Company law of China | 2024-01-19
On 29 December 2023, the National People's Congress of China voted to pass the newly revised "Company Law of the People's Republic of China" (hereinafter referred to as the "Company Law"). The revised "Company Law" will come into effect on 1 July 2024.The soon-to-be-effective "Company Law" has improved the subscribed registration system for limited liability companies, specifying that the shareholders must fully pay the subscribed register capital within five years from the company's establishment.The existing "Company Law," since its prom ......
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Company law of China | 2023-03-04
In February 2023, the State Administration for Market Regulation authorities in the Yangtze River Delta region released the cases of severe law violations and untrustworthiness cases in 2022. Our editor selected three typical ones from the announcement as follows.1. Shanghai Jinrui Food Co., Ltd. (上海金瑞食品有限公司)On November 25, 2021, the Hongkou District Market Supervision Bureau conducted an on-site inspection of Shanghai Jinrui Food Co., Ltd. and found that the company produced salted pork leg meat without permission in a resi ......
Company law of China | 2023-02-03
Company, partnership, and representative office are China's three major organization types of foreign-invested entities. The Company Law, the Partnership Enterprise Law, and the Administrative Regulations on the Registration of Permanent Representative Offices of Foreign Enterprises govern the respective entities. 1. CompanyForeign investors can set up limited liability companies and companies of liability limited by shares in China. A limited liability company refers to an entity established by less than 50 shareholders, each shareho ......
Company law of China | 2023-01-29
1. BackgroundThe 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, ......
Company law of China | 2023-01-26
As a result of the country's efforts to streamline the process for starting a business, according to the data disclosed on gov.cn, the number of market entities in China increased to a record high of 150 million. Here we have summarized the four major types of companies and other market entities in China: 1. Companies and non-company legal personsCompanies in China include limited liability companies and companies limited by shares. (1) Limited liability companies (有限责任公司)In the names, a limited liability company must have ......
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