28 Nov 2017

Stevenson, Wong & Co. Nominated for “Hong Kong Firm of the Year” at Asialaw Asia-Pacific Legal Practice Awards 2017

On 28 November, Stevenson, Wong & Co. Public Relations Manager Ms. Margaret Ip was invited to attend the Asialaw Asia-Pacific Legal Practice Awards 2017 held at JW Marriott Hong Kong. Meanwhile, we are delighted to announce that Stevenson, Wong & Co. was shortlisted as a finalist by Asialaw at Asia-Pacific Legal Practice Awards 2017 in the award category of “Hong Kong Firm of the Year”. The award ceremony celebrated the achievement of law firms and in-house teams in the Asia-Pacific region over the past year.

Mr. Thomas Treutler (Partner and Managing Director of Tilleke & Gibbins) and Ms. Margaret Ip

Mr. Swee-Kee Ng (Partner of Shearn Delamore) and Ms. Margaret Ip

Asialaw Profile provides a guide to Asia-Pacific’s leading domestic and regional law firms. It is researched, written and edited by a team of journalists based in the region and a good reference for both the legal industry and businesses.

Please contact Mr. Eric Lui or Ms Margaret Ip for any enquiries or further information.

Posted by Editor

28 Nov 2017

(中文) 与其等待美国税改，可以主动创造低税区税籍吗？

(中文) 优惠的税收政策有助吸引境外投资者，特朗普税改是为了实现竞选承诺还是纸上谈兵？不管美国税改是否成功，CRS的执行都会加大中国税改的力度，现在是大数据云计算的时代了，你还在执行石器时代的税务规划方案吗？

特朗普在就职演说中提出：“真正重要的不是谁来执掌我们的政府，而是我们的政府是否民有？” 有人说税改只是博个噱头，来讨好中产阶级精英，挽救特朗普低迷的支持率；也有说这是个套路，前提是美国财政收入不崩盘，希望减少企业负担，提高美国的投资吸引力；更多人认为美国税改根本是不可能实现的玩意。

美国税改简介
为大家划出了税改法案的两个重点：
1.个人所得税：原有的7档简化为3档－分别是12%，25%，35%
2.企业所得税：联邦企业所得税税率从35%调降至15%（加上地方所得税，综合税率为20%左右）。并实行属地征收原则。

美国是世界上最大的经济体。如果税改考虑不够细致，某“税务优惠”就可以引发其他阶层的不满。必须平衡各方利益，还需要考虑财务健康的持续性与对长远经济发展的影响。

正因如此，税改最终是否能通过国会，估计美国政府还要提出更多数据，包括税改如何改变不同工薪阶层的收入，创造额外就业职位以及加大企业投资意向等。当然，最近容许加大财政赤字的法案通过，增大了黑天鹅事件发生的可能。

赴美投资需要同时办移民吗？
中国企业家的行动往往是迅速的：美国税改的消息加上CRS的实施导致近月更多人士考虑赴美投资，其中包括投资当地房产。但以现行美国税务法规来说，投资美国房产，不管投资者的国籍与居住地，已经产生美国增值税和遗产税等问题。对于另一些准备利用美国技术和人才的企业主，会加速设立美国研发中心或其他企业主体，我们看到有些虽然项目资金还没到位，但企业主已开始申请绿卡。长远家人在美国定居，逐步把重心转移。

请记住：个人身份筹划是有多个考虑因素。无疑现在这份减税计划非常吸引，但很多细节还没确定。由于美国纳税人定义是绿卡持有者（不管居住地）；或者没有绿卡，也会按照非常有限的居留时间来认定是否全球所得征税。所以在美国进行投资的客户，不但不应该急着办理绿卡，更要算好在美国的逗留时间，投资与身份筹划不是必然划上等号。

