外国投资者溢价出资须谨慎
2017/2/14 13:47:46  点击率[238]  评论[0]
【法宝引证码】
    【学科类别】国际投资法
    【出处】邓永泉律师的博客
    【写作时间】2011年
    【中文关键字】外国投资者;溢价出资
    【全文】

      Company A, a Chinese company, and Company B, a foreign company, jointly established Company C in the form of Sino-foreign equity joint venture. It was agreed that Company A shall contribute in kinds, which can be converted into USD 5.1 million, accounting for 51% of the registered capital; while Company B will contribute USD 5.1 million in cash, accounting for 49% of the registered capital, with a premium of USD 0.2 million, which is going to be counted into the capital reserve of Company C. The foreign exchange contribution approved by the competent commercial authority was USD 4.9 million, and the competent foreign exchange administration, on the strength of approval of the commercial authority, approved the foreign exchange capital account of Company C with an upper limit of USD 4.9 million. As a result, when Company B contributed USD 5.1 million in foreign cash, the foreign exchange administration turned down Company B's application for the capital examination certification and the registration of foreign capital and foreign exchange by asserting that such amount exceeded the limit by more than 1%.
     
      A为一家内资公司,B为一家外国公司,双方合资设立中外合资企业C公司,注册资本金为1000万美元。双方还商定,A公司以实物出资,折合510万美元,占注册资本金的51%;B公司拟以510万美元外汇现金溢价出资,占49%股权,溢价金额为20万美元,计入C公司的资本公积。商务部门核定的注册资本中的外汇出资金额为490万美元,外汇管理局根据商务部门的批准,核准C公司外汇资本金账户最高限额为490万美元。结果,当B公司以510万美元外汇现金出资时,外汇管理局认为超出了外汇资本金账户最高限额的1%,不予办理验资询证及外资外汇登记。
     
      The foreign exchange administration holds that, according to Notice of Foreign Exchange Administration on Issues concerning Improving the Administration of Foreign Exchange Directly Invested by Foreign Investors (the “Notice”), when foreign capital contribution of foreign investors exceeds the approved upper limit of enterprise foreign exchange capital account, Foreign Exchange Administration may handle with the capital examination certification and the registration of foreign capital and foreign exchange on the basis of actually received amount only when the capital contribution exceeds the upper limit by not more than 1% with the exceeding amount being not more than USD 10,000 equivalent. The upper limit of enterprise foreign exchange capital account (see Note 1) shall be set according to the capital contribution of foreign investors approved by Ministry of Commerce.
     
      外汇管理局认为,根据《国家外汇管理局关于完善外商直接投资外汇管理工作有关问题的通知》(“《通知》”),外国投资者设立外商投资企业缴付的外汇资本金超过核定的企业外汇资本金账户最高限额时,若超额部分外汇资金不超过企业外汇资本金账户最高限额的1%,且绝对数额不超过等值1万美元,外汇管理局方可按实际入账金额为其办理验资询证及外资外汇登记。企业外汇资本金账户最高限额(见[1])应按照商务机关核定的外国投资者的外汇出资额确定。
     
      In addition, the Notice provides that: “The premium of contribution in foreign exchange made by foreign investors exceeding the calculation result of shareholding percent of such foreign investors multiplying the registered capital of the enterprise, as a result of value increase of the enterprise's capital, shall also be counted when determining whether the upper limit of the enterprise capital account is exceeded, and with regard to the exceeding part of the foreign exchange the handling thereof shall be subject to the forgoing provisions. ” Namely, in the case of acquisition of Chinese enterprises by foreign investors and capital increase of foreign-funded enterprises, the forgoing provisions shall also apply.
     
      另外,根据《通知》的规定,“因企业资本增值,外国投资者向该企业参股投资时所支付的超过其参股比例与企业注册资本的乘积的外汇溢价部分的金额,应计入企业资本金账户的最高限额内,超过限额的外汇资金入账仍按前款所述原则办理。”这也就是说,前述规定也适用于外国投资者认购内资企业和外商投资企业增资的情况。
     
      To sum up, before executing an investment contract or signing a letter of intent, it is advisable for the foreign investors to consult with the competent commercial authorities for approaches adopted in determining the “upper limit of enterprise capital account”, so as to avoid any possible dilemma.
     
      综上,外国投资者在签订投资合同或投资意向之前,最好先咨询主管商务机关如何核定“企业资本金账户最高限额”,以免最后骑虎难下。

    【作者简介】
    邓永泉,律师,大成律师事务所高级合伙人、北京仲裁委员会仲裁员、中欧仲裁委员会仲裁员,《商法》(China Business Law Journal)“法律精英100强”(China's Top100 Lawyers)。
    【注释】
    [1]The Notice adopted two different terms, i.e. “upper limit of enterprise capital account” and “upper limit of enterprise foreign exchange capital account”. from our experiences, the former refers to “upper limit of enterprise foreign exchange capital account” as well.
    《通知》中的有关规定使用了“企业资本金账户最高限额”和“企业外汇资本金账户最高限额”两个用语。根据我们的经验,前者也是指“企业外汇资本金账户最高限额”。

    本网站文章仅代表作者个人观点,不代表本网站的观点与看法。
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