Chinese Investors in Germany - PwC€¦ · environment for your business success, it is crucial to have professional advisors you can trust. In this brochure we give an insight into

Chinese Investors in Germany

中国投资者在德国

www.pwc.de/china

Latest issues that Chinese companies operating in Germany need to know.

关于中国企业在德国开展经营需要了解的最新事项。

2 Chinese Investors in Germany

Map of Germany

Hamburg

Dusseldorf

BerlinHanover

Cologne

Frankfurt am Main

Munich

Stuttgart

EssenDortmund

Dresden

Leipzig

Nuremberg

876 km

Chinese Investors in Germany 3

德国地图

汉堡

杜塞尔多夫

柏林汉诺威

科隆

法兰克福

慕尼黑

斯图加特

埃森多特蒙德

德累斯顿

莱比锡

纽伦堡

876 公里


Preface

Germany is a mature market with sophisticated customer demands. This requires different strategies than in the Chinese home market. In this respect M&A has often proven to be a viable market entry option for Chinese companies seeking growth and know-how in Germany.

Germany has an advanced and comprehensive legal system. The rules are detailed and complex, but do provide a reliable framework in which companies can operate and flourish. In order to effectively utilize this environment for your business success, it is crucial to have professional advisors you can trust.

In this brochure we give an insight into selected “hot topics” for Chinese investors in Germany to show some of the implications of investing in Germany to enable you to take advantage of the opportunities that arise.

If you would like more information on any of the subjects covered, or to discuss other subjects that matter to your business, please contact Thomas Heck, PwC’s German Business Group Leader in China.

“Differences between Chinese and German legislation and commercial practice are often significant. Keeping up-to-date with what is happening is interesting, but also essential.”

Thomas Heck,Chinese/German Business Group Leader

Preface


Table of contents

Table of contents

The new Double Tax Treaty between China and Germany ............12

Investing in the German Real Estate Market ........................................................ 9

German Employment Law .................................................................................14

Public Incentive Programmes in Germany .......................................16

Reporting and Compliance Requirements for Chinese Companies ...................................................................................... 20

Listing Your Company in Germany .........................................................18

Visa and Immigration Regulations – Germany ....................................... 24

Presentation Chinese/German Business Group .......................................................... 29

Understanding German Culture and Regulations ........................................ 26

Chinese M&A Activities in Germany .........................................................................................6

Frankfurt RMB Clearing Centre .................................................................... 22


Chinese M&A Activities in Germany


Chinese overseas investments in the EU have been steadily increasing in recent years, with Germany being one of the major destinations for merger and acquisitions (M&A). Germany’s strong industrial manufacturing, computer hardware and automotive industries offer attractive investment opportunities for Chinese companies seeking growth and know-how.

BackgroundThe number of Chinese investments in Europe has grown by over 130% in 2014 over the past five years. Germany’s share in the number of EU bound Chinese investments has also seen a rise for five consecutive years. Although Germany holds the pole position in regard to the volume of Chinese M&A transactions, the overall deal value was higher in the UK. Germany’s popularity as an investment destination can be attributed in particular to its strong industrial technologies, consumer related business brands and high-tech knowledge.

China is Pushing Reform ProjectsThe liberalization of state-owned enterprises (SOEs) and increased accumulation of private capital is likely to further stimulate Chinese investments in Germany. China’s government is going to reform its state sector by allowing partial privatization under “mixed ownership.” As the SASAC (State-owned Assets Supervision and Administration Commission of the State Council) announced, the National Building Materials Group and China National Pharmaceutical Group Corporation (Sinopharm) will form the spearhead of its reform.

Other reasons for Chinese companies expanding to Germany and Europe lie in their search for new markets, increased demand of Chinese consumers for more sophisticated products, as well as rising production costs at home, which signify that Chinese firms have to improve the quality of their products and services to remain competitive.

Number of deals by Chinese investors in Germany

48

2001–2009 2010–2014

106



German Companies as an Attractive Investment OpportunityWhile some parts of the euro zone are still struggling with effects of the euro crisis, Germany’s economy recovered quickly and remains a landmark for investment opportunities. Especially its strong industrial manufacturing, chemical, renewable energy and automotive sectors, to name only a few, provide attractive opportunities for Chinese companies to acquire advanced technologies, know-how and intellectual property for optimizing their existing products. Chinese firms can also utilize German acquisitions as gateway to the European market and local management expertise on how to successfully market their products. This creates a win-win situation, as German companies gain access to financial support and Asian markets.

Industry sectors subject to takeovers

Other15%

Textile7%

R & C10%

Renewable energy11%

Machinery, tools32%

Automotive14%

Pre deal consideration

• Challenges with identifying and selecting the right investment that meets your overall strategic and financial objectives

• Inadequate planning for completion of transaction and post-deal integration

• Political and administrative challenges with securing required foreign government approvals which can cause foreign targets to back away from offers or negotiations

• Finding and allocating the right resources from the beginning to deliver on the short term and long term goals of the investment

• Intense scrutiny from the local and international media regarding a ‘Chinese takeover’ which shape public opinion and significantly influence the target’s willingness to continue with negotiations or consider offers



Finding the right target upfront and integrating it after the deal is closed is essential to a successful market entry.

Challenges for Chinese CompaniesThe main challenges for Chinese companies are finding the right target, conducting proper due diligence in order to identify pitfalls and getting to know their German counterpart during the M&A process, as well as post-merger integration to realize synergies to the fullest. Our experience shows that it is important to get things right from the beginning.

Turning Your M&A into a Success StoryOur global M&A team comprises about 1,000 professionals worldwide and is eager to assist you with all stages of the M&A process. With our expertise ranging from target searching, to due diligence, and post-merger integration, we are looking forward to help you take control in your M&A deal by identifying your value drivers and realizing synergies. Thus, we will help you turn your M&A transaction into a success story.

Contact:Jasmin Li YangTel.: +49 69 [email protected]

Roman WollscheidTel.: +49 211 [email protected]

Martin SchwarzerTel.: +49 69 [email protected]

Christian KnechtelTel.: +49 69 [email protected]

Post deal considerations

• Significant corporate culture conflicts and language issues which could impact integration of the management, labour pool, and all aspects of day-to-day operations

• Lack of clear strategy for new organisation

• Issues with quickly integrating the supply chain, manufacturing processes, and distribution networks to prevent loss of customers/sales

• Control of costs and early identification of any areas for potential cost savings

• Quality control and brand management

• Retention of executives, key management, and employees

• Standardisation and simplification of finance functions, management information systems, and operations

• Inefficient integration plan which may take too long to execute

• Need for comprehensive and complex transition service agreements


Investing in the German Real Estate Market


The German real estate market has become a factor of stability for the country’s economy and in recent years has experienced remarkable growth, especially in urban areas.

The German Real Estate Landscape: High Legal Certainty, Complex Tax LawThe German real estate market is geographically highly diversified. By contrast to countries like France and the UK, where most of the commercial real estate market is located in the general area of the capital, Germany offers stable real estate values throughout the country. According to ‘Emerging Trends in Real Estate® Europe’ – a real estate forecast published jointly by the Urban Land Institute (ULI) and PwC – Munich, Berlin and Hamburg are among the top five most attractive real estate locations in Europe. German real estate law is comprehensive and gives investors a high degree of legal certainty. Although the tax law might seem overwhelming at first sight, its framework is logical and offers opportunities for optimizing the tax structure of your investments. In order to turn your real estate investment

into a success, a profound knowledge of the German legal environment and tax landscape is a prerequisite.

The Legal FrameworkThere are no legal restrictions on cross-border real estate investments in Germany. A passport and sufficient capital are all that is needed to purchase property. However, contrary to the expectations of some private investors, acquiring real estate does not result in a right of residence. While real estate in China remains the property of the state and can only be leased for up to 40 to 70 years, real estate in Germany can be purchased as freehold and then belongs to the buyer. The right of succession and the right of property are guaranteed by the constitution. Real estate can be sold without restriction at any time but can only be expropriated in extreme situations in the general public interest and only then against adequate compensation.

Due to its favourable risk-return profile German cities dominate the investment prospects for Europe’s commercial real estate sector as investors continue to favour safe locations.



Tax Rates and Real Estate

Type of tax Tax Rate Comment

Real estate transfer tax

No common tax rate Depending on the province between 3.5% and 6.5%

Real property tax (land tax)

No common tax rate Real property tax usually marginal amount

Income tax/corporation tax

No common tax rate Corporation tax 15%, income tax between 0% and 45%

Solidarity surcharge

5.5% Calculated based on Income and corporation tax

Business tax No common tax rate Between 7% and 17.5%, depending on the local authority

Dividend withholding tax

25% plus 5.5% solidarity surcharge, but reduced by double tax treaty to, typically, 5%–15%.

When corporations pay out dividends

The Tax FrameworkTax related considerations should constitute an essential part of the planning of an investment concept. A lower tax burden can yield larger profits. Although the tax burden in Germany is comparatively high, it can be reduced by optimizing the investment structure. This requires profound knowledge of German tax regulations and the new double taxation treaty between China and Germany. The table below provides an overview of the most relevant types of taxes that apply to real estate investments in Germany.

Guidelines for Investing in Germany: Asset Deals vs. Share DealsAcquiring real estate and real estate portfolios offers a wide range of opportunities, but at the same time poses potential pitfalls. Real estate transactions bear – in addition to general investment risks – certain real estate specific risk factors such as market, location, development, object and liquidation risks. Thus, it is crucial to scrutinize investment opportunities and properly assess their risks. This applies to asset deals as it does to share deals. The former is concerned with a transfer of ownership of property or real estate portfolios, whereas the latter describes purchasing shares of special purpose vehicles (SPV) with real estate property. Due to their different legal character, the two options require a different due diligence approach.

Market for office real estate

LocationOffice area

(in million m²) Top rentals

(in €/m²) Top returns

(in %) vacancy

(in %)

Munich 22.5 30.6 4.5 6.1

Berlin 18.2 22.0 5.0 7.0

Hamburg 13.1 24.0 4.7 7.4

Frankfurt am Main 11.7 35.0 5.2 13.9

Dusseldorf 7.6 26.0 5.2 11.4

Source: Colliers International, Market Report – Office Leasing & Investment Germany 2014/2015.



Helping Your Real Estate Investment in Germany to SucceedOur experience shows, that larger investments are most successful when they are based on interdisciplinary evaluation and coordination. In addition to financial due diligence, certain investments further require legal and technical due diligence in order to maximize their potential. Our multinational expert team can foster your investment by providing real estate valuation and suggesting financing strategies. Moreover, we provide solutions for future-oriented real estate management and innovative transactions, offer advice on economic and technical issues for construction projects, and improving your risk management for property funds. The PwC solution is geared to your needs and based on an analysis of your specific business processes.

