天下熙熙皆为利来，天下攘攘皆为利往。在商事活动中，创始人开设公司、投资人投资公司最基本的动机便是追求利润、获取经济回报。当公司在管理层的带领下通过生产经营产生收入后，股东就可以马上分红了吗？公司进行分红有什么前提条件、需要考虑什么因素、实施什么程序？新《公司法》实施后，分红规则又有了哪些新变化？针对上述问题，我们总结了如下非上市公司的分红攻略，供利益相关人士参考。

　　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、分红的前提条件（一）税后有利润公司通过向客户销售产品或提供服务产生实际收入后，并不意味着马上可以分红，还必须具备盈利能力。简言之，公司的收入只有在扣除所有成本、费用和税款后，仍有剩余的，才具备向股东分红的基本前提。

　　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：（特别提示：示例仅为便于理解目的而编制，不代表专业财务核算，下同。）情形1：甲公司当年销售自行研发的产品取得收入500万，扣除原材料采购成本200万、直接人工成本60万、销售和管理费用100万、缴纳企业所得税35万，仍有剩余105万，此时公司具备分红的基本前提。

　　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：甲公司当年销售自行研发的产品取得收入500万，因原材料价格上涨，扣除原材料采购成本400万、直接人工成本60万、销售和管理费用100万后，无剩余且亏损60万，此时公司无法分红。

　　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）账面无累计未弥补亏损现行《公司法》及新《公司法》均规定，公司在实施分红前不得存在累计未弥补亏损。相较于现行《公司法》，新《公司法》进一步扩展了公司可用于弥补亏损的形式，新增资本公积、实收资本（即允许减资）可用于弥补亏损，有助于缩短初创公司股东取得分红的等待期，相关修订总结如下：

　　（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年设立时的注册资本为200万元，股东K、J为创始股东，分别持股70%及30%，原始出资分别为140万元及60万元。股东Q作为外部投资人，看好甲公司的发展，于2020年按照公司投前估值2,000万元对公司增资500万元，认购单价为10元/出资额，其中50万元计入公司注册资本，剩余450万元计入公司资本公积金。本次增资完成后，公司的注册资本增至250万元。假设甲公司自2018年设立以来因研发产品一直亏损，累计账面未弥补亏损为800万元。自2020年产品上市起，公司产生收入，当年即扭亏为盈并连年盈利，其中2020年税后利润300万元，2021年税后利润400万元，2022年税后利润500万元。

　　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.

　　根据现行《公司法》的规定，因资本公积金不能弥补亏损，公司在2020-2022年每年必须先用税后利润弥补亏损，在账面累计亏损打平前，股东始终无法获得分红。根据新《公司法》的规定，公司可依次用2020年税后利润300万、因融资取得的450万资本公积金、2021年税后利润中的50万弥补亏损，至此，公司最早可使用2021年的税后利润对股东进行分红。

　　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）已依法提取公积金

　　（3） The provident fund has been lawfully withdrawn

　　1.法定公积金：应当提

　　1. Statutory provident fund: should be provided

　　公司在弥补完亏损后仍有剩余利润的，应当提取利润的百分之十列入公司法定公积金。公司法定公积金累计额为公司注册资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.任意公积金：自愿提

　　2. Arbitrary provident fund: voluntary withdrawal

　　公司从税后利润中提取法定公积金后，经股东会决议，还可以从税后利润中提取任意公积金。

　　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.特别提示：减资补亏后的分红限制

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

　　需特别提示注意的是，新《公司法》规定，公司通过减少注册资本弥补亏损的，在法定公积金和任意公积金累计额达到公司注册资本百分之五十前，不得进行分配利润。?综上，公司按照上述规则弥补亏损和提取公积金后仍有剩余税后利润的，可以对股东进行分配。

