Joint Ventures合资企业

By Gregory Sy由格雷戈里石荫

Joint Ventures, in this specific context, refer to a registered legal entity cooperation between at least one foreign investor and Chinese investor. 合资企业，在这种特定的背景下，是指注册的法律实体之间的合作至少有一个外国投资者与中国投资者。 Previously, this structure was more common, though it has been steadily decreasing due to the disadvantages set out below. 以前，这个结构是较为常见的，虽然它一直在稳步下降，由于弊端，载于下文。

Joint Ventures can be classified into two different types:合资企业可分为两种不同的类型：
- Equity Joint Ventures -股权的合资企业
- Cooperative Joint Ventures -合作合资企业

The main distinction between the two is that the latter provides for more flexibility in distribution of revenues.主要区别二是，后者提供了更大的灵活性，在分配的收入。 Whereas Equity Joint Ventures require that the joint venture partners share in distribution of profits based on their proportionate contribution to registered capital, Cooperative Joint Ventures allow for distribution and sharing in losses based on the contractual terms of cooperation rather than on monetary/asset contributions.而股权的合资企业，规定合营企业伙伴的份额，利润分配的基础上，他们的贡献相称的注册资本，合作合资企业，允许分配和分享在损失的基础上，合同条款是合作而不是对货币/资产的贡献。

Equity Joint Ventures are governed by the Law of the PRC on Equity Joint Ventures, and relevant implementing regulations.股权的合资企业是由中华人民共和国公司法对股权的合资企业，和相关的实施细则。

Cooperative Joint Ventures are governed by the Law of the PRC on Cooperative Joint Ventures, and relevant implementing regulations.合作合资企业是由中华人民共和国公司法对合作合资企业，和相关的实施细则。

Some advantages of Joint Ventures include: 一些优势的合资企业包括：
- Only option, as industry is Restricted -唯一的选择，作为行业的限制
- Guanxi (connections) -关（连线）
- Quick establishment/contribution of existing facilities -快速建立的贡献/现有设施
- Local expertise -当地的专门知识

Some disadvantages include: 一些缺点，包括：
- Inflexibility -僵化
- Difficulties in expanding investment (partners have pre-emptive right to purchase newly issued capital and transferred shares to third parties) -困难，在扩大投资（合作伙伴有先发制人的权利，购买新发行的资本和股份转让给第三方）
- Differing business plans -不同的业务计划
- Differing management styles -不同的管理风格
- Exposure and theft of intellectual property -曝光和窃取知识产权

Establishment成立

Establishment of a Joint Venture is very much similar to that of a WFOE, with the addition of one key document, the Joint Venture Contract.建立合资企业是十分类似，即一wfoe ，加上一个关键的文件，该合资企业的合同。 The Joint Venture Contract has many of the same features as a WFOE’s articles of association, however, it contains more terms akin to a Shareholders’ Agreement.合资合同有许多相同的功能作为一个wfoe的公司章程，但是，它包含更多的条款类似股东协议。

This is the last part of the Grandall Legal Group article Business Vehicles.这是最后部分的grandall法律组文章营业车辆。 Here you can find在这里您可以找到 part I I部分 and和 part II第二部分 . 。

Gregory M. Sy is a partner / foreign counsel with Grandall Legal Group. 格雷戈里米施是一个合作伙伴/外国律师与grandall法律组。 His practice includes general business advisory for SME’s in China, particularly in the areas of international corporate structuring and transactions. 他的实践，包括一般业务咨询，为中小企业的在中国，尤其是在以下领域的国际公司的结构和交易。 Representative clients include the Consulate of the United States of America in China (Shenyang), Embassy of Brazil, various publicly listed companies (NYSE, LSE, DAX, and BSE), along with numerous other SME’s operating in a wide range of industries. 代表客户包括领事馆美利坚合众国在中国（沉阳） ，驻华使馆，巴西，各种公开上市公司（纽约证券交易所，伦敦证券交易所，股市DAX ，疯牛病） ，连同其他许多中小企业的经营在广泛的产业。 Mr. Sy obtained an LL.B. SY先生获得法学士学位 from the University of Victoria, and is admitted to the New York bar. 从维多利亚大学，并承认设在纽约的酒吧。 Gregory publishes extensively on a variety of China legal issues for international and local publications, and has recently acted as chief editor for Martindale’s China Law Digest. 格雷戈里发表了广泛的各种各样的中国法律问题的国际和当地出版物，并于最近担任总编辑，为马丁代尔的中国法学会消化。 You can contact Gregory at 你可以联络格雷戈里在 gregsy@grandall.com.cn gregsy@grandall.com.cn or learn more about the firm at 或了解更多有关该公司在 www.grandall-profile.com www.grandall - profile.com . 。