This article aims at introducing the reader to the main opportunities available to Chinese investors and entrepreneurs to structure their global or European strategies using Luxembourg. It will summarise why Luxembourg is selected for its products, services and legal solutions and why it is increasingly considered by Chinese companies, fund sponsors, service providers and legal advisers as part of their plans to develop or invest outside mainland China, access new markets, in particular the European market and reach new investors on a global basis.

|

UCITS – the best solution for retail funds

Undertaking for Collective Investment in Transferable Securities (UCITS) is the retail fund vehicle distributed on a pan-European basis, using a European passport. Most Luxembourg UCITS are set up by foreign sponsors in order to be marketed to European investors and on a worldwide basis. See figure 2 for an overview of the origin of promoters of Luxembourg funds.

Unlike local fund structures or funds setup in offshore centres like the Cayman Islands or the British Virgin Islands (BVI), Luxembourg UCITS are widely accepted by a large number of investors and distributors not only in Europe, but also in the Middle East, South America and Asia, where they represent a significant portion of funds distributed.

UCITS are subject to a harmonised legal framework and benefit from a European passport, which makes those funds freely marketable throughout the European Union (EU) from Luxembourg and subject to a simplified notification procedure. Outside of the EU, Luxembourg UCITS need to be registered with local regulators for public distribution, but are recognised and therefore often benefit from a fast track registration procedure.

Pursuant to UCITS rules, UCITS funds may only invest, subject to specific conditions, in certain eligible assets. In addition to restrictions applicable to the eligible assets into which they can invest, UCITS are also subject to certain liquidity and diversification requirements.

Asset managers having a greater China focus may consider using UCITS to gain exposure to Chinese assets directly through the Qualified Foreign Institutional Investor (QFII) scheme, subject to certain limitations. Or indirectly using financial derivative instruments, or by investing in offshore renminbi (CNH) denominated securities (like Dim Sum bonds listed on a stock exchange or traded over-the-counter in Hong Kong) or Hong Kong domiciled Renminbi Qualified Foreign Institutional Investor (RQFII) funds. With the relaxation of the QFII rules in the People's Republic of China (PRC), possibly the opening of the RQFII scheme to structures other than Hong Kong domiciled funds, and the expected free convertibility of renminbi, one may expect that in the short term future, UCITS will have even better access to Chinese products, making it even easier for asset managers from that part of the world to market their products to European, Middle-Eastern, South American and Asian retail and institutional investors.

Luxembourg UCITS are distributed in the entire Asia Pacific region. Furthermore, they are eligible investments in the PRC under the Qualified Domestic Institutional Investor (QDII) scheme.

|

Non-UCITS regulated funds

Luxembourg offers a wide array of vehicles for investment in asset classes or the implementation of strategies which are not eligible for UCITS (for example, hedge funds, real estate, funds of funds, and private equity strategies). Regulated structures include Specialised Investment Funds (SIFs), investment companies in risk capital (SICARs) and, to a lesser extent, Undertakings for Collective Investment (UCIs).

A SIF is a regulated vehicle dedicated to institutional, professional and other sophisticated investors, such as a high net worth individual (HNWI).

This investment vehicle provides a flexible framework to diverse investment types and strategies like hedge funds-, real estate funds- and private equity funds-like strategies, while at the same time ensuring a cost and time efficient fund set up.

SIFs are not subject to quantitative investment restrictions and such flexibility allows them to combine investments in private equity with other strategies, for example investments in listed companies or derivatives.

Risk diversification must be ensured at all times (following the initial portfolio build-up phase), and not more than 30% of the SIFs assets or commitments may be invested in securities of the same type issued by the same issuer.

SIFs may invest up to 100% of their net assets in a diversified portfolio of A-shares, up to 100% of their net assets in a diversified portfolio of Dim Sum bonds and they may also invest up to 100% of their net assets in one single Hong Kong domiciled RQFII fund, subject to certain conditions. This flexibility, together with the European passport that will be available to AIFMD compliant alternative investment fund managers (AIFMs) (see below), will create unprecedented opportunities for Chinese asset managers to access the European market.

