Dreaming of becoming a boss in Taiwan? Do you need a Republic of China ID card? In recent years, the Taiwanese government has actively attracted foreign investment, paving the way for foreigners to start businesses in Taiwan. As long as foreigners follow the relevant regulations, they can freely unleash their creativity on the island and create their own business empire.
Step 1: Understand Investment Application
The first step on your entrepreneurial journey is to understand the ins and outs of investment applications. Whether overseas Chinese or foreigners, who wish to establish a company in Taiwan must first apply to the Ministry of Economic Affairs Investment Commission (Investment Commission). This process is like laying the foundation for building a house, and only after passing the review can you proceed with subsequent construction.
The Investment Commission is very strict and will carefully review the applicant’s investment plan, including the purpose of establishing the company, business items, funding sources, etc. If the plan is well-structured, the chance of approval will be greatly increased.
Capital Requirements: Even Small Shrimp Can Turn into Whales
When starting a company in Taiwan, the capital requirement is one of the hurdles. In general, the minimum capital requirement for a foreign-invested company is NT$100,000, but if you want to apply for a work permit for a foreign manager, the capital requirement must be increased to NT$500,000 or more, and the foreign investment ratio must reach one-third.
Don’t worry, this is not to make it difficult for small shrimp to start a business! Sufficient capital not only demonstrates the investor’s determination but also provides the necessary financial support for the company’s operations.
Business Items: Avoid Minefields to Go Further
Some business items in Taiwan are strictly regulated, such as the national defense industry, finance, telecommunications, and transportation, which are all prohibited from foreign investment. These areas are like minefields, and stepping on them can trigger an explosion!
Therefore, when applying for investment, be sure to confirm first whether the items you plan to operate are in compliance with the regulations to avoid stepping on mines.
Company Establishment: Build an Entrepreneurial Fortress Step by Step
After the investment review is approved, you can proceed to the company establishment stage.
First, choose a memorable name for your company and pass the company name pre-screening. Next, prepare documents such as the investor’s authorization letter and company articles of association, and transfer funds to the company’s preparatory account.
Finally, find a suitable registered address and apply for company registration with the Ministry of Economic Affairs Department of Commerce. With these steps completed, you’ve laid the foundation for your entrepreneurial venture.
Subsequent Procedures: Perseverance Leads to Results
Company establishment is just the starting point of the entrepreneurial journey, and there are a series of subsequent procedures to be completed.
The person in charge must go through tax registration to obtain a unified number for the company. If you want to hire foreign managers, you need to apply for work permits for them. In addition, you can also apply for a residence permit to stay in Taiwan for a long time.
Opening a Store and Starting a Business: Build Your Dreams and Achieve Extraordinary Results
Want to open a store in Taiwan? Foreigners can too! As long as you follow the relevant regulations, you can open your own physical store.
Whether it’s catering, retail, or service industry, as long as it complies with the business item regulations, there is no problem.
Foreign Investment Residence
In addition to building their dreams and starting businesses, foreigners can also obtain Taiwan residency through investment. As long as they meet certain conditions, such as investment amount and turnover, they can apply for long-term residency or even permanent residency.
This is undoubtedly good news for foreigners who intend to settle in Taiwan!
Make a Good Plan, Building Dreams in Taiwan is No Longer a Dream
In general, although foreigners need to follow certain regulations and procedures to start a company in Taiwan, it is not complicated overall. As long as you make a good plan, you can successfully build your dream business.
Here are some additional tips:
- Seek professional help: It is recommended to entrust an accounting firm or agency to handle investment applications, company establishment, etc., which can save time and avoid mistakes.
- Be prepared: Before applying, you should collect relevant information and prepare all the necessary documents.
- Be patient: Entrepreneurship is a marathon that requires perseverance and effort.
Take action now! Start planning your entrepreneurial journey in Taiwan now!
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