Germany is China's biggest trading partner in Europe. Representatives from the Federal Ministry for Economics and Energy (Bundesministerium für Wirtschaft und Energie, BMWi) and the Ministry for Trade of the People's Republic of China regularly gather for joint consultations to discuss mutual trade relationships.

Chinese companies are in particular attracted by German companies which are active in the technology and mechanical engineering sector. Recent COI in Germany includes:

• Electronics, e.g., Lenovo's acquisition of a majority stake in Medion;
• Mechanical engineering, e.g., Weichai Power's acquisition of a 33% stake in Kion Group and Sany's acquisition of Putzmeister;
• Automotive supply, e.g. the acquisition by TMT Zhuzhou Times New Materials Technology of a business division of ZF Friedrichshafen; and
• Renewable energies, e.g., LDK Solar's acquisition of a majority stake in Sunways.

b. Is the government generally supportive of COI? Which government, and regional, bodies are responsible for driving COI in your jurisdiction?

The BMWi has recently issued a joint declaration with its Chinese counterpart, expressly pointing out that it welcomes the rising interest by Chinese companies to invest in Germany.

Section 2:Investment vehicles

a. What are the most common legal entities and vehicles used for COI in your jurisdiction? How long do they take to become operational?

German corporate law offers different types of companies and partnerships suitable for investments. Usually, Chinese investors opt for the limited liability company (Gesellschaft mit beschränkter Haftung), a legal entity with a registered share capital of at least €25,000. However, some investors choose the limited partnership (Kommanditgesellschaft) in order to take advantage of German tax laws.

b. What are the key requirements for establishment and operation of these vehicles relevant to COI (e.g. is there a requirement for local directors?)

A German limited liability company can be established by at least one individual or legal entity in a very straight forward process which only requires the declaration of foundation and the articles of association to be notarised, at least half of the statutory share capital to be paid in, and the company to be registered with the commercial register. Foreign investors may avoid travelling to Germany by appointing a representative to found the company on their behalf. Furthermore, the process can be sped up by acquiring a so-called shelf company, i.e. a company already duly founded and registered with the commercial register (which only has to be renamed by the purchaser).

The limited liability company's business operations are conducted by at least one managing director who need neither be a German citizen nor reside in Germany. However, the company has to have a domestic business address.

Section 3: Investment approval

a. For foreign investment approval (including any national security review) explain the approval process and timing.

According to the German Trade Act (Außenwirtschaftsgesetz) and the German Trade Ordinance (Außenwirtschaftsverordnung), any acquisition of a direct or indirect stake of at least 25% of the voting rights, and, if applicable, any subsequent increase of voting rights, in a company resident in Germany, irrespective of the business that this company is engaged in, by a non-EU and non-EFTA investor can be the subject of a formal investigation by the BMWi. The same applies to any EU- or EFTA-company with a shareholder based outside the EU that holds at least 25% of the voting rights of an EU-based company. In the calculation of the 25% threshold, voting rights by third parties, acting jointly with the investor, have to be considered.

Generally, there is no legal obligation to notify the BMWi of a transaction by which such stake in the voting rights is effected. However, the BMWi may initiate investigations within three months of signing / launch of a takeover offer / gaining of control by requesting comprehensive information on the transaction and ask the purchaser to submit relevant information on the transaction. Within two months of receiving the requested information, the BMWi is entitled to prohibit or otherwise restrict the planned transaction if it is considered a “threat to public order or security” of the Federal Republic of Germany. Within this time limit, the transaction remains subject to the condition subsequent that the BMWi prohibits the acquisition. To avoid uncertainty on timing, investors may apply for a binding “certificate of compliance” which the BMWi issues within one month, unless it decides to initiate a formal investigation.

It is worth pointing out that, as explained below, the BMWi applies a very investment-friendly approach and to date has never blocked any COI transaction.

b. Briefly explain the investment restrictions for any specially regulated/restricted sectors (natural resources, financial services, telecoms and infrastructure, etc), including whether the government is entitled to any special rights (e.g. golden share) in those sectors.

