Core Viewpoint - Russia's unique market position and resource advantages make it a significant destination for outbound enterprises, but strict regulations on business fragmentation pose serious compliance challenges for these companies [2] Group 1: Definition and Regulatory Logic of Business Fragmentation - Business fragmentation in Russia refers to the act of splitting a single business entity into multiple legal entities to gain improper tax benefits, which is closely monitored by tax authorities [3] - The core regulatory logic focuses on identifying the commercial rationale behind fragmentation; if the split lacks genuine business needs and is solely for tax avoidance, it will be deemed illegal [3] Group 2: Key Indicators for Tax Authority Recognition of Business Fragmentation - Enterprises should be aware of 18 key indicators that may trigger tax audits, including: - Multiple entities under special tax regimes with closely aligned operational metrics [4] - High interrelation of business activities among entities pointing to a single operational goal [4] - Shared resources and personnel across entities, indicating a lack of operational independence [4] - Financial and establishment patterns that suggest a lack of genuine business purpose [4] Group 3: Legal and Tax Responsibilities of Business Fragmentation - If deemed illegal, enterprises face comprehensive accountability, including: - Administrative penalties where tax authorities may consolidate revenues of fragmented entities and recalculate taxes owed [5] - Bankruptcy proceedings if the enterprise cannot settle tax debts, with participants in the fragmentation scheme facing joint liability [6] - Criminal liability for responsible individuals if tax debts exceed 15 million rubles [7] Group 4: Successful Legal Defenses in Business Fragmentation Cases - Not all business splits are illegal; several enterprises have successfully defended their fragmentation by demonstrating: - Business independence among entities with no significant overlap in operations [8] - Reasonable functional division aimed at maintaining market competitiveness [8] - Operational independence despite shared accounting services [8] - Compliance with market needs through appropriate business adaptations [8] Group 5: Circumstances to Mitigate Liability - Enterprises may apply for reduced penalties if they demonstrate: - Serious financial difficulties while actively contributing to public welfare [9] - Proactive tax compliance during audits by settling all owed taxes and penalties [9] Group 6: Compliance Recommendations for Enterprises Operating in Russia - Conduct preemptive compliance assessments with local legal and tax experts to ensure business fragmentation has a legitimate commercial basis [10] - Maintain comprehensive evidence of business independence and functional necessity for each entity [11] - Establish a risk monitoring mechanism to regularly review compliance with tax authority indicators [12] - Prepare crisis response strategies based on successful legal defenses to mitigate potential liabilities [13]

合规壁垒丛生， 成为企业出海的痛点 然而，全球化之路并非坦途，对于出海企业而言，合规是一块难啃的骨头。地缘政治的暗流涌动、各国政策法规的动态调整、不同区域的监管体系差异， 让合规风险呈现出复杂多元的特征，一次合规疏漏、一份模糊合同，都可能让多年积累的海外业务毁于一旦。 出海正成为破解增长焦虑的关键选择。 全球化浪潮下， 出海成为企业的重要选项之一 Labubu在东南亚风靡，割草机器人在欧洲市场持续热销，中国车企扎堆墨西哥加速布局建厂，外卖大战已蔓延至南美大陆…… 随着产能优化升级与市场竞争加剧，传统行业亟需寻找新的增长空间，高新技术产业则渴望通过全球化布局抢占国际市场高地、提升核心竞争力。无论是 制造业企业的产能出海、服务业企业的模式输出，还是科技企业的技术落地，"走出去"都成为破解增长焦虑的关键选择。 出海不仅是获取市场份额、提升营收的直接途径，更是参与全球产业链分工、积累国际化运营经验、塑造品牌全球影响力的战略举措。在全球化竞争日趋 激烈的当下，主动拥抱海外市场，已成为企业跨越发展周期、实现可持续增长的必然选择。 不同国家和地区的税制结构、税率标准、申报流程差异显著，企业若因不熟悉东道国税务政策，出现申报 ...