The SICAR has a similar investor profile to the SIF, catering exclusively to well-informed investors. It is specifically designed for private equity, as it aims at directly or indirectly contributing assets to entities in view of their launch, development or listing on a stock exchange, without being subject to the risk-spreading requirements applicable to SIFs.

|

The Alternative Investment Fund Managers Directive (AIFMD)

Certain of the investment vehicles referred to above (other than UCITS) will in the near future be impacted by an important European regulation, called the AIFMD. The goal of the AIFMD is to further strengthen investor protection by setting higher standards for transparency, valuation, appropriate risk and liquidity management, as well as the disclosure and management of conflicts of interests among fund decision-makers.

The possibility to distribute offshore funds to EU investors will be greatly impacted by the AIFMD as: (i) private placement exemptions will be restricted or even abolished in certain jurisdictions and (ii) funds will have to comply with certain requirements, which will be technically and legally challenging for traditional offshore funds such as Cayman Islands funds or BVI funds.

AIFMs will receive a passport allowing for pan-European marketing of investment vehicles complying with the AIFMD. This passport will create unprecedented opportunities for Chinese asset managers to access the European market. It is expected that Luxembourg will take advantage of its expertise in UCITS funds and its existing fund servicing infrastructure to service new AIFs and AIFMs under the AIFMD and thus strengthen its reputation as the gateway to Europe.

|

Tax aspects

Besides investment funds, Luxembourg is widely used as a middle jurisdiction for tax optimisation purposes. One important question Chinese companies should consider is whether a new investment should be made directly from China or whether it would be more efficient to use Luxembourg as an entry point to Europe. The use of Luxembourg as a holding company location may offer substantial tax advantages to Chinese companies making outbound investments. Luxembourg has long been recognised as a prime location for setting up holding companies. The well-known société de participations financières (SOPARFI) refers to ordinary, unregulated, fully-taxable Luxembourg resident companies whose main activity is the holding of shares benefiting from the participation exemption.

From a tax perspective, a SOPARFI is subject to the common tax system in Luxembourg. Since SOPARFIs are tax residents subject to corporate income taxes, they benefit from Luxembourg's double tax treaty network, as well as from the European Directives, including the EU Parent-Subsidiary Directive.

The main advantages of using a Luxembourg SOPARFI as an intermediate holding company may be summarised as follows:

• Luxembourg has entered into 64 comprehensive double tax treaties based on the OECD model tax convention on income and capital in order to avoid or reduce the domestic withholding taxes and the risks of double taxation.

• In the Asian market, Luxembourg is actively building relationships with 11 double tax treaties entered into with various Asian countries or regions (including the PRC, the Hong Kong Special Administrative Region, India, Indonesia, Japan, Malaysia, Mongolia, Singapore, South Korea, Thailand and Vietnam).

• By virtue of the European Directives (the EU Parent-Subsidiary Directive relative to dividend payments and the EU Interest and Royalty Directive), dividend, interest and royalty payments made by an EU company to a Luxembourg SOPARFI are fully exempt from domestic withholding tax, under certain conditions.

• There are no or only low taxes upon exit and repatriation of proceeds to investors. Luxembourg does not levy withholding tax on liquidation proceeds or on interest paid by a Luxembourg SOPARFI to its corporation shareholders. Profits distributed to corporation shareholders are generally exempt from dividend withholding tax under Luxembourg law (subject to certain conditions) and the tax treaty concluded between Luxembourg and Hong Kong.

• Luxembourg SOPARFIs can benefit from the participation exemption, which fully exempts dividend income, liquidation proceeds and capital gains realised on the disposal of shares to the extent that certain conditions are fulfilled. Qualified shareholdings in eligible subsidiaries are also exempt from net worth tax and losses realised on the disposal of shares and are always deductible. In comparison with foreign participation exemption regimes, the Luxembourg regime is generally acknowledged to have less stringent conditions.

• Luxembourg domestic tax laws further provide for an attractive intellectual property (IP) regime with exemptions of up to 80% on the income and gains generated by IP rights and no withholding tax on royalty payments whatever the beneficiary of the income may be.

• There is no capital duty on capital contributions and no controlled foreign corporation rules in Luxembourg.

A Double Tax Treaty (DTT) between Hong Kong and Luxembourg allows a tax efficient repatriation of profits and cash from Europe, via Luxembourg, to Hong Kong and China, without incurring additional tax costs.

