Switzerland 2017 (English & Chinese)

Dieter Gericke, Gregor Bühler, Felix Dasser,

Marcel Dietrich, Martin Grod, and Reto Heuberger

Homburger AG

Section 1: China outbound investment

a) What are the key sectors in Switzerland that attract, or to which the government is seeking to attract, China outbound investment (COI)?

The Swiss government is not soliciting Chinese outbound investments for a specific sector. Investments can be seen in various industries, such as communications technology, pharmaceutical products, chemicals, luxury goods (e.g. watches), commodities, precision tools, textiles and financial services.

b) Is the government generally supportive of COI? Can you describe the current political climate surrounding China and Switzerland?

Switzerland's attitude towards Chinese investment has always been supportive, and foreign investments are generally welcome. Besides having a liberal legislation, the Swiss government and cantonal authorities provide certain tax incentives for local and international businesses. To a limited extent, and depending on the respective canton, other benefits are also available. Additionally, the Swiss government has commissioned Switzerland Global Enterprise to promote, among others, foreign investment in Switzerland through 21 business hubs worldwide (including offices at the Swiss embassy in Beijing and at the Swiss consulates in Shanghai, Guangzhou and Hong Kong).

The political climate surrounding the PRC and Switzerland is very positive. The two countries have made reciprocal official state visits less than 12 months apart and jointly opened the World Economic Forum Annual Meeting in Davos in January 2017. Historically, Switzerland has taken a pioneering role with respect to political relationships with the PRC. Switzerland was one of the first Western countries to recognize the PRC in 1950 and to acknowledge the PRC as a market economy in 2007. Additionally, in 2013, Switzerland was the first European country to sign a free trade agreement (FTA) with the PRC and, in 2016, one of the first countries in Europe to join the Asian Infrastructure Investment Bank. Currently, upgrading the FTA and strengthening cooperation in tourism, sports, education and economics are under discussion. During the latest state visit to Switzerland in January 2017, the two nations signed a number of agreements regarding culture, customs and energy.

c) What are some notable Chinese investments or M&A that have recently taken place in Switzerland?

Recently, Switzerland has seen the following high profile M&A transactions involving a Chinese buyer:

2016: HNA Group Co. Ltd.'s CHF1.4 billion offer for the acquisition of Gategroup Holding AG.

2016: China National Chemical Corp.'s $43 billion offer for Syngenta AG. This is the largest foreign investment by a Chinese company so far.

2015: HNA Group Co. Ltd.'s $2.8 billion acquisition of Swissport International Ltd.

2015: Dalian Wanda Group Co. Ltd.'s $1.2 billion acquisition of Infront Sports & Media AG.

To support the establishment of a Swiss offshore renminbi market, the PRC granted Switzerland an $8 billion investment quota under the qualified foreign institutional investor (QFII) program in January 2015. Following this agreement, China Construction Bank opened a branch in Zurich in January 2016. The Industrial and Commercial Bank of China is also expected to open a branch in Zurich this year.

Section 2: Investment vehicles and capital

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

The most common Swiss legal forms are the stock corporation (AG) and the limited liability company (GmbH).

Generally, apart from an administrative registration in the commercial register, no government approval is required for the formation of a Swiss company. After the submission of the founding documents to the commercial register, a company may become operational within one to three weeks, depending on the canton.

b) What are the key criteria for establishment and operation of these vehicles that are relevant to COI (e.g. capital requirements, local directors)?

The stock corporation can have one or more shareholders (physical persons, partnerships or legal entities), and must have a minimum share capital of CHF100,000, of which at least CHF50,000 must be paid up. The limited liability company can also have one or more members (physical persons, partnerships or legal entities), and must have a minimum nominal capital of CHF20,000.

Both the stock corporation and limited liability company have to be registered in the commercial register at the place of their domicile. The commercial register of the limited liability company publicly lists the members and their quota in the company. This is not the case for a stock corporation.

There are no citizenship requirements for shareholders, members, or the board or management. However, for both entities, at least one person with residence in Switzerland must have the power to bindingly represent the company.

Section 3: Investment approval

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

Switzerland, as a free investment market, does not hold any foreign investment restrictions and therefore requires no governmental approval. However, independent from foreign investments, certain businesses (e.g. banks) do require approvals or licenses.

