- Under the new Company Law (effective 1 July 2024), LLC shareholders must pay in all subscribed capital within five years of incorporation (自公司成立之日起五年内缴足).
依新《公司法》（2024 年 7 月 1 日施行），有限责任公司股东须于公司成立之日起五年内缴足全部认缴资本。- Companies incorporated on or before 30 June 2024 get a three-year transition: they must adjust the contribution period to within five years and record it in the articles before 30 June 2027.
2024 年 6 月 30 日及之前设立的公司有三年过渡期：须于 2027 年 6 月 30 日前将出资期限调整至五年内并载入章程。- Set registered capital to a figure you can genuinely fund within five years — not a vanity number; start modest and use a capital increase later if needed.
注册资本应设定为五年内真正能出资的金额——而非虚荣数字；可先设 modest 金额，后续按需增资。- The five-year clock runs from incorporation and does NOT wait for the parent’s home-country approvals or FX transfer, so factor the foreign-exchange timeline into the amount you set.
五年时钟自设立起算，不会等待母国审批或外汇汇出，故设定金额时应考虑外汇时间表。- Non-compliance risks correction orders, a public mark on the credit-information system, or placement in a separate “另册管理” register; the new forfeiture system (失权制度) can strip a late-paying shareholder of unpaid shares.
违规可能招致责令改正、信用信息公示系统特别标注或”另册管理”；新失权制度可让逾期不清缴的股东丧失未缴股份。- Tender screening: WFOEs bidding for government/SOE contracts are often tested against a minimum registered-capital threshold (commonly RMB 5m or RMB 10m), so too low a figure can disqualify at pre-qualification.
投标门槛：参与政府／国企投标的 WFOE 常受最低注册资本门槛筛选（常见 500 万或 1000 万元），金额过低会在资格预审被淘汰。- Any change to contribution status must be publicised on the National Enterprise Credit Information Publicity System within 20 working days of the amendment.
任何出资变更须于修订后 20 个工作日内在国家企业信用信息公示系统公示。
Registered Capital Under the New Company Law | 新《公司法》下的注册资本
Overview
Registered capital (注册资本) is the amount shareholders promise to contribute to a limited liability company (LLC, 有限责任公司) and, historically in China, a figure loaded with signalling and compliance weight. The revised Company Law (新《公司法》, adopted 29 December 2023, effective 1 July 2024) fundamentally resets the subscription regime: LLC shareholders must now pay in their subscribed capital within five years of incorporation. A State Council regulation (Order No. 784) gives companies incorporated before 1 July 2024 a three-year transition window to bring long-dated commitments into line. This note explains the five-year rule, the transition period, how to set a sensible amount, and the penalties for non-compliance.
The five-year subscription rule
Under the new Company Law, the total capital subscribed by all shareholders of an LLC must be paid in full within five years from the date of incorporation (公司成立之日起五年内缴足). For joint-stock companies, promoters must pay their subscribed shares in full before incorporation. This reverses the open-ended subscription freedom introduced in 2013, which allowed companies to set 20- or 30-year (or even longer) contribution horizons and led to “sky-high” registered capital with no real backing. The five-year clock starts at incorporation; the articles of association must state the amount, method, and deadline of each shareholder’s contribution.
The transition period for existing companies
For companies registered on or before 30 June 2024, the State Council’s Regulation on the Administration of Registered Capital Registration (国务院令第784号) provides a three-year transition. If a company’s remaining subscribed contribution period, counted from 1 July 2027, would exceed five years, it must adjust that period to within five years and record it in the articles before 30 June 2027; shareholders then pay within the adjusted period. Joint-stock companies must pay their subscribed shares in full before 30 June 2027. A narrow exception exists: where production or business involves national interest or major public interest, and a competent authority or provincial government so advises, the market-regulation authority may permit the original period to stand.
How to set a sensible registered capital
Registered capital should reflect genuine funding need and the shareholder’s real ability to pay within five years — not a vanity number. Consider: (1) minimum statutory or sector floors (some industries, e.g. certain financial, HR, or construction licences, still impose paid-in minima); (2) the working capital needed to reach profitability and to satisfy licence thresholds; (3) the foreign-exchange practicality of remitting capital in from overseas within the window; and (4) the signalling value to customers, banks, and tender processes, which often screen on capital size. A common, defensible approach for a services WFOE is a modest figure (e.g. RMB 1–5 million) topped up as the business grows, while capital-intensive or licence-gated ventures set higher amounts backed by a credible injection plan.
