- Under the 2024 Company Law, limited-liability shareholders must fully pay subscribed capital within five years of incorporation; joint-stock promoters pay in full before incorporation.
依2024年《公司法》，有限责任公司股东须自公司成立之日起五年内缴足认缴出资；股份公司董事（发起人）于成立前全额缴纳。- A State Council regulation gave existing companies a three-year transition: those with remaining terms exceeding five years from 1 July 2027 must adjust to within five years by 30 June 2027.
国务院规定给予存量公司三年过渡期：剩余认缴期限自2027年7月1日起超过五年的，须于2027年6月30日前调整至五年内。- Paid-in capital must be publicised via the national credit system within 20 working days of contribution, or the company faces correction and penalties.
实缴出资须于缴足后20个工作日内通过国家企业信用信息公示系统公示，否则面临改正与处罚。- An acceleration-of-maturity rule lets creditors demand early payment from subscribed-but-unpaid shareholders when the company cannot pay due debts.
出资加速到期规则允许公司不能清偿到期债务时，债权人对已认缴未届期股东要求提前缴纳。- Foreign-invested firms must reconcile the five-year capital rule with the foreign-exchange capital-account and SAFE registration discipline.
外商投资企业须将五年出资规则与外汇资本金账户及外汇登记纪律对齐。- Practical step: model the five-year schedule per entity, adjust legacy terms before the 2027 deadline, and automate the 20-working-day publicity.
实操建议：按实体建模五年出资计划，在2027年截止前调整存量期限，并自动化20个工作日公示。
Registered Capital and the Five-Year Subscription Rule: A Setup Guide for Foreign Investors | 注册资本与五年认缴规则：外资设立指引
China’s 2024 revision of the *Company Law* reshaped the registered-capital landscape. For foreign investors incorporating in China, the move from open-ended subscription to a five-year paid-in deadline is one of the most consequential setup decisions. This guide explains the rule, the transition for existing companies, and the practical setup implications.
The core rule
Effective 1 July 2024, the revised *Company Law* provides:
- A limited-liability company’s registered capital is the total subscribed by all shareholders, and all shareholders must pay their subscribed capital in full within five years from the date of incorporation.
- A joint-stock company’s promoters must pay the full amount of subscribed shares before incorporation.
- Capital may be contributed in currency or non-currency property that can be monetised and transferred; shareholders contributing non-currency assets must value them and transfer ownership.
The law targets the old problems of excessively long subscription periods, “sky-high” nominal capital and empty-shell companies that undermined transaction security.
The transition for existing companies
A State Council regulation (effective 1 July 2024) gives a three-year transition for companies registered before the new law:
- Limited-liability companies whose remaining subscription term exceeds five years from 1 July 2027 must adjust the remaining term to within five years by 30 June 2027, and shareholders must pay the subscribed amount within the adjusted term.
- Joint-stock promoters must pay subscribed shares in full by 30 June 2027.
- Exceptions exist for companies involving national interest or major public interest, where the market regulator may approve the original term.
- Where subscription term or amount is clearly abnormal, the registry may require adjustment after assessment.
For many foreign-invested entities incorporated years ago with long (even decades-long) subscription periods, the 30 June 2027 deadline is the forcing function.
Publicity and liability
- Publicity. Within 20 working days of a capital contribution, the company must publicise shareholders’ subscribed and paid-in amounts, method and date via the national enterprise credit-information system. Failure to publicise, or false publicity, draws correction and fines under the Company Law and the credit-publicity regulation.
- Acceleration of maturity. Where a company cannot pay due debts, the company or a creditor with due claims may require subscribed-but-unpaid shareholders to pay early — a creditor-protection mechanism imported from bankruptcy and judicial interpretations.
- False capital. False capital reporting, false materials or fraudulent registration draw correction and fines of 5%–15% of the falsely reported amount, plus personal liability for responsible personnel.
Foreign-investment specifics
Foreign-invested companies must also respect the foreign-exchange dimension:
- Capital account. Subscribed foreign capital is settled into a SAFE-administered capital account; drawdown and use follow SAFE rules.
- Reconciliation. The subscribed/paid-in amounts in the SAMR filing, the credit system and the SAFE registration must align.
- Five-year transition for FIEs. The same 30 June 2027 adjustment applies; FIEs with legacy long terms should plan the adjustment now.
Practical steps
- Model the schedule. For each entity, set the five-year payment timeline from incorporation (or adjusted deadline for legacy firms).