Contact:Manuel EichenTel.: +49 211 [email protected]

Dirk HennigTel: +49 30 [email protected]

Purchase price of “one-family” houses

Price of an unoccupied, detached house in €’000 (average condition, approx. 125 m² living space, including garage and average land area)

645

470

410

390

355

310

190

175

100

Munich

Stuttgart

Frankfurt am Main

Wiesbaden

Freiburg

Hamburg

Leipzig

Halle

Cottbus

Source: IDV, Wohn-Pressespiegel 2013/2014.


The new Double Tax Treaty between China and Germany

The new Double Tax Treaty between China and GermanyChina and Germany signed a new Double Tax Treaty (DTT) on March 28, 2014 which will replace the current DTT from 1985 and which will offer Chinese Investors in Germany new opportunities for optimizing their tax structures, simplifying administration and saving costs.

BackgroundPresident Xi Jinping and Chancellor Angela Merkel signed a new DTT in Berlin during his state visit to Germany in March 2014. The new DTT will make the existing tax regulations for potential Chinese investors in Germany more transparent and easier to compare. The DTT is applicable for Germany and Mainland China but does not include Hong Kong or Macau. Chinese companies will be able to benefit from a reduction of withholding taxes in Germany not only through cost savings, but potentially also through simplified FDI (foreign direct investment) schemes. Withholding taxes on direct profit repatriations from Germany to Mainland China are significantly lower than via holding companies in Hong Kong or any offshore jurisdiction because of the new DTT. Other relevant changes affect e.g. the taxing rights on certain capital gains and the qualification of PE (permanent establishments) in Germany. It is expected that due to the outstanding ratification process the DTT is expected to come into force earliest on January 1, 2016.

Significant Changes/Hot Topics• Reduction of withholding taxes on

dividends paid from Germany to China from 10% to 5% if the Chinese parent company holds a direct participation of at least 25% of the German subsidiary

• Reduction of withholding taxes on leasing rates paid from Germany to China from 7% to 6%

• Time threshold for a building site, construction, assembly or installation project to constitute a PE is extended from 6 to 12 months

• Determination of a service PE has become clearer and more convenient by an altered time threshold from 6 months to 183 days within any 12 month period

• Commitments that transfer pricing adjustments in one country will lead to a correlative profit adjustment in the other country.

• Stricter rules to qualify as independent agent

• Comprehensive information exchange arrangements

Chinese companies will be able to benefit from the DTT in form of a reduction of withholding taxes and through simplified FDI schemes.


The new Double Tax Treaty between China and Germany

Thinking AheadThe new treaty brings a variety of new rules which might lead to attractive alternatives, especially regarding direct investments, financing and lending. However, Chinese investors can benefit from beneficial withholding tax or permanent establishment qualification schemes in Germany only upon application and when meeting all relevant preconditions. The opportunities and challenges of the new treaty and the consequences for the business activities in Germany should therefore be carefully considered, regardless whether it concerns the set-up of a new subsidiary or performing business activities as a PE in Germany, the repatriation of profits of an existing subsidiary, the transfer pricing calculation and documentation or other Germany related transactions and activities.

Contact:Dr Huili WangTel.: +49 89 [email protected]

Dr Karsten LeyTel.: +49 211 [email protected]

Alexander PrautzschTel.: +86 21 [email protected]

Will you be able to leverage on the new Chinese German DTT? The PwC tax experts can advise you on its impact on your business in Germany and China by helping you find the most efficient setup based on your business needs.


German Employment Law


Foreign companies and investors are often puzzled by German labour law regulations. They are unaware of the vast number of individual and collective employee protection provisions and regulations, which they encounter when expanding business activities or entering the market for the first time in Germany.

BackgroundEntry into the German market, which in the past, was achieved by Chinese investors particularly in the mechanical automotive industries and the tool making industry, is frequently carried out by buying a factory (asset deal) or of company shares (share deal). German labour law plays a central role in these events and can be decisive for a transaction’s success or failure. Successfully taking control of a company requires that the employees of the company are happy with the new owner and the new situation. After a take-over or during the restructuring period, Chinese investors often struggle with some of the special features of German employment law, some of which are outlined below.

Union AgreementsA company in Germany can be bound to a collective union agreement without being a party to the agreement itself, even if it is not a member of the employers’ association. This is possible either by statement of the Ministry for Labour and Social Affairs or through the legal regulations governing certain industries which extend the fixed employment conditions of a trade

union agreement to all employment relationships in that industry. Such statements or regulations exist for example in the construction and electrical industries and in wholesale and international commerce. Additionally, Germany has introduced a nationwide minimum hourly wage of €8.50, effective 2015.

Employee RepresentationEmployees in Germany not only have the fundamental right to elect their representatives in the workplace at any time, but also – depending on the size of the company – to elect a third or one-half of the company’s supervisory board members. In Germany, a works council (of employee representatives) can be formed in a business with at least five employees, and can veto decisions on hiring, overtime, introduction of software or other topics within the firm. Special regulations apply to limited companies. Depending on the number of employees, one-third or one-half of the seats on the (non-executive) supervisory board fall to employee representatives. If there are more than 2,000 employees, employee representation includes delegates from the trade union.

Being recognised as a great workplace by employees is a pre requisite to attract and retain talents in times of demographic changes.



Obtaining Legal AdviceWhen investing in Germany, employers and investors should gain an overview of the individual matters of labour law. This covers the obligations of employers generally, the form and content of employment contracts and the options open to the employer on the types of employment he wishes to offer. PwC Legal is here to help.

Contact:Dr Nicole ElertTel.: +49 211 [email protected]

Julia RosemannTel.: +49 69 [email protected]

Labour Law in daily operationsThe employer faces regular labour law issues throughout daily operations. For example, parental leave entitlements, rules governing the access to daylight at the work place, as well as entitlements to the reduction of working time or deferred compensation with regard to company pension plans are a challenge for many employers.


Public Incentive Programmes in Germany


Finding finance has become tougher in recent years. Hence grants and subsidies have become an especially attractive financing component for many businesses. Companies should explore whether there are opportunities for government or local authority aid for planned projects.

BackgroundAlternative financing is becoming more important for businesses. This is partly due to stricter requirements on raising funds, but there are also other factors, such as the banks’ tighter lending conditions, an increasingly dynamic tax legislation and new business accounting obligations. Consequently, government grants and subsidies in Germany and the EU have become an attractive alternative for companies seeking financial support.

Government funds are regularly allocated by open tender processes (according to the first come, first served principle) and in accordance with the European law on state aid. Applications must follow the formalities, whilst time limits must be adhered to and there inevitably remains some uncertainty about the outcome. Government funds are available on a very broad scale in Germany and the EU, for instance in the areas of investment projects of private businesses, infrastructure improvement, mobility, energy and sustainability, environmental protection, as well as research and development (R&D), to name only a few.

Government funds are available on a very broad scale in Germany and the EU.

Which government grants are available in Germany and the EU

R&D projects involving European and broader international cooperation

EU

R&D projects for specific programmes• direct project

incentives

Federal government

Federal government: R&D, innovation and establishment in the context of cross-sector and cross-technology programmes

Federal government

EU, federal and local state incentivistaion of innovation

Incentivisation payments

Providing credit Grants Equity capital

Infrastructure, information, consultancy, education (especially for SMEs and start-ups)

Federal and state government

R&D projects in local state programmes

Local state government



Investment ProjectsOne example of opportunities for Chinese companies to obtain public funding is investment promotion projects. In Germany and certain parts of Europe, commercial investment projects with the purpose of establishing new production or service facilities, or of increasing the capacity of existing facilities, are eligible for public funding. This funding mainly consists of non-repayable grants.

Whether a project is eligible for funding depends on the location where the investment takes place and the nature of business established.

The funding in Germany for example can reach between 10% of the total investment sum for large enterprises and 30% for small enterprises.

R&D ProjectsA second type of public incentive programme targets R&D. This is of particular interest to Chinese companies with their own R&D infrastructure in Germany or the EU. This includes facilities acquired with a business or subsidiary. Many commercial R&D projects are eligible for funding by the provincial, national and EU level. The complex structure of funding opportunities for R&D projects requires sophisticated planning and careful application. Aid is mainly given as grants, equity holdings and loans. While EU and national investment promotion programmes often target small and medium-sized entities (SME) and large firms alike, the German provinces mainly focus on SMEs.

Contact:Thomas QuenteTel.: +49 30 2636-5297 [email protected]

Raik UhlmannTel.: +49 30 [email protected]

Which projects are eligible for funding often depends on their value and their commercial status:• Pure research (grants of up to 100%)• Applied research (grants of up to 50%,

additional funding for SMEs up to 20% and for cooperation projects up to 15%)

• Experimental development (grants of up to 25%, additional funding for SMEs up to 20% and for cooperation projects up to 15%)

• Marketing (no grants).

Grants and equity are generally only available for the first three types of project, whereas loans are often given for the latter two. Companies must apply for support before the start of their project and may not be able to start it until they have been notified of the approval – for example for projects supported by the EU. Once received, the funding can only be used for the specific project and has to be repaid if the conditions are not adhered to.

Optimizing Your Funding OpportunitiesPwC supports companies when applying for project funding in Germany and the rest of Europe, with a particular focus on business ventures, public infrastructure projects, and also on innovative projects in research and development. As an independent funding advisor, PwC has access to a large domestic and international network of decision makers, such as to senior officials in ministries for the economy and the relevant granting authorities.

When analyzing and optimizing funding opportunities, PwC includes all substantive types of funding such as bonuses/allowances, secured and unsecured loans, tax relief and equity injections.

PwC assists in tailoring projects to business funding opportunities. This will increase planning stability for the management and reduce the risk of having to repay the subsidy for non-compliance with its conditions.


Listing Your Company in Germany


Listing on the Frankfurt Stock Exchange (FSE) locates your company in one of Europe’s most important financial centres. By holding your IPO at the FSE you can develop into a truly global company and bolster your equity base for long-term projects. As of 2014, 23 Chinese companies are already registered on the FSE. The market environment for a Chinese listing abroad has become rocky as scandals surfaced in recent years. However, we also see equity stories that make a lot of sense from a business perspective.

