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在当今全球化深度融合的时代，中国企业的海外投资进程正不断提速，已然成为推动世界经济发展的重要力量。根据商务部和外汇局的统计，2024年我国全行业对外直接投资达到11592.7亿元人民币，同比增长11.3%（以美元计为1627.8亿美元，增长10.1%）。其中，境内投资者对全球 151 个国家和地区的 9400 家境外企业进行了非金融类直接投资，累计投资 10244.5 亿元人民币，增长 11.7%（以美元计为 1438.5 亿美元，增长 10.5%）。从区域来看，对东盟地区投资增长迅猛，较上年增长 12.6%，主要集中在新加坡、印度尼西亚、泰国等国。从行业流向分析，租赁和商务服务业、制造业、批发零售业成为投资热门领域。
In the era of deepening globalization, the overseas investment process of Chinese enterprises is accelerating continuously and has become an important force driving the development of the world economy. According to the statistics of the Ministry of Commerce and the State Administration of Foreign Exchange, in 2024, China's total industry outbound direct investment reached 1,159.27 billion yuan, a year-on-year increase of 11.3% (in US dollars, it was 162.78 billion US dollars, an increase of 10.1%). Among them, domestic investors made non-financial direct investments in 9,400 overseas enterprises in 151 countries and regions around the world, with a cumulative investment of 1,024.45 billion yuan, an increase of 11.7% (in US dollars, it was 143.85 billion US dollars, an increase of 10.5%). Regionally, investment in the ASEAN region has grown rapidly, with a year-on-year increase of 12.6%, mainly concentrated in countries such as Singapore, Indonesia, and Thailand. Analyzing from the perspective of industry flow, the leasing and business services, manufacturing, and wholesale and retail industries have become popular investment areas.
在这样的大背景下，越来越多的中国企业带着拓展国际市场、提升全球竞争力的目标 “出海远航”。像华为持续加大在欧洲、非洲等地的研发与市场投入，字节跳动旗下的产品风靡全球多个国家和地区，这些领军企业的成功实践，激励着更多企业投身海外市场。但不可忽视的是，海外投资的道路布满荆棘，复杂多变的国际政治经济形势、各国严苛的法律法规、迥异的文化习俗等，都给企业带来了诸多挑战。其中，搭建科学合理的海外投资架构，规划精准有效的出海战略布局，成为企业在海外市场能否站稳脚跟、实现长远发展的关键所在。
Against this backdrop, more and more Chinese enterprises are "setting sail overseas" with the goals of expanding into international markets and enhancing their global competitiveness. For example, Huawei continues to increase its R & D and market investment in Europe, Africa, and other places, and the products of ByteDance are popular in many countries and regions around the world. The successful practices of these leading enterprises inspire more enterprises to engage in overseas markets. However, it cannot be ignored that the road of overseas investment is full of thorns. The complex and volatile international political and economic situation, the strict laws and regulations of various countries, and the vastly different cultural customs have brought many challenges to enterprises. Among them, building a scientific and reasonable overseas investment structure and planning a precise and effective overseas strategic layout have become the keys to whether enterprises can gain a firm foothold in overseas markets and achieve long-term development.
本文将深入探讨中国企业出海的战略布局与投资架构搭建要点，结合实际案例，为正在或即将踏上出海征程的企业提供全面且实用的指南，助力中国企业在海外市场行稳致远，书写属于自己的国际化篇章。
This article will deeply explore the key points of the strategic layout and investment structure building for Chinese enterprises going global, and combine practical cases to provide a comprehensive and practical guide for enterprises that are currently or about to embark on the journey of going global, helping Chinese enterprises to achieve stable and long - term development in overseas markets and write their own international legendary chapters.