If a non-German company acquires a direct or indirect stake of at least 25% of the voting rights in a German company engaged in specific industrial sectors, foreign investors are required to notify the BMWi. This holds true for corporations that produce or develop military goods specified in the war weapons list of the German War Weapons Control Act (Kriegswaffenkontrollgesetz), specially designed motors or gears for combat tanks and other armoured military tracked vehicles, and products with IT security functions for the processing of national classified documents. In such cases, execution of an acquisition by transfer of the shares is provisionally ineffective until the BMWi expressly clears the transaction or does not initiate a formal investigation within one month of the notification. If it initiates an investigation, the investor is required to provide relevant information to the BMWi. The BMWi may, within one month of receipt of such information, prohibit or otherwise restrict the planned transaction if it is considered a “threat to material security interests” of the Federal Republic of Germany.

c. Which authority oversees competition clearance, when is notification mandatory, and what is the merger clearance process (including whether pre- or post-closing)?

COI in Germany may trigger merger control requirements under national law if they constitute a “concentration”, which includes not only the acquisition of control but also, inter alia, any other combination enabling at least one company to exercise a competitively significant influence on another party of the transaction. Note that the concept of a “concentration” is somewhat different under European rules. For instance, acquisitions of minority shareholdings normally do not have to be notified under the current regime.

Merger control under European rules is regulated by the EU Merger Regulation (EUMR) and enforced by the European Commission (Commission). In cases not governed by the EUMR, German merger control, regulated by the Act against Restraints of Competition (Gesetz gegen Wettbewerbsbeschränkungen, GWB) may be applicable. Such legislation is enforced by the Federal Cartel Office (Bundeskartellamt, BKartA).

A transaction will have to be notified to the Commission if:

• •he aggregate worldwide turnover of all the parties exceeds €5 billion; and
• the aggregate EU-wide turnover of each of at least two parties exceeds €250 million.

The EUMR also applies to smaller transactions that have an impact on at least three Member States. These transactions are caught by the EUMR where:

• the aggregate worldwide turnover of all the parties exceeds €2.5 billion;
• the EU-wide turnover of each of at least two parties exceeds €100 million;
• in each of at least three Member States the aggregate turnover of all the parties exceeds €100 million; and
• in each of at least three Member States mentioned immediately above, the turnover of each of at least two parties exceeds €25 million.

A notification obligation to the Commission does not exist if each of the parties achieves more than two-thirds of its aggregate EU-wide turnover in one and the same Member State.

German merger control rules generally apply when:

• the aggregate worldwide turnover of all the parties exceeds €500 million;
• the turnover in Germany of at least one of the parties exceeds €25 million; and
• the turnover in Germany of another party exceeds €5 million.

Both merger control regimes are mandatory and suspensory, meaning that the transaction must not be completed until clearance has been obtained.

d. Are there any unique processes that potentially could block a foreign investment, e.g. consent from labour unions?

Generally speaking, foreign investments are not subject to the prior consent of labour unions or similar employee representations. In share deals, prior consultations may be required if an investor acquires control of a company. However, failure to comply with such obligation will not affect the validity of the transaction but could give rise to a fine. If operational changes in the business are a part, or likely consequence, of an asset deal and these have material adverse effects for the workforce or substantial parts thereof, the works council has the right to negotiate with the seller's management to reconcile interests and agree on the details of the operational change as well as on a social plan (which will typically provide for financial compensation to offset economic disadvantages suffered by the employees).

Employees may also object to a transfer of their employment relationship in case of an asset deal. In case of such objection, the affected employees are not transferred to the purchaser together with the business or business unit but remain employed with the business seller. Depending on the number of employees or the persons (e.g. key staff) objecting, this can have significant adverse effects for the purchaser as regards the continuance of the business. Therefore, prior consultations with competent trade unions and works councils may be sought in order to ensure their support with regard to the deal and to ensure a smooth transfer process.

e. Are there approval requirements when a foreign investor increases or exits its investments?

Furthermore, an approval by the BMWi may be necessary even if the 25% threshold has already been crossed with regard to the foreign investor's shareholding. According to the BMWi, any increase of the voting rights which results in a stake that exceeds the 25%-threshold is subject to an approval process, irrespective of the amount by which the shareholding has been increased.

Section 4: Tax and grants

a. Are there tax structures and/or favourable intermediary tax jurisdictions that are particularly useful for FDI into the country?

