Q: I already set a limited company that I am the only shareholder of this company, and now can I be a new one-person company’s shareholder?

R: Yes, you can, but need to wait.

Q: Wait how long?

R: Around 3 months later. The new Company Law will come into effect on July 1, 2024, each natural person just can set only 1 one-person company, this rule will be removed. So from that time, you can register another one.

Q: I see. What are the other changes in the new Company Law?

R: There are many changes in it, this time I will first introduce the part that small and micro enterprises are concerned about.

1. Capital injection deadline. The new Company Law stipulates that from July 1th, 2024, capital must be paid in 5 years after the company set up. For the existed companies, they can enjoy additonal 3 years transition period.

2. If the company has a small number of shareholders or a small scale, it is allowed not appoint a supervisor when the shareholders agree;

3. The company's capital reserve can be used to make up the company's losses in accordance with regulations.

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