How to Get Company Registration in Taiwan

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What is Company Registration in Taiwan?

Taiwan is ranked as 19^th best jurisdiction in the world for starting an entity in a Business Survey of 2017. It proves as an excellent gateway to the Asian Markets. It has a huge number of international trading companies, port facilities & banks to incentivize trading operations.

Taiwan is an excellent source of Trade Finance. It attracts world’s leading shipping companies to its Ports. It has 7 international ports. It is also an excellent jurisdiction to set up an industrial or manufacturing company:

• High Income Country
• Huge Consumer Base
• Relatively inexpensive country
• Incentives from Gov. for companies engaged in R & D activities.
• Easy Company Registration process.

Taiwan is ranked 14^th as the most competitive jurisdiction by World Economic Forum in 16-17. Non- residents can very well establish a concern in Taiwan, without even being present through local representatives. A company LLC can be registered within 3 weeks of application.

Foreigners willing to establish a business place in Taiwan usually register a Local Limited Liability Company.  

Types of Entity:

• Limited Liability Company: It can register just with one shareholder, one director who can be non – residents & No Minimum Paid up capital requirement as well. The application has to be made to Ministry of Economic Affairs. It is preferred option due to its flexibility & lower administrative cost.
• Limited Liability Partnership (Taiwanese): It must include at least 2 partners & one of them must be a general partner & a Taiwanese Resident. This sort of an establishment does not entail corporate tax & is subject to submission of personal income tax return by partners.
• Taiwanese Free Zone Company: Non-residents willing to start up an entity in Export & Import Origin can start up a subsidiary in Taiwanese Special Economic Zone. All that is required is to submit a proper business plan with SEZ Authority. A Free Zone registration is readily available if the person concerned has adequate infra & capital. TAIWAN’s Free Trade Zones are strategically located providing easy access to ASEAN countries. They are free from all sorts of duties imposed on generic companies. Customs clearance is exempted. It should have an FTZ operating license.
• Taiwanese Branch Office: It requires the appointment of a local branch agent & establishment of a branch office along with a business license to operate a Branch Office in Taiwan. It is more advisable for business/industry such as Banking or Financial Services.
• Taiwanese Representative Office: It is allowed to conduct only non – commercial operations through a resident manager. Generally used for market research branding, promotion, R & D. It is however not allowed to generate revenue on its own.

Steps in Registration:

• The proposed Company name should be applied & ensured before Taiwan Foreign Company Registration.
• Application for incorporation of the company by getting in place all the documents required & filing it with Ministry of Economic Affairs.
• Approval of investment Commission if foreign capital involved.
• Leasing of Office premises for Company Registration in Taiwan as it is indispensable. It is necessary in order to gain investment approval.

Document Preparation, Virtual Office space registration, foreign investment approval & all another notary to be executed in Taiwan Economic & Office Culture.

Also, the documents must be translated into Chinese for submission.

• Once the department is satisfied with the documentation, it will issue the Certificate of Incorporation.
• Acquiring of Business license from the relevant authority.
• Tax registration for corporate tax & VAT to be sorted from Taiwan Taxation Bureau. Once approved it will issue a Certificate of business registration.
• The opening of Bank Account in the resident state by submitting necessary docs.

Foreign Exchange Controls:

• Central Bank of Taiwan imposes currency exchange on the investors & traders who invest beyond a particular transaction limit.
• Locals & Non-residents can open foreign currency accounts without any prior approval of CBT.
• Resident Companies can freely remit dividends to non-resident shareholders up to a certain limit.
• Non-resident shareholders can freely repatriate sales proceeds to the resident Taiwanese company.

Taxation Considerations?

Legal & Compliance?

• Companies are subjected to Annual financial statutory audit if capital is 1 US million $.
• Companies incorporated in Taiwan needs an Import License to import goods.
• Listed Companies must fulfill the criteria & norms of the Taiwan Stock Exchange.