在全球化经济浪潮的推动下，中国企业的对外投资活动日益频繁，而这些活动的有序开展，离不开中央政策历年的支持，中国企业出海的历史即是中国改革开放不断融入世界，通过“走出去”逐渐强大、走向世界中心的历史。自1979年国务院提出15项经济改革措施，允许“出国办企业”，到全国人大九届三次会议正式提出“走出去”的战略方针，中国加入WTO，逐渐全面参与世界经济贸易体系，再到“一带一路”重大倡议提出，深化对外投资管理体制改革，国家践行了“走出去”的战略部署，贯彻了新发展理念，着手构建起以国内大循环为主体、国内国际双循环相互促进的新发展格局，为中国企业出海提供了足够的力量支持，构建了良好畅通的出海渠道。《境外投资管理办法》《企业境外投资管理办法》《中央企业境外投资监督管理办法》以及《对外投资备案（核准）报告暂行办法》等，构成了一套严密且全面的监管体系，为中国企业的海外投资之路保驾护航。
Driven by the wave of globalization, Chinese enterprises have been increasingly engaged in outbound investment activities. The orderly conduct of these activities owes much to the consistent support of central policies over the years. The history of Chinese enterprises' overseas expansion is intertwined with China's continuous integration into the global community through reform and opening - up, gradually growing stronger and moving towards the center of the world stage by "going global".
In 1979, the State Council proposed 15 economic reform measures, allowing "establishing enterprises overseas". Then, at the Third Session of the Ninth National People's Congress, the strategic principle of "going global" was officially put forward. After China's accession to the WTO, it gradually and fully participated in the world economic and trade system. Subsequently, with the proposal of the Belt and Road Initiative and the deepening of the reform of the outbound investment management system, the country has implemented the "going global" strategic plan, implemented the new development concept, and set out to build a new development pattern with the domestic cycle as the mainstay and the domestic and international dual - cycles promoting each other. This has provided sufficient support for Chinese enterprises to go global and established smooth channels for them.
Regulations such as the Measures for the Administration of Outbound Investment, the Measures for the Administration of Overseas Investment by Enterprises, the Measures for the Supervision and Administration of Overseas Investment by Central Enterprises, and the Interim Measures for the Filing (Approval) and Reporting of Outbound Investment have formed a rigorous and comprehensive regulatory system, safeguarding the overseas investment journey of Chinese enterprises.
这些法规因发布部门的不同而各有侧重，共同织就了一张覆盖全面、层次分明的监管网络。以《境外投资管理办法》（商务部2014年第3号令）来说，它站在宏观视角，着眼于境外投资活动的整体布局，在提供综合服务的同时，对投资项目进行全程监管，力求在促进境外投资稳健前行的同时，切实维护国家的核心利益与安全。
These regulations, each with its own focus based on the issuing department, together weave a comprehensive and well - structured regulatory network. Take the "Measures for the Administration of Overseas Investment" (Order No. 3 of the Ministry of Commerce in 2014) as an example. It takes a macro perspective, focusing on the overall layout of overseas investment activities. While providing comprehensive services, it conducts full - process supervision of investment projects, aiming to promote the steady progress of overseas investment and effectively safeguard the core interests and security of the nation.
《企业境外投资管理办法》（国家发改委令第 11 号）则聚焦于企业投资行为本身，通过规范流程、优化服务、强化监管，构建起一套以备案为主、核准为辅的管理模式，根据项目是否敏感实施差异化管理，既保障了企业投资的灵活性，又确保了监管的针对性。
The "Measures for the Administration of Enterprises' Overseas Investment" (Order No. 11 of the National Development and Reform Commission) focuses on the enterprise investment behavior itself. By standardizing procedures, optimizing services, and strengthening supervision, it establishes a management model mainly based on filing with approval as a supplement, implementing differential management for sensitive and non - sensitive projects, ensuring both the flexibility of enterprise investment and the pertinence of supervision.
当涉及到中央企业，《中央企业境外投资监督管理办法》则进一步明确了国资委的监管职责，通过制定负面清单，对投资项目进行全程跟踪与监督，从源头上防范投资风险，确保国有资产保值增值。
When it comes to central enterprises, the "Measures for the Supervision and Administration of Central Enterprises' Overseas Investment" further clarifies the regulatory responsibilities of the State - owned Assets Supervision and Administration Commission (SASAC). By formulating a negative list and conducting full - process tracking and supervision of investment projects, it prevents investment risks from the source and ensures the preservation and appreciation of state - owned assets.
