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There will be more important company information available for on-line company search

23 April 2014
PRC State Council Office for Legislation Affairs published on April 17, 2014 the draft Regulations on Enterprise Information Disclosure for the purpose of seeking public comments. If this draft regulations is finalized and implemented, there will be more important company information available for on-line company search (which is easy and free of charge) at the official website of PRC National Enterprises Credit Information Publication System (the "Publication System"): http://gsxt.saic.gov.cn/.
According to the draft regulations, a company is not only required annually to submit its annual report and publish the information contained therein through the Publication System within 6 months after the end of the year, but also required to publish through Publication System the information relating to the following events within 20 working days after occurrence of the events:
(1) any amount of registered capital being subscribed and being actually contributed;
(2) any administrative permit being obtained or altered;
(3) any pledge over intellectual property being registered;
(4) any administrative penalty being imposed; and
(5) other information to be published according to law.
In addition, according to the draft regulations, the administrative bureau for industry and commerce is required to publish through the Publication System the information of a company relating to the following events immediately (if it is unable to publish immediately, it shall publish within 20 working days after occurrence of the events):
(1) any registration or filing being conducted by that company;
(2) any mortgage over movable assets of that company being registered;
(3) any pledge over shares of that company being registered;
(4) any administrative penalty being imposed on that company; and
(5) other information in relation to that company to be published according to law.

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Disclaimer
Any legal information contained in this newsletter is general in nature and laws and regulations are changing from time to time and compliance will always depend upon the particular circumstances. We have not attempted to give exhaustive descriptions of law or to give a legal opinion on specific legal issues. You should not rely on this newsletter as a legal advice for any particular purpose.

 

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