资产代持问题多多，创造合理避税条件从改变税籍开始
美国财政部及国税局披露：2016年放弃美国籍高达5411人，连续4年刷新记录。如果包含放弃永久居民权人士，数字应该更高。除了避免沉重的税负及复杂的资产申报，也为了可以拥有更多海外金融投资的机会（因为海外金融机构都不愿意增加配合美国税务监管的合规成本而放弃服务美国客户）。我们遇到的客户早年没做规范的美国税务申报，现有需要加大美国投资，才发现需要请律师协助梳理资产来源，罚款滞纳金与违法后果严重。

目前为止，国内移民申请者请税务专家做登陆前规划是非常少的。更多是执行民间偏方，通过资产转移亲属代持来解决。但这样只会产生更多问题与风险，包括以后的税务合规与继承问题。

试想一下：如果你的资产转移父母代持是因为逃避美国税务申报，父母去世后，你的兄弟姐妹宣称这是父母遗产，相信你是不敢否认维权的。或者到时中国有遗产税，税金也没有准备好，需要“放弃继承”自己辛苦赚来的资产，也太可笑了吧？中国投资人在没有了解美国综合税负与规划方向，贸然成为美国税务居民是危险的。

美国在2015年实施13项工程里面就提到要打击海外逃税项目：企图把绿卡持有者的境外金融账户和离岸公司账户一网打尽。肥咖法案的实施当然是重要的配套设施了。不要忘记现在是大数据云计算的时代了，所有的生活环节，包括消费，银行转账，打车，定位等都留有痕迹，随着新手机与无人店的出台，掌握你指纹，头像等生物识别的机构只会愈来愈多，加上个税，社保，资产等的大数据一起联网，查税是不用专管员坐在你面前的！

从税收方向筹划个人身份，香港是好选择吗？
美国是税法执行力度很大的高税区，在每州财政情况不一样的情况下如何改革为低税区我们拭目以待。但一定要记住美国是两党轮替的民选国家，减税的政策稳定性是不确定的。

与个人有关的税种一般分为个人所得税，增值税及遗产税等。三者之间，以增值税与遗产税后果更为严重。而遗产税又往往与赠与税挂钩。这些税种都是偏向属人也属地的。所以，从个人税务筹划的角度而言，香港，新加坡这种少数属地税收政策，各方面生活设施齐备的发达地区是理想的身份或居住地选择。

预期等待不确定的美国税改，要不我们聚焦看看本来就是低税地的香港：香港遗产税在2006年已经带头取消，意味与传承关系最密切的那一把刀已经没有了。香港个人所得税率累进最高为17%，企业所得税率为16.5%，远低于中国或美国。最近香港特首建议企业200万利润内的所得税从还要降低至8.25%，为中国企业走向国际提供更优惠的平台。

虽然香港已经取消了投资移民政策，不等于打算发展境外业务的中国企业主不可以申请输入内地人才计划定居香港的。相对其他国家，获得香港永久居民身份的居住要求相对比较弹性。由于香港的特别地位，对于在中国有业务，取得香港身份后需要常驻大陆的中国企业主，也不用像其他国家护照持有者一样，只能以商务/工作签证有期限逗留中国。

香港的司法独立性与金融中心地位是世界前列的。选用香港公司建立国际品牌，扩张自己商业帝国同时获取低税地身份，提供税收筹划的空间，这或许是个两全其美的方法。香港移民政策也是逐步收紧，建议想设立香港公司同时安排税籍的客户尽快做好安排，我们可以与有大学学历的有兴趣人士讨论方案。

对于高资产净值人士来说，家庭成员的居住地与国籍安排是非常重要的，当中如涉及高税区国家，移民申请前的合理避税筹划更是刚需。如需了解更多身份税务筹划方案，请联系你的税务律师/家族办公室。史蒂文生黄律师事务所成立了香港及新西兰信托公司，可为客户提供信托咨询或受托人服务。且曾荣获香港家族办公室协会颁发“最具特色家族海外信托策划服务奖”。

分享资讯助人自助，谢谢关注微信公众号或浏览官方网站www.sw-hk.com。如需节录或转载，请注明资料来源为微信公众号swc_hk。

免责声明：于此提供的资料只供参考，须以有关国家/地区法律顾问的法律意见和有关政府行政与司法机关对于适用的法例的解释和应用为准；上述资料亦受制于适用法例不时的更新与修改，如因上述资料而引至任何人士或单位蒙受损失，该人士或单位须自行承担一切责任。

