东盟律师说RCEP-马来西亚：国籍限定性规定评述
根据RCEP投资章节中对于实质性损害投资者控制其投资的能力的限制性规定，RCEP原则上不禁止各缔约方对董事会和委员会成员施加一定程度的国籍限定，但前提是不得实质性损害投资者控制其投资的能力。
万益涉外律师出品的“东盟律师说”系列文章正是基于上述RCEP规定，组织执业经验丰富的东盟国家律师围绕以下两个问题展开讨论：1. 在本国法律是否存在对于高级管理人员或董事会的国籍限定规定；2. 是否存在影响投资者控制力的评价标准。
汪峰发型
在本期推送中，我们特邀马来西亚的杨玛律师事务所(YEOH MAZLINA & PARTNER)合伙人律师许诗菱(KHOR SEE LIN)对马来西亚现行国内法有关国籍限定和外国投资者控制能力限制相关内容进行介绍。
黄海源（实习）律师
六年级英语教学计划
许律师您好，非常高兴今天能够有幸邀请您就马来西亚法律框架下有关国籍限定和外国投资者控制能力限制相关内容进行评论。首先我们想了解的是，马来西亚国内法中对于高级管理
人员或董事会成员是否存在国籍或居民资格的限定性规定，如有，那么是否存在资格满足与否的判断标准？
许诗菱律师(KHOR SEE LIN)
Pursuant to the current Malaysia company law, at least 1 of the directors of a private company must be one who ordinarily resides in Malaysia by having a principal place of residence in Malaysia. For public company, it shall have a minimum of 2 resident directors.shoe
Residency of the “resident director” may be decided by examining few factors, such as:(a)the length of time spent by the said director in Malaysia(b)connection of the said director has in Malaysia(c)frequency of residence(d)element of regular occupation (whether past, prent or intended for the future, even if intermittent)(e)some degree of permanency in the occupation of such residenceRequirement on nationality of shareholders and its percentage of local shareholdings depends on the type of business and industries that the company is undertaking. The relevant authority may also impo r
estrictions on foreign involvement at all levels (including management) and/or workforce.Generally, foreign and domestic private entities can establish and own business enterpris and engage in all forms of business activities, although exceptions may apply to specific ctors.The following are information in relation to some of the industries on equity requirements:(a)All distributive trade companies with foreign involvement must appoint 1 bumiputra/Malay director.(b)Hypermarket operators with foreign involvement must provide at least 30% bumiputra/Malay ownership in the company’s equity structure.(c)A company must have at least 30% bumiputra shareholding if acquisition of real property valued at more than RM20 million and involves dilution in the ownership and/or shares of real property held by bumiputra interest/government agency.Other ctors which have restrictions on foreign investments are oil and gas; financial rvices, capital market activities carried out by investment banks’ insurance and Islamic insurance; communications and multimedia; education, transportation rvices, water, energy supply, professional rvices, curity and employment agencies.It is therefore important for investors who want to invest in Malaysi
a to understand that there are ctor-specific regulations issued by the relevant ministry on the foreign ownership of equity in a company. Each state may also have different policy and criteria in addition to tho t by the federal government or ministries. As such, it is strongly advisable for potential investors to ek legal advice prior to entering into any transactions in Malaysia.
（中文翻译为编者附）根据现行的《马来西亚公司法》，私人公司至少要有一名董事是以马来西亚境内居所为经常居住地。对于上市公司，至少应有2名常驻董事。
“常驻董事”的居留权可以通过以下几个因素来决定，例如：
（a）该名董事在马来西亚停留的时长；
苏州服装学院
（b）该名董事在马来西亚的关系；
（c）居留的频次；
（d）定期职业因素（无论是过去，现在或将来的打算，即便是断断续续的）；
（e）占用的上述居所在某种程度上具有永久性。
对股东国籍及其在当地持股比例的要求主要取决于公司业务和所属行业类型。有关当局也可能对涉外各层级（包括管理层）和/或劳动力施加一定限制。
尽管特定行业可能有例外，但一般来说，外国和本国私人实体可以建立和拥有商事企业并从事各种形式的商业活动。tic tac toe
汤尼德语培训学校以下是某些行业有关股权要求的信息：
（a）所有涉外经销贸易公司必须任命1名土著/马来董事。
（b）涉外大型超市经营者必须在公司的股权结构中为土著/马来股东提供至少30％的所有权。
（c）如果收购的不动产价值超过2,000万令吉，并且涉及稀释由土著人民利益/政府机构持有的不动产的所有权和/或股份，该公司中必须拥有至少30％的土著股东股权。
其他限制外国投资的部门有石油和天然气；由投资银行保险和伊斯兰保险进行的资本市场
iapps活动；通信和多媒体；教育；运输服务；水；能源供应；专业服务；安全和就业机构。
因此，对于希望在马来西亚进行投资的投资者而言，了解相关部门发布的有关公司外资股本的特别规定是十分重要的。除联邦政府或政府部门制定的政策和标准外，每个州还可能有不同的政策和标准。因此，强烈建议潜在投资者在马来西亚进行交易之前寻求法律意见。
黄海源（实习）律师
好的，了解，那么现行法律中有关国籍限定和外国投资者控制权限制的特别规定，是否会构成对投资者控制其投资的能力的实质性损害？
许诗菱律师(KHOR SEE LIN)汽车美容学习培训班
Although there is no guidelines or laws defining what would be considered as “materially impair the ability of the investor to exerci control over its investment” at this juncture, it is common that a majority shareholder would be entitled to nominate or dictate the majority of the board of directors, and be able to 'control’ the operation of the company. It
初中英语教学计划would be en that a minority (foreign) shareholder would have little control over its investments in such instance.
上海外语口译证书考试网But the element of 'control’ can always be discusd and agreed upon between parties in a formal agreement. A prudent investor is therefore always encouraged to enter into a shareholder agreement which shall define the duties and obligations of each party (director, shareholder and investor), so as to state clearly the extent of control a foreign shareholder can have in the operation and management of the company as far as permitted by law.
目前没有指导方针或法律来定义“严重损害了投资者对其投资行使控制权的能力”的情形，但大股东通常有权提名或支配多数董事会股东 ，并能够“控制”公司的运营， 在该种情况下，少数（外国）股东对其投资几乎没有控制权。但是，各方可以以正式协议形式就“控制”的要素进行讨论和达成共识。因此，鼓励谨慎投资者签订明确各方（董事，股东和投资者）职责和义务的股东协议，以便明确在法律允许的范围内，外国股东在公司经营和管理中能够享有和行使的控制权。
编者评述
基于许律师对马来西亚法律框架下相关规定的解读和评价，我们可以了解到，由于马来西亚立法的多样性和灵活性，目前马来西亚在上文提及的诸多行业和不同领域存在着对于公司高级管理人员结构或公司股权结构方面的国籍或居民资格限定性规定。因此，对于希望在马来西亚进行投资的外国投资者而言，十分有必要对马来西亚有关公司涉外资本管理的特别规定进行了解和研究，外国投资者在马来西亚进行投资交易之前应当做好法律尽职调查，积极寻求法律意见，在合规层面完善股权结构设计和管理层人员构成，以确保能够享有和行使对投资的预期控制能力。