而《对外投资备案（核准）报告暂行办法》（商合发 [2018] 24 号）则发挥着协调各方的关键作用，通过整合商务、金融、国资等多部门的力量，形成监管合力，确保每一项对外投资活动都在合法合规的轨道上运行，为中国企业的海外投资奠定坚实的制度基础。
The "Interim Measures for Reporting on the Filing (Approval) of Foreign Investment" (No. 24, Shanghefa [2018]) plays a key role in coordinating various parties. By integrating the efforts of departments such as commerce, finance, and state - owned assets, it forms a joint regulatory force, ensuring that every foreign investment activity operates on the track of legality and compliance, and laying a solid institutional foundation for the overseas investment of Chinese enterprises.
01中企直接海外投资Chinese enterprises direct overseas investment
当中国企业进行海外直接投资时，通常会采用现金投资、实物资产转移或无形资产投入等方式，在海外市场（包括港澳台地区）获取并控制境外企业的经营权。这些投资活动主要体现为两种形式：一是设立境外子公司，二是收购现有境外公司。
When Chinese enterprises engage in overseas direct investment, they typically use methods such as cash investment, transfer of physical assets, or injection of intangible assets to obtain and control the operating rights of foreign enterprises in overseas markets, including the Hong Kong, Macao, and Taiwan regions. These investment activities are mainly reflected in two forms: one is the establishment of overseas subsidiaries, and the other is the acquisition of existing foreign companies.
在开展境外直接投资之前，企业必须完成境外直接投资（ODI）备案手续，这是确保资金合法跨境流动的关键步骤。ODI备案不仅是企业开展境外投资活动的法定程序，也是确保符合国内外法规要求的重要环节。由于ODI备案过程可能较为复杂且耗时较长，特别是在涉及敏感国家或行业时，企业可能会面临额外的审查或限制，甚至可能被禁止进行对外投资。因此，企业在计划进行ODI之前，应充分了解相关法规政策，并做好充分准备，以应对可能出现的挑战。
Prior to undertaking overseas direct investment, enterprises must complete the ODI (Overseas Direct Investment) filing procedures, which is a crucial step to ensure the legal cross - border flow of funds. The ODI filing is not only a legal procedure for enterprises to carry out overseas investment activities, but also an important link to ensure compliance with domestic and foreign regulatory requirements. Given that the ODI filing process may be relatively complex and time - consuming, especially when it involves sensitive countries or industries, enterprises may face additional reviews or restrictions, and may even be prohibited from making outbound investments. Therefore, before planning to conduct ODI, enterprises should fully understand the relevant regulations and policies, and make adequate preparations to meet the potential challenges.
02多层架构搭建Multi - Layer Structure Construction
对于企业在全球范围内扩展业务而言，构建多层股权架构是一种极具战略性的选择。与直接对外投资相比，这种架构不仅能够充分利用各国的税收优惠政策和双边、多边税收协定，实现更大的税务效益，还能有效降低整体投资成本。此外，多层架构能够隔离国内法律诉讼对海外资金的影响，简化再投资流程，支持企业更好地进行全球化布局，因此成为许多跨国企业的首选方案。
For enterprises seeking to expand their business globally, constructing a multi - layer equity structure is a highly strategic choice. Compared to direct outbound investment, this structure can not only fully utilize the tax preferential policies of various countries and bilateral / multilateral tax agreements to achieve greater tax benefits, but also effectively reduce the overall investment cost. In addition, the multi - layer structure can isolate the impact of domestic legal disputes on overseas funds, simplify the reinvestment process, and support enterprises in better carrying out their global layout, thus becoming the preferred solution for many multinational enterprises.
