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在全球化經(jīng)濟格局下，中國企業(yè)“走出去”的步伐持續(xù)加速。香港憑借其獨特的地理位置、成熟的市場體系、低稅率政策以及與內(nèi)地的緊密聯(lián)系，作為國際金融、貿(mào)易和物流中心，已成為眾多企業(yè)拓展海外業(yè)務的首選地。尤其對于國有企業(yè)和大型民營企業(yè)而言，香港子公司在跨境投資、貿(mào)易結(jié)算、資金調(diào)配、稅務籌劃及國際融資等方面扮演著關(guān)鍵角色。然而，香港的法律體系與內(nèi)地存在顯著差異，企業(yè)在運營香港子公司時，必須充分了解并嚴格遵守兩地的法律規(guī)定，妥善處理法律沖突，確保合規(guī)運營。本文聚焦于中國企業(yè)香港子公司的運營，從公司章程制定、境外投資監(jiān)管、公司治理結(jié)構(gòu)、稅務合規(guī)及國際爭議解決等方面，探討其法律要點，旨在為中國企業(yè)在全球化進程中提供初步指導，助力企業(yè)在香港市場的穩(wěn)健發(fā)展。
In the context of the globalized economy, Chinese enterprises are accelerating their pace of "going global." Leveraging its unique geographical location, mature market system, low - tax policies, and close connections with Mainland China, Hong Kong, as an international financial, trading, and logistics hub, has become the top choice for many enterprises to expand their overseas operations. For state - owned enterprises and large private companies in particular, their Hong Kong subsidiaries play a crucial role in cross - border investment, trade settlement, fund allocation, tax planning, and international financing.However, Hong Kong's legal system is significantly different from that of Mainland China. When operating their Hong Kong subsidiaries, enterprises must fully understand and strictly comply with the legal requirements of both regions, properly address legal conflicts, and ensure compliant operations. This article focuses on the operations of Chinese enterprises' Hong Kong subsidiaries, examining the legal issues from aspects such as the formulation of company articles of association, supervision of overseas investment, corporate governance structure, tax compliance, and resolution of international disputes. It aims to provide preliminary guidance for Chinese enterprises in the process of globalization and support their stable development in the Hong Kong market.
一、公司章程制定：兼顧兩地法律要求Formulation of Articles of Association: Balancing the Legal Requirements of Both Regions
公司章程是公司運營的基本準則，對于香港子公司而言，其章程需同時滿足內(nèi)地和香港法律要求。內(nèi)地法律要求國有企業(yè)建立健全境外國有產(chǎn)權(quán)管理制度，完善境外企業(yè)治理結(jié)構(gòu)，強化章程管理。香港法律則源自普通法系，與內(nèi)地法律在公司治理、股東權(quán)利、董事職責等方面存在諸多不同。
The articles of association are the fundamental guidelines for company operations. For Hong Kong subsidiaries, their articles of association must meet the legal requirements of both Mainland China and Hong Kong. Mainland law requires state-owned enterprises to establish and improve the management system for overseas state-owned property rights, perfect the governance structure of overseas enterprises, and strengthen the management of articles of association. Hong Kong law, derived from the common law system, differs significantly from Mainland law in terms of corporate governance, shareholders' rights, and directors' duties.
在制定香港子公司章程時，需重點關(guān)注以下問題：
When formulating the articles of association for a Hong Kong subsidiary, the following issues should be given special attention:
（一）股東會與成員大會Shareholders' Meeting and Members' Meeting
香港法下“股東”被稱為“成員”，香港私人公司的股東法定職權(quán)分散在《公司條例》和普通法判例中，包括修改公司章程細則、減少公司股本、審閱董事提交的公司年度財務報表及董事報告、罷免董事等。與內(nèi)地公司不同，香港子公司董事會有權(quán)要求召開成員大會，且有些事項必須通過成員大會表決通過。因此，章程中不宜刪掉成員大會的說法。
Under Hong Kong law, “shareholders” are referred to as “members.” The statutory powers of shareholders in Hong Kong private companies are scattered in the Companies Ordinance and common law precedents, including amending the company's articles of association, reducing the company's capital, reviewing the annual financial statements and directors' reports submitted by directors, and removing directors. Unlike Mainland companies, directors of Hong Kong subsidiaries have the right to call a members' meeting, and certain matters must be passed through the members' meeting. Therefore, the term “members' meeting” should not be removed from the articles of association.
