在上一节，我们粗略地提到过认缴制和实缴制，对于初创企业来说，把这两个概念分清楚，并选择适合自己企业的制度是初创企业必须做的事情。

In the previous section, we roughly mentioned the subscribed and paid up systems. For startups, it is necessary to distinguish these two concepts and choose a system that suits their own business.

（1）关于认缴制、实缴制。

(1) Regarding the subscribed and paid in systems.

《公司法》在2013年进行了改革，以前的注册资本是实缴登记制，现在是认缴登记制。实缴登记制，即公司成立，股东缴纳注册资本时，需出具验资报告，且实缴的注册资本不能低于全部注册资本的20%，剩余的注册资本，必须在两年之内全部缴清，同时要求股东的货币出资比例，不能低于股东全部注册资本的30%。所谓认缴登记制，即市场监督管理局的营业执照只登记公司所有股东认缴的注册资本总额，不强制要求提交验资报告，取消了实缴制中投资人需出资达企业全部资本的20%、剩余认缴出资两年之内必须缴清的规定，也取消了货币出资不能低于30%的规定。关于出资的时间，可以让股东在章程中和投资人约定好，理论上，即使写100年也是可以的。

The Company Law was reformed in 2013. Previously, the registered capital was based on paid in registration, but now it is based on subscribed registration. The paid up registration system refers to the requirement that when a company is established and shareholders pay their registered capital, a capital verification report must be issued, and the paid up registered capital must not be less than 20% of the total registered capital. The remaining registered capital must be fully paid up within two years, and the monetary contribution ratio of shareholders must not be less than 30% of the total registered capital of shareholders. The so-called subscribed registration system refers to the business license of the Market Supervision and Administration Bureau only registering the total registered capital subscribed by all shareholders of the company, without requiring the submission of a capital verification report. It eliminates the requirement that investors must contribute up to 20% of the total capital of the enterprise and the remaining subscribed capital must be paid in full within two years, as well as the requirement that monetary capital cannot be less than 30%. Regarding the timing of capital contribution, shareholders can agree with investors in the articles of association. In theory, even if it is written as 100 years, it is still acceptable.

（2）认缴制下注册资本是否越多越好。

(2) Is it better to have more registered capital under the subscription system.

虽然认缴制中的注册资本跟公司实力、资信状况无关，但并不意味着注册资本可以任意写，也不意味着认缴注册资本可以不用缴纳。只是由原来规定的两年之内缴清，变为股东在章程里自由约定何时缴付，时间可以约定为10年、20年，甚至更长的100年。

Although the registered capital in the subscription system is not related to the company's strength and credit status, it does not mean that the registered capital can be written arbitrarily, nor does it mean that the subscribed registered capital can be exempted from payment. It's just that the original requirement of paying within two years has changed to shareholders freely agreeing on when to pay in the articles of association, which can be agreed upon for 10, 20, or even longer periods of 100 years.

企业有认缴注册资本的补齐义务。在公司清算或者解散时，对于认缴而未实缴的注册资本，股东应按其认缴的注册资本进行补齐。

Enterprises have the obligation to make up for the subscribed registered capital. During the liquidation or dissolution of the company, shareholders shall make up for the subscribed but unpaid registered capital according to the subscribed registered capital.

（3）认缴的注册资本越大，股东的责任越大。

(3) The larger the subscribed registered capital, the greater the responsibility of shareholders.

股东以认缴的公司注册资本的额度为限，依法承担公司的债务和责任。公司的注册资本越多，股东需要认缴的注册资本就越多，所承担的公司债务和责任就越沉重。

Shareholders shall bear the company's debts and liabilities in accordance with the law, up to the amount of subscribed registered capital. The more registered capital a company has, the more registered capital shareholders need to subscribe, and the heavier the company's debts and responsibilities they bear.

（4）股东分红一般按实缴分红而非认缴分红。

(4) Shareholder dividends are generally based on actual paid dividends rather than subscribed dividends.

《公司法》的一般原则，股东按照实缴的出资比例享有股东权益，即使股东认缴数额较大的注册资本，但如果没有实缴，就会影响到他的股东权益，包括分红权、表决权，以及剩余财产分配权等。只有一个例外，就是法律规定如果股东之前有约定，那么股东分红按照其约定执行。

The general principle of the Company Law is that shareholders enjoy shareholder rights in proportion to their actual contributions. Even if a shareholder subscribes to a larger amount of registered capital, if it is not actually paid in, it will affect their shareholder rights, including dividend rights, voting rights, and residual property distribution rights. There is only one exception, which is that the law stipulates that if shareholders have previously agreed, shareholder dividends shall be executed according to their agreement.

（5）根据不同的投资类型决定注册资本的多少。

(5) Determine the amount of registered capital based on different investment types.

根据股东的实力及公司的实际需求而定，量力而行。如股东有50万元，公司刚好需要50万元，则把注册资本做成50万元，而非500万元。如果法律对公司注册资本或实缴注册资本有特别要求的，则另当别论。

Based on the strength of shareholders and the actual needs of the company, we will act within our capabilities. If the shareholder has 500000 yuan and the company needs 500000 yuan, the registered capital should be converted to 500000 yuan instead of 5 million yuan. If the law has special requirements for the registered capital or paid up registered capital of a company, then it is a different matter.

投资人的投资。像前面举过的例子，前期公司注册资本过小，后期有大额投资进来时的处理方法，因为前面已经讲过，这里就不再细说。

Investment by investors. As mentioned earlier, when the registered capital of a company is too small in the early stage and there is a large investment in the later stage, the handling method will not be elaborated here because it has already been discussed earlier.

无形资产的投资。法律允许股东以专有技术、专利等无形资产出资，但必须对股东用于出资的无形资产进行评估，并依法将相关无形资产的所有权人变更为公司后，即视为完成实缴注册资本的义务。

Investment in intangible assets. The law allows shareholders to contribute intangible assets such as proprietary technology and patents, but it is necessary to evaluate the intangible assets used by shareholders for contribution and change the ownership of the relevant intangible assets to the company in accordance with the law, which is considered to fulfill the obligation to pay up the registered capital.