COMPANIES ACT 2016 - subsidiary and holding company 《2016 年公司法》附属公司与控股公司
COMPANIES ACT 2016
Definition of “subsidiary and holding company”
4. (1) Subject to subsection (3), a corporation shall be deemed to be a subsidiary of another corporation, but only if—
(a) the other corporation—
(i) controls the composition of the board of directors of the corporation;
(ii) controls more than half of the voting power of the corporation; or
(iii) holds more than half of the total number of issued shares of the corporation, excluding any part of the share capital which consists of preference shares; or
(b) the corporation is a subsidiary of any corporation which is that other corporation’s subsidiary.
Definition of “Subsidiary and Holding Company” — Section 4(1)
Under section 4(1) of the Companies Act 2016, and subject to subsection (3), a corporation is deemed to be a subsidiary of another corporation where any one of the prescribed relationships of control, ownership, or indirect corporate control exists.
The corporation exercising such control or ownership is generally regarded as the holding company, while the corporation being controlled is regarded as its subsidiary.
Section 4(1) establishes several circumstances in which a subsidiary relationship arises.
(a)(i) Control of the Composition of the Board of Directors
A corporation is deemed to be a subsidiary where another corporation controls the composition of its board of directors.
This test focuses on control over the board, rather than merely the percentage of shares held. Where the other corporation has the legal ability to determine who constitutes the board in accordance with the provisions of the Act, a holding-subsidiary relationship may arise even though the other corporation does not directly own more than half of the subsidiary's shares.
The detailed circumstances in which the composition of a board is regarded as being controlled should be considered together with the relevant provisions of section 4, including the subsequent subsections.
(a)(ii) Control of More Than Half of the Voting Power
A corporation is also deemed to be a subsidiary where another corporation controls more than half of its voting power.
This test is concerned with the ability to exercise or control a majority of the voting power in the corporation. Voting control is significant because it ordinarily enables the controlling corporation to determine the outcome of matters requiring shareholders' approval and to exercise substantial influence over the governance of the corporation.
The test therefore focuses on voting power, which may not necessarily be identical to the percentage of issued shares held.
(a)(iii) Holding More Than Half of the Issued Shares
A subsidiary relationship also arises where another corporation holds more than half of the total number of issued shares of the corporation.
For this purpose, any part of the share capital consisting of preference shares is excluded from the calculation.
Accordingly, this test focuses on majority share ownership of the relevant issued shares rather than voting control or board control. If Corporation A holds more than 50% of the relevant issued shares of Corporation B, Corporation B may be deemed to be a subsidiary of Corporation A, subject to the other provisions of section 4.
(b) Indirect or Chain Subsidiary Relationship
Section 4(1) also recognises an indirect subsidiary relationship.
A corporation is deemed to be a subsidiary of another corporation where it is a subsidiary of a corporation that is itself a subsidiary of that other corporation.
For example:
Corporation A → Corporation B → Corporation C
If Corporation B is a subsidiary of Corporation A, and Corporation C is a subsidiary of Corporation B, then Corporation C is also deemed to be a subsidiary of Corporation A.
This principle allows the Companies Act to recognise corporate groups with multiple layers of ownership and control. A corporation therefore does not need to hold shares directly in another corporation for a subsidiary relationship to arise.
Three Principal Tests
In practical terms, section 4(1) establishes three principal forms of direct control:
Importantly, these tests are alternatives. It is therefore not necessary for all three direct-control tests to be satisfied. A subsidiary relationship may arise where any one of the statutory tests is satisfied, subject to subsection (3) and the other applicable provisions of section 4.
Practical Significance
Determining whether a corporation is a subsidiary or holding company is important because the relationship can affect numerous corporate and compliance matters, including:
Definition of “subsidiary and holding company”
4. (1) Subject to subsection (3), a corporation shall be deemed to be a subsidiary of another corporation, but only if—
(a) the other corporation—
(i) controls the composition of the board of directors of the corporation;
(ii) controls more than half of the voting power of the corporation; or
(iii) holds more than half of the total number of issued shares of the corporation, excluding any part of the share capital which consists of preference shares; or
(b) the corporation is a subsidiary of any corporation which is that other corporation’s subsidiary.
Definition of “Subsidiary and Holding Company” — Section 4(1)
Under section 4(1) of the Companies Act 2016, and subject to subsection (3), a corporation is deemed to be a subsidiary of another corporation where any one of the prescribed relationships of control, ownership, or indirect corporate control exists.
The corporation exercising such control or ownership is generally regarded as the holding company, while the corporation being controlled is regarded as its subsidiary.
