rich individuals. Cat bonds are typically structured as floating-rate bonds whose principal is lost if a natural event occurs. Catastrophe bonds are typically used for insurance as a different route to investing in traditional catastrophe reinsurance.

There are now many specialized catastrophe-oriented funds that play a large role in the sector, including Goldman Sacks Asset Management, Oppenheimer funds, PIMCO, Pioneer Investments, and Credit Suisse. Catastrophe bonds are rated by rating agencies such as Fitch Ratings, Standard & Poor’s and Mood’s. They are rated based on their probability of default due to a catastrophe triggering major losses. Most cat bonds are rated below investment grades (BB and B category ratings).

Every cat bond has its own triggering events, which are included in the bond’s offering documents. This paper work is only available to potential purchasers, because cat bonds do not follow the SEC’s registration and disclosure requirements. Keep in mind the question of whether a triggering event occurred, can be complex and end up being litigated in court. This could mean that there is additional uncertainty in the way these types of securities work. For example, there were property insurance lawsuits brought after 9/11 to determine whether the attacks on the World Trade Centers counted as either one or two occurrences.

Catastrophe bonds: They have their Pros and ConsAn article published on Opalesque, an online news outlet that offers information on hedge fund markets and alternative investments, said that insurance-linked securities as an asset-class has been offering good returns. According to the article, hedge funds investing in catastrophe bonds have been posting excellent profits with little volatility. The article said that the low volatility for a risky asset is one of the reasons why new investmentshave been flooding the market.

2011 was definitely a year of major losses in catastrophe bonds, however the

38 Spring, 2012

　　一个人投资巨灾债券的资金不可能是完

全安全的。事实上，投资者的钱可以在一个

晚上全部消失。2011 年 3 月日本爆发的大地

震导致两大巨灾债券出现直接的亏损，一个

价值超过 3000 亿美元的基金瞬间破产。标

普公司保险评级主管Gary Martucci表示：“这

里存在风险，如果灾难性事件足够大，对一

些再保险商的偿付能力将会是一个负担。”

失去一切并不经常发生，但是也有少数情况，

比如日本。如果地震使得佛罗里达州迈阿密

沦陷，那么投资者就会在一夜之间损失巨灾

债券的全部本金。

　　并不是任何人都可以投资巨灾债券的。

这些债券只提供给机构投资者。因此，个人（即

便是非常富有的人）不能直接购买巨灾债券。

通常，拥有大笔资金的大型机构会投资巨灾

债券。

　　长期就巨灾债券发表文章的教授 Henri

Louberge 博士总结了投资巨灾债券的正面和

负面因素。他说：“它们的正面因素是与股

票表现没有关联（多样化的工具）。由于存

在抵押品，因此违约风险也很低，它们的预

期回报率通常比较高。负面因素是存在灾难

发生的风险，另外由于债券不依赖指数，因

此可能会出现道德风险。”


year still saw most funds making positive returns. In the last few years, catastrophe bonds have experienced an average return of 7%. These types of bonds typically have companies that calculate the risk of a catastrophe happening in a certain area at a certain time. So investors who invest in a hedge fund that covers a coast of Georgia will earn lower returns, because a hurricane has never hit Georgia’s coast. Hedge funds focus on areas like Georgia that are typically considered to be safe with low volatility, which almost guarantees a yield.

Cat bonds can also provide great opportunities for investment portfolios, since these bonds categorizations have virtually no correlation with conventional bonds, equities, or the ups and downs of the market. Many investors, who were “burned” in the U.S. and Europe, have begun looking into alternatives to protect and grow their money. Cat bonds have been able to add diversification to investors’ portfolios and make new ways of generating money.

But the disadvantages that come with investing in catastrophe bonds are mind-boggling. Robert Muir-Wood, the chief scientist for R.M.S., a world leader in catastrophic modeling, told the New York Times a few years ago, “You are dealing with a physical process. There is no reason why Georgia has not been hit. Georgia has just been lucky.” These words will catch the ears of many investors who have lost large sums of money. Although people, who have invested in catastrophe bonds that insure parts of Georgia, have not been as lucky have ones who covered parts of New Orleans or the southern coasts of Japan.

