Taiwan company incorporation

How to incorporate a company in Taiwan

    PRE-INCORPORATION

    Taiwan business guides to incorporating a company

  1. Name reservation and business scope: Submit an application to reserve your company name with Taiwan’s Ministry of Economic Affairs. The name must be in Chinese and the application needs to include a summary of the proposed business activities, as certain words are restricted to businesses established in particular sectors. Consequently, it may not always be possible to use an exact translation of the desired name. Healy Consultants assists our Clients to navigate the naming requirements and reserve a name as close as possible to the desired choice;
  2. Ownership structure and share capital: Select at least one individual or company to own the shares in the Taiwanese business. Taiwan has no fixed minimum share capital requirement for an LLC, so choose an amount of share capital appropriate to the needs of the business (at least matching the costs of incorporation). If the company will operate in a sector requiring a special permit, license or approval, the authorities may impose a higher minimum capital amount. Divide this capital into shares of equal value and allot these to the shareholders in proportion with desired ownership levels;
  3. Appointment of directors: Taiwanese companies must appoint at least one director. The director must be an individual, as corporate directors are not permitted in Taiwan. However, there is no residence or nationality requirement for directors of companies in Taiwan;
  4. Find an office: A foreign-owned company must rent premises in order to gain investment approval. A virtual office will suffice in the early stages of the business while you look for a permanent location for your Taiwanese business. Healy Consultants offers virtual office services to its Clients to ease the incorporation process;
  5. Articles of incorporation: The shareholders sign this document, which contains the rules for the management and administration of Taiwanese companies. Healy Consultants’ legal team will assist our Clients with drafting articles of incorporation to suit their needs. The articles of incorporation are known in other jurisdictions as the articles of association, bylaws or company charter;
  6. Planning phase: At this point in an engagement, Healy Consultants uses all of the above information to plan the incorporation, licensing and bank account opening process to completion. The project plan will include instructions and timelines for i) company incorporation ii) investment approval iii) tax registration iv) bank account opening and v) license applications;
  7. Document preparation: Healy Consultants works with our Client to gather all of the documents necessary to gain investment approval and register the company. The shareholders’ corporate documents and any passport copies must be notarized and then legalized at the nearest Taiwan Economic and Culture Office. Legalization does not take place at Taiwanese embassies, as most countries do not recognise Taiwan as being independent from China. This means that the economic and cultural offices are the extent of direct diplomatic relations between Taiwan and most countries. Any documents not in Chinese must be translated;
  8. Temporary bank account opening (travel required): Businesses must open a temporary bank account to receive the remittance of the share capital prior to company formation. Unfortunately, all of the banks in Taiwan require a meeting in person;
  9. INCORPORATION PROCEDURE

  10. Investment approval: Following the opening of the temporary bank account, Healy Consultants will submit the foreign investment approval application to the Ministry of Economic Affairs on our Client’s behalf. Our Client will remit their capital contribution to the bank account upon receipt of approval, at which point the MOEA will confirm the arrival of the funds and grant leave to incorporate the company;
  11. Incorporation: Healy Consultants submits the incorporation documents and MOEA approval to the relevant city government to proceed with incorporation. Within two weeks, the company will be registered;
  12. POST-INCORPORATION

  13. Tax registration and account conversion (travel required): Following incorporation but prior to the second visit to Taiwan, Healy Consultants will submit an application to register the new business with the Taiwan Taxation Bureau. The Client must then attend a tax interview in person with the Taxation Bureau to finalise the business registration process. During this visit, our Client will visit the bank to convert the pre-incorporation bank account into a business current account and apply for the online banking services;
  14. Additional registrations: The company must at this stage apply for employee visas, applicable licenses and any other necessary government authorisation or registration. Healy Consultants helps our Clients to complete these as quickly as possible, as they will have been accounted for during the planning phase (step 7, above);
  15. Engagement completion: Healy Consultants couriers a full company kit to our Client upon successful completion of the Taiwan company incorporation and set-up process. The kit includes the Taiwanese company’s original corporate documents, unopened bank correspondence, any licences obtained and a Client feedback survey;

Contact us

For additional information on our company incorporation services in Taiwan, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Ms. Karen Lee, directly: