Kunshan has taken the lead in Jiangsu province in reforming its corporate registered capital registration provisions, according to the Kunshan industrial and commercial administration on Dec 29.

Kunshan’s agenda for registered capital registration reform include cancellations of the minimum registered capital requirement, the shareholder initial capital contribution and proportion requirement, and the provision on the proportion of currency contribution for the entire registered capital.

The registered capital of all limited liability companies and joint stock companies in Kunshan, excluding enterprises engaged in banking, stock, insurance, futures, fund management, direct marketing and foreign labor service, will be changed from actual paid-in to commitment of payments.

The capital verification certificate is no longer compulsory for the registration of a new company in the industrial and commercial administration.