跨国企业普遍面临的一个难题是如何从运营、法律、税务以及其他角度构建最优的企业架构。在过去五年中，由于“税基侵蚀和利润转移”（BEPS）框架及类似法律在低税收管辖区的实施，这个问题日益加剧。BEPS是指跨国公司利用合法的税务筹划策略，人为地将其利润转移到低税或无税的司法管辖区（而这些公司在这些司法管辖区几乎没有或根本没有开展任何经济活动）。对于跨国公司而言，这种动态和复杂的全球监管，确保其现有或新的投资架构达到最优状态变得越来越重要。虽然本文的重点是运用阿联酋的投资工具构建中国对中东和非洲的对外投资架构，但所讨论的问题通常也适用于其他司法管辖区的跨国公司。
阿联酋已成为中东和非洲投资中心，许多跨国公司在阿联酋设立了总部或投资工具。例如，华为技术、中国石油、谷歌、亚马逊等公司都在阿联酋设立了中东和非洲业务的总部或其他服务办事处。我们注意到，越来越多的中国跨国公司在对中东和非洲的投资中使用阿联酋的投资工具。这些投资工具大多被构建为直接控股公司，即阿联酋的投资工具由相关的中国跨国公司直接持有，或者间接持有，即由相关的中国跨国公司通过一家香港控股公司持有。我们总结了以下关键的法律和税收优惠政策，这些政策使阿联酋成为大多数跨国公司在构建其在中东和非洲的投资架构时的首选司法管辖区：
除采矿、石油天然气、银行业等特定行业外，大多数商业活动允许100%外资所有权。尤其值得一提的是，所有持有阿联酋境外投资的控股公司都允许100%外资所有权，即使这些投资涉及采矿、石油天然气和其他受限活动。
虽然阿联酋是一个大陆法系国家，但它在阿联酋境内建立了两个司法管辖区（金融中心），其法律制度主要基于英国普通法。这两个司法管辖区是迪拜国际金融中心（DIFC，成立于2004年）和阿布扎比全球市场（ADGM，成立于2013年），他们都建立了由高级普通法法官组成的法院系统来审理纠纷。ADGM还有一个国际商会仲裁中心。这两个司法管辖区允许外国投资者采用英国法律下的股东安排。阿联酋各地有超过46个不同的自由贸易区，外国投资者可以在其中设立投资工具。外国投资者可根据其偏好、业务领域、适用的政府费用等选择最适合的自由贸易区。虽然在DIFC和ADGM设立的许多控股公司都是以“标准”的有限责任私营公司的形式注册成立的，但也可能使用更复杂的法律实体，例如隔离投资组合公司或单元公司。此外，在这些司法管辖区还可以设立投资基金、家族办公室、基金会和信托。
9%，但控股公司有可能完全免税（需证明在阿联酋有经济实质及满足其他要求）。此外，阿联酋采用的税制允许外国税收抵免，这将使实际企业所得税税率降至9%以下。出售股票没有印花税，除非迪拜国际金融中心的控股公司或其任何子公司在阿联酋拥有房地产。阿联酋与中东和非洲地区的国家签订了大量的双重征税协定和双边投资协定框架。此外，阿联酋与中国和香港都签订了生效的双重征税协定和双边投资协定，因此，通过阿联酋投资工具在中东和非洲进行投资的中国跨国公司将有权享受减税优惠（根据相关的双重征税协定），并且他们在阿联酋的投资将受到保护（根据相关的双边投资协定）。目前，阿联酋与下述的中东和非洲地区的国家签订了双重征税协定和双边投资协定：a.双重征税协定：阿尔及利亚、安哥拉、贝宁、博茨瓦纳、布基纳法索、布隆迪、喀麦隆、乍得、科摩罗群岛、科特迪瓦、刚果民主共和国、埃及、埃塞俄比亚、加蓬、冈比亚、加纳、几内亚、几内亚比绍、伊拉克、以色列、约旦、肯尼亚、沙特阿拉伯王国、黎巴嫩、利比里亚、利比亚、马里、毛里塔尼亚、毛里求斯、摩洛哥、莫桑比克、尼日尔、尼日利亚、巴勒斯坦、刚果共和国、卢旺达、塞内加尔、塞舌尔、塞拉利昂、南非、南苏丹、苏丹、叙利亚、坦桑尼亚、突尼斯、土耳其、乌干达、也门、赞比亚、津巴布韦。b.双边投资协定：阿尔及利亚、安哥拉、贝宁、布隆迪、乍得、科摩罗群岛、科特迪瓦、刚果民主共和国、埃及、赤道几内亚、埃塞俄比亚、加蓬、冈比亚、几内亚、几内亚比绍、伊拉克、以色列、约旦、肯尼亚、黎巴嫩、利比里亚、马里、毛里塔尼亚、毛里求斯、摩洛哥、莫桑比克、尼日尔、尼日利亚、卢旺达、塞内加尔、塞拉利昂、南苏丹、苏丹、叙利亚、突尼斯、土耳其、乌干达、也门、赞比亚、津巴布韦。
如您所见，大多数一带一路国家都位列上述名单，与阿联酋有双重征税协定和/或双边投资协定。这尤其有利于中国的一带一路投资。
除法律和税收优惠外，还有许多软性优势可以帮助企业提高运营效率，例如：
2. 阿联酋宽松的签证制度，允许阿联酋控股公司的员工及其家人获得居留签证；4. 众多国际银行及其高质量和技术驱动的银行系统；6. 安全——阿联酋被公认为世界上最安全的国家之一；8. 发达的现代海空货运基础设施，包括中东领先港口——杰贝阿里港。
鉴于上述讨论，在中东和非洲地区进行投资的中国跨国公司和家族企业可以考虑通过阿联酋构建此类投资架构，以享受上述种种便利条件。Investment vehicles in the United Arab Emirates
A common dilemma facing international businesses is having an optimal corporate structure from operational, legal and tax perspectives，amongst others. This issue has, increasingly, over the last five years, been exacerbated by the implementation of the Base Erosion and Profit Shifting (BEPS) framework and similar laws across low tax jurisdictions. BEPS is the use of legal tax planning strategies by multinational companies to artificially shift profits to low or no-tax jurisdictions (in which there is little or no economic activity being undertaken by those companies). Due to this dynamic and complex global oversight over multinational companies (MNCs), it has become increasingly important for MNCs to ensure that their existing or new investments structures are optimal. While this article focuses on structuring of Chinese foreign investments in Middle East and Africa (MEA) using UAE investment vehicles, the issues discussed generally apply to MNCs in other jurisdictions.
