除了在新加坡新设立公司，很多投资者也通过股权收购的方式，投资新加坡本地项目。而原股东则通过出让股权的方式，减少股权比例或者退出公司，实现其投资回报。新加坡最常见的公司形式是私人有限公司，这里就来介绍一下在新加坡收购或入股私人有限公司，如何办理股权转让、纳税以及需要注意哪些方面。
In addition to establishing new companies in Singapore, many investors also invest in local projects in Singapore through equity acquisitions. The original shareholders, on the other hand, reduce their equity ratio or withdraw from the company by transferring their equity to achieve their investment return.
The most common form of company in Singapore is a private limited company. Here, we will introduce how to handle equity transfer, taxation, and what aspects to pay attention to when acquiring or investing in a private limited company in Singapore.
一、股份转让的基本步骤
1、洽商股权转让的条件和价格
在进行股权转让之前，需要审阅公司章程是否有对股份转让做出任何限制之条款，以及洽商股权转让的条件和价格，这包括股权的数量、转让时间、转让的价格、付款方式和交割方式等。此外，需要考虑是否进行尽职调查、签署保密协议和股权转让协议等。
2、尽职调查
尽职调查是股权转让过程中非常重要的一步，可以帮助买方了解公司的财务状况、业务运营、法律风险等情况，从而决定是否进行股权转让。尽职调查的内容包括财务报表、税务记录、合同、知识产权、员工福利、海关、环保以及有无诉讼案件等方面。
3、设计商业模式和架构
中国出海企业的跨境投资往往涉及资金出境、财税筹划以及商业模式的合规，不同项目应根据行业特点和双方的目标诉求，设计梳理出合法合规的商业架构，以保证合作的合法性及合同的可执行性。
4、签署股权转让协议
股权转让协议是股权转让的法律文件，用于约定双方的权利和义务。股权转让协议应包括转让的条件、价格、付款方式、交割方式、保密协议、违约责任等内容。双方需要进行谈判和协商，确保协议的合理性和公正性，之后，由公司董事、股份转让双方签署股权转让协议及相关文件。
5、进行交割和过户手续
交割和过户手续是股权转让的最后一步，具体流程包括填写转让表格、将股权转让文件提交到新加坡税务局加盖印花及其缴纳相应的印花税、支付转让费用、安排注销旧股票、发行新股票予新股东、在ACRA（新加坡企业管理局）进行变更登记。
二、股权转让所需文件
1、转让文书；
2、转让通知；
3、董事会决议；
4、证明股份所有权的股份证明书；
5、股份转让表格；
6、新加坡税务局印花税确认书；
7、根据公司实际需要准备如放弃使用权同意书等其他文件。
三、股权转让所涉及的税种及税费
1、印花税
新加坡公司股份转让时，应缴纳印花税，转让人和受让人通常在股权转让协议中约定由谁支付印花税，如果没有约定，则应由受让人承担印花税的缴纳义务。支付印花税的一方应向税务局（IRAS）提交股份转让表格支付相关的印花税，可以到 IRAS 索取一张实物邮票以换取费用的方式贴在“股份转让表格”上，也可以在线完成此过程并保留在线确认单的记录，印花税需要在签订转让书之日起14天内完成缴纳。
印花税是按目标公司财务报告所显示的资产净值或双方协商的对价（以两者中较高者为基数）乘以0.2%。仅发行普通股的情况非常简单。但是，如果存在多种股份（例如：目标公司中的优先股），则净资产值将取决于相应类别股份的权益价值，支付印花税的一方应咨询 IRAS。
印花税的计算方法：目标公司的资产净值 X 出让股份比例 X 0. 2%，或转让对价 x 0.2%
例一：甲方转让其新加坡公司50%股权（普通股 10,000 股）给乙方，该公司的资产净值是100 万新元。乙方需要缴纳的印花税金额是：100 万 x 50% x 0.2% = 1,000 新元。
例二：甲方转让其新加坡公司50%股权（普通股 10,000 股）给乙方，该公司的资产净值是 100 万新元，但转让双方议定的转让对价为新加坡币 200 万元。乙方需要缴纳的印花税金额是：印花税金额 = 200 万 x 0.2% = 4,000 新元 。