Considering real estate, Swiss law restricts the acquisition by a foreign person or a foreign-controlled company of non-commercial real estate in Switzerland. Furthermore, the Swiss constitution stipulates a general limitation insofar that no more than 20% of the total stock of residential units and the gross residential floor area in any commune can be used as second home. The acquisition of shares in a company whose statutory or factual business purpose is trading in non-commercial real estate is also subject to approval, except for listed companies.

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

Although not exclusively related to foreign investments, restrictions exist in areas where the state has a monopoly. These include certain areas of postal services, domestic long distance transportation, and certain commodities and the trade thereof (e.g. salt).

Other sectors may have certain domiciliary requirements such as in maritime and air transport, as well as transport of dangerous material, oil/gas pipelines and electricity power plants.

Investments above certain thresholds (typically 10%) in banks, insurances and other regulated financial institutions require approval from the Swiss Financial Market Supervisory Authority (FINMA). A special license is required for foreign control of Swiss financial institutions.

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

The Swiss Competition Commission (ComCo) oversees competition clearance in Switzerland. In special circumstances, FINMA may oversee competition approval for banks.

Planned concentrations of undertakings, mergers, as well as acquisitions of sole or joint control, must be notified to ComCo prior to their implementation if the undertaking concerned achieved, in the last year, a combined turnover of at least CHF2 billion worldwide or, alternatively, a combined turnover of at least CHF500 million in Switzerland; and each of at least two of the undertakings concerned cumulatively achieved a turnover of at least CHF100 million in Switzerland in the previous year.

However, a notification duty exists in any case if a transaction affects a market where a participant has a dominant position as established in a final and binding decision under the Cartel Act.

The clearance process can be distinguished into the following two phases:

Phase I (preliminary investigation—one month waiting period): After receipt of the complete notification, ComCo is required to notify the parties within one month whether it intends to initiate an in-depth investigation. If no notification is received from ComCo within the time period, the merger is deemed to be cleared.

Phase II (in-depth investigation—four months): A subsequent in-depth investigation has to be completed within an additional four months. Phase II may be terminated as follows: unconditional authorization; authorization subject to conditions and obligations; prohibition; or withdrawal of notification.

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

There are generally no unique processes in Switzerland that could block a foreign investment if the shareholders of a target agree, a merger control process is not triggered or ComCo has cleared the concentration and the necessary licenses are obtained (e.g. banks).

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

There is no limitation on foreign ownership in the financial industry. However, an additional license is required for a Swiss bank or securities dealer under foreign control or in case of changes in the foreign control.

Other than that, there are various notification duties. Of banks, securities dealers and insurance companies, shareholders who increase or decrease their holdings and hit the threshold of 10%, 20%, 33% or 50% of the entity's capital or voting rights must notify FINMA, which is similar to an approval requirement. For banks and securities dealers, a notification is also required if the shareholders can otherwise exert a significant influence. In a similar manner, investments in “investment fund managers” must be notified if a threshold of 10% is reached. Last but not least, investors must fulfill certain notification duties for the acquisition of shares or capital of a non-listed target as the membership rights are otherwise suspended.

There are further notification duties for companies listed on an exchange in Switzerland. The stock exchange and the target must be notified if a bidder (directly, indirectly or in concert with a third party) acquires or sells shares or equity-linked securities and thereby reaches, exceeds or falls below the thresholds of 3%, 5%, 10%, 15%, 20%, 25%, 33⅓%, 50% or 66⅔% of all voting rights in the target company. Further notification duties exist in case of a takeover. Lastly, shareholders with more than 5% in the corporation's shares must be disclosed in the annual report (to the extent known to the company).

Section 4: Tax and grants

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

Switzerland, on a federal and cantonal level, has various corporate tax incentives in place. These include:

Foreign profit exemption: All profits attributed to foreign permanent establishments and foreign real estate are exempted from the Swiss tax base.

Participation exemption: This is granted on dividend and capital gain income from the sale of shares. For dividend income exemption, an equity investment of at least 10% or with a value of at least CHF1 million is required. For a capital gain exemption, an equity investment of at least 10% that has been held for more than one year is required.

Regional holding company regime: If a company qualifies as a holding company, all the income is exempt from regional and communal corporate tax (but not on a federal level). Holding company status is granted if: (1) the main purpose of the company is the holding and management of long-term financial participations in the subsidiaries; (2) at least two-thirds of either the assets or income is composed of or derived from participations; and (3) the company is not engaged in any commercial activity in Switzerland.