In the past Chinese investors often considered Luxembourg holding structures for an equity investment into Germany. However, Germany and China signed a new double tax treaty on 28 March 2014 (the New China/Germany DTA) which provides a rather favourable tax framework for cross-border direct investments, such as 5% tax on dividend payments under the treaty participation exemption.

b. What are the applicable rates of corporate tax and withholding tax on dividends?

In Germany, the corporate income tax rate is 15% plus a solidarity surcharge of 5.5% thereon, totalling 15.8%. Furthermore, Germany levies trade tax, which is a municipal tax. The trade tax rate depends on the municipality in which the German trade is located and generally varies between 7% (at the lowest) and 17.15% (for Munich). Hence, the overall tax rate for a corporation typically is between 29% and 32%.

c. Does the government have any FDI tax incentive schemes in place?

Germany has a broad network of double tax treaties providing for favourable conditions for inbound FDI investment. Germany normally applies tax incentive schemes equally to domestic and foreign investors, like e.g. special amortisation/depreciation allowances, reinvestment reserves. For investment grants/subsidies see question d. below.

d. Other than through the tax system, does the government provide any other financial support to FDI investors? If so, please provide an overview.

Germany operates a wide range of investment incentive schemes like investment grants and investment subsidies, ranging from e.g. R&D subsidies, energy subsidies to agricultural subsidies.

e. Are there any reciprocal tax arrangements between your jurisdiction and China? If so, how can they aid investors?

The 1985 China/Germany double tax treaty pursues the objective of eliminating a double taxation for cross border activities. On March 28 2014, Germany and China have signed the New China/Germany DTA which will replace the 1985 treaty once enacted. It is envisaged that the New China/Germany DTA applies as of January 1 2015.

The basic withholding tax (WHT) rate on dividends amounts to 10% of the gross dividend payment, but the New China/Germany DTA also provides for a preferred WHT-rate of 5% for direct investments in the other contracting state of at least 25%. As regards capital gains, the source country has a right of taxation of capital gains which is limited to 10%, provided that the shareholder directly or indirectly holds at least 25% of the shares or, in case of a listed company, holds more than 3% of the shares.

Section 5:Forex controls and local operations

a. What foreign currency or exchange restrictions should foreign investors be aware of?

In practice, there are no foreign exchange restrictions a Chinese investor would have to observe. However, sufficient funding of the transaction in Euro and compliance with Chinese foreign exchange restrictions has to be ensured.

b. Are there any legal restrictions on bringing in foreign workers and how difficult is it for foreign investors to secure expatriate visas for shareholder representatives, senior managers and workers in practice?

Foreign workers, i.e. workers from a country not belonging to the EU, EEA or Switzerland, may be employed in Germany only if they have a residence permit that provides for a permission to work. Usually, the grant of any such visa is subject to a labour market test which is performed by the Federal Employment Agency to ensure that there is no German, EU, EEA or Swiss job seeker available to fill the position, to avoid detrimental effects to the German labour market and to ensure that foreign workers are not employed at poorer working conditions than comparable German employees. However, as from August 1 2012, foreign workers who have an academic or equivalent qualification and evidence of a job offer in Germany with a level of income above a defined minimum salary have easier access to the German labour market.

Section 6: Dispute resolution

a. Does your jurisdiction have a bilateral investment protection treaty with China or other jurisdictions commonly used for investing into the country?

Germany has bilateral investment protection treaties with both China and Hong Kong. These treaties aim to create favourable conditions for and to encourage, promote and protect investments made by investors in China and Hong Kong, respectively, into Germany and vice versa. The effect for investors in China and Hong Kong investing into Germany is that they enjoy, among other things:

• free admission of their investment into Germany;
• fair and equitable treatment of their investment to that of a German national or a national of any other country;
• protection against expropriation of their investment;
• compensation for certain types of losses in relation to their investment; and
• freedom to transfer their investment and the return on such investment out of Germany.

b. How efficient are local courts' enforcement and dispute resolution proceedings, and are there any procedural idiosyncrasies foreign investors must be aware of?

German courts are very experienced as well as cost and time efficient when it comes to commercial disputes. Regional courts provide for specialised Chambers for Commercial Matters and, before designated courts, oral hearings may be conducted in English language. The Rule of Law Index 2014 of The World Justice Project ranks Germany 3rd out of 99 countries in Civil Justice (UK 14th, USA 27th).

c. Do local courts respect foreign judgments and are international arbitration awards enforceable?