（二）董事會與董事職責Board of Directors and Directors' Duties
香港子公司董事會在公司經(jīng)營中享有較大自主權(quán)利，除法例及章程明確規(guī)定由股東會行使的職權(quán)外，公司一切權(quán)力均由董事會行使。內(nèi)地法律規(guī)定董事的任命權(quán)屬于股東，而香港的常見做法是股東和董事均可以委任其他董事。此外，香港公司董事應為公司及股東的整體最佳利益行事，其權(quán)力是集體的，但可授予委員會或個別董事。董事還需以“合理水平的謹慎、技巧及努力”行事，具備特殊知識、技巧或經(jīng)驗的董事需更謹慎。
The board of directors of a Hong Kong subsidiary enjoys significant autonomy in company operations. Except for powers explicitly vested in the shareholders' meeting by law or the articles of association, all powers of the company are exercised by the board of directors. Mainland law stipulates that the appointment of directors is the prerogative of shareholders, while the common practice in Hong Kong is that both shareholders and directors can appoint other directors. In addition, directors of a Hong Kong company are required to act in the best interests of the company and its shareholders collectively. Their powers are collective but can be delegated to committees or individual directors. Directors must also act with a “reasonable degree of care, skill, and diligence,” and those with special knowledge, skills, or experience are expected to exercise greater caution.
（三）其他決策機構(gòu)Other Decision-Making Bodies
香港法下沒有“經(jīng)營班子”概念，經(jīng)營管理公司事務是董事的權(quán)力，可轉(zhuǎn)授權(quán)給其他人士，但轉(zhuǎn)授權(quán)只能由董事做出，股東不能做出。香港子公司通常設有總經(jīng)理，但這并非法律規(guī)定的職位，其職權(quán)一般不寫進章程。此外，香港法沒有公司內(nèi)設職工代表大會、公司監(jiān)事、政黨組織的規(guī)定。
There is no concept of a “management team” under Hong Kong law. Managing the company's affairs is the prerogative of directors, who can delegate this power to other individuals. However, such delegation can only be made by directors, not shareholders. Hong Kong subsidiaries often have a general manager, but this is not a legally mandated position, and its powers are generally not included in the articles of association. Moreover, Hong Kong law does not provide for the establishment of workers' congresses, company supervisors, or political party organizations within a company.
二、境外投資監(jiān)管：國資端合規(guī)要點Overseas Investment Regulation: Compliance Points for State-owned Assets
國企境外投資面臨商務部、發(fā)改委、外管局、國資委等多部門監(jiān)管。國資委監(jiān)管框架及法律要點主要包括：
State-owned enterprises (SOEs) face multi - departmental supervision from the Ministry of Commerce, the National Development and Reform Commission, the State Administration of Foreign Exchange, and the State-owned Assets Supervision and Administration Commission (SASAC) for their overseas investments. The regulatory framework and legal points of SASAC mainly include:
（一）適用范圍及框架Scope of Application and Framework
涉及境外國有產(chǎn)權(quán)、境外企業(yè)、境外投資，包括國有參股企業(yè)、國有出資的有限合伙（國資基金）。投資限制方面，需遵守主業(yè)要求，即國企境外投資應圍繞主業(yè)，非主業(yè)投資需符合國家產(chǎn)業(yè)政策和企業(yè)發(fā)展戰(zhàn)略。
The scope covers overseas state-owned property rights, overseas enterprises, and overseas investments, including state - owned equity - participating enterprises and limited partnerships funded by state-owned capital (state - owned capital funds). In terms of investment restrictions, compliance with the main business requirements is mandatory, meaning that SOEs' overseas investments should focus on their core businesses. Non-core business investments must align with national industrial policies and corporate development strategies.
（二）國資境外投資合規(guī)要點Compliance Points for State-owned Capital Overseas Investment
1.境外產(chǎn)權(quán)個人代持：嚴控新增個人代持境外國有產(chǎn)權(quán)，確需代持的需經(jīng)中央企業(yè)批準并報送國資委備案。
Personal Holding of Overseas State-owned Property Rights: Strict control is imposed on new personal holdings of overseas state-owned property rights. If holding is necessary, it must be approved by central enterprises and filed with SASAC.