One’s money is never completely safe in catastrophe bonds. In fact, an investor’s money can be completely wiped out in one night. The massive earthquake that erupted in Japan in March 2011 led to direct losses in two major catastrophe bonds, and one fund that was worth over $300 billion went bankrupt. Gary Martucci, the director at Standard & Chartered Poor’s Insurance rating said, “There is ... the risk that if a cat event were large enough, there could be a strain on the claims paying ability of some reinsurers.” Losing everything does not happen very often, but there are a few instances, such as Japan, where it has happened. The chances of having a whole cat bond’s principal paid out in one night are as likely as an earthquake taking down Miami, Florida.

Not just anybody can invest in catastrophe bonds. These bonds are only available to institutional investors. So individuals, even very wealthy people, are not able to directly buy catastrophe bonds. Typically large organizations, which have large sums of money, invest in catastrophe bonds.

Dr. Henri Louberge, a professor who has spent years publishing articles about catastrophe bonds, sums up the positives and negatives about investing

0

3

6

9

12

15

Issued and Outstanding Catastrophe Bonds

已发行并运营良好的风险证券

来源：WCMA 交易数据库Source: WCMA Transaction Database

发行量 Issued

2002 2003 20072005 20092004 20082006 2010 2011

年末总量 Outstanding at Year End


离岸债券市场

开曼群岛是离岸巨灾债券的首选目的地。自

从 2007 年首个巨灾债券上市交易以来，这

个市场经历巨大的发展，开曼群岛证券交易

所目前拥有超过 100 个巨灾债券项目和系列，

总价值接近 85 亿美元如此迅速崛起部分归

因于该司法管辖区一直致力于吸引与保险挂

钩的产品，这使得开曼群岛的保险业持续增

长，已经拥有 700 多个自保保险产品，每年

的保费收入超过 110 亿美元。

　　百慕大是一个重要的保险市场，它同时

也是离岸巨灾债券主要发行地，百慕大证券

交易所拥有价值超过 30 亿美元的上市巨灾

债券和保险产品连接证券。为了提升百慕大

保险业的吸引力，百慕大金融管理局于三月

下旬宣布，特殊用途保险公司（这个概念于

2009 年引入，指的是承担保险或再保险风险

的公司）的登记费将于 2012 年 4 月 1 日起

从 11600 美元下降至仅仅 6000 美元，降幅

约为一半。


in cat bonds. “The positives behind them are there is an absence of correlation with stock performance (diversification instrument.) Also there is a low default risk due to collateral, and they expected returns are typically high. The negatives are there is exposure to a catastrophic risk, and there is a possible moral hazard in case of the bonds are not tied to an index.”

The Offshore Bond MarketThe Cayman Islands is the jurisdiction of choice for offshore catastrophe bonds. Experiencing huge growth since the first cat bond was listed in 2007, the Cayman Stock Exchange now has over 100 programs and series listed with a total value of approximately $8.5 million. This rapid rise has been part of a concerted

drive for the jurisdiction to attract insurance-linked products that has seen the Cayman’s Insurance industry grow to include more than 700 captives collecting more than $11 billion in annual premiums.

A major player in the insurance market, Bermuda is also a major home for offshore catastrophe bonds with over $3 billion in listed cat bond and ILS securities on the Bermuda Stock Exchange. In a move likely to increase the attractiveness of the Bermuda insurance i n d u s t r y, t h e B e r m u d a M o n e t a r y Authority announced in late March that registration fees for Special Purpose Insurers (a designation introduced in 2009 for companies that assume insurance or reinsurance risks) would be halved $11,600 down to just $6,000 effective from the 1st April 2012.

Twe n t y t h re e s p e c i a l - p u r p o s e insurers were formed in Bermuda during 2011, with the majority of these formations created specifically to issue catastrophe bonds or create sidecars, according to the Bermuda Monetary Authority. This is more than double the number formed during the same period in 2010.