Benefits of a Listing on FSE• Access to national and international

investors• Balanced regulation and high market

credibility• Saving time and money with a simple

and cost-efficient listing process• Competitive admission and annual

listing fees (for example Prime Standard: €3,000 admission fee, €2,500 introduction fee, €10,000 annual listing fee)

• Fastest admission listing process worldwide

• Predictable time schedule for IPO• Great attention especially for high-

tech and “green” companies• Strong peer groups and

internationally established indices e.g. Cleantech, Renewable Energies, High Tech Engineering

• Approved EU prospectus counts as EU passport

Variety of Market Segments and Transparency StandardsThe FSE provides companies with two market segments of different transparency standards. These segments and standards are designed to meet the different capital needs of companies and their investors from around the world. Prime Standard has the highest level of transparency in Europe and is the first choice for companies planning a major IPO. General Standard is based on minimum EU-regulation. Entry Standard offers low costs and flexible access. An inclusion in First or Second Quotation Board means even less stringent formal requirements.

Main Market Prime StandardThe Prime Standard is tailored to the needs of companies seeking to attract global investors and to enhance substantial future growth at comparably low cost of capital.



Overview of Admission Requirements for Prime Standard

Prospectus Required

Issuer Must have existed for at least 3 years. However, not mandatorily in its current legal setup. Therefore, it is possible to set up a holding company as a listing vehicle.

Accounting standards

EU-issuers: IFRS Non EU issuers: IFRS or standards equivalent

Reporting history 3 years Exemptions possible (e.g. SPACs)

Minimum issuing volume 10,000 shares

Minimum market capitalization €1.25 million

Initial free float Minimum of 25% Exemptions possible

Free transferability of securities Required

Applicant Issuer together with a bank or a financial services institution. Either the issuer or the bank/financial services institution must be admitted to participate in stock exchange trading on a German securities exchange (minimum equity capital of €730,000).

Key Factors for a Successful IPOThe main tasks to bring a company into shape for going public are as follows: • Preparation of a well-constructed,

attractive equity story, supporting the central statements by reliable data and information

• Establishing high quality corporate governance standards underpinned by robust management information and management reporting systems

• Composition of the historical financial track record, if necessary conversion to IFRS

• Assessment of the existing capital, organizational and tax structure

• Implementation of legally compliant processes, to be able to fulfill ongoing reporting requirements and to establish an efficient capital market communication process

• Management and employee incentive arrangements

IPO Readiness Helps You to a Successful ListingOur experts in China and Germany can advise you across all critical stages of your IPO. We help to identify key issues and gaps, develop a road map that suits your company, and execute the plan in order to maximize the value of your IPO. In the pre-listing stage we assess your IPO-readiness and advise you on necessary improvements. In

Contact:Dr Holger MißTel.: +49 69 [email protected]

Nadja PicardTel.: +49 211 [email protected]

Thomas HeckTel.: +49 69 [email protected]

the post-listing stage we audit your financial statements and get you ready for audits of the German Financial Reporting Enforcement Panel (DPR). Additionally, we help you to prepare a “fact book” with all significant financial and tax information for the prospectus as well as the corresponding documentation for the auditors, and provide the financial due diligence required by issuing banks for most capital market transactions.


Reporting and Compliance Requirements for Chinese Companies

Reporting and Compliance Requirements for Chinese CompaniesTypically, a change in ownership brings about new requirements to a company’s internal reporting. When Chinese investors purchase German targets, potential complexities might arise from special local reporting requirements, such as Jiuqi and China SOX. These reporting requirements often apply to all subsidiaries – in China and abroad. We will outline the potential pitfalls and strategies to circumvent them below.

JiuqiUsually, German subsidiaries of Chinese state owned enterprises (SOEs) are included in the reporting to Chinese State-owned Assets Supervision and Administration Commission of the State Council (SASAC) – also known as “Jiuqi” (久其), which includes financial as well as non-financial aspects. Often, the periodical reporting comprises more than 300 worksheets. The German management and the internal processes have to be prepared for these requirements in order to meet the deadlines, as well as quantity and quality standards set by SASAC. Furthermore, some Chinese companies expect the reporting to be in Mandarin.

Enterprise Internal ControlThe “Basic Standard for Enterprise Internal Control,” also known as “China SOX” was introduced with a three-year schedule starting 2012. The objective is to ensuring companies give full and proper attention to strengthening their internal control system, before the Basic Standard becomes mandatory for all listed companies. The goal of this guideline is to improve the corporate risk management and the quality of financial reporting systems. These regulations also provide excellent opportunities to make significant improvements in the financial reporting and internal control systems of German subsidiaries.

Testing Your Readiness for Chinese Compliance and Reporting StandardsBased on our experience from advising companies in preparation of compliance with the provisions of the US- and the Japanese Internal Control Standards, we anticipate that companies will encounter a number of challenges in their readiness efforts. Some of the challenges and our recommended approach for management to consider as part of their readiness efforts include:1. Without adequate involvement from

the leadership, there is a high risk of internal control efforts being aimed solely at meeting compliance requirements, with little or no benefit to the business. Worse, it may create additional costs, such as the need to document the ‘evidence’ of control execution, but these would be purely for leaving an ‘audit trail’, focusing on form rather than the substance of internal controls.

2. Emphasis on training and knowledge. The terms ‘internal control’ and for that matter ‘enterprise risk management’ are still relatively new to Chinese companies, and only those companies that are listed overseas have been exposed to these concepts to any great extent. Training and knowledge accumulation is therefore critical for companies to truly understand the meaning of these terms, and to be familiar with the underlying thinking.

These regulations also provide excellent opportunities to make significant improvements in the financial reporting and internal control systems of German subsidiaries.


Reporting and Compliance Requirements for Chinese Companies

3. Adopt a phased approach. With the complex and diverse group structure often seen among Chinese companies, coupled with the lack of experience, a phased approach (i.e., assess, implement and embed), is essential to ensure a smooth implementation and maintain the correct focus of internal control projects.

4. Build upon the current control infrastructure. It is important for companies to recognize that maintaining effective internal control is a continuous process, and the starting point must be the current control or management framework of the company. It’s also important that the processes and controls account for local regulations and operating conditions (e.g. tax).

5. Strengthen ‘soft’ control components: One of the areas often misunderstood is the concept of ‘soft’ control

components such as corporate culture and ethics. These components take time to embed into a company, and cannot be implemented in a day.

6. Leverage on internal control. The Basic Standard and related regulations require a company to undertake an annual assessment of the effectiveness of an internal control framework (ICFR). It does not make sense for this annual assessment to be undertaken literally as a ‘once-a-year’ exercise for two reasons. Organizing a major annual exercise may be very costly and disruptive to business operations, but more importantly, formally assessing control effectiveness once a year could encourage a ‘form over substance’ approach to internal control. The need for a strong and risk-based internal audit function therefore becomes another key success factor to the successful implementation of internal control.

Contact:Simone BlumTel.: +49 69 [email protected]


Our ServicesOur Risk Assurance Services are experts in assessing and improving internal control systems. Our German and Chinese experts can assist your company with interpreting Mandarin reporting forms, deciding which information is necessary and how to design processes to retrieve it. Moreover we can advise you on which processes and IT applications should be enhanced in your German operation and implemented in order to guarantee a smooth exchange of relevant information, as well as on which quality controls are expedient.


Frankfurt RMB Clearing Centre


The Chinese central bank People’s Bank of China (PBoC) and the German Bundesbank declared that Frankfurt will become the first Renminbi (RMB) clearing centre within the euro zone. The creation of a Chinese currency hub in Europe removes trade obstacles and facilitate Renminbi transactions.

BackgroundUntil the internationalization of the Chinese currency started in 2009, the RMB was only used within the borders of China. Since then, it has seen an enormous upswing in its usage and now (since 2014) ranks among the world’s ten most widely used currencies. Due to its geographic proximity and cultural similarity, Hong Kong became the mainland’s first off-shore centre for the RMB and has seen significant trading volumes since then. For example, German companies issued corporate “Dim Sum” bonds in Hong Kong. In addition to the central government’s “on-shore” experiments with the newly created free trade zone in Shanghai, the establishment of Frankfurt as first RMB hub within the euro zone is another step towards internationalizing China’s currency.

Significant ChangesInvoicing commercial transactions with Chinese trade partners or subsidiaries in Renminbi offers significant advantages. Risks emanating from the fluctuation of intermediary currencies, such as the USD, can be avoided and payment transactions become more efficient by reducing complexity as well as reducing time, hedging and transaction costs.

The chinese Renminbi clearing centre enables Chinese companies to hedge Renminbi currency risks directly with Euro, establish a group-wide central treasury system, and engage in cash pooling on a global scale. Moreover, access to the capital markets is becoming easier following the relaxation of restrictions on overseas RMB loans and the adjustments to the cross boarder settlement system to allow banks to directly process payments.

Trading in RMB can reduce risks and costs for companies.



The increased Renminbi liquidity will increase the availability of Chinese currency derivatives and improve the cost structure of such transactions. It will also be possible to use the Chinese currency in other areas, such as letters of credit and in the context of supply-chain-management. An improvement of supply chain-management can be achieved through cross border lending, which enables companies to match their surplus in China with their RMB requirements offshore (e.g. paying suppliers in their own currency avoiding intermediary currencies).

Contact:Christian BartschTel.: +49 89 [email protected]

Main ChallengesThe main challenge for companies will be to figure out how they can most effectively utilize these new opportunities. Firms which neglect this development might in the long run fall behind their global competitors. Advising the “RMB-Initiative Group,” PwC’s Corporate Treasury Solutions holds unique expertise in this field and will be involved in shaping its future development. As a competent partner in issues regarding Renminbi and Renminbi clearing, we can assist you in preparing your treasury management for the new challenges ahead.


Visa and Immigration Regulations – Germany


During the past few years German immigration law has changed significantly. The government now takes the approach of seeking the immigration of highly qualified people. In order to enter Germany and to perform any business activities, Chinese nationals need an entry visa. Chinese investors, however, often perceive the visa application process as overly complicated and sometimes have difficulties in obtaining one at all. Recently, a Chinese company in Europe had their premises searched due to allegations of visa infringements.

Short Term Business TripsA business visa allows a business visitor to stay for a maximum of 90 days within a 180 calendar day period in Germany. However, the main restriction on a business visitor is the limited scope of activities that he can perform during a business trip. This might include attending trade fairs and visiting customers to market products and negotiate contracts. Additionally, executives could conduct management meetings, etc. German immigration law does not contain a clear definition of permitted activities during business trips. Thus, it is often difficult to decide whether an activity can be carried out on a business trip or not. The duration of stay in Germany is not decisive; the nature of the activity is the deciding factor and determines the correct visa category. It is recommended discussing the intended activities with the responsible immigration authority in Germany well before the business trip starts, as or the individual may need a work and residence permit in Germany.

Long Term TransfersGerman immigration regulations provide for several types of work and residence permits. The main work and residence permit categories are the following:

International Staff ExchangeEmployees of a foreign group of companies can be assigned to Germany with an international staff exchange permit if the same number of German employees of the affiliated company is assigned to other countries. A work permit on the basis of international staff exchange is limited to a maximum of three years.

