商业保理投资基金设立：Private equity fund manager registration、发行通道选择与产品结构设计（深圳商业保理）

《私募投资基金监督管理暂行办法》（以下简称《办法》）的制定和执行，为私募基金的设立和运营提供了明确依据，起到规范行业经营行为、Promoting the development of the private equity industry。at the same time，商业保理投资基金随之获得较快发展，Opening up a new path for refinancing commercial factoring companies。以下简要介绍设立商业保理投资基金的主要步骤。

one、设立私募基金管理人

发行商业保理投资基金，首先需要有一个私募基金管理人。According to the provisions of the Securities Investment Fund Law，The fund manager shall be a company or partnership established in accordance with the law.。

按照证监会和基金业协会的解释，The same standards apply to private equity fund managers，That is, the private equity fund manager shall be a company or partnership established in accordance with the law.，Natural persons cannot register as private equity fund managers。therefore，首先要设立一个公司或合伙企业作为私募基金管理人。设立投资企业过程中，有两方面需要考虑：

1. Business registration location selection；
2. Enterprise registered capital and paid-in capital selection。

Business registration location selection

企业注册地选择十分讲究。Regulation of establishment of enterprises in various places、tax policy、Preferential policies for private equity funds、对私募基金的了解程度都有所不同。例如深圳前海规定：Equity investment fund management company，Established in the form of a joint stock company，The registered capital should be no less than RMB 10 million；Established in the form of a limited liability company，In fact, the paid-in capital should be no less than RMB 5 million.。

而上海浦东则相应规定为500万元和100万元。In terms of corporate income tax，《关于支持深圳前海深港现代服务业合作区开发开放有关政策的批复》（国函〔2012〕58号）文件中提出，在制定产业准入目录及优惠目录的基础上，Qualified enterprises in Qianhai will be levied corporate income tax at a reduced rate of 15%.，这点天津滨海和上海浦东并不具备。

also，诸多专项资金支持与奖励在各个地方也有所不同，Enterprises need to carefully choose。

Enterprise registered capital and paid-in capital selection

企业注册资本金与实收资本金的选择同样需要考虑，仅满足各地注册资本标准还不够。私募基金管理人作为发起人设立一项私募基金，investor、Brokers and channel providers pay more attention to the size and qualifications of managers。

The manager has a large scale、Good historical performance，Easier to attract investors，The cost of capital obtained is also lower。but，有些注册资本金的硬性要求也来源于通道商的行业规定。例如通过信托渠道发行私募，According to the provisions of the "Operation Guidelines for Securities Investment Trust Business of Trust Companies"：“第三方为信托产品担任投资顾问需要满足实收资本金不低于人民币1000万元。”

two、Private equity fund manager registration

2014年2月7日开始实施的《私募投资基金管理人登记和基金备案办法（试行）》明确规定，私募基金管理人需要到基金业协会登记并申请成为协会会员。For investors，登记不构成基金业协会对私募基金管理人投资管理能力、Recognition of ongoing compliance，Not a guarantee of financial security，仅起到公示信息的作用。

For private equity fund managers，不登记并申请成为会员则无法设立私募基金。According to the provisions of this trial method，Generally, the materials to be submitted include：Fund manager basic information、Basic information of senior managers、股东或合伙人基本信息等。

three、决定发行通道

After registration with the fund manager,，就可以开始着手设立商业保理投资基金。发行商业保理投资基金需要四大步骤，respectively to determine the issuance channel、Design product structure、Select sales channels and product registration。

The first is to decide the distribution channel。目前国内发行私募基金主要有以下几类通道：trust、Contractual and limited partnerships。商业保理投资基金使用这三种通道是否可行？

Trust private equity fund

信托型私募基金即阳光私募，是在契约型私募基金不被认可前，A practice of using trusts to achieve compliance。Contractual private equity funds are currently recognized，However, Sunshine Private Equity is still one of the main channels for private equity funds.，原因在于信托型私募对于基金管理人（投顾）要求甚高，Be truly transparent、Standardize，Investors and banks' priority funds favor it，As a result, Sunshine Private Equity’s fundraising process was very smooth.。

商业保理投资基金能否借道信托募集资金？根据《信托公司管理办法》第十九条：“When a trust company manages, uses or disposes of trust property，In accordance with the provisions of the trust document，take investment、sell、Deposit peers、buy resale、lease、Loans, etc.。"Invest in commercial factoring or invest in accounts receivable，符合该条款的规定。

Contractual private equity funds

2014After the promulgation of the "Interim Measures for the Supervision and Administration of Private Equity Investment Funds"，私募基金发行的可选通道在原有通道基础上新增了契约型私募备案登记自主发行这一选项。契约型私募无规模起点要求，The cumulative number of investors shall not exceed 200。

Fewer restrictions on investment direction，Both stock index futures and commodity futures can be operated，投资方向主要依靠投资者与管理人双方订立的契约，Commercial factoring investment funds are naturally included。However, it is currently difficult for this type of fund to access priority funds from banks.，The recruitment process is difficult。If the commercial factoring investment fund chooses the contract type，Not recommended to sell on your own。Authorized seller、银行或者第三方平台销售，可以减少募集困难的程度。

limited partnership private equity fund

A limited partnership fund refers to a fund that exists in the form of a limited partnership。它无规模起点要求，No more than 50 partners，合伙企业仅需向税务局申报投资人的个人所得税，并不用缴纳企业所得税。

The main advantage of limited partnership private equity funds is that there are almost no restrictions on capital investment。A limited partnership is a form of business，合伙企业不仅可以投资于证券市场，也可以投资任何合法领域。certainly，实际操作中有限合伙基金的合伙协议中一般会根据实际情况对本基金的投向做出一定限制。

有限合伙型基金的一个缺点是，理论上每一次有任何投资者（合伙人）的加入和退出，都需要到工商局、The tax bureau handles changes in partners，These changes often require all partners to be present or provide the certificates of all partners.，The process is very troublesome。

And with the release of the government document No. 62 "Notice on Cleaning up and Standardizing Tax and Other Preferential Policies"，Preferential policies for limited partnerships in various places are unclear，这也是有限合伙的劣势之一。

Four、Design product structure

The structure of a product can largely influence its appeal to customers。产品结构可以分为结构化和管理型（非结构化）。

in structured products，Shares of products divided into different types，Each type has different rights and obligations，Generally divided into priority and inferior levels。The inferior share guarantees fixed income for the priority share，bear risk of loss；Preferential shares receive priority in profit distribution and principal protection。Corresponding，优先份额收益较小。Generally, priority funds from banks can be connected during the fundraising process.。Venture investors prefer inferior shares，Riskier，收益相应增加。

而管理型产品亦称为非结构化产品，The rights and obligations of all shares in the product are the same。Fund managers prefer managed products，This type of product does not have the pressure of guaranteeing principal and interest and controlling risks.，基金管理人操作空间较大，But the corresponding fundraising process is much more difficult。