PRC Company Law Amendment - Capital Contribution Period of 5 Years

第二十六条第一款　有限责任公司的注册资本为在公司登记机关登记的全体股东认缴的出资额。

第四十七条第一款　有限责任公司的注册资本为在公司登记机关登记的全体股东认缴的出资额。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五年内缴足。

Paragraph 1 of Article 47  The registered capital of a limited liability company shall be the amount of capital subscribed by all shareholders registered with company registration authority. The shareholders shall, within 5 years from the company’s incorporation date, contribute the registered capital subscribed in accordance with the provisions in Articles of Association (“AOA”).

根据《公司法（2018年修订）》，有限责任公司的注册资本可以在公司经营期限内缴足，即 10 年、20 年、30 年、50 年或长期认缴等。

根据 《公司法（2023年修订）》，有限责任公司的注册资本必须在公司成立之日起 5年内缴足。对有限责任公司最长认缴期限的强制规定，可以激励股东在确定出资义务时合理制定商业计划、评估投资风险。

Under PRC Company Law of 2018, the registered capital of a limited liability company can be contributed within the business operation term, i.e., 10, 20, 30, 50 years or long term.

第二十八条第二款  股东不按照前款规定缴纳出资的，除应当向公司足额缴纳外，还应当向已按期足额缴纳出资的股东承担违约责任。

Paragraph 2 of Article 28  Should the shareholders fail to make full contribution of registered capital in accordance with the provisions under the preceding paragraph, they shall not only bear the obligation of full contribution, but also bear the legal liabilities for breaching the agreement with other shareholders who have made full capital contribution in time.

第四十九条第三款 股东未按期足额缴纳出资的，除应当向公司足额缴纳外，还应当对给公司造成的损失承担赔偿责任。

Paragraph 3 of Article 49  Should the shareholders fail to make full contribution of registered capital in time, they shall not only bear the obligation of full contribution, but also be liable for compensation for any loss caused to the company.

强调股东未足额缴纳出资的赔偿责任：股东未按期足额出资，可能影响公司的经营发展，同时也侵害公司的独立财产权；通过法律明确规定股东因未按期足额出资对公司造成损失的赔偿责任，在一定程度上可以平衡股东和公司之间的利益关系。

Emphasizing the shareholders’ compensation liability due to insufficient capital contributions. Shareholders’ failure to make full capital contribution in time may affect the company's business operations and may even damage the company's independent property rights. Clearly defining the shareholders’ compensation liabilities to the company due to their failure to make full capital contribution can, to some extent, balance the interest relationship between shareholders and the company.

第五十一条　有限责任公司成立后，董事会应当对股东的出资情况进行核查，发现股东未按期足额缴纳公司章程规定的出资的，应当由公司向该股东发出书面催缴书，催缴出资。

Article 51  After the establishment of a limited liability company, the board of directors of the limited liability company shall check the shareholders’ capital contribution status. If it is found that the shareholders have not made full capital contribution on time as stipulated on the company's AOA, the company should send a written notice to the shareholders to call for the capital contribution.

强调董事会在催缴股东出资方面的职权和勤勉义务：董事会作为连接股东和公司的主体，赋予其催缴权利和义务，为解决出资认缴难题开辟了有效的沟通渠道。

明确公司作为催缴出资的通知主体。

This is to emphasize the board’s power and diligence duty on calling for shareholder’s capital contribution: the board is the main division connecting the shareholder and the company, so effective communication channels for solving capital contribution problems may be available when the board is granted with such powers and responsibilities.
 
Moreover, the company is clearly defined as the notification party for the shareholder’s capital contribution.

第二百二十八条　有限责任公司增加注册资本时，股东认缴新增资本的出资，依照本法设立有限责任公司缴纳出资的有关规定执行。

Article 228  Where a limited liability company increases its registered capital, the provisions on capital contribution by a newly incorporated shall also applicable to the contribution of increased capital.

此法条规定了增加资本的缴款期限。

There will also be a mandatory period for contribution of increased capital.

第二百六十六条第二款　本法施行前已登记设立的公司，出资期限超过本法规定的期限的，除法律、行政法规或者国务院另有规定外，应当逐步调整至本法规定的期限以内；对于出资期限、出资额明显异常的，公司登记机关可以依法要求其及时调整。具体实施办法由国务院规定。

Paragraph 2 of Article 266  Where a company was incorporated before the implementation of this new Company Law and the capital contribution period exceeded the period stipulated thereon, it shall gradually make amendment to be in compliance with the new law, unless otherwise provided by other laws, administrative regulations or the State Council. Where the deadline and amount of capital contribution are significantly abnormal, the company registration authority can require for amendments in accordance with the law. The specific implementation rules shall be formulated by the State Council.

具体实施办法尚未正式公布，但根据市场监管总局于2024年2月6日发布的《国务院关于实施〈中华人民共和国公司法〉注册资本登记管理制度的规定（征求意见稿）》，将为存量公司设置三年过渡期，自2024年7月1日至2027年6月30日。

新《公司法》施行前设立的存量有限责任公司自2027年7月1日起，剩余出资期限超过五年的，应当在过渡期内将剩余出资期限调整至五年内。调整后的剩余出资权限将截止于2032年6月30日。

此外，自2027年7月1日起剩余出资期限不足五年的存量有限责任公司，无需调整出资期限。

The implementation regulations have not yet been formally announced. However, according to “Regulations of the State Council on the Implementation of the Registered Capital Registration Management under PRC’s (New) Company Law (Draft for Comments)” opened to the public on February 6, 2024, a three-year transition period will be set up for existing companies, which will start from July 1, 2024 to June  30, 2027.

During the transition period, existing limited liability companies can adjust the capital contribution period (by filing AOA amendment or restated AOA with governing Administration for Market Regulation “AMR”) to be within 5 years calculating from July 1, 2027. After the adjustment, the deadline for overall registered capital contribution will be June 30, 2032.

Furthermore, if the remaining period of capital subscription of existing limited liability companies is less than 5 years calculating from July 1, 2027, it is not necessary to adjust the capital contribution period.