{"id":10824,"date":"2026-06-02T16:10:34","date_gmt":"2026-06-02T08:10:34","guid":{"rendered":"https:\/\/www.qicaiying.cn\/?p=10824"},"modified":"2026-06-02T16:10:35","modified_gmt":"2026-06-02T08:10:35","slug":"%e5%8f%97%e7%9b%8a%e6%89%80%e6%9c%89%e4%ba%ba%e8%ae%a4%e5%ae%9a%ef%bc%9a9%e5%8f%b7%e5%85%ac%e5%91%8a%e8%a7%a3%e8%af%bb%e4%b8%8e%e9%99%8c%e9%99%8c5-47%e4%ba%bf%e8%a1%a5%e7%a8%8e%e6%a1%88%e5%a4%8d","status":"publish","type":"post","link":"https:\/\/www.qicaiying.cn\/en\/archives\/10824","title":{"rendered":"Determining Beneficial Owners: An Interpretation of Announcement No. 9 and a Review of Momo\u2019s 547 Million Tax Reimbursement Case"},"content":{"rendered":"

In 2018, the State Taxation Administration issued Announcement No. 9, clarifying the rules for determining \u201cbeneficial owners.\u201d That same year, Momo was subject to back taxes after its Hong Kong holding company was deemed a conduit company following a look-through analysis.547 million yuan.<\/strong>It is no coincidence that the timelines of these two events overlap\u2014Announcement No. 9 was specifically aimed at \u201ctax avoidance by conduit companies.\u201d<\/p>\n\n\n\n

I. What Does Announcement No. 9 Actually Say?<\/strong><\/strong><\/h2>\n\n\n\n

Key takeaway:<\/strong>To qualify for the benefits of a tax treaty, you must prove that you are the \u201cbeneficial owner\u201d of this income\u2014not merely a conduit for collecting and remitting funds, nor a transit point through which funds pass briefly before being transferred elsewhere, but the person who truly has the right to own, control, and dispose of these funds.<\/p>\n\n\n\n

The criterion isn't your position on the organizational chart, but ratherWho really controls where this money goes?<\/strong>. This is a substantive test, not a formal one.<\/p>\n\n\n\n

II. The \u201cNegative List\u201d in Announcement No. 9\u2014Under What Circumstances Will Applications Be Rejected Outright?<\/strong><\/strong><\/h2>\n\n\n\n

1. Paying 50% or more to residents of a third country or region within 12 months of receiving the income\u2014this is a typical characteristic of a conduit company.<\/p>\n\n\n\n

2. The business activities engaged in are not substantive business operations\u2014they consist solely of holding shares, receiving payments, and transferring funds<\/p>\n\n\n\n

3. The tax jurisdiction where the company is located does not tax this income\u2014Common Questions About Offshore Companies<\/p>\n\n\n\n

Issues Identified Through Self-Assessment:<\/strong>Does your Hong Kong company immediately transfer the funds it receives back to the mainland or to other accounts? Does your company engage in no other substantive activities besides receiving payments? If the answer is \u201cyes,\u201d then you fall within the \u201cred zone\u201d defined by Announcement No. 9.<\/p>\n\n\n\n

III. A Comprehensive Review of the Momo Case\u2014Where Was the Fatal Flaw?<\/strong><\/strong><\/h2>\n\n\n\n

Background of the Case<\/strong><\/strong><\/h3>\n\n\n\n

\u2022 VIE Structure: Cayman Islands-listed entity \u2192 Hong Kong holding company \u2192 Mainland WFOE<\/p>\n\n\n\n

\u2022 Capital Flow: Mainland profits \u2192 Hong Kong holding company \u2192 Cayman Islands-listed entity (dividends)<\/p>\n\n\n\n

Chain of Critical Issues<\/strong><\/strong><\/h3>\n\n\n\n

1. What is the role of the Hong Kong holding company in the entire capital chain? \u2014 The tax authority has determined it to be a pure conduit.<\/p>\n\n\n\n

2. Does the Hong Kong company engage in substantive business operations? \u2014 No office space, no employees, and no independent business operations<\/p>\n\n\n\n

3. Can the applicant prove their status as the beneficial owner? \u2014 Unable to prove it; application denied<\/p>\n\n\n\n

Results and Lessons Learned<\/strong><\/strong><\/h3>\n\n\n\n

Results:<\/strong>The State Taxation Administration denied its status as a beneficial owner and ordered it to pay 547 million yuan in back taxes.<\/strong><\/p>\n\n\n\n

