- The revised Company Law requires LLC shareholders to fully pay subscribed capital within five years of incorporation. 修订后的《公司法》要求有限责任公司股东在公司成立后五年内缴足认缴的注册资本。
- Existing companies incorporated before 1 July 2024 must adjust over-long subscription periods by 30 June 2027. 2024年7月1日前设立、认缴期限超过五年的存量公司，须在2027年6月30日前调整到位。
- Foreign-invested enterprises are subject to the same five-year capital subscription rule. 外商投资企业同样适用五年认缴期限规则，与内资企业一致。
- Failure to comply triggers an order to rectify, with serious cases leading to business-licence revocation. 未按规定缴足的，将面临责令改正，情节严重的可被吊销营业执照。
- The rule promotes genuine capital commitment and protects creditors of FIEs. 该规则推动资本真实认缴，保护包括外商投资企业债权人在内的交易相对人。
- The five-year period runs from the date of incorporation stated on the business licence, not from the law’s effective date. 五年期限自营业执照载明的成立日期起算，而非自新法施行日（2024-07-01）起算。
- A company’s articles of association must state the subscription amount, method, and deadline for each shareholder. 公司章程须载明各股东的认缴出资额、出资方式与出资期限，并需与该五年上限保持一致。
Five-year capital subscription under the new Company Law | 新《公司法》注册资本五年认缴期限
The 2023 revision of the PRC Company Law (promulgated 29 December 2023, effective 1 July 2024) introduced one of the most consequential changes to company formation in over a decade: a hard five-year deadline for shareholders of limited liability companies (LLCs) to fully pay in their subscribed registered capital. For foreign investors setting up or maintaining a wholly foreign-owned enterprise (WFOE) or other LLC-form vehicle in China, this change reshapes how much capital must be committed, when, and with what legal exposure. This article explains the rule, the transitional relief for legacy companies, how it applies to foreign-invested enterprises (FIEs), the enforcement consequences, and practical steps for compliance.
Overview
Under the prior regime (the 2013 amendment), China adopted a purely subscription-based system with no statutory time limit on capital contribution. Founders could set nominal registered capital of, say, RMB 100 million with a 30-year or even 50-year subscription period. While flexible, this led to widespread “empty” registered capital, weak creditor protection, and uncertainty in enforcement and litigation. The 2023 revision reverses course: for LLCs, the subscription period is now capped at five years from the date of incorporation.
The five-year rule is set out in Article 47 of the revised Company Law. It applies to LLCs. Joint stock limited companies continue to be governed by separate provisions (with a general requirement that promoters’ subscriptions be paid in full before incorporation for the initial public offering scenario, and a separate transition for existing joint stock companies). This article focuses on LLCs, which is the dominant form used by foreign investors (the WFOE is an LLC).
Why this matters for foreign investors: a WFOE is a limited liability company under Chinese law. The parent company’s capital commitment to the WFOE is no longer an open-ended promise. The PRC subsidiary must have a realistic, fully-funded capital plan within five years, and the articles of association must reflect it.
The core rule: Article 47
Article 47 of the Company Law (2023) provides that the total amount of capital subscribed by all shareholders of a limited liability company shall be contributed in full by the shareholders within five years from the date the company is incorporated, as stipulated in the company’s articles of association.
Key points:
- Five-year cap. The articles of association may not set a subscription period longer than five years for LLC shareholders. The deadline is measured from the company’s date of incorporation (the date on the business licence), not from the effective date of the new law.
- Per-shareholder clarity. The articles must specify each shareholder’s subscribed amount, contribution method (cash, in-kind, intellectual property, land-use rights, etc.), and the time by which it is paid.
- No minimum registered capital for most sectors. The five-year rule is about the *timing* of payment, not the amount. China has no general minimum registered capital for LLCs (special regulated sectors such as banking, insurance, and certain FIE-restricted lines are exceptions). The investor still chooses the amount, but must fund it within five years.
- One-time or instalment. Payment may be made in instalments within the five-year window; there is no requirement of a single up-front injection, but the final instalment must clear before the five years lapse.
How the five years are counted
For a company incorporated on, for example, 1 September 2024, the latest permissible final payment date is 31 August 2029, as recorded in (and consistent with) the articles of association. The State Administration for Market Regulation (SAMR) and local market regulation bureaus review the articles at filing; a stated period exceeding five years will be rejected or flagged for correction.
