天下熙熙皆為利來，天下攘攘皆為利往。在商事活動中，創始人開設公司、投資人投資公司最基本的動機便是追求利潤、獲取經濟回報。當公司在管理層的帶領下通過生產經營產生收入后，股東就可以馬上分紅了嗎？公司進行分紅有什么前提條件、需要考慮什么因素、實施什么程序？新《公司法》實施后，分紅規則又有了哪些新變化？針對上述問題，我們總結了如下非上市公司的分紅攻略，供利益相關人士參考。

　　All the prosperity in the world is for profit, and all the chaos in the world is for profit. In business activities, the most basic motivation for founders to establish companies and investors to invest in companies is to pursue profits and obtain economic returns. Can shareholders immediately distribute dividends after the company generates income through production and operation under the leadership of management? What are the prerequisites, factors to consider, and procedures for companies to distribute dividends? What new changes have been made to the dividend rules after the implementation of the new Company Law? In response to the above issues, we have summarized the following dividend strategies for non listed companies for reference by stakeholders.

　　一、分紅的前提條件（一）稅后有利潤公司通過向客戶銷售產品或提供服務產生實際收入后，并不意味著馬上可以分紅，還必須具備盈利能力。簡言之，公司的收入只有在扣除所有成本、費用和稅款后，仍有剩余的，才具備向股東分紅的基本前提。

　　1、 The prerequisite for dividends is that (1) after tax, if a company generates actual income by selling products or providing services to customers, it does not necessarily mean that dividends can be distributed immediately. It must also have profitability. In short, a company's revenue only has a surplus after deducting all costs, expenses, and taxes, which is the basic prerequisite for distributing dividends to shareholders.

　　示例：（特別提示：示例僅為便于理解目的而編制，不代表專業財務核算，下同。）情形1：甲公司當年銷售自行研發的產品取得收入500萬，扣除原材料采購成本200萬、直接人工成本60萬、銷售和管理費用100萬、繳納企業所得稅35萬，仍有剩余105萬，此時公司具備分紅的基本前提。

　　Example: (Special note: The example is prepared for ease of understanding purposes only and does not represent professional financial accounting, the same below.) Scenario 1: Company A earned 5 million yuan from selling self-developed products in the current year. After deducting 2 million yuan in raw material procurement costs, 600000 yuan in direct labor costs, 1 million yuan in sales and management expenses, and 350000 yuan in corporate income tax, there is still a remaining 1.05 million yuan. At this time, the company has the basic prerequisite for dividends.

　　情形2：甲公司當年銷售自行研發的產品取得收入500萬，因原材料價格上漲，扣除原材料采購成本400萬、直接人工成本60萬、銷售和管理費用100萬后，無剩余且虧損60萬，此時公司無法分紅。

　　Scenario 2: Company A earned 5 million yuan in revenue from selling self-developed products that year. However, due to the increase in raw material prices, after deducting 4 million yuan in raw material procurement costs, 600000 yuan in direct labor costs, and 1 million yuan in sales and management expenses, there was no surplus and a loss of 600000 yuan. At this time, the company was unable to distribute dividends.

　　（二）賬面無累計未彌補虧損現行《公司法》及新《公司法》均規定，公司在實施分紅前不得存在累計未彌補虧損。相較于現行《公司法》，新《公司法》進一步擴展了公司可用于彌補虧損的形式，新增資本公積、實收資本（即允許減資）可用于彌補虧損，有助于縮短初創公司股東取得分紅的等待期，相關修訂總結如下：

　　（2） Both the current Company Law and the new Company Law stipulate that companies must not have accumulated unrecovered losses before implementing dividends. Compared with the current Company Law, the new Company Law further expands the forms that companies can use to make up for losses. Newly added capital reserves and paid in capital (i.e. allowing capital reduction) can be used to make up for losses, which helps shorten the waiting period for shareholders of start-up companies to receive dividends. The relevant amendments are summarized as follows:

　　示例：情形3：甲公司2018年設立時的注冊資本為200萬元，股東K、J為創始股東，分別持股70%及30%，原始出資分別為140萬元及60萬元。股東Q作為外部投資人，看好甲公司的發展，于2020年按照公司投前估值2,000萬元對公司增資500萬元，認購單價為10元/出資額，其中50萬元計入公司注冊資本，剩余450萬元計入公司資本公積金。本次增資完成后，公司的注冊資本增至250萬元。假設甲公司自2018年設立以來因研發產品一直虧損，累計賬面未彌補虧損為800萬元。自2020年產品上市起，公司產生收入，當年即扭虧為盈并連年盈利，其中2020年稅后利潤300萬元，2021年稅后利潤400萬元，2022年稅后利潤500萬元。

