![\"How](\"https:\/\/www.saporedicina.com\/english\/wp-content\/uploads\/2020\/06\/open-a-company-in-taiwan.jpg\" "\\"How")
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<\/strong><\/p>\n In the past, the legal representative had to come to Taiwan to set up the Taiwan entity and open the bank account during the incorporation process. <\/p>\n Recently, the government and many banks changed their procedure to accept a Power of Attorney (POA) instead of visiting Taiwan in person. <\/p>\n However, not all banks would accept the POA, here is an overview: <\/p>\n Foreign-based banks such as CitiBank, or HSBC, provide the most flexibility to clients, e.g. POA or web meeting. However, they usually set high requirements to open the account so they can provide the service to clients they preferred.<\/p>\n Here some examples of requirements from different international banks: There are banks that only accept clients with an initial capital higher than 34,000 USD, others only accept clients who have a minimum sales amount per year, and other banks only accept clients that do business on certain industries (e.g. digital business).<\/p>\n<\/li>\n<\/ul>\n Selecting a proper bank to open the bank account during the incorporation process is important. Sometimes, the time frame of incorporation might be significantly delayed by misleading communication with the banker.<\/p>\n Usually, it\u2019s a good idea to listen to your agency\u2019s suggestions, when it comes down to selecting a bank for the purpose of opening your business bank account. <\/p>\n First of all, you\u2019ll need to pay the agency\u2019s fee and choose a name for your brand new company. Your licensed agency<\/a> will then check whether the name is available in Taiwan or is already taken.<\/p>\n Next, you\u2019ll have to send a copy of your passport, a copy of an official document as proof of residence (for instance, a driver\u2019s license, a bill, or a bank statement that shows your residential address), and a questionnaire with standard questions such as an address, capital amount, business scope, director and shareholders list (if you plan to open the company alone, you can be both director and single shareholder).<\/p>\n Few documents will be subject to legalization by the Taipei Embassy in your home country, such as the POA, certificate of incorporation.<\/p>\n After getting the investment approval and opening a preparatory bank account, you can inject the capital from your foreign bank account. <\/p>\n Your agency will submit the company registration after the capital audit is completed. You will receive the approval letter with the general uniform invoice number of your Taiwan business entity. At this stage, your Taiwan entity is formally established.<\/p>\n Your agency will then submit the tax registration and you shall receive the approval letter with tax ID within 2 weeks. The last step is to transfer the preparatory bank account to the official account and go to the tax office for an interview. It also can be done by your agency with a POA.<\/p>\n The whole process to register the company should take around 2-3 months.<\/p>\n Assuming that you decide to hire an agency with an office address for registration, during the first year you\u2019ll need to pay the following fees: <\/p>\n So, the total is 130,000 NTD, that is around 4,400 USD<\/a>, at the moment we write this article.<\/strong><\/p>\n Starting from the second year, you\u2019ll need to pay for the registered office address, which is 48,000 NTD.<\/p>\n This means that starting from the second year, you\u2019ll pay 48,000 NTD per year to maintain the company.<\/strong><\/p>\n Note: This quotation was provided by the agency we recommend at the moment; other agencies might quote you a completely different fee.<\/p>\n Unlike setting up a company in Singapore<\/a> or Hong Kong, you don\u2019t need to assign a local company secretary; however, a renewal fee is also required for Taiwan business entities.<\/p>\n Further, you\u2019ll need to file a bi-monthly VAT filing and annual income tax return. According to Taiwan regulations, the VAT should be filed by the 15th of each odd month for the preceding two months. <\/p>\n The corporate income tax return should be filed by the end of the 5th month of the following year after the fiscal year is ended. <\/p>\nThe cons of opening a company in Taiwan<\/h2>\n
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How to open a company in Taiwan<\/h2>\n
Do you need to come to Taiwan?<\/h3>\n
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The procedure and required documents to register a company in Taiwan<\/h3>\n
The total cost of registering and maintaining a company in Taiwan<\/h2>\n
Company formation costs<\/h3>\n
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Yearly fee to maintain the company<\/h3>\n
VAT, accounting and auditing<\/h3>\n