眾律國際法律事務所

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英屬維京「離岸公司」（專題二）—分論「獨立投資組合公司」

「獨立投資組合公司」（Segregated Portfolio Company, SPC）是指根據《英屬維京群島商業公司法》（下稱「維京公司法」）第7部分註冊之公司。簡而言之，此類公司有助於合法地在同一法律實體中的各個獨立投資組合間劃分資產和負債；前述資產是指：（1）隔離投資組合資產，即每一隔離投資組合之資產和負債；或（2）公司之一般資產，即不含在任何獨立投資組合中之資產；這使到特定隔離投資組合之債權人只能對該隔離投資組合之資產進行補救，且若此資產不足以清償債權人對一般資產之債務，則該資產不得作為投資組合；也就是說，透過這樣的資產結構，得以在隔離投資組合之間合法地隔離其資產和負債，相較於其他類別結構而言，其能提供較強的破產保護機制。[1]

所謂「獨立投資組合公司」

係指符合維京公司法第138條第4項規定的單一法人實體（Single Legal Entity），其得創建一個或多個獨立投資組合，而該獨立投資組合內部或該公司內部之獨立投資組合（每個單獨的投資組合均應單獨標識或指定，並在這種標識或名稱中標示「單獨的投資組合」（“Segregated Portfolio”）字樣）不構成與公司分離之法人實體，以將獨立投資組合內或代表獨立投資組合持有之公司資產和負債與公司資產和負債隔離在公司之任何其他獨立投資組合中或以其名義持有之股份，或不在公司的任何獨立投資組合中或代表該公司之資產和負債而持有之股份；具體而言，依據維京公司法第159條規定，即要求獨立投資組合公司需獲得委員會（the Commission）（委員會係指依據2001年的《維京群島金融服務委員會法》設立之「金融服務委員會」，英文：「Financial Services Commission」）之核准方能創建獨立投資組合[2]，則該公司除非獲得該委員會事先書面核准[3]，否則不得創建獨立投資組合；若該類公司未經委員會之核准逕行成立，即屬犯罪，一經簡易程序判決，得處罰款美金10,000元。[4]

「獨立投資組合公司」之設立[5]

首次，需已獲證監會書面批准之股份有限公司，得成立為獨立投資組合公司；惟若已經註冊成立，則由註冊官註冊為獨立投資組合公司。惟證監會僅能基於以下情況，方才以書面形式來批准此類公司之成立或將現有公司註冊為獨立投資組合公司：（1）依據《2008年維京群島保險法》獲得保險人之資格；（2）已在或將在其註冊成立時，被確認為專業基金（Professional Fund）或私人基金（Private Fund）或已依據《1996年維京群島共同基金法》註冊之公共基金（Public Fund）;（3）已註冊或未註冊成立之公司：其一係依據《2010年維京群島證券及投資商業法》（Securities and Investment Business Act, 2010）成立之投資商業公司、其二係依據《2008年維京群島保險法》授予保險經理（Insurance Manager）或保險中介人（Insurance Intermediary）之資格；（4）進行受《1990年銀行和信託公司法》（the Banks and Trust Companies Act, 1990）、《1990年公司管理法》（Company Management Act, 1990）或《2009年融資和貨幣服務法》（Financing and Money Services Act, 2009）規範之相關活動。最後，除非證監會給予書面批准，否則註冊官不得將公司註冊為獨立投資組合公司。

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英屬維京「離岸公司」（專題一）—註冊總論

首先，依據《英屬維京群島商業公司法》（The BVI Business Companies Act 2004，下稱「維京公司法」），該法律所明定之公司類型可分為以下5種類型：（1）股份有限公司（a company limited by shares）；（2）無權發行股份之擔保有限公司（a company limited by guarantee that is not authorised to issue shares）；（3）獲授權發行股份之擔保有限公司（a company limited by guarantee that is authorised to issue shares）；（4）無權發行股份之無限公司（an unlimited company that is not authorised to issue shares）； 以及（5）被授權發行股份之無限公司（an unlimited company that is authorised to issue shares）。[1]

