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Six Considerations to register a Taiwan Company
Starting a business is no small task. Starting a business in a foreign country is even harder. To get you started, we have made a list of six important things to start thinking about as you begin. If you ever feel that you need help, our team of accounting and consulting professionals stand ready to assist you with any part of this process.
1. Have a Chinese Business Name
The official language in Taiwan is Chinese. The Taiwan Company Registry only accepts investors registering a Chinese name for their business that will be set up in Taiwan. You cannot choose a business name that is taken. Check the availability of your preferred business name through the platform from the Department of Commerce, MOEA. Please also note that once the company is set up, information about the company such as company name, amount of capital, names of directors, location of the company, date of registration, and business scopes, can be found in the company information inquiry platform.
The only official Chinese business names in Taiwan are Chinese, which means the English names are usually just translations. However, many circumstances where a Taiwanese company needs an English name, such as accepting international bank payments or exporting goods. Under the above conditions, a Taiwan company can officially register its English name at the Bureau of Foreign Trade.
Choosing a good Chinese business name is a good start for your business. There are several ways to choose a Chinese name. Before you pick one, we suggest reading the article link below. We can help you create a Chinese company name by the sound and by the meaning based on your English company name.
How To Pick The Right Chinese Name For Your Company by Misha Maruma
There are three common entities for foreign investors who want to start business in Taiwan:
1. Limited company
2. Company Limited by Shares
3. Branch Office of the foreign company
The foreign investor cannot set up the Branch Office if there is more than one shareholder. Instead, a Limited Liability Company or a Corporation must be selected.
Prohibited or restricted business activities
Foreign investors are prohibited from investing in the industries that may negatively affect national security, public order, good customs and practices, national health, and those that are prohibited by law. Investors who apply to invest in an industry in which investment is restricted by law or by an order given under the applicable law shall obtain approval thereof or consent thereto from the competent authority.
Please refer to the below link for prohibited and restricted industries. Negative List for Investment by Foreign Nationals
6. Compile Post-incorporation Statutory Requirements
a. VAT registration and Filing Bi-monthly
b. Accounting and Bookkeeping Daily
c. Annual Corporate Income Tax filings
d. Annual Shareholders Meeting filing
e. Employee Health Insurance and Larbor Pension
f. Payroll Management
More questions? Let us guide you further
You may find these useful guides in helping you make your decision:
Incorporation
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Company Registration
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Branch Office Registration
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Rep Office Registration
Accounting and Tax
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Taiwan Company Tax
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Taiwan Individual Tax
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VAT Filing
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Bookkeeping
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Tax Benefit Application
Managing Business
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Business License
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Payroll and Compliance Service
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Registered Office
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Taiwan Statutory Compliance
Audit
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Tax Attestation
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Financial Statement Audit
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Special Purpose Audit