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Draft amendment to Company law

The fifth session of the Standing Committee of the 14th National People's Congress was held in Beijing recently.

In accordance with the opinions of the Standing Committee and the opinions of various parties, the following major amendments are proposed to the draft revision of Company Law submitted for consideration at this meeting:

#1

Improve the registered capital subscription registration system, stipulating that the amount of capital subscribed by the shareholders of a limited liability company shall be fully paid within five years from the date of establishment of the company.

#2

Improve the provisions on democratic management of the company.

#3

Further strengthen the protection of shareholders' rights.

#4

Further strengthen the regulation of controlling shareholders and actual controllers.

#5

Improve regulations on corporate bonds.

#6

Improve relevant provisions on legal liability.

The change of the first provision is to strengthen the limit on the contribution of shareholders and avoid the imbalance of the limited liability of the company, and it is not clear whether the provision is retroactive to the enterprise before the amendment of the company law.

However, we suggest that customers with investment plans to set up companies in China should take the time to register their enterprises in China before improving the registered capital subscription registration system.

If you need any more information, feel free to contact SOLUTIONS. We will be glad to assist you.

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