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在當(dāng)今全球化深度融合的時代，中國企業(yè)的海外投資進程正不斷提速，已然成為推動世界經(jīng)濟發(fā)展的重要力量。根據(jù)商務(wù)部和外匯局的統(tǒng)計，2024年我國全行業(yè)對外直接投資達到11592.7億元人民幣，同比增長11.3%（以美元計為1627.8億美元，增長10.1%）。其中，境內(nèi)投資者對全球 151 個國家和地區(qū)的 9400 家境外企業(yè)進行了非金融類直接投資，累計投資 10244.5 億元人民幣，增長 11.7%（以美元計為 1438.5 億美元，增長 10.5%）。從區(qū)域來看，對東盟地區(qū)投資增長迅猛，較上年增長 12.6%，主要集中在新加坡、印度尼西亞、泰國等國。從行業(yè)流向分析，租賃和商務(wù)服務(wù)業(yè)、制造業(yè)、批發(fā)零售業(yè)成為投資熱門領(lǐng)域。
In the era of deepening globalization, the overseas investment process of Chinese enterprises is accelerating continuously and has become an important force driving the development of the world economy. According to the statistics of the Ministry of Commerce and the State Administration of Foreign Exchange, in 2024, China's total industry outbound direct investment reached 1,159.27 billion yuan, a year-on-year increase of 11.3% (in US dollars, it was 162.78 billion US dollars, an increase of 10.1%). Among them, domestic investors made non-financial direct investments in 9,400 overseas enterprises in 151 countries and regions around the world, with a cumulative investment of 1,024.45 billion yuan, an increase of 11.7% (in US dollars, it was 143.85 billion US dollars, an increase of 10.5%). Regionally, investment in the ASEAN region has grown rapidly, with a year-on-year increase of 12.6%, mainly concentrated in countries such as Singapore, Indonesia, and Thailand. Analyzing from the perspective of industry flow, the leasing and business services, manufacturing, and wholesale and retail industries have become popular investment areas.
在這樣的大背景下，越來越多的中國企業(yè)帶著拓展國際市場、提升全球競爭力的目標(biāo) “出海遠航”。像華為持續(xù)加大在歐洲、非洲等地的研發(fā)與市場投入，字節(jié)跳動旗下的產(chǎn)品風(fēng)靡全球多個國家和地區(qū)，這些領(lǐng)軍企業(yè)的成功實踐，激勵著更多企業(yè)投身海外市場。但不可忽視的是，海外投資的道路布滿荊棘，復(fù)雜多變的國際政治經(jīng)濟形勢、各國嚴苛的法律法規(guī)、迥異的文化習(xí)俗等，都給企業(yè)帶來了諸多挑戰(zhàn)。其中，搭建科學(xué)合理的海外投資架構(gòu)，規(guī)劃精準有效的出海戰(zhàn)略布局，成為企業(yè)在海外市場能否站穩(wěn)腳跟、實現(xiàn)長遠發(fā)展的關(guān)鍵所在。
Against this backdrop, more and more Chinese enterprises are "setting sail overseas" with the goals of expanding into international markets and enhancing their global competitiveness. For example, Huawei continues to increase its R & D and market investment in Europe, Africa, and other places, and the products of ByteDance are popular in many countries and regions around the world. The successful practices of these leading enterprises inspire more enterprises to engage in overseas markets. However, it cannot be ignored that the road of overseas investment is full of thorns. The complex and volatile international political and economic situation, the strict laws and regulations of various countries, and the vastly different cultural customs have brought many challenges to enterprises. Among them, building a scientific and reasonable overseas investment structure and planning a precise and effective overseas strategic layout have become the keys to whether enterprises can gain a firm foothold in overseas markets and achieve long-term development.
本文將深入探討中國企業(yè)出海的戰(zhàn)略布局與投資架構(gòu)搭建要點，結(jié)合實際案例，為正在或即將踏上出海征程的企業(yè)提供全面且實用的指南，助力中國企業(yè)在海外市場行穩(wěn)致遠，書寫屬于自己的國際化篇章。
This article will deeply explore the key points of the strategic layout and investment structure building for Chinese enterprises going global, and combine practical cases to provide a comprehensive and practical guide for enterprises that are currently or about to embark on the journey of going global, helping Chinese enterprises to achieve stable and long - term development in overseas markets and write their own international legendary chapters.
