MAINLAND shareholding firms will be required to undergo self-inspection to see if they conform with the provisions of the Company Law, which took effect on July 1.
The campaign would involve about 250,000 firms operating in China, including limited liability companies and companies limited by shares, said the Shanghai Securities News , quoting a State Commission for Economic Restructuring official.
Of the 250,000 companies, about 170,000 are foreign-funded companies and 66,000 are private or collectively owned.
The remaining 13,000 are established as approved by the State Commission for Economic Restructuring.
The inspection would begin next month and companies would examine whether their establishment, operations and management met the requirements of the Company Law, the paper said.
Areas to be checked include the quorum of shareholders and founders, and the minimum registered capital of a company.
