Hassle-free Company Setup in Taiwan

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Quick Facts about Taiwan

Why Taiwan?

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Years of incorporation experience

We make the process of setting up your company easy, efficient and stress free. We are well-versed with the proper guidelines and required documentation for incorporation.

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Different countries have different corporate cultures, we're here to help you make the transition with ease.

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Frequently Asked Questions

Setting Up a Business in Taiwan

How long would it take to set up an entity from start to finish with foreign shareholders?

The time to set up an entity in Taiwan can vary depending on the type of entity you choose and your preparedness. Here's a general guideline:For a standard company registration: You can expect the process to be completed in 4 to 6 months. It often depends on the backlog at the Ministry of Economic Affairs’ Investment Commission, the governing body that reviews all inbound investments into Taiwan.This timeframe assumes everything goes smoothly with document preparation and approvals.
With a more complex shareholding structure, e.g. multiple shareholders or having multiple layers of shareholders, then the timeframe is likely to further lengthen to 7 or more months. It is often not uncommon to hear that the incorporation just dies on the vine as one has 1 year from the date of the Investment Commission to complete the incorporation process.In addition to the above, here are some additional factors that can affect the timeline:Scope of business:
Certain industries require additional licensing requirements thus lengthening the incorporation process.
KYC/government due diligence:
Regulators may require supplemental information from key shareholders.In addition, if your shareholders are coming from an “exotic” country or a country that is not familiar to Taiwanese regulators, you may also receive additional scrutiny.

Do We Need a Local (Taiwanese) Director?

Taiwan employs a concept of “Fu Zer Ren” (負責人) or a legal representative. This person can be of any nationality and does not need to reside in Taiwan.However, in practice if the legal representative does not at least travel to Taiwan on a frequent basis, it would make the operation of the company challenging.Many tasks, bank opening, re-issuing of bank passwords, update to banking privileges, etc., require an in-person visit.

What kind of entity do I need?

There are a few different types of entities available in Taiwan. If you are not sure which type would fit your goals, we provide customized consulting service to help you determine the best setup.

What is an E-certificate?

It is a digital certificate (card) issued by the Ministry of Economic Affairs (MOEA) of Taiwan for companies, branches, limited partnerships, and businesses. It serves as an online identity verification tool and provides the following security authentication services to protect user rights. Normally corporates will need it for online health insurance verification.

How much is a registered address rental?

This will range from TWD$2,500 to TWD$3,500 per month, exclusive of 5% VAT. This is a monthly recurring fee and it would be paid directly to the service provider. Payment is usually 1-year at a time. In addition to the monthly rental, there is a standard 2-month deposit.

Can I use my residential address as the registered address?

It depends on the type of building that you are living in. If you live in a building that is designated as a residential building, then it would not be possible to use your residential address as a business address. If you are in a mixed-use building (zoned for residential and commercial purposes), then it may be possible to use it for your company registration purposes.However, keep in mind the concept of a registered address is different from a mailing address. The approval needs to come from the real estate owner, not just the letter of the premise.We bring this point up because we find many people confused when they find out that their co-working space cannot provide a registered address. This is because often the operator of the co-working space is also leasing space and its landlord has not given it permission to rent out addresses for the purposes of registering a business.Lastly, if you are operating a restricted business that requires additional licensing, then merely renting an address may not suffice--examples that come to mind are education businesses, gyms, import/export businesses, etc. For restricted businesses, it may be a requirement for you to secure your own premise.

Must I open a bank account to have an entity in Taiwan?

Opening a corporate bank account is part of the process for incorporation. Essentially, the bank account acts as an escrow. In the incorporation process, you will need to declare how much capital you intend to fund the company with and the bank would need to provide the proof of funds received in order for you to complete the incorporation process.

Can I open the bank account remotely or via a proxy?

No.

How can I open a bank account?

Opening a corporate bank account is part of the process for incorporation. The responsible person would have to personally go to the bank 2-3 times for the process.

Staffing in Taiwan

How to hire local Taiwanese / foreign workers?

It is recommended to refer to our EOR service (www.taiwaneor.com) to ensure that your staff in Taiwan receives all benefits entitled to an employee under Taiwan law, while at the same time, ensuring that both you and the employee are protected under a transparent labor framework.

Local Compliance

What is NHI (National Health Insurance)?

The National Health Insurance (NHI) in Taiwan, established in 1995, is a health care system providing universal coverage to all residents, including citizens and foreign residents. Funded through premiums based on income and contributions from individuals, employers, and the government, the NHI offers a wide range of medical services such as outpatient and inpatient care, dental care, traditional Chinese medicine, prescription drugs, and preventive health services. Taiwan's NHI is widely regarded as a successful model of comprehensive and affordable healthcare.The monthly cost for NHI would be TWD$1,975 based on the following assumptions: no employees, with one legal representative. This would be a monthly recurring fee and is subject to change depending on your staffing situation.

How do I file taxes?

Mandatory VAT Filing & Annual Return:
Bi-monthly tax filings are required to be submitted to regulatory authorities once you set up your company, even if there is no revenue generated. The annual accounting and tax compliance fees (including bi-monthly tax filing x 6 and annual return with simple compliance) would be USD 1,800. For companies with actual operations, the actual cost would vary depending on the number of transactions.

How do you charge for accounting / taxation / compliance and other finance related services?

We have a starter package for pre-revenue companies with total monthly expenditures at NTD 500,000 or less. US$500/month. Once a company exceeds this scale, we will provide a customized quote based on scale.

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