外管局37号文件: VIE结构以及返程投资的重要改变
37haowenguanyuyunxujingneijumingerenxiangteshumudegongsitigongzijinzhichideguiding，jidaditupole75haodexianzhi，youxiaodijianhualejingneijumingerenjinxingjingwaitouzidechengxu，juyouzhongdayiyi。37haowenjiqi《caozuozhiyin》duiyuteshumudegongsiwaihuidengjidechengxujinxinglejiaodadediaozheng，zhuyaotixianzai:
泛亚电竞 2014nian7yue14ri，guojiawaihuiguanlijuzaiqiguanfangwangzhanfabule《guanyujingneijumintongguoteshumudegongsijingwaitourongzijifanchengtouziwaihuiguanliyouguanwentidetongzhi》(huifa[2014]37hao)(“37haowen”)jiqifujian《fanchengtouziwaihuiguanlisuosheyewucaozuozhiyin》(“《caozuozhiyin》”)he《zibenxiangmuzhijietouziwaihuiyewushenqingbiao》。genju37haowen，duijingneiqiyetongguoviejiagoujinxingjingwairongzijishangshichanshengzhongyaoyingxiangde75haowentongshifeizhi，59haowenzhongshejifanchengtouziwaihuiguanlide《caozuoguicheng》yexiangyingbei《caozuozhiyin》qudai。
泛亚电竞 37haowenkaipianjitichu“weizhichiguojia“zouchuqu”zhanlvedeshishi，chongfenliyongguojiguoneiliangzhongziyuan、lianggeshichang，jinyibujianhuahebianlijingneijumintongguoteshumudegongsicongshitourongzihuodongsuoshejidekuajingzibenjiaoyi”demude。37haowenyu75haowenxiangbi，youzhuduojiaodadediaozheng，youwangweijingneijuminjingwaitourongzihefanchengtouzidakaiduoshanchuangkou，qijijiyiyiyushijianxiaoguo，zhideqidai。
xiangbiyu75haowen，37haowenzaidingyi、teshumudegongsifanwei、jingneijuminjingwaitouzi、rongziyijifanchengtouzi、guquanjilijihuadengji、gexiangdengjichengxu、chufayijuyucuoshidengfangmianjunjinxinglejiaodadediaozheng，zhuyaobaokuoruxiajigefangmian:
一、定义的重大调整
genju37haowen，“teshumudegongsi”、“fanchengtouzi”ji“jingneijumin”dedingyidouzuolejiaodadediaozheng。
“teshumudegongsi”shizhijingneijumin(hanjingneijigouhejingneijumingeren)yitourongziweimude，yiqihefachiyoudejingneiqiyezichanhuoquanyi，huozheyiqihefachiyoudejingwaizichanhuoquanyi，zaijingwaizhijieshelihuojianjiekongzhidejingwaiqiye。xiangbiyu75haowen，teshumudegongsi: (1)buzaijuxianyu“jingwairongzi”weimude，ertuokuanweiyi“tourongzi”weimude，zengjiale“touzi”;(2)buzaijuxianyu“jingneiqiyezichanhuoquanyi”，ertuokuanzengjiale“jingwaizichanhuoquanyi”。
“fanchengtouzi”，shizhijingneijuminzhijiehuojianjietongguoteshumudegongsiduijingneikaizhandezhijietouzihuodong，jitongguoxinshe、binggoudengfangshizaijingneisheliwaishangtouziqiyehuoxiangmu(yixiajianchengwaishangtouziqiye)，bingqudesuoyouquan、kongzhiquan、jingyingguanliquandengquanyidexingwei。xiangbiyu75haowen，jianhuabingmingquezhijietouzidefangshiweitongguo“xinshe、binggoudengfangshi”sheliwaishangtouziqiye，bingqudesuoyouquan、kongzhiquan、jingyingguanliquandengquanyi。
“jingneijumin”dingyiqufenwei“jingneijigou”he“jingneijumingeren”，er“jingneijumingeren”zebaokuochiyouzhongguojingneijuminshenfenzheng、junrenshenfenzhengjian、wuzhuangjingchashenfenzhengjiande“zhongguogongmin”，yijisuiwuzhongguojingneihefashenfenzhengjian、danyinjingjiliyiguanxizaizhongguojingneixiguanxingjuzhude“jingwaigeren”。
