Taiwan client case studies
An Indian pharmaceutical company sets up office in Taiwan
Specifically, our Client’s company is a Contract Research Organization (CRO) based in Mumbai, India. The company’s purpose is to assist pharmaceutical companies from across the globe with comprehensive drug development by providing high quality testing services.
In Taiwan, our Client wished to setup a subsidiary which would partner with local Firms conducting clinical trials in the country. Our Client’s Taiwanese subsidiary would provide the drugs to be used during the trails, supervise the trials and report the results to the pharmaceutical companies producing the drugs. So, keeping these objectives in mind, the company’s senior manager approached Healy Consultants in February, 2015.
Initially, our Client approached Healy Consultants via email. The subsequent conversations took place both over the phone and via email. Our Client explained their business activity in detail. Healy Consultants realized the company would need additional approvals and permits prior to providing CRO services in Taiwan. Healy Consultants discussed the project with our affiliate officer and assured the Client we could assist their Firm. Thereafter, we immediately forwarded them the engagement letter.
Healy Consultants and the Client agreed on the company name and corporate structure. In Taiwan, a company can only reserve Chinese names, so Healy Consultants chose a name closest in meaning to the agreed upon English name. Thereafter, Healy Consultants proceeded to reserve company name with the Ministry of Economic Affairs (MOEA). Next, we opened a capital account with Deutsche Bank Taiwan, following which the Client deposited the share capital amount. After receiving the proof of deposit, Healy Consultants finally incorporated the company and emailed the certificate of incorporation to the Client.
Virtual office services
All Taiwanese companies are required to sign lease agreement for office premises prior to securing investment approval from the authorities. Healy Consultants assisted our Client with signing a tenancy agreement for shared physical office services in Taiwan.
Engagement strategy document
Prior to commencing the incorporation process, our Client requested Healy Consultants to prepare an engagement strategy document to address the procedure for successfully conducting clinical trials in Taiwan. So, concurrently with company setup, Healy Consultants prepared a detailed document within 1 month after discussing our Client’s engagement with 10 law firms, company secretarial firms and accounting firms.
After company registration, Healy Consultants proceeded to convert our Client’s Deutsche Bank capital account into a permanent business bank account. First, Healy Consultants skillfully negotiated a travel exemption for our Client, because of which our Clients were simply required to courier the signed documents to Taiwan. The entire process was completed within 2 weeks.
Electronics provider opens Taiwan office
Miss Katty is a Dubai resident. She approached Healy Consultants to help her to meet her business goal to incorporate a company in Taiwan. The company is called Neutral Private Limited, which engaged in the import and export of various goods throughout Taiwan, Korea and India. The company provides quality goods, software, hardware and machine part to its Clients in variety industries, such as materials industry, manufacturing industry and telecommunication industry, many of which are based in the Asian region. To better serve its Clients in Asia Pacific, Miss Katty chose to set up a company in Taiwan with the professional assistance of Healy Consultants.
Miss Katty contacted our Singapore office to discuss the optimum business strategy and begin the engagement. Healy Consultants then explained to Miss Katty the jurisdiction and tax requirements in Taiwan, also highlighting the competitive business advantages. Miss Katty decided to incorporate a company in Taiwan and two corporate bank accounts to support the business. However, during subsequent communications Miss Katty was able to identify the additional services she would require following company incorporation, and total engagement fees were agreed. With costs and scope of services agreed, Miss Katty signed Healy Consultants’ Client Engagement Letter, which outlined her preferred company structure, including shareholders and directors.
Healy Consultants began the incorporation process after the corporate structure is agreed by Miss Katty. Because a Chinese name is required for all Taiwan registered company, Healy Consultants translated the proposed company name into Chinese and obtained name reservation approval from the Taiwan Registry.
Thereafter, Healy Consultants proceeded with company incorporation and obtained the preliminary approval of Foreign Investment Application from the Taiwan Government within one week. Thereafter Healy Consultants arranged Miss Katty to travel to Taiwan to setup a temporary corporate bank account with Mega Bank for initial capital (US$20,000) injection. During Miss Katty’s travel to Taiwan, Healy Consultants arranged i) airport pickup ii) hotel accommodation to avoid any inconvenience to Miss Katty. After the initial capital was funded, the Taiwan Government issued the Certificate of Incorporation within three days confirming Neutral Private Limited as a legal entity.
To proceed with the company tax registration, Miss Katty is required to travel to Taiwan for a tax interview. In the meantime Healy Consultants assists Miss Katty to open the second corporate bank account with Bank of Taiwan.
Miss Katty emphasized she needs two corporate bank account to support its operations in Taiwan. Prior to the engagement, Healy Consultants contacted Mega Bank and Bank of Taiwan to obtain preliminary approval for her company’s corporate bank account opening. To support the corporate bank account opening, Healy Consultants prepared a detailed business plan in Chinese. The business plan contained details such as the company’s activities (and its products and services), information on the shareholders and directors, a brief market analysis and some financial projections.
For both Mega Bank and Bank of Taiwan, Healy Consultants submitted the complete account application pack and accompanied Miss Katty to the bank personally for a bank interview. Mega Bank and Bank of Taiwan approved the corporate bank account at the same day Miss Katty visit the bank and issued her with the internet banking details, ATM card and PIN numbers.
Other supporting services
Also, to support Miss Katty’s business in Taiwan, Healy Consultants assist Miss Katty to i) hire local staff in Taiwan, which includes arrange recruitment advertisement, interviews, shortlists etc for Miss Katty ii) introduce housing agent in Taiwan to assist Miss Katty to locate a physical office in Taiwan (if needed) iii) introduce Miss Katty supplier and export agent in Taiwan and iv) introduce Miss Katty to some of our existing Client in the same industry.
Thereafter, Last but not least, to enable Miss Katty legally work in Taiwan, Healy Consultants assists Miss Katty and her family to obtain residency and working visa in Taiwan.
The whole company incorporation and bank account opening process takes approximately six weeks to complete start from the beginning. Miss Katty’s timely response and co-operation is highly appreciated during the engagement.
In August 2013, Healy Consultants provides Miss Katty a complete company kit including i) Original certificate of registration ii) original certificate of tax registration iii) original Investment Commission Approval and bank kits (incl internet banking token and cheque book). For our continuous improvement, Healy Consultants also emailed Miss Katty an Engagement Feedback Survey for his completion.