Transitional relief for legacy companies
A central concern when the law was enacted was the large stock of companies incorporated before 1 July 2024 with very long subscription periods (10, 20, 30, or even 50 years). Forcing immediate compliance would have been disruptive. To manage this, SAMR issued the 《注册资本登记管理制度的规定》 (Provisions on the Administration of Registered Capital Registration), which sets a transitional period.
The transitional rule:
- LLCs incorporated before 1 July 2024 whose remaining subscription period (as of the law’s effective date) exceeds five years must adjust their articles so that the subscription period from the date of incorporation does not exceed five years, with the adjustment completed by 30 June 2027.
- In practice, a legacy company whose original articles set a 20-year period must amend its articles by 30 June 2027 to bring the contribution deadline within the five-year cap (measured appropriately from incorporation, with the adjustment mechanism set out in the SAMR provisions).
- Companies whose original subscription period already fell within five years, or had already fully paid, are not required to adjust.
This three-year window (1 July 2024 to 30 June 2027) gives existing FIEs and domestic companies time to re-plan capital, renegotiate shareholder funding, or (where appropriate) reduce registered capital through a lawful capital reduction procedure.
Capital reduction as a compliance tool
Where a legacy FIE cannot realistically fund the originally subscribed amount within the five-year cap, the lawful route is a capital reduction (减资). A reduction requires:
- A shareholder resolution (typically two-thirds or more of voting rights, per the articles and the law).
- A balance-sheet and asset valuation, and protection of creditors.
- A public notice to creditors (typically via the National Enterprise Credit Information Publication System) and individual notice to known creditors, who may demand repayment or security.
- Amendment of the articles and re-registration with the market regulation authority.
Capital reduction is a routine but procedurally careful step; foreign investors should budget lead time and legal counsel.
Application to foreign-invested enterprises
Foreign-invested enterprises — including WFOEs, Sino-foreign equity joint ventures (EJVs), and cooperative joint ventures established as LLCs — are subject to the same five-year capital subscription rule. The FIE regime was largely unified with the domestic company regime after the 2020 Foreign Investment Law abolished the separate old FIE statutes and required existing FIEs to restructure into standard company forms. There is no special longer period or exemption for foreign shareholders.
Practical implications:
- New WFOEs. When incorporating a new WFOE after 1 July 2024, the articles must set a five-year (or shorter) subscription period. The foreign parent should commit to a registered capital amount it can actually remit within five years, mindful of foreign-exchange (SAFE) inward-remittance procedures for capital contributions.
- Legacy FIEs. FIEs incorporated before 1 July 2024 with long subscription periods fall under the SAMR transitional rule and must adjust by 30 June 2027.
- Currency and remittance. Capital contributions by foreign shareholders are typically in foreign currency, converted via the registered capital account and the SAFE registration process. The five-year clock runs regardless of FX timing; plan remittances early.
- No more “no-capital” WFOE. The era of setting an arbitrarily large registered capital with a decades-long horizon purely to impress partners or meet tender thresholds is over. Commit to a fundable number.
Enforcement and penalties
The revised Company Law and the SAMR provisions establish a graduated enforcement ladder:
- Rectification order. Where a company or shareholder fails to pay subscribed capital on time, or the articles violate the five-year cap, the market regulation authority may order rectification within a prescribed period.
- Creditor and derivative remedies. Unpaid capital exposes shareholders to liability toward the company and, in insolvency or piercing scenarios, toward creditors. Late or absent contributions can be claimed by the company or, derivatively, by other shareholders.
- Serious cases — licence revocation. Where the violation is serious (e.g., material failure to rectify, or systemic non-payment that undermines the company’s basis), the authority may revoke the business licence. Loss of the licence effectively ends the company’s operating legitimacy and triggers liquidation/ deregistration steps.
- Credit publicity. Violations are recorded on the National Enterprise Credit Information Publication System, affecting the company’s credit standing, bidding eligibility, and financing.
For FIEs, these consequences carry additional weight: a revoked or non-compliant licence can jeopardise work permits for expatriate staff, bank account operations, and the ability to repatriate profits later.
Policy rationale
The five-year rule is part of a broader recalibration of the company formation regime. The 2013 “zero-capital, no-time-limit” reform boosted ease of starting a business but created a layer of companies with nominal, un-funded capital — a source of commercial disputes, enforcement difficulty, and creditor risk. The 2023 revision restores a credible capital commitment norm while keeping formation flexible (no across-the-board minimum). For the foreign investment landscape, the rule signals that China expects genuine, traceable capital backing for operating entities, aligning with the broader push for high-quality, substantive investment rather than shell or passive holding structures without real funding.