在全球化經(jīng)濟浪潮的推動下，中國企業(yè)的對外投資活動日益頻繁，而這些活動的有序開展，離不開中央政策歷年的支持，中國企業(yè)出海的歷史即是中國改革開放不斷融入世界，通過“走出去”逐漸強大、走向世界中心的歷史。自1979年國務(wù)院提出15項經(jīng)濟改革措施，允許“出國辦企業(yè)”，到全國人大九屆三次會議正式提出“走出去”的戰(zhàn)略方針，中國加入WTO，逐漸全面參與世界經(jīng)濟貿(mào)易體系，再到“一帶一路”重大倡議提出，深化對外投資管理體制改革，國家踐行了“走出去”的戰(zhàn)略部署，貫徹了新發(fā)展理念，著手構(gòu)建起以國內(nèi)大循環(huán)為主體、國內(nèi)國際雙循環(huán)相互促進的新發(fā)展格局，為中國企業(yè)出海提供了足夠的力量支持，構(gòu)建了良好暢通的出海渠道?！毒惩馔顿Y管理辦法》《企業(yè)境外投資管理辦法》《中央企業(yè)境外投資監(jiān)督管理辦法》以及《對外投資備案（核準）報告暫行辦法》等，構(gòu)成了一套嚴密且全面的監(jiān)管體系，為中國企業(yè)的海外投資之路保駕護航。
Driven by the wave of globalization, Chinese enterprises have been increasingly engaged in outbound investment activities. The orderly conduct of these activities owes much to the consistent support of central policies over the years. The history of Chinese enterprises' overseas expansion is intertwined with China's continuous integration into the global community through reform and opening - up, gradually growing stronger and moving towards the center of the world stage by "going global".
In 1979, the State Council proposed 15 economic reform measures, allowing "establishing enterprises overseas". Then, at the Third Session of the Ninth National People's Congress, the strategic principle of "going global" was officially put forward. After China's accession to the WTO, it gradually and fully participated in the world economic and trade system. Subsequently, with the proposal of the Belt and Road Initiative and the deepening of the reform of the outbound investment management system, the country has implemented the "going global" strategic plan, implemented the new development concept, and set out to build a new development pattern with the domestic cycle as the mainstay and the domestic and international dual - cycles promoting each other. This has provided sufficient support for Chinese enterprises to go global and established smooth channels for them.
Regulations such as the Measures for the Administration of Outbound Investment, the Measures for the Administration of Overseas Investment by Enterprises, the Measures for the Supervision and Administration of Overseas Investment by Central Enterprises, and the Interim Measures for the Filing (Approval) and Reporting of Outbound Investment have formed a rigorous and comprehensive regulatory system, safeguarding the overseas investment journey of Chinese enterprises.
這些法規(guī)因發(fā)布部門的不同而各有側(cè)重，共同織就了一張覆蓋全面、層次分明的監(jiān)管網(wǎng)絡(luò)。以《境外投資管理辦法》（商務(wù)部2014年第3號令）來說，它站在宏觀視角，著眼于境外投資活動的整體布局，在提供綜合服務(wù)的同時，對投資項目進行全程監(jiān)管，力求在促進境外投資穩(wěn)健前行的同時，切實維護國家的核心利益與安全。
These regulations, each with its own focus based on the issuing department, together weave a comprehensive and well - structured regulatory network. Take the "Measures for the Administration of Overseas Investment" (Order No. 3 of the Ministry of Commerce in 2014) as an example. It takes a macro perspective, focusing on the overall layout of overseas investment activities. While providing comprehensive services, it conducts full - process supervision of investment projects, aiming to promote the steady progress of overseas investment and effectively safeguard the core interests and security of the nation.