UAE has established itself as a hub for investments in MEA and various MNCs have either their headquarter offices or investment vehicles in the UAE. To name a few, Huawei Technologies, PetroChina, TikTok, Google, IBM, Amazon all have their headquarter or other servicing offices for MEA operations in the UAE. We have noticed an increased use of UAE investment vehicles by Chinese MNCs for their investments in MEA. These are mostly structured as direct holding companies where the UAE investment vehicle is directly held by the relevant Chinese MNC or indirectly where the UAE investment vehicle is held by the relevant Chinese MNC through a Hong Kong holding company. We have summarised below the key legal and tax benefits which has made the UAE the jurisdiction of choice for most MNCs when they are structuring their investments in MEA:
100% foreign ownership permitted for most business activities except in certain sectors such as mining, oil & gas, banking, amongst others. In particular, 100% foreign ownership is permitted for all holding companies holding investments outside the UAE even where such investments are in mining, oil & gas and other restricted activities.While UAE is a civil law country, it has established two jurisdictions (financial centres) within the UAE whose legal systems are substantially based on the English common law. These jurisdictions are the Dubai International Financial Centre (established in 2004) (DIFC) and the Abu Dhabi Global Markets (established in 2013) (ADGM). Both DIFC and ADGM have established court systems manned with senior common law judges to hear disputes. ADGM also has an ICC arbitration centre. These jurisdictions allow foreign investors to put in place English law style shareholders arrangements.There are no exchange controls in the UAE.There are no capital repatriation restrictions in the UAE.There are over 46 different free zones across the UAE in which foreign investors can set up their investment vehicles. The suitability of a free zone for a foreign investor depends on the investor’s preferences, the business sector, the applicable government fees, amongst others.ⅵ.Sophisticated investment vehiclesAlthough many holding companies established in the DIFC and ADGM are incorporated as a “standard” private companies with limited liability, it is also possible to use more sophisticated legal entities such as segregated portfolio companies or cell companies. In addition, it is also possible to set up investment funds, family offices, foundations and trusts in these jurisdictions.9% although it is possible for holding companies to be fully exempted (upon demonstrating economic substance in the UAE, amongst others). In addition, the tax regime adopted by the UAE permits foreign tax credit which would bring down the effective corporate tax rate below 9%.ⅲ.Withholding tax (dividends, interest and royalties)No capital gains tax on disposal of shares.No stamp duty on disposal of shares except in cases where the holding company in DIFC or any of its subsidiaries own real estate in the UAE.