什么是减资？ What is capital reduction?

Capital reduction refers to the reduction of the companys registered capital in accordance with the procedures prescribed by law due to capital surplus or continuous loss of operation.

减资的类型 Types of capital reduction

1. “同比减资”vs“不同比减资”

"Same ratio capital reduction" vs "Different ratio capital reduction"

同比减资：各股东按照原来的出资或持股比例减少出资；减资完成后各股东原持股比例不变。

Same ratio capital reduction: Each shareholder shall reduce its capital contribution according to the original capital contribution or shareholding ratio; after the reduction, the original shareholding ratio of each shareholder shall remain unchanged.

不同比减资：各股东不按照原来的出资或持股比例减少出资，各股东实际减资比例有多有少，各不相同，甚至也包括部分股东全部减除或部分股东完全不减；减资完成后各股东原持股比例发生变动。

Different ratio capital reduction：Each shareholder does not reduce its capital contribution according to the original capital contribution or shareholding ratio, and the actual proportion of capital reduction of each shareholder is different, even including the reduction of all or part of the shareholders; after the reduction, the original shareholding ratio of each shareholder changes.

2．返还出资、免除出资义务、消除股权型减资

Capital Reduction by Return of Capital Contribution, Exemption of Capital Contribution Obligation and Elimination of Equity

返还出资型减资：指减资时把已经实际缴纳的出资款返还一部分或全部给股东，将导致公司减少其注册资本和资产。

Capital reduction by return of capital contribution：It refers to returning part or all of the actually paid capital contribution to the shareholders at the time of capital reduction, which will cause the company to reduce its registered capital and assets.

免除出资义务型减资：指减资时免除尚未足额缴纳出资的股东的部分或全部未出资部分的出资义务。

Capital reduction by exemption of capital contribution obligation: It refers to the exemption of some or all of the shareholders who have not paid their capital contribution in full at the time of capital reduction.

消除股权型减资：指在公司发生亏损或者配合分立减资时，直接消除部分股权抵消本应弥补的亏损，或者直接减少每股金额以抵消亏损。

Capital reduction by elimination of equity: It refers to directly eliminating part of the equity to offset the losses that should be made up, or directly reducing the amount of each share to offset the losses when the company suffers losses or cooperates with the pision and capital reduction.

减资的程序 Procedures for capital reduction

1. 权力机构出具决议：由董事会或执行董事制定减资方案，由股东会做出减资表决；

The authority issues a resolution：The board of directors or the executive director shall formulate the capital reduction plan, and the shareholders meeting shall vote on the capital reduction;

2. 登报通知债权人：公司应当自做出减少注册资本决议之日起10日内通知债权人，并于30内在报纸上公告。债权人自接到通知之日起30日内，未接到通知书的自公告之日起45日内，有权要求公司清偿债务或者提供相应的担保。

Report to creditors: The company shall notify its creditors within 10 days from the date of making the resolution of reducing its registered capital, and make an announcement in a newspaper within 30 days. Within 30 days from the date of receiving the notice, or within 45 days from the date of announcement if the creditor fails to receive the notice, the creditor shall have the right to require the company to pay off its debts or provide corresponding guarantees.

3. 修改公司章程和办理工商登记：《公司法》第一百七十九条第二款规定，公司增加或者减少注册资本，应当依法向公司登记机关办理变更登记。对于公司减少了注册资本后，公司应该将原公司章程进行修改，对各股东的出资情况及股份比例重新进行明确，并向工商部门办理变更登记，没有办理变更登记的，对外不发生法律效力。

Amend the articles of association and go through industrial and commercial registration: According to the second paragraph of Article 179 of the Company Law, when a company increases or decreases its registered capital, it shall register the change with the company registration authority according to law. After the registered capital of the company has been reduced, the company shall modify the original articles of association, clarify the capital contribution and share proportion of each shareholder again, and handle the change registration with the industrial and commercial department. If the change registration is not handled, it will not have legal effect externally.

4. 重编资产负债表和财产清单：公司减少注册资本后，必须编制资产负债表及财产清单，使公司的新旧股东能了解公司的现实财务状况，以便对公司未来的经营进行规划。

Restate balance sheet and property list: After the company reduces its registered capital, it is necessary to prepare a balance sheet and a list of properties so that the new and old shareholders of the company can understand the actual financial situation of the company, so as to plan the future operation of the company.

上述相关流程缺一不可，否则可能会造成减资存在瑕疵，导致各类法律风险，使股东的目的无法实现。

The above-mentioned relevant processes are indispensable, otherwise it may cause defects in capital reduction, lead to various legal risks, and make the purpose of shareholders impossible to achieve.