二、拓宽了“特殊目的公司”的范围
泛亚电竞 genju37haowenduiyu“teshumudegongsi”dedingyi，teshumudegongsidefanweijinyibukuoda，zhuyaotixianzai:
泛亚电竞 1.teshumudegongsijikeyiyongyurongzi，yikeyiyongyutouzi
genju75haowen，teshumudegongsichenglidemudejinxianyuzai“jingwaijinxingguquanrongzi”，er37haowenguidingdeteshumudegongsizebujinxianyuzaijingwaijinxingguquanrongzi，haikeyizaijingwaijinxingtouzi。
泛亚电竞 zheiyikansijiandandediaozheng，quejidadifengfuleteshumudegongsideneihan，conggenbenshangquelilejingneijumin，youqishijingneijumingerentongguoteshumudegongsijinxingjingwaitouzideyuanze。jingneijigoujingwaitouzi，ciqianyiyoushangwubu2009nianfabude《jingwaitouziguanlibanfa》yijiqitaxiangguanfaguideguiding。danduiyujingneijumingeren，chulezhiqiande75haowenguiding，yiji《gerenwaihuiguanlibanfa》jiqishishixizedeyuanzexingguidingwai，jingneijumingerendejingwaitouziyizhiweinengyoutebiemingquehuokejucaozuoxingdeguidinghuozhiyin，daozhijingneijumingerendejingwaitouzihefaxingzhangqichuyubuquedingzhuangtai。37haowenguanyu“teshumudegongsi”dedingyijixiangguanguiding，kenengjiangweijingneijumingerenjingwaitouzidakaiyitiaohefatonglu，zai“zouchuqu”deguojiazhanlvedahuanjingxia，shidejingneijumingerenkeyihefashixianqijingwaitouzi，jutidexiaoguozeyoudai37haowenshijizhixingdejianyan。
2.jingneijuminjikeyiqichiyoudejingneiqiyezichanhuoquanyi，yikeyiqichiyoudejingwaizichanhuoquanyichuzisheliteshumudegongsi
泛亚电竞 genju75haowen，jingneijuminjinnengyiqihefachiyoudejingneizichanhuoquanyisheliteshumudegongsi，er37haowenzetuokuanweiyunxujingneijuminyiqihefachiyoudejingwaizichanhuoquanyisheliteshumudegongsi。
shouxianyu75haowenguanyuteshumudegongsijinyongyujingwairongzidemude，qiejingneiquanyixuyaozhuruteshumudegongsideanpai，shijianzhong，waihuiguanlibumenyaoqiujingneijuminbixuxianchiyoujingneiquanyi，fangkesheliteshumudegongsibingjinxingrongzi。danshirushangsuoshu，37haowenxiadeteshumudegongsikezhijieyongyuzaijingwaitouzi(wuxuyaoqiujingneiqiyequanyizhuru)，yinci，fanyadianjinglijie，zhiyaojingneijuminzaijingwaiyouhefaquanyihuozichan，yekeyisheliteshumudegongsi，bingwancheng37haowenxiadewaihuidengji，erwuxushouxianzaijingneisheli/chiguyijiaqiye。
lingwai，jiehe“teshumudegongsi”ji“fanchengtouzi”dedingyi，duiyu75haowenxiade“feiteshumudegongsi”dedengjiyikenengzaochengtupo，kenengyouxiaojiejueciqian“feirongzimude”dejingwaigongsi“fanchengtouzi”dedengjiwenti，jutishangdaiwaihuiguanlibumenjinyibujieshiheshijianjianyan。
泛亚电竞 dangran，jianyufanyadianjingguozhangqiyilaidewaihuiguanzhi，duiyujingwaizichanhuoquanyidejiedingyijichiyoudehefaxing，zeyoulaiyuwaihuiguanlibumendejieshijishuoming，xuyaoyuwaihuiguanlibumenjinxingchongfendegoutongjiqueren。
三、允许境内居民对特殊目的公司提供资金支持