One of the main benefits of the DTT is the possibility for a Luxembourg company to distribute dividends to the Hong Kong parent company free of withholding tax. In particular, provided that the Hong Kong company holds at least 10% of the share capital in the Luxembourg company or has invested at least €1.2 million in the acquisition of shares in the Luxembourg company, the Luxembourg dividend withholding tax rate on dividends repatriated to the Hong Kong parent company is reduced to zero percent. In other cases, the dividend withholding tax is 10% pursuant to the DTT.

|

Credit institutions and electronic money institutions

By establishing themselves in Luxembourg, foreign banks or credit institutions can benefit from an access point to the European market using the European passport, as well as provide their local clients with a portal dedicated to European investments (see figure 3).

Two Chinese banks are currently established in the territory of Luxembourg, namely BOC and ICBC.

Under Luxembourg law, credit institutions are all-purpose banks (universal bank principle). This means that they can provide all the traditional banking services like acceptance of deposits and other repayable funds, lending activities, issuance of electronic money, all investment and other financial services such as management of assets, investment advice, or other services falling within the scope of the law on the financial sector.

For foreign banks wishing to issue electronic money for online payments, for example of goods or services, the lighter regime applicable to electronic money institutions (EMIs) may be an option. A specific authorisation is nonetheless required for mortgage banks. For the purpose of this article, the regime applicable to mortgage banks will not be further discussed.

Luxembourg rules regarding credit institutions and EMIs derive from European rules laying out a global framework for financial services throughout Europe. This harmonised framework allows, in particular, Luxembourg credit institutions (for example the Luxembourg subsidiary of a Chinese bank) and EMIs to conduct business on the basis of their Luxembourg authorisation within other EEA countries (Member States of the European Union as well as contracting parties to the European Economic Area Agreement) via a branch or on a cross-border basis provided that the credit institution or EMI has complied with a notification procedure, the European passport.

Foreign banks may establish themselves in Luxembourg by setting up a branch or a subsidiary. A dual establishment setup with one subsidiary and one branch in Luxembourg enables non-EEA banks to benefit from two advantages linked to the characteristics of, and the rules applicable to, subsidiaries and branches:

- a subsidiary authorised as a credit institution may benefit from the European passport and can thus freely conduct business activities in other EEA countries (whereas a branch of a non-European bank is not allowed to do so);

- the branch allows financing to be directly sourced from the credit institution in the home country. The subsidiary in Luxembourg therefore does not necessarily need to be highly capitalised since all financing may pass through the branch.

Both credit institutions and EMIs are subject to a largely similar authorisation process. The authorisation is granted by the Minister of Finance upon written application, after due examination by the Luxembourg regulatory authority, the CSSF. In practice, the authorisation of the Minister of Finance may be obtained within a short time period. From a tax perspective, a low effective tax rate may be achieved with an appropriate tax planning.

|

Other advantages of Luxembourg

Luxembourg is a prime location for setting-up holding, financing, leasing, IP and trading intermediary vehicles. It has also developed an export-driven industry and enjoys a high level of cross-border trade, investment and employment.

Luxembourg's competitiveness and flexibility have already attracted recognised multinational companies like Amazon, Arcelor Mittal, China Airlines, Dupont de Nemours, Ferrero, Procter & Gamble, SES, Skype, iTunes, Huawei and SAIC.

In addition, many key international logistics providers are located in Luxembourg, like Kuehne + Nagel and Panalpina. The Luxembourg government has in fact notably developed a logistics hub, offering efficient access to cargo railways and highway connections throughout Europe, from the North Sea to the Mediterranean Sea. Luxembourg has also recently announced the creation of a free trade zone near the airport.

Considering the advantages available to HNWIs with regard to the structuring of their global wealth or the European portion thereof, from an asset protection, diversification and estate planning perspectives, Luxembourg offers well-tested structures that are tax efficient and at least tax neutral. The SOPARFI and the SIF, in particular, do provide for a number of advantages to structure Chinese HNWI's assets, from Hong Kong or Singapore, for example.

