Company incorporation in Taiwan

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09/13/2022 at 1:02 PM #1070095

WalterGreene
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Business registration in Taiwan can be done with the help of various advisory groups and agencies that can assist with licensing, banking solutions, and workplace rental solutions. There are several corporate structures in the country: Unlimited Company (UC), Unlimited Company with Limited Partners, Limited Liability Company (LP), Limited Liability Company with Tax Residence (LLC) or Limited Liability Company, Free Zone- LLC, Public Company (PLC), Representative Office and Branch Office. The best use of a tax resident LLC is to sell all products and services, the free zone LLC is best for manufacturing and export trade, the best purpose of the PLC is to secure public funding, the representation is good when it comes to marketing and Research is about, and the best performance of the branch within the framework of the implementation of specific projects.

In general, there are some basic steps to take when starting a business in Taiwan. The pre-incorporation includes the agreement to be reached on the proposed company name, director and shareholder details, as well as the initial share capital amount and licensing requirements.

LLC Formation
LLC is the most common corporate structure in Taiwan. A limited liability company is generally a corporation organized by one or more shareholders. Each shareholder of such a corporate structure is liable for the company in the amount of the sum contributed by him.

The incorporation process requires actions such as company name reservation (which can be done with the help of the Taiwan Ministry of Economy (MODEA)), tax registration (with the Taiwan Revenue Agency by attending a tax interview), investment approval, and processing of the license application and account opening. Therefore, Taiwan’s company incorporation process includes the preparation of documents (by submitting the Articles of Incorporation), approval of foreign investment, opening of a capital account (along with deposit of the company’s share capital), and approval of capital transfer (by submission of proof of approval of the capital transfer). Taiwanese banks require an in-person meeting to complete the account opening process. The entire incorporation process usually takes between 2 and 3 weeks.

Directors and shareholders of the LLC, documents required
There are no ways to own an LLC in Taiwan as the sole shareholder as the company must have other shareholders in order to be properly incorporated. Such shareholders may be nominees or shareholders (de facto). However, corporate shareholders are permitted. The LLC must be registered with 1 shareholder and 1 director, both of whom can be non-resident aliens. A local shareholder is not required. Individual shareholders are permitted, all of whom must register on the public register of shareholders and directors. The minimum requirement regarding LLC directors is to have only one director. However, company directors are permitted. Taiwan’s legislation requires companies to hold an annual shareholders’ meeting.

In Taiwan, there is a statutory provision related to the Articles of Incorporation that states that shareholders who do not transact business may require shareholders that do business to provide information on the company’s business and its assets, documents, books and statements check. Basic documents required to be submitted by shareholders are their corporate documents, passport copies at the nearest Taiwan Economic and Cultural Bureau, Foreign Investor Qualification Statement, POA document. Shareholders can contribute their capital in the form of goodwill, services or other rights subject to compliance with certain provisions of Taiwanese law.

LLC share capital, documentation required
LLC share capital must be deposited with a certificate of deposit issued by the bank. LLC share capital registration requires specific documents to be notarized and legalized. The legalized documents should be submitted to the Investment Commission MOEA or MOEAIC. Additionally, company’s employees must have visas (including work permits which usually take about 3 months to register) and licenses (if job specifics require them).

The common minimum paid up share capital is 3,300 US dollars. However, the minimal capitalization amount is 0, meaning that there is no requirement for any minimum share capital. The VAT payable on sales to local customers is 5%. The corporate tax rate on annual net profits in Taiwan is 17%. There are some government grants available as well. Average total business setup engagement costs are 14,040 US dollars in an average total engagement period of 2.5 months.

Legal address for Taiwanese LLC
When officially purchasing workspace or office premises in Taiwan, there is a requirement of a registered agent, meaning that the company will have to pay a fee on a yearly basis, for an address which can receive any official legal correspondence on behalf of the business. There is also another requirement stating that there must be a lease agreement signed before company registration. Another requirement is that one half of the shareholders who are conducting the business in Taiwan must have domiciles within the territory of the Republic of China.

09/14/2023 at 1:58 PM #1414693

victanda
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Company incorporation in Taiwan

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