“Bermuda has made significant inroads into the cat bond market,” said Brad Adderley, Partner, Corporate & Commercial at Appleby in an official press release. “The reduction of fees will help the island continue to grow this business which will have a positive impact on the Bermuda economy.”

Comparing the catastrophe bond markets in offshore rivals Cayman and Bermuda in an interview with CNS Business, Steve Britton, senior vice president with Horseshoe Services (Cayman) Limited, said that while Cayman acquired more total translations, Bermuda attracted more new business. “Of the 27 transactions in 2011 (totalling $4.3 billion), Cayman captured 13,

发生在 2011 年 3 月 11 日的 Tohoku 地震（世界银行估计该地震是全球历史上最昂贵的自然灾害）对全球巨灾债券市场带来了巨大的影响。价值 3 亿美元的 Muteki 巨灾债券失去了全部的本金，成为瑞士再保险公司全球指数上第二个正式经历本金损失的债券，也是第一个因为参数触发本金损失的债券。

The Tohoku earthquake on 11 March, 2011, which is estimated by the World Bank to have caused the most expensive natural disaster in world history, had a huge impact on the global catastrophe bond market. The USD 300mm Muteki cat bond suffered a full principal loss, becoming the second bond in the history of Swiss Re’s Global Index and the first bond with a parametric trigger to officially undergo a principal reduction.

照片

提供

Photo by D

avid Sifry

40 Spring, 2012

start its developing insurance securities market.

However, according to a few insurance companies that sell catastrophe bonds, Chinese investors may have difficulty finding access to these bonds in China due to the country’s strict regulatory provisions. Investors who are interested in investing in catastrophe must go overseas to find ways to invest in these bonds. The easiest way is to go to Hong Kong, since the country’s financial sector is liberalized and connected to many Western insurance and investing companies.

How to protect yourselfIf you do get access to cat bonds, there are many ways to protect yourself. Check your fund’s prospectus and statement of additional information (SAI) to ensure that your fund is authorized to invest in event-linked securities, and if so, how much. You can find this information under the headings of “Investment Policies” or “Investment Objectives.” After you read these documents, consider if your fund manager has enough expertise and resources to evaluate the risks of these bonds and whether they are a sound investment. Does the fund manager have


　　根据百慕大金融管理局透露，2011 年有

23 家特殊目的地保险公司在百慕大成立，大

多数公司的成立是专门为了发行巨灾债券或

者建立“侧挂车”（sidecars）的。这个数

字相比 2010 年同期增加了一倍多。

　　Appleby 公司负责企业和商业服务的合

伙人 Brad Adderley 在一份在官方新闻稿中

表示：“百慕大已经在巨灾债券市场取得了

重大进展。费用的减少将有助于这个岛国继

续发展这项业务，它对将对百慕大的经济产

生积极的影响。”

　　在接受 CNS Business 的采访时，

Horseshoe 服务（开曼）有限公司的资深副

总裁 Steve Britton 表示，相比离岸竞争对手

开曼群岛和百慕大的巨灾债券市场（虽然开

曼群岛的交易总量更大），百慕大吸引了更

多的新企业。他解释说：“在 2011 年的 27

项交易中（总共 43 亿美元），开曼获得了

13 项，百慕大有 8 项，爱尔兰有 6 项。虽然

百慕大只有 8 项交易，其中 7 项是新的保荐

人，只有 1 项是旧保荐人。相反，在开曼群

岛的 13 项债券交易中，有 12 项来自旧的保

荐人，只有 1 项是新保荐人。”

　　自 20 世纪 90 年代中期出现以来，巨灾

债券无论是在岸还是离岸都发展迅速。虽然

亚洲市场仍处于起步阶段，却蓄势待发。在

去年年底于香港举行的第三届保险挂钩证券

峰会上，Acheron Capital 的首席执行官和总

监 Jean-Michel Paul 表示，亚洲市场很可能

会改变巨灾债券的全球趋势。Paul 说：“亚

洲保险连接证券投资者的发展以及区域性特

Bermuda eight and Ireland six,” he explained. “(However) of Bermuda’s eight transactions, all but one represented new sponsors, with one repeat cat bond sponsor choosing Bermuda. Conversely, of the 13 Cayman bonds, 12 were from repeat issuers, with only one new sponsor.”

