业务合作请拨打
010-87777502
在全球化经济格局下，中国企业“走出去”的步伐持续加速。香港凭借其独特的地理位置、成熟的市场体系、低税率政策以及与内地的紧密联系，作为国际金融、贸易和物流中心，已成为众多企业拓展海外业务的首选地。尤其对于国有企业和大型民营企业而言，香港子公司在跨境投资、贸易结算、资金调配、税务筹划及国际融资等方面扮演着关键角色。然而，香港的法律体系与内地存在显著差异，企业在运营香港子公司时，必须充分了解并严格遵守两地的法律规定，妥善处理法律冲突，确保合规运营。本文聚焦于中国企业香港子公司的运营，从公司章程制定、境外投资监管、公司治理结构、税务合规及国际争议解决等方面，探讨其法律要点，旨在为中国企业在全球化进程中提供初步指导，助力企业在香港市场的稳健发展。
In the context of the globalized economy, Chinese enterprises are accelerating their pace of "going global." Leveraging its unique geographical location, mature market system, low - tax policies, and close connections with Mainland China, Hong Kong, as an international financial, trading, and logistics hub, has become the top choice for many enterprises to expand their overseas operations. For state - owned enterprises and large private companies in particular, their Hong Kong subsidiaries play a crucial role in cross - border investment, trade settlement, fund allocation, tax planning, and international financing.However, Hong Kong's legal system is significantly different from that of Mainland China. When operating their Hong Kong subsidiaries, enterprises must fully understand and strictly comply with the legal requirements of both regions, properly address legal conflicts, and ensure compliant operations. This article focuses on the operations of Chinese enterprises' Hong Kong subsidiaries, examining the legal issues from aspects such as the formulation of company articles of association, supervision of overseas investment, corporate governance structure, tax compliance, and resolution of international disputes. It aims to provide preliminary guidance for Chinese enterprises in the process of globalization and support their stable development in the Hong Kong market.
一、公司章程制定：兼顾两地法律要求Formulation of Articles of Association: Balancing the Legal Requirements of Both Regions
公司章程是公司运营的基本准则，对于香港子公司而言，其章程需同时满足内地和香港法律要求。内地法律要求国有企业建立健全境外国有产权管理制度，完善境外企业治理结构，强化章程管理。香港法律则源自普通法系，与内地法律在公司治理、股东权利、董事职责等方面存在诸多不同。
The articles of association are the fundamental guidelines for company operations. For Hong Kong subsidiaries, their articles of association must meet the legal requirements of both Mainland China and Hong Kong. Mainland law requires state-owned enterprises to establish and improve the management system for overseas state-owned property rights, perfect the governance structure of overseas enterprises, and strengthen the management of articles of association. Hong Kong law, derived from the common law system, differs significantly from Mainland law in terms of corporate governance, shareholders' rights, and directors' duties.
在制定香港子公司章程时，需重点关注以下问题：
When formulating the articles of association for a Hong Kong subsidiary, the following issues should be given special attention:
（一）股东会与成员大会Shareholders' Meeting and Members' Meeting
香港法下“股东”被称为“成员”，香港私人公司的股东法定职权分散在《公司条例》和普通法判例中，包括修改公司章程细则、减少公司股本、审阅董事提交的公司年度财务报表及董事报告、罢免董事等。与内地公司不同，香港子公司董事会有权要求召开成员大会，且有些事项必须通过成员大会表决通过。因此，章程中不宜删掉成员大会的说法。
Under Hong Kong law, “shareholders” are referred to as “members.” The statutory powers of shareholders in Hong Kong private companies are scattered in the Companies Ordinance and common law precedents, including amending the company's articles of association, reducing the company's capital, reviewing the annual financial statements and directors' reports submitted by directors, and removing directors. Unlike Mainland companies, directors of Hong Kong subsidiaries have the right to call a members' meeting, and certain matters must be passed through the members' meeting. Therefore, the term “members' meeting” should not be removed from the articles of association.
（二）董事会与董事职责Board of Directors and Directors' Duties
香港子公司董事会在公司经营中享有较大自主权利，除法例及章程明确规定由股东会行使的职权外，公司一切权力均由董事会行使。内地法律规定董事的任命权属于股东，而香港的常见做法是股东和董事均可以委任其他董事。此外，香港公司董事应为公司及股东的整体最佳利益行事，其权力是集体的，但可授予委员会或个别董事。董事还需以“合理水平的谨慎、技巧及努力”行事，具备特殊知识、技巧或经验的董事需更谨慎。
The board of directors of a Hong Kong subsidiary enjoys significant autonomy in company operations. Except for powers explicitly vested in the shareholders' meeting by law or the articles of association, all powers of the company are exercised by the board of directors. Mainland law stipulates that the appointment of directors is the prerogative of shareholders, while the common practice in Hong Kong is that both shareholders and directors can appoint other directors. In addition, directors of a Hong Kong company are required to act in the best interests of the company and its shareholders collectively. Their powers are collective but can be delegated to committees or individual directors. Directors must also act with a “reasonable degree of care, skill, and diligence,” and those with special knowledge, skills, or experience are expected to exercise greater caution.
