The US has a fundamentally open economy with low barriers of entry for non-US investors. As the US is a “developed” nation pursuant to the WTO, it does not restrict investment by sector, and there is no equivalent to China's Foreign Investment Industrial Guidance Catalogue (外商投资产业指导目录), which categorises investment into sectors as either encouraged, permitted, restricted or prohibited to foreign investment. In mid-2012 the US Department of Commerce launched SelectUSA, a federal program designed to attract, retain and expand foreign investment in the US. The program targets six key sectors in which the US aims to attract investment: aerospace, education, energy, media and entertainment, pharmaceuticals, travel, tourism and hospitality. The US is very supportive of “Greenfield” investments, where a foreign investor constructs new operational facilities from the ground up, creating new long-term jobs in the US.

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

The US upholds a longstanding open investment policy, and continues to be the largest recipient of foreign investment in the world. The government system is broken down into federal, state and local county levels, so Chinese investors can expect potential regulatory processes at each level. Currently, the SelectUSA federal program is the largest driving force responsible for Chinese outbound investment into the US. However, many city and state government officials have taken the lead in attracting Chinese investment as well by creating independent state-funded programs.

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?

How a Chinese investor structures its legal entities and long-term operations in the US effectively defines how it will be taxed, and thus the decision can have a significant impact on profitability. US regulations generally allow businesses to choose a classification as a corporation, partnership or flow-through entities, unincorporated branches, and limited liability companies (LLCs).

Chinese investment into the US is typically structured through the use of a special purpose vehicle (SPV), which is often domiciled offshore in a tax-friendly intermediary jurisdiction. A standard SPV setup may only take two to three weeks; however, before a Chinese company is permitted to conduct outbound investment, it may need to obtain approvals from Chinese government regulatory bodies, such as the State Administration of Foreign Exchange (SAFE) and/or the National Development and Reform Commission (NDRC), as well as at provincial levels, which can take anywhere from two to eight months, depending on the company's industry, size and nature of the outbound investment and other conditions. Not all Chinese companies require approval from these Chinese regulators to conduct outbound investment.

Assuming there are no regulatory hold-ups in the US, the establishment of an LLC, which is typically the entity of choice, can take one to two months, after which a business can become operational with a functional bank account and a federal and state tax identification number.

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

Investors must complete basic establishment requirements in the selected SPV's jurisdiction and comply with charter documents such as the company's memorandum of association, articles of association, appointment of directors, and capital investment amount. Most importantly and often times difficult, however, is the opening of a bank account for the SPV. Requirements such as Anti-Money Laundering (AML) compliance and Know Your Customer (KYC) analysis to ensure anti-bribery compliance can slow a company down from opening a bank account, and thus establishing an SPV. Global banking is highly regulated, especially for Chinese-sourced money.

Section 3:Investment approval

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

When investing in or acquiring business assets in the US, a Chinese investor should be aware of two major approvals that may be necessary, depending on the nature of the investment – CFIUS and merger control review (see 3c).

Established in 1975, CFIUS is an inter-agency committee of the US government that is made up of representatives from federal agencies and offices. CFIUS establishes the process for reviewing the national security impact of foreign acquisitions, joint ventures, and certain investments into US-located businesses.

The CFIUS notification process is entirely voluntary and has no mandatory waiting period before a transaction can close. Investors should assess whether or not their transaction could elicit national security review, because if an investigation is undertaken post-closing, it could potentially result in the entire transaction being shut down and the necessity to unwind the transaction.

CFIUS timing and review procedures is as follows:

• Initial Review Period – 30 days
• Investigation Period – 45 days
• Presidential Review Period – 15 days

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.

While the United States has a general policy of openness to foreign investment, it does restrict foreign investment in certain circumstances. These include, for example, transportation, communication and energy, as well as certain licensed businesses, such as banking and insurance. Restrictions are often in relation to ownership rules, such as restricting the percentage of foreign ownership in a business in a certain sector.

