How to incorporate a company in Taiwan in 2024

PRE-INCORPORATION

1. Consultation: Healy Consultants and the Client discuss the proposed business activity in Taiwan. Thereafter, the Client and Healy Consultants agree of the following: i) proposed company names (in order of preference) ii) director/shareholder details iii) initial share capital amount and iv) license requirements (if any);
2. Name reservation: A Taiwanese company must register a Chinese name. So, Healy Consultants provides our Client closest Chinese translations of the 3 proposed names. Based on the Client’s choice, Healy Consultants applies to reserve Chinese name with Taiwan’s Ministry of Economic Affairs (MOEA);
3. Signing an office lease agreement: A foreign-owned company must rent premises 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;
4. Planning: At this point, Healy Consultants uses the above information to map out the entire project. We will prepare a detailed project plan, which will include timelines for i) investment approval ii) company incorporation iii) tax registration iv) bank account opening and v) license application (if required);

INCORPORATION PROCEDURE

1. Document preparation: Healy Consultants prepares the i) Power of Attorney (POA) document ii) articles of incorporation and iii) foreign investor qualification declaration to be emailed to the Client for signature. Furthermore, Healy Consultants requests the Client to notarize and legalize i) POA document ii) shareholders’ corporate documents/passport copies at the nearest Taiwan Economic and Culture Office. Any documents not in Chinese must be translated;
2. Foreign Investment approval: The legalized documents are submitted to the Investment Commission, MOEA (MOEAIC). Thereafter, the MOAEIC reviews i) the foreign investor details and ii) amount of foreign investment into the company. Once approved, our Clients will have the permission to incorporate a foreign investment approved (FIA) company;
3. Capital account opening: Now, Healy Consultants will assist our Clients open a capital account (preparatory bank account) to deposit the share capital. Unfortunately, all banks in Taiwan require a meeting in person. Once the capital is deposited, the bank will issue a certificate of deposit;
4. Capital Remittance approval: Healy Consultants will submit i) bank account approval document and ii) the certificate of deposit to the MOEA to secure capital remittance approval. Once obtained, Healy Consultants may proceed to incorporate the company;
5. Incorporation: Healy Consultants submits i) the articles of incorporation ii) shareholder agreement and iii) proof of capital remittance approval to the MOEA to proceed with incorporation. Within 1 week, the company will be registered;

POST-INCORPORATION

1. Tax registration: Following company incorporation, Healy Consultants will submit an application to register the new company with the Taiwan Taxation Bureau. The Client will need to attend a tax interview in person with the Taxation Bureau. When approved, the bureau will issue a Certificate of Business Registration;
2. Bank account conversion: During the 2^nd visit, Healy Consultants will accompany our Client to the bank to convert the capital account into a business current account and apply for the online banking services. Thereafter, the bank will email our Client the corporate bank account numbers directly, independently of Healy Consultants;
3. Additional registrations: At this stage, Healy Consultants can assist our Client apply for i) employee visas and ii) licenses (if required);
4. Engagement completion: The Client engagement is now complete. Healy Consultants couriers a full company kit to our Client, which includes the company’s original corporate documents, unopened bank correspondences and a Client feedback survey.