If you are looking for setting up a business in Taiwan, opening a temporary bank account is a crucial step. This account will hold your company's initial capital until you complete the registration process. Here's a guide to navigate this process smoothly.
What You Need to Prepare
Identification Documents 1. Passport. 2. ARC (alien resident certificate) or a Taiwan ID. 3. Additional ID (some banks may require additional identification documents).
Personal Seal Commonly known as a “chop”.
Business Registration Documents 1. Business name search form (預查名表). 2. Approval letter from MOEAIC.
Patience Bank approval times can vary greatly, with some approvals taking up to a month while some can be same-day.
Key Points to Remember
In-Person Visit Required Visit the bank in person to complete the account setup.
Choosing the Bank 1. The bank may require that the account opens at a branch close to your business registered address. 2. Each client may have different preferences and comfort levels with banks. According to feedback received from clients, E.SUN Bank and Fubon Bank offer user-friendly English interfaces. 3. Taiwan government encourages bilingual branches. Find a list of these branches near you to ensure English communication with the bank clerk.
Capital Injection Process
Once the account is opened, shareholders need to deposit the company's capital into the temporary account. Here are the two common methods for capital injection:
Foreign Currency Capital Injection: Transfer funds directly from your overseas account to the temporary account, ensuring it's conducted in foreign currency.
Taiwan Currency Capital Injection: Transfer New Taiwan Dollars (NTD) from your personal Taiwanese bank account, providing proof of your NTD source, such as Taiwan individual income tax filing records. If you don't have the filing records in Taiwan, alternative proof of funds is required (consult a CPA for details).
Notes:
1. People aside from shareholders are unable to deposit / transfer money directly to the temporary company bank account.
2. The capital injection must be examined by a local certified public accountant (CPA) before submitting it to the Ministry of Economic Affairs (MOEA).
For specific advice regarding your capital injection procedure, consult with a qualified CPA. Always seek guidance from a qualified CPA to discuss your specific circumstances.
How Can We Help You With?
At Del Sol CPA & Associates, a CPA firm with over 15 years of experience in the Taiwan industry. Our services include helping foreigners in Taiwan set up companies, allowing them to operate their businesses, issuing fapiaos, claiming deductions, and handling VAT and other business tax filing in compliance with local regulations.
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