It's time for the new revision of the Company Law.

65438+February 29, 2023. According to the Chinese government website official website, on February 29th, 2023, the seventh session of the 14th the National People's Congress Standing Committee (NPCSC) voted to pass the newly revised People's Republic of China (PRC) Company Law, which came into effect on July 29th, 2024. The revised Company Law has greatly adjusted the subscription period of the registered capital of the company. Article 47 of the new Company Law stipulates that the capital contribution subscribed by all shareholders shall be fully paid by shareholders within five years from the date of establishment of the company in accordance with the provisions of the articles of association.