While the catastrophe bonds have grown rapidly, both on- and offshore since their inception in the mid-1990s, the Asian market remains in its infancy, poised to take off. Speaking during the third Insurance Linked Securities Summit in Hong Kong late last year. Jean-Michel Paul, Chief Executive Officer and Director of Acheron Capital, said the Asian market was likely to shift the global balance of catastrophe bonds.

“ T h e r e w i l l b e a p r o g r e s s i v e , simultaneous, development of an ILS investor base in Asia, and the issuance of regional specific risks bonds. This simultaneous growth will create a threshold of expertise which will jump start the Asian insurance industry not only in terms of diversification but also in terms of efficiency,” Paul said. However, Paul highlighted that there is a need to establish a center of expertise and regulation in Asia that would kick-

Chart for Swiss Re Global Cat Bond Performance Index Total Return

瑞士再保险全球巨灾债券表现指数总体回报表

来源：瑞士再保险Source: Swiss Re

250

200

150

1002009 2010 2011

于 2009 年时成立的瑞士再保险全球巨灾债券走势指数，是根据以美元为单位的巨灾风险的轨迹趋势来表现的。

The Swiss Re Global Cat Bond Performance Index, which was launched in 2009, tracks the performance of USD dominated catastrophe bonds.


别风险债券的发行将会是一个渐进的、同步

的过程。这种同步增长将创建专业知识的门

槛，从而提升亚洲保险业的多样性和效率。”

然而，Paul 强调，有必要建立一个亚洲专业

知识和监管中心，来推动其保险证券市场的

发展。

　　据一些销售巨灾债券的保险公司透露，

由于中国严格的监管规定，中国的投资者可

能很难在国内投资这些债券。有兴趣投资巨

灾债券的投资者必须到海外寻找投资这些债

券的途径。其中，最简单的方法就是去香港，

因为该地区的金融业是自由化的，并且与许

多西方的保险和投资公司保持着业务往来。

如何保护你自己

如果你的投资涉及巨灾债券，有许多方法可

以用来保护自己。你需要查看一下基金的招

股说明书和附加信息声明（SAI），以确定

你的基金已经被授权投资灾难事件相关的证

券，并且确定投资的比例。你可以在“投资

政策”或“投资目标”的标题下找到这些信

息。在阅读了这些文件后，你还需要考虑你

的基金经理是否有足够的专业知识和资源来

评估这些债券的风险，以及它们是不是良好

的投资目标；基金经理是否拥有保险业的教

育背景或工作经验，从而让他了解为这些债

券创建计算机模型的数量和方法？如果没有，

那么基金经理是否会使用第三方顾问？你需

要确切地知道你投资的东西，并且了解巨灾

债券的风险，这些对保护自己和做出明智的

选择显得至关重要。

最后的话

投资巨灾债券是一种使得投资组合多样化的

独特方式，但是应当牢记它们所带来的风险

同样是巨大的。人们可以从中获得大量利润，

也可以在一夜间失去所有的钱。有些人会认

为，巨灾债券的投资是针对天气的赌博，这

与市场的位置一样复杂，甚至要更加难以预

测。潜在的投资者在决定投资巨灾债券之前，

他或她应该对债券覆盖的地域进行研究。需

要提出的重要问题包括“该地区在历史上是

否一直受到大型飓风、龙卷风、海啸或者地

震的袭击？” “这样的利率是否值得我冒损

失一切的风险？”看一看巨灾债券，许多债

券投资者要么变得非常富有，要么失去了一

切。巨灾债券就是投资领域的“21 点”。

an educational background or work experience in the insurance industry that would allow him to understand the quantitative and methods used in creating computer models for these bonds? If not, does the fund manager use a third party consultant? Knowing exactly what you are investing in, and understanding the risk of the cat bond, is crucial in protecting yourself and making a smart choice.