减资常见的法律问题 Common legal problems in capital reduction

1. 减资容易引发控股股东和小股东的利益冲突

The reduction of capital is easy to cause the conflict of interest between the controlling shareholder and the minority shareholder

根据《公司法》第43条，公司减资必须经2/3以上的股东表决通过。换句话说，如果公司的控股股东股份比例占2/3以上，则可以按照自己的意愿随意对公司注册资本进行减资，小股东对公司的减资提反对意见毫无作用。

According to Article 43 of the Company Law, the capital reduction of the company must be approved by more than 2 / 3 of the shareholders. In other words, if the proportion of controlling shareholders accounts for more than 2 / 3, the registered capital of the company can be reduced at will, and the minority shareholders have no effect on the companys capital reduction.

股东之间，如果在经营中发生分歧，大股东借资本过剩进行减资将会损害公司的资本维持原则，哪怕小股东明知道大股东另有所图，也无法改变局面。

If there are differences among shareholders in the operation, the capital reduction by the large shareholders will damage the capital maintenance principle of the company, even if the small shareholders know that the large shareholders have other plans, it can not change the situation.

2. 减资容易引发公司与债权人之间的利益冲突

The reduction of capital is easy to cause the conflict of interest between the company and the creditors

公司减少注册资本会影响债权人的利益，债权人在得知公司减资时，有权选择要求公司清偿债务或提供相应的担保，如果公司未履行减资信息的披露义务，导致债权人产生损失，瑕疵减资的股东要承担责任吗？

If the company reduces its registered capital, it will affect the interests of the creditors. When the creditors know the capital reduction, they have the right to ask the company to pay off their debts or provide corresponding guarantees. If the company fails to perform the obligation of disclosure of capital reduction information, resulting in losses to the creditors, should the shareholders with defective capital reduction bear the responsibility?

根据《公司法司法解释三》第十四条第二款的规定，因公司未履行减资披露义务，导致债权人未能及时行使债权保全的权利，或者债权人及时行使债权保全的权利，但公司拒绝清偿债务或提供担保的，瑕疵减资的股东应承担赔偿责任。

According to the second paragraph of Article 14 of the third judicial interpretation of the Company Law, if the company fails to perform the obligation of capital reduction disclosure, resulting in the creditors failure to timely exercise the right of bond preservation, or the creditors timely exercise the right of creditors right of debt preservation, but the company refuses to pay off the debt or provide guarantee, the shareholder with defect capital reduction shall bear the liability for compensation.

还有，目前许多公司采用“认缴出资”，如果在出资未到期之前进行减资，表面上似乎不损害债权人的债权，但认缴出资属于以后公司获取的财产数额，只是时间上晚了一点而已，故也属实质减资，如果此时的减资程序存在瑕疵，债权人可以直接要求股东的出资义务“加速到期“，即要求股东将其认缴的注册资本提前缴齐，在保证债权人利益不受影响的前提下，再办理减资程序。

Moreover, at present, many companies adopt "subscribed capital contribution". If the capital reduction is made before the capital contribution is due, it does not seem to damage the creditors rights on the surface, but the subscribed capital contribution belongs to the amount of property acquired by the company in the future, just a little later in time, so it is also a substantial capital reduction. If the capital reduction procedure at this time is defective, the creditor can directly request the shareholders contribution meaning "Accelerated maturity" means that shareholders are required to pay up their subscribed registered capital in advance, and then handle capital reduction procedures on the premise that the interests of creditors are not affected.

3.以减资为名，抽逃出资

Withdraw capital contribution in the name of capital reduction

如果股东制作虚假财务报表虚增利润、虚构债权债务关系等违法行为取走资金，可以认定其借减资来抽逃出资，股东应对该抽逃资金承担赔偿责任，否则将损害债权人的利益。

If a shareholder withdraws funds by making false financial statements to increase profits or fictitious creditors rights and debts, it can be recognized that the shareholder withdraws the capital by reducing the capital, and the shareholder shall be liable for compensation for the withdrawn capital, otherwise the interests of the creditor will be damaged.

4. 若存在质押，减资受限

If there is pledge, capital reduction is limited

质押权人相当于债权人，当公司股权存在质押时，未经质押权人的同意，出质人不得减少相应的出资，不得执行减资行为。

The pledgor is equivalent to the creditor When the companys equity is pledged, the pledgor shall not reduce the corresponding capital contribution or perform the capital reduction without the consent of the pledgor.

