The new Company Law effective from March 1, 2014: Key points explained!
Release Time:
2014-02-11 10:55
Source:
cpsscsjj
On December 28, 2013, the sixth meeting of the Standing Committee of the 12th National People's Congress reviewed and passed the draft amendment to the Company Law, revising 12 articles of the current Company Law. The Standing Committee of the National People's Congress stated that the amendments to the Company Law shall come into effect on March 1, 2014.
In addition, the order of the articles was adjusted accordingly.
This amendment to the Company Law mainly involves three aspects:
First, the registration system for paid-in registered capital was changed to a subscription registration system.
That is, except where laws, administrative regulations, and decisions of the State Council provide otherwise for the paid-in registered capital of companies, the provisions requiring shareholders (founders) to pay their contributions in full within two years from the establishment of the company, and investment companies within five years, were abolished; the provision requiring shareholders of a one-person limited liability company to pay their contributions in full at once was also abolished. Instead, shareholders (founders) of the company may autonomously agree on the subscribed capital amount, payment method, payment period, etc., which shall be recorded in the company's articles of association.
Second, the conditions for registration of registered capital were relaxed.
Except where there are separate provisions on the minimum registered capital of companies, the restrictions that the minimum registered capital of limited liability companies, one-person limited liability companies, and joint-stock companies must be 30,000 yuan, 100,000 yuan, and 5 million yuan respectively were removed; the initial capital contribution ratio and the proportion of monetary contributions by shareholders (founders) at the time of company establishment are no longer restricted.
Third, the registration items and registration documents were simplified.
The subscribed capital amount of shareholders of limited liability companies and the company's paid-in capital are no longer registration items. When registering a company, it is no longer necessary to submit a capital verification report.
It is understood that this amendment provides a legal basis and guarantee for promoting the reform of the registered capital registration system. Next, the State Administration for Industry and Commerce will study and propose amendments to administrative regulations such as the Company Registration Management Regulations, actively build a market entity credit information disclosure system, and improve document format standards and the information system for registration management.
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