Final WordsInvesting in catastrophe bonds is a unique way to diversify one’s portfolio, but the risks that come with them are significant and should be kept in mind. One can either make major profits from them, or one can also lose all their money in a single night. It all comes down to

weather. Some people would argue that investing in cat bonds is gambling with the weather, which is just as complex and possibly more unpredictable than the locations of the market. Before a potential investors decides to invest in cat bonds, he or she should do research in the area the bond will cover. Important questions to ask are “Does the area have a history of being hit by large hurricanes, tornadoes, tsunami, or earthquakes?” “How much damage does a storm have to cause for me to lose my principal?” “Is the interest rate worth the possibility of me losing everything?” Take a look into cat bonds, many investors have either become rich or lost everything in these bonds. Cat bonds are the “blackjack” of investments.


图

42 Spring, 2012

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离岸指南 | oFFsHore HANd BooK

Anguilla

企业服务提供商corporate service Providers

AxA offshore Management

www.axaoffshore.com

Tel:+264 497 3142

[email protected]

Belize

Frontier Biz

www.frontierbiz.bz

Tel: +501 223 2144

[email protected]

sABIdo & co

www.sabcolaw.com

Tel:+501 223 5803

[email protected]

st. Lucia

Bespoke corporate

and Fiduciary services

Limited

Tel: +758 453-2000

ZacheusJ@fachambers.

com

st. vincent and the

Grenadines

Wilfred services Ltd.

www.

wilfredinternationalservices.

com

Tel:+784 456 2970

info@

wilfredinternationalservices.

com

British virgin Islands

offshore Incorporations

www.offshore-inc.com

Tel: +86 21 6287 7779

[email protected]

cyprus

Fiducenter Ltd

www.fiducenter.com.cy

Tel: +357 25 504 000

fiducenter@ducenter.

com.cy

deloitte Limited

www.deloitte.com/cy

Tel:+357 25 868 686

[email protected]

Madeira

Actuarius consulting

www.actuarius-

consulting.com

Tel: +351 291 234 245

info@actuarius-onsulting.

com

dike group

www.dikegroup.com

Tel:+351 291 207 080

[email protected]

the Aspen trust Group

www.aspentrust.com

Tel: +357 2241 8888

[email protected]

Malta

eMcs International

services Ltd

www.emcsinternational.

com

Tel: +356 2777 2540

Mauritius

投资银行Investment Bank

Hong Kong

roth capital Partners

www.china.roth.com

Tel: +852 2251 8585

[email protected]

国际银行International Bank

seychelles

BMI offshore Bank Limited

http: //www.bmi.com.sc/

Tel: +248 4325660

Seychelles.Enquiries@

bmibank.com

离岸飞机注册机构offshore Aircraft registry

cayman

civil Aviation Authority

www.caacayman.com

Tel:+345 949 7811

civil.aviation@caacayman.

com

离岸律所offshore Law Firm

Barbados

chancery chambers

www.chancerychambers.

org

Tel: +246 431 0070

chancery@

chancerychambers.com


Harney Westwood &

riegels

www.harneys.com

Tel: +284 494 6286

[email protected]

MAslux (Mauritius) Ltd

www.masint.com

Tel: +230 466 9447

[email protected]

seychelles

sterling offshore

www.sterlingoffshore.com

Tel: +248 410 940

michelle@

sterlingoffshore.com

A.c.t. - offshore Limited

www.offshorecompanies.

net

Tel: +248 224 899

[email protected]

ABc International

services

www.

abcmanagementservices.

com

Tel: +248 374 088

FWM International Ltd

www.axys-group.com

Tel: +230 213 6600

[email protected]

channel Islands

standard Bank offshore

http: //www.sboff.com

Tel: 44 (0)1624 643643

[email protected]

dominica

Banco trasatlantico Ltd

http: //www.

