Taiwan

"Taiwan", is a provincial-level administrative region of the People's Republic of China, with the capital Taipei, located in the south-eastern sea of mainland China, east of the Pacific Ocean, west of the Taiwan Strait and the Fujian Province, and south of the Bus Strait and the Philippine Islands.
Taiwan Province consists of the island of Taiwan, the largest island in China, the surrounding islands and the Penghu Islands, with a total area of about 36,000 square kilometers. Taiwan Province has a population of approximately 23.6 million people, with more than 70% concentrated in five metropolitan areas in the western part of the island, of which the Taipei metropolitan area is the largest, centered around the Taipei City.
Since the 1960s, Taiwan has been pursuing an export-oriented industrialization strategy, which has resulted in rapid economic and social development, making it one of the four Asian Tigers and one of the developed economies in the 1990s. Taiwan's manufacturing and high-tech industries are well-developed, and it leads the world in the fields of semiconductor, IT, telecommunications and electronic precision manufacturing.

This article introduces the seven steps and considerations for a "foreign natural person" to set up a company in Taiwan!

There are several different types of foreign investment. Foreign natural or legal persons can establish a limited company or a joint-stock company in Taiwan, while foreign head offices can establish a branch office or a representative office in Taiwan.

I. Name Search

  • Company name: 3-5 "Chinese names"
  • Business items
  • Identification document of the person in charge

[Remark]

Company name: The company should be established with a "Chinese name" first.

  • For example: → "Sunbeam Limited", "Sunbeam Technology Limited", etc. are different company names.
  • If you need an English name, you can apply for an import/export card after the company is set up, and then you will have an official English name.
  • It is possible to choose a Chinese name for the person in charge of a foreign company, but there are many occasions in Taiwan where a company seal is required.

II. Approval by the Investment Review Committee

  • Investment licensing
    The applicant's identity certificate, the original power of attorney, the identity certificate of the agent and the pre-checked name certificate. If the foreign natural person does not have a ROC residence permit, or if he has a residence permit but is not familiar with the language or administrative procedures, he can appoint a Taiwan agent to set up the company. For formal authorization, a court or private notary should be appointed to certify the notarization, and the agent can then proceed with the investment application, capital approval and other related procedures.
  • Preparatory account for the opening of a company - Pre-checked name certificate, unified certificate number capital form, personal seal of the person in charge.
  • Repatriation of investment funds
    A copy of inward remittance advice, money order and bankbook.
    - After pre-approval, you can apply to the Investment Commission of the Ministry of Economic Affairs ("Investment Commission") for investment.    The biggest difference between foreigners and locals setting up a company in Taiwan is that there is one more step: going through the Investment Review Committee (IRC) of the Ministry of Economic Affairs (MOEA). This is due to the fact that in China there are regulations on foreigners' investment projects and the amount of money that must be vetted before a company can be established.

You need to fill out the "Investment Application Form" - Expatriate A - Application for Initial Investment (including New) by Overseas Chinese and Foreigners, and submit it to the Investment Review Board together with the relevant investment plans and documents. For the documents that need to be submitted, please refer to Overseas Chinese V - Documents and instructions to be submitted by overseas Chinese and foreigners applying for investment, which mainly include.

Application form for a newly established business (Form A for overseas Chinese):
1 original and 1 copy.

  • Identification document of the investor (copy of nationality certificate or passport with expiration date)
  • Hong Kong and Macao residents are required to provide a Declaration of Hong Kong and Macao Residents (only required for Hong Kong and Macao residents).
  • Original power of attorney
  • Document certifying the identity of the agent
  • copy of the pre-checklist

(a) If the investment is made in New Taiwan Dollars (NTD), or in machinery, equipment or raw materials, or in intellectual property rights, relevant documentation is required.

III. Corporate registration

  • Completion of the preparatory account for the opening of the company
  • Fully paid-up capital stock completed
  • Shareholders' meeting
    Formation of Articles of Incorporation, signature of consent form for directors to serve, election of directors, visa for capitalization of proxy accountant, signature of shareholders' consent form
  • Accountants check visas → delivery of company registration → completion of registration

Change of bank account name

  1. Company registration approval documents, articles of association, bank stamps and seals
  2. Foreigners are required to obtain a Uniform Certificate of Capital Form first, and after the Investment Commission has approved the investment, they can go to the bank to open an account, and need to bring the following.

    Personal seal of the person in charge
    2、Basic Form for Unified Number (you can apply for a Unified Number at the Immigration Department of the Ministry of the Interior).
    3、Pre-checking name approvals
    4、Some banks will ask for investment permission from the Investment Review Board, you can confirm it before going to the bank.

