Corporate Governance公司治理框架模版

REGION,FORMOFENTITY,ENTITYSETUP,MINIMUMCAPITALREQUIREMENT,TAXPRESENCE,"INCORPORATIONPROCESS

",SHAREHOLDERMEETINGREQUIREMENTS,BOARDOFDIRECTORMEETINGREQUIREMENTS,ANNUALCOMPANYTAXRETURNS,"BUSINESSREGISTRATIONFILINGREQUIREMENTS

",ANNUALCORPORATEMAINTENANCEREQUIREMENTS,DIRECTOR/OFFICERREQUIREMENTS,LOCALOFFICELEASEREQUIREMENT,OTHERPHYSICALPRESENCEREQUIREMENTS,SUFFICIENCYOFVIRTUALOFFICE,"NATIONALITYORRESIDENCYREQUIREMENTSFORSHAREHOLDERS,DIRECTORSANDOFFICERS","MUSTABANKACCOUNTBEOPENEDPRIORTOINCORPORATION,ANDMUSTTHEBANKACCOUNTBELOCAL?

","AUDITINGOFLOCALFINANCIALS.IFSO,MUSTTHEAUDITORBELOCATEDINLOCALJURISDICTION,ANDMUSTTHECOMPANY'SBOOKSBEKEPTLOCALLY?",LICENSESREQUIREDTOCONDUCTBUSINESSINJURISDICTION,REMARK

SAUDIARABIA,"Limitedliabilitycompany

AlimitedliabilitycompanyisapopularcorporatevehicleamongforeigninvestorsinSaudiArabia.Thepersonalliabilityforeachofthepartners/shareholdersislimitedtotheindividualpartner'scontributiontothecompany'ssharecapital.

","Limitedliabilitycompany(LLC)

1)LLCisoneofthemostcommonformsoflegalentitychosenbyforeigninvestorsintheKingdomofSaudiArabia(KSA)

2)EstablishinganLLCisamultistepprocess.IncorporatinganLLCmaytakeuptoseveralmonthsfromthedateofsubmissionofapplicationtotheMinistryofInvestmentofSaudiArabia(MISA)

3)TheMinistryofCommerce(MOC)subsequentlyissuesacommercialregistrationcertificatebeforetheLLCisconsideredfullyregisteredinKSA

4)Aftertheincorporation,variousgovernmentalfilesanddocumentsmustbeappliedforinorderfortheLLCtobefullyoperational.Thispost-incorporationphasecantakeacoupleuptoseveralmonths

","Limitedliabilitycompany

Althoughthereisnostatutoryminimumcapitalrequirement,inpractice,MISAoftenrequiresforeignLLCstohaveacapitalofatleastSAR500,000.Incertaintypesofactivities,specificminimumcapitalisprescribedbyMISA:

1)Service/propertyinvestmentproject:SAR30million

2)Service/propertyfinancingprojectsSAR200millionwith40percentSaudishareholding

3)Service/transport:SAR500,000

4)Contracting:SAR500,000(buthaverevenue/assetvaluerequirements)

5)Commercial(withminimum25percentSaudipartner):aminimumcontributionfromtheforeignshareholderofSAR20millionandaproratacontributionfromtheSaudishareholder

6)Commercial(100percentforeign):SAR30millionandcommitmenttoinvestatleastSAR200million–SAR300million(subjecttocertaincriteria)overthefirst5years.","Limitedliabilitycompany

A15-percentvalue-addedtax(VAT)iscurrentlyappliedonmostgoodsandservices.Dependingonthecircumstances,corporateincometax,zakat,capitalgainstaxandwithholdingtaxmayalsobeapplicable.

","Limitedliabilitycompany

ForeigninvestorsarerequiredtoobtainaforeigninvestmentlicensefromMISAandthencompletetheincorporationprocessatMOCandothergovernmentdepartments.Incorporationprocessalsoincludesnotarizationofthecompany'sarticlesofassociationatthelocalnotarypublicinSaudiArabia.Specificlicensesarerequiredforcertainactivities.","Limitedliabilitycompany

RequiredtoholdatleastoneannualmeetingforLLCswithin4monthsaftertheclosingdateofthefinancialyearoftheLLC.