\u2022 The weakest layer in an architecture determines the compliance of the entire architecture.<\/p>\n\n\n\n

\u2022 It\u2019s not enough for a company to be registered in Hong Kong; it must be able to prove that it \u201cactually operates in Hong Kong.\u201d<\/p>\n\n\n\n

\u2022 Serves as a general warning to all companies with VIE or red chip structures<\/p>\n\n\n\n

<\/p>\n\n\n\n

\n

Cell phone: 18676749275<\/strong> \uff5c WeChat: qcygscszk<\/strong><\/strong><\/p>\n\n\n\n

Contact us now for a free compliance risk assessment.<\/p>\n<\/blockquote>\n\n\n\n

\"\"<\/figure>\n\n\n\n

IV. How to Establish a Chain of Evidence for the Beneficial Owner?<\/strong><\/strong><\/h2>\n\n\n\n
Types of Evidence<\/strong><\/td>concrete content<\/strong><\/td>What does this prove?<\/strong><\/td><\/tr>
Minutes of the Executive Committee Meeting<\/td>To be held in Hong Kong at least once a year, with complete minutes and attendance sign-in sheets maintained<\/td>Business decisions are made in Hong Kong<\/td><\/tr>
Employee Hiring Records<\/td>Local Employee Contract + MPF Contribution History<\/td>The company has an actual management team<\/td><\/tr>
Office Lease Agreement<\/td>Lease Agreement for a Private Office Space + Utility Bills<\/td>Physically present; not a purely virtual address<\/td><\/tr>
Business Contract<\/td>Genuine business contracts with customers\/suppliers<\/td>It's not just a payment gateway; it supports actual business operations.<\/td><\/tr>
CoR Certification<\/td>Official Certificate of Tax Residency Issued by the Tax Authority<\/td>The Strongest Endorsement: Compelling Evidence Rather Than Self-Justification<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

All five pieces of evidence are essential and together form a compliance file that can withstand scrutiny from both the tax authorities and the bank.<\/strong><\/p>\n\n\n\n

About<\/h2>\n\n\n\n

Founded in 2015, Qicaiying specializes in company registration in Hong Kong and overseas, bank account opening, and cross-border financial and tax compliance, and has served thousands of cross-border e-commerce, foreign trade, and global expansion companies. We provide full-service assistance for CoR tax residency certification\u2014from eligibility assessment to certificate delivery. All you need to do is provide the basic information; we\u2019ll handle the rest.<\/p>\n\n\n\n

\u2714 Over 10 years of experience in Hong Kong company services<\/p>\n\n\n\n

\u2714 Full-service handling\u2014no need to travel to Hong Kong in person<\/p>\n\n\n\n

\u2714 Automatic reminders for certificate expiration, ensuring uninterrupted long-term maintenance<\/p>\n\n\n\n

\n

Cell phone: 18676749275<\/strong> \uff5c WeChat: qcygscszk<\/strong><\/strong><\/p>\n\n\n\n

Contact us now for a free compliance risk assessment.<\/p>\n<\/blockquote>\n\n\n\n

\"\"<\/figure>","protected":false},"excerpt":{"rendered":"

To qualify for the benefits of a tax treaty, you must prove that you are the \u201cbeneficial owner\u201d of this income\u2014not merely a conduit for collecting and remitting funds, nor a transit point through which funds pass briefly before being transferred elsewhere, but the person who truly has the right to own, control, and dispose of these funds.<\/p>","protected":false},"author":10,"featured_media":10744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_focuskw":"cor\u8ba4\u8bc1","_yoast_wpseo_title":"","_yoast_wpseo_metadesc":"","_yoast_wpseo_opengraph-title":"","_yoast_wpseo_opengraph-description":"","footnotes":""},"categories":[17,18,13,30],"tags":[1333,1303,51],"class_list":["post-10824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-allguide","category-recomguide","category-guide","category-hk-bg","tag-cor","tag-1303","tag-51"],"yoast_head":"\n\u53d7\u76ca\u6240\u6709\u4eba\u8ba4\u5b9a\uff1a9\u53f7\u516c\u544a\u89e3\u8bfb\u4e0e\u964c\u964c5.47\u4ebf\u8865\u7a0e\u6848\u590d\u76d8 - 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