顶层架构：在顶层架构中，企业作为最终投资人，通常会出于保护股东隐私、规划遗产继承或优化资产配置等考虑，选择设立离岸公司、信托计划或基金公司等形式。这些实体通常会选择注册在税率低、保密性强、外汇管制宽松且法律制度健全的地方，如英属维尔京群岛（BVI）或开曼群岛。
Top-Tier Structure: In the top - tier structure, the enterprise, as the ultimate investor, usually chooses to establish offshore companies, trust plans, or fund companies for reasons such as protecting shareholder privacy, planning estate inheritance, or optimizing asset allocation. These entities are typically registered in places with low tax rates, strong confidentiality, relaxed foreign exchange controls, and sound legal systems, such as the British Virgin Islands (BVI) or the Cayman Islands.
中间层架构：中间架构是连接顶层投资者与底层经营实体的关键环节。这一层级的设计通常采用多层级控股公司的形式，选址时会优先考虑那些虽然不是低税国家但拥有规范透明的税收制度、广泛签订有优惠税率的双边或多边税收协定、并对受益人限制较少的地方。中国香港、荷兰、卢森堡、比利时、爱尔兰和瑞士等地都是常见的选择。通过这样的安排，企业可以在遵守国际税务规则的同时享受更多元化的税务优惠，从而提升投资回报率。
Middle - Tier Structure: The middle - tier structure is the key link connecting the top - tier investors and the bottom - tier operating entities. The design of this layer usually adopts the form of multi - layer holding companies. When selecting the location, priority is given to places that, although not low - tax countries, have standardized and transparent tax systems, have widely signed bilateral or multilateral tax agreements with preferential tax rates, and have few restrictions on beneficiaries. Hong Kong, China, the Netherlands, Luxembourg, Belgium, Ireland, and Switzerland are common choices. Through such arrangements, enterprises can enjoy more diversified tax preferences while complying with international tax rules, thereby increasing the return on investment.
底层架构：底层架构是整个投资链条中最接近实际业务操作的一环。它可以由境外的中间控股公司直接持有，也可以通过在当地设立本地控股公司来间接持有实体企业的股权。
Bottom - Tier Structure: The bottom - tier structure is the link in the entire investment chain that is closest to the actual business operations. It can be directly held by the overseas intermediate holding company, or it can be indirectly held through the establishment of a local holding company.
03VIE架构搭建VIE Structure Construction
自2000年新浪在美国上市时首次采用VIE架构以来，这种模式已经成为国内众多企业，尤其是互联网和科技公司境外上市的首选方案。据统计，在美股上市的中概股中，至少有220家采用了VIE架构，包括腾讯、阿里巴巴、B站、百度等知名公司。
Since Sina first used the VIE structure for its listing in the United States in 2000, this model has become the preferred solution for many domestic enterprises, especially Internet and technology companies, to go public overseas. Statistics show that among Chinese - concept stocks listed in the US, at least 220 have adopted the VIE structure, including well - known companies such as Tencent, Alibaba, Bilibili, and Baidu.
VIE架构的搭建流程主要包括以下几个步骤：
The construction process of the VIE structure mainly includes the following steps:
设立VIE公司，通常创始人为VIE公司的股东。设立BVI公司，约需要10个工作日。设立开曼公司，约需要10-15个工作日。设立香港公司，约需要3-5个工作日。通过香港公司设立WFOE，并签订一系列控制协议。
• Establish a VIE company, with the founders usually being the shareholders of the VIE company.
• Establish a BVI company, which takes about 10 working days.
• Establish a Cayman company, which takes about 10 - 15 working days.
• Establish a Hong Kong company, which takes about 3 - 5 working days.
• Set up a WFOE through the Hong Kong company and sign a series of control agreements.
04不同国家投资架构的路径选择Path Selection for Investment Structures in Different Countries
欧盟与美国：推荐架构为“中国大陆公司 → 香港公司 → 荷兰公司 → 欧盟/美国公司”。荷兰凭借其广泛的双边税收协定网络及控股公司友好政策，成为连接亚洲与欧美市场的重要桥梁。
EU and US: The recommended structure is "Mainland China Company → Hong Kong Company → Netherlands Company → EU / US Company". The Netherlands, with its extensive network of bilateral tax agreements and investor - friendly policies, has become an important bridge connecting the Asian and European and American markets.