Mixed companies (trading, IP, etc.): This qualification is given if at least 80% of the income is derived from abroad and at least 80% of the expenses are foreign expenses. In such circumstances, Swiss source income is taxed at standard rates, whereas foreign source income is only partially included in the Swiss tax base.

State aid: Depending on the size and the function of the newly established business, an exemption of up to 50% from regional or communal income taxes and, in specified areas, from federal income taxes for a period of up to 10 years, may be granted. However, these state aids are limited to certain economically undeveloped regions.

Principal structures: Swiss principal companies of international groups can benefit from a special tax treatment for federal income tax purposes. A principal company has several high-level employees and assumes risks and responsibilities for certain activities, such as purchasing, R&D, manufacturing, distribution, marketing strategy and logistics. Provided that the sales are made exclusively through commission agents or low-risk distributors, the principal company can reach a reduced Swiss tax base that results, in combination with the regional tax regime of the mixed company, in tax rates as low as approximately 5% to 7%, depending on the setup and location.

Switzerland is expected to abolish the mixed, holding and principal tax regime in the next few years and introduce several other tax measures such as the license box regime. Switzerland does not, however, intend to abolish the participation exemption and foreign permanent establishment regimes.

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

Switzerland levies corporate income taxes on a federal, cantonal and communal level. There are large differences in tax rates between the cantons. The overall corporate income tax rates are between 11.5% and 24%. In addition, the Swiss cantons levy a wealth tax on the net equity of companies which ranges from 0.01% to 0.5%.

Switzerland levies a withholding tax at a rate of 35% on dividends and certain interest on bonds and bank accounts, but not on loans, which do not qualify as collective financing. Switzerland has tax treaties in place with the PRC and Hong Kong. The tax rates in the treaties are applicable as long as Swiss law does not provide for a lower rate. The tax treaty with the PRC limits withholding taxes on intra-group dividends to 5% (15% for portfolio dividends) and to 10% for interests. The tax treaty with Hong Kong provides for 0% withholding tax on intra-group dividends (10% for portfolio dividends) and 0% on interests.

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

See 4a.

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

Switzerland has historically set favorable conditions for foreign investments, which mostly enjoy a level playing field with local businesses. Other than tax, in rare circumstances, cantons may provide incentives that are open to both local and foreign investors. Such support is, if at all, seen mainly in the high-tech industry with a slight tendency to give priority to foreign investors.

Depending on the specific canton, incentives may be granted in the form of subsidies, cantonal loans (usually below market interest rates), cantonal guarantees for bank loans and payment of interest rates by the canton. Furthermore, direct monetary contributions may be made for the acquisition of intellectual property rights, industry certificates, development of new production processes, market studies, participation in trade shows and training of employees.

e) Are there any reciprocal tax arrangements between Switzerland and China? If so, how can they aid investors?

See 4b.

Section 5: FX controls and local operations

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

Switzerland has no foreign currency or exchange restrictions in place.

However, the Swiss National Bank may set a minimum exchange rate with respect to certain currencies from time to time, as it did against the EUR at a rate of CHF1.20 until January 15, 2015.

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

Switzerland distinguishes between citizens from the EU/EFTA and those from all other countries.

EU/EFTA citizens are allowed to work in Switzerland for up to three months a year without a work permit, provided the notification duties have been fulfilled. A formal work permit is required if the employment extends beyond three months in a given year. Such permits are issued based on the Free Movement of Persons Agreement with the EU, and are usually granted in two to four weeks.

Employees from other countries require a work permit in any case. These are subject to yearly quotas. Furthermore, non-EU/EFTA citizens can only be employed in Switzerland if no other persons with an equivalent qualification in Switzerland or the EU/EFTA can be found. Generally, managers, specialists and other highly qualified people with a university degree and professional experience have the best chances of obtaining a work permit. There may also be further integration requirements, such as language skills. No work permits are required for business meetings. The process of obtaining a work permit for a non-EU/EFTA citizen can last from three weeks to several months depending on the complexity of the case.

c) What are the requirements and process for purchasing commercial property?

Contrary to residential real estate, there are no restrictions or authorization requirements for the acquisition of commercial property in Switzerland.

The process for purchasing commercial property is straightforward. Besides identifying an object, a buyer must ensure financing and sign and notarize the contract. The transfer of the real estate must then be registered in the land register, which serves as a proof of ownership.

