翻转结构: 如何为印度、境内启动公司的发起人在新加坡设立境外的控股公司

Singapore Flip Structure: Many startup founders decide to raise offshore funding when expanding in large markets like China or India and it is at this stage, founders realise that they have local PRC/India legal obligations that they need to comply with.  In fact, not many people know that Flipkart the largest ecommerce player in India actually had a top level Singapore holding company.  This article will highlight some key points of the flip structure and explain some key concepts that each startup founder needs to know. 

很多印度、境内启动公司的发起人为了符合中国和印度境内的法律在新加坡，美国向国际投资基金筹款时会设立翻转结构。 就因为此理由，印度最大的网商平台Flipkart在收购之前是一个新加坡公司。我们就会在此文章叙述如何设立翻转结构而分享动公司的发起人该了解的要点。

 

#1:  What is a Singapore Flip Structure? 如何设立翻转结构？

When a startup founder comes from large onshore jurisdictions like China or India, an existing corporate holding structure for the existing onshore founders may not be compliant.  To solve such a situation, the founders will need to arrange for a startup group to be restructured into a new compliant structure and the underlying assets and entities under the top level holding entity will be “Flipped” into a new compliant structure.

印度、境内启动公司的发起人的境外公司通常没有符合境内的条规。为了解决此情况印度、境内启动公司通常会设立新加坡公司的翻转结构而开始重组项目。

Each onshore founder will typically set up a British Virgin Islands (BVI) entity and each of such entities will apply for onshore applications before flipping such entities into the group new flip structure.

在设立翻转结构之前，启动公司的个发起人通常会个设立英属维尔京群岛(BVI) 公司来持有发起人在新加坡公司的股份而发起人会在境内为发起人的英属维尔京群岛(BVI) 公司做登记和申报。

 

#2: Why do you need a Singapore Flip Structure？为何设立一个新加坡公司的翻转结构

As a startup grows larger, onshore founders need to ensure that relevant filings are made are made on their behalf.  Most offshore investors (Offshore VCs) that are experienced in investing into PRC/India startups will require that the existing startup flips the structure into a new flip structure as a condition precedent before investing.  海外的投资基金在投资之前会作为先前条件需要开创公司经过重组。

Another reason why this has to be done, is to allow for offshore buyers the ability to acquire the shares of the startup on a clean basis or for the entity to be able to be listed offshore for example in Hong Kong or in the US.

另外海外基金也了解开创公司必须经过重组才能在香港或美国上市。

 

#3: How to restructure your startup into a Singapore Flip Structure 如何设立一个新加坡公司的翻转结构

As a startup founder, you need to get good offshore and onshore corporate legal counsel to advise you on the onshore and offshore legal requirements necessary for a flip structure.  This exercise will be an asset restructuring exercise and you need to get tax advisers to ascertain how to structure this restructuring exercise as best as you can do mitigate the tax impact of such restructuring.

作为一个开创公司的发起人，聘请一个能干的对于新加坡公司法律的律师设立框架。这个翻转结构方案必须聘请税务顾问来分析重组税务有关的风险和后果。

In conclusion, restructuring your startup into a flip structure is necessary for your startup to be able to be sold offshore to a large corporate buyer or to list offshore and give your startup the chance to get a better valuation offshore.  Singapore has the necessary expertise to carry out such restructuring exercises.  Do speak to a good corporate lawyer from Singapore to advise you on such restructuring. 

总之，在新加坡设立一个新加坡公司的翻转结构是一个明智之举因为能让开创公司往日后能在海外上市或卖给海外买主。新加坡有住够的专业人士来进行开创公司的重组计划。我们建议发起人必须聘请一个能干的商业法律师来分析详情。

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