泰国：推荐架构为“中国大陆公司 → 香港公司 → 泰国公司”。香港与泰国的税收协定使股息分配和股权转让的税务成本更低，有助于提高资金回流效率。
Thailand: The recommended structure is "Mainland China Company → Hong Kong Company → Thailand Company". The tax agreement between Hong Kong and Thailand makes the tax cost of dividend distribution and equity transfer lower, which helps to improve the efficiency of capital repatriation.
越南：推荐架构为“中国大陆公司 → 新加坡公司 → 越南公司”。新加坡与越南的税收协定提供最低的预提所得税率，同时转让股权时无需在越南缴税，是企业优化税务成本的理想选择。
Vietnam: The recommended structure is "Mainland China Company → Singapore Company → Vietnam Company". The tax agreement between Singapore and Vietnam provides the lowest withholding tax rate, and there is no need to pay tax in Vietnam when transferring equity, which is an ideal choice for enterprises to optimize tax costs.
综上可见，企业在搭建境外投资架构时，需秉持全局视角，全方位权衡诸多关键要素。从投资目的与商业战略的精准契合，到深入洞察东道国的法律条文与税务细则，以及密切关注国际政治经济局势的动态变化，无一不是架构搭建过程中的重要考量。此外，税收优惠政策的合理运用、信息披露的合规要求、隐私保护的严格标准，乃至资金的顺畅流动与撤资时的便捷性，这些因素相互交织，共同构成了影响境外投资架构的关键网络。
As can be seen from the above, when enterprises build an overseas investment structure, they need to adopt a global perspective and comprehensively weigh many key factors. From the precise match of investment objectives and business strategies, to the in - depth understanding of the legal provisions and tax details of the host country, and the close attention to the dynamic changes in the international political and economic situation, all of these are important considerations in the process of building the structure. In addition, the rational use of tax incentives, the compliance requirements for information disclosure, the strict standards for privacy protection, and even the smooth flow of funds and the convenience of divestment, these factors interweave to form a key network that affects the overseas investment structure.
企业唯有经过深思熟虑与精心规划，才能筛选出既契合商业目标，又遵循法规要求，同时实现高效运作的境外投资架构。如此一来，方能为中国企业迈向全球化的征程筑牢根基，助力企业在国际市场的浪潮中稳健前行，实现可持续发展。
Only through careful consideration and meticulous planning can enterprises select an overseas investment structure that meets their business goals, complies with regulatory requirements, and achieves efficient operation. In this way, Chinese enterprises can lay a solid foundation for their journey towards globalization, help them move forward steadily in the waves of the international market, and achieve sustainable development.
依托海外300余家办公室的强大国际化布局，以及福田区深厚的经济资源与优质的商业环境，瀛和国际将凭借其深厚的涉外法律服务经验，助力中国企业直面全球市场的复杂挑战，从容应对不同国家的法律与监管要求。针对欧美、东南亚、中东及非洲等各大区域，瀛和国际能够提供定制化的投资架构设计方案，确保企业能够迅速适应并融入当地市场。通过精准把握各国税务政策、外汇管理规定及行业准入标准，我们帮助企业规避潜在的法律风险，优化税务结构，提升资金运作效率。同时密切跟踪国际政策动态，及时调整投资策略，确保中国企业在全球化进程中始终保持领先地位。
Relying on its powerful international layout with over 300 overseas offices, as well as the profound economic resources and excellent business environment in Futian District, WinGlobal, with its rich experience in foreign - related legal services, will assist Chinese enterprises in facing the complex challenges of the global market head - on and coping with the legal and regulatory requirements of different countries with ease. For major regions such as Europe, America, Southeast Asia, the Middle East, and Africa, WinGlobal can provide customized investment structure design solutions to ensure that enterprises can quickly adapt to and integrate into local markets. By accurately grasping the tax policies, foreign exchange management regulations, and industry access standards of various countries, we help enterprises avoid potential legal risks, optimize tax structures, and improve the efficiency of capital operation. Meanwhile, we closely monitor international policy trends and promptly adjust investment strategies to ensure that Chinese enterprises always maintain a leading position in the process of globalization.
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
