1. BUSINESS ｜商业
WFOE OR FICE ?
FOR FOREIGN-INVESTED ENTERPRISES (FIEs) IN NINGBO
An Executive Comparison of the Two Investment Vehicles
外商独资企业还是外商投资企业？
两种投资媒介的经营对比
By ( 作者 ): Helge Hareland
Helge Hareland
I
n most western countries, one will end takes longer time and is substantially more (the regulations from the past, allowing light
up with Articles of Association, covering expensive than in e.g. Europe. assembly to be performed by a FICE have
1-2 pages, saying ‘The company can do been removed). Furthermore, a FICE shall –
everything but…‘. The ‘but’ is then, in most The two most popular investment vehicles when exporting – provide the customs bureau
cases, limited to some very few ‘Prohibited’ among foreign investors in China are WFOE with the underlying purchase invoices of the
or ‘Restricted’ areas of business requiring a and FICE (WFOE = Wholly Foreign Owned products that are to be exported, showing the
public license (Example: banks, insurance Enterprise and FICE = Foreign Invested actual cost, and also showing the 100% exact
companies, securities firms, law firms and Commercial Enterprise). I will herein provide same volume as the one you are exporting
other). A company in e.g. Europe can hence an executive summary of the most important (the volume-match requirement represents a
virtually do ‘everything’ once having obtained differences between the two investment tricky nut for those whom intend to operate a
its business license. Herein, including but vehicles. warehouse under a FICE).
not limited to (1) manufacturing, (2) trading
and (3) providing services. Add the fact that Scope A
most European countries have got a national A WFOE is the most common investment
company registrar, with online links to all vehicle among foreign invested manufacturing Trading A
relevant public bureaus (‘time saver’), often companies. A WFOE can also trade, but only 贸易业
allowing the company to be registered with within the limits of the manufacturing scope. B
a few clicks online (‘cost saver’), and you Furthermore, it cannot operate with more
have got a picture of the ‘ease’ with which a than 40-50% trading based sales income B
company can be incorporated abroad. per annum. Meaning, 50-60 of the WFOE’s
sales shall be based on manufacturing. A VAT License
China is, in many ways, the ‘opposite’ of WFOE cannot, unless stated in its Articles of A WFOE will not obtain its VAT registration
Europe in incorporation terms. The Articles Association, provide services. Furthermore, automatically. It must first demonstrate that it
of Association shall be much more detailed, with a scope opening up for services to be has established the means required in order
and do rather tend follow the principle provided, the service scope will still be limited to generate income based on manufacturing.
‘The company can only do…‘. The terms by the manufacturing scope. The tax bureau will normally perform an on-
‘Prohibited’ and ‘Restricted’ do also apply in site audit before the VAT license is being
China together with the terms ‘Approved’ and A granted. No VAT refunds will be granted on
‘Encouraged’ (ref. ‘Catalogue of Industries a WFOE’s trading based sales, in the period
for Guiding Foreign Investment’). Where Manufacturing from obtaining the business license and until
one in Europe often operates with one multi- 制造业 C obtaining the VAT license (this period can take
purpose investment vehicle that covers it all anything from days to weeks and months,
– China operates with individual investment depending on how fast the WFOE manages
vehicles for (1) manufacturing, (2) trading, B to come in position to generate the first sale
(3) services, (4) real estate and so forth. The based on manufacturing).
lack of a national or municipal central register, A FICE is the most common investment
with online links to all involved public bureaus, vehicle among foreign invested trading A FICE will normally get its VAT registration
means that separate filings will have to be and service companies. Herein (1) Trading automatically soon after having obtained the
done with SAIC, SAFE, COFTEC, State Tax companies sourcing in China for export and business license. The statutory on-site audits
Bureau, Local Tax Bureau and others within (2) Trading companies importing for sale in of a WOFE were removed a couple of years
the specific district of Ningbo in which you China. It can be equipped with a very wide ago for the FICE.
