Conditions for setting up a company in Taiwan

Taiwan is an ideal destination for businesses looking to expand their business in the Asian region. With a dynamic and diverse business environment, combining tradition and modernity, Taiwan offers many opportunities for growth. A transparent legal system, attractive preferential policies, along with modern infrastructure, create favorable conditions for businesses from the start-up stage to scale-up. In addition, favorable geographical location, high-quality human resources and large domestic market consumption are also factors that attract investors. Viet An Law would like to provide you with a preliminary guide on the process of establishing a company in Taiwan through the article below.

Requirements for a visa to set up a company in Taiwan

To do business in Taiwan, foreigners often have to apply for a visa. With the exception of citizens of some countries with special travel agreements, most people need to apply for a visa, especially when planning to stay longer than 90 days. Common visa types for foreigners who want to do business in Taiwan:

• Business Visa: For those who intend to come to Taiwan to participate in business activities, negotiate contracts, attend conferences,…
• Investor Visa: For those who want to invest in businesses in Taiwan.
• Professional Visa: For those who have high technical expertise and are invited to work in Taiwanese companies.

A visa application usually includes:

• Valid passport: The passport is valid for at least 6 months from the expected date of entry.
• Visa application: Fill in the prescribed form.
• Image: Photo card according to the regulations of the Taiwan Embassy/Consulate.
• Proof of finances: Passbook, salary confirmation, property ownership papers,…
• Job offer: If you have a job offer from a company in Taiwan, you need to provide the original or notarized copy.
• Documents proving the purpose of the trip: Round-trip air tickets, travel itinerary, invitation letter to attend the conference,…

Processing time:

The processing time for visa applications can vary depending on the specific case, usually from 5-10 working days.

Conditions for pre-booking a company name

Before setting up a business in Taiwan, you must pre-name your business. You need to look up on the website of the Ministry of Economic Affairs, Republic of China to check if the business name has been used or not because you cannot choose a company name that already exists. Then proceed to pre-order your company name. Reservation applications can be submitted by businesses online or by mail to their office. The law in Taiwan requires you to have an official company name in Chinese, as Chinese is the main language here. You can also request an additional English name for your business.

Conditions for investment license to establish a company in Taiwan

For foreign enterprises, investors need to apply for an investment license from the Investment Committee of the Ministry of Economic Affairs (MOECIC). MOECIC will review and approve investment proposals submitted by international investors to ensure that these proposals comply with government regulations.

Conditions for opening a bank account of an enterprise

Businesses can open a Corporate Bank Account in Taiwan or an offshore Global Account based on your business requirements and objectives. These two types of accounts can be understood as follows:

• Corporate Bank Account in Taiwan: This account is opened at banks in Taiwan, which is convenient for domestic and international transactions related to business activities in Taiwan.
• Offshore Global Account: This type of account is usually opened at offshore banks, usually in international financial centers, for the purpose of international financial management, tax optimization, and foreign exchange risk management.

Although there is no specific requirement for contributed charter capital, it is recommended to reserve at least $5,000 to cover general expenses. Although not required, this recommendation is intended to ensure that the business has sufficient financial resources to cover initial operating costs such as:

• Office Rental Cost
• Personnel costs
• Marketing expenses
• Legal costs
• Other Operating Costs

If you need support with the procedure for establishing a company in Taiwan, please contact Viet An Law for the fastest support!