  3. You will be able to use the English name of the account when you open an account and remit the capital from abroad.

IV. Business registration

  • Delivery of business registration
  • Receipt of IRS approval documents → Person in charge of IRS personally signs → Registration completed
  • Please get a uniform invoice for your purchase card
  • purchase of invoices for official business

Establishment of the company

After obtaining approval for the investment validation, the general company formation process can begin, including：

  1. Registered address of the company
  2. Consent to use the house
  3. the latest house tax bill
  4. If the owner is 2 or more persons, a copy of the ownership certificate of the building is required.

Identification documents of shareholders and directors

  • preparation of the relevant signed documents
  • Shareholder Consent (Limited)
  • Board of Directors' sign-in book, Letter of Consent (Co., Ltd.)
  • Taipei City Land Use Review Form (required only for Taipei City)

Articles of Association

  • Provide copies of passbooks, documentation of deposit balances
  • Obtain capital visas for accountants.
  • Major and minor chapters

After the establishment of the company

  • Business registration at the Internal Revenue Service
  • registration of imports and exports (as required)
  • Issuance of work permits, residence permits, etc.

Registration of company incorporation - local registration

【A. Photographs to be prepared】

  1. We need to provide proof of financial support.
  2. Proof of simple learning experience (text description is sufficient)
  3. Copy of the front and back of your health insurance card and the front of your health insurance card.

【B. Overall Timeline and Process] Approximate overall timeline of 1-1.5 months, not including the preparation of documents.】

Prepare a certificate of brief academic experience + copies of double certificates + the name of the company you wish to work for (2-3 working days expected).

  • Provide the name check to the office, which will be done by the office (3-5 working days).
  • During these 3-5 working days, we will first confirm which bank to open, and ask the responsible staff to prepare the capital amount, and provide the rental address of the business center to the firm for examination.
  • Name pre-screening completed, arrange for the preparation of a joint venture, head office, capital injection and signing of business center.
  • The next day after the completion of the capital injection, we will arrange for the application for a certificate of the balance of the capital, provide the certificate to the office, and submit it to the government for approval of the capital (7-14 working days).
  • Completion of the government audit, issuance of a letter of permission, and acquisition of the company's compilation.
  • Application for a trade certificate/registration of import/export/registration of signature at the National Tax Office (3-5 working days).
  • Arrange for Registers to handle official company accounts, office signatures, and other documents to be re-signed.
  • CTP registration
  • Registration of company establishment completed

Company registration_Foreign visitor registration

Registration of company - Foreigners setting up a company in Taiwan (non-Chinese, Hong Kong or Austrian nationals)
The time required is subject to change depending on the submission of documents and capital injection approximately 4-6 months.

A. Photographs to be prepared

  1. To be responsible for witnessing the financial support from the Philippines, depending on the capital amount.
    Ex : For capital amount of 800,000, a physical forceful proof of around 1.5 - 2 million is required.
  2. Must have relevant educational background, Ex: Be engaged in or graduated from a related industry.
  3. Must provide proof of employment or resignation.
  4. Brief background statement (no need to provide supporting documents).
  5. Operational plan.
  6. Copy of the passport of the person in charge.
  7. Uniform Certificate Number (Unicode) Basic Capital Code: Taiwan's Certificate of Personal Attribution which is to be used by banks.
  8. Other authorizations and notarized documents (to be signed and processed in Taiwan).

B. Procedure and Procedures

【The overall estimated time is approximately 3-4 months, which can be shortened by 1 month if the person in charge is not a human being and is the actual manager, since the longest period of time will be spent on the investment-investment, and governmental audit.】
Reg prepares a copy of passport + school history document + proof of employment/termination + name of the company you want to work for (3-5 working days expected).

  • Provide it to the firm, which will conduct a pre-inspection of the company (3-5 working days expected).
  • During this period, we assist in the confirmation of the business project and the preparation of the business plan (including the determination of the capital amount).
  • The name pre-inspection is completed, and public documents are obtained from the government for approval of capital injection.
  • Arrange for the responsible personnel to come to Taiwan, the expected time in Taiwan is about 3 days. The following procedures should be carried out: the processing of the Uniform Certificate No. (UCSN) Capital Form, the notarization of signed documents, the opening of accounts at the Preparatory Office, and the signing of agreements with business centers.
  • (If the person in charge is only the head of the registrar and not the actual registrar, it is recommended that a single transfer of 3,000 USD - 5,000 USD be made, and that the remittance be made once every 1-2 weeks, rather than every week, to reduce the risk of bank audits.
  • After the completion of the capital injection, it will be submitted to the government for the investment metal examination (expected 10-14 working days).
  • Upon completion of the government's approval, a permission letter is issued, the company's editor-in-chief is acquired, a visit to Taiwan is arranged for the responsible staff, and the company is expected to stay in Taiwan for three days.
  • Company establishment registration completed.
Scroll to top