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

Under US antitrust law and the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), the Federal Trade Commission (FTC) and the Department of Justice (DOJ) have the authority to review proposed transactions that can affect competition in the US and are over a certain size, though certain exemptions apply. Both agencies can block deals that they believe would lessen competition, give the newly merged company the ability to raise prices above competitive levels or decrease quality or output below competitive levels. Prior to completing certain mergers, joint ventures, tender offers, stock or asset acquisitions or exclusive license, both parties must file a “Premerger Notification Report Form” with the FTC and DOJ and observe a statutory waiting period (usually 30 days) before closing, unless the FTC or DOJ challenge the deal. A premerger notification is only required if the transaction meets both the “size of person” and “size of transaction” thresholds, which are updated annually.

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

Other than the CFIUS review (see 3a) and merger review (see 3c), there are no other major processes that could potentially block foreign investment into the US.

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

Increasing or exiting investments generally do not require approvals, unless the investment is in restricted sectors (see 3b) or an increase in investment triggers CFIUS review or merger review (3c).

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?

The United States has one of the most complex tax codes in the world. Interestingly, the US tax laws are very similar to China's tax laws. Typically Chinese investors set-up tax-efficient structures by way of an SPV in an offshore tax-friendly jurisdiction, such as the British Virgin Islands or Cayman Islands (see 2a). Additionally, due to the favourable tax treaties between Mainland China and Hong Kong under the Closer Economic Partnership Arrangement of 2003 (CEPA), many Chinese investors will also establish a Hong Kong company as part of their offshore investment structure.

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

The corporate income tax rate in the US varies between 15% and 35%. The rate on the highest income bracket of corporations is 35%, and then state and local governments may also impose income taxes ranging from 0% to 12%. US tax law requires withholding tax for non-US persons (non-resident aliens) at a rate of 30% on payments of US source stock dividends, short-term capital gain distributions and substitute payments in lieu.

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

The US government offers significant opportunities and tax incentive schemes for foreign investors. “Greenfield” investments often qualify for subsidised loans and other tax incentives from federal, state, and local governments. Tax incentives, financial and managerial assistance are also available to small businesses and entrepreneurs through the Small Business Administration (SBA). Various states and cities promote tax incentive schemes for certain types of business investments.

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

The federal government provides government loans and grants to small businesses through the SBA, which are available to foreign investors.

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

There are no meaningful reciprocal tax arrangements between the US and China from a foreign investment perspective, thus Chinese investors are advised to establish cross-border entity structures that take advantage of alternative tax-friendly jurisdictions (see 2ab).

Section 5:Forex controls and local operations

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

The US does not impose any foreign currency or exchange restrictions. The US has rigorous banking rules that impose withholding obligations from time to time and all Chinese investors must at all times comply with anti-money laundering rules.

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?

Visitors and workers from China must apply for a visa to enter the US. Visas are not difficult to obtain as long as proper procedures are followed. Applicants must show that they qualify under provisions of the Immigration and Nationality Act, must have legitimate reasons to travel and must not have a criminal record.

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?

The US does not have a bilateral investment treaty (BIT) with China, though it does have BITs in force with 41 other nations. Investments from China are not typically structured through these other BIT nations; however, depending on the type of investment and complexity of the investor structure, there may be advantages provided by a BIT nation.

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

Dispute resolution in local courts is not very efficient (in terms of timing) and can become costly, especially in comparison to China, as attorney costs are generally much higher in the US. Chinese investors should be aware that rules with respect to damage and evidence are quite different in the US. Damages can include actual, consequential and possibly punitive damages.

Chinese investors should also know that litigation legal fees are relatively expensive.

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

The US and China are both members of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958 (New York Convention), therefore international judgments and arbitration awards are recognised and enforced as long as they are not against public policy and local law.

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

As a member of the New York Convention, US judgments and arbitration awards are enforceable in all 146 member states of the Convention, and only about 50 nations have not adopted the Convention.