","Limitedliabilitycompany

Thereisnorequirementforaboardofdirectorsorwithregardtothenationalityofdirectors.ThecompanymaybemanagedbyaGeneralManagerorbyaBoardofDirectors.Ifaboardofdirectorsisformed,thereisnorequirementforfrequencyofmeetings.

","Limitedliabilitycompany

RequiredtoannuallyfiletaxreturnsattheZakat,TaxandCustomsAuthority.","Limitedliabilitycompany

LLCshavetorenewtheirforeigninvestmentlicenseissuedbyMISAandtheircommercialregistrationcertificateissuedbyMOCuponexpiry,andrenewsubscriptiontochamberofcommerceannually.","Limitedliabilitycompany

Ashareholdermeetingshallbeconvenedatleastonceayear.Managersofthecompanyshallpreparecompany'sfinancialstatements,areportonitsoperationsandfinancialposition,andtheirproposalforappropriationofnetprofitswithin3monthsfromtheendofthefinancialyear(Report).ThemanagersshallalsobepreparedtosubmitacopyoftheirreporttoMOCIwithin1monthofthedateofpreparationoftheReport.

","Limitedliabilitycompany

Shareholdersmayappointamanager,executivemanagersand/oraboardofdirectors.","Limitedliabilitycompany

Alocalofficeleaseandlocaladdressisrequired.",/,"Limitedliabilitycompany

Avirtualofficeisnotsufficient.","Limitedliabilitycompany

ThegeneralmanagerneedstobearesidentintheKSA.Directorsarenotrequiredtobenationalsorresidents.

Therearespecificrequirementsregardingthenationalityofshareholdersincertainactivitiessuchas:

1)Tradingactivities:Saudipartnertoownatleast25percentofshareholding(unlesstheforeigninvestormeetsthequalificationtosetupa100percentforeignownedtradingcompany)

2)Services/transportSaudishareholdingrequirements–bus30percent/metro25percent

3)Propertyfinancingprojects40percent

4)Communicationsvalueadded–30percentSaudishareholdingrequirement

5)Insuranceandreinsurance–40percentSaudishareholdingrequirement

6)Engineeringdesignandprofessionalconsultancy:Saudipartnertoownatleast25percentofshareholding

TherearecertaintypesofactivitiesthatarereservedforSaudinationalsonly.ThelistisissuedbyMISAandamendedfromtimetotime.","Limitedliabilitycompany

Openingalocalbankaccounttodepositthecapitalisarequirement,althoughcanoccurafterissuanceofthecommercialregistrationcertificate.

","Limitedliabilitycompany

Company'saccountsmustbeauditedannuallybyanauditorlicensedtooperateinKSAandfiledwithMOC.","Limitedliabilitycompany

ForeigncompaniesorcompanieswithforeignshareholdersmustobtainalicensefromMISA.Certaintypesofactivitiesrequirespecificlicensingfromtherelevantgovernmentdepartments.Forexample,pharmaceuticalcompaniesrequirealicensefromtheSaudiFoodandDrugAssociation.",/

INDIA,"Privatelimitedcompany

Separateanddistinctlegalentity.Managedbyaboardofdirectors,whichisresponsibleformakingmajorbusinessdecisionsandoverseeingthegeneralaffairsofthecompany,subjecttotheArticlesofAssociationofthecompany,andwithintheprovisionsoftheCompaniesAct,2013.Directorsareelectedbytheshareholdersofthecompany.","Privatelimitedcompany

1.Preferredchoiceofcorporateentitybyforeigninvestorsbecauseitissimplertoadminister.

2.Indiaisanexchange-controlledeconomy,andtherearecertainrestrictionsorconditionsincaseofforeigninvestmentinidentifiedsectors.UndertheForeignDirectInvestment(FDI)policyofIndia,100-percentFDIispermissibleinvarioussectors(includingmanufacturing,servicessectors,singlebrandproductretailtrading).FDIisprohibitedinafewsectors(suchasgamblingandlotterybusiness).Incertainsectors,therearelimitsonthepermissibleFDIundertheautomaticroute(suchas74%FDIispermittedinbrownfieldpharmaceutical).Insectorslikeprintmediaandmultibrandretailtrading,thepriorapprovalofthegovernmentisrequiredforFDI.

