股权激励方案落地执行
十年股权整理解决方案落地实施

　　在开始今天的内容前，先给大家讲个真实案例。某互联网企业计划搭建红筹架构赴境外上市，创始人及团队成员在境外设立了特殊目的公司。由于对相关政策了解不足，他们没有办理 37 号文登记，便着急开展后续投资和运营活动。当企业完成境外融资，准备将资金调回境内用于业务拓展时，却发现资金无法正常入境。不仅如此，后续企业在办理一些外汇业务时也处处碰壁，最终境外上市计划受阻，企业发展陷入困境。这就是不办理 37 号文登记可能引发的一系列严重后果。

　　Before starting today's content, let me tell you a real case. An Internet enterprise plans to set up a red chip structure to list overseas, and the founder and team members have set up a special purpose company overseas. Due to insufficient understanding of relevant policies, they did not register for Document No. 37 and were eager to carry out subsequent investment and operational activities. When a company completes overseas financing and prepares to transfer funds back to China for business expansion, it finds that the funds cannot enter the country normally. Not only that, but subsequent companies also encountered obstacles in handling some foreign exchange transactions, ultimately hindering their overseas listing plans and putting their development in a difficult situation. This is the series of serious consequences that may arise from not registering for Document No. 37.

　　那么，37 号文到底是什么呢？37 号文，全称《国家外汇管理局关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知》，它主要规范境内居民通过境外特殊目的公司进行投融资及返程投资的行为。在搭建红筹架构过程中，37 号文登记对解决境内居民在境外持股的合规性，以及境外投融资及返程投资的合规性，有着重要意义。那如果不办理 37 号文登记，会产生哪些具体后果呢？

　　So, what exactly is Document No. 37? Document No. 37, officially known as the "Notice of the State Administration of Foreign Exchange on Relevant Issues Concerning Foreign Exchange Management for Domestic Residents' Overseas Investment and Financing and Return Investment through Special Purpose Companies", mainly regulates the behavior of domestic residents' investment and financing and return investment through overseas special purpose companies. In the process of building the red chip architecture, the registration of Document No. 37 is of great significance in addressing the compliance of domestic residents' overseas shareholding, as well as the compliance of overseas investment and financing and return investment. What specific consequences will arise if the registration of Document No. 37 is not processed?

　　首先，资金调回会困难重重。按照规定，境内居民从特殊目的公司获得的利润、红利，以及权益变现所得，需通过合法途径调回境内。但如果没有办理 37 号文登记，境外资金就难以顺利入境。这就好比企业在境外辛苦打拼赚了钱，却没办法拿回来用于国内业务的发展和扩张，对企业的资金流转和运营极为不利。

　　Firstly, it will be difficult to withdraw funds. According to regulations, profits, dividends, and income from the realization of rights and interests obtained by domestic residents from special purpose companies must be returned to China through legal means. But without the registration of Document No. 37, it will be difficult for overseas funds to enter the country smoothly. This is like a company working hard overseas to earn money, but unable to retrieve it for the development and expansion of its domestic business, which is extremely detrimental to the company's capital flow and operation.

　　其次，会面临行政处罚。根据《中华人民共和国外汇管理条例》，若未按规定办理 37 号文登记，外汇管理机关有权责令改正，给予警告。对于机构，可处 30 万元人民币以下的罚款；对于个人，罚款金额为 5 万元人民币以下。要是存在非法结汇等更严重的行为，罚款金额可能高达违法金额的 30%，数额巨大时，罚款可能是数百万甚至上千万元。比如前面提到的圣象地板（句容）有限公司，就因违反 37 号文规定，存在逃汇事实，被处罚款 85.5 万元人民币。

　　Secondly, they will face administrative penalties. According to the Regulations of the People's Republic of China on Foreign Exchange Management, if the registration of Document No. 37 is not carried out in accordance with the regulations, the foreign exchange management authority has the right to order correction and give a warning. For institutions, a fine of up to 300000 RMB may be imposed; For individuals, the fine amount is less than 50000 RMB. If there are more serious behaviors such as illegal foreign exchange settlement, the fine amount may reach up to 30% of the illegal amount, and when the amount is huge, the fine may be several million or even tens of millions of yuan. For example, as mentioned earlier, Shengxiang Flooring (Jurong) Co., Ltd. was fined RMB 855000 for violating the provisions of Document No. 37 and engaging in foreign exchange evasion.

　　再者，法律风险也会随之增加。在红筹架构中，境内外商投资企业与境外母公司之间的资金往来，需要以 37 号文登记为合规基础。若未办理登记，这些资金往来均可能被视为不合法，这无疑会给公司境外上市带来极大阻碍，严重影响公司的合规形象和市场信誉。

　　Furthermore, legal risks will also increase accordingly. In the red chip framework, the fund transactions between domestic and foreign-invested enterprises and their overseas parent companies need to be registered under Document No. 37 as a compliance basis. If registration is not completed, these fund transactions may be considered illegal, which will undoubtedly greatly hinder the company's overseas listing and seriously affect its compliance image and market reputation.

　　另外，资本金账户开立也会遇到障碍。银行在为外商投资企业开立资本金账户时，会严格审查其外汇登记情况。没有完成 37 号文登记，企业很可能无法顺利开立资本金账户，这将直接影响企业后续的资金注入和运营。

　　In addition, opening a capital account may also encounter obstacles. Banks will strictly review the foreign exchange registration of foreign-invested enterprises when opening capital accounts. Without completing the registration of Document No. 37, the enterprise is likely to be unable to open a capital account smoothly, which will directly affect the subsequent capital injection and operation of the enterprise.

　　最后，还会影响企业的后续操作。未经 37 号文登记，境内居民个人无法打通资金出境的合法渠道，境外融资产生的收益也无法合规回到境内。这不仅会限制企业的资金运作，还可能对公司未来的融资、并购等重要活动产生负面影响，增加企业的运营成本和风险。

　　Finally, it will also affect the subsequent operations of the enterprise. Without registration under Document No. 37, individual residents within the country are unable to access legal channels for capital outflow, and the income generated from overseas financing cannot be returned to the country in compliance with regulations. This not only limits the company's financial operations, but may also have a negative impact on important activities such as financing and mergers and acquisitions in the future, increasing the company's operating costs and risks.

　　虽然实务中可以尝试进行补登记，但办理难度较大，且即使成功补登记，企业仍可能面临上述各项处罚。同时，不合规的情形还会给企业未来的融资及资本运作留下隐患。所以，在搭建红筹架构时，企业务必重视 37 号文登记，及时、合规地完成相关手续，为企业的跨境发展筑牢基础。

　　Although supplementary registration can be attempted in practice, it is difficult to handle, and even if the supplementary registration is successful, the enterprise may still face the above-mentioned penalties. At the same time, non compliant situations can also pose hidden risks to the company's future financing and capital operations. Therefore, when building a red chip architecture, enterprises must attach importance to the registration of Document No. 37, complete relevant procedures in a timely and compliant manner, and lay a solid foundation for the cross-border development of enterprises.

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