新出台的《外商投资法》对在华外商投资企业的影响（双语）

On March 15,2019, the long-awaited Foreign Investment Law (“FIL”) was approved and promulgated by the National People’s Congress. FIL will come into force on January 1, 2020 and will, upon effectiveness, replace the three long established basic laws regulating foreign direct investment activities in China, i.e., Sino-Foreign Equity Joint Venture Law (“EJV Law”),Sino-Foreign Cooperative Joint Venture Law (“CJV Law”), and Wholly Foreign Owned Enterprises Law (“WFOE Law”, together with EJV Law and CJV Law,collectively referred to as “FIE Laws”).
2019年3月15日，期待已久的《外商投资法》（“外资法”）经全国人民代表大会审议通过并正式颁布。“外资法”将于2020年1月1日生效，并将在生效时取代三个已制定多年的中国外商直接投资领域方面的基本法，即《中外合资经营企业法》（“合资企业法”）、《中外合作经营企业法》（“合作企业法”）和《外资企业法》（“外商独资法”，与“合资企业法”和“合作企业法”合称为“三资企业法”）。
Since 1980s, accompanying China opening itself to foreign investors, FIE Laws and their respective implementing rules has played significant roles in attracting foreign investors and regulating foreign investment activities in China. FIE Laws established three different types of foreign invested enterprises FIEs Sino-foreign equity joint ventures EJVs, Sino-foreign cooperative joint ventures CJVs and wholly foreign owned enterprises WFOEs. FIL is expected to fundamentally change the corporate structure and corporate governance of existing FIEs, especially EJVs and CJVs. This article will discuss such changes and potential actions required for existing EJVs and CJVs in order to comply with the newly adopted FIL.
自20世纪80年代以来，随着中国的对外开放，“三资企业法”及其实施条例在吸引外国投资者和规范外商投资活动方面发挥了十分重要的作用。“三资企业法”针对三种不同类型的外商投资企业（“外商投资企业”），分别为：中外合资企业（“合资企业”），中外合作企业（“合作企业”）和外商独资企业（“独资企业”）。而“外资法”将从根本上改变现有外商投资企业（特别是合资企业和合作企业）的组织结构和公司治理。本文将讨论为符合外资法的要求，现有合资企业和合作企业将发生何种变化和采取何种措施。
I. EJVs
合资企业
1. Restrictions on Individuals as Chinese Shareholders
对自然人作为中方股东的限制
EJV Law expressly excludes Chinese individuals from being shareholders of FIEs, with certain exceptions, such as existing Chinese individual shareholders of a domestic company being acquired by foreigninvestor(s). FIL, however, adopts a verygeneral description for FIEs’ shareholders–“other investors”, which providesroom for Chinese individuals to jointly establish a FIE with foreign investors orinvest in an existing FIE.
“合资企业法”明确排除了中国自然人成为外商投资企业股东的可能性，仅保留个别例外情况，例如被外国投资者并购的境内公司的现有中国自然人股东可以保留。但“外资法”对外商投资企业的股东采用了“其他投资者”这样非常概括的表述，为中国自然人与外国投资者共同设立外商投资企业或投资现有外商投资企业提供了空间。
2. Minimum shareholding percentage of foreigninvestor(s)
外国投资者的最低持股比例
According to EJV Law, the minimum shareholding percentage of foreign investor(s) in an EJV shall not be lower than 25%. FIL now abolishes such minimum shareholding requirement and places no restriction or requirement regarding foreign investors’ shareholding percentage, which will allow the shareholders to freely negotiate and decide their respective investment commitments in an FIE.
根据“合资企业法”，外国投资者在合资企业中的持股比例不应低于25％。而“外资法”废除了最低持股比例的要求，对外国投资者的持股比例没有作任何限制或要求，这将允许外商投资企业的股东更自由的谈判和决定各自的投资承诺。
3. Capital contribution by technology or know-how
技术或专有技术出资
Under EJV Law, foreign investors are only allowedto use “advanced technology, know-how or equipment that fits China’s needs” ascapital contribution to a FIE. If the invested technology, know-how and/or equipment is determined to be outdated, the investors may be required to make compensation to the FIE. Requirements for determining “advanced” technology, know-how or equipment were set forth in the implementing rules of EJV Law, such as capable of markedly improving the performance, quality or existing products and raising productivity, and capable of notably saving raw materials, fuel or power. These are no longer restrictions or requirements on the technology, know-how or other non-cash contributions made by foreign investors under FIL. Foreign investors will have much wider choice and less burden on non-cash contributions to an FIE.
根据“合资企业法”，外国投资者只能使用“适合我国需要的先进技术和设备”作为对外商投资企业的出资。如果投资的技术、专有技术和/或设备被认为落后，则投资者可能会被要求向外商投资企业进行补偿。“合资企业法”实施条例对如何确定技术、专有技术或设备的先进性进行了规定，例如能显著改进现有产品的性能、质量，提高生产效率的，能显著节约原材料、燃料、动力的。但是，“外资法”不再对外国投资者用于出资的技术、专有技术或其他非现金出资作出限制或要求。增加了外国投资者对外商投资企业非现金出资方式的灵活选择，并减少了后顾之忧。
4. Supreme authority within FIEs
外商投资企业的最高权力机构
Unlike domestic companies or WFOEs, the supreme authority within an EJV is the board of directors, pursuant to EJV Law. With the unified corporate governance requirements under FIL, the supreme authority of an EJV will be shifted to the shareholders’ meeting. This will make the fights overboard seats be less controversary as most of the major decisions of an EJV may be made by its shareholders’ meeting or written consents unless being delegated tothe board by shareholders’ resolutions.