Posted by Editor

23 Nov 2017

NDRC Seeks Public Comments on the Administrative Measures for Outbound Investment of Enterprises

On November 3, 2017, National Development and Reform Commission(“the Commission”) issued the Administrative Measures for Outbound Investment of Enterprises (Draft for comments) (“the Draft “) , with the aim to “provide better macro guidance to outbound investment, optimize comprehensive services for outbound investment, improve regulation throughout outbound investment, promote the constant and healthy development of outbound investment”. In 2014, the Commission issued the Administrative Measures on Approval and Filing for Outbound Investment Projects (“the 2014 Measures”). In comparison with the 2014 Measures, some major changes are set out below:

	The Draft	The 2014 Measures
Provide further clarification over its application
“investor”	Article 2, outbound investment activities conducted by an enterprise located within the People’s Republic of China……For the purpose of these Measures, enterprises include financial enterprises and non-financial enterprises in diverse forms. Article 61, where public institutions, social groups and other non-enterprise organizations make investments abroad, these Measures shall apply mutatis mutandis. Article 62, Where natural persons within the territory of China directly make investments abroad or in Hong Kong, Macao and Taiwan regions, these Measures shall not apply.	Article 2, These Measures shall apply to outbound investment projects of all types of legal persons in the People’s Republic of China Article 31, These Measures shall apply to outbound investment and equity participation or establishment of overseas equity investment funds by investment entities. Detailed administrative measures for outbound investment projects carried out by natural persons and other organizations shall be formulated separately with reference to these Measures
“outbound investment”	Article 62, where investors make investments in Hong Kong, Macao and Taiwan regions either directly or through enterprises under their control, these Measures shall apply mutatis mutandis. Where investors make investments abroad through enterprises that are located in Hong Kong, Macao and Taiwan regions and under their control, there Measures shall apply mutatis mutandis.	Article 32, Investment projects implemented by investment entities in Hong Kong Special Administrative Region and Macau Special Administrative Region shall refer to these Measures. Detailed administrative measures for investment projects implemented by investment entities in Taiwan shall be formulated separately with reference to these Measures.
“through an overseas enterprise”	Article 2, For the purpose of these Measures, outbound investment refers to the investment activities conducted by an enterprise located within the People’s Republic of China (hereinafter referred to as “investor”) either directly or via an overseas enterprise under its control.	Article 2, These Measures shall apply to outbound investment projects of all types of legal persons in the People’s Republic of China (hereinafter referred to as the “investment entities”) carried out in the form of new establishment, merger and acquisition, equity participation, capital increase and capital injection etc., and outbound investment projects implemented by the investment entities through their overseas enterprises or organizations via financing, guarantee etc.
“investment activities”	Article 2, The investment activities as mentioned in the preceding paragraph mainly include but are not limited to: 1. The acquisition of the ownership of, right to use or other equities of land abroad; 2. The acquisition of the exclusive right or other equities to prospect and exploit overseas natural resources; 3. The acquisition of the ownership, business management right or other equities of overseas infrastructure; 4. The acquisition of the ownership, business management right or other equities of overseas enterprises or assets; 5. The new establishment, renovation or expansion of overseas fixed assets; 6. The incorporation of a new enterprise or the additional investment in an existing enterprise; 7. The new establishment of or participation in overseas equity investment funds; and 8. The control of overseas enterprises or assets by means of an agreement, trust or otherwise	Article 3, Outbound investment projects referred to in these Measures shall mean obtaining of overseas ownership, business management rights and other relevant interests by the investment entities through contribution of assets and interests such as cash, securities, in-kind, intellectual property or technology, equity, creditor’s rights etc., or through provision of guarantee
Investment activities subject to approval
“sensitive countries and regions”	Article 13, For the purpose of these Measures, sensitive countries and regions shall include: 1. Any countries and regions that have not yet formed diplomatic relations with China; 2. Any countries and regions where there are wars or civil disorder; 3. Any countries and regions in which investment made by enterprises shall be limited under international treaties and agreements signed or entered into by China; and 4. Any other sensitive countries and regions.	Article 7, Sensitive countries and regions referred to in these Measures shall include: countries which have not established diplomatic relations with China, countries subject to international sanctions, and countries and regions which are having an outbreak of war or civil strife.
“sensitive industries”	Article 13, For the purpose of these Measures, sensitive industries shall include: 1. Research, development, manufacturing and repair of weaponry; 2. Exploitation and utilization of water resources across borders; 3. News media; and 4. Industries for which outbound investment made by enterprises shall be restricted according to the macro-control policies of the country. The catalogue of sensitive industries shall be issued by the NDRC.	Article 7, Sensitive industries referred to in these Measures shall include: basic telecommunication operation, development and utilization of cross-border water resources, large-scale land development, electric main, power grid, news media etc.
Investment activities subject to record-filing
	Article 14, Projects subject to record-filing shall be non-sensitive projects directly carried out by investors, in other words, non-sensitive projects carried out by investors to make direct investment with assets and equities or provide financing or a guarantee. Article 42, [Notification of information about large-amount non-sensitive projects that are not subject to administration by approval or record-filing] Where an investor carries out a large-amount non-sensitive project through the overseas enterprise under its control, the investor shall, before the implementation of the project, submit a report describing the details about such large-amount non-sensitive project through the Online Platform, in order to inform the NDRC of relevant information.	Article 8, Outbound investment projects other than those stipulated in Article 7 of these Measures shall be subject to administration filing
Time point requirement	Article 32, For projects subject to administration by approval and record-filing, investors shall obtain approval documents or record-filing notices for such projects before the implementation thereof. “Before the implementation thereof” as mentioned in the preceding paragraph means the time before the investor or the overseas enterprise under its control invests assets or equities (excluding upfront expenses of a project, for which approval or record-filing has been handled according to Article 17 herein) in the project or provides financing or a guarantee for such project.	Article 25, Prior to entering into legally binding documents with an overseas party for an outbound investment project which is required to be approved by or filed with the NDRC, the investment entity shall obtain the approval document or the notice of filing issued by the NDRC; or state in the documents to be executed that the obtaining of the approval document or the notice of filing issued by the NDRC is the criterion for the document to take effect.
Confirmation letter
	Repealed	Article 10, For outbound acquisition or bidding projects with Chinese party investment amount of US$300 million and above, the investment entity shall, prior to carrying out substantial work overseas, submit a project information report to the NDRC. Upon receipt of the project information report, the NDRC shall issue a confirmation letter within seven working days if the project complies with the outbound investment policies of the State. The template of the project information report shall be announced by the NDRC