《企業(yè)境外投資管理辦法》（國家發(fā)改委令第 11 號）則聚焦于企業(yè)投資行為本身，通過規(guī)范流程、優(yōu)化服務(wù)、強化監(jiān)管，構(gòu)建起一套以備案為主、核準為輔的管理模式，根據(jù)項目是否敏感實施差異化管理，既保障了企業(yè)投資的靈活性，又確保了監(jiān)管的針對性。
The "Measures for the Administration of Enterprises' Overseas Investment" (Order No. 11 of the National Development and Reform Commission) focuses on the enterprise investment behavior itself. By standardizing procedures, optimizing services, and strengthening supervision, it establishes a management model mainly based on filing with approval as a supplement, implementing differential management for sensitive and non - sensitive projects, ensuring both the flexibility of enterprise investment and the pertinence of supervision.
當(dāng)涉及到中央企業(yè)，《中央企業(yè)境外投資監(jiān)督管理辦法》則進一步明確了國資委的監(jiān)管職責(zé)，通過制定負面清單，對投資項目進行全程跟蹤與監(jiān)督，從源頭上防范投資風(fēng)險，確保國有資產(chǎn)保值增值。
When it comes to central enterprises, the "Measures for the Supervision and Administration of Central Enterprises' Overseas Investment" further clarifies the regulatory responsibilities of the State - owned Assets Supervision and Administration Commission (SASAC). By formulating a negative list and conducting full - process tracking and supervision of investment projects, it prevents investment risks from the source and ensures the preservation and appreciation of state - owned assets.
而《對外投資備案（核準）報告暫行辦法》（商合發(fā) [2018] 24 號）則發(fā)揮著協(xié)調(diào)各方的關(guān)鍵作用，通過整合商務(wù)、金融、國資等多部門的力量，形成監(jiān)管合力，確保每一項對外投資活動都在合法合規(guī)的軌道上運行，為中國企業(yè)的海外投資奠定堅實的制度基礎(chǔ)。
The "Interim Measures for Reporting on the Filing (Approval) of Foreign Investment" (No. 24, Shanghefa [2018]) plays a key role in coordinating various parties. By integrating the efforts of departments such as commerce, finance, and state - owned assets, it forms a joint regulatory force, ensuring that every foreign investment activity operates on the track of legality and compliance, and laying a solid institutional foundation for the overseas investment of Chinese enterprises.
01中企直接海外投資Chinese enterprises direct overseas investment
當(dāng)中國企業(yè)進行海外直接投資時，通常會采用現(xiàn)金投資、實物資產(chǎn)轉(zhuǎn)移或無形資產(chǎn)投入等方式，在海外市場（包括港澳臺地區(qū)）獲取并控制境外企業(yè)的經(jīng)營權(quán)。這些投資活動主要體現(xiàn)為兩種形式：一是設(shè)立境外子公司，二是收購現(xiàn)有境外公司。
When Chinese enterprises engage in overseas direct investment, they typically use methods such as cash investment, transfer of physical assets, or injection of intangible assets to obtain and control the operating rights of foreign enterprises in overseas markets, including the Hong Kong, Macao, and Taiwan regions. These investment activities are mainly reflected in two forms: one is the establishment of overseas subsidiaries, and the other is the acquisition of existing foreign companies.
在開展境外直接投資之前，企業(yè)必須完成境外直接投資（ODI）備案手續(xù)，這是確保資金合法跨境流動的關(guān)鍵步驟。ODI備案不僅是企業(yè)開展境外投資活動的法定程序，也是確保符合國內(nèi)外法規(guī)要求的重要環(huán)節(jié)。由于ODI備案過程可能較為復(fù)雜且耗時較長，特別是在涉及敏感國家或行業(yè)時，企業(yè)可能會面臨額外的審查或限制，甚至可能被禁止進行對外投資。因此，企業(yè)在計劃進行ODI之前，應(yīng)充分了解相關(guān)法規(guī)政策，并做好充分準備，以應(yīng)對可能出現(xiàn)的挑戰(zhàn)。
Prior to undertaking overseas direct investment, enterprises must complete the ODI (Overseas Direct Investment) filing procedures, which is a crucial step to ensure the legal cross - border flow of funds. The ODI filing is not only a legal procedure for enterprises to carry out overseas investment activities, but also an important link to ensure compliance with domestic and foreign regulatory requirements. Given that the ODI filing process may be relatively complex and time - consuming, especially when it involves sensitive countries or industries, enterprises may face additional reviews or restrictions, and may even be prohibited from making outbound investments. Therefore, before planning to conduct ODI, enterprises should fully understand the relevant regulations and policies, and make adequate preparations to meet the potential challenges.