would like to set up (Haishu, Jiangdong, trading scope. A FICE can also be given a
Yinzhou, Jiangbei, Zhenhai or Beilun). You wide service scope, and is therefore the most Minimum Sales Income
will need to re-register if moving from one common investment vehicle among foreign A WFOE should, until the financial crisis hit
district to another. In short, registering a invested service companies. A FICE cannot on a global scale, document a manufacturing
new company in China is more demanding, perform any manufacturing or assembly based sales income of at least RMB 1 million
24 ningbo focus August 2012 www.ningbofocus.com

2. BUSINESS ｜商业
the first 12 months, counting from the VAT 过多目的投资媒介进行操作，而中国在制造业、 外商投资企业则会在取得营业执照之后不
registration date. The amount has since then 贸易业、服务业和房地产业等领域均通过单一 久便获得增值税登记证。对该类企业的法定现
been lowered to RMB 500,000. Failure to 投资媒介进行。缺少可以通过网络连接所有公 场审计已经在数年前取消了。
reach the minimum sales will result in loss of 共办事处的国家级或市级注册中心意味着企业
the VAT license. Trading or service based sale 需要与国家工商管理总局、国家外汇管理局、 最低销售收入
will not ‘count’ in this setting. 国家税务局、当地税务局以及企业所在地的不 在全球发生金融危机之前，外商独资企业
同部门申请办理手续。如果企业跨区变更地址， 应该证明其从增值税登记日期起的第一年中达
A FICE should, until the financial crisis hit on a 那么还需要重新注册登记。简而言之，与欧洲 到至少 100 万人民币的以制造业为基础的销
global scale, document a trading based sales 等地相比，在中国注册一家新企业要求更多、 售收入。从那时起金额已经降到了 50 万元。
income of at least RMB 1.8 million the first 12 耗时更长、成本更高。 没有达到最低销售额将会导致失去增值税许
months, counting from the VAT registration 可。以贸易业或者服务业为基础的销售也会因
date. The amount has since then been 在中国投资者中最畅销两种投资媒介是 此失效。
lowered to RMB 800,000. Failure to reach the WFOE 和 FICE，即外商独资企业和外商投资
minimum sales will result in loss of the VAT 企业。在此，我会对这两种投资媒介之间存在 在全球发生金融危机之前，外商投资企业
license. Service based sale will not ‘count’ in 的最重要的区别做一份执行概要。 应该证明其从增值税登记日期起的第一年中达
this setting. 到至少 180 万人民币的以贸易业为基础的销
经营范围 售收入。从那时起金额已经降到了 80 万元。
Export VAT Refund 外商独资企业是众多外商投资制造企业中 没有达到最低销售额将会导致失去增值税许
Parts of the underlying Purchase VAT will not 最常见的投资媒介。它同时也可以做贸易，但 可。以服务业为基础的销售也会因此失效。
be refunded in connection with export sales i.e. 只允许在制造业范围之内。此外，其贸易方面
the Non Refundable VAT or NRVAT. The last 的年收入不可超过总销售收入的 40-50%。换 出口增值税返还
is a function of the products export declaration 而言之，外商投资企业中 50-60% 的销售额必 部分潜在的进项增值税在出口销售中不予
codes or HS Codes. 须从制造方面产生。除条款中明确的之外，外 退还。最后是产品出口申报编码或 HS 编码的
商独资企业不可以提供服务。另外，即使提供 功能。
The NRVAT of a WOFE is based on its Export 了服务经营，其经营范围也必须限制在制造业
Sales Price. The NRVAT of a FICE is based 的范围之内。 外商独资企业的不予退还增值税在产品出
on the underlying Product Purchase Cost. 口价格上产生。而外商投资企业中的不予退还