A further consideration often missed by foreign parents is the interaction between the five-year statutory clock and the realistic foreign-exchange timeline. Capital must not only be promised but actually remitted from overseas within the window. If the parent’s home-country approvals, treasury queues, or internal compliance mean funds cannot leave for 12–18 months, the five-year deadline still runs from incorporation — it does not wait. Practically, many groups therefore set an initial registered capital they can fund from readily available offshore cash, and plan a capital increase (增资) later once the China subsidiary has a track record and a clearer working-capital need. A capital increase is itself a formal step (shareholders’ resolution, articles amendment, and — for an FIE — updated FDI registration and foreign-exchange record), so it is not a casual top-up, but it is far cleaner than setting an unsustainably high number at birth.
The signalling value of capital should also be calibrated by sector rather than copied from peers. A WFOE bidding for government or state-owned-enterprise contracts is frequently screened against a minimum registered-capital threshold (commonly RMB 5,000,000 or RMB 10,000,000 for certain service tenders), and too low a figure can disqualify it at the pre-qualification stage. Conversely, an R&D or consultancy WFOE with no licence floor and no tender ambition can safely operate at RMB 1,000,000–3,000,000. The art is to match the number to the specific gating thresholds the business will actually face in its first 24 months, not to a generic “impressive” figure.
Wrong numbers create real risk
Setting capital too high without the means to pay invites enforcement: the registry can deem an abnormally long period or abnormally high amount non-compliant and require adjustment; creditors can also invoke the accelerated maturity of subscription (认缴出资加速到期) when the company cannot meet debts. Setting it too low can hinder bank credit, tender eligibility, and the credibility of a foreign parent. The goal is an amount the shareholder can actually fund on time and that covers the operational runway.
Penalties and consequences of non-compliance
If a pre-1-July-2024 company fails to adjust its contribution period or capital, the registry may order correction and, if still non-compliant, mark it specially on the National Enterprise Credit Information Publicity System (国家企业信用信息公示系统). Companies with abnormal periods or capital that cannot be adjusted may be placed in a separate “另册管理” register with a public mark. Shareholders who fail to pay, or companies that fail to publicise contribution information, are punished under the Company Law and the Interim Regulations on Enterprise Information Publicity. Separately, the new Law introduces a forfeiture system (失权制度): a shareholder who fails to pay on time, after a formal demand and grace period, may lose the unpaid shares. Late or false publicity itself draws penalties.
Practical example
Worked scenario: a services WFOE incorporated on 1 March 2021 with registered capital of RMB 10,000,000 and an original subscription period of 30 years (full payment due by 2051). Under the pre-2024 regime this was lawful. Now apply the transition rules. The State Council regulation measures from 1 July 2027: the company’s remaining subscription period at that date would be 24 years (2051 minus 2027), far beyond the five-year cap. The company must therefore amend its articles before 30 June 2027 so that the remaining capital is paid in no later than 1 July 2032 (five years after the 1 July 2027 reference point). A practical schedule is to spread the RMB 10,000,000 across the adjusted window — for example, three tranches of RMB 3,000,000, RMB 3,000,000, and RMB 4,000,000 due in 2028, 2030, and 2032 respectively — each recorded in the revised articles and publicised on the credit-information system within 20 working days of amendment. If the shareholder instead wished to avoid the large near-term outlay, it could reduce registered capital to RMB 3,000,000 (a figure it can fund by 2032) via a shareholders’ resolution, a 45-day creditor notice on the publicity system, and a corresponding articles amendment, then inject the lower amount on a five-year schedule.
For a company incorporated fresh today, the arithmetic is simpler but the discipline is the same. Suppose a trading WFOE is set up on 1 September 2026 with RMB 5,000,000 registered capital. The full amount must be paid by 1 September 2031. The foreign parent should map the remittance to its own treasury cycle: an initial RMB 2,000,000 within the first year (to fund licence thresholds and working capital), then RMB 1,500,000 in year three and RMB 1,500,000 in year five. Each injection must clear the FDI capital-account registration and be publicised. Crucially, the articles must state the exact amount, form (cash or in-kind), and deadline per shareholder; a vague “to be decided” clause is non-compliant.
The example also shows the penalty exposure: had the 2021 company simply ignored the transition and kept its 2051 deadline, from 1 July 2027 its period would be “abnormally long”; the registry could order correction, and if uncorrected, mark it on the publicity system or move it to the separate “另册管理” register, damaging its tender and bank-credit standing.
What to do next
- Read your current articles: if incorporated before 1 July 2024, calculate the period from 1 July 2027 and confirm whether it breaches the five-year cap.
- If it breaches, plan the amendment to the articles and the contribution schedule before 30 June 2027 — do not wait.
