Do shareholders need a capital verification report for capital contribution?

Legal analysis: When the company is registered, shareholders do not need to verify the capital contribution, and do not need to submit a capital verification report. The registration system of registered capital is changed from paid-in system to subscription system.

Legal basis: People's Republic of China (PRC) Company Law.

Article 26 The registered capital of a limited liability company is the capital contribution subscribed by all shareholders registered with the company registration authority. Where laws, administrative regulations and decisions of the State Council have other provisions on the paid-in registered capital and the minimum registered capital of a limited liability company, those provisions shall prevail.

Article 29 After a shareholder has paid the capital contribution specified in the Articles of Association in full, the representative designated by all shareholders or the agent entrusted by all shareholders shall submit the application for company registration, the Articles of Association and other documents to the company registration authority to apply for registration of establishment.