3.TheIndianforeignexchangecontrolregimewasamendedinApril2020torestrictFDIfromcertaincountries.ThepriorapprovalofthegovernmentwillberequiredincaseofinvestmentfromanentityofacountrywhichshareslandborderswithIndia(suchas,amongothers,ChinaandHongKong),orwherethebeneficialownerofaninvestmentintoIndiaissituatedinorisacitizenofanysuchcountry.Similarly,incaseoftransferofownershipofanyexistingorfutureFDIinanentityinIndia,directlyorindirectly,resultinginthebeneficialownershipfallingwithinthepurviewofparaabove,suchsubsequentchangeinbeneficialownershipwillalsorequireapprovalofthegovernment.

4.Allissuancesandtransfersofsharesinvolvingforeigninvestorshavetocomplywiththeprescribed‘pricingguidelines’issuedbytheReserveBankofIndia(RBI)fromtimetotime.ThesharesofunlistedcompaniescanbeacquiredbyaforeigninvestoratapricewhichisnotlessthanthefairvalueofthesharesoftheIndiancompanydeterminedbyacharteredaccountantoraSEBIregisteredmerchantbankerorapracticingcostaccountant,inaccordancewithinternationallyacceptedaccountingprincipleandonanarms’lengthbasis.

5.Fortaxpurposes,companiesarebroadlyclassifiedasfollowsunderthe(Indian)IncomeTaxAct1961:

1)domesticcompany:anIndiancompanyformedundertheCompaniesAct,2013orCompaniesAct,1956

2)foreigncompany:acompanywhichisnotadomesticcompany

IndiancompaniesaretaxedinIndiaontheirworldwideincome,irrespectiveofitssourceandorigin.ForeigncompaniesaretaxedonlyonincomewhichaccruesfromoperationscarriedoutinIndia.IncertaincasesforeigncompaniesmaybetaxedonincomewhichisdeemedtohaveariseninIndiaandincludesroyalty,feesfortechnicalservices,interest,gainsfromsaleofcapitalassetssituatedinIndia(includinggainsfromsaleofsharesinanIndiancompany)anddividendsfromIndiancompanies.

","Privatelimitedcompany

Nominimumcapitalrequirementstipulatedunderthelaw.Typically,companiesareincorporatedwithanominalcapitalofINR100,000.","Privatelimitedcompany

Aprivatelimitedcompanyistaxedat2levels.First,thecompanypaysacorporatetaxonitscorporateincome;then,thecompanypaysdividenddistributiontaxonprofitsdistributedtoshareholders(declaredpriortoApril1,2020).WitheffectfromApril1,2020,adividendpaidbyanIndiancompanyistaxableinthehandsoftherecipientshareholder.

Saleorredemptionofsharesinthecompanyistaxedascapitalgains.AnyindirecttransferofIndiasharesmaytriggerindirecttransfertaxprovisions.","Privatelimitedcompany

Reservename;submitmemorandumofassociationandarticlesofassociationwiththeappropriateRegistrarofCompanies(ROC)inthestatewheretheincorporationissought.Currentonlineincorporationformsprovideforthereservationofname,allotmentofDIN,theallotmentoftaxIDs(PANandTAN)alongwiththeincorporation.E-formAGILEprovidesadditionalfacilitytoapplyforGoodsandServicesTaxregistration(GST),EmployeesStateInsuranceregistration(ESI)andEmployeesProvidentFundRegistration(EPF)atthetimeoftheincorporationofthecompanyitself.

