2.37. The Company Law was amended in 2013 to adapt the provisions regarding capital requirements, and replace the paid-up capital registration system with a subscribed capital registration system. For instance, the general minimum capital requirement to establish a wholly foreign-owned enterprise (WFOE) of RMB 30,000, or RMB 100,000 if there is only one shareholder was removed, except for specific industries such as banking and insurance. Capital may be contributed in cash or in kind. The revised Company Law also abolished the requirement for a minimum 30% cash contribution of the registered capital, as well as other requirements in terms