Taiwan company registration

DOING BUSINESS IN TAIWAN IN 2023

Since 2003, Healy Consultants Group PLC has been efficiently and effectively assisting our Clients with i) Taiwan business registration ii) business licensing iii) Taiwan corporate banking solutions iv) visa options and staff recruitment strategies and v) workspace rental solutions.

Compare different Taiwan entities	LLC	Fast setup solution	Free zone LLC	PLC	RO	Branch
Best use of company?	All products and services	Close client deal now	Manuf/ export trading	To get pub. funding	Marketing & research	Specific projects
How soon to invoice Clients?	7 weeks	2 weeks	8 weeks	3 months	NA	7 weeks
How soon can you hire staff?	7 weeks	2 weeks	8 weeks	3 months	NA	7 weeks
How soon can you sign a lease agreement?	Immediately	Immediately	Immediately	Immediately	Immediately	Immediately
How long to supply corporate bank a/c?	4 weeks	2 weeks	4 weeks	4 weeks	4 weeks	4 weeks
How long to supply co. reg / tax numbers?	9 weeks	2 weeks	10 weeks	3 months	2 months	9 weeks
Corporate tax rate on annual profit?	20%	20%	20%	20%	NA	20%
Limited liability entity?	Yes	Yes	Yes	Yes	No	No
Government grants available?	Yes	Yes	Yes	Yes	No	Yes
Govt approval required for foreign owners?	Yes	Yes	Yes	Yes	Yes	Yes
Res. director/partner/ legal rep. required?	No	No	No	No	Yes	Yes
Recommended min. paid up share capital?	US$3,300	US$3,300	US$200,000	US$50,000	NA	NA
Can bid for Government contracts?	Yes	Yes	Yes	Yes	No	Yes
Corporate bank account location?	Citibank	Bank of East Asia	HSBC	Standard Chartered	Citibank	Standard Chartered
Can secure trade finance?	Yes	Yes	Yes	Yes	No	Yes
VAT payable on sales to local customers?	5%	5%	5%	5%	None	5%
Average total business set up costs?	US$17,690	US$28,255	US$18,390	US$18,840	US$16,040	US$16,040
Average total engagement period?	3 months	3 months	3 months	3 months	3 months	3 months

See full table

Accounting and tax considerations	LLC	Fast setup solution	Free zone LLC	PLC	RO	Branch
Statutory corporate tax payable?	20%	20%	0%	20%	NA	20%
Legally tax exempt if properly structured?	No	No	No	No	Yes	No
Group HQ tax incentives?	No	No	No	No	No	No
Must file an annual tax return?	Yes	Yes	Yes	Yes	No	Yes
Must file annual financial statements?	Yes	Yes	Yes	Yes	No	Yes
Must appoint an auditor?	No	No	No	Yes	No	No
Access to double taxation treaties?	Yes	Yes	Yes	Yes	No	Yes
WH tax on payments to foreign s/holders?	21%	21%	21%	21%	NA	NA
Company Registration	LLC	Fast setup solution	Free zone LLC	PLC	RO	Branch
Res. director/partner/ legal rep. required?	No	No	No	No	No	No
Min. number of shareholders/partners?	1	1	1	1	Parent company	Parent company
Minimum number of directors/managers?	1	1	1	3	1	1
Maximum shareholding for foreigners?	100%	100%	100%	100%	100%	100%
Shelf companies available?	Yes	Yes	Yes	No	No	No
Time to incorporate a new entity?	7 weeks	2 weeks	8 weeks	3 months	NA	7 weeks
Can easily convert to a PLC?	Yes	Yes	Yes	Yes	No	No
Can have preference shareholders?	Yes	Yes	Yes	Yes	No	No
Business Considerations	LLC	Fast setup solution	Free zone LLC	PLC	RO	Branch
Good entity for trademark registration?	Yes	Yes	Yes	Yes	No	No
Can secure an import and export license?	Yes	Yes	Yes	Yes	No	Yes

Sponsorship by a local citizen required?	No
Our Client must travel to Taiwan?	Yes
Temp. physical office solutions available?	Yes
You need local resident as bank signatory?	No
Can be wholly foreign owned?	Yes
The entity will likely be regulated by?	Ministry of Economic Affairs (MOEA)
Monthly VAT reporting to the Government?	No
Sign office lease during incorporation?	Yes
Public register of s/holders and directors?	Yes
Security deposit kept with government?	No
S/holder/director docs attested/translated?	Yes
Foreign director needs personal tax no.?	No
Foreign director needs a residence visa?	No
Maximum number of staff allowed?	No
Expatriate to local staff ratio?	None
Residence visa for business owner?	Yes
Other useful information
Taiwan has signed free trade agreements?	Yes
This country is a member of TRIPS?	Yes
This country is a member of the ICSID?	No
Average custom duties suffered?	4.23%
Govt foreign investment approval required?	Yes
Average monthly office rent? (US$/sq m)	US$20
Minimum statutory monthly salary?	US$700
Average US$ salary for local skilled staff?	US$3,000
US$ deposit interest rate? (1 year average)	1.05%
Overseas remittance currency controls?	Yes
Banking considerations
Multi-currency bank accounts available?	Yes
Corporate visa debit cards available?	Yes
Quality of e-banking platform?	Good
Crowd funding available in this country?	Yes

Taiwan business setup summary

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Company purpose?
Will the LLC be a trading company or a holding company?
Will the entity be a subsidiary of a foreign company?
The LLC will be tax resident? Having local customers and local staff and local suppliers?
The entity will receive investment income or professional services fees or sales from trading with multi-national customers?
Is double taxation treaty access important?
Do you need our help to legally minimize your international tax obligations?
Do you need our help to increase e-commerce sales (click link)?
Company structure?
Will the shareholders be individuals or corporate?

In what country do you require a corporate bank account? Refer to this web page (click link) for ideas

Do you need multi-currency corporate visa debit cards?

Do you need a resident director?

Nationality of shareholders and directors?
Expected annual sales and net profits?
Does the entity need a special regulatory license or import or export license?
Additional comments?
Tell us about your existing business?
Name of your existing company?
Your business web site address?
What products and services does your company supply?
How many years are you operating this business?
Is your Firm regulated by a Government agency?
In what country are the majority of your customers?

In what country are the majority of your suppliers?
Tell us about you?
Your name?
Your email address?
What country are you based in?

Specifically, what deliverables (click link) do you need?
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