Rocky T. Lee

Rocky T. Lee is the Asia Managing Partner and the Head of Cadwalader's Greater China Corporate Practice. With a broad practice in China outbound mergers & acquisitions, private equity and venture capital, foreign exchange and antitrust law matters, Rocky is widely recognised as one of the top China-US legal advisors. He has particular expertise in China's “restricted industries” such as internet, technology, banking, funds, e-commerce, education, energy, financial services, healthcare, media and entertainment, publishing and telecommunications. He is highly regarded for his knowledge of the complex regulations governing foreign investment in China, foreign exchange, and cross-border transaction structuring.

Rocky represents Chinese state-owned enterprises, multinationals, financial institutions, hedge funds, private equity funds, and public and private companies in complex-cross border transactions. In addition, he regularly provides legal advice for a number of public and private companies in a variety of areas, including contractual negotiation, financial structuring, corporate governance, and other general legal matters. He has also served as special counsel to independent directors committees in complex mergers and contested going-private transactions and leveraged buyouts.

He is consistently listed as one of the top lawyers in both China and the US, and is included as the US Best Lawyers Advisory Board's sole “China Expert” in 2013. Chambers Asia has listed Rocky as a “Band 1 Leading Lawyer” (the highest possible ranking) for four years. Top Capital awarded Rocky “Best Legal Counsel of Investment Institutions” and “Counselor of the Year in Venture Capital and Private Equity” numerous times.

Rocky is admitted to practise in California, and is fluent in Mandarin Chinese and English.

美国

李大诚
Cadwalader, Wickersham & Taft LLP


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？
美国本身是一个经济开放的国家，给外国到美投资设立的门槛很低。世界贸易组织把美国定为“发达”国家，所以美国并不就外商投资的产业进行限制，而且也没有类似中国的“外商投资产业指导目录”把外商投资的产业划分为鼓励、允许、限制或禁止类。在2012年中段，美国商务部启动了名为“选择美国”的一个联邦项目，意在吸引、保持和扩大到美投资的外商。该项目瞄准了六个美国想要吸引外资的重点产业：航空航天工业、教育、能源、媒体与娱乐、医药和旅游。另外，美国相对比较支持“绿地”投资，也就是由外国投资者从无到有地彻底建造一个新的运营实体，比如公司、工厂，这样可以为美国创造更多新的长期工作机会。

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？
美国贯彻的是一个长期稳定且开放的投资政策，而且美国一直是全球接纳外商投资最多的国家。但在政治体制方面美国和中国截然不同，美国政府系统不是像中国的单一制国家结构形式，而是分为联邦、州和地级县三级，来到美国的中国投资者需要遵守每一级政府的法规和规章。就主导外商投资的机关，目前，“选择美国”联邦项目是推动中国投资者到美投资的最主要机制，并没有某一个政府部门专门推动外商投资。不过，在市和州政府一级，很多市、州政府也在通过设立各自辖区内独立的推动外商投资的项目来吸引中国投资者。


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？
中国投资者如何设计投资模式和长期在美的运营模式与其需要缴纳的税是息息相关的，也就意味着投资模式和运营模式的设定会很大程度影响投资的利润。美国法律总体上允许投资者选择任何实体进行投资，比如可以把公司、合伙或纳税中间实体、非法人的分公司及有限责任公司作为新设公司的主体。

最典型的赴美中国投资是通过特殊目的公司（SPV）的模式，一般该公司是在税收优惠的海外国家或地区设立，是免税天堂。一般该特殊目的公司的设立仅需要一到两周，但是中国企业进行海外投资需要先获得中国政府部门的审批，比如国家外汇管理局及国家发展和改革委员会，还会涉及地方省一级的审批，这个过程需要两到八个月的时间。需要注意的是并不是所有需要从事海外投资的中国公司都要从这些政府机关获得批准，具体的细则还需要查看国家外汇管理局及国家发改委和商务部的登记、核准和审批相关规定。

成立上述公司的时间并不长，假设中国投资人在美国没有受到任何法律上的阻碍，设立一个有限责任公司是一般的通常做法，会需要一到两个月的时间，设立之后只要开立银行账户以及获得联邦和州的纳税识别号码，公司就可以开始运营了。

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)？
投资者必须符合特殊目的公司所在地法律对公司设立的基本要求，如公司章程、任命董事以及注册资本。但是，最重要也是常常最难的是为特殊目的公司开立银行账户。开立银行账户会有很多特殊的审查，比如反洗钱合规调查、为确保反贿赂合规而做的客户信息调查（KYC）等都会延缓开立银行账户的时间，从而也就影响了设立特殊目的公司的时间。国际银行领域有非常多的规定，尤其是针对来自中国的资金会重点调查。


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。
来美投资或并购的中国投资者，根据其投资的性质不同，应当注意两项可能需要申报的审批―美国外资投资委员会和经营者集中审查（见第三节3）。

美国外资投资委员会建立于1975年，是美国政府的一个跨部门的委员会，该委员会由来自联邦各部各办公厅的代表组成。美国外资投资委员会会对外资收购、设立合资企业及其他对美国本土业务的投资所产生的国家安全影响进行审核。

申报美国外资投资委员会审批是完全自愿的，该审批也没有要求在投资项目交割之前有强制的等待审批时间。而投资者自己应当评估其投资是否会涉及国家安全审查，因为如果审查是在项目交割之后开始，那么审查结果有可能导致整个项目中断和交易终止，前期的努力付之东流。

美国外资投资委员会审批的时间表和进度表如下：

(1) 初步审查期 – 30天
(2) 调查期 – 45天
(3) 总统审查期 – 15天

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)。
虽然美国对外商投资总体上持开放的政策，但在某些情形下会限制外商投资。其中包括，在公共交通、通讯和能源领域以及一些需要行政许可的领域，如银行和保险，会对外商投资有所限制。相关的限制措施一般与股权有关，比如限制特定产业外资的股权比例。

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)。
美国联邦贸易委员会和司法部依据美国反垄断法和1976哈特史葛罗宾诺反垄断改进法（HSR法案），有权审查会对美国市场竞争产生影响的申报的交易项目。两个机构都可以阻止任何他们认为会减弱市场竞争的交易项目，比如两家公司合并后的新公司如果拥有了市场支配地位，那么它有可能会利用其市场支配地位故意抬高价格或降低质量或产出。在完成合并、合资、要约收购、股权或资产收购或取得行政许可之前，如果达到了一定标准，交易双方就必须向美国联邦贸易委员会和司法部提交“并购前通知报告表”，如果美国联邦贸易委员会和司法部不对交易提出质疑，在一段法定的等待期间（一般是30天）之后就可以交割了。申报的标准有两方面，交易参与者自身的资产或销售额以及交易的规模，只有该项目在交易参与者的大小和交易的标的额方面同时达到了法定的标准才需要做并购前的通知申报，这个标准是每年都调整的。

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？
除了美国外资投资委员会（见第三节1）和经营者集中审查（见第三节3）外，没有其他可能阻止外商在美投资的程序了。

5. 外国投资者如增加或撤回投资，有什么审批要求？
增加或减少投资一般不需要政府审批，除非是在限制产业内的投资或者该增加的投资达到了美国外资投资委员会的国家安全审查或经营者集中审查标准（见第三节3）。


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，是对外商直接投资美国尤其有用的？
美国的税法典是世界上最复杂的税法典之一。有趣的是美国税法和中国税法很相似。中国投资者一般会通过在境外的免税或低税国家或地区，比如英属维京群岛或开曼群岛设立特殊目的公司来达到减税目的的投资模式进行投资（见第二节1）。此外，由于中国大陆和香港在2003年的紧密经济伙伴安排（CEPA）之下达成了吸引投资者的税收协定，许多中国投资者也会在香港设立一家公司来作为海外投资架构的一部分。

2. 企业所得税和股息预提税的适用税率是多少？
美国的企业所得税率是在15%和35%之间。企业所得税率最高是35%，但州和地方政府可能也会征收所得税，税率在0%到12%之间。美国税法要求对非美国居民企业（无住所的外国人）代扣所得税，其中对美国股票分红、短期资本利得和代替支付所得的税率是30%。