　　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、分红的分配比例

　　2、 Distribution ratio of dividends

　　（一）基本原则：按出资比例分配

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

　　有限公司按照股东实缴的出资比例分配利润，股份公司按照股东所持有的股份比例分配利润。公司持有的本公司股份不得分配利润。

　　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）允许例外：可以另行约定其他分配比例

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

　　有限公司全体股东可约定不按实缴出资比例进行分红，实现特定股东在顺序上优先或劣后，在数量上多分、少分、甚至不分的可能性。由于有限公司人合属性更强，因此例外分红的规则要求应当经全体股东一致同意。股份公司可通过公司章程另行规定分红规则，比如，新《公司法》实施后，股份公司可发行优先或者劣后分配利润的类别股。由于股份公司的资合属性更强，因此《公司法》仅要求例外分红规则在公司章程事先明确即可，每次分红前无需全体股东一致同意。

　　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、分红需履行的程序

　　3、 Procedures to be followed for dividend distribution

　　（一）股东会审批

　　（1） Approval by the shareholders' meeting

　　现行《公司法》及新《公司法》均规定，公司的利润分配方案和弥补亏损方案应当由董事会制订，由股东会审议批准。因此，公司在实施分红前，应就分配方案履行股东会的审批程序。除非公司章程另有规定，该事项须经有限公司代表过半数表决权的股东通过，须经股份公司出席会议的股东所持表决权过半数通过。

　　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）董事会执行

　　（2） Board Execution

　　相较于现行《公司法》司法解释五第4条的规定，新《公司法》将执行分红的法定最长期限由1年缩短为6个月，并明确应由董事会执行股东会的分配方案。

　　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、分红所得如何缴纳所得税

　　4、 How to pay income tax on dividend income

　　（一）股东为自然人

　　（1） Shareholders are natural persons

　　股东为自然人的，根据《个人所得税法》第3条的规定，应就在中国境内因投资非上市公司而取得的分红，按照20%缴纳个人所得税。但是，当股东为外籍的，根据《财政部、国家税务总局关于个人所得税若干政策问题的通知》第二条第（八）款的规定，其从外商投资企业取得的分红暂免征收个人所得税。

　　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）股东为公司

　　（2） Shareholders are the company

　　股东为居民企业的，根据《企业所得税法》第26条的规定，在中国境内因投资非上市公司而取得的分红，免征企业所得税。

　　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.

　　股东为非居民企业的，根据《企业所得税法实施条例》第91条的规定，取得来源于中国境内居民企业的分红时，减按10%的税率征收企业所得税。若投资方所在国（或地区）与我国签订的相关税收协定中适用低于10%税率的，按协定低税率计征。

　　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）股东为个人独资企业、合伙企业

　　（3） Shareholders are individual sole proprietorships or partnerships

　　股东为个人独资企业的，对外投资分回的利息或者股息、红利，不并入企业的收入，而应单独作为投资者个人取得的利息、股息、红利所得，按“利息、股息、红利所得”应税项目计算缴纳个人所得税，税率为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%.

　　股东为合伙企业的，合伙企业为透明纳税主体，本身无纳税义务，其穿透后的自然人合伙人，对外投资的分红按照“利息、股息、红利”所得，缴纳个人所得税；非自然人合伙人，投资收益不构成免税收入，需要按照法人企业适用的所得税税率缴纳企业所得税。

　　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、违法分红的法律后果

　　5、 Legal consequences of illegal dividends

　　新《公司法》第211条规定，公司违法向股东分配利润的，股东应当将违反规定分配的利润退还公司；给公司造成损失的，股东及负有责任的董事、监事、高级管理人员应当承担赔偿责任。

　　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、长期不分红的法律后果

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

　　新《公司法》第89条规定，公司连续五年不向股东分配利润，而公司该五年连续盈利，并且符合本法规定的分配利润条件，对股东会该项决议投反对票的股东可以请求公司按照合理的价格收购其股权。

　　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.

　　总结综上所述，非上市公司的分红攻略总结如下：

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

　　1.顺序上，公司的税后利润在弥补亏损、提取公积金后才可进行分红；

　　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，除非另有约定，有限公司按照股东实缴的出资比例分配利润，股份公司按照股东所持有的股份比例分配利润；

　　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.时间上，董事会应当在股东会决议后6个月内进行分配；

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

　　4.处理上，公司违法分红的，股东应当退还，给公司造成损失的，股东及负有责任的董事、监事、高级管理人员应当承担赔偿责任；公司连续五年有利不分的，股东有权要求公司回购所持股权。

　　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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