Different rules apply when assessing whether the German courts will enforce a foreign judgment depending on the jurisdiction in which the foreign judgment was given.

If the judgment was given in a country outside the EU that does not have an applicable bilateral or multilateral agreement with Germany on reciprocal enforcement of judgments (for instance China and Hong Kong), its enforceability will be governed by German law. Under German law, only judgments given in a country that equally enforces German judgements are generally enforceable (reciprocity). Judgments from China and Hong Kong are considered to be generally enforceable in Germany.

Germany is a signatory of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards and has enacted the requisite domestic legislation to bring it into force.

d. Are local judgments and arbitration awards from your jurisdiction generally enforceable in other jurisdictions?

Different rules apply when assessing whether a German judgment will be enforceable in a foreign jurisdiction depending on the jurisdiction in which enforcement is sought. In determining the enforceability of a German judgment in any other country (including China or Hong Kong), the local law of that country will apply.

Arbitral awards made in Germany will generally be enforceable in other states that are signatories to the New York Convention, subject to certain exceptions. Notably, China and Hong Kong will only enforce arbitral awards made in the territory of another contracting state (such as Germany), and only where the issues arbitrated arose out of legal relationships that are considered commercial under local law.

Heiner Braun

Dr Heiner Braun is the co-head of our firm's consumer and healthcare practice and a member of our corporate practice group. He was based in Asia (Shanghai and Hong Kong) for five years and acted as managing partner of our Shanghai office from 2011 to 2013. His areas of practice include corporate and finance law with particular em-phasis on mergers & acquisitions, private equity, public takeovers, securities and gen-eral corporate law.

Heiner is admitted to the German, Hong Kong, and New York Bars. He has been recognised by Chambers Global, IFLR1000 and JUVE as a leading lawyer in Asia and Germany, particularly in the fields of M&A and private equity. He is a fluent English, French and German speaker and is conversational in Mandarin Chinese.

Maximilian Platzer

Maximilian is an associate in Freshfields' Frankfurt office. He practises corporate law and specialises in mergers and acquisitions. After having graduated at Heidelberg Law School, Maximilian served his legal clerkship at Frankfurt am Main and London.

德国

Heiner Braun 和 Maximilian Platzer
富而德律师事务所


第一节：中国境外投资

1. 您国家吸引中国境外投资或您政府有意吸引中国境外投资的主要有哪些行业？
德国是中国在欧洲的最大贸易伙伴。联邦经济能源 (Bundesministerium für Wirtschaft und Energie) 和中华人民共和国商务部的代表定期会谈商讨相互间的贸易关系。

从事技术和机械工程行业的德国公司特别吸引中国公司。中国最近对德投资项目包括：

(1) 电子，例如联想收购Medion的多数股权；
(2) 机械工程，例如潍柴动力收购Kion集团33%的股权以及三一收购Putzmeister；
(3) 汽车供应，例如株洲时代新材料科技股份有限公司收购ZF Friedrichshafen的一个业务部门；
(4) 可再生能源，例如江西赛维LDK太阳能高科技有限公司收购Sunways的多数股权。

2. 政府一般支持中国境外投资吗？在您国家，哪些政府或地方机构负责推动中国境外投资？
联邦经济能源部最近与中国相关部门发出一项联合声明，明确指出德国欢迎中国公司对投资德国表现出的日益浓厚的兴趣。


第二节：投资工具

1. 您国家最常用于中国境外投资的法人实体和工具有哪些？要多久才可营运？
德国公司法规定了不同类型的适合于投资的公司和合伙企业。中国投资者通常喜欢选择有限责任公司(Gesellschaft mit beschränkter Haftung)，这是一种注册资本不得低于25,000欧元的法律实体。但是，有些投资者也会选择有限合伙企业 (Kommanditgesellschaft)，以便利用德国税法。

2. 设立和营运与中国境外投资相关的企业主要需符合什么要求 (例如：有没有规定必须要有本地董事)？
最少一人或一个法律实体即可设立德国的有限责任公司，且手续极为简便，只需要宣告成立并对章程进行公证，至少缴入一半法定资本，及在公司登记处对公司进行登记。外国投资者可以指派一名代表代表其设立公司，自己无需亲临德国。而且，还可以通过收购一家所谓的空壳公司（即已经正式设立并在商业登记处作了登记的公司）并简单变更名称的方式更快地达成这一目的。

