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[New Law in Effect] New China Visa Policies Updated in July
1. Implementation of the New Company Law
Starting July 1, the revised Company Law of the People's Republic of China is in effect!
This enactment introduces significant modifications to company operations, shareholder rights, and corporate governance, including:
Revised Subscription Capital Requirements
For companies registered before June 30, 2024, there are specific adjustments to the capital subscription periods.
Limited liability companies with remaining subscription periods extending over five years from July 1, 2027, must revise these terms to within five years and document the change in the company's statutes by June 30, 2027. The shareholders are required to fully pay their subscribed amounts within this adjusted period. For joint-stock companies, founders must fully pay for their subscribed shares by June 30, 2027.
What happens if shareholders of limited liability companies established before June 30, 2024, fail to meet capital contributions after the transition period?
Please contact Maggie:
Optional Supervisors in Companies
New corporate governance structures allow for more flexibility in the setup of boards and supervisory boards.
According to Article 83 of the new Company Law, small-scale limited liability companies or those with few shareholders may opt not to set up a supervisory board but appoint a single supervisor to exercise the powers of the supervisory board. With unanimous consent from all shareholders, the appointment of a supervisor can also be omitted.
2. System Migration of the Bureau of Foreign Experts Affairs
Due to the system migration of the Bureau of Foreign Experts Affairs, special attention is required:
For legal representatives who are foreigners or residents of Hong Kong, Macau, or Taiwan, unable to register an account on 12333 for handling work permits for foreigners coming to China, the entire account setup process requires 7-8 working days, detailed as follows:
1. Initial Registration: Materials must be prepared according to templates on the Human Resources Bureau's website, with the Bureau completing the first round of registration for the company's foreign expert bureau account within five working days.
2. Account Opening: After registration, the company needs to log into the system, update information, and export and stamp the Unit Registration Information Form. Online submission of subsequent account opening approvals takes 2-3 working days. Following submission, the operator must deliver the original documents to the Bureau of Foreign Experts Affairs offline to complete the account opening.
The account opening process at the Bureau of Foreign Experts Affairs is relatively complex, and you may consult Maggie to streamline the entire process.
3. Visas for Children of Foreign Nationals in China
For children of foreign nationals in China handling private affairs residence permits:
If the child is about to turn 18 years old during the permit application process, they are generally eligible for only a six-month visa. However, providing a medical examination certificate may allow for a one-year validity period for the private affairs residence permit.
4. Ningbo - Permanent Residency
For foreigners living in Ningbo, Zhejiang, seeking employment-based permanent residency:
Applicants must have worked continuously in Ningbo for four years. If this requirement is not met, the applicant must submit documents from companies in other Chinese cities where they have worked, including company materials, work certifications, and income proofs.
If you have any questions about China visa applications(work visa, company registration and more), please contact our visa consultant Maggie.
You might be interested in the below topics:
No Experience or Degree for Work Visa? Try Point-Based System!
No Experience Required: Who Can Apply for Category C Work Visa?
Official Websites You Must Know for China Visa Application.
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