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China Expects Reforms on Company Registration

2013-11-04

A series of reforms on company registration were announced at an executive meeting of the State Council led by Premier Li Keqiang on October 25, 2013.

 

1. The capital requirements for company registration will be cut. Except otherwise stipulated by the law and regulations, the minimum registered capital requirement of 30,000 yuan to start a limited liability company will be removed, as will the 100,000 yuan requirement for an individual company and the 5 million yuan requirement for an incorporated company. There will also be no more limitations on the proportion of start-up investment and duration of the paid-in capital, which will not no longer be registered in the business registry.

 

2. The annual inspection of companies will be replaced by a reporting system that can be viewed online to increase the transparency of business operations.

 

3. Domicile (premises) requirements for economic entities will be loosened based on the principal of easy and orderly registration. Specific regulations will be made by local governments. 

 

4. Company records, annual reports and qualifications will be released to the public through a system of entity credit and information. Electronic business licenses and electronic registry processing will be adopted and have the same legal effect as hard copies of business licenses. Economic entities who have violated the law or regulations will be listed in a blacklist, which will be open to the public.

 

5. Paid-in capital registration will be replaced by subscribed capital registration to reduce the cost of starting a company. Shareholders(initiators) may discretionally agree on the amounts, methods and terms of their capital contributions and shall be responsible for the authenticity and legitimacy of the capital contributions.

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