- Adjust legacy terms early. Don’t wait for 30 June 2027; amend the articles and re-register the term before then.
- Automate publicity. Trigger the 20-working-day credit-system publicity automatically on each contribution.
- Align FX. Coordinate capital injections with SAFE capital-account and registration steps.
- Avoid abnormal amounts. Set registered capital to a realistic, supportable level to avoid registry challenge.
注册资本与五年认缴规则：外资设立指引
中国2024年修订的《公司法》重塑了注册资本格局。对在华设立的外国投资者而言，从无限期认缴转向五年实缴期限，是最关键的设立决策之一。本指引说明规则、存量公司过渡，以及设立层面的实务含义。
核心规则
2024年7月1日施行的修订《公司法》规定：
- 有限责任公司注册资本为全体股东认缴的出资额，全体股东须自公司成立之日起五年内缴足认缴出资。
- 股份有限公司发起人须于成立前全额缴纳认购股份。
- 出资可以货币，或可用货币估价并可依法转让的非货币财产；非货币出资须估价并转移所有权。
该法针对旧制的认缴期限过长、”天价”出资与空壳公司等损害交易安全的问题。
存量公司过渡
国务院规定（2024年7月1日施行）给予新法前设立公司三年过渡期：
- 有限责任公司剩余认缴期限自2027年7月1日起超过五年的，须于2027年6月30日前将剩余期限调整至五年内，股东于调整后期限内缴足。
- 股份公司董事（发起人）须于2027年6月30日前全额缴纳。
- 涉及国家利益或重大公共利益的公司，市场监管部门可批准按原期限出资。
- 认缴期限或出资额明显异常的，登记机关可经评估要求调整。
对多年前设立、认缴期限很长（甚至数十年）的许多外商投资企业，2027年6月30日截止是强制节点。
公示与责任
- 公示。 出资后20个工作日内，公司须通过国家企业信用信息公示系统公示股东认缴与实缴出资额、方式及日期。未公示或虚假公示的，依《公司法》与信用信息公示规定改正并处罚。
- 加速到期。 公司不能清偿到期债务的，公司或已到期债权的债权人可要求已认缴未届期股东提前缴纳——自破产与司法解释引入的债权人保护机制。
- 虚假出资。 虚报注册资本、虚假材料或欺诈取得登记的，改正并处罚款（虚报金额5%—15%），责任人个人亦担责。
外资特别事项
外商投资企业还须尊重外汇维度：
- 资本金账户。 认缴外资汇入外汇局管理的资本金账户；结汇与使用遵循外汇局规则。
- 对账。 市场监管登记、信用信息公示与外汇登记中的认缴/实缴金额须一致。
- FIE五年过渡。 同样的2027年6月30日调整适用；存量长周期的FIE应现在即规划调整。
实操步骤
- 建模排期。 按实体自成立日（或存量公司的调整后截止日）设定五年出资时间线。
- 尽早调整存量期限。 勿等2027年6月30日；在此之前修订章程并重登期限。
- 自动化公示。 每次出资自动触发20个工作日信用信息公示。
- 对齐外汇。 出资汇入与外汇资本金账户及登记步骤协调。
- 避免异常金额。 将注册资本设为合理、可支撑水平，避免被登记机关质疑。
Practitioner Quick Reference
- Five-year rule: LLC shareholders pay in full within 5 years of incorporation (Company Law, eff. 1 Jul 2024).
五年规则：有限责任股东自成立起5年内缴足（公司法，2024-07-01施行）。 - 3-year transition: legacy firms with >5-year remaining terms adjust by 30 Jun 2027.
三年过渡：剩余期限超5年的存量公司须于2027-06-30前调整。 - 20-working-day publicity: publish paid-in capital via the credit system or face fines.
20个工作日公示：经信用系统公示实缴，否则处罚。 - Acceleration: creditors can demand early payment when debts are due and unpaid.
加速到期：债务到期未偿时债权人可要求提前缴纳。
Common Pitfalls
- Assuming the old open-ended term survives: legacy long terms must be compressed by 30 June 2027.
以为旧无限期仍有效：存量长周期须于2027-06-30前压缩。 - Forgetting FX alignment: SAMR, credit-system and SAFE figures must match on capital.
忘记外汇对齐：市场监管、信用系统与外汇在资本上须一致。 - Skipping the 20-day publicity: a contribution unnotified draws correction and penalties.
漏掉20日公示：出资未公示将招致改正与处罚。
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