Acquisitions by foreigners or foreign-controlled entities may be restricted for commercial properties involving reserved land or partly residential users.

Section 6: Dispute resolution

a) Does Switzerland have a bilateral investment protection treaty with China or other locations commonly used for investing into the country?

According to the Investment Policy Hub of the United Nations, Switzerland has signed 114 bilateral investment treaties, of which 112 are in force. A revised bilateral investment protection treaty between Switzerland and the PRC has been in force since April 13, 2010, which replaced the 1987 treaty. Since then, the two nations have further strengthened their relationship by a FTA that entered into force on July 1, 2014 and a double tax treaty that has been effective since October 14, 2014.

Additionally, as a member of the World Trade Organization, Switzerland applies the General Agreement on Trade Services (GATS) and the Agreement on Trade-Related Investment Measures (TRIMS). It has also signed the Energy Charter Treaty (ECT).

An investment protection treaty between Switzerland and Hong Kong has been in force since October 22, 1994. Also in place is a tax treaty effective since October 15, 2012 and an FTA signed with other EFTA states on October 1, 2012.

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

Switzerland has a long tradition of solving international disputes in an efficient, neutral and professional manner, catering to the needs of international businesses and governments alike. Switzerland has an impartial state court. Furthermore, unlike those in other jurisdictions, the Swiss commercial courts willingly assist the parties in finding a reasonable solution to their dispute early on in the proceedings and based on prima facie assessment of the strengths and weaknesses of the case by the court itself. Further, the parties need not fear expensive and disruptive document production proceedings that are known from common law jurisdictions (no discovery).

As for arbitration, Switzerland is one of the leading arbitration venues and regularly can be found among the top three in the International Chamber of Commerce's statistics. The same holds true for the popularity of the use of Swiss substantive law to govern international contracts.

A unique feature of Swiss arbitration law is the direct and only recourse to the Swiss Supreme Court for any challenges against an arbitral award. This setting-aside procedure typically takes less than six months, with less than 7% of all awards being vacated.

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

Switzerland enforces and recognizes foreign arbitral awards based on the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention). Under the condition that an applicant can establish prima facie that an arbitral award is enforceable, Swiss courts even issue freezing orders prior to an exequatur.

Foreign judgments are regularly enforced in Switzerland based on the Lugano Convention and the Swiss Private International Law. Switzerland follows the principle of favor recognitionis and may only deny recognition and enforcement based, among others, on a violation of the ordre public, the foreign court's lack of jurisdiction, or a violation of the right to be heard.

d) Are local judgments and arbitration awards from Switzerland generally enforceable in other jurisdictions?

More than two thirds of the parties arbitrating under the Swiss Rules of International Arbitration are non-Swiss, in line with the average percentage of foreign parties in all international proceedings in the country. As a result, Swiss arbitral awards are not only highly respected in other jurisdictions, they are also regularly enforced, based on agreements such as the New York Convention.

Swiss local judgments, are also regularly enforced in foreign jurisdictions based on the Lugano Convention signatories' international treaties or the respective local legislation.

Dieter Gericke

Dieter Gericke heads Homburger's Corporate | M&A practice team and, since 2010, the Homburger China Group. He focuses on M&A (including public takeovers and defense), equity capital markets (including IPOs), private equity and financing. He advises in matters of corporate law and governance, as well as securities regulations.

Gregor Bühler

Gregor Bühler is the Deputy Head of the IP | IT and partner in the Competition & Regulatory practice team. He focuses on intellectual property law, information technology and unfair competition law (advisory work as well as representation in contentious matters).

Felix Dasser

Felix Dasser heads the Litigation | Arbitration practice team. He advises and represents companies in international commercial disputes in litigation and arbitration proceedings, as well as on white collar crime and regulatory compliance. He also sits as an arbitrator. As an Adjunct Professor of the University of Zurich, he also teaches international dispute resolution and acts as expert on Swiss law.

Marcel Dietrich

Marcel Dietrich is a partner in the Competition | Regulatory and Corporate practice teams as well as in the White Collar | Investigations and Real Estate working groups. His practice focuses on Swiss and European competition and antitrust law as well as on administrative law and regulated markets.

