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Understand the Jurisdictions Setup Requirement Before Proceed Your Register Company in Taiwan
Being a country in the heart of the Asia Pacific region has certainly served Taiwan’s business market well and one of the main reasons why investors are keen to get a foothold in this growing market.
According to the World Trade Organisation, Taiwan is the 19th largest trading power in the world and its economy is mainly founded on high-tech and creative industries.
Benefits and challenges of registering a company in Taiwan
Taiwan has been ranked by the Economist Intelligence Unit as the 13th best place in the world to do business, and many international firms have already set up a base in this growing economy.
Taiwan is an excellent base and major platform for businesses in China because of its strategic location. Taiwan has also liberalised the banking, insurance and securities sectors in the country, and the comprehensive protection of Intellectual Property Rights has created a sound legal environment in the country with comprehensive protection, favourable for the business environment.
Taiwan has also been rated 19th in the world for the ease of doing business by the World Bank, and is one of the world’s biggest manufacturer of computer related products and semiconductors.
A country of modern infrastructure with a skilled workforce, abundance of capital and excellent innovation capabilities has made Taiwan an excellent logistics hub to set up a business base and register a company.
Taiwan is also an offshore centre for the Renminbi (RMB) which is the official currency of China and has more RMB deposits than anywhere else in the world except in Hong Kong.
Every business market comes with its own sets of challenges, and Taiwan is no exception. Some of the challenges that investors are likely to face when doing business in the Taiwan market includes that Taiwan has public construction regulations. Some sectors are also more challenging than others, and some of the more challenging ones include pharmaceuticals and the alcoholic beverages market.
And then there’s the factor of the weather, where businesses are likely to be impacted by typhoons from the periods of May to September. Taiwan is also located in an earthquake zone, which could pose a problem for businesses.
Registering a company in Taiwan – The process
Registering a company in Taiwan can be done in the following steps:
- Acquire an original company name that is unique to your business and not being used by other businesses
- Apply for the company’s incorporation
- Apply for the company tax registration number
- Apply for the Labour Insurance, National Health Insurance and Pension Plan Report with the Bureau of Labour Insurance
- Register for the work rules with the Council of Labour Affairs
- Make an official seal for the company. A set of company seals is commonly prepared for the registration process
- Finally, then submit a CPA audit report which shows the amount of capital invested is sufficient to cover the company establishment and cost.
3E Accounting is here to assist to make the company registration process in Taiwan much easier for potential investors. Get in touch with us today to find out more about how we can help.