（三）其他决策机构Other Decision-Making Bodies
香港法下没有“经营班子”概念，经营管理公司事务是董事的权力，可转授权给其他人士，但转授权只能由董事做出，股东不能做出。香港子公司通常设有总经理，但这并非法律规定的职位，其职权一般不写进章程。此外，香港法没有公司内设职工代表大会、公司监事、政党组织的规定。
There is no concept of a “management team” under Hong Kong law. Managing the company's affairs is the prerogative of directors, who can delegate this power to other individuals. However, such delegation can only be made by directors, not shareholders. Hong Kong subsidiaries often have a general manager, but this is not a legally mandated position, and its powers are generally not included in the articles of association. Moreover, Hong Kong law does not provide for the establishment of workers' congresses, company supervisors, or political party organizations within a company.
二、境外投资监管：国资端合规要点Overseas Investment Regulation: Compliance Points for State-owned Assets
国企境外投资面临商务部、发改委、外管局、国资委等多部门监管。国资委监管框架及法律要点主要包括：
State-owned enterprises (SOEs) face multi - departmental supervision from the Ministry of Commerce, the National Development and Reform Commission, the State Administration of Foreign Exchange, and the State-owned Assets Supervision and Administration Commission (SASAC) for their overseas investments. The regulatory framework and legal points of SASAC mainly include:
（一）适用范围及框架Scope of Application and Framework
涉及境外国有产权、境外企业、境外投资，包括国有参股企业、国有出资的有限合伙（国资基金）。投资限制方面，需遵守主业要求，即国企境外投资应围绕主业，非主业投资需符合国家产业政策和企业发展战略。
The scope covers overseas state-owned property rights, overseas enterprises, and overseas investments, including state - owned equity - participating enterprises and limited partnerships funded by state-owned capital (state - owned capital funds). In terms of investment restrictions, compliance with the main business requirements is mandatory, meaning that SOEs' overseas investments should focus on their core businesses. Non-core business investments must align with national industrial policies and corporate development strategies.
（二）国资境外投资合规要点Compliance Points for State-owned Capital Overseas Investment
1.境外产权个人代持：严控新增个人代持境外国有产权，确需代持的需经中央企业批准并报送国资委备案。
Personal Holding of Overseas State-owned Property Rights: Strict control is imposed on new personal holdings of overseas state-owned property rights. If holding is necessary, it must be approved by central enterprises and filed with SASAC.
2.离岸特殊目的公司管控：需加强对离岸特殊目的公司的管控，防止国有资产流失。
Control of Offshore Special Purpose Companies: Enhanced control over offshore special purpose companies is required to prevent the loss of state-owned assets
3.国资委申办产权登记：境外企业需向国资委申办产权登记，包括设立、变更、注销等情形。
SASAC Property Rights Registration: Overseas enterprises must apply to SASAC for property rights registration, including establishment, changes, and deregistration.
4.境外产权评估及评估备案或核准：境外发生转让或受让产权、以非货币资产出资等经济行为时，需聘请专业机构进行评估，并办理评估备案或核准。
Overseas Property Rights Appraisal and Filing or Approval:When economic activities such as the transfer or acquisition of property rights or the contribution of non - monetary assets occur overseas, professional institutions must be hired for appraisal, and the appraisal must be filed or approved.
5.境外产权转让：原则上不进场交易，但鼓励进场交易，不进场的需多方比选意向受让方。
Overseas Property Rights Transfer: In - venue transactions are not mandatory but are encouraged. If not conducted in - venue, multiple potential transferees should be compared.
6.内部资产重组价格确认：需按照规定程序进行内部资产重组价格确认。
Internal Asset Restructuring Price Confirmation: Internal asset restructuring price confirmation must follow the prescribed procedures.
7.境外国有产权转让对价及支付：转让对价支付原则上一次付清，分期付款需符合地方国资规定。
Payment of Transfer Consideration for Overseas State-owned Property Rights: The transfer consideration should generally be paid in full at one time. Installment payments must comply with local state - owned capital regulations.
8.境外企业上市及股份变动：境外注册并上市公司的股份发生变动后，需向国资委报告，并办理相关变更及注销登记。
Overseas Enterprise Listing and Shareholding Changes: After changes in the shareholding of overseas - registered and listed companies, reports must be made to SASAC, and relevant changes and deregistration must be processed.