02多層架構(gòu)搭建Multi - Layer Structure Construction
對于企業(yè)在全球范圍內(nèi)擴展業(yè)務(wù)而言，構(gòu)建多層股權(quán)架構(gòu)是一種極具戰(zhàn)略性的選擇。與直接對外投資相比，這種架構(gòu)不僅能夠充分利用各國的稅收優(yōu)惠政策和雙邊、多邊稅收協(xié)定，實現(xiàn)更大的稅務(wù)效益，還能有效降低整體投資成本。此外，多層架構(gòu)能夠隔離國內(nèi)法律訴訟對海外資金的影響，簡化再投資流程，支持企業(yè)更好地進行全球化布局，因此成為許多跨國企業(yè)的首選方案。
For enterprises seeking to expand their business globally, constructing a multi - layer equity structure is a highly strategic choice. Compared to direct outbound investment, this structure can not only fully utilize the tax preferential policies of various countries and bilateral / multilateral tax agreements to achieve greater tax benefits, but also effectively reduce the overall investment cost. In addition, the multi - layer structure can isolate the impact of domestic legal disputes on overseas funds, simplify the reinvestment process, and support enterprises in better carrying out their global layout, thus becoming the preferred solution for many multinational enterprises.
頂層架構(gòu)：在頂層架構(gòu)中，企業(yè)作為最終投資人，通常會出于保護股東隱私、規(guī)劃遺產(chǎn)繼承或優(yōu)化資產(chǎn)配置等考慮，選擇設(shè)立離岸公司、信托計劃或基金公司等形式。這些實體通常會選擇注冊在稅率低、保密性強、外匯管制寬松且法律制度健全的地方，如英屬維爾京群島（BVI）或開曼群島。
Top-Tier Structure: In the top - tier structure, the enterprise, as the ultimate investor, usually chooses to establish offshore companies, trust plans, or fund companies for reasons such as protecting shareholder privacy, planning estate inheritance, or optimizing asset allocation. These entities are typically registered in places with low tax rates, strong confidentiality, relaxed foreign exchange controls, and sound legal systems, such as the British Virgin Islands (BVI) or the Cayman Islands.
中間層架構(gòu)：中間架構(gòu)是連接頂層投資者與底層經(jīng)營實體的關(guān)鍵環(huán)節(jié)。這一層級的設(shè)計通常采用多層級控股公司的形式，選址時會優(yōu)先考慮那些雖然不是低稅國家但擁有規(guī)范透明的稅收制度、廣泛簽訂有優(yōu)惠稅率的雙邊或多邊稅收協(xié)定、并對受益人限制較少的地方。中國香港、荷蘭、盧森堡、比利時、愛爾蘭和瑞士等地都是常見的選擇。通過這樣的安排，企業(yè)可以在遵守國際稅務(wù)規(guī)則的同時享受更多元化的稅務(wù)優(yōu)惠，從而提升投資回報率。
Middle - Tier Structure: The middle - tier structure is the key link connecting the top - tier investors and the bottom - tier operating entities. The design of this layer usually adopts the form of multi - layer holding companies. When selecting the location, priority is given to places that, although not low - tax countries, have standardized and transparent tax systems, have widely signed bilateral or multilateral tax agreements with preferential tax rates, and have few restrictions on beneficiaries. Hong Kong, China, the Netherlands, Luxembourg, Belgium, Ireland, and Switzerland are common choices. Through such arrangements, enterprises can enjoy more diversified tax preferences while complying with international tax rules, thereby increasing the return on investment.