Practical compliance checklist
- Set a fundable registered capital. Choose an amount the parent can actually remit within five years, considering FX and group cash-flow.
- Draft articles within the cap. Ensure the articles state a subscription period of five years or less from incorporation, with per-shareholder amounts and methods.
- Plan the remittance schedule. Map instalments against the five-year deadline; start SAFE registration early for foreign-currency contributions.
- Audit legacy entities. If your FIE was incorporated before 1 July 2024 with a long period, model the adjustment and aim to complete article amendments well before 30 June 2027.
- Use capital reduction if needed. Where funding the original amount is unrealistic, run a lawful reduction with creditor notice.
- Monitor credit records. Confirm filings on the National Enterprise Credit Information Publication System are accurate to avoid publicity penalties.
Sources
- 中国政府网 (State Council / gov.cn) — 《中华人民共和国公司法》（2023年修订，2024年7月1日施行）
- 国家市场监督管理总局 (SAMR) — 《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》
新《公司法》注册资本五年认缴期限
2023年修订的《中华人民共和国公司法》（2023年12月29日公布，2024年7月1日施行）带来了十余年来公司设立领域最重大的变化之一：对有限责任公司股东缴足认缴注册资本设定了五年硬性期限。对于在中国设立或维持外商独资企业（WFOE）或其他有限责任公司形式的外国投资者而言，这一变化重新定义了需要承诺多少资本、何时缴付，以及面临何种法律风险。本文说明该规则、存量公司的过渡安排、对外商投资企业的适用、违规后果以及合规实务步骤。
概述
在旧制度下（2013年修正），中国实行纯粹的认缴制，对出资期限没有法定上限。创始人可以设定诸如1亿元人民币的注册资本，并约定30年甚至50年的认缴期限。虽然灵活，但这导致了普遍存在的”空壳”注册资本、债权人保护薄弱，以及在执行与诉讼中的不确定性。2023年修订改变了方向：对有限责任公司，认缴期限现被限定为公司成立后五年内。
五年规则规定于修订后《公司法》第四十七条，适用于有限责任公司。股份有限公司仍由其他条款规范（例如发起人认购在公开募资场景需于成立前缴足，存量股份公司另有过渡安排）。本文聚焦有限责任公司，因为外商投资者通常采用该形式（WFOE即属有限责任公司）。
对外国投资者的重要意义：WFOE在法律上属于有限责任公司。母公司对WFOE的资本承诺不再是开放式的约定。中国子公司必须在五年内制定真实、可足额缴付的资本计划，且公司章程须与之相符。
核心规则：第四十七条
《公司法》（2023年）第四十七条规定，有限责任公司全体股东的认缴出资额，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。
要点如下：
- 五年上限。 公司章程不得为有限责任公司股东设定超过五年的认缴期限。期限自公司成立之日（营业执照载明日期）起算，而非自新法施行日起算。
- 逐股东明确。 章程须载明各股东的认缴出资额、出资方式（货币、实物、知识产权、土地使用权等）以及缴足时间。
- 多数行业无最低注册资本要求。 五年规则约束的是缴付”时间”，而非”金额”。中国对有限责任公司无普遍最低注册资本要求（银行、保险及部分外资限制类行业除外）。投资者仍可自行决定金额，但须在五年内缴足。
- 一次性或分期。 可在五年窗口内分期缴付；不要求一次性 upfront 注入，但最后一期必须在五年届满前到位。
五年如何计算