　　Example: Scenario 3: Company A had a registered capital of 2 million yuan when it was established in 2018. Shareholders K and J were founding shareholders, holding 70% and 30% of the shares respectively. The original capital contributions were 1.4 million yuan and 600000 yuan, respectively. As an external investor, shareholder Q is optimistic about the development of Company A. In 2020, based on the company's pre investment valuation of 20 million yuan, shareholder Q increased the company's capital by 5 million yuan, with a subscription price of 10 yuan per investment amount. 500000 yuan was included in the company's registered capital, and the remaining 4.5 million yuan was included in the company's capital reserve fund. After the completion of this capital increase, the registered capital of the company has increased to 2.5 million yuan. Assuming that Company A has been operating at a loss since its establishment in 2018 due to research and development of products, the accumulated unrealized losses on the books are 8 million yuan. Since the product was launched in 2020, the company has generated revenue, turned losses into profits in the same year, and has been profitable year after year. Among them, the after tax profit in 2020 was 3 million yuan, the after tax profit in 2021 was 4 million yuan, and the after tax profit in 2022 was 5 million yuan.

　　根據現行《公司法》的規定，因資本公積金不能彌補虧損，公司在2020-2022年每年必須先用稅后利潤彌補虧損，在賬面累計虧損打平前，股東始終無法獲得分紅。根據新《公司法》的規定，公司可依次用2020年稅后利潤300萬、因融資取得的450萬資本公積金、2021年稅后利潤中的50萬彌補虧損，至此，公司最早可使用2021年的稅后利潤對股東進行分紅。

　　According to the current Company Law, as the capital reserve cannot make up for losses, the company must first use after tax profits to make up for losses each year from 2020 to 2022. Shareholders will not receive dividends until the accumulated losses on the books are balanced. According to the new Company Law, the company can use its after tax profits of 3 million in 2020, 4.5 million in capital reserves obtained from financing, and 500000 in 2021 to make up for losses. Therefore, the company can use its after tax profits of 2021 to distribute dividends to shareholders at the earliest.

　　（三）已依法提取公積金

　　（3） The provident fund has been lawfully withdrawn

　　1.法定公積金：應當提

　　1. Statutory provident fund: should be provided

　　公司在彌補完虧損后仍有剩余利潤的，應當提取利潤的百分之十列入公司法定公積金。公司法定公積金累計額為公司注冊資本的百分之五十以上的，可以不再提取。

　　If a company still has residual profits after making up for its losses, it shall allocate 10% of the profits to the company's statutory reserve fund. If the cumulative amount of the company's statutory reserve fund is more than 50% of the registered capital, it may not be withdrawn.

　　2.任意公積金：自愿提

　　2. Arbitrary provident fund: voluntary withdrawal

　　公司從稅后利潤中提取法定公積金后，經股東會決議，還可以從稅后利潤中提取任意公積金。

　　After extracting the statutory reserve fund from the after tax profits, the company may also extract any reserve fund from the after tax profits through a resolution of the shareholders' meeting.

　　3.特別提示：減資補虧后的分紅限制

　　3. Special Reminder: Dividend Restrictions after Reducing Capital and Compensating for Losses

　　需特別提示注意的是，新《公司法》規定，公司通過減少注冊資本彌補虧損的，在法定公積金和任意公積金累計額達到公司注冊資本百分之五十前，不得進行分配利潤。?綜上，公司按照上述規則彌補虧損和提取公積金后仍有剩余稅后利潤的，可以對股東進行分配。

　　It should be noted that the new Company Law stipulates that if a company reduces its registered capital to make up for losses, it shall not distribute profits until the cumulative amount of statutory and discretionary reserves reaches 50% of the company's registered capital. In summary, if there is still residual after tax profit after the company compensates for losses and withdraws provident fund according to the above rules, it can be distributed to shareholders.

　　二、分紅的分配比例

　　2、 Distribution ratio of dividends

　　（一）基本原則：按出資比例分配

　　（1） Basic principle: Distribution according to the proportion of capital contribution

　　有限公司按照股東實繳的出資比例分配利潤，股份公司按照股東所持有的股份比例分配利潤。公司持有的本公司股份不得分配利潤。

　　Limited liability companies distribute profits based on the proportion of actual capital contributions made by shareholders, while joint-stock companies distribute profits based on the proportion of shares held by shareholders. The shares held by the company are not eligible for profit distribution.