有限责任公司的业务运营由至少一名常务董事来管理，该人既不必是德国人也不并在德国居住。但公司必须有一个德国国内的经营地址。


第三节：投资审批

1. 关于外商投资的审批 (包括任何国家安全审查)，请说明审批程序和所需时间。
根据《德国贸易法》(Außenwirtschaftsgesetz)和《德国贸易条例》(Außenwirtschaftsverordnung)，非欧盟及非欧洲自由贸易联盟的投资者收购德国公司（不管该公司从事什么业务）享有不低于25%表决权的直接或间接股权及（如适用）随后增加表决权，可能引起联邦经济能源部的正式调查。同样的情况也适用于拥有一名欧盟境外的、至少持有欧盟公司25%表决权的股东的任何欧盟或欧洲自由贸易联盟公司。在计算该25%的界线时，与该投资者共同行动的第三方的表决权也必须计算在内。

一般来说，取得该表决权的交易并无法定义务向联邦经济能源部进行申报。但是，联邦经济能源部可能在签署/提出收购要约/取得控股权后的三个月内通过索要有关交易的广泛信息的方式启动调查，并要求买方提供有关交易的信息。在收到所索要的信息后的两个月内，联邦经济能源部如果认为拟进行的交易“威胁到德意志联邦共和国公共秩序或安全”的话，则其有权禁止或以其他方式限制该交易。在此期限内，交易依然有待联邦经济能源部作出是否禁止收购的决定。为了避免时间方面的不确定性，投资者可以向联邦经济能源部申请出具一份有约束力的“合规证明”，联邦经济能源部会在一个月内出具，除非它决定启动正式调查。

值得指出的一点是，如下面说明的那样，联邦经济能源部对投资采取非常友好的立场，迄今未阻止过任何中国对德投资交易。

2. 请概述任何特别受监管/限制的行业 (自然资源、金融服务、电信和基础设施等)的投资限制，包括政府在有关行业是否有特别权利 (例如黄金股份)。
如果一家非德国公司收购一家从事特定工业行业的德国公司的具有不低于25%表决权的直接或间接股权，则外国投资者须向联邦经济能源部申报。这些特定工业行业包括生产或开发下述产品的公司：《德国战争武器管控法》(Kriegswaffenkontrollgesetz)的战争武器清单中所列的军用商品，战斗坦克及其他装甲军车使用的专用发动机或传动装置，及具有信息技术功能的用于处理国家机密文件的产品。在此类情况下，通过股份转让等方式进行的收购暂时无效，直到联邦经济能源部明确批准交易或在申报后一个月内未启动正式调查时为止。如果联邦经济能源部启动调查，则投资者须向联邦经济能源部提供有关信息。如果联邦经济能源部认为拟进行的交易“威胁到德意志联邦共和国的重大安全利益”的话，则其可以在收到该等信息后一个月内禁止或以其他方式限制拟进行的交易。

3. 哪个机关负责监管竞争审查？什么时候报告是强制性的？并请概述合并审查程序(包括合并前后)。
如果中国对德投资构成“经营者集中”（包括取得控制权以及使至少一家公司能够对交易另一方施加竞争方面重大影响的任何其它合并等情形），则可能会触发国家法律有关并购管控的规定。请注意，“经营者集中”的概念在欧洲规则项下有所不同。比如，根据现行制度，收购少数股权一般不需要申报。

欧洲规则下的并购控制受《欧盟合并条例》的管辖，并由欧洲委员会（欧委会）执行。在不受《欧盟合并条例》管辖的情况下，可以适用受《反限制竞争法》(Gesetz gegen Wettbewerbsbeschränkungen, GWB)管辖的德国并购控制制度。该法由联邦卡特尔办公室(Bundeskartellamt, BKartA)执行。