Blue Card EUA Blue Card EU can be granted to employees with an academic background having a local German employment contract and earning a minimum gross salary of currently €47,600 (January 2015). A lower minimum gross salary is sufficient for certain professions with a special demand for experts such as IT specialists, engineers and scientists. As of 2014, the lower threshold is €37,128.

Executives and ManagersWhether an employee is an executive or holds a managerial position under German law has to be examined carefully in each individual case. Evidence of such a position can be given by a detailed job description to prove that the employee belongs to a company’s higher management level as seen in German labour law, or to prove that the person is of high importance for the company's development. Moreover, proof can be given for executives with registered rights to represent the company (‘Prokura’) with an extract from trade register.

It is recommended discussing the intended activities with the responsible immigration authority in Germany well before the business trip starts, as or the individual may need a work and residence permit in Germany.



Company SpecialistA company specialist is an employee with extensive specialist knowledge and skills related to the company’s business or products that is significant for the services, research, processing or management of the entity in Germany. Whether or not an employee is a company specialist under German law has to be examined carefully in each individual case.

InvestorsThere is a special rule for investors or other individuals doing business on the German market. Investors have to regularly submit a business plan. Particularly in the case of self-employed persons, the immigration authority checks whether the intended activity is important for and has positive effects on local economic development, and is otherwise in the public interest. The immigration authority sometimes also asks the local chamber of commerce or other institutes for their opinion. The procedure is decided on a case-by-case basis and is subject to the scrutiny of the chamber of commerce and the responsible authorities.

Process Overview/Work PermitIrrespective of the exact regulation for the work permit, the following process generally has to be completed by the individual to legally work and reside in Germany:

Step 1 – Visa ApplicationAn individual has to apply for his visa at the German embassy or consulate in the country where he currently resides. The visa process usually takes 6 to 12 weeks. The German embassy can in certain cases decide visa applications on its own, although in most cases it will forward the application to the local employment office (labour exchange) at the intended place of employment in Germany and ask for their authorization before handing out the visa.

Step 2 – Work AuthorizationIn general, the entry visa can only be issued once the German authorities have given their approval for the individual to take up employment in Germany. To speed up the process, the application for the work permit can be submitted before the visa application.

Depending on the type of work authorization (see above), the employment office may perform a labour market screening by checking the minimum wage requirement and other labour law issues.

Step 3 – Town Hall RegistrationOne week after entering Germany, the foreign employee has to register his address at the responsible town hall.

Step 4 – Residence Permit ApplicationAfter registration, the employee has to visit the immigration authority and apply for and pick up the final work and residence permit.

How We Can HelpPwC’s immigration specialists are able to support individuals throughout the process and can sometimes expedite the approvals because of our close collaboration with the local authorities at every stage. PwC will follow and monitor each step of the immigration process and can clarify challenges and issues in advance.

Contact:Inga Mayer Tel: +49 69 9585-2015 [email protected]

Dr Nicole ElertTel: +49 211 [email protected]


Understanding German Culture and Regulations

Understanding German Culture and RegulationsThe greatest obstacles to successful cooperation of Chinese and German business partners can often be found in intercultural factors. This section highlights some of the most frequent cultural issues and ways to mitigate them.

BackgroundPwC Germany conducted a survey on the experiences of German companies with Chinese investors. Based on interviews with 22 participants – of which 16 were in senior management positions – we identified several obstacles and challenges encountered by Chinese and German employees. In addition to language barriers, the different socio-cultural horizons and experiences of socialization were often a significant impediment to smooth and effective cooperation. The following is a selection of the most prominent findings intended to help your company circumvent the obstacles or mitigate their consequences.

Language IssuesAccording to the results of our survey, many Sino-German business ventures suffer from a lack of language skills. Not many German employees are able to speak Chinese on a business level, and vice versa. Using English as a common base can be challenging for both sides. Therefore, it is advisable to offer language training for employees of both nationalities. A common strategy is to hire both managers with good English language skills and a high degree of intercultural sensitivity, or Chinese employees with extensive cultural experience from having lived and worked or studied in Germany for several years. These employees can then act as mediators between the Chinese and German sides in order to create mutual understanding.

Challenges of cooperation as cited by respondents

13

6

8

5

7

2

2

8

11

5

8

1

5

3

8

7

14

1

3

2

5

5

5

13 3

4

Management and communication style

Knowledge of local customs and legal

req’ts in Germany

Partner’s transparency and decision-making

structures

How decisions are made and how long it takes

Transparency of the partner’s objectives

Visa, work permit or residence permit in

Germany

Language and culture

Very major challenge

Major challenge

Less of a major challenge

No challenge



(Perceived) Lack of Planning and TransparencyMany managers from a German background complain about a perceived lack of planning and transparency on the Chinese side. Chinese investors should deepen their understanding of the cultural needs of their German employees and sensitize both parties to each other’s cultural preferences.

From their low conflict culture, Germans favour a direct communication style with a steady flow of information. Chinese managers on the other hand, expect large parts of the information to be understood from the context of the conversation. These cultural differences often lead to a perceived disenfranchisement of the German employees, who then become demotivated. Chinese investors on the other hand can see an overly direct communication style as rude and disrespectful.

Another frequent source of friction between the Chinese management and the German workforce lies in their conception of time and their resulting work styles. Germans tend to have a monochromic perception of time, and therefore like to approach their tasks in a sequential manner, doing one thing after another. In contrast to this, Chinese people tend to have a polychrome perception of time, meaning that they prefer to tackle several tasks at once. When these work styles encounter each other, the German side perceives the Chinese side as being disorganized, whereas the Chinese side thinks the German employees are being inflexible and prefer tasks over relationships.

Chinese investors should deepen their understanding of the cultural needs of their German employees and sensitize both parties to each other’s cultural preferences.

What are your main concerns about investing in Germany?

5%Fail to establish a good

relationship with employees (work committee)

10%Unfamiliar with negotiation

strategies in outbound transactions

15%Huge culture differences

20%Unable to find a

suitable target

5%Complexity of approval

procedures in China

3%Others

27%Inefficiency in the post

deal integration

15%Unfamiliar with local

laws in Germany



It comes as little surprise then that post-deal integration was named as by far the most difficult challenge in a different PwC survey among Chinese managers. 72% of the interviewees are planning to rely on external professional advisors to overcome these obstacles in the future.

How We Can HelpOur Chinese-German Business Group provides you with network of PwC experts across all lines of service. It comprises more than 40 Chinese nationals and many Germans with secondment experience in China, who are eager to contribute their intercultural experiences to the success of your firm.

Contact:Ulf BoschTel: +211 [email protected]


Compliance and Bureaucracy in GermanyOur research showed that Chinese companies often perceive the bureaucracy in Germany as overly complex and slow. For instance, the application process for a temporary residence permit can take up to five months. It is not always possible to obtain work permits for Chinese nationals acting as translators or interpreters.

Many Chinese investors find it difficult to appreciate the full implications of the German legal and regulatory background. Especially the regulations and constraints in the areas of labour and environmental law, as well as other, routine compliance requirements commonplace in Germany, leave many Chinese investors feeling bewildered. Chinese investors must avoid breeching compliance standards, which might arise from a different cultural understanding of employee and business partner relationship management.


Presentation Chinese/German Business Group


We provide comprehensive support to optimize cross-border business and to structure activities in the partner country efficiently and effectively.

Our servicesThe Chinese/German Business Group specializes in the challenges faced by companies with business ties involving Germany and China. Apart from our traditional Assurance, Tax & Legal and Advisory services portfolio, we offer cross-border advice and assistance on a variety of business issues, including goods and services transactions, holding and financing structures, initiation of business activities, and optimization of the existing organisation. Our experts can also support you in establishing a business or subsidiary, or in acquiring or selling a company in either country.

Our main service areas are:• Assurance (e.g. year-end audits,

system and process audits, international financial reporting)

• Tax (tax planning, ongoing tax advice)• Compliance services• Strategy, organization, processes and

system optimization/implementation• Transactions (e.g. Mergers and

Acquisitions, Due Diligence)• Legal advice (e.g. company law,

energy law)• Reorganization, restructuring and

forensic services (fraud)• Finance and investment (e.g.

investment incentives, financial advice)

About usOur clients face diverse challenges, strive to put new ideas into practice and seek expert advice. They turn to us for comprehensive support and practical solutions that deliver maximum value. Whether for a global player, a family business or a public institution, we deploy all our resources: experience, industry knowledge, high standards of quality, commitment to innovation and our international network in 157 countries. Building a trusting and cooperative relationship with our clients is particularly important to us – the better we know and understand our clients’ needs, the more effectively we can support them.



The Chinese/German Business Group team consists of German and Chinese advisors from all areas of our service portfolio. Their close collaboration translates into direct benefits for our clients. With experts in both countries, who not only possess a deep cultural understanding of the other, but are also fluent in Chinese and German, enables us to tailor our services to your precise business needs.

Contact:Thomas HeckTel.: +49 69 [email protected]

PwC Germany has over 9,800 dedicated people at 29 locations. With a turnover of €1.65 billion it is the leading auditing and consulting firm in Germany. PwC China, Hong Kong, Macau, Taiwan and Singapore work together on a collaborative basis, subject to applicable local laws. Combined the territories have a dedicated staff of over 17,800 people in 26 offices. PwC is the leading auditing and consulting firm in these territories, too.