　　（二）允許例外：可以另行約定其他分配比例

　　（2） Exception allowed: Other allocation ratios can be agreed upon separately

　　有限公司全體股東可約定不按實繳出資比例進行分紅，實現特定股東在順序上優先或劣后，在數量上多分、少分、甚至不分的可能性。由于有限公司人合屬性更強，因此例外分紅的規則要求應當經全體股東一致同意。股份公司可通過公司章程另行規定分紅規則，比如，新《公司法》實施后，股份公司可發行優先或者劣后分配利潤的類別股。由于股份公司的資合屬性更強，因此《公司法》僅要求例外分紅規則在公司章程事先明確即可，每次分紅前無需全體股東一致同意。

　　All shareholders of a limited company may agree not to distribute dividends according to the proportion of their actual capital contributions, in order to achieve the possibility of specific shareholders receiving more, less, or even no dividends in terms of quantity, with priority or inferiority in order. Due to the stronger partnership nature of a limited company, the rule for exceptional dividends requires unanimous consent from all shareholders. Joint stock companies may establish separate dividend rules through their articles of association. For example, after the implementation of the new Company Law, joint stock companies may issue preferred or inferior shares for profit distribution. Due to the stronger capital attribute of joint-stock companies, the Company Law only requires that the exception dividend rules be clearly defined in the company's articles of association in advance, and there is no need for unanimous consent from all shareholders before each dividend.

　　三、分紅需履行的程序

　　3、 Procedures to be followed for dividend distribution

　　（一）股東會審批

　　（1） Approval by the shareholders' meeting

　　現行《公司法》及新《公司法》均規定，公司的利潤分配方案和彌補虧損方案應當由董事會制訂，由股東會審議批準。因此，公司在實施分紅前，應就分配方案履行股東會的審批程序。除非公司章程另有規定，該事項須經有限公司代表過半數表決權的股東通過，須經股份公司出席會議的股東所持表決權過半數通過。

　　Both the current Company Law and the new Company Law stipulate that the profit distribution plan and loss recovery plan of a company should be formulated by the board of directors and approved by the shareholders' meeting. Therefore, before implementing dividends, the company should follow the approval procedures of the shareholders' meeting regarding the distribution plan. Unless otherwise specified in the company's articles of association, this matter must be approved by shareholders representing more than half of the voting rights of the limited company, and by shareholders attending the meeting of the joint stock company holding more than half of the voting rights.

　　（二）董事會執行

　　（2） Board Execution

　　相較于現行《公司法》司法解釋五第4條的規定，新《公司法》將執行分紅的法定最長期限由1年縮短為6個月，并明確應由董事會執行股東會的分配方案。

　　Compared with the provisions of Article 4 of Judicial Interpretation V of the current Company Law, the new Company Law shortens the statutory maximum period for implementing dividends from 1 year to 6 months, and clarifies that the distribution plan of the shareholders' meeting should be executed by the board of directors.

　　四、分紅所得如何繳納所得稅

　　4、 How to pay income tax on dividend income

　　（一）股東為自然人

　　（1） Shareholders are natural persons

　　股東為自然人的，根據《個人所得稅法》第3條的規定，應就在中國境內因投資非上市公司而取得的分紅，按照20%繳納個人所得稅。但是，當股東為外籍的，根據《財政部、國家稅務總局關于個人所得稅若干政策問題的通知》第二條第（八）款的規定，其從外商投資企業取得的分紅暫免征收個人所得稅。

　　If the shareholders are natural persons, according to Article 3 of the Personal Income Tax Law, they shall pay personal income tax at a rate of 20% on dividends obtained from investing in non listed companies within China. However, when the shareholders are foreign, according to Article 2 (8) of the Notice of the Ministry of Finance and the State Administration of Taxation on Several Policy Issues Concerning Personal Income Tax, the dividends obtained from foreign-invested enterprises are temporarily exempt from personal income tax.

　　（二）股東為公司

　　（2） Shareholders are the company

　　股東為居民企業的，根據《企業所得稅法》第26條的規定，在中國境內因投資非上市公司而取得的分紅，免征企業所得稅。

　　If the shareholder is a resident enterprise, according to Article 26 of the Enterprise Income Tax Law, dividends obtained from investing in non listed companies within China are exempt from enterprise income tax.