Core Insights - The China Enterprises Going Global Base was officially launched at the Hainan Ecological Software Park, aiming to leverage the advantages of the Hainan Free Trade Port to create a comprehensive ecosystem for companies going abroad [1][2] - The base integrates policy, service, and resource elements to provide full-cycle support for enterprises looking to expand internationally, focusing on sectors such as consumer electronics, medical devices, and financial technology [1][2] Group 1 - The launch event attracted over 300 participants, including executives from more than 200 listed companies and representatives from international organizations, discussing cross-border development opportunities in twelve key industries [1] - A roundtable discussion titled "New Forces Going Global Reshaping the Landscape" featured representatives from various sectors, including technology, automotive, finance, and consulting, exploring opportunities and innovative paradigms for the new economy [1] Group 2 - The base aims to provide a full-chain service ecosystem, including one-stop entry assistance, a "Going Global Service Resource Pool," and a green channel for government services [2] - It connects capital resources with professional institutions like brokerages and accounting firms to offer services such as equity financing and listing path planning, facilitating the capital process for enterprises [2] - Eight companies, including Langjiu Co., Dongfang Yuhong, and Yuyuan Co., signed agreements with the base, representing various sectors such as new consumption, commercial retail, medical health, and financial investment [2]

Core Viewpoint - The launch of the "Hai Zong Fu (Gansu) Platform" aims to provide a comprehensive support system for local enterprises venturing abroad, addressing challenges such as resource fragmentation, weak bargaining power, and compliance risks [1][2]. Group 1: Government Support - Strengthening government guidance by transforming traditional management roles into precise facilitators, and forming specialized think tanks to analyze global industrial chain trends [1]. - Establishing detailed industry accounts to systematically identify international market opportunities, core competitors, and internal weaknesses, aligning industrial development plans with overseas objectives [1]. Group 2: Information Empowerment - Providing comprehensive operational guidelines for key target markets, covering aspects like company registration, product certification, and tax compliance to facilitate smoother overseas expansion [1]. - Creating a dual mechanism linking enterprise demand and expert resources to convert common knowledge into tailored solutions for different enterprises, overcoming information disadvantages [1]. Group 3: Financial Support - Transitioning financial support from traditional credit to a "financial steward" model that covers the entire overseas expansion cycle, encouraging banks to develop flexible financing products based on export orders and accounts receivable [2]. - Promoting comprehensive financial management services, including cross-border settlement and tax planning, to ensure convenient and low-cost fund management for enterprises [2]. Group 4: Collaborative Strategy - Encouraging collaboration among enterprises in the same industry chain to enhance overall competitiveness and risk resilience when entering international markets [2]. - Providing standardized contract templates, compliance checklists, and currency risk hedging tools to mitigate risks such as commercial contract traps and intellectual property disputes [2]. Group 5: Risk Management - Establishing a risk monitoring and early warning mechanism to regularly publish risk alerts regarding policy changes, industry warnings, and typical cases, enabling timely responses to abnormal situations [2].

Core Viewpoint - The article emphasizes the significance of Hainan Free Trade Port as a pivotal platform for Chinese companies to expand globally, especially with the upcoming full island closure operation, which is seen as a milestone event in enhancing openness and trade facilitation [1][2]. Group 1: Hainan Free Trade Port Developments - Hainan Free Trade Port is preparing for its full island closure operation, with all necessary preparations reportedly completed, including the establishment of a policy framework for customs operations [2][3]. - The "zero tariff" policy will expand from 1,900 to approximately 6,600 tariff items, covering about 74% of all goods, transitioning from a positive list to a negative list management system [3][4]. - The processing value-added goods exceeding 30% will be exempt from tariffs when entering the mainland, with relaxed eligibility criteria for companies to benefit from these policies [3][4]. Group 2: Tax Incentives and Economic Impact - The "dual 15%" tax incentive policy has resulted in cumulative tax reductions exceeding 360 billion yuan for enterprises and 190 billion yuan for individuals, enhancing Hainan's attractiveness for businesses [6]. - The total import value under the "zero tariff" policy reached 270.6 billion yuan, with tax reductions of 50.9 billion yuan, indicating significant economic activity and engagement from enterprises [6][7]. Group 3: Modern Industrial System and Strategic Goals - Hainan is constructing a distinctive modern industrial system characterized by a "4+5+4+3+2" framework, which aligns with its resource endowments and aims to enhance industrial support [7]. - The province is focusing on five strategic directions, including green energy and digital economy, to attract investments and foster innovation [7][8]. Group 4: Global Trade and Investment Opportunities - Hainan aims to become a headquarters base for Chinese companies entering international markets and for foreign companies entering China, leveraging its geographical advantages in global trade [8][9]. - The province is positioned as a key player in national open policies, with plans to simplify tax systems and enhance customs operations to facilitate trade [9][10].