值得注意的是，當事人依英屬維京群島公司法提出公司成立之申請時，僅能由建議的註冊代理人（Proposed Registered Agent）代為提出之，且當地公司註冊處之註冊官（the Registrar）不得接受任何其他人提出的公司成立申請；爾後，當符合前述規定時，得向註冊官申請以註冊方式成立公司，並由該註冊代理人（the Proposed Registered Agent）簽署之符合維京公司法第9條的備忘錄（Memorandum），註冊代理人且需簽署批准表格中之文件，以便表明其同意擔任註冊代理人；惟除無權發行股份之無限公司外，由建議之註冊代理人以股份有限公司的名義簽署之；另外，若是成立獨立投資組合公司（Segregated portfolio company）的情況，則須依據維京公司法第137條第1項規定，持有委員會（the Commission）之書面批准以及訂明之其他文件；總之，註冊代理人是指備忘錄中指定為公司之首位註冊代理人（the first registered agent of the company），以便代理公司向註冊官提出有關之申請。[2]但尚有一種情況，即公司註冊為限制目的公司（Restricted Purposes Company）之情形，公司持有之成立證書或公司延續證書（the certificate of continuation）需陳述該公司為一家受有限制目的之公司；若是缺乏依據維京公司法第6條或第181條規定在提交之有限責任公司之備忘錄中聲明其乃受有限制目的之公司，則往後其不得再註冊為該類型公司。[3]

最後，當經註冊官確認公司符合上述註冊要求後，依相關規定逕行為公司之註冊登記並提供以下文件：（1）註冊文件（register the documents）；（2）為公司分配唯一編號（allot a unique number to the company）；（3）以批准的格式向公司簽發成立證書（issue a certificate of incorporation to the company in the approved form）；註冊成功之公司，且受本法之約束。[4]

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蘋果的「國際租稅規劃」與歐盟間分歧

2014年前，蘋果公司一直在利用所謂的「雙層愛爾蘭」（double Irish）的稅制結構，該結構使蘋果能夠將其在美洲以外的銷售透過愛爾蘭的附屬機構中轉，導致她在稅務程序上不屬於任何國家；換言之，即不會產生任何應納稅項。[1]

歐盟委員會之調查經過[2]
在歐洲聯盟委員會（下稱「委員會」）裡負責競爭政策的專員瑪格麗特·韋斯特格（Margrethe Vestager）表示：「依據歐盟會員國補貼規則，若會員國向某些公司提供稅收優惠，則將是非法的。後經委員會調查並得出結論，愛爾蘭當局向蘋果公司授予非法之稅收優惠，使其得以支付多年來遠低於其他企業的稅收。事實上，這種選擇性待遇使蘋果公司得以1%的有效公司所得稅率繳交2003年的歐洲所得稅，該稅率並在2014年降至0.005%。」。

委員會在2014年6月啟動深入的國家補貼調查之後，且得出以下結論：「自1991年以來，愛爾蘭當局向蘋果公司發布的兩項稅務解釋函令（tax rulings）已人為大幅度降低蘋果公司在愛爾蘭應納稅額。該作業要點批准為兩家在愛爾蘭成立的蘋果集團子公司（下分別稱為「蘋果銷售國際」，英文：「Apple Sales International」和「蘋果運營歐洲」，英文：「Apple Operations Europe」）建立應稅利潤之課稅方法，惟此與經濟現實（economic reality）不符，原因在於這兩家公司的記錄中顯示幾乎所有銷售利潤皆能在內部被分配於「總部」。委員會評估後表明這些所謂的「總部」（head offices）僅存在於紙張上，故不可能產生如前述之利潤。又依據愛爾蘭稅法的具體規定，這些分配給「總部」的「各國利潤」是無需繳稅的，因此該規定不再有效。」由於採用如此的分配方法，使到蘋果集團僅為「蘋果銷售國際」的利潤基於有效公司所得稅率支付所得稅，然而正如前述，該稅率從2003年的1%一路下降到2014年的0.005％。

依據歐盟國家補貼規則，認定愛爾蘭對蘋果公司實行的選擇性稅收待遇是非法的，相較於其他受相同國家稅收法規約束的企業，蘋果公司具有明顯的優勢。在2013年，委員會首次要求提供信息之前，其得下令在十年內收回非法的國家補貼（State aid）。是故愛爾蘭當局現在必須從蘋果公司在當地的兩家子公司分別收回始自2003年至2014年間的未繳稅款，其金額則高達130億歐元。

實際上，愛爾蘭的稅收待遇使蘋果公司得以避免對整個歐盟共同市場（EU Single Market）中就蘋果產品銷售所產生的幾乎所有利潤繳納稅款。這是由於蘋果公司決定將所有國家或地區中的產品銷售情況記錄在愛爾蘭。惟此種結構不在歐盟國家補貼控制範圍之內。若其他國家要求蘋果公司根據其國家稅收規定對兩家公司在同一時期的利潤繳納更多的稅，則這將減少愛爾蘭應追回的課稅額。