减资有节税功能 Capital reduction has tax saving function

按照《国家税务总局关于企业所得税若干问题的公告》（国家税务总局2011年第34号公告）的第五条“投资企业撤回或减少投资的税务处理”，详细规定如下：

In accordance with Article 5 of the announcement of the state administration of taxation on several issues of enterprise income tax (Announcement No. 34 of the State Administration of Taxation in 2011), "tax treatment of investment enterprise withdrawing or reducing investment", the detailed provisions are as follows:

投资企业从被投资企业撤回或减少投资，其取得的资产中，相当于初始出资的部分，应确认为投资收回；相当于被投资企业累计未分配利润和累计盈余公积按减少实收资本比例计算的部分，应确认为股息所得；其余部分确认为投资资产转让所得。

When an investment enterprise withdraws or reduces its investment from the invested enterprise, the part of its assets equivalent to the initial capital contribution shall be recognized as investment recovery; the part equivalent to the accumulated undistributed profits and accumulated surplus reserve of the invested enterprise calculated according to the proportion of reduced paid in capital shall be recognized as pidend income; the rest part shall be recognized as investment asset transfer income.

被投资企业发生的经营亏损，由被投资企业按规定结转弥补；投资企业不得调整减低其投资成本，也不得将其确认为投资损失。

The operating losses of the invested enterprise shall be carried forward and made up by the invested enterprise in accordance with the regulations; the invested enterprise shall not adjust and reduce its investment cost, nor shall it recognize it as investment losses.

举个例子（节税） For example (tax saving)

A公司2018年以1000万元参与投资M公司，占M公司25%股份。截止2019年年底，M公司共有未分配利润和盈余公积3000万元。

In 2018, Company A invested 10 million yuan in Company M, accounting for 25% of the shares of Company M. By the end of 2019, Company M has a total of undistributed profits and surplus reserves of 30 million yuan.

2020年1月M公司经股东会决议，同意A公司抽回其投资，M公司注册资本由4000万元减资为3000万元，股权经溢价计算，A公司共分得现金2500万元，A公司的撤资所得该如何计算？

In January 2020, through the resolution of the shareholders meeting, Company M agreed to withdraw its investment from Company A. The registered capital of Company M was reduced from RMB 40 million to RMB 30 million. Based on the calculation of equity premium, Company A received RMB 25 million in cash. How to calculate the withdrawal income of Company A?

“A公司的撤资所得 = 撤回现金 – 原始投入 – 累计未分配利润和盈余公积”， 按撤资比例25%计算，A公司应享有M公司的累计未分配利润和盈余公积3000×25%=750（万元）

"Income from pestment of Company A = withdrawn cash - original investment - accumulated undistributed profit and surplus reserve". Calculated by 25% of pestment ratio, Company A shall enjoy accumulated undistributed profit and surplus reserve of Company M 3000 × 25% = 7.5 million yuan

因此，A公司股权撤资所得=2500-1000-750=750（万元），即A公司撤回2500万现金，但按照750万去缴纳企业所得税。

Therefore, the income from equity withdrawal of Company A = 2500-1000-750 = 7.5 million yuan, that is, Company A withdraws 25 million cash, but pays corporate income tax according to 7.5 million yuan.

可见，减资可使公司有节税功能，有的企业在进行股权转让时，甚至会用“先撤资再增资”的方式去代替“股权转让”，实现合理避税。需要注意的是，案例的情况适用于国内居民企业，如果股东是境外的投资人，累计未分配利润和盈余公积是需要缴纳股息红利的所得税。

It can be seen that capital reduction can make the company have the function of tax saving, and some enterprises will even use the way of "withdrawing capital first and then increasing capital" to replace "equity transfer" in order to achieve reasonable tax avoidance. It should be noted that the case is applicable to domestic resident enterprises. If the shareholder is an overseas investor, the accumulated undistributed profits and surplus reserves are income taxes that need to be paid for pidends.

减资的个人所得税风险 Personal income tax risk

公司减资还涉及股东个人所得税的问题，当股东减资时，导致公司的银行存款相应减少，未分配利润也减少。

The companys capital reduction also involves the issue of inpidual income tax of shareholders. When the shareholders reduce their capital, the companys bank deposits will be correspondingly reduced, and the undistributed profits will also be reduced.

如果公司有利润，说明股东有分红，此时公司可为股东代缴个人所得税，剩余部分返还股东。

If the company has profits, it means that the shareholders have pidends. At this time, the company can pay personal income tax for the shareholders and return the remaining part to the shareholders.

但如果公司亏损的，公司的减资实际是弥补亏损的另外一种形式，股东实际上并未收回投资，只是名义上的减资。

However, if the company loses money, the capital reduction of the company is actually another form of making up for the loss. The shareholders have not actually recovered their investment, but only reduced their capital in name.

Today, we talked about several types of enterprise capital reduction, legal procedures and related processes of capital reduction, common legal issues and financial and tax risks of capital reduction, enterprises increase or decrease of registered capital should follow the relevant provisions of the company law and the articles of association, on the one hand, to protect the interests of creditors and small and medium-sized shareholders; on the other hand, enterprise shareholders and inpidual shareholders are making use of capital reduction The tax risk should also be taken into account in the tax saving function of capital.