- Set a new company’s registered capital to a figure you can genuinely fund within five years, balancing licence needs and credibility.
- Keep contribution status publicised on the credit-information system within 20 working days of any change.
- If you discover you cannot meet a commitment, act early — reduce capital (减资), transfer shares, or restructure before enforcement or creditor acceleration bites.
Sources
- 全国人民代表大会 — 新《公司法》解读（2023-12-29 通过，2024-07-01 施行）：<http://www.npc.gov.cn/c2/c30834/202401/t20240104_434091.html>
- 国务院 — 《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》（国务院令第784号）：<https://www.gov.cn/zhengce/content/202407/content_6960376.htm>
- 司法部、市场监管总局 — 注册资本登记管理规定答记者问：<https://www.moj.gov.cn/pub/sfbgw/zcjd/202407/t20240701_501535.html>
- 国家市场监督管理总局 (SAMR) — 企业登记与注册资本：<http://www.samr.gov.cn/> (official portal)
- 国家企业信用信息公示系统 — 出资信息公示：<http://www.gsxt.gov.cn/> (official portal)
Related reading
- see also: WFOE registration timeline: 2026 benchmark (08-wfoe-registration-timeline-2026)
- see also: Capital injection & verification (11-capital-injection-verification)
- see also: WFOE vs. RO vs. JV — choosing a structure (09-wfoe-vs-ro-vs-jv)
新《公司法》下的注册资本
概述
注册资本是股东承诺向有限责任公司（LLC）缴付的出资额，在中国历史上是一个兼具信号与合规重量的数字。修订后的《公司法》（新《公司法》，2023 年 12 月 29 日通过，2024 年 7 月 1 日施行）从根本上重置了认缴制度：有限责任公司股东须于公司成立之日起五年内缴足认缴资本。国务院配套规定（第 784 号令）给予 2024 年 7 月 1 日前设立的公司三年过渡期以调整长期承诺。本文说明五年规则、过渡期、如何设定合理金额，以及违规后果。
五年认缴规则
依新《公司法》，有限责任公司全体股东认缴的出资额，须由股东依公司章程自公司成立之日起五年内缴足。股份有限公司发起人须于公司成立前全额缴纳认购股份。这逆转了 2013 年引入的、允许设定 20 年、30 年甚至更长期限的开放认缴自由，那种自由催生了”天价出资”与无实缴支撑的空壳公司。五年时钟自成立起算；公司章程须载明每位股东的出资额、方式与期限。
存量公司的过渡期
对 2024 年 6 月 30 日及之前登记设立的公司，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》（第 784 号令）给出三年过渡。若公司剩余认缴出资期限自 2027 年 7 月 1 日起算超过五年，须在 2027 年 6 月 30 日前将期限调整至五年内并载入章程，股东于调整后期限内缴足；股份有限公司发起人须于 2027 年 6 月 30 日前全额缴足认购股份。存在一项窄例外：生产经营涉及国家利益或重大公共利益，且主管部门或省级政府提出意见的，市场监管部门可同意按原出资期限出资。
如何设定合理的注册资本
注册资本应反映真实资金需要与股东五年内的实际缴付能力——而非虚荣数字。考量：(1) 法定或行业最低限（部分金融、人力资源、建筑等许可仍要求实缴下限）；(2) 达到盈亏平衡及满足许可门槛所需营运资金；(3) 在窗口期内从境外汇入资本的外汇可行性；(4) 对客户、银行与招投标的信号价值——后者常以资本规模作筛选。服务业 WFOE 常见的稳妥做法是从 modest 金额（如 100–500 万元人民币）起步，随业务增长增资；而资本密集或许可门槛高的企业则设定较高金额并以可信的注入计划支撑。
境外母公司常忽略的另一层关系是：注册资本的五年法定时钟，与真实的外汇汇出周期之间的张力。资本不仅须”认缴”，更须在窗口内实际从境外汇入。若母国审批、资金调度或内部合规导致资金 12–18 个月才能出境，五年期限仍自设立起算，不会等待。实务中，许多集团因此先设定一笔可用闲置离岸现金负担的初始注册资本，待中国子公司有业绩记录、营运资金需求更清晰后再行增资。增资本身系正式步骤（股东会决议、章程修订，外资企业还需更新 FDI 登记与外汇记录），并非随意补款，但远比设立时定下不可持续的虚高数字干净。