ⅵ.Significant Double Tax Agreements (DTAs) and Bilateral Investment Treaties (BITs)UAE has a significant DTAs and BITs framework with countries in the MEA region. In addition, the UAE has DTA and BIT (which are in force) with both China and Hong Kong and therefore Chinese MNCs making investments in MEA through UAE investment vehicles would be entitled to benefit from reduced taxes (in line with the relevant DTA) and their investments in the UAE would be protected (in line with the relevant BIT). Currently, the UAE has the following DTAs and BITs with countries in the MEA region:a.DTAs: Algeria, Angola, Benin, Botswana, Burkin Faso, Burundi, Cameroon, Chad, Comoro Islands, Cote D’ivoire, Democratic Republic of the Congo, Egypt, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Iraq, Israel, Jordan, Kenya, Kingdom of Saudi Arabia, Lebanon, Liberia, Libya, Mali, Mauritania, Mauritius, Morocco, Mozambique, Niger, Nigeria, Palestine, Republic of Congo, Rwanda, Senegal, Seychelles, Sierra Leone, South Africa, South Sudan, Sudan, Syria, Tanzania, Tunisia, Turkey, Uganda, Yemen, Zambia, Zimbabwe.b.BITs: Algeria, Angola, Benin, Burundi, Chad, Comoro Islands, Cote D’ivoire, Democratic Republic of the Congo, Egypt, Equatorial Guinea, Ethiopia, Gabon, Gambia, Guinea, Guinea-Bissau, Iraq, Israel, Jordan, Kenya, Lebanon, Liberia, Mali, Mauritania, Mauritius, Morocco, Mozambique, Niger, Nigeria, Rwanda, Senegal, Sierra Leone, South Sudan, Sudan, Syria, Tunisia, Turkey, Uganda, Yemen, Zambia, Zimbabwe.As you may see, majority One-Belt-One-Road countries fall in the above list and have DTAs and BITs with the UAE. This especially benefits China’s One-Belt-One-Road investments.In addition to the legal and tax benefits, there are a number of soft benefits that can be enjoyed assisting businesses in increasing operational efficiency, such as:
1. ease of travel from the UAE;
2. relaxed visa regime in the UAE which allows employees (and their families) of the UAE holding company to obtain residency visas to live in the UAE;
3. ability to get a long term 10-year visa after meeting certain criteria;
4. availability of many international banks with high quality and technology driven banking systems;
5. a maximum time difference of 4 hours between UAE and China;
6. safety - UAE is recognised as being one of the safest countries in the world;
7. higher standard of living for employees; and
8. developed and modern infrastructure for sea and air cargo which includes the Jebel Ali Port, the leading port in the Middle East.
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In light of the above discussion, Chinese MNCs and family businesses making investments in MEA region should consider structuring such investments through the UAE, and enjoy the various benefits.
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ying.ying@tahota.com
Adil Shafi
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ALN 阿联酋｜AC&H 法律顾问
ashafi@ach-legal.com