","Privatelimitedcompany

1stannualgeneralmeeting(AGM)tobeheldwithin9monthsfromthedateofclosingofthefirstfinancialyearofthecompanysubjecttootherconditions.Subsequent(AGM)within6monthsfromcloseofyear.Agapbetween2AGMscannotbemorethan15months.","Privatelimitedcompany

Atleast4timesinayear.Maximumgapbetween2meetingsshouldnotbemorethan120days.Everydirectorisrequiredtoattendatleast1meetinginayear.","Privatelimitedcompany

AlltaxpayersarerequiredtofollowauniformfinancialyearfromApril1toMarch31forthepurposesoffilingtaxreturns.Thelawrequiresthatthetaxpayercompaniesmustfiletheirprescribedperiodicaltaxreturnsonorbeforeaduedatespecifiedintherespectivelegislations.","Privatelimitedcompany

Acompanycancommenceanybusinessorexerciseanyborrowingpowerafter(i)ithasfiledabusinesscommencementdeclarationwithin180daysfromincorporationcertifyingthattheinitialsharecapitalhasbeenremittedbytheshareholdersand(ii)thecompanyhasadheredtoregisteredofficeverificationrules.

Everycompanyisrequiredtofileannualreturnine-FormMGT-7withtherelevantRoCwithin60daysfromthedateonwhichtheAGMisheld.Similarly,acopyofthefinancialstatements,includingaconsolidatedfinancialstatement,ifany,alongwithallthedocumentswhicharerequiredtobeattachedtosuchfinancialstatementsundertheCompaniesAct,2013dulyadoptedattheAGMofthecompany,arerequiredtobefiledwiththeRoCwithin30daysofthedateoftheAGM.

Everycompany'sfinancialyearistheperiodendingonMarch31everyyear.Onlyexceptionavailableisforsubsidiariesofforeigncompaniestoenablethemtoalignwithfinancialyearoftheparentcompany.However,suchachangeisrequiredtobeapprovedbytheNationalCompanyLawTribunal(NCLT).

","Privatelimitedcompany

Annualshareholdermeetings;quarterlyboardmeetings.","Privatelimitedcompany

Atleast2directors;newcompanylawregulationsmandatetheappointmentofaresidentdirector.Consequentlyrecommend3directors:1fromIndiaand2fromparentcompany’slocation.","Privatelimitedcompany

Localphysicalofficeorcorrespondenceaddresscapableofacceptingletters/postismandatoryatthetimeofincorporation.Thelocalphysicalofficeactsastheregisteredofficeoftheentityintheincorporationdocuments.

Incasethecompanyisanincorporatedbasiscorrespondenceaddress,thecompanyisrequiredtointimatetherelevantRoCofitsregisteredofficewithin30daysofitsincorporation.",/,No.,"Privatelimitedcompany

NoneexceptforthelocaldirectorrequirementandtherestrictiononinvestmentfromcountrieswhichsharelandborderwithIndia.","Privatelimitedcompany

Aspertheprescribedprocess,allcompaniesarerequiredtomandatorilyfileanapplicationforopeningabankaccountalongwiththeincorporationform.ThisapplicationispartoftheincorporationformwhichissubmittedwiththeRoC.Presently,thecompanieshavetheoptiontoopenthebankaccountwithPunjabNationalBank,StateBankofIndia,ICICIBank,KotakMahindraBank,BankofBaroda,UBI,IndusIndBankorHDFCBank.

Postincorporation,theNewComayopenadditionalaccountswithitspreferredbanks.","Privatelimitedcompany

Anannualauditismandatory.TheauditormaybelocatedinanystateinIndia.Thecompany’sbooksofaccountsshouldbekeptlocallywitheitherthecompanyorathird-partyserviceprovider.TheActnowstipulatesmandatoryrotationofauditors.Insteadoftheannualappointment,individualauditorscanholdofficeforamaximumperiodof5years,whereasauditfirmsmayretainthepostforupto10years.Thefirstauditorofthecompanyshouldbeappointedbytheboardwithin30daysfromincorporationorwithin90daysfromincorporationbytheshareholdersonfailuretoappointwithin30days.

Corporatebooks,suchastheminutebookandotherstatutoryregisters,shouldbekeptwiththecompany.The

commonseal,ifavailable,shouldalsobekeptwiththecompany.Therequirementforacommonsealhasnow

beenmadeoptional,andthedirector’ssignatureisacceptableinlieuofthecommonsealofthecompany.

","Privatelimitedcompany

Inadditiontoincorporation,anentitymustobtainregistrationunder:

(a)TheShopsandEstablishmentAct:shopsandcommercialestablishments(includingcompanies)arerequiredto

registerundertheprovisionsofstate-specificshopsandestablishmentslaws.Suchlawsregulatetheworkingand

employmentconditionsoftheemployees.