Similarly, the Family Wealth Management Company (SPF) is an investment company dedicated to the management of private wealth for individuals and intermediary vehicles acting exclusively for the management of the private assets of an individual or a group of individuals.

Life insurance products are also used to transfer ownership of the assets underlying the policy to the insurance company. Insurance products benefit from tax advantages, a favourable tax treatment and from broad international tax recognition.

For listings, the Luxembourg Stock Exchange (LuxSE) is today the principal centre for the listing of international securities. It currently lists around 45,000 securities, out of which 30,000 bonds represent 42% of the total international bonds listed on EU markets. This makes LuxSE the first listing venue for international bonds.

Over the years, the Luxembourg finance industry has developed a broad range of financial products, services and legal solutions for banks, financial service providers, fund sponsors and multinational companies. This has resulted in them often selecting Luxembourg as their gateway to Europe and intensively using Luxembourg investment vehicles to reach investors worldwide.

With the opening of the Chinese economy, opportunities are becoming more available to Chinese companies or fund sponsors wishing to structure outbound investments of Chinese capital – or set up investment structures marketable to the rest of the world.

Author biography

Stéphane Karolczuk

Head of Hong Kong office

Stéphane Karolczuk is head of Arendt & Medernach's representative office in Hong Kong, where he advises clients based in the Asia Pacific region regarding their Luxembourg legal and regulatory questions.

As a senior associate of the investment funds practice, Stéphane also advises international clients on all issues relating to investment funds, such as the structuring, registration, marketing, public offering and listing of Luxembourg and foreign investment funds. He also advises and assists clients in relation to the selection and setting-up of investment structures, drafting of contractual and marketing documentation, and liaises with the Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier (CSSF) and the Luxembourg Stock Exchange in relation to such matters.

From September 2007 to January 2009, Stéphane was seconded to Arendt & Medernach's representative office in New York in view of developing an investment management helpdesk advising US clients in relation to Luxembourg investment funds questions. He has been permanently based in Hong Kong since September 2009.

Stéphane graduated from the University of Brussels (Belgium) and the University of Ghent (Belgium). He is admitted to practice in Hong Kong as registered foreign lawyer, as well as in Luxembourg and Brussels.

卢森堡：进入欧洲的大门

Stéphane Karolczuk

Arendt & Medernach

卢森堡，一个被比利时、法国和德国包围着的小小国家，利用其欧洲心脏位置的优势，已迅速发展成为欧洲主要金融中心之一。这要归功于其灵活且安全的法律和监管环境、吸引的税务制度——其中包括其广泛的双重征税条约网络——以及国际化多语种专业劳动力。

多年来，卢森堡的这些特点吸引了包括中国银行和中国工商银行在内的一百四十多家国际银行来到它有千年历史的城堡周围落户。基金发起人，包括中国资产管理公司及其他著名的中国资产管理企业，也被卢森堡的投资基金所吸引，设立了资金总额约23590亿欧元（31880亿美元）的3800多个投资基金，将其投资策略分销给欧洲投资者。卢森堡是投资基金进行跨国分销的首选地。设在卢森堡的基金数目及管理资产规模见图1。此外，包括华为和上汽在内的很多跨国公司已决定把卢森堡作为进入欧洲及其单一市场的大门。

本文旨在向读者介绍中国投资者和企业家可以利用卢森堡制定其全球或欧洲策略的主要机会，并将总结为什么要选择卢森堡的产品、服务和法律解决方案，为什么越来越多中国公司、基金发起人、服务提供人和法律顾问将卢森堡纳入其规划之中，以向中国大陆境外发展、投资、开拓新市场（特别是欧洲市场），乃至在全球范围争取新投资者。

|

UCITS – 零售基金的最佳解决方案

可转让证券集体投资计划（UCITS）是利用欧洲通行证在全欧洲进行分销的零售基金工具。大多数卢森堡UCITS是外国发起人设立的，目的是向欧洲以至全球投资者推销。图2是卢森堡基金发起人所属国概况。

卢森堡的UCITS与本地设立的或设在开曼群岛或英属维尔京群岛这类离岸中心的基金不同，不仅在欧洲，而且在中东、南美和亚洲都普遍被大量投资者和分销商所接受，这些地区分销的基金当中有相当大部分是卢森堡的UCITS。