3. 政府是否已设立外商直接投资税务优惠制度？
美国政府为外商提供了很多机会和税收优惠政策。进行“绿地”投资的投资者一般可以申请政府补贴贷款和其他来自联邦、州和地方政府的税收优惠。小企业管理局还会给小企业和企业家提供税收优惠、财政和运营方面的支持。各个州和市都会给特定种类的投资提供税收优惠政策。

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。
美国联邦政府通过小企业管理局为小企业提供政府贷款和补助，其中也包括外资企业。

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？
美国和中国在外商投资方面没有特别的双边互惠税收安排，建议中国投资者通过建立跨国实体架构的模式，比如海外设立特殊目的公司，来享受免税国家或地区的优惠政策。（见第二节1、2）


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？
美国没有任何外汇管制。但美国有非常严密的银行规定会经常要求代扣代缴，另外所有中国投资者都必须严格遵守反洗钱规定。

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？
来自中国的访客和员工必须申请签证才能进入美国。只要按照正当的程序申请，获得签证并不难。申请人必须证明他们符合美国移民和国籍法案的要求，且必须有合法的入境理由，并不能有任何犯罪记录。


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？
美国和中国没有双边投资协定，但是与另外的41个国家是有的。一般中国投资者不会通过这41个国家来进行对美投资，不过根据投资的种类和投资架构的复杂程度，也可能可以利用这些投资协定进行投资从而享受到协定的优惠政策。

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？
在美国本土法院诉讼效率非常低（在时间方面），而且会非常昂贵，尤其是和在中国诉讼相比，主要原因是美国高额的律师费和诉讼费。在相关法律方面，中国投资者应当了解美国在违约赔偿和证据方面的法律与中国差别较大。其中赔偿金会包括实际损失、间接损失，还有可能有惩罚性赔偿金。

3. 当地法院尊重外国判决吗？可执行国际仲裁裁决吗？
美国和中国都是承认和执行外国仲裁裁决公约的成员国（“纽约公约”，1958），所以外国法院的判决和仲裁裁决只要不有损执行地国的主权、安全、社会公共利益和法律就可以得到承认和执行。

4. 您国家的判决和仲裁裁决一般会在其他国家执行吗？
美国是纽约公约的成员国，美国的判决和仲裁裁决在公约的146个成员国中都可以执行，目前全球只有50个国家没有适用该公约。

李大诚
李大诚律师是美国凯威莱德律师事务所亚洲区管理合伙人兼大中华区公司业务主管。李律师凭藉着在中国的海外并购、私募股权、风险投资、外汇、反垄断等法律领域的丰富经验，被公认为中美法律领域的顶级专家之一。他对中国“限制”外商投资的行业具有独特见解与经验，这些行业包括互联网、技术、银行业、基金、电子商务、教育、能源、金融服务、医疗、媒体、娱乐、出版及电信等。李律师对中国法律中有关外商直接投资、外汇、跨境交易结构的相关复杂条款有深入了解，并因此受到业界高度评价。

李律师为中国国有企业、跨国公司、金融机构、对冲基金、私募股权基金，以及上市公司和私人公司的复杂跨境交易提供法律服务。另外，李律师还经常为上市公司和私人公司提供涉及多种行业的法律咨询意见，包括缔约谈判、金融架构、公司治理，以及其他一般性法律事务。此外，李律师还担任独立董事委员会在公司复杂并购、私有化退市、杠杆收购过程中的特别顾问。

李律师一直被列为中美两国的顶尖律师之一。2013年，李律师被《最佳律师顾问委员会》提名为唯一“中国专家”。《钱伯斯亚洲》曾四次将李律师列为“领袖级律师第一等”（此为最高排名）。《投资与合作》曾多次评选李律师为“最佳投资机构法律顾问”和“风投私募领域年度律师”。

李律师获准在加州执业。他中英文流利，可以中文与英文为工作语言。