(b)ImporterExporterCode(IEC):TheIECisrequiredtobeobtainedbypersons(includingcompanies)

importingorexportinggoodsandservicesfromIndia.Inadditiontotheforegoing,companiesmayrequire

registrationswhicharespecifictoalocation(ie,theplacefromwherethebusinessisbeingconductedandbasis

theproposedbusinessactivities).

Aspartoftheincorporationapplication,thefollowinglicensesandregistrationsarealsoissued:

(a)PermanentAccountNumber(PAN)

(b)TaxDeductionAccountNumber(TAN)

(c)registrationswiththeEmployeesProvidentFundOrganization(EPFO)andtheEmployeesStateInsuranceCorporation(ESIC)and

(d)GoodsandServiceTaxRegistration(GST)",/

TURKEY,"Limitedliabilitycompany(LLC)

Capitalcompanywithalegalpersonality.Generalassemblyofpartnersistheultimatedecision-makingbodyinLLC.ManagementrightsanddutiesofLLCareconferredtothemanagers.Atleast1partnermusthavemanagementrightsandrepresentationpowerofanLLCasamanager.Itisalsopossibletoappointthird-partyindividuals,whoarenotpartnersoftheLLC,asmanagers.","IncorporationproceduresforanLLCinclude:

1)Preparationofacompany'sarticlesofassociation

2)RegistrationofacompanywiththerelevantTradeRegistry

3)AnnouncementofacompanyintheTradeRegister

4)Registrationwiththerelevanttaxoffice","Limitedliabilitycompany(LLC)

MinimumcapitalrequirementisTL10,000.","Limitedliabilitycompany(LLC)

AnLLC'sprofitissubjectto20percentcorporationincometax.

","ArticlesofassociationandothernecessarydocumentationmustbesubmittedtoregisterwiththerelevantTradeRegistry.Followingtheestablishment,thecompanymustalsoregisterwiththerelevanttaxofficewherethecompany'sheadquartersislocatedinordertobeabletooperate.","Itismandatorytoholdordinarygeneralassemblymeetingswithacertainagendawithin3monthsfromtheendoftheaccountingperiod.Additionally,whennecessary,generalassemblyiscalledforanextraordinarymeeting.

","Asoftenasinternaloperationsofthecompanyrequire.

","Mustfiletaxreturnsannually,quarterlyandmonthlywithrelevanttaxauthorities.

","Initialregistrationandannualfilingsarerequired,aswellascertainactions,suchasamendmentofarticlesofassociation.","Companybookssuchasashareledger,minutesbookforresolutionsofboardmembersandminutesbookforgeneralassemblymeetingsmustbemaintained.","Nospecificrequirements,apartfromthesector-specificrequirementsintherelevantsector-specificlaws.","IfthecompanyisnottheownerofrealestateinTurkeytobeusedforregisteredaddress,thecompany'sofficemustbeleasedforregistrationpurposes.

","UnderTurkishlaw,acompanyneedsaphysicalofficeinTurkeyinordertoexistandoperate.

",/,/,"Openingabankaccountinalocalbankforthecompanyismandatory,asthecompanyisobligedtodeposittheminimumcapitalofthecompanytoabankaccount.Banksgenerallyseekforthesignaturecircularofthecompany,companyregistrationcertificateandtaxnumberwhileopeninganaccount.","AccordingtotheTurkishCommercialCode,thePresidentdeterminescompaniesthataresubjecttoindependentaudit.SuchindependentauditorcaneitherbeacertifiedaccountantoranindependentfinancialconsultantlocatedinTurkey.

Legalbookssuchasshare-ledger,boardofdirectorsandgeneralassemblyresolutions'ledgersandsomeotherfinancialledgersofacompanymustbenotarizedbyaTurkishpublicnotaryafterregistrationcertificateisobtained.LegalbooksmustbekeptinTurkish.

","Allbusinesses,regardlessoftheindustry,arerequiredtoobtainanEstablishmentandOperationofWorkplaceLicensebeforecommencementoftheiroperations.Additionallicensesmayberequiredforcertainindustries(eg,banking,insurance).