32 中国投资者在德国

前言

德国是一个具有丰富客户需求的成熟市场，相应地也就较在中国本土市场要求不同的战略。在这方面，对于期望在德国寻求增长机会和获取技术资源的中国企业来说，并购交易已经多次被证明是一项可行的进入市场的选择方式。

德国拥有先进和全面的司法体系。法律规定详尽且复杂，但的确可以为企业的运营和繁荣发展提供可靠的框架。为了更有效地利用这一环境使您的业务取得成功，获得您可以信赖的专业咨询顾问是极为关键的。

通过本手册，我们会针对中国投资者在德国所关注的 “热点话题” 给予我们的见解、并对在一些在德国投资的影响予以说明，目的在于能够帮助您把握住出现的机遇。

如果您还期望针对所涉及的主题获取进一步的资料信息，或者就和您的业务相关的其他专题进行进一步的探讨，请联系中国普华永道的德国业务部主席Thomas Heck先生。

前言

“中国和德国之间在司法和商业实践上经常存在着重大差异。就相关领域最新的动态保持关注是有趣而且非常必要的。”

Thomas Heck，中国/德国业务部主席

中国投资者在德国 33

目录

目录

中德之间新的双重税收协定 ........................................................................................... 40

投资德国的房地产市场 ............................................................................................................. 37

德国劳动法.........................................................................................................................42

德国的公开鼓励项目 ................................................................................................. 44

针对中国企业的的报告和合规要求 ..................................................................... 48

在德国运作企业上市 ................................................................................................. 46

德国的签证和移民政策 .........................................................................................................52

中国/德国业务部介绍 ...............................................................................................................................57

了解德国的文化和监管体制 ....................................................................................................... 54

中国企业在德国的并购活动 ................................................................................................................34

法兰克福人民币清算中心 ............................................................................................. 50


中国企业在德国的并购活动


近几年以来，中国对欧盟国家的海外投资稳步增加，而其中德国是并购交易 (M&A) 的主要目标国家之一。对于积极寻求增长和获取技术的中国企业而言，德国强大的工业制造行业、计算机硬件以及汽车工业都提供了极具吸引力的投资机会。

背景介绍2014年中国企业在欧洲的投资数量较五年前增长超过了130%。针对德国市场的投资占中国企业在整个欧盟国家投资数量的份额在过去五年中也保持持续增长。尽管德国在中国企业并购交易数量方面占据领先，但就交易金额而言，英国则更胜一筹。德国作为一个投资目标国家的吸引力主要是得益于其强大的工业技术、和消费品相关的商业品牌以及高科技领域的经验和知识。

中国正在积极推动改革项目针对国有企业 (SOEs) 放宽限制和不断增加积累的私人资本很有可能进一步刺激中国企业在德国的投资。中国政府正在计划通过允许私人资本以混合所有制的方式参股国有企业来对国有企业进行改革。根据国务院国有资产监督管理委员会 (SASAC) 所公布的信息，中国建筑材料集团有限公司和中国医药集团股份有限公司 (国药) 将成为此次改革的试点单位。

中国企业在德国和欧洲实现扩张的其他原因还包括了寻求新的市场、中国消费者对于更精密更高级产品需求的不断增长以及本土制造成本的提高，这些现实的压力意味着中国企业必须进一步提升自身产品和服务的质量从而保持其竞争力。

中国投资者在德国投资的交易数量

48

2001–2009 2010–2014

106



德国企业是具有吸引力的投资机会当欧元区的部分国家目前仍深陷欧元危机的时候，德国的经济已经快速恢复并且保持了其作为良好的投资机会的市场形象。尤其是凭借其强大的工业制造、化工、可再生能源和汽车等一系列的行业优势，德国已经对于那些试图通过获取先进技术、专业经验和知识产权从而优化自身现有产品的中国企业而言，德国为其提供了极具吸引力的机会。中国企业还可以通过收购德国企业获取进入欧洲市场的机会并从当地的管理经验了解如何成功地推广其产品。这也就创造了一个双赢的局面，因为德国企业也在获取财务支持的同时进入了亚洲的市场。

按收购交易的行业分类

其他15%

服装及纺织业7%

零售及消费品10%

可再生能源11%

机械制造、工具32%

汽车14%

交易前的考虑事项

• 在发现和选择符合企业整体战略和财务目标的正确的投资目标方面遇到的挑战

• 对于交易完成和交易后整合事项的规划不够充分

• 在满足国外政府审批方面的过程中遇到的政治和行政方面的挑战，这些问题可能导致被收购的外国目标公司撤销交易或退出谈判

• 从一开始就找到并且合理地将合适的资源分配到投资的短期和长期目标的实现上

• 在当地和国际媒体上严格审视对 “中国投资者” 的描述，这些描述会塑造公众形象并很大程度上影响目标企业继续谈判及出售的意愿



在前期发现正确的投资目标并在交易完成后实现整合是成功进入市场进的关键所在。

中国企业面临的挑战中国企业面临的主要挑战包括寻找合适的收购目标、执行适当的尽职调查从而辨识出收购中的风险、在并购交易过程中更好地了解对方德国企业以及交易后的整合以最大限度地实现协同效应。我们的经验显示在收购项目的一开始就进行合理的规划是十分重要的。

将您的并购变成成功的商业案例我们的全球并购团队由将近1,000名专业人士组成，并热切期望能够在您并购过程中的各个阶段为您提供协助。我们的专业经验覆盖了从目标公司的搜寻到尽职调查以及收购后整合等各个专业领域，我们衷心地期待能够通过发现收购项目的价值驱动因素和实现协同效应来协助您掌控整个收购交易。从而我们将帮助您将收购交易转化成为成功的商业案例。

主要联系人：杨莉电话：+49 69 [email protected]

Roman Wollscheid电话：+49 211 [email protected]

Martin Schwarzer电话：+49 69 [email protected]

Christian Knechtel电话：+49 69 [email protected]

交易后的考虑因素

• 显著的企业文化冲突和语言问题可能对管理层、员工以及日常经营的方方面面的整合都产生影响

• 对于新的组织缺乏清晰的战略

• 供应链、制造流程和分销网络的快速整合，从而避免客户/销售收入的流失

• 成本控制并及早发现成本节省的潜在领域

• 质量控制和品牌管理

• 保留高级管理人员、管理层核心成员以及雇员

• 对财务职能、管理信息系统和运营体系进行标准化和简化

• 低效率的整合规划可能会耗费过长的时间去贯彻实施

• 需要全面复杂的过渡期服务协议


投资德国的房地产市场


德国的房地产市场已经成为国家经济稳定的一个因素并且在最近几年取得了显著的增长，尤其是在市区。

德国房地产状况：充足的法律保障和复杂的税收法规德国的房地产市场在地理分布上呈现了高度的多样性。和法国、英国等国家大部分的商业地产都聚集在首都周围地区的情况不同，稳定的优质地产分布在德国全境。根据一项由城市土地学会 (the Urban Land Institute，即“ULI”) 和普华永道共同发布的房地产预测报告 --- “欧洲房地产的未来趋势” (“Emerging Trends in Real Estate® Europe”)，慕尼黑、柏林和汉堡都跻身欧洲最具吸引力的房地产所在地前五位。德国的房地产法律广泛全面，能够为投资者提供高度和充分的法律保障。尽管德国的税法显得极为复杂，但其框架是富有逻辑性的、并且能够为您投资的税务架构提供优化的机会。因此，为了成功的投资德国的房地产市场，对德国的法律和税收框架有全面的了解和认识是必要的先决条件。

法律框架在德国，对跨境的房地产投资没有法律上的限制。购买不动产只需要护照和充分的资金。然而，与部分私人投资者的预期情况相反，购买房地产并不意味着同时获得居留权。在中国，房地产所有权仍然属于国家，个人只拥有最高40至70年的产权；而德国的房地产可以以永久业权的形式取得、且归属于购买者。对于不动产的继承和持有权利受到宪法的保障。房地产可以在任何时间毫无限制地进行买卖；只有在涉及公共利益的极端情况下房地产才会被没收，且在这种情况下业主会得到足够的赔偿。

德国城市由于其优厚的风险回报率而在欧洲商业地产投资板块中占据了主导地位，因为投资者总是倾向于相对安全的地区。



税率和地产

税种税率备注

房地产转让税

无统一税率根据投资的联邦制在3.5%到6.5%之间浮动

地产税无统一税率地产税通常是边际金额

所得税/企业税无统一税率企业税15%，所得税在0%到45%之间浮动

团结税 5.5% 根据所得税和企业税进行计算

营业税无统一税率根据当地机关的规定在7%到17.5%, 之间浮动

股利预缴税

25%附加5.5%的团结税根据双重税收协定予以降低，通常在5%–15%之间

在企业支付股利时预缴

税收框架和税收相关的考虑应当是规划投资方案过程中相当关键的一部分。较低的税负可以产生更大的收益。尽管在德国税负相对较高，但仍然可以通过优化投资结构的方式予以优化。因此也就要求对德国税务规定和中德两国之间的双重税收协定有全面的了解和认识。以下的表格罗列了与投资德国房地产市场有关的主要税种。

投资德国指引：资产交易还是股权交易收购不动产和不动产资产组合提供了广泛的机会，但同时也意味着潜在的风险。除了一般的投资风险之外，不动产投资还包括了不动产特定的风险因素，诸如市场、地理位置、发展趋势、投资目标和流动性风险等。因此，认真审视投资机会并适当地评估其风险是非常关键的，这不仅适用于资产交易也同样适用于股权交易。前者更关注不动产或房地产组合的所有权转移，而后者表示的是针对一个拥有不动产的特殊目的实体的收购。由于这两者分别存在不同的法律属性，两种交易方式所要求的尽职调查程序也不尽相同。

办公地产市场

城市办公面积

(百万平方米)最高租金

(€/m²) 最高回报率

(%) 空置率

(%)

慕尼黑 22.5 30.6 4.5 6.1

柏林 18.2 22.0 5.0 7.0

汉堡 13.1 24.0 4.7 7.4

法兰克福 11.7 35.0 5.2 13.9

杜塞尔多夫 7.6 26.0 5.2 11.4

数据来源：Colliers International和市场报告 – 德国办公楼宇租赁和投资 2014/2015



帮助您在德国成功投资房地产我们的经验显示，大规模的投资通常是在跨领域的评估和协调的基础上实现成功的。除了财务尽职调查外，部分投资项目还需要进一步的法律和技术尽职调查从而将其投资潜力最大化。我们的国际专业团队将通过提供房地产估值和财务战略咨询建议协助您提升投资价值。此外，我们还针对面向未来的房地产管理和创新型的交易提供解决方案，同时就和建造项目有关的经济和技术议题提供咨询建议，协助您改善房地产基金的风险管理水平。普华永道的解决方案会根据您的需求、并且在分析了您特定的商业情况的基础上进行定制。

主要联系人：Manuel EichenTel.: +49 211 [email protected]

Dirk Hennig电话：+49 30 [email protected]

购买“一个家庭居住”房屋的价格

按千欧元列示的空置的、独立房屋的价值 (平均状况，将近125平方米的居住面积，包括车库和平均的土地面积)

645

470

410

390

355

310

190

175

100

慕尼黑

斯图加特

法兰克福

威斯巴登

弗莱堡

汉堡

莱比锡

哈勒

科特布斯

数据来源: IDV, Wohn-Pressespiegel 2013/2014.