Posted by Editor

22 Nov 2017

Stevenson, Wong & Co. Highly Recommended in Asialaw Profiles 2018

Stevenson, Wong & Co. (SW) is delighted to announce that Asialaw Profiles has once again recognized SW as a “Highly Recommended Law Firm” in 6 categories, including Banking & Finance, Capital Markets, Corporate/M&A, Dispute Resolution & Litigation, Financial Services Regulatory, and Restructuring & Insolvency. SW has also been recognized as a “Recommended Law Firm” for Construction & Real Estate.

Asialaw Profile rankings provide a guide to Asia-Pacific’s leading domestic and regional law firms. It is researched, written and edited by a team of journalists based in the region.　It is a good reference for both the legal industry and businesses.

About The Firm
Founded in 1978, Stevenson, Wong & Co. (SW) is a forward-looking, full-service law firm. The firm is ranked fifth among all Hong Kong domestic firms in the Top 50 research of Asian Legal Business. SW provides services including Banking & Finance, Corporate Finance/Capital Markets, China Practice, Corporate Commercial Law and Corporate Services, Employment Law, Family Law and Private Clients, Immigration, Intellectual Property, Litigation & Disputes Resolution, Media and Entertainment Law, Property, Regulatory Enforcement and Technology and Communications. SW has a strategic association with AllBright Law Offices, one of the nation’s largest full service law firms. SW is also a founding member of INTERLAW, an international association. Through our membership in INTERLAW and our association with AllBright, clients are assured of the same personal, open-minded and highly effective approach delivered by our lawyers in Hong Kong and China.

