注册资本一个亿，你就是亿万富翁？ With a registered capital of 100 million, are you a billionaire?

很多投资人在公司设立之初，对设计“注册资本”都非常头痛，如果我决定注册资本是一个亿，那我就是一个亿万富翁了吗？

Many investors have a headache for designing the “registered capital” at the beginning of the company’s establishment. If I decide that the registered capital is 100 million, am I a billionaire?

注册资本应该怎么确定合理？定高了，会不会承担了过多的风险？定低了，会不会导致公司很难开展业务？

How should the amount of registered capital be determined? If you set it too high, will you take too much risk? If you set it too low, will it make it difficult for the company to conduct business?

而关键是，什么是平均线标准？如果都没有标准，怎么衡量高低？

The key is, what is the average standard? If there are no standards, how to measure the high and low?

什么是注册资本的认缴制？ What is the subscription system of registered capital?

《公司法》第三条规定：公司以其全部财产对公司的债务承担责任。有限责任公司的股东以其认缴的出资额为限对公司承担责任。

Article 3 of the company law stipulates that a company shall be liable for its debts with all its property. The shareholders of a limited liability company shall be liable to the company to the extent of their capital contributions.

《公司法》第二十六条规定：“有限责任公司的注册资本为在公司登记机关登记的全体股东认缴的出资额”。

Article 26 of the company law stipulates that “the registered capital of a limited liability company is the amount of capital contribution subscribed by all shareholders registered in the company registration authority”.

《公司法》第二十八条规定：股东应当按期足额缴纳公司章程中规定的各自所认缴的出资额。

Article 28 of the company law stipulates that shareholders shall pay their capital contributions in full and on schedule as stipulated in the articles of association.

《公司法》第三十四条规定：股东按照实缴的出资比例分取红利;公司新增资本时，股东有权优先按照实缴的出资比例认缴出资。但是，全体股东约定不按照出资比例分取红利或者不按照出资比例优先认缴出资的除外。

Article 34 of the company law stipulates that shareholders shall receive dividends according to the proportion of capital contribution actually paid; When the company increases capital, the shareholders shall have the priority to subscribe to the capital contribution according to the proportion of capital contribution actually paid, except for all the shareholders make an agreement that not in accordance with the above provisions.

可见，在认缴制度下，注册资本实际上是公司的信任基础，也就是公司股东对外承担责任的承诺，注册资本越大，意味着公司股东愿意承担的责任越大，别人在跟你做生意时，也更有信心。

Under the subscription system, the registered capital is actually the company’s trust basis and the company’s shareholders’ commitment to external responsibilities. The more registered capital, the greater the responsibility that the company’s shareholders are willing to bear, and the more confidence others will have when doing business with you.

认缴制下注册资本就不用缴纳？ Does it no need to pay the capital under the subscription system?

认缴制下公司股东的出资义务只是暂缓缴纳，而不是永久免除。逾期缴资，首先要向已按期足额缴纳出资的股东承担违约责任；其次，会影响分红和新增资本的优先权；最后，还可能面临罚款。

Under the subscription system, the contribution obligation of the company’s shareholders is only deferred payment, rather than permanent exemption. The shareholder who over due the payment of capital may face problems as below: first, it should be liable for breach of contract; second, It will affect dividends and capital increment priorities; third, it might be fined.

可以申请很长的缴资期限吗？ Can it apply for a very long payment deadline?

可以申请很长的缴资期限，30年，50年或更长都可以。

You can apply for a very long payment period, 30 years, 50 years or longer.

现在还有最低注册资本的要求吗？ Is there still a minimum registered capital requirement?

没有，原则上1元也是可以的。但旧版《公司法》对于普通有限公司最低注册资本的约定，在很多人心中还存在着刻板印象，所以一般情况下，咨询公司的注册资本不建议低于3万人民币，贸易类公司的注册资本不建议低于50万人民币。

No, in principle 1 yuan is fine. However, in the old version of the company law, the minimum registered capital of ordinary limited companies is still a stereotype in many people’s mind. Therefore, under normal circumstances, the registered capital of consulting companies is not recommended to be less than 30,000 yuan, and the registered capital of trading companies is not recommended to be less than 500,000 yuan.