UCITS由一套统一的法律制度监管，可享受欧盟通行证，后者只须遵守一套简单的申报程序，便可经卢森堡自由向全欧盟推销基金。在欧盟以外，卢森堡的UCITS需要经当地监管机构注册之后才能公开分销，不过这些被公认基金往往可享有快速注册程序的优惠。

根据UCITS的规则，UCITS基金只可投资于合资格的资产，且要符合特定条件。除了其投资的合资格资产所适用的限制条件以外，UCITS还须符合若干流动性和分散投资规定。

着重大中华地区的资产管理人可考虑通过合格境外机构投资者（QFII）制度利用UCITS直接投资中国资产，虽然有若干限制。或者间接使用金融衍生工具，投资于离岸人民币计价证券（例如在香港交易所上市或场外交易的点心债券）或设在香港的人民币合格境外机构投资者（RQFII）基金。随着中国放宽QFII规则，还可能将RQFII计划扩展到香港基金以外的其他投资结构，以及期待中的人民币自由兑换，可以预期在不远的将来UCITS将有更多方便投资中国产品的机会，使那地的资产管理人能更容易地向不仅欧洲，并且中东、南美和亚洲零售和机构投资者推销其产品。

卢森堡的UCITS在全亚太地区都有分销。此外，在中国的合格境内机构投资者制度下，这些基金属于可投资项目。

|

非UCITS受监管基金

卢森堡提供多种多样的投资工具用于投资不符合UCITS资格的资产类别或投资计划（例如对冲基金、房地产、母基金及私募股权投资计划）。受监管的基金包括特殊投资基金（SIF）、风险资本投资公司（SICAR），在一定程度上还包括集体投资计划（UCI）。

SIF是专门提供给机构投资者、专业投资者和其他资深投资者（例如高资产净值人士）的受监管投资工具。

该投资工具向各种投资类型和策略（例如对冲基金、房地产基金和私募股权基金）提供了一个灵活的框架，同时也确保基金的设立具成本及时间效益。

SIF不受投资数量限制，这个灵活性使SIF可以将私募股权投资与其他策略如上市公司或衍生工具的投资组合起来。

SIF必须确保始终（在最初的投资组合组建阶段之后）落实风险分散措施，不得有超过30%的资产或承诺投资于同一发行人发行的同一类证券。

SIF可将其100%的净资产投资于分散的A股组合或点心债券组合，也可以100%投资于单一的香港发行的RQFII基金，但须符合若干条件。这个灵活性，加上符合AIFMD的另类投资基金经理（AIFM）（详见下文）可以得到的欧盟通行证，将为中国资产管理人创造史无前例的进入欧洲市场的机会。

SICAR的投资者资格规定与SIF类似，是专门迎合消息灵通的投资者的基金。由于它旨在以实体的创立、发展和上市作为参考，而直接或间接地投资于有关实体，同时又不受适用于SIF的风险分散要求的限制，因此它是为私募股权基金度身定做的投资工具。

|

另类投资基金经理指令（AIFMD）

上述投资工具中的某些工具（除UCITS外）在不久的将来会受到一项重要的欧洲法规影响。这条法规简称AIFMD，其宗旨是通过设立更高标准的透明度、价值评估、风险管理、流动性管理及基金决策人之间的利益冲突披露和管理，进一步加强对投资者的保护。

向欧盟投资者分销离岸基金的成效将严重受到AIFMD的影响，因为：(i)在某些司法管辖地，私人配售豁免规定将受到限制，甚至被取消，(ii)基金将必须遵守的某些要求对于传统的离岸基金如开曼群岛基金或英属维尔京群岛基金而言将有技术和法律上的难度。

AIFM将获得一个可在泛欧洲推销符合AIFMD的投资工具的通行证。该通行证将为中国资产管理人创造史无前例的进入欧洲市场的机会。预期卢森堡将利用其在UCITS基金方面的专长及其现有的基金服务基础设施来为AIFMD下的新AIF和AIFM提供服务，从而加强其欧洲门户的地位。

|

税务方面

除了投资基金，卢森堡还广泛地被用作税务优化的中间地区。中国企业应当考虑的一个重要问题是，新的投资是否应该直接从中国进行，或是利用卢森堡作为欧洲入门点更有效益。将卢森堡作为控股公司所在地，对于开展对外投资的中国企业可能有很大的税务优惠。卢森堡一向被公认是设立控股公司的最佳地点。著名的金融参与公司（SOPARFI）是指普通的、不受监管的、全额纳税的卢森堡居民企业，其主要业务是持有股份，以享受股东免税。