我國公司法於民國（下同）104年7月1日修正公布第十三節閉鎖性股份有限公司，並經行政院決定自104年9月4日開始施行。閉鎖性股份有限公司係指股東人數不超過五十人，並於章程定有股份轉讓限制之非公開發行股票公司。該次修正包含以下七大特色：(1)出資型態的多樣化、(2)可發行複數特別股、(3)股東會開會方式及表決權行使大幅簡化、(4)每半年即可分派盈餘、(5)得發行無票面金額股份、(6)股東可決定表決權行使比例（一股多權）、(7)得私募轉換公司債、附認股權公司債（詳細介紹請參考本部落格【閉鎖型公司特色介紹 / 黃翔彥律師】一文http://zoomlaw.pixnet.net/blog/post/61121815-%E9%96%89%E9%8E%96%E5%9E%8B%E5%85%AC%E5%8F%B8%E7%89%B9%E8%89%B2%E4%BB%8B%E7%B4%B9-----%E9%BB%83%E7%BF%94%E5%BD%A5%E5%BE%8B%E5%B8%AB）。閉鎖性股份公司制度上線一年多，目前申請設立之公司已達330多家。

104年7月1日該次公司法修正，雖新增閉鎖性股份有限公司一節規定，但整體公司法仍是以傳統製造業大型企業為規範對象所設計。然而，我國企業規模仍以中小企業為主，故蔡英文總統於105年10月底召開執政決策協調會議，拍板決定大修公司法，讓公司法律規範「大小分流」。此次修法目前由國家發展委員會及經濟部討論研議中，預計年底將法案送進立法院，並於明年通過施行。

此次公司法修法面向包含：(1)公司籌資制度與股本、會計、審計相關規範、(2)公司治理、(3)公司登記（採數位化登記）及組織（包含公司種類增減與轉換、關係企業、社會企業等）、(4)股東權益、股東會及清算相關規範。以因應新創產業出現所產生數位經濟之發展趨勢。目前較為確定的是修法後資本制度彈性化、出資多元化，原本只適用於閉鎖型公司的特別股、無票面金額制度，將研議放寬到所有非公開發行公司。

In this article, we will advise you on the steps to be taken and costs involved to set up and to register a company. We will also give advice about your legal obligations as a company director and company officers.

Steps to incorporate a company:

There are a few things for you to consider before incorporating a company. This include whether a company is the right business structure, choosing a company name, decide how the company operate, understanding the legal obligation of a company and its officeholders, gathering consent of persons involved in the company before registering a company.

At this stage, you should make sure that you have fully understand what your legal obligations will be if you become a company officeholder. Once you register your company in Australia with the Australian Securities and Investments Commission (ASIC), your company can conduct business throughout Australia without the need to register in individual states and territories (s117 Corporations Act 2001). However please note that your registered business name would not be the same as registering a company. Registration or use of a business name does not create a legal entity (only when registering a company) or allow the use of privileges to which a company is entitled.

Reserving your company name:

It is common practice for someone to register their business as Pty Ltd. The word ‘Pty Ltd’ is the abbreviation of ‘Proprietary Limited’. This means that the liability of the company’s members is limited to the amount unpaid on their shares. A company would come into existence at the beginning of the day on which it is registered (s119 Corporations Act 2001) until it is deregistered (Chapter 5A Corporations Act 2001).

It is important to check your business name availability and to see whether your chosen business name has been previously registered. By doing so, you would need to check if your proposed business name is similar or identical to any other registered business or pending trademarks through the ‘check the IP Australia website’.  This is because even if you reserve or register a name for your company, person or corporation with similar registered name may still take action against you. Therefore to prevent this, it is your responsibility to be aware of any problems that might arise for your business name to be similar or likely to confuse from names already registered elsewhere.

Please note it is not necessary for you to give your company a name. You can use your Australian Company Number (ACN) as the name of your company name instead (s118 Corporations Act 2001).

In addition, you can reserve your business name by using form 410. This is to make sure that another person would not take your intended business company name before you register its business name. Once the ASIC approve your company name, they will reserve the name for you for two months. You may however apply to extend the two-month period by lodging another application with a fee. The second application must be lodged before the first two-month reservation period has elapsed. However ASIC would not indefinitely reserve a company name if that prevents other people to use the company name legitimately.

Internal Governance:

Books and Records:

Pty Ltd. is a share structure proprietary company, limited by shares. This means that your company must not engage in any activity that would require disclosure to investors under Chapter 6D of the Corporations Act 2001 except for an offer of its shares to its employees of the company or a subsidiary of the company or existing members of the company. It is imperative to notify ASIC of any changes of information as soon as possible or at least within 28 days of the change without incurring any lodgment fees. Things you will need to notify ASIC include: when a new director, alternative directors or secretary is appointed, or when a current one ceases, change to the name or residential address of the officeholders, resignation or retirement of officeholders.

