In the UK there is the not entirely dissimilar KTP.

Officially companies apply and are selected on the merit of application, in practice it's dramatically easier for companies already 'in the system' to re-apply.

The engineer (Mostly engineers, but also some scientists) is legally employed by the university, but typically spends all their time at the company. No tax shenanigans, the university's expenses are straight up paid by government.

They don't get a PhD, they just file reports and make presentations to the KTP org representative.

It's fairly common for them to enroll with the university during a KTP though, which sometimes can be paid for from the KTP training budget.

They also get a selection of training courses in business and management subjects, which curiously includes a large section on tax avoidance for small businesses.