三、公司治理结构：内地与香港差异Corporate Governance Structure: Differences between Mainland China and Hong Kong
内地与香港在公司治理结构上存在显著差异，跨境双总部企业需明确两地法律对股东（会）及董事（会）权责的设置，建立健全公司治理机制。
There are significant differences in corporate governance structures between Mainland China and Hong Kong. Cross-border dua-headquarters enterprises must clarify the responsibilities and powers of shareholders (meetings) and directors (boards) as set by the laws of both regions and establish sound corporate governance mechanisms.
（一）股东会与董事会Shareholders' Meeting and Board of Directors
内地公司股东会是权力机构，决定公司经营方针、投资计划等重大事项，董事会对股东会负责，执行股东会决议。香港公司股东会（成员大会）法定职权分散，董事会在公司日常经营中享有更大自主权利。
In Mainland China, the shareholders' meeting is the supreme authority, deciding on major matters such as the company's business policies and investment plans. The board of directors is accountable to the shareholders' meeting and implements its resolutions. In Hong Kong, the legal powers of the shareholders' meeting (members' meeting) are more dispersed, and the board of directors enjoys greater autonomy in the company's day - to - day operations.
（二）法定代表人与公司秘书Legal Representative and Company Secretary
内地公司有法定代表人，代表公司从事民事活动，其法律后果由公司承担。香港公司无特定“法定代表人”概念，但董事可承担类似职责。香港公司需设公司秘书，负责保存法定记录、准备周年申报表、组织会议等，确保公司运营符合法规和章程。
Mainland China companies have a legal representative who conducts civil activities on behalf of the company, with the legal consequences borne by the company. Hong Kong companies do not have a specific concept of a "legal representative," but directors may assume similar responsibilities. Hong Kong companies are required to have a company secretary responsible for maintaining statutory records, preparing annual returns, organizing meetings, and ensuring that the company's operations comply with regulations and articles of association.
（三）授权与印章管理Authorization and Seal Management
内地公司通过授权委托书授予代理人权力，需明确代理事项、权限和期限。香港公司通过授权书（Power of Attorney）授予第三人权力，需经董事会决议通过。内地公司公章是对外意思表示的重要凭证，需严格保管和使用。香港公司印章使用较为灵活，但需注意印章的法律效力和使用规范。
Mainland China companies grant agents power through a power of attorney, specifying the matters, scope of authority, and duration. Hong Kong companies grant third parties power through a Power of Attorney, which must be passed by the board of directors. The company seal in Mainland China is an important instrument for external representation and must be strictly safeguarded and used. The use of company seals in Hong Kong is more flexible, but attention must be paid to the legal effect and usage norms of the seals.
四、税务合规与国际争议解决Tax Compliance and International Dispute Resolution
（一）税务合规Tax Compliance
香港以其低税率和简单税制著称，但仍需遵守《税务条例》及相关国际税收规则。企业在香港运营需注意：
Hong Kong is renowned for its low tax rates and simple tax system, yet it is still necessary to comply with the Inland Revenue Ordinance and relevant international tax rules. Companies operating in Hong Kong should pay attention to the following:
1.利得税：香港实行属地征税原则，仅对源自香港的利润征税，税率为16.5%。
Profits Tax:Hong Kong follows the territorial principle of taxation, meaning it only taxes profits sourced in Hong Kong, with a tax rate of 16.5%.
2.转让定价：需遵守OECD转让定价指南，确保关联交易符合公平交易原则。
Transfer Pricing: Companies must adhere to the OECD Transfer Pricing Guidelines to ensure that related-party transactions comply with the arm's length principle.
3.BEPS行动计划：香港已加入BEPS包容性框架，企业需关注反避税规则的变化。
BEPS Action Plan: Hong Kong has joined the BEPS Inclusive Framework, and companies need to stay updated on the changes in anti-tax avoidance rules.
（二）国际争议解决International Dispute Resolution
香港作为国际仲裁中心，拥有完善的仲裁法律体系和国际认可度。企业在跨境交易中可选择香港作为仲裁地，利用《纽约公约》在全球范围内执行仲裁裁决。
As an international arbitration hub, Hong Kong has a comprehensive arbitration legal system and enjoys international recognition. Companies involved in cross-border transactions can choose Hong Kong as the arbitration venue and leverage the New York Convention to enforce arbitral awards globally.
五、案例：公司章程与法律风险管控Case Study: Company Articles of Association and Legal Risk Management
以中粮集团在香港的子公司为例，该集团充分考虑内地与香港两地法律的差异，对香港子公司的公司章程进行了针对性地修订与完善。在内地，集团遵循《中国共产党国有企业基层组织工作条例（试行）》等规定，将党建工作纳入公司章程，明确党组织在公司治理中的法定地位，并清晰划分党委会、董事会和经理层的职责边界，构建了权责分明、运转高效的公司治理架构。
Taking COFCO Corporation's subsidiary in Hong Kong as an example, the group has fully considered the differences in laws between mainland China and Hong Kong and has revised and improved the articles of association of its Hong Kong subsidiary in a targeted manner. In mainland China, the group follows regulations such as the Provisional Regulations on the Work of Grassroots Organizations of the Communist Party of China in State-owned Enterprises, incorporating party-building work into the company's articles of association. It clarifies the legal status of the party organization in corporate governance and clearly delineates the responsibilities among the Party Committee, the Board of Directors, and the management team, thereby establishing a corporate governance structure that is clearly defined in terms of authority and responsibilities and operates efficiently.