Please contact Mr. Eric Lui for any enquiries or further information.

Posted by Editor

16 Nov 2017

(中文) 史蒂文生黄合伙人出席「新金融．新仲裁」- 携手在前沿国际仲裁高峰论坛并担任分组论坛主讲嘉宾

(中文) 「新金融．新仲裁」- 携手在前沿国际仲裁高峰论坛于2017年11月16日在上海国际会议中心完满举办，本所合伙人徐凯怡律师、吕志豪律师和合规总监陈德清先生一同出席，徐律师更担任分论坛的主讲嘉宾。

论坛由锦天城主办，并获得史蒂文生黄律师事务所、上海国际仲裁中心、上海仲裁委员会、北京仲裁委员会、华南国际经济贸易仲裁委员会、中国广州仲裁委员会、青岛仲裁委员会、中国南沙国际仲裁中心、国际商会仲裁院、香港国际仲裁中心、新加坡国际仲裁中心、中国国际经济贸易仲裁委员会香港仲裁中心、汤森路透及鼎颂大力支持。论坛更于网上直播，吸引逾三十万名观众观赏论坛。

论坛由锦天城律师事务所主任吴明德致欢迎辞揭开序幕，及后有八名嘉宾分享，分别是中国信托业协会首席经济学家蔡概还先生、上海国际经济贸易仲裁委员会/上海国际仲裁中心副主任兼秘书长马屹先生、上海仲裁委员会副秘书长兼金融仲裁院副院长陆春玮先生、北京仲裁委员会/北京国际仲裁中心秘书长林志炜先生、华南国际经济贸易仲裁委员会主任、深圳国际仲裁院院长刘晓春先生、中国南沙国际仲裁中心主席陈忠谦先生、青岛仲裁委员会金融仲裁院常务副院长兼秘书长陈士彬先生、以及点融网联合CEO、创始人, 星合资本董事长郭宇航先生。

下午分论坛共有四个主题，本所合伙人、诉讼及争议排解部门主管徐凯怡律师担任主题1.1的主讲嘉宾，就「当金融遇到仲裁 – 行业性争议解决的特殊性」发表演讲。在该环节中，徐律师深入浅出的探讨了四大议题，分别是「对仲裁的传统抗拒」、「广受欢迎的仲裁」、「银行和金融交易」和「投资条约仲裁」。除了会场观众外，徐律师的演讲更于网上同步直播，吸引了逾二十万名观众于网上收看。该环节完结后，徐律师亦在直播中接受刘炯律师的访问。

吕律师向嘉宾介绍本所并互相交流

本所鼎力支持是次论坛，除了是赞助商外，在会场内亦设置展览位，展出本所的宣传册子及礼物，让参加人士对本所有更多认识。

如阁下有任何查询或想了解更多详情，请与本所徐凯怡律师及吕志豪律师联络。

Posted by Editor

14 Nov 2017

Stevenson, Wong & Co. Partner Mr. Eric Lui is appointed as Member of the Licensing Appeals Board

We are delighted to announce that our Partner Mr. Eric Lui has been appointed by the Chief Executive as a member of the Licensing Appeals Board (“LIAB”) in January 2018 for a further term of two years. “It is my honor to be member of the Licensing Appeals Board. I will keep my promises and do my best to perform the official duties.” Mr. Lui.

The Licensing Appeals Board (“LIAB”) considers appeals against decisions made by the relevant licensing authorities (the Food and Environmental Hygiene Department, the Leisure and Cultural Services Department and the Department of Health) in relation to licensing matters under the Public Health and Municipal Services Ordinance.

Please contact Mr. Eric Lui for any enquiries for further information.

Posted by Editor

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