bancotrasatlantico.dm

Tel: +1-767-449-9254

info@bancotrasatlantico.

dm

France

the Bank of France

http://www.banque-

france.fr

Tell: +01 42 92 39 08

[email protected]

UsA

Bank of America

www.bankofamerica.com

canada

scotiabank

http: //scotiabank.com

Tel:+1 800 472 6842

Nevis

the Bank of Nevis Ltd

http: //www.thebankofnevis.

com/

Tel: (869) 469-5564/5796

[email protected]

MMG Bank corporation

http: //www.mmgbank.

com/

Tel. (507) 265-7600

Panama canada

royal Bank of canada

http: //www.rbcroyalbank.

com

switzerland

UBs

http: //www.ubs.com

Tel:+345 914 6001

[email protected]

42 Spring, 2012


oFFsHore HANd BooK | 离岸指南

Malta

Fenech & Fenech

www.fenechlaw.com

Tel: +356 2124 1232

[email protected]

simon torell & Associates

www.simontortell.com

Tel: +356 2122 8862

[email protected]

seychelles

Appleby Global

www.applebyglobal.com

Tel: +248 429 5281

[email protected]

离岸游艇注册机构offshore yacht registry

Bahamas Maritime

Authority

www.bahamasmaritime.

com

Tel: +852 2522 0095

hongkong@

bahamasmaritime.com

department of Merchant

shipping

ww.shipping.gov.cy

Tel: +357 258 481000

[email protected].

gov.cy

French International

register

www.rif.mer.equipement.

gouv.fr

Tel: +334 2684 5762

rif@developpement-durable.

gouv.fr

International registries,

Inc

www.register-iri.com

Tel: +852 2526 6641

[email protected]

Maritime cook Islands

www.

maritimecookislands.com

Tel: +682 23 848

公共和私有机构Public & private institutions

Anguilla

Anguilla Financial

services division

www.axafsc.com

Tel: +264 497 3881

anguillafsd@anguillafsd.

com

Bahamas

Bahamas Financial

services Board

www.bfsb-bahamas.com

Tel: +242 326 7001

[email protected]

Barbados

Invest Barbados

www.investbarbados.org

Tel: +246 626 2000

[email protected]

the central Bank of

Barbados

http: //www.centralbank.

org.bb/

Tel: (246) 436-6870

[email protected]



Financial services

commission

http://www.bvifsc.vg/

Tel: 284-494-1324

[email protected]

Belize

IBcr Belize

www.ibcbelize.com

Tel: +501 223 5108

[email protected]

Bermuda

Business Bermuda

www.businessbermuda.org

Tel: +441 292 0632

sstirling@

businessbermuda.org

cook Islands

cook Islands FsdA

www.cookislandsfinance.

com

Tel: +682 211 75

[email protected]

Guernsey

Guernsey Financial

services commission

http://www.gfsc.gg

Tel: +44 1481 712706

Hong Kong

the Hong Kong

Monetary Authority

http://www.hkma.gov.hk

Tel: (852) 2878 8196

[email protected]

Jersey

Jersey Financial services

commission

http://www.jerseyfsc.org/

Tel: +44 (0)1534 822000

[email protected]

UAe

Annual Investment Meeting

organizing committee

http://www.aimcongress.

com

Tel: +971 4 39 23232

[email protected]

Isle of Man

Isle of Man Finance

www.gov.im

Tel: +44 1624 686400

enquiries@

isleofmanfinance.com

Labuan

Labuan IBFc Inc. sdn Bhd

www.labuanibfc.my

Tel: +60 3 2773 8977

[email protected]

Liechtenstein

Liechtenstein

treuhandervereinigung

www.thv.lt

Tel: +423 231 1919

[email protected]