例如，公司于2024年9月1日成立，则最迟缴足日期为2029年8月31日（以章程记载且与法律规定一致为准）。国家市场监督管理总局（SAMR）及地方市场监管部门在备案时审查章程；记载超过五年的期限将被退回或要求更正。
存量公司的过渡安排
立法时的核心关切是2024年7月1日前设立、认缴期限极长（10年、20年、30年甚至50年）的大量存量公司。强制立即合规将造成冲击。为此，SAMR发布《注册资本登记管理制度的规定》，设定了过渡期。
过渡规则：
- 于2024年7月1日前设立、且认缴期限（截至新法施行日）超过五年的有限责任公司，须调整章程，使自成立之日起的认缴期限不超过五年，并应于2027年6月30日前完成调整。
- 实践中，原章程约定20年期限的存量公司，须在2027年6月30日前修订章程，将出资期限纳入五年上限（自成立日起算并依SAMR规定之调整机制）。
- 原认缴期限本就在五年以内或已足额缴付的公司，无需调整。
这一三年窗口（2024年7月1日至2027年6月30日）给予存量外商投资企业及内资公司重新规划资本、重新协商股东出资，或在适当时通过合法减资程序降低注册资本的时间。
减资作为合规手段
若存量外商投资企业无法在五年上限内真实缴足原认缴金额，合法路径是减资。减资需：
- 股东决议（通常须经代表三分之二以上表决权的股东通过，依章程与法律规定）；
- 编制资产负债表及财产清单，并保护债权人；
- 通过国家企业信用信息公示系统公告并通知已知债权人，债权人可要求清偿或提供担保；
- 修订章程并向市场监管机关办理变更登记。
减资是常规但程序性较强的步骤，外国投资者应预留前置时间与法律顾问支持。
对外商投资企业的适用
外商投资企业——包括WFOE、中外合资经营企业（EJV）以及以有限责任公司形式设立的中外合作经营企业——同样适用五年认缴规则。在2020年《外商投资法》废止原有外资三法、要求存量外资企业改组为标准公司形式后，外资制度已与内资公司制度基本统一。对外国股东并无更长期限或豁免。
实务影响：
- 新设WFOE。 2024年7月1日后新设WFOE，章程须约定五年（或更短）认缴期限。外国母公司应承诺其在五年内实际可汇缴的注册资本金额，并留意资本金的SAFE（外汇局）跨境汇入程序。
- 存量外商投资企业。 2024年7月1日前设立且认缴期限较长的外商投资企业，适用SAMR过渡规则，须于2027年6月30日前调整。
- 币种与汇缴。 外国股东出资通常为外币，经资本金账户并依SAFE登记程序结汇。五年期限不因外汇时点而中止，应尽早规划汇缴。
- 不再有”零出资”WFOE。 为单纯取悦合作方或满足投标门槛而设定巨额注册资本并约定数十年期限的时代已结束。请承诺可真实缴付的金额。
合规与处罚
修订后《公司法》及SAMR规定建立了分级执法阶梯：
- 责令整改。 公司或股东未按时缴足，或章程违反五年上限的，市场监管机关可责令限期改正。
- 债权人与派生救济。 未缴资本使股东对公司承担责任，并在破产或人格否认情形下对债权人承担责任。公司或其他股东可主张未缴出资。
- 情节严重——吊销执照。 违法情节严重的（如拒不整改，或系统性不缴付动摇公司存续基础），机关可吊销营业执照。执照被吊销实质上终结公司经营资格，并触发清算/注销程序。
- 信用公示。 违规记录载入国家企业信用信息公示系统，影响公司信用、投标资格与融资。
对外商投资企业而言，这些后果更具分量：被吊销或不合规的执照可能危及外籍员工工作许可、银行账户运作以及日后利润汇出的能力。
政策背景
五年规则是公司设立制度整体再平衡的一部分。2013年”零资本、无期限”改革提升了创业便利，却造成一层名义化、未实缴的资本——成为商事纠纷、执行困难与债权人风险的源头。2023年修订在保持设立灵活（无普遍最低资本）的同时，恢复了可信的资本承诺常态。对外资格局而言，该规则传递出信号：中国期待运营实体具备真实、可追溯的资本支撑，契合推动高质量、实质性投资而非无真实资金的壳公司或被动持股结构的整体取向。
实务合规清单
- 设定可缴足的注册资本。 选择母公司五年内实际可汇缴的金额，综合考虑外汇与集团现金流。
- 在期限内起草章程。 确保章程约定自成立起五年以内（含）的认缴期限，并载明逐股东金额与方式。
- 规划汇缴节奏。 对照五年期限安排分期；外币出资尽早启动SAFE登记。
- 审计存量实体。 若贵司外商投资企业于2024年7月1日前设立且期限较长，应测算调整方案，力争于2027年6月30日前完成章程修订。
- 必要时减资。 若原金额难以真实缴足，依法减资并履行债权人通知。
- 监测信用记录。 核对国家企业信用信息公示系统上的备案信息准确，避免公示处罚。
来源
- 中国政府网 — 《中华人民共和国公司法》（2023年修订，2024年7月1日施行）
- 国家市场监督管理总局 — 《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》
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