从税务角度来看，SOPARFI须遵守卢森堡的一般税务制度。由于SOPARFI是须缴纳企业所得税的税务居民，它可以受惠于卢森堡的双重征税条约网络及欧洲的指令，包括欧盟的母子公司指令。

卢森堡SOPARFI作为中间控股公司的主要好处可概括如下：

• 卢森堡在经合组织的所得和资本税收协定范本的基础上订立了64条涵盖面广泛的双重征税协定，以避免或减少国内预提税和双重征税风险。

• 在亚洲市场，卢森堡与亚洲国家和地区积极建立关系，与各国和各地区签订了11个双重征税协定（包括中国、香港特别行政区、印度、印尼、日本、马来西亚、蒙古、新加坡、韩国、泰国和越南）。

• 根据欧洲指令（欧盟关于股息支付的母子公司指令和欧盟利息和特许权使用费指令），欧盟公司向卢森堡SOPARFI支付的股息、利息和特许权使用费在符合某些条件的情况下可全额免纳国内预提税。

• 投资者退出投资和调回资金不须缴税，或只需缴纳些微的税款。卢森堡对清算款项或卢森堡SOPARFI向其公司股东支付的利息不征收预提税。根据卢森堡法律（在符合某些条件的前提下）及卢森堡与香港之间的税务协定，分配给公司股东的利润一般可免征股息预提税。

• 卢森堡SOPARFI可享受股东免税，根据该项税务优惠，股息收入、清算款项和股票处置时实现的资本收益，只要符合若干条件，都完全豁免征税。在合资格子公司中的合格持股也豁免净财富税，处置股份时发生的损失则都是可抵扣的。与其他国家的股东免税制度相比，卢森堡的制度总体上被认为附带的条件较为宽松。

• 卢森堡国内税法还提供了一个有吸引力的知识产权制度，知识产权产生的所得和收益可有最高达80%的免税额，而特许权使用费则免征预提税，不论所得受益人是谁。

• 在卢森堡，资本出资不须缴纳资本税，也没有受控外国公司规则。

香港与卢森堡之间的双重征税协定允许通过卢森堡以节税的方式从欧洲向香港和中国调回利润和现金，不用负担额外税务成本。

双重征税协定的主要好处之一是，卢森堡公司能够向香港母公司分配股息而无须缴纳预提税。尤其是，如果香港公司持有卢森堡公司至少10%的股本，或投资了至少120万欧元收购卢森堡公司的股份，则调回香港母公司的股息上的卢森堡股息预提税税率会减为零。在其他情况下，根据双重征税协定，股息预提税为10%。

|

信贷机构和电子货币机构

外国银行或信贷机构进驻卢森堡，可利用欧盟通行证进入欧洲市场，还能向其本地客户提供一个专门进行欧洲投资的门户（见图3）。

目前已有两家中国的银行，即中国银行和中国工商银行，在卢森堡设立机构。

根据卢森堡法律，信贷机构是全职能银行（全能银行原则）。意思是指，它们可以提供所有传统的银行服务，例如接受存款和其他可偿还资金、贷款业务、发行电子货币、所有投资及其他金融服务，例如资产管理、投资顾问或法律规定属于金融行业的其他服务。

外国银行若希望发行用于网上支付（例如购物或购买服务）的电子货币，可选择适用于电子货币机构（EMI）的较宽松制度。按揭银行则还是需经特别的批准。本文且不探讨适用于按揭银行的制度。

卢森堡关于信贷机构和EMI的规则，源自欧洲法规为全欧洲金融服务制定的统一框架。这个统一的法律框架特别规定了，只要卢森堡信贷机构（例如一家中国银行的卢森堡子公司）或EMI遵守一个申报程序，凭其在卢森堡获得的批准，即欧盟通行证，便可通过分公司或跨境在其他欧洲经济区成员国（欧盟成员国及欧洲经济区协议的协议国）从事业务活动。