Martin Grod

Martin Grod is a member of the Financial Services practice team. He focuses on corporate law, banking regulation, capital markets, insolvency laws, and financial markets infrastructures. Martin Grod joined Homburger as an associate in 2012, is a member of the Homburger China Group and obtained an LL.M. degree from the University of Hong Kong in 2016.

Reto Heuberger

Reto Heuberger is a partner in the Tax practice team. He focuses on tax planning and the structuring of M&A transactions, reorganizations, relocations, investment management structures, family offices, and trusts.

瑞士

Dieter Gericke﹑Gregor Bühler﹑Felix Dasser﹑

Marcel Dietrich﹑Martin Grod 和 Reto Heuberger

Homburger AG

第一部分︰中国境外投资

1. 瑞士哪些主要行业吸引中国境外投资，或者说政府希望将中国境外投资吸引到哪些主要行业？

瑞士政府没有为某个特定行业寻求中国境外投资。各个行业都可以看到中国的投资，包括通讯技术、制药业、化工、奢侈品(例如手表)、原材料、精密工具、纺织品和金融服务。

2. 总体来说，政府支持中国境外投资吗？能否介绍一下中瑞目前的政治局势？

瑞士对中国的投资一向采取支持态度，且总体来说都是欢迎外商投资的。除了宽松的立法之外，瑞士联邦和地方政府为本地和国际企业提供了若干税务优惠。各州政府在某些情况下还提供其他的优惠。此外，瑞士政府委托瑞士贸易与投资促进署(Switzerland Global Enterprise)通过全球21个商务促进中心(包括设于瑞士驻北京大使馆，驻上海、广州和香港领事馆的中心)促进对瑞士的外国投资。

中国与瑞士之间的政治形势非常积极。两国在不到12个月内开展了正式国家互访，并在2017年1月共同召开了达沃斯世界经济论坛年会。瑞士在历史上率先与中国建交。瑞士是1950年即承认中华人民共和国的西方国家之一，并在2007年认可了中国的市场经济地位。此外，瑞士在2013年成为首个与中国签订自由贸易协定(FTA)的欧洲国家，并在2016年成为加入亚洲基础设施投资银行的首批欧洲国家之一。目前，中瑞两国正在讨论FTA升级以及加强旅游、体育、教育和经济领域的合作。在2017年1月对瑞士的最近一次国事访问中，两国就文化、海关和能源签署了一系列协议。

3. 最近中国在瑞士进行了哪些重大的投资或并购交易？

最近，中国买家在瑞士进行了下述重大并购交易︰

2016年： 海航集团有限公司出资14亿瑞郎收购瑞士航空服务商Gategroup Holding AG。

2016年：中国化工集团公司出资430亿美元收购瑞士农业化工企业先正达集团，这是中国企业迄今最大的一笔境外投资。

2015年： 海航集团有限公司出资28亿美元收购Swissport International Ltd.。

2015年： 大连万达集团股份有限公司出资12亿美元收购Infront Sports & Media AG。

为了进一步支持在瑞士建立一个离岸人民币市场，中国在2015年1月给予瑞士合格境外机构投资者(QFII)制度项下80亿美元的投资额度。随着此协议，中国建设银行在2016年1月在苏黎世设立了一家分行。中国工商银行亦预计在今年于苏黎世开设分行。

第二部分︰投资工具和资本

1. 中国境外投资在瑞士最常用哪些法律实体和工具？要多少时间便可投入运作？

最常用的瑞士公司实体形式是股份公司(AG)和有限责任公司(GmbH)。

一般来说，除了向商业登记机关进行行政登记程序，组建瑞士公司不需要政府审批。公司向商业登记机关提交设立文件之后一周至三周内即可开始运作，具体所需时间视各州而定。

2. 关于这些投资工具的设立和营运，有哪些主要规定适用于中国境外投资(例如，资本要求、本地董事)？

股份公司可有一个或多个股东(自然人、合伙企业或法律实体)，并必须有最低股本10万瑞士法郎，其中5万瑞士法郎必须是实缴股本。有限责任公司也可有一个或多个成员(自然人、合伙企业或法律实体)， 并必须有最低名义资本2万瑞士法郎。

