China publishes revised company registration regulations

China published amended company registration regulations in Beijing Thursday.

The amended regulations, to take effect on Jan. 1, 2006, stipulate that foreign-invested companies should register to State administration for Industry and Commerce.

It says that, unauthorized branches set up by foreign companies shall be corrected within ordered timeframe or closed down and will face a penalty ranging from 50,000 yuan (about 6,165 US dollars) to 200,000 yuan.

For the foreign-funded company with limited liability, the volume of initial venture should be injected by foreign investors according to related laws and regulations, and the rest of the investment should be completed in two years after the company is established.

Source: Xinhua