具有下述情形的交易必须向欧委会申报：

(1) 交易所有各方的全球营业额总和超过50亿欧元；
(2) 至少两方中的每一方在欧盟的总营业额超过2.5亿欧元。

《欧盟合并条例》亦适用于至少影响到三个成员国的较小的交易，包括属于下述情形的交易：

(1) 所有各方的全球营业额总和超过25亿欧元；
(2) 至少两方中的每一方在欧盟的营业额超过一亿欧元；
(3) 在至少三个成员国中的每个成员国，所有各方的营业额总和超过一亿欧元；
(4) 在前述至少三个成员国中的每个成员国，至少两方中的每一方的营业额超过2500万欧元。

如果每一方欧盟总营业额的三分之二以上是在同一个成员国取得的，则没有义务向欧委会申报。

下述情况下一般适用德国的并购控制规则：

(1) 所有各方的全球营业额总和超过5亿欧元；
(2) 至少一方在德国的营业额超过2500万欧元；
(3) 另一方在德国的营业额超过500万欧元。

欧盟和德国的并购控制制度都是强制性的，且具有暂停交易的效力，也就是说在获得批准之前不得完成交易。

4. 有没有任何特别的程序例如工会同意之类，有可能会阻止外国投资的呢？
一般来说，外国投资无需事先征得工会或其它员工代表组织的同意。在股份交易中，如果投资者收购公司的控制权，则可能需要事先征询工会的意见。但是，未遵守该义务并不影响交易的有效性，只是可能导致罚款。如果企业发生的经营变化是资产交易的组成部分或可能后果，且该等变化对全体员工或大部分员工产生重大不利影响，则员工代表机构有权与卖方管理层进行谈判，以协调相关利益并商定经营性变化的细节和一份社会计划（该计划一般规定向员工提供经济补偿以抵消他们遭受的经济损失）。在资产交易中，员工也可能反对转移其劳动关系。如果出现这种情况，有关员工不会与业务或业务单位一起转让给买方，而是依然由业务的卖方雇用。取决于反对转移的员工或人员（例如骨干职员）的数量多寡，这种情况可能在业务持续性方面对买方造成相当大的不利影响。因此，应当与有关工会或员工代表机构事先进行协商，以确保他们支持交易并确保转让过程顺利完成。

5. 外国投资者如增加或撤回投资，有什么审批要求？
外国投资者的股权超过25%的限额时可能需要联邦经济能源部的批准。根据联邦经济能源部的规定，增加表决权从而导致股权超过25%的限额需要审批，不管增加的股权数量有多少。


第四节：税收及补助

1. 有没有一些税务结构或有利的中介税务管辖区，是对外商直接投资德国尤其有用的？
过去中国投资者对德国进行股权投资时常常考虑采用卢森堡控股结构。但德国和中国于2014年3月28日签订了一份新的避免双重征税条约（新中德税务条约），为跨国直接投资提供了一个相当有利的税务框架，例如根据条约规定的股东税务豁免对股息只征收5%的税。

2. 企业所得税和股息预提税的适用税率是多少？
在德国，公司所得税率为15%，外加5.5%的团结附加税，合计15.8%。德国还征收贸易税，这是一种市政税。贸易税率取决于德国贸易所在城市，一般在7%(最低)到17.15%（例如慕尼黑）之间。因此，一个公司的总体税率在29%至32%之间。

3. 政府是否已设立外商直接投资税务优惠制度？
德国签订了广泛的避免双重征税条约，为外国对德直接投资提供了有利的条件。德国的税务激励方案一般同等适用于国内和国外投资者，例如特殊摊销/折旧补贴、再投资储备金等等。有关投资补助/补贴，参见下面问题4。

4. 除了通过税务制度，政府还有向外商直接投资者提供其他财务支持吗？如有，请加以概述。
德国运行着范围广泛的投资激励方案，例如投资补助和投资补贴，从研发补贴、能源补贴直到农业补贴等等。

5. 您国家与中国之间有没有任何相互税务安排？如有，这些安排如何帮助投资者？
1985年签订的中德避免双重征税条约旨在消除对跨国业务的双重征税。2014年3月28日，德国和中国签署了新的中德税务条约，一俟制定即将取代1985年的条约。据预期新的中德税务条约将自2015年1月1日起生效。

股息的基础扣缴税率高达10%，但新中德税务条约为向对方国家至少25%的直接投资提供了5%的优惠预提税率。关于资本利得，来源国有权征收不超过10%的资本利得税，但前提是相关股东直接或间接地持有至少25%的股份，或者如属上市公司，则须至少持有超过3%的股份。