中德之间新的双重税收协定


2014年3月28日，中国和德国签署了新的双重税收协定 (简称 “DTT”)，从而取代了自1985年起执行的现行的双重税收协定，这也进一步为中国投资者在德国的业务提供了优化税收架构、简化管理手续和节省成本的新机遇。

背景介绍中国国家主席习近平在其2014年3月对德国进行国事访问期间，和德国总理默克尔在柏林共同签署了新的双重税收协定(DTT)。对于潜在的有意投资德国的中国投资者来说，新的协定将使得当前的税收监管更加透明和更容易比较。该协定适用于德国和中国大陆，但不涉及香港和澳门地区。中国企业将不仅能够通过在德国的预缴税款降低这一成本节省的方式获益，而且有可能从简化海外直接投资方案的形式中获得利益。由于采取了新的双重税收协定，针对直接从德国被投资公司向中国大陆地区母公司输送利润的预缴税将显著低于通过香港的控股公司或任何离岸法人实体缴付的税费。其他相关的变动将会对诸如某些资本利得的征税权的归属以及在德国的常设机构的资质认证产生影响。由于双重税收协定需要经过审批，预期其将会从2016年1月1日起正式生效。

显著变动/热门话题 • 如果中国母公司对德国子公司的直接投资比例达到25%以上，则从德国向中国支付股利的预缴税款比例将从10%降低到5% • 德国企业向中国支付的租赁费的预缴税款比例从7%下降到6% • 针对建筑物、房屋建造、建筑组装或常设机构的设立的时间期限也从6个月延长到了12个月 • 由于时间期限从6个月延长到了12个月内的183天，服务性常设机构项目的确定也变得更加清晰和便利 • 在一个国家的转移定价调整的承诺也将导致在其他国家的相关利润的调整 • 对独立代理机构提出了更严格的资质要求 • 全面的信息交流安排

中国企业将能够通过预缴税税率的降低和海外投资方案简化的形式从双重税收协定中获益。



领先一步的思考新的双重税收协定将带来诸多新的规定，这些规定可能带来更具吸引力的投资方案，尤其是涉及直接投资、融资和租赁等方面。然而，中国投资者可以从优惠的预缴税税率或在德国的常设机构认证机制中获益，但需要递交申请且满足所有相关的前提条件。因此，新的税收协定所带来的机遇和挑战以及其对中国企业在德国开展业务所带来的影响都要经过审慎的考虑，无论是对于在德国新设立一个子公司或是通过建立常设机构的方式开展业务活动，或是将现有子公司的利润转回国内，亦或是在转移定价的计算和文件准备或针对其他和德国相关的交易和业务活动方面。

主要联系人：王慧丽博士电话：+49 89 [email protected]

Dr Karsten Ley电话：+49 211 [email protected]

Alexander Prautzsch电话：+86 21 [email protected]

新的中德之间的双重税收协定是否会对您产生影响？针对其对于您在德国和中国的业务带来的影响，普华永道的税务专家会提供专业的咨询意见，帮助您根据业务的需求找到最有效益的执行方案。


德国劳动法

成为被雇员认可的理想工作环境是在跨境变革中吸引和留住人才的一项先决条件。

德国劳动法

外国企业和投资者经常对于德国的劳动法律法规感到困扰。雇主没有意识到在业务拓展或首次进入德国市场时会遇到的涉及个人和集体雇员保护方面的数量庞大的措施和规定。

背景介绍在过去，中国企业进入德国市场的方式主要通过汽车制造和机械设备制造行业实现，通常是通过购买一个厂房 (资产收购) 或购买公司股权 (股权收购) 执行。德国劳动法在这些事件中扮演了核心角色，并且对于一个交易的成败会产生决定性的影响。成功地取得一个公司的控制权要求公司的雇员能够欣然接受新的股东和新的环境。在一个收购完成后或在重组时期，中国投资者经常由于德国劳动法的部分特点而感到困惑，其中一部分罗列如下。

工会协议一家德国的企业可以在其自身不构成协议一方的情况下加入一个集体工会协议，即使其还不是一个雇员协会的会员企业。这可能是通过联邦劳动和社会事务部的规定条款实现的，也可能是通过某些行业的法律法规将工会协议中的固定雇佣状

况延伸至该行业中所有的雇佣关系实现的。这些规定或法律法规主要存在于诸如建筑和电子行业以及批发销售和国际贸易行业。此外，自2015年起德国还在全国范围内推行了每小时8.5欧元的最低工资标准。

雇员代表德国的企业雇员不仅有在任何时间选举他们在企业的职工代表的基本权利，而且取决于企业的规模，还有权利当选为三分之一或半数的企业监事会成员。在德国， (由雇员代表构成的) 职工委员会在一个企业内部由至少五名雇员构成，他们可以有针对雇佣、加班、引进软件或其他企业内部的议题的否决权。特别的法律法规适用于有限的公司。根据雇员的人数， (非执行) 监事会的三分之一或半数席位属于雇员代表。如果企业雇员人数超过2,000人，则雇员代表还包括来自行业协会的代表。


德国劳动法

主要联系人：Dr Nicole Elert电话：+49 211 [email protected]

Julia Rosemann电话：+49 69 [email protected]

日常经营管理中涉及的劳动法雇主在日常的经营管理中通常面临劳动法的问题。例如，产假补贴、规定在工作场合获取日光的权利的法律法规以及减少工作时间的规定或者和企业养老金计划有关的递延补偿等。这些对于许多雇主而言都意味着挑战。

获取法律意见在投资德国的过程中，雇员和投资者应当针对和劳动法有关的个别问题获取全面的了解和认识。这些问题涉及到雇主的基本责任、雇佣合同的形式和内容以及雇主愿意提供的雇佣类型方面的选择权。普华永道法律事务部随时乐意为您服务。


德国的公开鼓励项目

背景介绍替代性融资对商业运作来说已经越来越重要。这部分是由于融资的要求日趋严格，但是也和其他因素有关，诸如银行更加严格的放贷条件、税收监管规定和新的商业会计责任日趋复杂。相应地，德国和欧盟的政府补助对于那些寻求资金支持的企业来说已经成为了极具吸引力的替代性选择。

政府基金通常是在欧洲关于国家补助的相关法律的基础上，通过公开投标的流程进行分配的 (根据先到先得的原则)。申请必须遵循有关格式，时间限制必须予以遵循，但是结果仍然存在一定的不确定性。政府基金在德国和欧盟范围内得到了相当广的应用，例如针对私有经济的投资项目、基础投资建设的改善、交通运输、能源和可持续性发展、环境保护以及研究和开发项目等。

政府基金在德国和欧盟范围内可以广泛获取。

在德国和欧盟可以获取的政府补助

涉及欧洲和跨境国际合作的研发项目

欧盟

针对特定项目的研发： • 直接的项目激励

联邦政府

联邦政府：研发项目；在跨行业和跨技术项目中的创新和创立

联邦政府

欧盟、联邦和当地州政府对于创新项目的激励政策

激励支付

提供贷款政府补贴股权资本

基础项目建设；信息技术；咨询；教育 (尤其针对中小型企业和初创企业)

联邦和州政府

在当地州项目中的研发项目

当地州政府


外国企业和投资者经常对于德国的劳动法律法规感到困扰。雇主没有意识到在业务拓展或首次进入德国市场时会遇到的涉及个人和集体雇员保护方面的数量庞大的措施和规定。



投资项目中国企业获取公开融资的机遇有一种情况是投资鼓励项目。在德国和欧洲某些地区，以建立新的制造厂区或服务基地或者提高现有设施的产能为目的的商业投资项目都是符合公开筹资要求的。这项筹资主要是通过非偿还性政府补助进行的。

一个项目是否满足筹资的要求取决于投资发生的地点和所建立的商业活动的性质。

在德国该类筹资可以占到大企业项目总投资额的10%或小企业项目总投资额30%之间。

研发项目公开激励项目的第二个类型是针对研究开发项目，这对于在德国和欧盟国家拥有自有研发设施和场所的中国企业来说是极具意义的。这也包括在收购一个企业或子公司的过程中取得的设施。许多商业研发项目都适用于州、国家乃至欧盟层级的筹资项目。由于研发项目的融资机会具有复杂的结构，因此需要进行事先周密的计划和谨慎的申请。政府支持主要是通过补贴、股权投资和贷款的形式进行发放。欧盟和国家投资扶持项目通常针对中小型企业和类大型企业，德国的联邦州主要专注于中小型企业。

主要联系人：Thomas Quente电话：+49 30 2636-5297 [email protected]

Raik Uhlmann电话：+49 30 [email protected]

哪些项目符合筹资的要求，通常取决于其价值和他们的商业状况： • 纯粹的研究 (最高100%的补贴) • 应用研究 (最高50%的补贴，针对中小企业的最高20%的额外补贴以及针对合作项目最高15%的额外补贴) • 实验性的开发 (最高25%的补贴，针对中小型企业的最高20%的额外补贴和针对合作项目的最高15%的额外补贴) • 市场营销 (无补贴)。

政府补贴及股权投资通常只针对前三类的项目，而贷款则通常针对后两类的项目。企业必须在项目启动之前就提出申请，在没有获取相关的审批许可之前可能也无法开展项目，例如需要欧盟进行支持的项目。一旦获取了资金，所发放的资金只能用于特定的项目；如果有关条件不再满足规定的要求，则必须返还相关的资金。

优化您的融资机会普华永道协助企业在德国和欧洲其他地区申请项目资金，尤其是专注于商业风险项目、公共基础建设项目以及在研究开发领域的创想项目方面。作为一家独立的融资顾问，普华永道和国际国内的决策者之间有着巨大的业务网络，诸如和经济部门的高级行政官员以及相关的审批机构。

在分析和优化融资机会的过程中，普华永道会充分考虑各种实质的筹资类型，诸如奖励/补助、担保和未担保贷款、税收减免和资本注入等。

普华永道可以根据商业筹资机遇协助企业设计项目。这将有助于协助管理层提高规划的稳定性和降低由于无法满足补贴条件而退还补助的风险。


在德国运作企业上市

在法兰克福证券交易所上市的好处 • 获取和国内及国际投资者接触的机会 • 均衡的监管机制和高度的市场信誉 • 通过简单和低成本的上市程序实现时间和费用上的节省 • 富有竞争力的准入费用和年度交易管理费用 (例如主板上市收取3,000欧元的准入费用，2,500欧元的介绍费和10,000欧元的年度交易管理费用) • 全球范围内最快的核准上市流程 • 可预见的首次公开发行时间表 • 尤其重视高科技和 “绿色科技” 企业 • 强大的可类比集团公司和国际化的行业指数，诸如清洁能源、可再生能源和高科技工程 • 经审批的欧盟招股说明书为企业打开了通向欧洲的通行证

多种市场板块和透明标准法兰克福证券交易所为企业提供了2种不同透明标准的市场板块。这些市场板块和标准是为了能够满足企业和其世界各地投资的不同的资本需求。主板市场在欧洲有最高的透明度标准，也是对于计划重大首次公开发行的企业而言首要的选择。一般市场是根据欧盟法律法规最低标准设立的。准入市场则允许较低的费用和灵活的准入机制。能够被纳入第一或第二行情板块意味着相对更低的形式要求。

