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Establishment of a company will become much easier according to
newly amended PRC Company Law

30 December 2013 

On 28 December 2013, the Standing Committee of the PRC National People's Congress approved amendments to the PRC Company Law, which will be implemented as from 1 March 2014. In respect of a limited liability company, the amendments are mainly on the following two aspects:
1. Except as otherwise provided by laws, regulations or State Council decisions, to set up a normal limited liability company or to increase its registered capital, it will be sufficient if the company’s registered capital or increased registered capital is subscribed by its shareholders according to the company’s articles of association, while the actual contribution to the registered capital or to the increased registered capital will no longer be required; accordingly, company registration authority will no longer require the shareholders to submit the capital contribution verification report, and the paid up registered capital will no longer be specified in the business license of the company.
2. A normal limited liability company will no longer be required to have a minimum registered capital (except as otherwise specially required by laws, regulations or State Council decisions); in addition, the previous stipulations contained in the PRC Company Law requiring that at least 30% of the registered capital of a limited liability company must be contributed in cash are also deleted.

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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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