Successful Case Study of Taiwan Company Setup
A Silicon Valley-based tech startup, renowned for its expertise in artificial intelligence and machine learning, ventures into Taiwan, recognizing its vibrant tech landscape, adept workforce, and pivotal position in Asian markets. Seeking to establish its presence, the company enlists Tetra Consultants to navigate the intricacies to register company in Taiwan. With Tetra’s guidance, the startup aims to seamlessly integrate into Taiwan’s dynamic tech ecosystem and capitalize on its strategic advantages for company registration in Taiwan.
Initially, we assisted the clients in selecting the most suitable business structure, such as a limited liability company (LLC), partnership, or Taiwan free trade zone company. Our client decided to proceed with Limited Liability Company (LLC) for optimal benefit to the company.
Further, our experts then proceeded with the reservation of your company’s name through the Taiwan One-stop Service Request portal. We ensured the name is reserved for up to 6 months and assisted in providing an official Chinese name, with the option for an English name if desired. Additionally, Tetra Consultants offered translation services.
After the name reservation, we also facilitated the corporate bank account opening with Mega International Commercial Bank for our clients. We ensured that they had at least US$5,000 in the account to cover overhead expenditures and the initial deposit required for opening the account.
During the bank account’s opening, our client could not travel for the first six months. To facilitate this, we provided a nominee director service, ensuring the company could be established without delay. Our local director opened the bank account on behalf of the client and sent the internet banking token via courier. After six months, the client traveled to Taiwan, and we accompanied them to the bank to complete the handover process. This approach allowed the client to meet their business needs efficiently while minimizing travel requirements.
Moving forward, our experts ensured the deposition of capital into the bank account and obtained a capital verification report. At the same time, we assisted in preparing the required documents for incorporating the company with a foreign director, including the application form, notarized passport copy, and proof of address for individual directors and shareholders.
Subsequently, we also ensured compliance with the following requirements:
- A Taiwan Limited Liability Company (LLC) requires a minimum of one shareholder, who can be an individual or a corporate entity without residency requirements.
- It is mandatory for the company to have a locally registered address in Taiwan.
- An investment agent must be appointed, who must be a Taiwan resident.
Tetra Consultants assisted our clients by ensuring these requirements were met efficiently and accurately.
Further, we proceeded with the documentation which included the Certificate of Incorporation, Memorandum & Articles of Association, minutes of the relevant Board of Directors’ meeting, power of attorney to appoint the corporate shareholder’s representative, directors’ personal information, and other relevant documents.
Once all documents were received, Tetra Consultants submitted them to the Taiwan Department of Commerce for company formation. Upon successful registration of the company, we applied for a company Tax Code with the State Tax Bureau. All companies in Taiwan are subject to accounting and tax obligations.
Tetra Consultants facilitated the smooth registration of the company in Taiwan, ensuring all requirements were met efficiently. Within 3 weeks, our clients received essential documents, including the Taiwan Company Registration Certificate, company registration numbers, and Memorandum and Articles of Incorporation. We also assisted in opening a bank account in Taiwan with Mega International Commercial Bank, which typically took around 4 weeks for foreigners. Consequently, our clients were able to start operations and issue invoices with their Taiwan company within 7 weeks of engaging with Tetra Consultants. Our comprehensive support and expertise ensured a seamless process from company registration to commencing business operations.
Contact us to know more about how you can register company in Taiwan and our team will revert back in 24 hours.