If you are considered to register a company in Taiwan or to open an account with a Taiwan bank, then in 2021 you will have excellent chances to achieve business prosperity in this jurisdiction.
Taiwan is an industrial island nation, located in the Pacific. In recent years, in this jurisdiction there has been a dynamic economic growth, especially affecting the following sectors: a food industry, a light industry, textile and petrochemical industries, a mining industry, an agriculture, electronics and IT sphere.
The capital of the state is Taipei. The official language is Chinese (English can be replaced in 2019). A national currency is the new Taiwan dollar (TWD).
Key business benefits
A remote company registration in Taiwan will be a profitable idea in 2021 for the following reasons:
- a stable economic and political environment;
- a convenient geographical location;
- a high quality of life;
- a developed banking infrastructure;
- the presence of free economic zones;
- more than 15 double tax treaties;
- a loyal taxation.
Types of companies in Taiwan
Do you want to open a company in Taiwan? In this case, we recommend you to start by choosing the most appropriate legal form:
- a Unlimited Liability Company (UC);
- a Joint Stock Company (LBS);
- a Limited Liability Company (LLC);
- a Limited Partnership (LP);
- a Shareholder Limited Liability Company (LLS)
- a Representation;
- a branch.
If you intend to set up a company in Taiwan, then the following legal forms will be the best choice: a Limited Liability Company (LLC) and a Partnership with Limited Liability (LP). Registration terms.
Registering a company in Taiwan requires a compliance with certain conditions, drawn up by the local Regulator, in particular:
- Choosing a unique name for the company. At the end of the name should be indicated selected legal form;
- A required number of directors/shareholders is from 1 or more;
- The size of the authorized capital is 6,283 TWD (180 EUR);
- A mandatory maintenance and submission of an accounting report, as well as an audit.
- Data on shareholders is entered an open register.
A tax system
If you intend to establish a firm in Taiwan remotely, then study key features of the tax system in this jurisdiction:
- an income tax for enterprises is 20% (tax rates can be reduced to 0%, provided, that the annual income is up to 50 thousand TWD);
- a dividend tax is from 20 to 30%;
- a VAT is from 0 to 10%. Companies, providing insurance, brokerage, financial services, as well as conducting operations with securities, pay a tax at a rate of 1%. Reinsurance services are taxed at 5%.
Please note, that registering a company in Taiwan in 2021 will allow you not to pay taxes during the first 5 years of operation.
How to set up a company in Taiwan?
You can open a company in Taiwan remotely by contacting YB Case. Our specialists will provide you with a detailed report on the business climate in this jurisdiction, assist in opening a corporate account with a Taiwan bank, and quickly fill out all related documents.