Joint Ventures合資企業

By Gregory Sy由格雷戈里石蔭

Joint Ventures, in this specific context, refer to a registered legal entity cooperation between at least one foreign investor and Chinese investor. 合資企業，在這種特定的背景下，是指註冊的法律實體之間的合作至少有一個外國投資者與中國投資者。 Previously, this structure was more common, though it has been steadily decreasing due to the disadvantages set out below. 以前，這種結構是較為常見的，雖然它一直在穩步下降，由於弊端，載於下文。

Joint Ventures can be classified into two different types:合資企業可分為兩種不同的類型：
- Equity Joint Ventures -股權的合資企業
- Cooperative Joint Ventures -合作合資企業

The main distinction between the two is that the latter provides for more flexibility in distribution of revenues.主要區別二是，後者提供了更大的靈活性，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.而股權的合資企業，規定合營企業夥伴的份額，利潤分配的基礎上，他們的貢獻相稱的註冊資本，合作合資企業，允許分配和分享在損失的基礎上，合同條款是合作而不是對貨幣/資產的貢獻。

Equity Joint Ventures are governed by the Law of the PRC on Equity Joint Ventures, and relevant implementing regulations.股權的合資企業是由中華人民共和國公司法對股權的合資企業，和相關的實施細則。

Cooperative Joint Ventures are governed by the Law of the PRC on Cooperative Joint Ventures, and relevant implementing regulations.合作合資企業是由中華人民共和國公司法對合作合資企業，和相關的實施細則。

Some advantages of Joint Ventures include: 一些優勢的合資企業包括：
- Only option, as industry is Restricted -唯一的選擇，作為行業的限制
- Guanxi (connections) -關（連線）
- Quick establishment/contribution of existing facilities -快速建立的貢獻/現有設施
- Local expertise -當地的專門知識

Some disadvantages include: 一些缺點，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) -困難，在擴大投資（合作夥伴有先發製人的權利，購買新發行的資本和股份轉讓給第三方）
- Differing business plans -不同的業務計劃
- Differing management styles -不同的管理風格
- Exposure and theft of intellectual property -曝光和竊取知識產權

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.建立合資企業是十分類似，即一wfoe ，加上一個關鍵的文件，該合資企業的合同。 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.合資合同有許多相同的功能作為一個wfoe的公司章程，但是，它包含更多的條款類似股東協議。

This is the last part of the Grandall Legal Group article Business Vehicles.這是最後部分的grandall法律組文章營業車輛。 Here you can find在這裡您可以找到 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. 格雷戈里米施是一個合作夥伴/外國律師與grandall法律組。 His practice includes general business advisory for SME’s in China, particularly in the areas of international corporate structuring and transactions. 他的實踐，包括一般業務諮詢，為中小企業的在中國，尤其是在以下領域的國際公司的結構和交易。 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. 代表客戶包括領事館美利堅合眾國在中國（沉陽） ，駐華使館，巴西，各種公開上市公司（紐約證券交易所，倫敦證券交易所，股市DAX ，瘋牛病） ，連同其他許多中小企業的經營在廣泛的產業。 Mr. Sy obtained an LL.B. SY先生獲得法學士學位 from the University of Victoria, and is admitted to the New York bar. 從維多利亞大學，並承認設在紐約的酒吧。 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. 格雷戈里發表了廣泛的各種各樣的中國法律問題的國際和當地出版物，並於最近擔任總編輯，為馬丁代爾的中國法學會消化。 You can contact Gregory at 你可以聯絡格雷戈里在 gregsy@grandall.com.cn gregsy@grandall.com.cn or learn more about the firm at 或了解更多有關該公司在 www.grandall-profile.com www.grandall - profile.com . 。