China's company law requires the promoters of a joint stock limited company as follows:
(1) the scope of promoters. China stipulates that the promoters of joint stock limited companies should be legal persons established in the People's Republic of China (excluding private enterprises and wholly foreign-owned enterprises).
(2) qualification of promoters. China stipulates that only legal persons (excluding private enterprises and wholly foreign-owned enterprises) established in China can act as promoters of joint stock limited companies.
(3) the minimum number of sponsors. China's company law stipulates that the establishment of a joint stock limited company should have more than five promoters, of whom more than half of the promoters must have domicile in China. When a state-owned enterprise is transformed into a joint-stock company, the number of promoters may be less than 5.
(4) the contribution of the promoters. According to the company law of our country, the contribution of the promoters of a joint stock limited company can be made in currency, practice, industrial property rights, non-patented technology or land use rights. The physical objects, industrial property rights, non-patented technologies or land use rights as capital contributions must be appraised, the property verified and converted into shares. The amount of industrial property rights and non-patented technology contributed by promoters shall not exceed 2% of the registered capital of a joint stock limited company.
(5) Subscribe for shares and pay in full. The promoters of a joint stock limited company must, in accordance with the provisions of the Company Law, subscribe in writing for the shares issued in accordance with the articles of association, and pay all the shares immediately; If the shares are paid in kind, industrial property rights, non-patented technology or land use rights, the transfer procedures of their property rights shall be handled according to law.
(6) When the promoters offer shares to the public, they must submit an application for share offering to the securities management department of the State Council, and submit the following main documents: ① documents approving the establishment of the company; (2) Articles of Association; (3) business estimate; The name of the sponsor, the number of shares subscribed by the sponsor, the type of capital contribution and the capital verification certificate; ⑤ Prospectus; ⑥ The name and address of the bank collecting the shares; ⑦ Name of the underwriting institution and relevant agreements. Without the approval of the securities administration department of the State Council, the promoters may not offer shares to the public.
(7) hold the founding meeting. According to the Company Law of our country, after the payment of the issued shares is paid in full, the promoters shall preside over the founding meeting of the company within 3 days, and the promoters shall notify the subscribers of the meeting date or make an announcement 15 days before the founding meeting. The share capital paid by the promoters or delivered as capital contribution for the share capital shall not be withdrawn, except that the shares are not fully raised on schedule, the promoters fail to convene the founding meeting on schedule or the founding meeting decides not to set up the company.