The WOFE will hence get a lower VAT refund 外商投资企业是众多外商投资贸易企业和 增值税是从潜在的产品购买成本中产生。所以，
than a FICE if the same products are being 服务企业中最常见的投资媒介，表现为中国贸 如果这两种企业以相同价格出口相同产品，那
exported at the same price. 易出口企业、中国贸易进口企业。其贸易经营 么外商独资企业退还的增值税要少于外商投资
范围可以十分广泛。外商投资企业也可以有广 企业。
Closing Remarks 阔的服务业经营范围，由此成为了众多外商投
More and more foreign invested enterprises 资服务企业中最常见的投资媒介。但其不能涉 结束语
tend to register more than one company in 及制造业或装配（之前的规定已废除）方面的 想在中国投资两家及两家以上企业的外国
China. Many operate with both a WOFE and 业务。除此之外，在出口时，外商投资企业必 投资商越来越多。他们往往选择经营一家外商
a FICE. The optimal solution will, for many 须向海关提供出口产品的购买发票，并注明实 独资企业和一家外商投资企业。普遍情况下的
come in the form of a ‘Hybrid’ that combines 际成本和实际出口数量（数量对应要求可防止 最佳解决方式是“混合”，即把 2 到 3 种不同
the best from two-three different investment 在企业下设置仓库隐瞒真实数量的意图）。 的投资媒介结合得出一个有力的解决途径。因
vehicles into one powerful solution. Do, 此，在开始注册公司之前，请确保您已向专业
therefore, always make sure that you consult 增值税许可 的第三方进行咨询。 ■
a professional third party in good time before 外商独资企业不会自动获得增值税登记
initiating a company registration process. ■ 证。首先，企业必须证明它已经按照规定能达 图片来源：Helge Hareland
到基于制造业的收入。在正式授予增值税许可
Photo by: Helge Hareland 证之前，税务部门会去现场进行审计。从获取
营业执照到增值税许可证的这段日间内（这段
历时的跨度很大，可能是几天、几周，也有可
在大多数西方国家中，商人们会用 1 至 2 能是几个月，主要取决于企业获得第一笔基于
页篇幅的条款收场，上面写着“公司能做任何 制造业的销售收入的进度），外商投资企业中
事，除了……”但往往就是这个“除了”受限 源于贸易业收入的增值税将不会予以退还。
于一些需要营业许可的商业领域中， 比如银行、
保险公司、证券公司、法律公司等。打个比方，
一家欧洲的公司只要获得商业许可证，便可以
在实质上做到“任何事”。因此，包括但不仅
限于（1）制造、（2）贸易、（3）提供服务。 The Author Helge Hareland is the Founding Partner at Hareland
Capital Ltd. (www.hareland.com) and Chairman at Point Services
此外，多数欧洲国家都有一个国家级的企业注
(Ningbo) Co. Ltd. (www.point-services.net). Helge has been living and
册员，他们通过网络与所有的公共办事处连接 working in Ningbo since July 2000. In addition to be an investor and
（“节省时间”），这样一来，企业只需通过 company owner, he is also a specialist in corporate structuring and
点击鼠标便可完成注册登记（“节约成本”）， financing. Helge is an advisor to foreign investors planning to invest
同时可轻松获知与哪家国外企业合资。 in China and Chinese investors seeking investment opportunities
abroad. He can be reached at info@hareland.com and advisory@
在组建公司方面，中国在很多方式上都站 point-services.net.
在欧洲的“对立面”。条款必须更加具体，最 作者 Helge Hareland 是 Hareland 资本有限公司（www.hareland.com）的创建人，同时也是 Point 服务（宁波）
好能够遵循以下准则：“公司只能做……”。 有限公司（www.point-services.net）的董事长。Helge 从 2000 年 7 月开始便在宁波居住工作。他除了投资、
中国既然有“禁止”和“限制”条款，当然也 自营企业之外，还是一个企业组织和理财方面的专家。Helge 为想在宁波投资的外商以及想去国外寻求投资机
会有“批准”和“鼓励”的条款（比如“指导 遇的中国人做顾问。您可以通过以下网址联系到他：info@hareland.com 和 advisory@point-services.net。
外商投资的行业目录”） 。欧洲企业往往通
www.ningbofocus.com August 2012 ningbo focus 25