设计注册资本需要参考的因素 Factors that need to be referred to when designing registered capital

虽然认缴制度下，注册资本跟股东的现有资产、资信状况无关，但并不意味着注册资本可以任意写，应该考虑如下几个因素：

Although under the subscription system, the registered capital has nothing to do with the shareholders’ existing assets and credit status, but it does not mean that the registered capital can be arbitrarily written, the following factors should be considered:

1. 自己承担风险的能力：认缴的资本越大，股东的责任越大，《公司法》第三条第二款规定：“有限责任公司的股东以其认缴的出资额为限对公司承担责任”。

Ability to bear risks: the greater the capital subscribed, the greater the responsibility of the shareholders. According to the second paragraph of article 3 of the company law, “the shareholders of a limited liability company shall be liable to the company in accordance with the amount of capital subscribed”.

2. 有没有竞标或对外展示的需求：有某些行业的投标，招标方会给注册资本设定一个门槛，比如注册资本50万以下的企业不能竞标。或者企业在跟第三方洽谈业务时，会因注册资本过低而处于劣势。

There is no demand for bidding or external display: for some industry bidding, the tenderer will set a threshold for registered capital, such as enterprises whose registered capital less than 500,000 can not bid. Or enterprises in business negotiations with third parties may at a disadvantage because the registered capital is too low .

3. 税票额度的需求：虽然在法规上，增值税发票和注册资本之间没有直接L系，但如果一个企业的注册资本过小，承担债务和责任的能力过弱，税局在监管上就会比较谨慎，在企业开业初期，会配以较低的额度和较少的数量。

Demand of tax receipt amount: although there is no direct connection between VAT invoice and registered capital in regulations, if the registered capital of an enterprise is too small, the ability to assume debts and responsibilities is too weak, the tax bureau will be more cautious in supervision, which may lead to the enterprise is matched with a lower tax receipt amount in the Initial stage of operating.

4. 企业的经费支出：特别要考虑企业未能达到盈亏平衡前的经费支出，因为当企业现金流紧张时，需要股东决议再投入和办理增资手续，是需要时间的；如果是外资企业，更要银行办理外汇登记核准手续，所以应该至少考虑企业在达到盈亏平衡点前12个月的经费支出，作为最低的注册资本。

The outlays of the enterprise: the outlays before the enterprise fails to reach break-even need to be focused on, because when the enterprise has critical cash flow and capital increment is needed, it takes times that shareholder make resolution to invest and go through the procedures of capital increase; If it is a foreign-funded enterprise, the bank should handle foreign exchange registration and approval procedures, so it should take the enterprise’s expenditure for 12 months before reaching the break-even point as the minimum registered capital.

注册资本可以转到私账吗？ Can shareholder transfer capital to private account？

这种做法是错误的！

This is wrong!

将出资款转至财务人员个人银行卡或者其他股东指定的银行卡，这是绝对错误的做法。正确的做法应该是向公司账号转入投资款，且一定要在备注中写明是“注册资本”或“投资款”，以便财务入账时有明确的依据。

It is absolutely wrong to transfer the capital contribution to the personal bank account of financial staff or designated by other shareholders. The correct approach should be to transfer investment funds to the company’s account, and must be noted in the remarks “registered capital” or “investment funds”, so that the capital could be booked with evidence.

认缴制下还需要《验资报告》吗？ Is capital verification needed under subscription system?

国家部门已不再要求企业委托会计师事务所出具《验资报告》，即原则上，企业已经无需再做验资程序。但在实际操作中，一些金融机构或投资机构，为了保证实缴资本的情况属实，会要求企业提供。

Government departments no longer require enterprises to entrust accounting firms to issue “capital verification report”, that is, enterprises have no need to do capital verification procedures in principles. In practice, however, some financial institutions or investment institutions will require the company to provide capital in order to ensure the paid-in capital is true.