主板市场是核心市场主板市场是针对那些希望吸引全球投资者的企业的需求设定的，并能够帮助企业通过相对较低的资本成本增强未来的持续增长。


在法兰克福证券交易所挂牌交易意味着您的企业在欧洲最重要的金融中心之一占据了有利的地位。通过在法兰克福证券交易所首次公开发行，您将能够将企业发展成真正的全球化公司并为长期的业务拓展获取坚实的资本基础。截止2014年，已经有23家中国企业在法兰克福证券交易所挂牌交易。对于在海外上市的中国企业来说，市场环境在最近几年由于各种曝光的丑闻而变得举步维艰。然而，我们也看到了许多能够从业务发展角度出发极具潜力的资本项目。



主板市场准入要求概览

招股说明书要求

发行人企业成立至少三年以上。然而，并非强制要求其维持现有的法律形式。因此可以考虑成立一个控股公司作为上市主体。

会计准则欧盟发行：国际财务报告准则非欧盟发行：国际财务报告准则或同等准则

报告历史 3年有例外的可能 (诸如SPACs)

最低发行量 10,000股

最低市场融资额 125万欧元

最低自由流通量最低25%允许例外情况

证券的可自由转让性有要求

申请人发行人连同一家投资银行或财务服务机构。发行人或银行/财务服务机构必须有资质在证券交易所参与德国证券的公开交易 (最低股权资本要求为73万欧元)。

成功实施首次公开发行的关键要素带领企业成功走向公开市场的核心任务包括以下几个方面： • 编制结构良好和具有吸引力的股权故事，以及通过可靠的数据和财务资料信息支持核心陈述 • 在健全的管理信息和报告系统的支持下建立高质量的公司治理标准 • 编制历史财务记录，如果有必要需转换成国际财务报告准则 • 评估现有的资本、组织和税务结构 • 实施符合法律的流程，从而能够满足持续的报告要求并且建立一个有效的资本市场沟通机制 • 管理层和员工激励项目安排

首次公开发行准备情况的咨询服务帮助您成功的实现上市交易我们在中国和德国的专业人士能够在您首次公开发行过程中所有重要阶段提供全面的咨询服务。我们帮助您发现关键的问题和差距，设计和制定符合您企业情况的路径图并予以贯彻执行从而确保您首次公开发行价值的最大化。在上市交易的前期准备阶段，我们评估您的首次公开发行准备情况，并针对必要的改善提出咨询建议。在上市交易的后期准备阶段，我们会审计您的财务报表，并协助您应对德国财务报告执行专家团队的审计。此外，我们会协助您编制一份包括了所有重大财务和税务信息的 “概况书”，该概况书一方面可以满足招股说明书的需要，另一方面也能够为作为沟通文件服务于审计师和发行投资银行针对大部分资本市场交易而发起的财务尽职调查。

主要联系人：Dr Holger Miß电话：+49 69 [email protected]

Nadja Picard电话：+49 211 [email protected]



针对中国企业的报告和合规要求


股权结构的变动通常会导致公司内部报告方面的新要求。如果中国企业收购了德国目标公司，潜在的复杂性很可能来自于特定的当地报告要求，诸如久其和中国SOX。这些报告要求通常适用于所有子公司，无论是在中国还是海外。我们将通过以下内容针对潜在的问题和合理的应对策略进行汇总。

久其通常来说，中国国有企业的德国子公司无论从财务还是非财务领域来说，也是包括在中国国有资产监督管理委员会 (SASAC)，即 “久其”，所要求的报告中的。通常，定期报告包括了超过300张工作表。为了能够按时提交报告且满足中国国有资产监督管理委员会设定的数量和质量上的标准，德国管理层和内部流程必须为满足相关要求而编制相关材料。此外，一些中国企业期望报告采用中文编制。

企业内部控制“企业内部控制基本准则”，即 “中国 SOX”，从2012年开始按照一个三年计划进行推广。在该基本准则成为所有上市公司必须遵循的准则之前，推行准则的目的是确保企业能够对加强自身的内部控制系统给予充分和必要的重视。该指引的目的是改善企业的风险管理和财务报告系统的质量。这些规定也为企业改善德国子公司的财务报告和内部控制系统提供了绝佳的机遇。

评估您的企业在满足中国合规和报告准则方面的准备情况根据我们过往在协助企业依据美国和日本的内部控制准则的要求编制合规报告方面获取的经验，我们预期企业在合规方面所做的努力的过程中会遇到一系列问题。在满足合规性的努力方面所涉及的一些困难和我们建议的应对策略具体包括：1. 领导层参与程度不充分，这就构成了

满足内部控制要求方面的高度风险，即仅为满足合规性要求，但对于业务无益。更糟糕的是，这可能导致额外的成本支出，诸如需要就控制的执行提供切实的 “证明” 记录，但这些纯粹是一个 “审计跟踪”，仅仅专注于表面形式而非内部控制的实质。

2. 对培训和知识的重视。对于中国企业而言，“内部控制” 方面的专业术语和 “企业风险管理” 方面的事项仍然是相对较新的概念，而只有在海外上市的那些企业需要在较大程度上接触这些概念。因此，培训和知识积累对于所有企业真正地理解这些概念的意义以及熟悉潜在的思考方式而言是非常重要的。

这些法规也可以对德国子公司的财务报告和内部控制体系进行重大改善提供绝佳的机会。



3. 运用分阶段的流程。中国企业通常具有复杂和多样化的集团架构，同时也在相关领域缺乏经验。因此对于确保内部控制项目的平稳贯彻实施且维持其正确的关注核心而言，制定分阶段的流程 (诸如评估、实施和嵌入) 是极为关键的。

4. 在现有的内部控制基础上进行建设。对于企业而言，认识到维持有效的内部控制是一个持续的过程，并且起点必须建立在企业现有的内部控制或管理架构的基础上，这是非常重要的。同时，这些程序和控制能够适应当地法规和经营状况 (诸如税务) 也是非常重要的。

5. 加强 “软性” 控制手段：“软性” 控制手段的概念经常被误解，诸如企业文化和道德。将这些控制手段融入企业中需要一定时间，也无法在一天内得到贯彻。

6. 内部控制的杠杆作用。基本准则和相关的法规要求企业要承担每年评估内部控制框架 (ICFR) 有效性的责任。针对每年的评估，如果只是简单的按照字面上的要求执行 “一年一次” 的评估是不合理的，原因有两个方面。一方面，组织一次重大的年度评估成本可能会很高，而且可能会引起对正常经营活动的干扰；更重要的是，每年一次的评估可能带来的是 “形式大于实质” 的内部控制。因此，对于健全的、以风险为导向的内部审计部门也就构成了另外一项有助于企业成功实现内部控制的关键因素。

主要联系人：Simone Blum电话：+49 69 [email protected]


我们的服务我们的风险鉴证服务团队是在评估和改善内部控制系统领域的专家。我们的德国和中国专家可以为您的企业在解读中文报告格式、决定必要信息和设定流程方面提供咨询建议。此外，为了能够确保相关信息资料的流畅交流以及确保质量控制得到适当的实现，我们还会针对中国企业在德国的业务经营中流程实施和信息技术应用的加强方面提供专业咨询意见。


法兰克福人民币清算中心


中国人民银行 (PBoC) 和德意志联邦银行宣布法兰克福将成为欧元区内第一个人民币清算中心。在欧洲创建一个人民币枢纽将有助于消除贸易壁垒并推动人民币交易。

背景介绍在2009年中国货币国际化之前，人民币仅仅只能在中国境内使用。自那个时候起，人民币的使用范围得到了大幅提升，人民币目前 (自2014年) 已经跻身全世界前十大最广泛流通货币的行列。由于地理位置上的相近和文化上的相似，香港成为了第一个人民币离岸结算中心，并且见证了贸易量的大幅提升。举例来说，德国公司可以在香港发行企业 “点心” 债券。除了中央政府在新近成立的上海自由贸易区的 “在岸” 试点以外，法兰克福作为欧元区内第一个人民币枢纽亦是促进人民币国际化道路上的又一重要举措。

重大变更和中国的贸易伙伴或子公司在商业往来中采用人民币结算会带来重大优势。由于中间货币 (诸如美元) 带来的汇率波动风险可以得以规避，通过降低复杂程度、操作时间、对冲风险和成本费用均有助于提升付款交易的便捷性。

人民币清算中心有助于中国企业直接对冲人民币和欧元的汇兑风险，建立面向整个集团的中央资金系统，并在全球层面参与资金池构建。此外，随着海外人民币贷款限制的放宽和跨境清算系统的调整以允许银行可以直接操作支付，这都将有助于中国企业更容易地进入海外资本市场。

采用人民币进行贸易可以降低企业的风险和成本。



人民币流动程度的提高也将提高人民币衍生品的供给，并改善此类交易的成本结构。这也将促进人民币在其他领域使用的可行性，诸如信用证开具和供应链管理。通过跨境借款可以有助于供应链管理的改善，中国企业可以将其人民币的盈余与离岸企业的人民币需求相匹配 (诸如用本国货币支付给供应商，避免采用中间货币)。

主要联系人：Christian Bartsch电话：+49 89 [email protected]

主要挑战企业面临的主要挑战将是如何有效的充分利用这些新机遇。企业如果忽视了这一发展趋势，则将可能长期落后于其全球竞争对手。普华永道的企业资金解决方案部门为 “人民币-倡议小组” 提供咨询服务，在这一领域拥有独特经验，并将会参与其未来的发展走向。作为在和人民币及人民币清算方面极具竞争力的合作伙伴，我们可以协助您针对面临的新挑战制定适合企业的资金管理计划方案。


德国的签证和移民政策


在过去几年，德国的移民政策经历了显著的改变。政府已经采取政策来吸引高素质人才移民德国。为了能够进入德国并且开展业务活动，中国籍人士需要获得入境签证。然而，中国投资者仍然感觉签证流程过于复杂，有时甚至在获取签证过程中遇到困难。最近，由于被指控侵犯了签证规定，一家在欧洲的中国企业的经营场所遭到了搜查。

短期商务旅行一份商务签证可以允许一位商务访问人士在180天期间内在德国最长逗留不超过90天。然而，对于商务访问的主要限制在于商务旅行期间可以进行的活动范围。这个活动范围可能包括参与商业展会、为营销产品而拜访客户以及进行商业合同谈判等。此外，高层管理人士可以执行管理人员会议等。德国移民法关于商务旅行期间允许进行的活动没有给予明确的定义。因此，在决定某项活动是否能够在商务旅行中执行经常比较困难。在德国逗留的时间不具有决定性作用；活动的性质是确定签证正确类型的决定性因素。我们建议在开启商务旅行之前和德国负责移民的当局就拟进行的活动进行探讨，因为不然个人可能需要获得在德国的工作和居住许可。