在香港子公司，由于受香港法律管辖，其公司治理结构与内地存在显著不同。例如，香港《公司条例》未强制要求公司设立监事会。在此背景下，中粮集团重点强化香港子公司的董事会建设：一方面，选派具有丰富行业经验和深厚专业知识的人才担任执行董事，负责公司日常运营决策，确保业务高效推进；另一方面，委任专业的非执行董事，从宏观战略层面为公司发展提供多元化视角和专业建议。同时，引入独立非执行董事，凭借其独立判断能力和专业素养，对重大决策进行监督，确保决策过程的公正性和透明性，有效防范法律风险，维护公司及全体股东的利益。
In its Hong Kong subsidiary, due to the jurisdiction of Hong Kong law, the corporate governance structure is significantly different from that in mainland China. For instance, the Hong Kong Companies Ordinance does not mandate the establishment of a supervisory board. Against this backdrop, COFCO Corporation has focused on strengthening the board of directors of its Hong Kong subsidiary. On the one hand, it appoints individuals with rich industry experience and profound professional knowledge as executive directors to be responsible for the company's day-to-day operational decisions and to ensure efficient business progress. On the other hand, it appoints professional non-executive directors to provide diverse perspectives and professional advice for the company's development from a macro-strategic level. Additionally, independent non-executive directors are introduced. With their independent judgment and professional expertise, they oversee major decisions to ensure the fairness and transparency of the decision-making process, effectively prevent legal risks, and safeguard the interests of the company and all its shareholder.
在中国企业布局香港、设立子公司的战略进程中，精准洞悉并妥善化解内地与香港法律体系间的显著差异，是实现稳健运营的基石。从公司章程的精细化制定，到境外投资监管的严格遵循；从公司治理架构的科学搭建，到税务合规的精准把控，再到国际争议解决机制的前瞻性筹备，每一个关键环节，都必须无缝对接两地法律要求，确保合规零风险。
In the strategic process of Chinese enterprises expanding into Hong Kong and establishing subsidiaries, accurately perceiving and properly resolving the significant differences between the legal systems of the Chinese mainland and Hong Kong is the cornerstone of stable operations. From the meticulous customization of company articles of association to the strict adherence to overseas investment supervision; from the scientific construction of corporate governance structures to the precise control of tax compliance, and then to the forward-looking preparation of international dispute resolution mechanisms, every key link must seamlessly align with the legal requirements of both regions to ensure zero compliance risks.
为有效应对复杂多变的法律环境，企业需构建一套完善且高效的法律风险管理体系，持续强化合规管理能力，将风险防控贯穿于企业运营的每一个流程。只有这样，企业才能在香港这片充满机遇与挑战的市场中稳扎稳打，实现可持续发展的长远目标。
To effectively deal with the complex and changing legal environment, enterprises need to build a comprehensive and efficient legal risk management system, continuously strengthen compliance management capabilities, and integrate risk prevention and control into every process of corporate operations. Only in this way can enterprises steadily advance in the Hong Kong market, which is full of opportunities and challenges, and achieve the long-term goal of sustainable development.
香港作为国际金融中心，汇聚了全球的资本、信息与人才，为企业提供了得天独厚的国际化发展平台。企业应充分发挥自身优势，积极融入国际市场，深度挖掘潜在机遇，在全球范围内拓展业务版图，提升品牌影响力，铸就卓越的全球竞争力，在国际商海中乘风破浪，行稳致远。（*本文对任何提及“香港”的表述，应解释为“中华人民共和国香港特别行政区”）
Hong Kong, as an international financial center, gathers global capital, information, and talent, providing enterprises with a unique platform for international development. Enterprises should fully utilize their own advantages, actively integrate into the international market, deeply explore potential opportunities, expand their business map globally, enhance brand influence, and build outstanding global competitiveness. In the international business sea, they can ride the wind and break the waves, and move forward steadily.
若您有任何国际事务咨询，欢迎联系瀛和国际-国际事务顾问：Logan Zhu邮箱：Logan@winteam500.com座机：（+86）0755-8350 1500电话：（+86）17322327259
Should you have any inquiries regarding international affairs, please feel free to contact WINGLOBAL-International Affairs Consultant：Logan ZhuEmail：Logan@winteam500.comTel：（+86）0755-8350 1500Mobile：（+86）17322327259