Section 4(1) establishes several circumstances in which a subsidiary relationship arises.
(a)(i) Control of the Composition of the Board of Directors
A corporation is deemed to be a subsidiary where another corporation controls the composition of its board of directors.
This test focuses on control over the board, rather than merely the percentage of shares held. Where the other corporation has the legal ability to determine who constitutes the board in accordance with the provisions of the Act, a holding-subsidiary relationship may arise even though the other corporation does not directly own more than half of the subsidiary's shares.
The detailed circumstances in which the composition of a board is regarded as being controlled should be considered together with the relevant provisions of section 4, including the subsequent subsections.
(a)(ii) Control of More Than Half of the Voting Power
A corporation is also deemed to be a subsidiary where another corporation controls more than half of its voting power.
This test is concerned with the ability to exercise or control a majority of the voting power in the corporation. Voting control is significant because it ordinarily enables the controlling corporation to determine the outcome of matters requiring shareholders' approval and to exercise substantial influence over the governance of the corporation.
The test therefore focuses on voting power, which may not necessarily be identical to the percentage of issued shares held.
(a)(iii) Holding More Than Half of the Issued Shares
A subsidiary relationship also arises where another corporation holds more than half of the total number of issued shares of the corporation.
For this purpose, any part of the share capital consisting of preference shares is excluded from the calculation.
Accordingly, this test focuses on majority share ownership of the relevant issued shares rather than voting control or board control. If Corporation A holds more than 50% of the relevant issued shares of Corporation B, Corporation B may be deemed to be a subsidiary of Corporation A, subject to the other provisions of section 4.
(b) Indirect or Chain Subsidiary Relationship
Section 4(1) also recognises an indirect subsidiary relationship.
A corporation is deemed to be a subsidiary of another corporation where it is a subsidiary of a corporation that is itself a subsidiary of that other corporation.
For example:
Corporation A → Corporation B → Corporation C
If Corporation B is a subsidiary of Corporation A, and Corporation C is a subsidiary of Corporation B, then Corporation C is also deemed to be a subsidiary of Corporation A.
This principle allows the Companies Act to recognise corporate groups with multiple layers of ownership and control. A corporation therefore does not need to hold shares directly in another corporation for a subsidiary relationship to arise.
In practical terms, section 4(1) establishes three principal forms of direct control:
- Board Control — control over the composition of the board of directors;
- Voting Control — control of more than half of the voting power; and
- Shareholding Control — ownership of more than half of the relevant issued shares.
Importantly, these tests are alternatives. It is therefore not necessary for all three direct-control tests to be satisfied. A subsidiary relationship may arise where any one of the statutory tests is satisfied, subject to subsection (3) and the other applicable provisions of section 4.
Determining whether a corporation is a subsidiary or holding company is important because the relationship can affect numerous corporate and compliance matters, including:
- identification of a company's corporate group structure;
- preparation and presentation of financial statements;
- consolidation and group reporting requirements;
- transactions between related corporations;
- corporate governance and disclosure obligations;
- directors' interests and related-party considerations;
- ownership and control assessments;
- corporate restructuring and acquisitions; and
- the application of provisions of the Companies Act that refer specifically to holding companies, subsidiaries, or related corporations.
《2016 年公司法》
“附属公司与控股公司（Subsidiary and Holding Company）”的定义
第4(1)条
在符合第(3)款规定的前提下，一法人团体（Corporation）应被视为另一法人团体的附属公司（Subsidiary），但仅限于以下情况：
(a) 另一法人团体：
(i) 控制该法人团体董事会的组成（Composition of the Board of Directors）；
(ii) 控制该法人团体超过一半的投票权（More Than Half of the Voting Power）；或
(iii) 持有该法人团体超过一半的已发行股份总数（More Than Half of the Total Number of Issued Shares），但在计算时，不包括股本中属于**优先股（Preference Shares）**的任何部分；或
(b)
该法人团体是另一法人团体之附属公司的任何法人团体的附属公司。
换言之，法令亦承认透过多层公司架构形成的间接附属公司关系（Indirect Subsidiary Relationship）。
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第4(1)条下“附属公司与控股公司”的涵义
根据《2016年公司法令》第4(1)条，并在符合第(3)款规定的前提下，只要两个法人团体之间存在法定的控制关系、拥有权关系或间接企业控制关系中的任何一种，其中一个法人团体即可被视为另一个法人团体的附属公司。
一般而言，行使有关控制权或拥有权的法人团体被视为控股公司（Holding Company），而受到控制的法人团体则被视为其附属公司（Subsidiary）。
第4(1)条规定了以下几种可构成附属公司关系的情况。
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(a)(i) 控制董事会的组成
若另一法人团体控制某法人团体董事会的组成，该法人团体即可被视为另一法人团体的附属公司。
此项测试着重于董事会控制权（Board Control），而不仅仅是另一法人团体所持有的股份比例。
因此，如果另一法人团体根据法令拥有法定权力决定哪些人士组成该公司的董事会，则即使该法人团体并未直接持有超过一半的股份，仍可能形成控股公司与附属公司之间的关系。
至于在何种具体情况下，另一法人团体会被视为“控制董事会的组成”，应结合第4条的其他相关条文及其后各款一并理解和判断。
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(a)(ii) 控制超过一半的投票权
若另一法人团体控制某法人团体超过一半的投票权，该法人团体亦被视为另一法人团体的附属公司。
此项测试主要考虑另一法人团体是否有能力行使或控制该法人团体超过50%的投票权。
投票控制权具有重要意义，因为拥有多数投票权通常能够使控制方：
• 决定须经股东批准事项的表决结果；
• 对公司的重大决策产生决定性影响；
• 对企业管治产生重大影响；以及
• 在适用情况下影响董事的委任及其他公司事务。
因此，此项测试关注的是投票权（Voting Power），而投票权比例并不一定与所持已发行股份的比例完全相同。
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(a)(iii) 持有超过一半的已发行股份
若另一法人团体持有某法人团体超过一半的已发行股份总数，亦可构成附属公司关系。
然而，在进行该项计算时，属于**优先股（Preference Shares）**的股本部分应予排除。
因此，此项测试着重于相关已发行股份的多数持股（Majority Shareholding），而并非董事会控制权或投票控制权。
例如：
若 **A法人团体（Corporation A）**持有 B法人团体（Corporation B）超过50%的相关已发行股份，则在符合第4条其他规定的情况下，B法人团体可被视为A法人团体的附属公司。
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(b) 间接或连锁附属公司关系
第4(1)条同时承认间接附属公司关系（Indirect Subsidiary Relationship）。
如果某法人团体是另一法人团体的附属公司，而该另一法人团体本身又是第三个法人团体的附属公司，则最下层的法人团体亦可被视为最上层法人团体的附属公司。
例如：
A法人团体 → B法人团体 → C法人团体
如果：
• B法人团体是A法人团体的附属公司；以及
• C法人团体是B法人团体的附属公司，
那么：
C法人团体亦被视为A法人团体的附属公司。
此项原则使《2016年公司法令》能够涵盖具有多层拥有权及控制结构的企业集团（Corporate Group）。
因此，一个法人团体并不一定需要直接持有另一法人团体的股份，才会产生附属公司关系。只要透过附属公司链形成法定的间接控制关系，同样可构成附属公司关系。
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三项主要测试
从实务角度而言，第4(1)条确立了三种主要的**直接控制（Direct Control）**测试：
1. 董事会控制（Board Control）
控制董事会的组成。
2. 投票权控制（Voting Control）
控制超过一半的投票权。
3. 持股控制（Shareholding Control）
持有超过一半的相关已发行股份，但计算时须排除属于优先股的相关股本部分。
除此之外，第4(1)条亦承认：
4. 间接控制（Indirect Control）
透过一连串附属公司形成的间接附属关系。
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各项测试属于替代性条件
上述三项直接控制测试属于替代性条件（Alternative Tests）。
换言之，并不需要同时符合：
• 董事会控制；
• 投票权控制；以及
• 多数持股控制，
才能构成附属公司关系。
只要符合其中任何一项法定测试，即可能构成控股公司与附属公司关系，但仍须符合第4(3)款及第4条其他适用规定。
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实务上的重要性
确定某法人团体是否属于另一法人团体的**附属公司（Subsidiary）或控股公司（Holding Company）**十分重要，因为有关关系可能影响多项公司法律、财务及合规事项，包括：
• 确定公司的企业集团架构（Corporate Group Structure）；
• 财务报表的编制及呈报；
• 集团合并财务报表及集团报告要求；
• 关联法人团体之间的交易；
• 企业管治及信息披露义务；
• 董事利益及关联方交易事项；
• 公司拥有权及控制权的判断；
• 企业重组及收购；以及
• 《2016年公司法令》中明确适用于控股公司、附属公司或关联法人团体（Related Corporations）的其他规定。
因此，在判断是否存在控股公司与附属公司关系时，应根据有关法人团体之间的实际法律权利、投票安排、持股情况及整体企业架构作出判断，而不能仅依据有关各方如何描述或称呼彼此之间的关系。
07 Aug 2026