2.離岸特殊目的公司管控：需加強對離岸特殊目的公司的管控，防止國有資產(chǎn)流失。
Control of Offshore Special Purpose Companies: Enhanced control over offshore special purpose companies is required to prevent the loss of state-owned assets
3.國資委申辦產(chǎn)權(quán)登記：境外企業(yè)需向國資委申辦產(chǎn)權(quán)登記，包括設立、變更、注銷等情形。
SASAC Property Rights Registration: Overseas enterprises must apply to SASAC for property rights registration, including establishment, changes, and deregistration.
4.境外產(chǎn)權(quán)評估及評估備案或核準：境外發(fā)生轉(zhuǎn)讓或受讓產(chǎn)權(quán)、以非貨幣資產(chǎn)出資等經(jīng)濟行為時，需聘請專業(yè)機構(gòu)進行評估，并辦理評估備案或核準。
Overseas Property Rights Appraisal and Filing or Approval:When economic activities such as the transfer or acquisition of property rights or the contribution of non - monetary assets occur overseas, professional institutions must be hired for appraisal, and the appraisal must be filed or approved.
5.境外產(chǎn)權(quán)轉(zhuǎn)讓：原則上不進場交易，但鼓勵進場交易，不進場的需多方比選意向受讓方。
Overseas Property Rights Transfer: In - venue transactions are not mandatory but are encouraged. If not conducted in - venue, multiple potential transferees should be compared.
6.內(nèi)部資產(chǎn)重組價格確認：需按照規(guī)定程序進行內(nèi)部資產(chǎn)重組價格確認。
Internal Asset Restructuring Price Confirmation: Internal asset restructuring price confirmation must follow the prescribed procedures.
7.境外國有產(chǎn)權(quán)轉(zhuǎn)讓對價及支付：轉(zhuǎn)讓對價支付原則上一次付清，分期付款需符合地方國資規(guī)定。
Payment of Transfer Consideration for Overseas State-owned Property Rights: The transfer consideration should generally be paid in full at one time. Installment payments must comply with local state - owned capital regulations.
8.境外企業(yè)上市及股份變動：境外注冊并上市公司的股份發(fā)生變動后，需向國資委報告，并辦理相關(guān)變更及注銷登記。
Overseas Enterprise Listing and Shareholding Changes: After changes in the shareholding of overseas - registered and listed companies, reports must be made to SASAC, and relevant changes and deregistration must be processed.
三、公司治理結(jié)構(gòu)：內(nèi)地與香港差異Corporate Governance Structure: Differences between Mainland China and Hong Kong
內(nèi)地與香港在公司治理結(jié)構(gòu)上存在顯著差異，跨境雙總部企業(yè)需明確兩地法律對股東（會）及董事（會）權(quán)責的設置，建立健全公司治理機制。
There are significant differences in corporate governance structures between Mainland China and Hong Kong. Cross-border dua-headquarters enterprises must clarify the responsibilities and powers of shareholders (meetings) and directors (boards) as set by the laws of both regions and establish sound corporate governance mechanisms.
（一）股東會與董事會Shareholders' Meeting and Board of Directors
內(nèi)地公司股東會是權(quán)力機構(gòu)，決定公司經(jīng)營方針、投資計劃等重大事項，董事會對股東會負責，執(zhí)行股東會決議。香港公司股東會（成員大會）法定職權(quán)分散，董事會在公司日常經(jīng)營中享有更大自主權(quán)利。
In Mainland China, the shareholders' meeting is the supreme authority, deciding on major matters such as the company's business policies and investment plans. The board of directors is accountable to the shareholders' meeting and implements its resolutions. In Hong Kong, the legal powers of the shareholders' meeting (members' meeting) are more dispersed, and the board of directors enjoys greater autonomy in the company's day - to - day operations.
（二）法定代表人與公司秘書Legal Representative and Company Secretary
內(nèi)地公司有法定代表人，代表公司從事民事活動，其法律后果由公司承擔。香港公司無特定“法定代表人”概念，但董事可承擔類似職責。香港公司需設公司秘書，負責保存法定記錄、準備周年申報表、組織會議等，確保公司運營符合法規(guī)和章程。
Mainland China companies have a legal representative who conducts civil activities on behalf of the company, with the legal consequences borne by the company. Hong Kong companies do not have a specific concept of a "legal representative," but directors may assume similar responsibilities. Hong Kong companies are required to have a company secretary responsible for maintaining statutory records, preparing annual returns, organizing meetings, and ensuring that the company's operations comply with regulations and articles of association.
