The newly passed Company Law will come into force on July 1, 2024. According to this law, the total amount of registered capital subscribed by all shareholders must be paid within five years from the date of the company's establishment.
新通过的《公司法》将于 2024 年 7 月 1 日生效。根据该法，所有股东认购的注册资本总额必须在公司成立之日起五年内缴清。
The newly revised "Company Law of the People's Republic of China" has been voted and approved by the Standing Committee of the 14th National People's Congress during its 7th session, and it was promulgated by the Order of the President of the People's Republic of China No. 15, to be implemented from July 1, 2024. The revised "Company Law" removes 16 articles from the 2018 version and introduces modifications and additions to 228 articles, including substantial modifications to 112 articles. The following are 10 key reforms that have garnered special attention：
全新修订的《中华人民共和国公司法》已由十四届全国人大常委会第七次会议12月29日表决通过，由中华人民共和国主席令第十五号予以公布，自2024年7月1日起施行。全国人大常委会审议通过了修订后的新《公司法》，删除了2018年《公司法》中16个条文，新增和修改了228个条文，其中实质性修改112个条文。以下是10项突出改革大家特别关注：
1.Improved system for legal representative.
2.Companies should establish employee democratic management organizations, such as the workers' congress.
3.Debt can be traced through horizontal and vertical shareholders' investments.
4.Registered capital must be fully paid within five years.
5.Enhanced audit rights for shareholders.
6.Improved regulations on company bonds.
7.Streamlined procedures for simplified company deregistration.
8.Company dishonesty is recorded in credit records.
9.Restricted regulations on executive compensation.
10.Enhanced provisions on legal liabilities.
一、完善了法定代表人制度
二、公司应成立职工代表大会等职工民主管理组织
三、债务可以根据股东投资横向和纵向穿透追溯
四、注册资本5年内须实缴
五、完善了股东的查账权
六、完善了公司债券相关规定
七、增加了简易注销公司程序
八、公司失信行为纳入诚信记录
九、对公司高管薪酬作出限制性规定等
十、完善法律责任相关规定
Today, we will focus on the most sensitive interpretation of the fourth revised provision of the Company Law regarding changes to the payment of registered capital.
今天我们围绕最为敏感的第四项新修订后的公司法关于注册资本缴纳改变的解读。
The revised Company Law explicitly states that all shareholders shall fully pay their subscribed capital within five years from the establishment of the company, according to the provisions of the company's articles of association. The subscribed system has been changed to a deadline-based payment system, which applies not only to newly established companies but also to existing companies.
新修订后的公司法明确，全体股东认缴的出资额由股东按照公司章程的规定自公司成立之日起5年内缴足。认缴制改为限期实缴制，适用范围不仅包括新成立的公司，也包括存量公司。
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1.For companies established before July 1, 2024, when should the registered capital be paid in full?
1.2024年7月1日前成立的公司，什么时候应该付清注册资本？
In principle, the registered capital should be paid within 5 years from the date of issuance of the business license. However, the new Company Law also states that, except for specific provisions in the company's articles of association, existing companies may follow a "N+5" model to complete the payment of registered capital. The value of N is most likely calculated on an annual basis. According to the latest news from Beijing, there may be a transitional period based on 3 years, but specific details need to wait for the release of new national and local policies.
Therefore, existing companies do not need to worry for now. It is advisable to wait for the issuance of detailed policies before planning the payment of registered capital.
原则上是营业执照发证登记日起算的5年内应该缴纳清注册资本。但是新公司法也说明了除企业自己章程另有规定外，存量公司会存在N+5年的模式来完成注册资本金。N极大可能是按年计算时间。最新北京消息，北京可能拟定3年为基础的过渡期，具体还需等新总政策和地方政策发布。
所以我们存量公司的企业暂时不必焦虑，可以稍等政策细则出台再规划注册资本缴纳事宜。
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2.What can be done if the registered capital cannot be paid on time or if one does not have enough capital to continue paying?
2.如果没能按时或没这么多自己继续缴纳注册资本，怎么办？
① Capital reduction
Firstly, within 45 days, publicly announce the intention to reduce the company's capital to the creditors. If there are no issues regarding debt, the capital reduction process can be carried out at the industrial and commercial department after the announcement period expires. As for the extent of capital reduction, it is recommended to calculate based on the necessary expenses for the operation of the company. Remember that investors often pay for company expenses out of their own pockets, so it is advisable to obtain reasonable invoices and make significant payments from the company's account. These can serve as legitimate sources for registered capital. For small businesses, this is merely a transfer of funds between accounts, but it becomes legally justified and solves part of the registered capital issue.
①减资
首先45天登报向债权人公告企业的减资打算，如没有债务问题处理，可以公告期满后到工商部门办理减资流程。
到底该减资到什么程度，建议根据自身企业运作所需费用核算。牢记平时投资人常常自己掏腰包支付的公司的费用，该合理获取发票，金额大的从公司账户支付。这些都是合理注册资本需要的来源。对小企业来说这只是从左腰包到右腰包的事情，但是他就合法合理了，也解决了注册资本的部分问题。
② Cancellation
If the actual operation of the business is poor, even if the registered capital has not been fully paid, it is possible to apply for company cancellation within the specified time for payment. Similarly, a 45-day public announcement is required, followed by an application for cancellation to various departments such as tax, industry, and commerce, and banking.
②注销
如果企业运营实际不佳，即使没有支付完注册资本，也可以在规定缴纳清的时间内申请企业注销。同样需要45天的登报公告，后在税务，工商，银行等部门进行申请注销。
③ Change in contribution method
Registered capital can be in forms other than monetary, such as physical assets, land use rights, trademarks, intellectual property, patents, etc. For non-monetary contributions, they should be evaluated and priced accordingly, with the verification of the property. Overvaluation or undervaluation of non-monetary contributions should be avoided.
③变更出资方式
注册资本不只货币的形式，也可以是实物，土地实用权，商标，知识产权，专利等。对作为出资的非货币财产应当评估作价，核实财产，不得高估或者低估作价。
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Author 作者 | Lily