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Starting a Business in Taiwan
 
 
 
 
 
 

Private Company Limited By Shares

Procedure 1. Search the uniqueness of company name online; reserve company name and apply for MOEA approval

Time to complete:

1 day.

Cost to complete:

NT$300

Comment:

According to the schedule governing the review period for the application announced on March 3, 2008, the review period has been shortened to two days. therefore the procedure now takes one day for search, reservation and application. Then the government officials are required to review the application on the second day. At the end of the second day, (if approved) the approval is ready, and the applicant can pick it up from the Ministry of Economic Affairs (MOEA). Otherwise, it is mailed to the applicant, in which case it takes up to four days to receive the confirmation. The company can search the availability of the company name and check the legality of planned business through the online Company Registration Search System on MOEA website.

Procedure 2. Make a company seal

Time to complete:

1 day.

Cost to complete:

NT$450

Comment:

Company registration documents and deeds must be sealed (chopped). A set of company seals should be prepared for registration, including the name of the company, and name of the chairperson of the board of directors. These seals are required to be used for future company updates.

Procedure 3. Submit a CPA audit report showing that the amount of capital invested is sufficient to cover company establishment cost

Time to complete:

2 days.

Cost to complete:

NT$20,000

Comment:

Although the minimum capital requirement was removed, according to the Ministry of Economic Affairs, in place of the minimum capital requirement , now there is a requirement to submit a CPA audit report showing the invested capital will cover the costs of establishing a company to the Ministry of Economic Affairs.

Procedure 4. Apply for incorporation and tax registration at the Ministry of Economic Affairs (MOEA)

Time to complete:

3 days.

Cost to complete:

NT$1,355

Comment:

The articles of incorporation for a private limited company must include the company name, business purpose, shareholders’ contributions, profit-allocation ratio, location of offices, number and names of directors, manner of issuing public announcements, and the date the articles of incorporation were adopted.

The application for a taxpayer’s identification number is done at the same time.

Procedure 5. Apply for Labour Insurance, National Health Insurance (NHI) and Pension Plan Report with the Bureau of Labour Insurance

Time to complete:

1 day.

Cost to complete:

No charge.

Comment:

The Labour Insurance Bureau now adopts a three-in-one consolidation application (i.e. the labour insurance application, national health insurance application and the pension plan appropriation application), so the Labour Insurance Bureau and National Health Insurance Bureau can now review and process the application at the same time, if all in order, the Bureau can grant the application in 5-7 business days. All firms may apply for national health insurance (NHI) regardless of the number of employees, but only companies with five or more employees may apply for labour insurance (LI). National health insurance, labour insurance, and the pension plan report can be filed with one consolidated form. Forms can be downloaded from the Bureau of Labour Insurance website.

Procedure 6. Register for retirement plan and work rules with the Council of Labour Affairs

Time to complete:

7 days.

Cost to complete:

No charge.

Comment:

For a company with 30 employees or more, promoters must register its work rules and retirement plan. The Council of Labour Affairs has announced in December 2008 that the review of work rules shall be completed within 14 business days, therefore, the reviewing process is now averagely completed in about 14-15 business days.

 
 

 



 


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