如果转让双方是同一集团内的成员公司，则可以申请豁免印花税。例如，甲公司把其所持有的丙公司的股份转让给乙公司，如甲乙公司都同属于另一新加坡公司之全资子公司，则乙公司可以申请豁免印花税。
2、办理股份转让时，需要提供以下文件以便印花税署计算应付印花税：
（1） 公司章程细则；
（2）公司最近期之登记资料（BizFile）；
（3）最近期之股东名册；
（4）拟转让之股份数目及对价；
（5）股份出让人之姓名及地址；
（6）股份受认人之身份证明（护照或新加坡身份证）及住址证明复印件；
（7）股份转让协议（如有）；
（8）最近期经审计的财务报表。如果还没有经审计的财务报表，则需提供最近期的管理财务报表；如果是控股公司，则需提交合并财务报表。
四、股份转让办理时长及备存文件
1、办理时长
如果文件齐全，通常是2至3个工作日完成股份转让手续。
2、股份转让手续办理完毕后，会提供以下文件给客户备存：
（1） 涉及股份转让的董事会决议；
（2）加盖印花税章的股份转让文书（转让表格）；
（3）新股东的股票书；
（4）已更新的股东记录册；
（5）已更新之股权转让记录册；
（6）最新的公司登记资料 BizFile 一份。
五、股份转让的注意事项
1、遵守公司章程和法律法规
公司章程规定了公司的组织形式、管理结构、股东权利等内容，股权转让必须符合公司章程的规定，此外，还须遵守新加坡公司法、证券法、税法等法律法规。
2、获取董事会的批准
根据新加坡《公司法》规定，股东提出有意愿出让手中股份时，董事会理应提前告知股东在转让股份之时是受到限制的，必须获得董事会批准后方能对其手中的股份进行转让，所以，如果股东准备转让股份，建议尽早向董事会提出书面的转让申请，董事会应在30天内予以答复，无论同意与否，都必须以书面形式告知转让人和受让人双方。董事会只能是出于与公司利益有关的正当理由来拒绝转让，例如，以下可能是拒绝出让的充分理由：
• 董事会（可能是公司的大股东）感到无法与提议的新股东有效合作。这尤其适用于股东与公司管理层关系密切的小型公司。
• 董事会对新股东是否会支持公司目标和价值观表示担忧。尤其是股东数量较少的公司，需要股东投入较大精力参与公司各种管理决策。
董事会的决定及其原因应记录在董事会决议中，并立即传达给转让人。但，如果通过拒绝转让请求来“惩罚”转移者是不被支持的。
3、注意税务影响，避免转让无效的异议
转让股权应遵循正确的程序并依法缴纳印花税，避免以转让无效为由提出异议，或者做未履行董事职责的指控。
4、保护商业机密和知识产权
在进行股权转让之前，需要签署保密协议和保护知识产权。保密协议可以保护商业机密和机密信息，防止泄露。知识产权包括专利、商标、版权等，需要进行保护，以避免侵权和纠纷。
5、特殊条款
如果原股东协议中存在“tag-along”随售权和“drag-along”拖售权条款，需要原股东予以遵守或需放弃此类条款下的相关权利（如董事会参与签署股东协议的情况，董事会也需遵守），以保证现有股权收购的完成；如果投资人想在现有的股权转让中设置此类条款，为日后股权退出提前筹划，建议和律师讨论条款的设计及法律后果。
结 语
综上所述，股权转让是一项复杂的商业交易，跨境交易更甚，需要谨慎处理。在进行股权转让之前，需要确定转让的条件和价格，进行尽职调查，签署股权转让协议，完成交割和过户手续。在进行股权转让时，需要遵守公司章程和新加坡的法律法规，注意股权转让的税务影响，保护商业机密和知识产权。
I. Basic Steps of Share Transfer
1. Negotiate The Conditions and Price of Equity Transfer
Before conducting an equity transfer, it is necessary to review whether the company's articles of association have any restrictions on share transfers, and negotiate the conditions and price of the equity transfer, including the number of shares, transfer time, transfer price, payment method and delivery method, etc. In addition, it is necessary to consider whether to conduct due diligence, sign a confidentiality agreement and equity transfer agreement, etc.