Core Viewpoint - The article emphasizes the significance of Hainan Free Trade Port (FTP) as a pivotal platform for Chinese companies to expand globally, especially with the upcoming full island closure operation, which is seen as a milestone event in enhancing openness and trade facilitation [1][4]. Group 1: Hainan FTP Developments - Hainan FTP is preparing for its full island closure operation, with all necessary preparations reportedly completed, including the establishment of a policy framework for customs operations [4][5]. - The "zero tariff" policy will expand from 1,900 to approximately 6,600 tariff items, covering about 74% of all goods, transitioning from a positive list to a negative list management approach [5][6]. - The processing value-added goods with over 30% value-added will be exempt from tariffs when entering the mainland, with relaxed eligibility criteria for companies to benefit from these policies [6][7]. Group 2: Tax Incentives and Economic Impact - The "double 15%" tax incentive policy has resulted in cumulative tax reductions exceeding 360 billion yuan for enterprises and 190 billion yuan for individuals [7][8]. - The total import value under the "zero tariff" policy reached 270.6 billion yuan, with tax reductions of 50.9 billion yuan, indicating significant economic activity and engagement with the FTP [8][9]. - The establishment of a modern industrial system in Hainan, characterized by a "4+5+4+3+2" framework, is aimed at enhancing the integration of various industries and promoting sustainable development [9][10]. Group 3: Strategic Positioning and Future Prospects - Hainan is positioned as a strategic hub for international trade, with plans to establish it as a headquarters base for Chinese companies going global and foreign companies entering the Chinese market [10][11]. - The upcoming full closure operation is viewed as a new beginning rather than an endpoint, with ongoing efforts to streamline customs regulations and tax systems to facilitate trade [11][12]. - Hainan's geographical advantages and policy frameworks are expected to attract more businesses, making it an ideal platform for companies looking to expand internationally [10][11].

