A guide to incorporate a company in Taiwan
During incorporation in Taiwan, the company name and approval has to be done by the Department of Commerce of the Ministry of Economic Affairs (MOEA), which is in charge of verification and reservation of the proposed name. It is always good to engage an approved agent who is a Taiwan resident once you have a Point of Attorney.
One should have the following documents to be issued with a Certificate of incorporation:
- A copy of the passport
- The original copy of the Point of Attorney
- The identification of the hired agent
- A copy of a preliminary check of the company’s proposed name.
Next is tax registration for corporate tax, VAT with the Taiwan Taxation Bureau, which then issues a Certificate of business registration, which in turn enables one to open a corporate bank account. One is first required to open a Preparatory Bank Account that serves as a temporary bank account to deposit capital amount.
Besides, one should notarize all valid documents, foreign investment approval with the Taiwan Economic & Office Culture. All documents are translated into Chinese before submission. You are then issued with the Certificate of Incorporation.
Nest applies to the examination of investment capital. Then apply for Partnership Registration, apply for Importer/Exporter English name, and registration and the registration of the business with the Council of Labor Affairs and the National Health Insurance is the final step.
Taiwan’s city culture may be similar to that of Hong Kong, but there is little talent in the finance sector talent and a lack of clarity over incentives. There are also tight regulations for the financial sector and steeper taxes in comparison to Hong Kong.
Beijing’s new security law, anti-money laundering regulations, and Know Your Customer (KYC) requirements may cause mass emigration in Hong Kong. It is still easier to do business in Hong Kong because it requires less research to set up a business and less work to follow all the rules. Also, the higher standard of English in Hong Kong draws more international talents.