泛亚电竞 genju37haowen: (1)jingneijumin“keyijingneiwaihefazichanhuoquanyixiangteshumudegongsichuzi”，(2)jingneijumin“keyizhijiehuojianjiekongzhidejingneiqiye，kezaizhenshi、helixuqiudejichushanganxianxingguidingxiangqiyidengjideteshumudegongsifangkuan”，(3)jingneijumin“kezaizhenshi、helixuqiudejichushanggouhuihuichuzijinyongyuteshumudegongsisheli、gufenhuigouhuotuishideng”。qianshuguiding，ruodedaoyouxiaozhixing，zeduiyujingneijumingerenjingwaitouzizhiyiyijiangyouweizhongyao。
泛亚电竞 zai75haowenxia，shouxianyuteshumudegongsijinxianyujingwairongzidemude，jingneijumingerenbudexiangteshumudegongsijinxingrenhechuzi，wulungaidengchuzishiyiqijingneizichanhaishijingwaizichan，ertongguojingwaiguquanrongzishiteshumudegongsiqudedaliangzijindeweiyihefalaiyuan。
er37haowendechutaijiangzaihendachengdushangjiejueteshumudegongsijingwaizijinxuqiudewenti，shideteshumudegongsihuodesuoxudezijinzhichi:
1.yunxujingneijumingerenzhijiexiangteshumudegongsichuzi
genju37haowen，zaiteshumudegongsishelizhihou，jingneijumingerenkeyiqijingneiwaihefazichanhuoquanyi(baokuodanbuxianyuhuobi、youjiazhengquan、zhishichanquanhuojishu、guquan、zhaiquandeng)xiangteshumudegongsichuzi。teshumudegongsikepingjiejingneihuichudezijinzhijiezaijingwaijinxingtouzi。danshi，duiyuyifeihuobichuzidejiazhiruhequeren，shifouxuyaojinxingpinggudengqitajutixijie，rengyoudaiyuyuwaihuiguanlibumenjinxingjinyibugoutongqueren。
泛亚电竞 2.yunxujingneijumintongguoqikongzhidejingneiqiyexiangteshumudegongsifangkuan
genju37haowen，chukezhijiexiangteshumudegongsichuziwai，jingneijumingerenyiketongguoqizhijiehuojianjiekongzhidejingneiqiye，zaizhenshi、helixuqiudejichushanganzhao《guojiawaihuiguanlijuguanyujingneiqiyejingwaifangkuanwaihuiguanliyouguanwentidetongzhi》dengguidingxiangyijingdengjideteshumudegongsifangkuan。
3.yunxujingneijumingouhuihuichuzijinyongyuteshumudegongsisheli、gufenhuigouhuotuishideng
genju37haowen，jingneijumingerenchulekexiangteshumudegongsitigongzijinyongyujingwaitouziwai，yikeyongyuteshumudegongsidegufenhuigouhuoyishangshiteshumudegongsidetuishideng。
泛亚电竞 37haowenguanyuyunxujingneijumingerenxiangteshumudegongsitigongzijinzhichideguiding，jidaditupole75haodexianzhi，youxiaodijianhualejingneijumingerenjinxingjingwaitouzidechengxu，juyouzhongdayiyi。
四、允许境内企业的董监高及员工就非上市特殊目的公司的股权激励计划办理外汇登记
genju37haowen，feishangshiteshumudegongsiyibenqiyeguquanhuoqiquandengweibiaode，duiqizhijiehuojianjiekongzhidejingneiqiyedongshi、jianshi、gaojiguanlirenyuanjiqitayugongsijuyouguyonghuolaodongguanxideyuangongjinxingquanyijilide，xiangguanjingneijumingerenzaixingquanqiankeshenqingbanliteshumudegongsiwaihuidengjishouxu。
37haowendiyicimingquefeishangshiteshumudegongsishishidezhenduijingneiqiyedongjiangaoyuyuangongdeguquanjilijihua(“esop”)keyibanliwaihuidengjibingchutailebanlidexize，tixianlejianguanjigouduiyujingwairongzijijingwaizibenshichangfazhandemiqieguanzhu。cixiangguidingjiangkenengyouxiaojiejuezhongduofeishangshiviejiagougongsideesopdedengjiyuxingquankunhuo，shidezheixiegongsizaishangshizhiqian，qituixingdeesopduiyudaduoshuyuangongeryanbuzaishibuquedingzhuangtai，erkenengshixianyuangongzaishidangdeshihouxuanzezaijingwaizhijiechigu，duiyugongsiliuzhuhejiliyuangongyejiangqidaojijidetuidongzuoyong。