",/

CHILE,"SimplifiedCorporation(SociedadesporAccionesorSpA)

SimplifiedcorporationsareregulatedbyspecialrulescontainedintheCommerceCode.Theyarealsoruledbytheirbylawsandbytheprivatecorporations’rulesinasuppletorymanner.Unlikecorporations,SpAsmaybeincorporatedandoperatewithonly1shareholder.Thecapitalisdividedintoshares.

Legalregulationforsimplifiedcorporationsismoreflexiblethanthatofcorporationsasitallowsspecialagreementsregarding,forexample,management,profitdistributions,shareownership,multiplevotesandrestrictionstovotingrights.

Managementisflexible.Bylawsmayestablishdifferentmanagementoptions,suchasappointingcertainshareholderorshareholders,thirdpartiesoraboardofdirectors.

Itiscustomaryforsimplifiedcorporationstobemanagedbyanadministrator–usuallytheshareholder–whomayactpersonallyand/orthrough1ormoreagentsand/ormanagers.","SimplifiedCorporation(SociedadesporAccionesorSpA)

1.Minimumof1ormoreshareholders.

2.Theliabilityofshareholdersislimitedtotheamountoftheircontributionstocapital.

3.Bylawsshallestablishprofitdistributionagreementsandwhatcorporatebodyshallapprovedistributions.Incaseofsilence,shareholdersshallapprovedistributionsatannualshareholders’meetings.

4.Typicalcharterdocumentsinclude:

1)Articlesofincorporation

2)Bylawsanditsamendments

3)Astockcertificate–however,thecompany’sbylawsmayestablishthatthesharesmayexistwithouttheneedofissuanceofadocumentthatphysicallyrepresentstheshares

4)Ashareholders’registry

5)Abookofminutesofshareholders’meetings

6)Ifthemanagementofthecompanyisvestedinaboardofdirectors,meetingminutesmustbekept–and

7)Accountingandtaxrecords.

5.Managementisflexible.Bylawsmayestablishdifferentmanagementoptions,suchasappointingacertainshareholderorshareholders,thirdpartiesoraboardofdirectors.

6.Nolimitationtosharestransfer.Restrictionsmaybeincludedinthecompany'sbylawsand/orinshareholders'agreements.Bylawsmayestablishminimumormaximumpercentagesofcapitaltobecontrolled,directlyorindirectly,bya1ormoreshareholders.

7.Publicationoffinancialstatements,ifrequestedbythebylaws.","SimplifiedCorporation(SociedadesporAccionesorSpA)

Thereisnoobligationforaminimumcapital.

","TheChileantaxregimeleviestaxesat2levels.First,thecompanypaysacorporatetaxonitsincome.Then,stockholderspayapersonaltaxondividends.Thestructureofthegeneraltaxregimeisthefollowing:

Corporateincometaxispaidbytheentityonitsincomeandispayableonanaccruedbasis.Shareholdersorequityholdersmustpayfinaltaxesonactualdistributions.Thegeneraltaxregime,witharateof25percent(alsoknownasthe""ProPyme""regime),allowstaxpayerswhoownsharesorparticipationsinthefirst-categorytaxpayerentitiestocredit100percentofthecorporatetaxagainsttheirfinaltaxes,withoutrestitutionofcredits.

However,thisregimeislimitedbytheinitialcapital,whichmaynotexceedUF85,000(UnidadesdeFomento),equivalenttoUSD3.6million,andbythetotalincomeofthegroup,whichmaynotexceedanaverageofUF75,000(USD3.2million)overthelastthreeyears.

Iftheselimitsareexceeded,theshareholdersorholdersofparticipationsmustapplythepartiallyintegratedregime,inwhich,atarateof27percent,theyareentitledtocredit100percentofthecorporateincometaxpaidbythecompanyagainstthefinaltaxes,withtheobligationtorefund35percentofthiscredit.","SimplifiedCorporation(SociedadesporAccionesorSpA)

SpAsmaybeincorporatedbypublicdeedorprivateinstrumentdulyauthorizedbyapublicnotaryinChile.Itsbylawsarecontainedintheincorporationpublicdeedorprivateinstrument.Anabstractoftheincorporationpublicdee