新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 专题：2025中国企业竞争力年会 "2025中国企业竞争力年会"于12月9日至10日在北京举行，青岛海泰新光科技股份有限公司董事会秘书 汪方华在演讲中谈到，做医疗器械的产业链很长，他们核心技术是光学。 谈到在东南亚建厂，汪方华表示，早期可能人工也没有那么贵，土地也没有那么贵，但是随着中国的企 业很多往东南亚转，整个东南亚的人工、地皮就很贵。整体的经营环境，总体的感觉是没有熟悉的地方 好。 专题：2025中国企业竞争力年会 "2025中国企业竞争力年会"于12月9日至10日在北京举行，青岛海泰新光科技股份有限公司董事会秘书 汪方华在演讲中谈到，做医疗器械的产业链很长，他们核心技术是光学。 谈到在东南亚建厂，汪方华表示，早期可能人工也没有那么贵，土地也没有那么贵，但是随着中国的企 业很多往东南亚转，整个东南亚的人工、地皮就很贵。整体的经营环境，总体的感觉是没有熟悉的地方 好。 "我们在美国也有工厂，人不是很多，但是从中美泰来说，中国人的效率是最高的，所以不容易，但是 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本报讯 （记者毛艺融）为更好解读中国资产全球吸引力，吸引更多境外资本长线投资中国资本市场， 近日，上交所与中国上市公司协会在香港共同举办"走进香港"上市公司路演及投资者交流活动。活动吸 引了40家内地上市公司高管人员、近200位境外投资机构代表参与，举办36场路演并开展上市公司 ESG、企业出海等主题交流。通过政策解读、座谈会、路演对接等多元形式，助力内地上市公司与境外 投资者加强沟通交流，展示优质上市公司高质量发展成效。 系列活动举办期间，上交所以"上拓新局·永续笃行"为理念，举办ESG专题活动，围绕可持续发展与国 际竞争力提升展开深度探讨，并邀请券商首席经济学家、律师和会计师事务所合伙人等围绕上市公司 ESG披露标准与实践经验等热点话题进行介绍和讨论。此外，上交所联合香港投资推广署，组织上市公 司高管开展"香港助力内地企业出海"座谈会，邀请香港"出海专班"参与者分享出海机遇、挑战和策略。 近年来，上交所已在香港地区开展多次以"走进沪市上市公司"为主题的调研推介活动，吸引了众多境外 基金公司、资产管理公司和券商投行，累计参与千余人次。 ...

◎记者 何昕怡 近日，上交所与中国上市公司协会在香港共同举办"走进香港"上市公司路演及投资者交流活动，旨在更 好解读中国资产全球吸引力，吸引更多境外资本长线投资中国资本市场。 据悉，近年来，上交所在香港地区已累计开展多次以"走进沪市上市公司"为主题的调研推介活动，吸引 了众多境外基金公司、资产管理公司和券商投行，累计参与近千余人次。本次活动是继2023年和2024年 之后上交所在香港地区举办的第三次相关推介交流活动。上交所持续推进在港路演，巩固了内地企业与 全球投资者的直接联通，发挥"内地企业走出去，海外资金进得来"的双向枢纽与通道功能，进一步提升 跨境对接的便捷度与效率。 上交所相关负责人表示，下一步，上交所将持续组织系列交流活动，拓展境外高质量服务网络，传递我 国资本市场高水平制度型开放的创新举措和成效，鼓励上市公司积极主动向境外投资者展示中国资产长 期配置价值，彰显更加安全、规范、透明、开放、有活力、有韧性的中国资本市场形象。 记者了解到，系列活动举办期间，上交所以"上拓新局·永续笃行"为理念，举办ESG专题活动，围绕可 持续发展与国际竞争力提升展开深度探讨，并邀请券商首席经济学家、律师和会计师事务所合 ...

海南自贸港即将迎来全岛封关运作。面临新一轮开放机遇，上市公司正抢先"跑步入场"。 在此背景下，每日经济新闻联合海南国际经济发展局，于12月11日至13日在海口举办"2025第十四届上 市公司发展年会暨海南自贸港开放机遇交流大会"，将有超过400家上市公司和20多家机构参会，共话封 关新局下的政策路径、全球化机遇。 作为本次系列活动的首场重要活动，"2025第九届上市公司董秘年会暨海南自由贸易港政策沟通会"于12 月11日率先举行。此次董秘年会以"共享机遇·链接全球"为主题，吸引政府机构、投资机构、有意向出 海的企业和众多上市公司董秘及高管齐聚一堂，共话出海新机遇。 中企出海 全球化深度运营 从会前征集的问题来看，企业家们对封关政策尤为关切，包括如何把握封关运作初期的政策红利，以及 封关后各项配套政策将如何持续为企业发展提供助力等。因此，本次董秘年会的一大亮点正是为企业了 解、落地海南自贸港搭建一个政企交流平台。本次董秘年会将邀请海南深改办、财政厅、海口海关等部 门相关负责人到场，深度解读有关自贸港封关最新政策。不仅如此，针对封关后海关监管、税收制度、 投资政策、人才配套等一系列高关注度话题，政企双方还将展开深 ...