buguo，kaolvdaoesopbenshendefuzaxingjishishidechixuxingjikediaozhengxing，tuixingcixiangguidingyikenengduiwaihuiguanlibumen、gongsijiyuangongjunchanshengyidingdeyingxiang。shouxian，kenengshidewaihuiguanlibumenmianlinjiaodadedengjigongzuoyali;qici，duiyugongsieryan，jixuyaokaolvxuanzeheshideshijixiezhuyuangongbanlidengji，tongshiyexuyaokaolvruoyuangonglizhi，yixingquangufenruhechuli;disan，duiyuyuangongeryan，qizuoweidengjiyiwuren，jianglvxingxiangyingdedengjishouxu，yekenengchanshengyidingdefudan。
泛亚电竞 fanyadianjingyezhuyidao，genju37haowendebiaoshu，37haowenbingmeiyouyaoqiucanyuesopdejingneijuminbixubanlixiangyingwaihuidengji，ershikeyishenqingbanli。ruguoyangeanzhaozimianjieshi，zefeishangshiteshumudegongsideesopshejidewaihuidengjibingfeifadingyiwu，yingyoutiqinggongsiyuyuangongshenshenkaolvyuxuanzezhiyi。dangran，guanyutiaowendejutijieshirengranxuyaoyuwaihuiguanlibumenjinxinggoutonghequeren。
五、特殊目的公司外汇登记程序的调整
泛亚电竞 37haowenjiqi《caozuozhiyin》duiyuteshumudegongsiwaihuidengjidechengxujinxinglejiaodadediaozheng，zhuyaotixianzai:
泛亚电竞 1.chushidengjixiangguandediaozheng
泛亚电竞 genju37haowenjiqi《caozuozhiyin》，jingneijuminyijingneiwaihefazichanhuoquanyixiangteshumudegongsichuziqian，yingxiangwaihuiguanlijushenqingbanlijingwaitouziwaihuidengjishouxu(“chushidengji”)。zaibanlichushidengjizhiqian，jingneijumingerenkezaijingwaixianxingsheliteshumudegongsi;zaichushidengjibanliwanchengqian，jingneijumingerenbudeduiteshumudegongsifashengchuzhifuzhucefeiyongwaideqitachuzi。
xiangbiyu75haowenjiqi《caozuoguicheng》，37haowenjiqi《caozuozhiyin》: (1)bingmeiyoumingquezaichushidengjiwanchengqian，gaiteshumudegongsibudefashengjingwairongzi、guquanbiandonghuofanchengtouzidengshizhixingzibenhuoguquanbiandong，shifouyiweizhezaichushidengjiqiankejinxingjingwairongzihuoqitaguquanbiandongxingwei?(2)mingquejingneijumingerenzhiweizhijieshelihuokongzhide(diyiceng)teshumudegongsibanlidengji，shifouyiweizhejingneijumingerenjianjiekongzhideqitacengteshumudegongsi(ruchangjianderongzizhutikaimangongsiyijixiashudexiangganggongsi)zebuxuyaojinxingdengji?zheixieshangdaishijianzhongyuwaihuiguanlibumenjinyibugoutonghequeren。
泛亚电竞 2.biangengdengjixiangguandediaozheng
genju37haowenjiqi《caozuozhiyin》，yidengjidejingwaiteshumudegongsifashengjingneijumingerengudong、mingcheng、jingyingqixiandengjibenxinxibiangeng，huofashengjingneijumingerenzengzi、jianzi、guquanzhuanranghuozhihuan、hebinghuofenlidengzhongyaoshixiangbiangenghou，yingjishidaowaihuiguanlijubanli(“biangengdengji”)。
xiangbiyu75haowenjiqi《caozuoguicheng》，37haowenjiqi《caozuozhiyin》: (1)meiyoujiangteshumudegongsi(ruoyangeyizhao《caozuozhiyin》guidingde“diyiceng”teshumudegongsi)derongzi、guquanbiandongdengmingquelieweibiangengdengjishixiang;(2)quxiaolebiangengshixiangfashengzhiriqi30gegongzuorineishenqingbanlidengjideshixiaoyaoqiu;(3)quxiaolejingneijumincongteshumudegongsihuoqudelirun、honglijizibenbiandongshouruyingyuhuodezhiriqi180rineidiaohuijingneideshixiaoyaoqiu。
