股權(quán)代持的原因多種多樣，比如有特殊身份的人(公務(wù)員、國企干部、軍人、承擔(dān)競(jìng)業(yè)限制義務(wù)的人等)、避免公司之間形式上的關(guān)聯(lián)性、股東人數(shù)過多、規(guī)避法律的強(qiáng)制性規(guī)定等，實(shí)際出資人基于信任關(guān)系將其出資形成的股權(quán)交給代持人持有。
There are various reasons for proxy holding of equity, such as individuals with special identities (such as civil servants, state-owned enterprise cadres, military personnel, those who undertake non compete obligations, etc.), avoiding formal connections between companies, having too many shareholders, and avoiding mandatory legal provisions. The actual investor hands over the equity formed by their investment to the proxy holder based on trust.
現(xiàn)在，
山東股權(quán)代持也在很多情況下用于大股東保持公司控制權(quán)的場(chǎng)景，如公司實(shí)施股權(quán)激勵(lì)時(shí)，為了讓員工享受到實(shí)際收益，但又不想讓員工擁有該部分股權(quán)的表決權(quán)時(shí)，大股東可以將這些股權(quán)直接代持或者委托可控的人代持。
Nowadays, Shandong equity proxy holding is also used in many cases for major shareholders to maintain control of the company. For example, when a company implements equity incentives, in order to allow employees to enjoy actual benefits but do not want them to have the voting rights of this part of the equity, major shareholders can directly proxy or entrust controllable individuals to hold these equity rights.
在非上市公司尤其是有限公司中，股權(quán)代持是非常靈活的，適用的場(chǎng)景也非常多元化，只要雙方協(xié)商-致，不違背法律的禁止性規(guī)定，在適用上是沒有限制的。如果股東有意增強(qiáng)控制權(quán)，利用股權(quán)代持方式是一種可行的選擇。
In non listed companies, especially limited companies, equity holding is very flexible and the applicable scenarios are also very diverse. As long as both parties negotiate and do not violate the prohibitive provisions of the law, there are no restrictions on its application. If shareholders intend to enhance their control, using equity proxy holding is a feasible option.
不過應(yīng)當(dāng)注意的是，股權(quán)代持存在一定的風(fēng)險(xiǎn):
However, it should be noted that there are certain risks associated with equity proxy holding:
(1)實(shí)際股東的風(fēng)險(xiǎn):按照高人民法院司法解釋，名義股東將登記于其名下的股權(quán)轉(zhuǎn)讓、質(zhì)押或者以其他方式處分時(shí)，如果處分行為符合善意取得的條件，實(shí)際股東將不能再行使股東權(quán)利，但可以要求名義股東賠償損失。
(1) The risk of actual shareholders: according to the judicial interpretation of the Supreme People's Court, when the nominal shareholders transfer, pledge or dispose of the shares registered in their names in other ways, if the disposal acts meet the conditions of bona fide acquisition, the actual shareholders will no longer be able to exercise their rights, but can require the nominal shareholders to compensate for losses.
(2)名義股東的風(fēng)險(xiǎn):當(dāng)實(shí)際股東未履行出資義務(wù)時(shí)，若債權(quán)人追索，則名義股東需要在承諾的出資范圍內(nèi)承擔(dān)補(bǔ)繳出資的義務(wù)，而不能以其不是實(shí)際投資人為由拒絕承擔(dān)責(zé)任。
(2) The risk of nominal shareholders: When the actual shareholders fail to fulfill their capital contribution obligations, if the creditors pursue it, the nominal shareholders need to bear the obligation to make up the capital contribution within the promised scope of contribution, and cannot refuse to bear responsibility on the grounds that they are not the actual investors.
(3)實(shí)際出資人難以確立股東身份的風(fēng)險(xiǎn):雖然司法解釋肯定了股權(quán)代持協(xié)議的效力，但是投資權(quán)益并不等同于股東權(quán)益，投資權(quán)益只能向名義股東(代持人)主張，而不能直接向公司主張，存在一定的局限性。根據(jù)公司法解釋，必須經(jīng)過公司半數(shù)以上股東同意，實(shí)際出資人方可向法院請(qǐng)求公司變更股東、簽發(fā)出資證明書、記載于股東名冊(cè)、記載于公司章程并辦那公司登記機(jī)關(guān)登記。
(3) The risk that the actual investor is difficult to establish the shareholder identity: although the judicial interpretation affirmed the effectiveness of the equity proxy agreement, the investment rights and interests are not equal to the shareholders' rights and interests, and the investment rights and interests can only be claimed to the nominal shareholders (proxy holders), not directly to the company, which has certain limitations. According to the interpretation of the Company Law, only with the consent of more than half of the shareholders of the company can the actual contributor request the court to change the shareholders of the company, issue a capital contribution certificate, record it in the register of shareholders, record it in the articles of association, and register with the company registration authority.
(4)稅務(wù)風(fēng)險(xiǎn):當(dāng)未來?xiàng)l件成熟，雙方之間解除關(guān)系時(shí)，需要進(jìn)行股權(quán)轉(zhuǎn)讓。此時(shí)，稅務(wù)問題隨之而來。從形式上看，雙方之間進(jìn)行的就是普通股權(quán)轉(zhuǎn)讓，稅務(wù)機(jī)構(gòu)般不認(rèn)可是為了解除代持關(guān)系進(jìn)行還原操作，可能會(huì)要求按照公允價(jià)值計(jì)算繳納所得稅。
(4) Tax risk: When future conditions are ripe and the relationship between the two parties is terminated, equity transfer is required. At this point, tax issues arise. From a formal perspective, the transfer of ordinary equity between the two parties is generally not recognized by tax authorities as a restoration operation to terminate the holding relationship, and may require income tax to be calculated and paid at fair value.
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