Policies for Taiwan Company Formation are Friendly for both Foreigners and Local Investors
If you an aspiring entrepreneur both local and a foreigner and thinking of ways to Taiwan company formation, then sit back and read on. According to Taiwan laws, when incorporating a company, you must first have a unique business name. The name should resonate well with the nature of the business. But first, you must present at least three to four names which may be in English or Chinese to the Department of Commerce, Ministry of Economic Affairs (MOEA) for endorsement and reservation.
Business Entities and Requirements for Taiwan Company Formation
Should you decide to conduct business registration in Taiwan and you’re a foreigner, you can only be eligible to three types of branches. These include Subsidiaries, Branches, and Representative Offices. Again, as a foreigner, you need to validate whether you require an Appointed Investment Agent or not. An appointed agent comes along when you don’t have a ROC Alien Resident Certificate (ARC) with a Taiwan ID. You’ll be required to have a Point of Attorney to hire an agent.
Also, the law requires a foreigner to acquire a foreign investment endorsement from the Ministry of Economic Affairs Investment Commission (MOEAIC). Some of the documents that you required include:
- copy of passport
- original copy of Point of Attorney
- the ID of your hired agent
- a copy of introductory check of Firm’s Intended Name
Every company must have a bank account. In Taiwan, you can open a “Preparatory Bank Account” which acts as a momentary bank account. Here, you can deposit the paid-up capital. In the event you don’t possess an ARC, you’ll be required to acquire a Records of ID before visiting the bank with the following documents: personal stamp, records of ID (Republic of China) and findings of Introductory Check of Firm’s Intended name.
Preparation of Other Documents
Any investor needs to prepare the necessary documents to submit that related to Taiwan company formation. These include the following:
- minutes of shareholders or directors
- legitimized Identity documents of the shareholders
- legitimized Identity Documents of the Local agent
- lease agreement
- Identity Documents of the directors
The minimum paid-up capital for a Subsidiary Limited company is NT$500,000. For a company limited by shares, you’ll be required to have a minimum of one shareholder and one director that’s a member or a representative delegated by a corporate member.
The moment you’re through with capital confirmation step is when you can apply for the company registration where you’ll submit documents such as Articles of Incorporation, CPA audit report, attendance book for Board of Directors among others.
Each company must register at the Council of Labor Affairs for the worker’s affairs when it comes to Taiwan company formation. Additionally, you must apply for the National Health Insurance, Labor Insurance and Pension Plan report at the Bureau of labour Insurance.
It’s mandatory to comply with tax requirements. Therefore, you need to apply for a tax registration number with the relevant authority.
These details may overwhelm you right now, but they are really not that complex. In any case, you can contact us to ensure seamlessness in business registration and company formation procedures.