底層架構(gòu)：底層架構(gòu)是整個投資鏈條中最接近實際業(yè)務(wù)操作的一環(huán)。它可以由境外的中間控股公司直接持有，也可以通過在當(dāng)?shù)卦O(shè)立本地控股公司來間接持有實體企業(yè)的股權(quán)。
Bottom - Tier Structure: The bottom - tier structure is the link in the entire investment chain that is closest to the actual business operations. It can be directly held by the overseas intermediate holding company, or it can be indirectly held through the establishment of a local holding company.
03VIE架構(gòu)搭建VIE Structure Construction
自2000年新浪在美國上市時首次采用VIE架構(gòu)以來，這種模式已經(jīng)成為國內(nèi)眾多企業(yè)，尤其是互聯(lián)網(wǎng)和科技公司境外上市的首選方案。據(jù)統(tǒng)計，在美股上市的中概股中，至少有220家采用了VIE架構(gòu)，包括騰訊、阿里巴巴、B站、百度等知名公司。
Since Sina first used the VIE structure for its listing in the United States in 2000, this model has become the preferred solution for many domestic enterprises, especially Internet and technology companies, to go public overseas. Statistics show that among Chinese - concept stocks listed in the US, at least 220 have adopted the VIE structure, including well - known companies such as Tencent, Alibaba, Bilibili, and Baidu.
VIE架構(gòu)的搭建流程主要包括以下幾個步驟：
The construction process of the VIE structure mainly includes the following steps:
設(shè)立VIE公司，通常創(chuàng)始人為VIE公司的股東。設(shè)立BVI公司，約需要10個工作日。設(shè)立開曼公司，約需要10-15個工作日。設(shè)立香港公司，約需要3-5個工作日。通過香港公司設(shè)立WFOE，并簽訂一系列控制協(xié)議。
? Establish a VIE company, with the founders usually being the shareholders of the VIE company.
? Establish a BVI company, which takes about 10 working days.
? Establish a Cayman company, which takes about 10 - 15 working days.
? Establish a Hong Kong company, which takes about 3 - 5 working days.
? Set up a WFOE through the Hong Kong company and sign a series of control agreements.
04不同國家投資架構(gòu)的路徑選擇Path Selection for Investment Structures in Different Countries
歐盟與美國：推薦架構(gòu)為“中國大陸公司 → 香港公司 → 荷蘭公司 → 歐盟/美國公司”。荷蘭憑借其廣泛的雙邊稅收協(xié)定網(wǎng)絡(luò)及控股公司友好政策，成為連接亞洲與歐美市場的重要橋梁。
EU and US: The recommended structure is "Mainland China Company → Hong Kong Company → Netherlands Company → EU / US Company". The Netherlands, with its extensive network of bilateral tax agreements and investor - friendly policies, has become an important bridge connecting the Asian and European and American markets.
泰國：推薦架構(gòu)為“中國大陸公司 → 香港公司 → 泰國公司”。香港與泰國的稅收協(xié)定使股息分配和股權(quán)轉(zhuǎn)讓的稅務(wù)成本更低，有助于提高資金回流效率。
Thailand: The recommended structure is "Mainland China Company → Hong Kong Company → Thailand Company". The tax agreement between Hong Kong and Thailand makes the tax cost of dividend distribution and equity transfer lower, which helps to improve the efficiency of capital repatriation.
越南：推薦架構(gòu)為“中國大陸公司 → 新加坡公司 → 越南公司”。新加坡與越南的稅收協(xié)定提供最低的預(yù)提所得稅率，同時轉(zhuǎn)讓股權(quán)時無需在越南繳稅，是企業(yè)優(yōu)化稅務(wù)成本的理想選擇。
Vietnam: The recommended structure is "Mainland China Company → Singapore Company → Vietnam Company". The tax agreement between Singapore and Vietnam provides the lowest withholding tax rate, and there is no need to pay tax in Vietnam when transferring equity, which is an ideal choice for enterprises to optimize tax costs.