例如，企业A在银行办理贷款时，银行要求其必须提供《验资报告》；又如某私募基金要投资企业B，在做尽职调查时，要求企业B补做验资的程序。其实这个也很好理解，金融机构和投资机构把企业虚假出资和做假账的风险，转嫁给了会计师事务所。

For example, when enterprise A transacts loans in the bank, the bank requires it to provide the capital verification report. If some private fund wants to invest enterprise B may ask enterprise B to go through the procedure of capital verification when due diligence. In fact, it is quite understandable that financial institutions and investment institutions transferred the risk of feigned investment and manipulation of account to accounting firms.

未实缴出资的股东需要承担公司债务吗？ Do shareholders who have not paid up their capital need to bear the company’s debts?

回答是：“很可能要承担责任。”

The answer is it is likely to take the responsibility.

依据《最高人民法院关于适用《中华人民共和国公司法》若干问题的规定（三）》第十三条第二款的规定：“公司债权人请求未履行或者未全面履行出资义务的股东在未出资本息范围内对公司债务不能清偿的部分承担补充赔偿责任的，人民法院应予支持”。按照现阶段的司法判决案例，未实缴的出资股东，多数都要承担连带责任。

According to “the supreme people’s court on some issues of the company law of the People’s Republic of China apply rules (3) the provisions of the second paragraph of article 13:” the company creditors request fails to perform or not to fulfill its obligations of capital contribution shareholders in an overall contribution to the company within the scope of principal and interest is unable to repay part undertake supplementary compensation liability for the debts, the people’s court shall support “. According to the judicial judgment at the present stage, most of the shareholders who have not paid the capital should bear joint liability.

所以，认缴制下公司股东的出资义务只是暂缓缴纳，而不是永久免除，在公司经营发生了重大变化时，公司包括债权人可以要求公司股东缴纳出资，以用于清偿公司债务。这就要警醒投资人，不要对注册资本的认缴轻易许诺。

Therefore, under the subscription system, the capital contribution obligation of the company’s shareholders is only deferred payment, rather than permanent exemption. When the company’s operation has significant changes, the company and creditors can ask the company’s shareholders to pay capital contribution in order to pay off the company’s debts, so investors do not readily commit to the registered capital subscription.

• 具体案例

Specific case

根据郑州市中级人民法院于2017年6月29日作出的（2017）豫01民终8100号判决显示：

According to the judgment (2017) Yu01 Minzhong No.8100 made by Zhengzhou intermediate people’s court on June 29, 2017：

经查明，被告公司的股东马克静认缴但未实缴出资，出资时间为2035年8月25日。然对于“公司债权人请求未履行或者未全面履行出资义务的股东在未出资本息范围内对公司债务不能清偿的部分承担补充责任的”请求一审法院予以支持。二审法院认为，“一审法院予以支持并无不当。虽然上诉人马克静认缴出资时间未到，但其未实缴出资是事实，根据《最高人民法院关于适用〈中华人民共和国公司法〉若干问题的规定(三)》，判定马克静对公司不能清偿的债务承担连带责任。

After investigation, the defendant company’s shareholder Ma Kejing subscribed but did not actually pay capital, capital contribution time for 2035 August 25. However, the court of first instance shall support the request that “the creditors of the company request the shareholders who have not fulfilled their capital contribution obligations or have not fully fulfilled their capital contribution obligations to assume supplementary liabilities for the unpayable part of the company’s debts within the scope of capital and interest not paid”. The court of second instance held that “there is no reason why the court of first instance should not support it. Although it’s not time of subscription of Ma Kejing yet, but it’s fact that Ma did not paid-in capital, according to “Supreme People’s Court about applicable 《company law of People’s Republic of China》 a few questions regulation (3)”, judge Ma Kejing undertakes joint liability to the debt that company cannot pay off.

在注册资本的认缴制度下，一些投资者对于注册资本的设计过于草率，很可能为自己带来了不必要的经济风险。注册资本的设计，既要考虑股东的出资能力，也要考虑公司经营运作的实际需要，如果您有任何疑问，欢迎咨询GBAA。

Under the registered capital subscription system, some investors are too sloppy in designing registered capital, which is likely to bring unnecessary economic risks to themselves. The design of registered capital should consider not only the ability of shareholders to contribute capital, but also the actual needs of the company’s business operations. If you have any questions, please consult GBAA.