2. Due Diligence
Due diligence is a very important step in the equity transfer process. It can help the buyer understand the company's financial status, business operations, legal risks, etc., so as to decide whether to transfer the equity. Due diligence includes financial statements, tax records, contracts, intellectual property rights, employee benefits, customs, environmental protection, and whether there are any lawsuits.
3. Design Business Model and Architecture
Cross-border investment by Chinese companies going overseas often involves outbound capital, financial and tax planning, and compliance of business models. Different projects should design and sort out legal and compliant business structures based on industry characteristics and the goals and demands of both parties to ensure the legality of the cooperation and the enforceability of the contract.
4. Signing of Equity Transfer Agreement
The equity transfer agreement is a legal document for equity transfer, which is used to stipulate the rights and obligations of both parties. The equity transfer agreement should include the conditions of transfer, price, payment method, delivery method, confidentiality agreement, liability for breach of contract, etc. Both parties need to negotiate and consult to ensure the rationality and fairness of the agreement. After that, the company's directors and the two parties to the share transfer sign the equity transfer agreement and related documents.
5. Carry Out Delivery and Transfer Procedures
The delivery and transfer procedures are the last step in the equity transfer. The specific process includes filling in the transfer form, submitting the equity transfer documents to the Singapore Inland Revenue Authority for stamping and paying the corresponding stamp duty, paying the transfer fee, arranging the cancellation of old shares, issuing new shares to new shareholders, and registering changes with ACRA (Singapore Corporate Regulatory Authority).
II. Documents Required for Equity Transfer
1. Transfer instrument;
2. Transfer notification;
3. Resolution of the board of directors;
4. Share certificate proving ownership ofshares;
5. Share transfer form;
6. Stamp Duty Confirmation Letter from Singapore Inland Revenue Authority;
7. Prepare other documents such as waiver of right of use agreement according to the actual needs of the company.
III. Taxes and Fees Involved in Equity Transfer
1. Stamp Duty
When a Singapore company transfers shares, stamp duty should be paid. The transferor and the transferee usually agree in the equity transfer agreement who will pay the stamp duty. If there is no agreement, the transferee shall bear the obligation to pay the stamp duty. The party paying the stamp duty should submit the share transfer form to the Inland Revenue Authority (IRAS) to pay the relevant stamp duty. You can go to IRAS to request a physical stamp in exchange for the fee and stick it on the "share transfer form", or you can complete this process online and keep a record of the online confirmation slip. The stamp duty needs to be paid within 14 days from the date of signing the transfer letter.
Stamp duty is 0.2% of the net asset value shown in the target company's financial statements or the agreed consideration (whichever is higher). The situation where only ordinary shares are issued is very simple. However, if there are multiple shares (for example: preference shares in the target company), the net asset value will depend on the equity value of the corresponding class of shares, and the party paying the stamp duty should consult IRAS.
Stamp duty calculation method: net asset value of target company x proportion of shares transferred x 0.2%, or transfer consideration x 0.2%
Example 1 : Party A transfers 50% of its equity (10,000 common shares) in a Singapore company to Party B. The net asset value of the company is S$1 million. The stamp duty Party B needs to pay is: S$1 million x 50% x 0.2% = S$1,000.
Example 2: Party A transfers 50% equity (10,000 common shares) of its Singapore company to Party B. The net asset value of the company is S$1 million, but the transfer price agreed by both parties is S$2 million. The amount of stamp duty that Party B needs to pay is: Stamp duty amount = S$2 million x 0.2% = S$4,000.
If the transferor and the transferee are members of the same group, they can apply for stamp duty exemption. For example, if Company A transfers its shares in Company C to Company B, if both Company A and Company B are wholly-owned subsidiaries of another Singapore company, Company B can apply for stamp duty exemption.