3.jinyibumingquekeyi“budengji”
37haowenguiding，zai37haowenshishiqian，jingneijuminyijingneiwaihefazichanhuoquanyiyixiangteshumudegongsichuzidanweianguidingbanlijingwaitouziwaihuidengjide，jingneijuminyingxiangwaihuijuchujushuominghanshuomingliyou。waihuijugenjuhefaxing、helixingdengyuanzebanlibudengji，duishexianweifanwaihuiguanliguidingde，yifajinxingxingzhengchufa。zaiguojia“zouchuqu”zhengcededahuanjingxia，duiyuzhiqianyijingsheli“teshumudegongsi”danmianlinzai75haowenxiabudengjidenandu，cixiangguiding，kenengjiangyouxiaojiejueyixielishiyiliuwenti，shidezheixie“teshumudegongsi”hefahua。
rushangshufenxi，jianyuteshumudegongsiwaihuidengjidechengxucaozuoxingjiaoqiang，diaozhenghourengyoubufenxijiedaiyuwaihuiguanlibumenjinxinggoutonghequeren。
六、明确了具体处罚依据和措施
butongyu75haowen，37haowenzhenduijutideweiguiqingxing，mingquelejutidechengfayijujicuoshi，baokuo:
1.jingneijuminhuoqizhijie、jianjiekongzhidejingneiqiyetongguoxujiahuogouzaojiaoyihuichuzijinyongyuteshumudegongsi
泛亚电竞 genju《waihuiguanlitiaoli》disanshijiutiaoguiding，youwaihuiguanlijiguanzelingxianqidiaohuiwaihui，chutaohuijine30%yixiadefakuan;qingjieyanzhongde，chutaohuijine30%yishangdengzhiyixiadefakuan;gouchengfanzuide，yifazhuijiuxingshizeren。
2.jingneijuminweianguidingbanlixiangguanwaihuidengji，weirushipilufanchengtouziqiyeshijikongzhirenxinxi，cunzaixujiachengnuodengxingwei
泛亚电竞 genju《waihuiguanlitiaoli》disishibatiaodi(wu)xiangguiding，youwaihuiguanlijiguanzelinggaizheng，jiyujinggao，duijigoukeyichu30wanyuanyixiadefakuan，duigerenkeyichu5wanyuanyixiadefakuan。
3.zaijingneijuminweianguidingbanlixiangguanwaihuidengji，weirushipilufanchengtouziqiyeshijikongzhirenxinxihuoxujiachengnuodeqingkuangxia，fashengzijinliuchu
genju《waihuiguanlitiaoli》disanshijiutiaoguiding，youwaihuiguanlijiguanzelingxianqidiaohuiwaihui，chutaohuijine30%yixiadefakuan;qingjieyanzhongde，chutaohuijine30%yishangdengzhiyixiadefakuan;gouchengfanzuide，yifazhuijiuxingshizeren。
4.zaijingneijuminweianguidingbanlixiangguanwaihuidengji，weirushipilufanchengtouziqiyeshijikongzhirenxinxihuoxujiachengnuodeqingkuangxia，fashengzijinliuruhuojiehui
genju《waihuiguanlitiaoli》disishiyitiaoguiding，weifanguidingjiangwaihuihuirujingneide,youwaihuiguanlijiguanzelinggaizheng，chuweifajine30%yixiadefakuan;qingjieyanzhongde，chuweifajine30%yishangdengzhiyixiadefakuan;feifajiehuide，youwaihuiguanlijiguanzelingduifeifajiehuizijinyuyihuidui，chuweifajine30%yixiadefakuan。
泛亚电竞 5.jingneijuminyuteshumudegongsixiangguankuajingshouzhiweianguidingbanliguojishouzhitongji
genju《waihuiguanlitiaoli》disishibatiaodi(yi)xiangguiding，youwaihuiguanlijiguanzelinggaizheng，jiyujinggao，duijigoukeyichu30wanyuanyixiadefakuan，duigerenkeyichu5wanyuanyixiadefakuan。