与内资公司或独资企业不同，根据“合资企业法”，合资企业中的最高权力机构是董事会。但根据“外资法”统一各类型外商投资企业的公司治理的要求，合资企业的最高权力机构将变更为股东会（或股东大会，下同）。除非通过股东会决议的方式授权给董事会，否则合资企业的大多数重大决策将由其股东会通过决议或书面决议的形式作出，这将很大程度上减少外商投资企业的董事会席位之争。
Another implication of this change is that fundamental matters of an EJV, such as change to its articles of association, increase or decrease in registered capital, winding-up, or merger/spin-off, which arecurrently required to be decided by unanimous approval of the board will in the future be approved by shareholder(s) representing 2/3 voting rights (or a higher ratio agreed by the shareholders in the EJV’s articles).
另外，合资企业的重大事项，例如修订公司章程，增加或减少注册资本，合并、分立、解散，目前需要董事会一致同意通过，未来则需获得代表2/3投票权的股东（或合资企业公司章程中约定的更高比例）批准通过。
5. Director appointment
董事任命
The directors of an EJV are currently directly appointed by each shareholder according to their respective shareholding percentage. Under FIL, the directors will be elected by shareholders’ meeting rather than direct appointment. The investors, however, may still, by signing a shareholders agreement, be able to agree on an alternative mechanism that will allow them to appoint their own director candidates. For example, the shareholders agreement can provide that each investor may nominate certain number of candidates for board members, and other investors shall be obligated to take actions to cause such candidates being successfully elected in the shareholders’ meeting.
合资企业的董事目前由各股东根据各自的持股比例直接委派。而根据“外资法”，董事将由股东会选举，不再是直接委派。但通过签署股东协议，投资者仍然可以约定其他选举机制，使投资者有权提名自己的董事候选人。例如，股东协议可以规定每个投资者可以提名一定数量董事候选人，其他投资者有义务采取行动确保这些候选人在股东会上成功当选。
6. Supervisors
监事
Unlike domestic companies or WFOEs, EJV currently is not required to have supervisors. FIL unifies the requirement for a sole supervisor or a board of supervisors being part of the corporate governance in all FIEs. This means EJV will also have supervisor positions in the future.
与内资公司或独资企业不同，合资企业目前不设监事。“外资法”统一了所有外商投资企业的公司治理，需设监事或监事会。这意味着合资企业将设立监事职位。
7. Legal representative
法定代表人
EJV Law expressly provides that the chairman of the board shall serve as the legal representative of an EJV, while FIL allows either the chairman/executive director or general manger to serve as the legal representative. This will offer more balance to the parties in deciding the allocation of each party’s representation in an EJV, such as one party appointing the chairman while the other party appointing the general manager who will also be the legal representative of the EJV.
“合资企业法”明确规定董事长应担任合资企业的法定代表人，而“外资法”则允许董事长/执行董事或总经理担任公司的法定代表人。这将更好的平衡各方在合资企业中代表权的分配，例如一方任命董事长而另一方任命总经理及法定代表人。
8. Chairman vs Vice chairman
董事长和副董事长
EJV Law provided that if one party to an EJV appointsthe chairman, the other party shall be entitled to appoint a vice chairman. Similar arrangement is also applicable as to the allocation of general manager and deputy general manager appointment. FIL no longer has such restrictions. The parties to an EJV will have more flexibility in deciding the allocation of chairman position and senior management personnel among themselves.
“合资企业法”规定，如果合资企业的董事长由一方任命，则另一方有权任命副董事长。类似的安排也适用于总经理和副总经理的任命。而“外资法”不再有这样的限制。合资企业的各方将有权更灵活地决定董事长和高级管理人员的分配。
9. Profit sharing
利润分配
Under EJV Law, the profit sharing and loss bearing among shareholders must be in proportion to their respective contribution to the registered capital of the EJV, while FIL provides the same mechanism as ageneral principle, but also allows the shareholders to decide otherwise among themselves. This will enable special arrangements for profit sharing usually required by PE investors.
根据“合资企业法”，股东之间的利润分配和风险承担必须根据出资比例进行，“外资法”规定了与之相同的一般原则，但同时允许股东另行约定。这将为PE投资者通常要求的利润分配特殊安排提供可能。
10. Equity transfer restriction
股权转让的限制
EJV Law requires unanimous consents from all shareholders for a proposed transfer of equity, which does not differentiate transfer among shareholders and transfer to third parties. FIL allows shareholders to freely transfer among themselves without subject to consent rights of other shareholders, while with respect to transfer to third parties, consents from more than half of all other shareholders will be required. FIL also providesan exception that if shareholders intend to implement other equity transfer restrictions, they may include such restrictions in the articles of the EJV.