（三）授權(quán)與印章管理Authorization and Seal Management
內(nèi)地公司通過授權(quán)委托書授予代理人權(quán)力，需明確代理事項、權(quán)限和期限。香港公司通過授權(quán)書（Power of Attorney）授予第三人權(quán)力，需經(jīng)董事會決議通過。內(nèi)地公司公章是對外意思表示的重要憑證，需嚴格保管和使用。香港公司印章使用較為靈活，但需注意印章的法律效力和使用規(guī)范。
Mainland China companies grant agents power through a power of attorney, specifying the matters, scope of authority, and duration. Hong Kong companies grant third parties power through a Power of Attorney, which must be passed by the board of directors. The company seal in Mainland China is an important instrument for external representation and must be strictly safeguarded and used. The use of company seals in Hong Kong is more flexible, but attention must be paid to the legal effect and usage norms of the seals.
四、稅務合規(guī)與國際爭議解決Tax Compliance and International Dispute Resolution
（一）稅務合規(guī)Tax Compliance
香港以其低稅率和簡單稅制著稱，但仍需遵守《稅務條例》及相關(guān)國際稅收規(guī)則。企業(yè)在香港運營需注意：
Hong Kong is renowned for its low tax rates and simple tax system, yet it is still necessary to comply with the Inland Revenue Ordinance and relevant international tax rules. Companies operating in Hong Kong should pay attention to the following:
1.利得稅：香港實行屬地征稅原則，僅對源自香港的利潤征稅，稅率為16.5%。
Profits Tax:Hong Kong follows the territorial principle of taxation, meaning it only taxes profits sourced in Hong Kong, with a tax rate of 16.5%.
2.轉(zhuǎn)讓定價：需遵守OECD轉(zhuǎn)讓定價指南，確保關(guān)聯(lián)交易符合公平交易原則。
Transfer Pricing: Companies must adhere to the OECD Transfer Pricing Guidelines to ensure that related-party transactions comply with the arm's length principle.
3.BEPS行動計劃：香港已加入BEPS包容性框架，企業(yè)需關(guān)注反避稅規(guī)則的變化。
BEPS Action Plan: Hong Kong has joined the BEPS Inclusive Framework, and companies need to stay updated on the changes in anti-tax avoidance rules.
（二）國際爭議解決International Dispute Resolution
香港作為國際仲裁中心，擁有完善的仲裁法律體系和國際認可度。企業(yè)在跨境交易中可選擇香港作為仲裁地，利用《紐約公約》在全球范圍內(nèi)執(zhí)行仲裁裁決。
As an international arbitration hub, Hong Kong has a comprehensive arbitration legal system and enjoys international recognition. Companies involved in cross-border transactions can choose Hong Kong as the arbitration venue and leverage the New York Convention to enforce arbitral awards globally.
五、案例：公司章程與法律風險管控Case Study: Company Articles of Association and Legal Risk Management
以中糧集團在香港的子公司為例，該集團充分考慮內(nèi)地與香港兩地法律的差異，對香港子公司的公司章程進行了針對性地修訂與完善。在內(nèi)地，集團遵循《中國共產(chǎn)黨國有企業(yè)基層組織工作條例（試行）》等規(guī)定，將黨建工作納入公司章程，明確黨組織在公司治理中的法定地位，并清晰劃分黨委會、董事會和經(jīng)理層的職責邊界，構(gòu)建了權(quán)責分明、運轉(zhuǎn)高效的公司治理架構(gòu)。
Taking COFCO Corporation's subsidiary in Hong Kong as an example, the group has fully considered the differences in laws between mainland China and Hong Kong and has revised and improved the articles of association of its Hong Kong subsidiary in a targeted manner. In mainland China, the group follows regulations such as the Provisional Regulations on the Work of Grassroots Organizations of the Communist Party of China in State-owned Enterprises, incorporating party-building work into the company's articles of association. It clarifies the legal status of the party organization in corporate governance and clearly delineates the responsibilities among the Party Committee, the Board of Directors, and the management team, thereby establishing a corporate governance structure that is clearly defined in terms of authority and responsibilities and operates efficiently.
