Substantively Revised PRC Company Law will enter into effect on 1 July 2024

Information:
CNBW member
CMS, China - Law - Tax - Future

On 29 December 2023, the Standing Committee of the National People's Congress of the People's Republic of China ("PRC") adopted and promulgated a substantive revision of the PRC Company Law ("2023 Company Law"), which will enter into effect on 1 July 2024. The now final version of the 2023 Company Law is the result of a lengthy drafting process. 3 comprehensive previous draft versions had been released for public comments in 2021, 2022 and 2023, before the final  and fourth draft has been adopted.

The 2023 Company Law comprises 15 Chapters and 266 Articles in total. It constitutes a major update and introduces multiple changes compared to the current version of the PRC Company Law. The current version had first been promulgated on 29 December 1993 and entered into effect on 1 July 1994, and has last been amended with effect of 26 October 2018 ("2018 Company Law"). The 2023 Company Law, inter alia, provides for changes regarding capital contributions, corporate governance as well as responsibilities of shareholders and key personnel of companies ...

Please find the complete information: here

Contact:
Dr. Ulrike Glück, Chief Representative / Managing Partner
Ulrike.Glueck@cmslegal.cn
https://cms.law/en/CHN/
Shanghai/Beijing