2. When transferring shares, you need to provide the following documents so that the Stamp Duty Office can calculate the stamp duty payable:
(1) Articles of Association;
(2) The company’s most recent registrationinformation (BizFile);
(3) The most recent shareholder register;
(4) The number of shares to be transferred and the consideration;
(5) The name and address of the transferor of shares;
(6) A copy of the identity document (passportor Singapore identity card) and residential address proof of the nominee of theshares;
(7) Share transfer agreement (if any);
(8) The most recent audited financialstatements. If audited financial statements are not available, the most recent management financial statements must be provided; if it is a holding company, consolidated financial statements must be submitted.
IV. Time Required for Share Transfer and Required Documents
1. Processing Time
If all documents are complete, the share transfer procedure is usually completed within 2 to 3 working days.
2. After the share transfer procedures are completed, the following documents will be provided to the customer for record:
(1) Board resolutions concerning share transfers;
(2) A share transfer document (transfer form)stamped with stamp duty stamp;
(3) Stock certificates of new shareholders;
(4) An updated register of shareholders;
(5) Updated record book of equity transfers;
(6) A copy of the latest company registration information (BizFile).
V. Notes on Share Transfer
1. Comply with the company's articles of association and laws and regulations
The company's articles of association stipulate the company's organizational form, management structure, shareholder rights, etc. The transfer of equity must comply with the provisions of the company's articles of association. In addition, it must also comply with Singapore's company law, securities law, tax law and other laws and regulations.
2. Obtain approval from the board of directors
According to the Singapore Companies Act, when a shareholder expresses his intention to transfer his shares, the board of directors should inform the shareholder in advance that there are restrictions on the transfer of shares and that the transfer of shares must be approved by the board of directors. Therefore, if a shareholder is ready to transfer shares, it is recommended to submit a written transfer application to the board of directors as soon as possible. The board of directors should respond within 30 days and must inform both the transferor and the transferee in writing whether it agrees or not. The board of directors can only refuse the transfer for legitimate reasons related to the interests of the company. For example, the following may be sufficient reasons for refusing the transfer:
• The board of directors (who may be the majority shareholder in the company) feels unable to work effectively with the proposed new shareholder. This is particularly true of smaller companies where the shareholders have close ties to the company's management.
• The board of directors is concerned about whether new shareholders will support the company's goals and values. Especially for companies with a small number of shareholders, shareholders need to invest more energy in various management decisions of the company.
The board's decision and its reasons should be recorded in a board resolution and communicated promptly to the transferor. However, "punishing" the transferor by rejecting the transfer request is not supported.
3. Pay attention to tax impact and avoid objections to invalid transfer
The transfer of equity should follow the correct procedures and pay stamp duty in accordance with the law to avoid objections on the grounds that the transfer is invalid or accusations of failure to perform director duties.
4. Protecting trade secrets and intellectual property rights
Before the equity transfer, it is necessary to sign a confidentiality agreement and protect intellectual property rights. A confidentiality agreement can protect business secrets and confidential information and prevent leakage. Intellectual property rights include patents, trademarks, copyrights, etc., which need to be protected to avoid infringement and disputes.
5. Special Terms
If the original shareholder agreement contains "tag-along" and "drag-along" clauses, the original shareholders need to comply with them or waive the relevant rights under such clauses (if the board of directors participates in signing the shareholder agreement, the board of directors must also comply) to ensure the completion of the existing equity acquisition; if the investor wants to set such clauses in the existing equity transfer and plan in advance for future equity exit, it is recommended to discuss the design of the clauses and the legal consequences with a lawyer.
Conclusion
In summary, equity transfer is a complex business transaction, especially for cross-border transactions, and needs to be handled with caution. Before conducting an equity transfer, it is necessary to determine the conditions and price of the transfer, conduct due diligence, sign an equity transfer agreement, and complete the delivery and transfer procedures. When conducting an equity transfer, it is necessary to comply with the company's articles of association and Singapore's laws and regulations, pay attention to the tax impact of equity transfer, and protect business secrets and intellectual property rights.