Under s286 (1) of the Corporations Act 2001, a company must keep written financial records that correctly record and explain its transactions, financial performance and position. Such financial records are defined in s9 of the Corporations Act 2001 including invoices, receipts orders for the payment of money, bills of exchange, cheques, promissory notes and vouchers, documents of prime entry, working papers and other documents, the method by which financial statements are made up and any adjustments to be made in preparing financial statements. Financial records can be kept electronically but such record must be convertible into hard copy made available within a reasonable time to a person who is entitled to inspect the records under section 288 of the Corporations Act 2001.

Officeholder obligations:

As officeholders, you must follow the requirements set out in the Corporations Act. This include to ensure company details are kept up to date, maintaining various registers and records and to pay the appropriate lodgment and annual review fees to avoid late fees and non-compliance action. Both director and secretary must ordinary reside in Australia. Directors are responsible for managing the company’s business and may be liable for debts incurred by the company at a time when the company is unable to pay those debts fall due.

Disclosure requirements:

Under section 191 of the Corporation Act 2001, if a director of a company who has a material personal interest in a matter that relates to the affairs of the company, he or she must give the other director notice of the interest unless exceptional rules applies.

Written consent requirements and keeping of records:

Both directors and secretary must ordinarily reside in Australia. Written consent must be obtained from directors, the secretary and members. Please note that you must have the relevant consents and agreements when you lodge the application.

Fees:

Please be aware that a foreign company must either set up a subsidiary company in Taiwan, or to establish a branch in Taiwan. Such company must be recognized by the competent authority before engaging business activities such as selling goods or providing services in Taiwan.

The procedure of setting up a subsidiary company includes:

1. Application for registration of the company name.

2. Scope of business.

3. Investment permission application.

4. Capital remittance.

5. Capital verification application.

6. Company registration.

Please note that this is only for the case of a company limited by shares.

The purpose of this article is designed for foreigners wishing to start a business in Taiwan.

Taiwan can be a great place to live and run a business. However owning or investing in Taiwan with a registered business does not automatically give you the right to stay with work permits.

Nevertheless, Taiwan now has very generous rules for foreigners to get landing visas and visa-exempt entry. There are two job categories for the application of the work permit. Below is our summary for Type A and Type B permits, which are for managerial employees, specialized or technical workers.[1]

Spain’s most common corporate enterprises

There are many kinds of business entities in Spain, but the most frequently found legal structures are:

- Limited Liability Company –(“Sociedad de ResponsabilidadLimitada or “S.R.L.”)

- Join Stock Company – (“SociedadAnónima” or “S.A.”)

Joint stock companies are the most common type of enterprise in Spain for multinational and listed companies. Nevertheless, Limited liability companies are more frequent, since Spanish corporate law is more flexible for their constitution. For example, to operate a Joint stock company the minimum capital amount required to incorporate a company is much higher.

A Joint stock company is a corporate structure generally designed for large corporations and it requires the availability of control mechanisms and complex legal structures. Instead, Limited liability companies are conceived to used for a small or family owned companies. Therefore, the legal structure and mechanisms to operate are less sophisticated than those of a Joint stock company.

我國商業組織新制度介紹

The New Framework of Business Associations in Taiwan

眾律國際法律事務所製作 By Zoomlaw Attorneys-at-Law

1. 閉鎖型公司特色介紹

1. Introducing the Characteristics of Close Company in Taiwan

我國立法院於2015年6月15日三讀通過公司法，最主要修正為增修了第13節的閉鎖性股份有限公司，其特色如下所述：

On 15 ^th June, 2015, the amendment to Taiwan Company Act is to establish a new category of closely-held company limited by shares as follows:

閉鎖型公司七大特色
Close Company’s 7 characteristics

閉鎖型公司特色介紹

Introduction the Characteristics of Close Company in Taiwan

眾律國際法律事務所製作 By Zoomlaw Attorneys-at-Law

我國立法院於2015年6月15日三讀通過公司法，最主要修正為增修了第13節的閉鎖性股份有限公司，其特色如下所述：

 On 15th June, 2015, the amendment to Taiwan Company Act is to establish a new category of closely-held company limited by shares as follows:

 I.   閉鎖型公司七大特色 Close Company’s 7 characteristics

出資型態的多樣化diversified investment patterns;

可發行複數特別股possibility to issuing multiple special shares

股東會開會方式及表決權行使大幅簡化to simplify the ways to attend shareholders’ meeting and its voting right;

閉鎖型公司特色介紹

立法院於中華民國１０４年６月１５日三讀通過「公司法」，最主要修正為增修了第十三節的閉鎖性股份有限公司，其特色如下所述：

 I.   閉鎖型公司七大特色

Ø   出資型態的多樣化；

Ø   可發行複數特別股；

Ø   股東會開會方式及表決權行使大幅簡化；

Ø   每半年即可分派盈餘；

Ø   得發行無票面金額股份；