綜上可見，企業(yè)在搭建境外投資架構(gòu)時，需秉持全局視角，全方位權(quán)衡諸多關(guān)鍵要素。從投資目的與商業(yè)戰(zhàn)略的精準契合，到深入洞察東道國的法律條文與稅務(wù)細則，以及密切關(guān)注國際政治經(jīng)濟局勢的動態(tài)變化，無一不是架構(gòu)搭建過程中的重要考量。此外，稅收優(yōu)惠政策的合理運用、信息披露的合規(guī)要求、隱私保護的嚴格標(biāo)準，乃至資金的順暢流動與撤資時的便捷性，這些因素相互交織，共同構(gòu)成了影響境外投資架構(gòu)的關(guān)鍵網(wǎng)絡(luò)。
As can be seen from the above, when enterprises build an overseas investment structure, they need to adopt a global perspective and comprehensively weigh many key factors. From the precise match of investment objectives and business strategies, to the in - depth understanding of the legal provisions and tax details of the host country, and the close attention to the dynamic changes in the international political and economic situation, all of these are important considerations in the process of building the structure. In addition, the rational use of tax incentives, the compliance requirements for information disclosure, the strict standards for privacy protection, and even the smooth flow of funds and the convenience of divestment, these factors interweave to form a key network that affects the overseas investment structure.
企業(yè)唯有經(jīng)過深思熟慮與精心規(guī)劃，才能篩選出既契合商業(yè)目標(biāo)，又遵循法規(guī)要求，同時實現(xiàn)高效運作的境外投資架構(gòu)。如此一來，方能為中國企業(yè)邁向全球化的征程筑牢根基，助力企業(yè)在國際市場的浪潮中穩(wěn)健前行，實現(xiàn)可持續(xù)發(fā)展。
Only through careful consideration and meticulous planning can enterprises select an overseas investment structure that meets their business goals, complies with regulatory requirements, and achieves efficient operation. In this way, Chinese enterprises can lay a solid foundation for their journey towards globalization, help them move forward steadily in the waves of the international market, and achieve sustainable development.
依托海外300余家辦公室的強大國際化布局，以及福田區(qū)深厚的經(jīng)濟資源與優(yōu)質(zhì)的商業(yè)環(huán)境，瀛和國際將憑借其深厚的涉外法律服務(wù)經(jīng)驗，助力中國企業(yè)直面全球市場的復(fù)雜挑戰(zhàn)，從容應(yīng)對不同國家的法律與監(jiān)管要求。針對歐美、東南亞、中東及非洲等各大區(qū)域，瀛和國際能夠提供定制化的投資架構(gòu)設(shè)計方案，確保企業(yè)能夠迅速適應(yīng)并融入當(dāng)?shù)厥袌?。通過精準把握各國稅務(wù)政策、外匯管理規(guī)定及行業(yè)準入標(biāo)準，我們幫助企業(yè)規(guī)避潛在的法律風(fēng)險，優(yōu)化稅務(wù)結(jié)構(gòu)，提升資金運作效率。同時密切跟蹤國際政策動態(tài)，及時調(diào)整投資策略，確保中國企業(yè)在全球化進程中始終保持領(lǐng)先地位。
Relying on its powerful international layout with over 300 overseas offices, as well as the profound economic resources and excellent business environment in Futian District, WinGlobal, with its rich experience in foreign - related legal services, will assist Chinese enterprises in facing the complex challenges of the global market head - on and coping with the legal and regulatory requirements of different countries with ease. For major regions such as Europe, America, Southeast Asia, the Middle East, and Africa, WinGlobal can provide customized investment structure design solutions to ensure that enterprises can quickly adapt to and integrate into local markets. By accurately grasping the tax policies, foreign exchange management regulations, and industry access standards of various countries, we help enterprises avoid potential legal risks, optimize tax structures, and improve the efficiency of capital operation. Meanwhile, we closely monitor international policy trends and promptly adjust investment strategies to ensure that Chinese enterprises always maintain a leading position in the process of globalization.
若您有任何國際事務(wù)咨詢，歡迎聯(lián)系瀛和國際-國際事務(wù)顧問：Logan Zhu郵箱：Logan@winteam500.com座機：（+86）0755-8350 1500電話：（+86）17322327259
Should you have any inquiries regarding international affairs, please feel free to contact WINGLOBAL-International Affairs Consultant：Logan ZhuEmail：Logan@winteam500.comTel：（+86）0755-8350 1500Mobile：（+86）17322327259