　　股東為非居民企業的，根據《企業所得稅法實施條例》第91條的規定，取得來源于中國境內居民企業的分紅時，減按10%的稅率征收企業所得稅。若投資方所在國（或地區）與我國簽訂的相關稅收協定中適用低于10%稅率的，按協定低稅率計征。

　　If the shareholder is a non resident enterprise, according to Article 91 of the Implementation Regulations of the Enterprise Income Tax Law, when obtaining dividends from resident enterprises within China, the enterprise income tax shall be levied at a reduced rate of 10%. If the tax rate lower than 10% is applicable in the relevant tax treaties signed between the country (or region) where the investor is located and China, the tax shall be levied at the lower tax rate stipulated in the agreement.

　　（三）股東為個人獨資企業、合伙企業

　　（3） Shareholders are individual sole proprietorships or partnerships

　　股東為個人獨資企業的，對外投資分回的利息或者股息、紅利，不并入企業的收入，而應單獨作為投資者個人取得的利息、股息、紅利所得，按“利息、股息、紅利所得”應稅項目計算繳納個人所得稅，稅率為20%。

　　If the shareholder is a sole proprietorship enterprise, the interest, dividends, and bonuses distributed from external investments shall not be included in the income of the enterprise, but shall be separately treated as income from interest, dividends, and bonuses obtained by the individual investor. Personal income tax shall be calculated and paid according to the taxable item of "interest, dividend, and bonus income", with a tax rate of 20%.

　　股東為合伙企業的，合伙企業為透明納稅主體，本身無納稅義務，其穿透后的自然人合伙人，對外投資的分紅按照“利息、股息、紅利”所得，繳納個人所得稅；非自然人合伙人，投資收益不構成免稅收入，需要按照法人企業適用的所得稅稅率繳納企業所得稅。

　　If the shareholders are a partnership enterprise, the partnership enterprise is a transparent taxpayer and has no tax obligations. The natural person partners who penetrate it shall pay personal income tax on dividends from external investments according to the income of "interest, dividends, and bonuses"; Non natural person partners, whose investment income does not constitute tax-free income, are required to pay corporate income tax at the applicable income tax rate for legal entities.

　　五、違法分紅的法律后果

　　5、 Legal consequences of illegal dividends

　　新《公司法》第211條規定，公司違法向股東分配利潤的，股東應當將違反規定分配的利潤退還公司；給公司造成損失的，股東及負有責任的董事、監事、高級管理人員應當承擔賠償責任。

　　Article 211 of the new Company Law stipulates that if a company illegally distributes profits to shareholders, the shareholders shall return the profits distributed in violation of the regulations to the company; Shareholders and responsible directors, supervisors, and senior management personnel who cause losses to the company shall be liable for compensation.

　　六、長期不分紅的法律后果

　　6、 The legal consequences of long-term non dividend distribution

　　新《公司法》第89條規定，公司連續五年不向股東分配利潤，而公司該五年連續盈利，并且符合本法規定的分配利潤條件，對股東會該項決議投反對票的股東可以請求公司按照合理的價格收購其股權。

　　Article 89 of the new Company Law stipulates that a company shall not distribute profits to shareholders for five consecutive years. If the company has been profitable for five consecutive years and meets the profit distribution conditions stipulated in this Law, shareholders who vote against the resolution of the shareholders' meeting may request the company to purchase their equity at a reasonable price.

　　總結綜上所述，非上市公司的分紅攻略總結如下：

　　In summary, the dividend strategy of non listed companies is summarized as follows:

　　1.順序上，公司的稅后利潤在彌補虧損、提取公積金后才可進行分紅；

　　1. In terms of sequence, the company's after tax profits can only be distributed after making up for losses and withdrawing provident fund;

　　2.比例上，除非另有約定，有限公司按照股東實繳的出資比例分配利潤，股份公司按照股東所持有的股份比例分配利潤；

　　2. Proportionally, unless otherwise agreed, limited liability companies distribute profits based on the proportion of shareholders' actual contributions, while joint-stock companies distribute profits based on the proportion of shares held by shareholders;

　　3.時間上，董事會應當在股東會決議后6個月內進行分配；

　　3. In terms of timing, the board of directors shall distribute within 6 months after the resolution of the shareholders' meeting;

　　4.處理上，公司違法分紅的，股東應當退還，給公司造成損失的，股東及負有責任的董事、監事、高級管理人員應當承擔賠償責任；公司連續五年有利不分的，股東有權要求公司回購所持股權。

　　4. In terms of handling, if the company illegally distributes dividends, shareholders should return them. If losses are caused to the company, shareholders and responsible directors, supervisors, and senior management personnel should bear compensation responsibilities; Shareholders have the right to demand the company to repurchase their equity if the company has not been profitable for five consecutive years.

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