股份公司和有限责任公司都必须在其住所地办理工商登记。有限责任公司的工商登记公开列明其成员及各成员的公司份额，股份公司的工商登记则没有列出相关信息。

对股东、成员、董事或管理层并无国籍要求。不过，两类实体都必须至少有一个瑞士居民具备有法律约束力的公司代表权。

第三部分︰投资审批

1. 请说明审批外国投资(包括任何国家安全审查)的程序和时间。

作为一个自由投资市场，瑞士对外国投资不设限制，因此不要求政府审批。但若干行业(如银行)若不涉及外国投资，均要求获得批准或许可。

在房地产方面，瑞士法律限制外国人或外国控股公司在瑞士购置非商业物业。此外，瑞士宪法订下一般限制，到目前为止，住房总存量及公社的总住宅楼面面积用于第二住房不得多于20%。除了上市公司以外，收购以非商业性房地产交易为法定或实际商业目的的公司股份，也必须经过批准。

2. 请简单说明一下对任何受特殊监管/限制的领域(例如自然资源、金融服务、电信和基础设施)的投资限制，包括政府是否在这些行业里有特殊权利(例如黄金股份)。

虽不仅是针对外国投资，国家垄断的行业确存在着限制。这些行业包括邮政服务的某些领域、境内长途运输及某些商品(例如盐)及其贸易。

其他一些行业，例如海运和空运、危险品运输、石油天然气管道及发电厂，有若干注册地要求。

对银行、保险公司和其他受监管金融机构超过一定限度(一般是10%)的投资，需要经瑞士金融市场监督管理局(FINMA)审批。外资控股瑞士金融机构也需要特殊许可证。

此外，对设立由外方控制的银行，FINMA可准许授予许可证。在满足进一步条件要求下，设立外国银行分行，或委任外国银行常驻代表，FINMA也会授予许可证。在该等情形下，FINMA可要求外国银行、控股公司或股东的所在国保证相互监督，且外方控制的瑞士银行的公司名称不得隐含或暗示该银行源自瑞士。

3. 哪个机构负责竞争审查？什么情况下必须报告？并购控制程序是怎样的(包括在成交前或成交后控制)？

瑞士竞争委员会(ComCo)是瑞士的竞争审查机关。在特别情况下，FINMA会负责银行的竞争审查。

计划中的企业集中、兼并以及收购单独或联合控制权，都必须在实施之前通知ComCo，如果有关企业在全球的上一年度合并销售额最少达20亿瑞士法郎，或在瑞士的合并销售额最少达到5亿瑞士法郎，其中最少有两家有关企业在瑞士上一年度各自的累积销售额达到最少1亿瑞士法郎。

如果根据《卡特尔法》作出的最终和有约束力决定，交易的一个参与方在交易所涉及的市场里具有市场支配地位，则存在通知责任。

审查程序分两个阶段：

第一阶段(初步调查 — 一个月的等待期)：收到完整通知后，ComCo须在一个月内通知当事方它是否展开深入调查。如果没有在一个月内收到通知，并购则被视为获得通过。

第二阶段(深入调查 — 四个月)：随后的深入调查必须在另外的四个月内完成。第二阶段可以下述方式终结：无条件批准、有条件和义务的批准、禁止或撤销通知。

4. 是否存在任何特别的程序会拦阻外国投资(例如需要工会的同意）？

一般而言，在瑞士，如果目标企业股东同意，投资没有触发并购控制程序或已通过ComCo的企业集中评估和取得必要的许可证(例如银行)，则不存在可阻碍外国投资的特别程序。

5. 对外国投资者增资或撤资有什么审批要求吗？

金融行业对外资所有权并没有限制。不过，外资控制的或外资控制情况有变更的银行或证券公司还须取得另外的许可。

除此之外，还有各种报告责任。在银行、证券公司和保险公司，股东增加或减少持股达到实体股本或投票权的10%、20%、33%或50%的界限时，必须向FINMA报告，此规定类似于审批要求。另外，银行或证券公司股东对公司有重大影响力的，亦须报告。同样地，对“投资基金经理”的投资达到10%的，必须报告。最后，投资者必须就收购非上市目标公司的股份或资本满足特定通知义务，否则成员权利会被中止。

在瑞士证券交易所上市的公司有其他的报告责任。如果收购人(直接、间接或与第三方一致行动)收购或出售股份或股份类证券，因此而使其达到、超过或低于目标公司全部投票权的3%、5%、10%、15%、20%、25%、33⅓%、50%或66⅔%的界限，必须通知证券交易所和目标公司。此外，收购交易还有其他的报告责任。最后，股东持股超过5%的，必须在年度报告中披露(在公司所知范围内)。