外国银行可通过设立分公司或子公司进入卢森堡。在卢森堡既设子公司也设分公司的双重设立，可使非欧洲经济区银行享受与子公司和分公司的特点和适用规则相关的两项优惠：

- 经批准的信贷机构子公司享有欧盟通行证的优惠，因而可在其他欧洲经济区成员国自由从事业务活动（而非欧洲银行的分公司则不可）；

- 分公司可向本国的母公司直接融资。因此，在卢森堡的子公司不一定需要具备很多资金，因为分公司可以向其输送资金。

信贷机构和EMI都须经过一个大致相似的批准程序。书面申请经卢森堡监管机构CSSF审查后由财政部长予以批准。实际上，财政部长的批准可以在短期内取得。在税务方面，经过适当的税务规划就可取得较低的实际税率。

|

卢森堡的其他有利之处

卢森堡是设立控股、融资、租赁、知识产权和贸易中介工具的最佳地点。它还发展了出口型的工业，跨境贸易、投资和就业的水平很高。

卢森堡的竞争力和灵活性已吸引了很多著名的跨国公司，例如亚马逊(Amazon)、安赛乐米塔尔(Arcelor Mittal)、中华航空、杜邦公司(Dupont de Nemours)、费列罗(Ferrero)、宝洁(Procter & Gamble)、SES、Skype、iTunes、华为和上汽。

另外，很多主要的国际物流公司也在卢森堡落户，例如Kuehne + Nagel和Panalpina。卢森堡政府事实上已特地发展了一个物流枢纽，提供从北海至地中海贯穿欧洲的货运铁路和公路的有效连接点。卢森堡最近还宣布在机场附近建立一个自由贸易区。

论到高资产净值人士在安排其全球财富或其欧洲财富方面可以得到的益处，从资产保护、分散投资和遗产规划角度来看，卢森堡提供的投资结构实践证明是节税的，起码是不会增加税负。尤其是SOPARFI和SIF，假如从香港或新加坡规划中国高资产净值人士的资产，它们的确能提供很多益处。

同样，家族财富管理公司（SPF）是专门管理个人私人财富的投资公司，以及专门为个人和个人群组的私人财富管理提供服务的中介工具。

人寿保险产品也可用来将保单项下资产的所有权转移给保险公司。保险产品享有税务优惠，并得到广泛的国际税务认可。

在上市方面，卢森堡证券交易所（LuxSE）如今是国际股票的主要上市中心，约有45,000只证券在该交易所挂牌，其中有30,000只是债券，占欧盟市场上市国际债券总数的42%。这使LuxSE成为国际债券的首选上市地。

多年来，卢森堡的金融业已为银行、金融服务提供者、基金发起人和跨国公司开发了一系列金融产品、服务和法律解决方案。这使它们常常选择卢森堡作为进入欧洲的大门，并积极利用卢森堡的投资工具来争取全球的投资者。

随着中国经济的开放，中国公司和基金发起人有更多的机会为中国资本制定对外投资结构——或建立可向全球推销的投资结构 。


作者简历

STÉPHANE KAROLCZUK

香港办事处主管

Stéphane Karolczuk是Arendt & Medernach律师事务所香港代表处的主管，负责向亚太地区客户提供有关卢森堡法律及监管事务的法律顾问服务。

作为投资基金业务的高级律师，Stéphane也向国际客户提供一切有关投资基金的法律顾问服务，例如卢森堡及外国投资基金的构建、注册登记、市场营销和公开发行上市。他还提供法律意见并协助客户选择和制定投资结构、起草合同及销售文件，以及就此类事项联系卢森堡金融监管机构，即金融业监管委员会（CSSF）和卢森堡证券交易所。

2007年9月至2009年1月，Stéphane被派驻Arendt & Medernach的纽约代表处，开拓了一个投资管理咨询站，向美国客户提供有关卢森堡投资基金问题的顾问服务。他从2009年9月起常驻香港。

Stéphane毕业于比利时的布鲁塞尔大学和根特大学。他是获准在香港执业的注册外国律师，也是获准在卢森堡和布鲁塞尔执业的律师。