在香港子公司，由于受香港法律管轄，其公司治理結(jié)構(gòu)與內(nèi)地存在顯著不同。例如，香港《公司條例》未強制要求公司設立監(jiān)事會。在此背景下，中糧集團重點強化香港子公司的董事會建設：一方面，選派具有豐富行業(yè)經(jīng)驗和深厚專業(yè)知識的人才擔任執(zhí)行董事，負責公司日常運營決策，確保業(yè)務高效推進；另一方面，委任專業(yè)的非執(zhí)行董事，從宏觀戰(zhàn)略層面為公司發(fā)展提供多元化視角和專業(yè)建議。同時，引入獨立非執(zhí)行董事，憑借其獨立判斷能力和專業(yè)素養(yǎng)，對重大決策進行監(jiān)督，確保決策過程的公正性和透明性，有效防范法律風險，維護公司及全體股東的利益。
In its Hong Kong subsidiary, due to the jurisdiction of Hong Kong law, the corporate governance structure is significantly different from that in mainland China. For instance, the Hong Kong Companies Ordinance does not mandate the establishment of a supervisory board. Against this backdrop, COFCO Corporation has focused on strengthening the board of directors of its Hong Kong subsidiary. On the one hand, it appoints individuals with rich industry experience and profound professional knowledge as executive directors to be responsible for the company's day-to-day operational decisions and to ensure efficient business progress. On the other hand, it appoints professional non-executive directors to provide diverse perspectives and professional advice for the company's development from a macro-strategic level. Additionally, independent non-executive directors are introduced. With their independent judgment and professional expertise, they oversee major decisions to ensure the fairness and transparency of the decision-making process, effectively prevent legal risks, and safeguard the interests of the company and all its shareholder.
在中國企業(yè)布局香港、設立子公司的戰(zhàn)略進程中，精準洞悉并妥善化解內(nèi)地與香港法律體系間的顯著差異，是實現(xiàn)穩(wěn)健運營的基石。從公司章程的精細化制定，到境外投資監(jiān)管的嚴格遵循；從公司治理架構(gòu)的科學搭建，到稅務合規(guī)的精準把控，再到國際爭議解決機制的前瞻性籌備，每一個關(guān)鍵環(huán)節(jié)，都必須無縫對接兩地法律要求，確保合規(guī)零風險。
In the strategic process of Chinese enterprises expanding into Hong Kong and establishing subsidiaries, accurately perceiving and properly resolving the significant differences between the legal systems of the Chinese mainland and Hong Kong is the cornerstone of stable operations. From the meticulous customization of company articles of association to the strict adherence to overseas investment supervision; from the scientific construction of corporate governance structures to the precise control of tax compliance, and then to the forward-looking preparation of international dispute resolution mechanisms, every key link must seamlessly align with the legal requirements of both regions to ensure zero compliance risks.
為有效應對復雜多變的法律環(huán)境，企業(yè)需構(gòu)建一套完善且高效的法律風險管理體系，持續(xù)強化合規(guī)管理能力，將風險防控貫穿于企業(yè)運營的每一個流程。只有這樣，企業(yè)才能在香港這片充滿機遇與挑戰(zhàn)的市場中穩(wěn)扎穩(wěn)打，實現(xiàn)可持續(xù)發(fā)展的長遠目標。
To effectively deal with the complex and changing legal environment, enterprises need to build a comprehensive and efficient legal risk management system, continuously strengthen compliance management capabilities, and integrate risk prevention and control into every process of corporate operations. Only in this way can enterprises steadily advance in the Hong Kong market, which is full of opportunities and challenges, and achieve the long-term goal of sustainable development.
香港作為國際金融中心，匯聚了全球的資本、信息與人才，為企業(yè)提供了得天獨厚的國際化發(fā)展平臺。企業(yè)應充分發(fā)揮自身優(yōu)勢，積極融入國際市場，深度挖掘潛在機遇，在全球范圍內(nèi)拓展業(yè)務版圖，提升品牌影響力，鑄就卓越的全球競爭力，在國際商海中乘風破浪，行穩(wěn)致遠。（*本文對任何提及“香港”的表述，應解釋為“中華人民共和國香港特別行政區(qū)”）
Hong Kong, as an international financial center, gathers global capital, information, and talent, providing enterprises with a unique platform for international development. Enterprises should fully utilize their own advantages, actively integrate into the international market, deeply explore potential opportunities, expand their business map globally, enhance brand influence, and build outstanding global competitiveness. In the international business sea, they can ride the wind and break the waves, and move forward steadily.
若您有任何國際事務咨詢，歡迎聯(lián)系瀛和國際-國際事務顧問：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