第四部分︰税收及补助

1. 有没有一些税务结构或有利的中间税务管辖区，是对外商直接投资瑞士尤其有用的？

瑞士在联邦和州层面提供各种企业所得税优惠，包括：

外商利润豁免：从瑞士税基豁免归属外国常设机构和外资房地产的利润。

资本参与免税：股息和销售股份的财产收益可享受资本参与免税。股息收入的免税需要至少10%或价值至少100万瑞士法郎的股权投资。而财产收益免税则需要至少10%的股权投资，并且持有至少1年。

地区性控股公司规定：如果公司符合控股公司资格，所有收入都豁免缴纳地区性和小区性企业所得税(不包括联邦层面)。符合下述要求的公司具有控股公司地位：(1)公司的主要目的是持有和管理其在子公司的长期金融参股；(2)至少三分之二的资产或所得由参股组成或来自参股；(3)公司在瑞士没有从事任何商业活动。

混合公司(贸易、知识产权等)：要取得混合公司资格，公司至少80%的所得必须来自境外，至少80%的费用是境外费用。因此，混合公司通常用来进行国际贸易、许可和特许经营业务。合乎资格的，瑞士来源的收入按标准税率征税，而外国来源的收入只是部分纳入瑞士税基。

国家资助：根据新设立企业的规模和功能，地区或小区所得税可减免最多50%，在特定的地区，还可享受最长10年的联邦所得税减免待遇。但这些国家资助只适用于若干经济欠发达地区。

委托结构：国际集团的瑞士委托公司在联邦所得税方面能够享受一项特殊的税务待遇。委托公司有数个高级员工，公司承担某些业务(例如采购、研发、制造、分销、市场策略和物流)的风险和责任。只要全部销售都通过集团的委托代理人或低风险分销公司进行，再加上混合公司的地区性税务优惠，委托公司能够将其瑞士税基降至大约5%至7%，具体税率取决于设立架构和所在地点。

瑞士预计在未来几年內废除混合公司、控股公司和委托公司税务制度，并引入其他几项税收措施(例如许可格制度)。但是，瑞士不计划废除资本参与免税制度和外国常设机构豁免制度。

2. 企业所得税和股息预提税的适用税率是多少？

瑞士在联邦、州和市镇层面上征收企业所得税。州之间的税率有很大差别。综合企业所得税税率介乎11.5%至24%之间。此外，瑞士州政府对公司的净股本征收财富税，税率从0.01%至0.5%不等。

瑞士对股息及债券和银行账户的某些利息征收35%的预提税，但对贷款利息不征税，因为贷款不属于集体融资。瑞士与中国和香港有税务协定。只要瑞士法律没有规定更低的税率，协定所规定的税率都适用。与中国的税务协议对集团内股息的预提税限定不超过5%(对投资组合的股息限定为15%)，对利息限定为10%。与香港的税务协议对集团内股息的预提税为0%(对投资组合的股息为10%)，对利息为0%。

3. 政府是否有实施任何外国直接投资税务激励计划？

见四1。

4. 除了税务之外，政府对投资者还提供其他财务支持吗？如有，请加以概述。

历史上瑞士对外国投资一向给予优惠条件，外国投资与本地商家大部份都享有同等待遇。除了税务之外，在很罕有的情况下，州政府会提供对本地和境外投资者同样适用的鼓励政策。如果真有此类政策，一般是在高科技行业，而且略为偏向境外投资者。

州政府还可以通过补贴、州贷款(通常低于市场利率)、州对银行贷款和付息的担保等方式提供鼓励，但各州有不同的做法。此外，对知识产权的收购、行业证书、新生产程序的开发、市场研究、贸易展览的参加和员工培训，还可能作出直接的资助。

5. 瑞士与中国之间是否有任何互惠税务安排？如有，这些安排如何帮助投资者？

见四2。

第五部分︰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？

瑞士没有实施外币或外汇管制。

不过，瑞士国家银行可不时对某些货币规定最低汇率，例如在2015年1月15日以前将欧元对瑞郎的汇率设定为1.20。

2. 对输入外国劳工有什么法律限制？在操作上为股东代表、高级经理和员工取得外国员工签证有多困难？

瑞士区别对待欧盟/欧洲自由贸易联盟(EU/EFTA)的公民和来自其他国家的公民。

EU/EFTA公民每年可在瑞士工作最多三个月，不需要工作许可证，但需要履行报告责任。如果在一年内受雇超过三个月，就需要正式的工作许可证。此种许可证是根据瑞士与欧盟的《人员自由流动协议》签发的，通常在二至四周内批出。

