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What Are the Steps Involved in Incorporating a Company in Taiwan?
Incorporating a Company in Taiwan
Incorporating a company in Taiwan requires an in-depth research along with a business planning which must be executed in the right way meeting all the legal requirements of Taiwan. Incorporating a business involves three significant steps:
·Pre-incorporation
·Incorporation procedure
·Post-incorporation
Pre-Incorporation of a Company
The pre-requisite requirements before incorporating a company in Taiwan are as follows:
1. Company’s name registration: The company name should be registered, and it is essential that you must have a Chinese name for your company.
2. Company’s office registration: To successfully set up a company in Taiwan, you need to register a company’s address, and thus for this, you will have to rent a premise and sign the lease.
3. Business planning: No business can be set without a plan, and thus you need to work on your business project and decide about investment approval, the company set up, getting a tax number, opening a bank account and obtaining required licensing approval.
Incorporating Procedures for the Business Set Up in Taiwan
Following are the steps involved in incorporating a company in Taiwan:
1. You need to prepare the following documents:
· Article of Incorporation
· Power of Attorney
· Investor qualification declaration
These documents must be notarised along with submission of passport copies of the foreign investor. Translating all the documents in Chinese is mandatory.
2. All these documents which have been notarised must be submitted to MOAEIC who will review the details of the foreign investor along with the amount of investment for the company set up. After approval of these documents, the company can be set up as a foreign investment approved company.
3. Open a local bank account to deposit the share capital. You need to be physically present to open an account. You will receive a certificate of deposition once the investment capital has been transferred.
4. You need to obtain capital remittance approval by submitting bank account approval document along with a certificate of deposition to MOEA.
5. To register the company, you need to provide an article of incorporation, shareholder agreement and capital remittance approval certificate.
After submission of these documents, your company will be incorporated within a week.
Post Incorporation Steps:
Incorporating a company requires a few steps after the registration of the company to carry out business activities successfully.
1. You need to register for tax number by submitting an application form. You have to attend a tax interview with Taxation Bureau after which you will receive a business registration certificate.
2. You need to convert your capital account to a current account so that you can apply for online banking services.
3. You need to apply for an employment visa and required licenses for carrying out business activities.
Taiwan is a region where investing in any sector will give you profits. Incorporating a company in Taiwan is a simple process, but you will need assistance to translate all your documents to Chinese along with choosing a Chinese name.
To successfully set up a company in Taiwan, you will obviously need professional help. If you plan to open a company in Taiwan, please contact us, 3E Accounting will provide the best quality service at the most affordable price.