长期往来德国的移民法提供了多种工作和居住许可类型。主要的工作和居住许可类型包括了如下内容：

国际人员交流通过国际人员交流许可，企业的海外集团的员工可以被委派到德国工作，前提是关联公司也有相同数量的德国雇员被委派到其他国家工作。根据国际人员交流而发放的工作许可是有期限的，最长时间为3年。

欧盟蓝卡欧盟蓝卡是向有学位学历背景的且有当地德国雇佣合同的雇员提供的签证，目前要求雇员的最低税前收入为每年47,600欧元 (2015年1月)。针对某些对专业人士有特定需求的职业，诸如IT专家、工程师和科学家等，上述的最低工资要求可以有所降低。截止2014年，相对较低的收入门槛为每年税前37,128欧元。

高层管理人士和经理人针对一个雇员是否按照德国的法律属于高级管理人员或执行管理职责，需要根据每个个案进行谨慎审核。相关管理职位的确定可以通过详细的岗位描述来证明该雇员的职责按照德国劳动法的指引属于企业的高级管理阶层；或者证明该雇员对于企业的发展而言会产生重大影响。此外，证明高级管理人士资质的证据可以通过商业登记记录中关于确认该雇员为公司代理人的权利文件来证明。

我们建议在开启商务旅行之前和德国负责移民的当局就拟进行的活动进行探讨，因为不然个人可能需要获得在德国的工作和居住许可。



公司专家公司专家是指具有广泛专业知识和技能的雇员，其知识技能和公司的业务或产品相关，且对于公司在德国的服务、研究、流程或管理具有重大影响。一名雇员按照德国法律是否对于企业来说符合公司专家的资质需要根据每个个案进行谨慎审核。

投资人针对在德国市场从事商业活动的投资人或其他个人还有特殊的规定。投资人必须定期提交商业计划书。尤其是针对自雇人士，移民局会审核拟进行的活动是否对于当地的经济发展和公共利益有重要意义并且会带来积极作用。有时候，移民局也会征求当地的商务部门或其他机构的意见。具体流程是根据不同的个案进行决定的，并且也取决于商业部门和相关负责机构的筛选审批。

程序概览/工作许可无论是针对哪种工作许可的确切规定，个人在合法获取在德国工作和居住的许可过程中都需要完成以下的流程：

第一步 – 签证申请个人必须到其目前居住的所在国的德国大使馆或领事馆申请签证。签证流程通常需要6到12周。除个别情况下德国大使馆可以自行决定签证申请，大部分情况下在签证发放之前，签证申请都会转到雇佣关系拟发生的德国当地城市的劳动局 (雇员交流)，并要求当地给予审批。

第二步 – 工作许可通常来说，只有在德国监管部门审批通过了个人在德国当地从事职业劳动的申请之后，入境签证才会予以颁发。为了加速签证流程，工作许可申请可以在签证申请之前进行递交。

根据工作许可的类型 (见以上内容)，劳动局可能会进行一次劳动市场筛查从而确定最低工资要求和其他的劳动法事项。

第三步 – 民政厅登记进入德国一周后，外国雇员必须到民政厅登记其住址。

第四步 – 居留许可申请在注册登记后，雇员还必须亲自到外国人管理局报到，申请并且领取最终的工作和居留许可。

我们的服务普华永道的移民专家能够在整个签证过程中的各个环节向申请人提供支持，并且凭借我们和当地监管机构的紧密合作，有时候可以加速签证的办理。普华永道会跟进追踪移民流程中的每一个步骤，并且可以提前认清挑战和问题所在。

主要联系人：Inga Mayer 电话：+49 69 9585-2015 [email protected]

Dr Nicole Elert电话：+49 211 [email protected]


理解德国的文化和监管体制


中国和德国商业伙伴在实现成功合作的过程中遇到的最大障碍经常和跨文化因素有关。这一章节主要突出了一些常见的文化问题，并探讨了如何减轻其影响。

背景介绍普华永道德国针对已有中国投资者进入的德国公司展开了一次调研。根据和22名受访者的访谈，其中16名为企业高级管理人员，我们发现了一些德国和中国雇员面临的壁垒和挑战。除了语言障碍，不同的社会文化习惯和社会化的经验经常会对顺畅有效的合作造成阻碍。以下总结了一些重要的发现，旨在帮助您的企业能够规避这些壁垒或减轻其带来的后果。

语言问题根据我们调研的结果，许多中德合作企业受到缺乏语言技能的困扰。能够流利地使用汉语从事商业活动的德国雇员不多，反之亦然。使用英语作为共同交流方式也可能对于双方而言都是一种挑战。因此，给两国的员工提供语言培训是十分必要的。通常采取的策略是两边都雇佣既具备英语能力又深谙跨文化特点的经理人或雇佣已经在德国长期工作和学习并具有丰富经验的中国雇员。这些雇员可以成为中国和德国双边的协调员以促进相互理解。

受访者列举的合作中面临的主要困难

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6

8

5

7

2

2

8

11

5

8

1

5

3

8

7

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3

2

5

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管理和沟通风格

对德国当地的风土人情和法律规定的了解

合作者的透明度和决策结构

如何进行决策和决策所需时间

合作者目标的清晰度

德国签证和工作居留许可

语言和文化

巨大挑战

主要挑战

次要挑战

不存在挑战



(被认为的) 欠缺规划和透明度许多有德国背景的经理人都抱怨感觉到中方缺乏规划和透明度。中国投资者应当加深其对德国雇员对文化方面需求的理解并感知双方各自文化上的偏好。

由于在文化上存在差异，德国雇员偏向直接的沟通方式，传递确切的信息。中国经理人则更期待对方能够通过交流的方式，从上下文的大量信息中去解读。这些文化差异经常导致德国员工感觉到权利被剥夺进而变得消极。中国投资者则觉得对方沟通风格过于直接且没有得到充分的尊重。

导致中国管理层和德国雇员之间产生摩擦的另外一个重要原因是由于对时间观念和由此导致的工作风格的差异。德国人倾向于单线条的时间观念，因此选择将其工作任务按照顺序完成，即完成了一件任务后再处理另外一件。而与此相反，中国人倾向于多线条的时间观念，这也就意味着他们倾向于同时处理多个任务。如果这两种工作风格互相直面冲击，德国方面感觉中国同事缺乏组织性，而中国同事感觉德国人缺乏灵活性且将工作任务看得比关系更加重要。

中国投资者应当加深其对德国雇员文化方面需求的理解并感知双方各自文化上的偏好。

您对于在德国投资主要的顾虑是哪些？

5%无法和雇员 (劳动委员会) 建

立良好的关系

10%不熟悉海外并购交易的谈判

策略

15%重大的文化差异

20%无法找到合适的目标

5%中国审批流程的复杂性

3%其他

27%交易后整合的低效率

15%不熟悉德国当地的法律法规



令人稍感意外的是，根据普华永道在中国经理人中进行的另一项调查显示，收购交易后的整合被视为迄今为止最重大的挑战。72%的受访者正计划未来要通过外部专业顾问的协助来克服这些壁垒。

我们的服务我们的中国和德国服务部能够为您和普华永道各条线的专家们建立联系。我们的团队由40多名中国人和具备在中国分所交换工作经验的德国员工构成。我们的专家都热切地期望能够为您的公司提供跨文化经验，从而协助您取得成功。

主要联系人：Ulf Bosch电话：+211 [email protected]


德国的合规要求和官僚制度我们的调查显示中国企业经常感受到德国的官僚体制复杂和缓慢。举例来说，申请临时居住许可可能需要长达5个月的时间。而对于从事口译或笔译的中国雇员来说，获取工作许可并不总是可能的。

许多中国投资者感觉要理解德国法律的含义和法规背景有很大的困难。尤其是针对和劳动法、环境法有关的法律法规和限制，以及在德国需要考虑的其他习俗和常规习惯、合规要求等，这些都让中国投资者感到困扰。中国投资者必须避免由于对雇员和商业合作关系管理上的不同文化理解所引起的违反合规准则的情况发生。


中国/德国业务部介绍


我们提供综合全面的服务以优化跨境业务和确保在合作国家更有效率地构建经营活动。

我们的服务中国/德国业务部致力于帮助在德国和中国有业务纽带的企业解决其面临的各项挑战。除了我们传统的审计鉴证业务、税务和法律业务以及咨询服务，我们还针对诸多商业问题提供跨境咨询服务和支持，诸如商品和服务交易、控股和融资架构、启动商业活动以及优化现有的组织架构。我们的专家也能够在建立业务或子公司以及在其他国家收购或出售公司方面向您提供专业支持。

我们的主要服务项目包括了： • 审计鉴证业务 (诸如年度财务报表审计、系统和流程审计以及国际财务报告) • 税务 (税务筹划、持续性的税务咨询) • 合规服务 • 战略、组织、流程和系统的优化及贯彻实施 • 并购服务 (诸如并购和尽职调查) • 法律咨询服务 (诸如公司法和能源法) • 组织重建、企业重组和法证服务 (舞弊调查) • 财务和投资 (诸如投资激励和财务咨询服务)。

关于我们我们的客户面对多项挑战，努力将新的商业计划投入实践并寻求专家的咨询建议。他们向我们寻求综合全面的支持和能够将价值最大化的实践解决方案。无论是针对跨国企业、家族企业亦或是上市机构，我们都会调动起所有的资源，包括专业经验、行业知识、高品质的服务、对创新的承诺以及我们遍布157个国家的国际化网络。与我们的客户建立互相信赖的合作关系对我们而言尤其重要，只有更了解客户的需求，我们才能更有效地向客户提供服务。



中国/德国业务部的团队由来自各个服务领域的德国和中国专业人士组成。他们的紧密合作能够直接为我们的客户带来效益。凭借在两个国家积累的专业经验，我们的专业团队不仅对两国文化有深厚的理解而且流利掌握中文和德语，从而使得我们能够根据您特定的商业需求提供定制的服务。

主要联系人：Thomas HeckTel.: +49 69 [email protected]

普华永道德国在29个分所有超过9,800名专业人士。年收入16,5亿欧元，普华永道德国已经成为了德国领先的审计和咨询公司。根据当地适用的法律，普华永道中国、香港、澳门、台湾和新加坡在一个合作的基础上开展工作。在上述地区，普华永道在26个分所有超过17,800名员工，同样也是当地领先的审计和咨询机构。

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PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft adheres to the PwC-Ethik Grundsätze/PwC Code of Conduct (available in German at www.pwc.de/de/ethikcode) and to the Ten Principles of the UN Global Compact (available in German and English at www.globalcompact.de).

© September 2016 PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, which is a member firm of PricewaterhouseCoopers International Limited (PwCIL). Each member firm of PwCIL is a separate and independent legal entity.

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