其他国家的员工在任何情况下都需要工作许可证。工作许可证有年度配额。此外，非EU/EFTA公民只有在瑞士或EU/EFTA找不到同等资历人员的情况下才可雇用。一般而言，有大学学位和专业经验的经理人员、专家和其他高资历人员最有机会取得工作许可证。此外还有其他社会融入要求，例如语言能力。参加商务会议不需要工作许可证。非EU/EFTA公民取得工作许可证的程序需要三周至数月不等，取决于情况的复杂性。

3. 购置商业物业有什么规定和程序？

在瑞士，购买商业物业与购买住宅物业相反，是不受限制和没有授权要求的。

购买商业物业的程序很简单。除了确定购买对象之外，买家必须确保资金来源和对合同进行公证。然后，必须在土地登记机构办理物业的转让，该项登记即是业权的证明。

外国人或外国控制的实体购买涉及到保留土地或包含部分住宅用户的商业物业，可能会受到限制。

第六部分︰争议解决

1. 瑞士是否有和中国或其他地方签订关于投资瑞士常用的双边投资保护协定？

根据联合国的投资政策枢纽，瑞士已签订114个双边投资保护协定，其中112个正在生效。瑞士与中国之间一个经修订的双边投资保护协定已经从2010年4月13日起生效，取代了1987年的协定。此后，两国通过2014年7月1日起生效的自由贸易协定和2014年10月14日起生效的双重征税协定进一步加强了双边关系。

此外，作为世界贸易组织成员国，瑞士执行《服务贸易总协定》和《与贸易有关的投资措施协议》。瑞士也签署了《能源宪章条约》。

瑞士与香港之间的投资保护协定于1994年10月22日起生效。还有一份从2012年10月15日起生效的税务协定和一份于2012年10日1日与其他欧洲自由贸易联盟(EFTA)国家签订的自由贸易协定。

2. 当地法院的执行和争议解决程序的效率如何？有什么特别的程序是外国投资者必须注意的？

瑞士有着以有效、中立和专业的方式解决国际争议的长久传统，能够迎合国际企业和政府的需要。瑞士有一个公正的国家法院。此外，与其他司法管辖地的法庭不同，瑞士商业法庭愿意根据法庭自己对案件的强弱之处作出的表面评估，协助当事方在法律程序的最初阶段寻找一个合理的解决方案。另外，当事方也不必担心出现普通法司法管辖地常有的费用昂贵的和影响进程的文件提交程序(没有告知程序)。

至于仲裁，瑞士是主要仲裁地之一，在国际商会统计中经常名列头三名之内。瑞士实体法也是获最多采用的国际合同适用法之一。

瑞士仲裁法的一个特点是，若对仲裁裁决有任何异议，则直接而且只能提交给瑞士最高法院。此驳回程序通常不需要超过半年，所有裁决中只有不到7%被撤销。

3. 当地法院尊重外国判决吗？可执行国际仲裁裁决吗？

瑞士根据《承认及执行外国仲裁裁决的1958年纽约公约》执行和承认外国仲裁裁决。只要申请人能够在表面上证明仲裁裁决可以执行，瑞士法院甚至可以在发出执行判决的命令以前发出冻结命令。瑞士通常也会根据《卢加诺公约》和《瑞士联邦国际私法》执行外国判决。

瑞士遵循予以承认的原则，只有在违背公共利益、外国法院无管辖权或审理请求权被侵犯等情况下才会拒绝承认和执行。

4. 瑞士当地的判决和仲裁裁决一般会在其他司法管辖地执行吗？

选用《瑞士国际仲裁规则》进行仲裁当事方中有三分之二是非瑞士当事方，与在瑞士进行的所有国际诉讼中的外国当事方比例相当。因此，瑞士仲裁裁决不仅在其他司法管辖地受到高度尊重，而且通常还会根据《纽约公约》等协定予以执行。

瑞士地方判决在外国司法管辖地通常也根据《卢加诺公约》签字国的国际协议或当地有关立法予以执行。

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Reto Heuberger是税务组的合伙人。他的业务重点是税务规划和并购交易的构建、重组、迁移、投资管理结构、家族理财公司和信托。