第五节：外汇管制及本地经营

1.有什么外币或外汇限制是外国投资者需要注意的？
在实践中，并没有什么中国投资者必须遵守的外汇限制规定。但必须确保为交易提供足够的欧元资金，且须符合中国的外汇管制规定。

2. 引入外国员工有什么法律限制？在操作上外商投资者为股东代表、高级经理和员工取得外国员工签证有多困难？
外国工作者，即来自不属于欧盟、欧洲经济区或瑞士的其他国家的工作者，只有取得允许工作的居留许可证后方可在德国就业。通常情况下，获得此类签证需要联邦就业局进行劳动力市场测试，以便确保没有德国、欧盟、欧洲经济区或瑞士的求职者来填补该职位，避免对德国劳动力市场造成损害性影响，及确保外国工作者的工作条件不次于同类德国员工。但是，自2012年8月1日起，具有学历或同等资质的并且能够证明已经获得德国境内收入水平高于规定的最低工资的聘约的外国工作者，更容易进入德国的劳动市场。


第六节：争议解决

1. 您国家是否有和中国或其他国家签订关于投资您国的双边投资保障条约？
德国与中国和香港都订有双边投资保护条约。这些条约旨在为双方的投资者在对方国家的投资提供有利条件，鼓励、促进和保护此类投资。中国和香港对德进行投资的投资者可以享有下述优惠待遇：

(1) 其投资可以自由进入德国；
(2) 其投资和德国人或任何其他国家的国民的投资享有平等的公平待遇；
(3) 保护其投资免遭征用；
(4) 对与其投资有关的特定损失予以补偿；
(5) 可以自由地将其投资及投资回报转出德国。

2. 当地法院的执法和争议解决程序的效率如何？有什么特别的程序是外商投资者需要注意的？
德国法院在解决商业纠纷方面富有经验，且具有很高的成本和时间效率。地区法院设有专门的商业事务院，并在指定法庭的口头审理可以用英语进行。《世界司法项目》2014年法律规则索引在99个国家的民事司法排名中将德国列为第三名（英国第十四名、美国第二十七名）。

3. 当地法院尊重外国判决吗？可执行国际仲裁裁决吗？
在评估德国法院是否会执行外国判决时，根据作出外国判决的法域的不同而适用不同的规则。

如果判决是在欧盟以外国家作出的，且该国与德国没有签订相互执行判决的双边或多边协定（例如中国和香港），则其可执行性将取决于德国法律的规定。根据德国法律，只有在平等执行德国判决的国家中作出的判决一般才是可以在德国执行的（互惠性）。中国和香港的判决一般被认为是可以在德国获得执行的。

德国是《承认和执行外国仲裁裁决纽约公约》的签约国之一，并且已经制定了必要的国内立法来实施该公约。

4. 您国家的判决和仲裁裁决一般会在其他国家执行吗？
在评估一个德国判决是否可以在外国法域执行时，根据执行地所在法域的不同而适用不同的规则。在确定德国判决在任何其他国家（包括中国或香港）的可执行性时，适用该国家的本国法律。

在德国作出的仲裁裁决一般可以在属于纽约公约签约国的其他国家执行，但也有一些例外情况。值得注意的是，中国和香港只执行在另一个缔约国（例如德国）作出的仲裁裁决，并且前提是所仲裁的问题起因于根据当地法律被视为属于商业性的法律关系。

Heiner Braun
Heiner Braun博士是本所消费及保健业务组的联席负责人，同时也是本所公司业务组的一名成员。他曾在亚洲（上海和香港）常驻五年，在2011年至2013年间担任本所上海办公室的管理合伙人。他的执业领域包括公司和金融法，特别着重于并购、私募股权、公开收购、证券及一般公司法律。

Heiner获有德国、香港和纽约的律师资格。他被Chambers Global、IFLR 1000和JUVE评为亚洲和德国（特别是在并购和私募股权领域）的顶尖律师之一。他能讲流利的英语、法语和德语，也能用中文普通话进行对话。

Maximilian Platzer
Maximilian是富而德法兰克福办公室的一名律师，从事公司法方面的业务，擅长于并购业务。从海德堡法学院毕业后，他在法兰克福和伦敦担任过法律文书。