“合资企业法”要求股权转让应由全体股东一致同意，并且不区分到底是股东之间的转让还是向第三方进行的转让。“外资法”允许无需其他股东同意在公司股东之间自由转让，但向股东以外的人转让股权，应当经其他股东过半数同意。“外资法”还提供了一个例外，即公司章程对股权转让另有规定的，从其规定。
11. Mandatory reserve funds
法定公积金
There are three types of mandatory reserve funds required to be reserved from EJV's after-tax profits before profit distribution, corporate reserve fund, employee bonus and welfare fund, and enterprise expansion fund, the ratio of which are to be determined by the board. FIL unifies the types and ratios of the reserve funds for all forms of FIEs. Same as domestic companies, FIEs must set aside statutory reserve that amounts to 10% of the after-tax profit accruement ceases if the aggregate sum of the statutory reserve reaches 50% of the FIE's registered capital and discretionary reserve at the rate decided by the shareholders.
合资企业在利润分配前的税后利润需要提取三种法定公积金：企业储备基金、职工奖励及福利基金、企业发展基金，其比例由董事会决定。“外资法”统一了所有形式的外商投资企业的公积金种类和比例。与内资公司相同，外商投资企业必须提取相当于税后利润10％的法定公积金（如果法定公积金累计提取额已达到公司注册资本50%以上的，可以不再提取）。经股东会决议，还可以从税后利润中提取任意公积金。
II. CJV
合作企业
CJV was very popular in the early stage of China’s opening itself to foreign investments. With the flexibilities in corporate structure and corporate governance, especially regarding capital contribution and profit/loss sharing, CJV was welcomed by foreign investors that seek for uncommon arrangements with its Chinese partners. In the recent decades, less investors chose CJV as the legal form of their investments in China. As CJV Law will be replaced by FIL, CJV will no longer be a valid legal form for foreign investment in the future.
在中国对外开放的初期，合作企业曾广受欢迎。凭借组织结构和公司治理（特别是在出资和利润分配及风险承担方面）的灵活性，合作企业很受寻求与中方合作伙伴进行特殊安排的外国投资者的欢迎。但近几十年来，较少投资者会选择合作企业作为其在中国投资的法律形式。由于“合作企业法”将被“外资法”所取代，合作企业将来不再是外商投资企业的有效法律形式。
III. Actions to be taken by FIEs in compliance with FIL
外商投资企业为遵守“外资法”应采取的行动
FIL provides afive-year transition period for all FIEs formed prior to the implementation of FIL. During this transition period, all FIEs must adjust their legal form and/or other aspects to comply with FIL. These changes will include but not limited to
(i) change of CJV’s legal forms for their existing form to either a corporationor a partnership,
(ii) modification of EJV’s existing articles
(to change the supremeauthority, director appointment arrangement, appointment of supervisor orestablishment of a board of supervisors, etc.)
and joint venture contract incompliance with the new corporate governance requirements under FIL.
“外资法”为实施之前设立的所有外商投资企业提供了五年的过渡期。在此过渡期内，所有外商投资企业必须调整其法律形式和/或其他方面以符合“外资法”。这些变更包括但不限于
（i）将合作企业现有的法律形式更改为有限公司或合伙企业，
（ii）修改合资企业现有章程
（变更最高权力机构、董事及总经理的任命、根据“外资法”的公司治理要求成立监事会等）
并令合资合同符合“外资法”项下新的公司治理要求。
There are lots of local and/or governmental regulations and rules related to FIE Laws or otherwise applicable to FIEs, such as foreign exchange regulations and tax regulations related to FIEs, as well as registration formalities related to the establishment, change or liquidation of FIEs. We are expecting to see the promulgation of amendments and/or replacements of these rules and regulations in the near future.
现存的大量与“外商投资企业法”有关的或适用于外商投资企业的地方和/或政府法规和条例，如外汇管理与税收法规，以及与外商投资企业的设立、变更或清算有关的登记手续，我们期待在不久的将来将会大批颁布这些法规和条例的修订版本和/或取代他们的新法规。
Although FIEs are free to choose when to make changes, we suggest all FIEs review their corporate governance as soon as possible and consider making necessary modifications to their articles and/or joint venture contracts as early as possible. Waiting for the last moment to make necessary reviews and modifications may create problems for the FIEs’ operations and interactions with government authorities, though no penalty for missing the deadline of transition is specified yet.
虽然外商投资企业可以自由选择何时进行上述变更，但我们建议所有外商投资企业尽快审查公司治理情况，并考虑尽早对其公司章程和/或合资合同进行必要的修订。虽然目前尚无过渡期内未完成变更的惩罚措施出台，但在截止日临近才着手进行审查和修订可能会给外商投资企业的运营和与主管机关的交涉带来困难。
We are ready to assist our clients and other foreign investors in need to review their current corporate governance and revise their EJV’s AOA and joint venture contracts according to FIL.
我们随时可以协助客户和其他有需要的外国投资者根据“外资法”审查当前的公司治理情况并修改合资企业的公司章程和合资合同。