资本的信号价值亦应按行业校准，而非照搬同业。频频参与政府或国企投标的 WFOE，常在资格预审阶段被设最低注册资本门槛（某些服务类招标常见 500 万元或 1,000 万元），金额过低会在资格预审即被淘汰。反之，无许可下限、无投标诉求的研发或咨询类 WFOE，500 万—300 万元即可稳妥运营。关键在于把数字匹配到企业前 24 个月实际面临的门槛，而非某个”好看”的通用数字。
错误金额带来真实风险
设得过高而无缴付能力会招致监管：登记机关可认定期限异常长或金额异常高而要求调整；公司无力偿债时，债权人亦可主张认缴出资加速到期。设得过低则妨碍银行授信、投标资格与外资母公司的可信度。目标是设定一个股东能按时实际出资、且覆盖运营周期的金额。
违规的处罚与后果
若 2024 年 7 月 1 日前设立的公司未调整出资期限或资本，登记机关可责令改正，逾期不改的在国家企业信用信息公示系统作特别标注。出资期限或资本异常且无法调整的公司，可能被”另册管理”并公示标注。股东未缴付或公司未依法公示出资信息的，依《公司法》及《企业信息公示暂行条例》处罚。此外，新法引入失权制度：股东逾期不清缴，经书面催缴并宽限期后仍不缴的，可能丧失未缴股份。迟延或虚假公示本身亦受处罚。
实操示例
工作场景：一家服务类 WFOE 于 2021 年 3 月 1 日设立，注册资本 1,000 万元，原认缴期限 30 年（2051 年缴足）。在 2024 年前的制度下这完全合法。现适用过渡规则：国务院规定自 2027 年 7 月 1 日起算，该公司当日的剩余认缴期限为 24 年（2051 减 2027），远超五年上限。因此公司须在 2027 年 6 月 30 日前修订章程，使剩余资本最迟于 2032 年 7 月 1 日前（即 2027 年 7 月 1 日起五年）缴足。可行的安排是把 1,000 万元分摊到调整后的窗口内——例如分三笔 300 万元、300 万元、400 万元，分别定于 2028 年、2030 年、2032 年缴付——每笔载入修订后的章程，并在修订后 20 个工作日内于公示系统公示。若股东想避免近期的巨额出资，也可通过股东会决议将注册资本减至 300 万元（其 2032 年前可负担之数），经公示系统 45 天债权人公告及相应章程修订后，按五年进度注入较低金额。
对于今日新设的公司，算法更简单但纪律相同。假设一家贸易 WFOE 于 2026 年 9 月 1 日设立，注册资本 500 万元，则全额须于 2031 年 9 月 1 日前缴足。境外母公司应把汇出与其自身资金周期对齐：首年汇入 200 万元（满足许可门槛与营运资金），第三年 150 万元，第五年 150 万元。每笔注入须完成 FDI 资本金账户登记并予公示。关键的是，章程须载明每位股东的具体金额、方式（货币或实物）与期限；含糊的”待定”条款不合规。
本例也揭示处罚风险：若 2021 年那家公司无视过渡、保留 2051 年期限，自 2027 年 7 月 1 日起其期限即属”异常长”；登记机关可责令改正，逾期不改则在公示系统标注或列入”另册管理”，损害其投标与银行授信形象。
下一步建议
- 审阅现行章程：若于 2024 年 7 月 1 日前设立，自 2027 年 7 月 1 日起算期间，确认是否突破五年上限。
- 若突破，须在 2027 年 6 月 30 日前规划章程修订与出资进度——切勿拖延。
- 新设公司的注册资本应设定为你五年内真正能出资的金额，平衡许可需求与可信度。
- 任何出资变更后 20 个工作日内，在信用信息公示系统公示出资状况。
- 若发现无法履约，应尽早行动——在监管或债权人加速到期前减资、转让股权或重组。
来源
- 全国人民代表大会 — 新《公司法》解读（2023-12-29 通过，2024-07-01 施行）：<http://www.npc.gov.cn/c2/c30834/202401/t20240104_434091.html>
- 国务院 — 《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》（国务院令第784号）：<https://www.gov.cn/zhengce/content/202407/content_6960376.htm>
- 司法部、市场监管总局 — 注册资本登记管理规定答记者问：<https://www.moj.gov.cn/pub/sfbgw/zcjd/202407/t20240701_501535.html>
- 国家市场监督管理总局（SAMR）— 企业登记与注册资本：<http://www.samr.gov.cn/>（官方门户）
- 国家企业信用信息公示系统 — 出资信息公示：<http://www.gsxt.gov.cn/>（官方门户）
相关阅读
- 见：外商独资企业注册周期：2026 年基准（08-wfoe-registration-timeline-2026）
- 见：资本金汇入与验资（11-capital-injection-verification）
- 见：外商独资 vs 代表处 vs 合资：如何选择架构（09-wfoe-vs-ro-vs-jv）