私人银行Private Banking

Anguilla

National Bank of Anguilla

www.nbaoffshore.ai

Tel: +264 497 7096

nbaprivatebank@

nbaoffshore.ai

Barbados

J&t Bank and trustwww.jtbanktrust.comTel: +246 430 [email protected]

cyprus

Bank of cyprus

Tel: +357 2122 8000

www.bankofcyprus.com

[email protected]

ras Al Khaimah

rAK offshore

www.rakoffshore.ae

Tel: +971 7 206 8666

[email protected]

[email protected]

Spring, 2012 China OffshOre 43

FBMe Bank

44 Spring, 2012

离岸指南 | oFFsHore HANd BooK

Nevis

NtL trust Limited

www.ntltrust.com

Tel: +869 469 5500

[email protected]

singapore

First Advisory Group

www.firstadvisorygroup.

com

Tel: +65 6576 0990

[email protected]

Asiaciti trust

www.asiacititrust.com

Tel: +65 6533 2611

singapore@asiacititrust.

com

财富管理Wealth Management

Bermuda

LoM Asset

Management Ltd.

www.lom.com

Tel: +441 295 6999

[email protected]

[email protected]

st. George’s

trust company

www. sgt.bm

Tel:+1 441 2951 820

[email protected]

Barbados

rBc Wealth Management

http://www.

rbcwminternational.com

Tel. (1 246) 429 4923

Malta

Altarius Asset

Management Ltd

www.altariusam.com

Tel:+356 2123 2540

[email protected]

游艇注册服务提供商yacht registration Providers

Bahamas

Windermere yacht

services Ltd.

Tel: +242 677 1920

[email protected]

Malta

Anchor corporate services

www.anchor.com.mt

Tel: +356 212 3239

[email protected]

海运服务Maritime services

Bahamas

Bahamas Maritime

services

www.bahamasmaritime.

com

Tel: +852 2522 0095

hongkong@

bahamasmaritime.

com

Panama

Panama Marine surveys &

certification services Inc. www.pmscs.net

Tel:+507 223 1156

[email protected]

委托和信托服务trust & Fiduciary services

Austria

FIdUcIANA

Verwaltungsanstalt

http: //www.fiduciana.com/

Tel: +423 388 0202

[email protected]

Bilanz-data

www.austrian-taxes.com

Tel: +431 516 120

[email protected]

Barbados

Platinum offshore

Management services, Inc.

www.platinumoffshore.com

Tel: +246 437 6092

Management@

platniumoffshore.com

Bermuda

st.George’s trust

company Ltd.

www.sgt.bm

cyprus

costas Indianos & co

www.indianos.com.cy

Tel: +357 22 675231

[email protected]

PAAP Management

services Ltd

www.paapmanagement.

com

Tel: +357 25 662285

info@paapmanagement.

com

the AMs Group

www.amsbvi.com

Tel: +284 494 3399

[email protected]


dubai

Azure consultants (UK)

Limited

www.azuregroup.biz

Tel: +44 207 193 0910

info@azure-consultants.

com

Hong Kong

Nova sage Incorporations

www.nova-sage.com

Tel: +852 2528 1322

[email protected]

Midland consult

www.midlandconsult.hk

Tel: +852 2899 2009

[email protected]

Liechtenstein

Allgemeines

Treuunternehmen (ATU)

www.atu.li

Tel: +423 237 3434

[email protected]

Isle of Man

capital International

www.capital-iom.com

Tel: +44 1624 654200

[email protected]

the ILs Group Limited

www.ils-world.com

Tel: +44 1624 682500

[email protected]

Mauritius

Gloconsult Management

services Ltd.

www.info-gloconsult.com

Tel: +230 213 5080

[email protected]

44 Spring, 2012

Marfin Laiki Bank

www.marfinbank.com.cy

Tel: +357 2288 7766

www.fbme.com

Tel: +357 22 888400

[email protected]

switzerland

Intertrust Group

Holding s.A

http: //www.

intertrustgroup.com/

T +41 (0)22 322 09 80

[email protected]

Bahamas

elco Group

www.theelcogroup.com

Tel: +242 367 2558

[email protected]

china offshore 2012 spring edition

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