6-point step guide to register your company in Taiwan

Step 1 – Name your business

Prepare Chinese and English names for your company. Check with the Department of Commerce, Ministry of Economic Affairs (MOEA) if your intended company name in Chinese is already taken.

If it helps, consult with a Taiwanese friend to check for any cultural tones or sensitivity with regards to your intended Chinese name. The finished product of this step is a document Copy of Preliminary Check of Firm’s Intended Name. You have to complete the full registration process within six months to be able to keep your intended name for your company.

Once you get your company name registered, you will need to get your company stamp and your own name stamp as well. These two stamps will be your official signatures for signing any document for your company.

Step 2 – Secure investment approval

Seek an approval of your investment with the MOEA Investment Commission (MOEAIC). You will need to specify the amount that you will be investing and where the money is coming from. For anti-money laundering purposes, you will also need to provide bank records for holding the amount of your intended investment.

It is easier if you’re an Alien Resident Certificate (ARC) or Alien Permanent Resident Certificate (APRC) holder and that the money you invest comes from your Taiwan bank account, say from your salary from your full-time work in the country. Your Taiwan bank can prove that you have that money that you intend to use for your business, and it can show that you have obtained it from your salary.

NOTE: At this point, you should start looking for your official business address. You cannot use your home address as your business address, unless you have this agreement in writing with your landlord. You cannot use a government P.O. Box as your address, such as those offered by Taiwan Post Office. We once made this mistake at MillionDC. use a virtual business address instead, which costs NT3,000 per month on average with 12-month contracts. Choose your company address wisely. If you intend to apply for a Taipei government grant, your business address / virtual address must be registered in Taipei.

We have an extensive list of virtual office providers who give discounts exclusive to our paid members. If you’re on a 3, 6, or 12-month subscription, you can access our list of co-working spaces here.

Below are the documents that you need to secure investment approval:

  • -Copy of Preliminary Check of Firm’s Intended Name (from Step 1)
  • -Application form
  • -Bank statement
  • -Copy of your passport

 

Step 3 – Open a bank account (temporary)

This step could be done parallel to Step 2 but be sure you have completed Step 1.

Make sure that your bank account is under the name stated in your Copy of Preliminary Check of Firm’s Intended Name, and you are stated as the owner of the company. The bank account that you just opened will remain temporary until finishing Step 4.

NOTE: Do not transfer your investment money to your temporary account until after you have secured investment approval (Step 2). When applying for this temporary bank account, bank officers will simply ask you to deposit NT1,000.

Some banks will ask for your office address. Remind them that this step will only be necessary after getting investment approval (Step 2) and when you secure company registration (Step 6).

Below are the documents that you need to secure investment approval:

  • -Approval Letter/Document of Your Firm’s Intended Name (from Step 1)
  • -Application form (each bank has its own application)
  • -Copy of passport and ARC
  • -Company and personal stamps

 

Step 4 – Transfer your investment money to your temporary bank account

Only do this step when you have obtained the approval letter from MOEAIC for foreign investment.

IF YOU ARE NOT AN ARC/APRC holder, inform your temporary bank that you will be transferring money from your hometown country as “Direct investments by foreign nationals and overseas Chinese” before proceeding with transferring the exact investment amount that you specified in Step 2.

IF YOU ARE TRANSFERRING MONEY FROM ANOTHER TAIWAN BANK ACCOUNT, it is highly suggested to do it over the counter so that you could get a paper copy of your transfer record / form that you will need for Step 5.

Keep the original transfer or remittance form as you will need it for the final Step 6.

Step 5 – Apply for Capital verification approval

Below are the documents that you need to apply for capital verification approval:

  • -Capital verification form
  • -Temporary bank account (cover page, page with updated balance, and the page with manager’s seal)
  • -Original transfer or remittance form (or transfer forms for those who transferred money from another Taiwan bank)

Bring all the above documents to MOEAIC Address: 8F, No. 7, Sec. 1, ZhongZheng District, Roosevelt Rd., Taipei City, Taiwan (R.O.C.), Tel: 886-2-3343-5700

NOTE: At this point, you must have a signed contract for your company office / virtual office lease. You will need this lease contract for turning your temporary bank account into an official bank account for your company. We have an extensive list of virtual office providers who give discounts exclusive to our paid members. If you’re on a 3, 6, or 12-month subscription, you can access our list of co-working spaces here.

Step 6 – Apply for company registration

You’re almost done! Once you have accomplished Steps 1- 5, you will just need to file a formal registration application for your business. Below are the documents that you need to apply for company registration:

  • -Approval Letter/Document of Your Firm’s Intended Name (from Step 1)
  • -Application form
  • -Lease agreement (for your office / virtual office)
  • -Copy of passport and ARC
  • -Company and personal stamp

Bring all the above documents to MOEAIC Address: 8F, No. 7, Sec. 1, ZhongZheng District, Roosevelt Rd., Taipei City, Taiwan (R.O.C.), Tel: 886-2-3343-5700

REMINDER: Follow the timeline

Under Article 10 of Taiwan’s Companies Act, a company may be dissolved under these circumstances:

  • -The company fails to start its business operation after six months from its registration, unless it has made an extension registration
  • -The company has discontinued for more than six months after starting its business operation, at its own will, unless the company has made the business discontinuation registrations

 

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