Company law of China | 2023-01-29
The Administrative Measures for the List of Subjects with Seriously Illegal or Dishonest Acts under Market Regulation (the "List") has become effective since 1 September 2021. As early as 2014 to 2015, the State Council of China has already mentioned the backlist of companies with severe illegal and dishonest acts in specific regulations.
This recent law has provided more explicit and comprehensive guidelines to strengthen social credit regulation and promote integrity.
The results of being included in the List may consist of fines, revoking administrative and business licenses, restrictions on business activities, or even shutdown of the company.
The List will keep companies with negative records for one year. The removal from the List is subject to fulfillment of specific conditions and approval of SAMR.
In March 2022, the SAMR published an article for typical cases about being included in the List. We have summarized some of them as the following:
Note: In the search report from Knowaco.com, sections 12 (administrative orders) and 14 (Serious law violations) may include the current records in the List. For historical records, please get in touch with [email protected] to run a customized search.
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