Business formation timeline in Taiwan
Do you have everything you need to pursue your dream of becoming a business owner? It is crucial to understand the process of setting up a company in order to have a successful start, and Taiwan is a great place for business opportunities. This detailed guide takes you through the steps from the initial idea to officially establishing a company, providing approximate timelines and valuable advice to help you make well-informed decisions.
A step-by-step guide
We have outlined the essential actions for setting up a company, including a projected timeframe and our comprehensive strategies to streamline the process for you. It is important to note that the timeline for starting a business can vary greatly, as each company’s registration process is distinct and contingent upon its specific circumstances and demands.
Define your business plan (1-2 weeks)
Before you begin with the formalities, it is crucial to have a well-defined strategy in place. Our team of experts is ready to provide expert guidance and support in developing a comprehensive corporate plan tailored to your goals. Schedule a consultation with us to kickstart the process.
Reserve your company name (1-2 days)
Choosing a unique and long-lasting company name is a crucial part of the marketing strategy. We offer fast and simple name reservation services to ensure that your preferred name is available and secured immediately, allowing you to move forward with confidence.
Draft and sign the articles of association (1-2 weeks)
Our team of legal experts can help you draft and review the Articles of Association, which detail the legal framework, purpose, structure, and internal regulations of your company to ensure compliance with Taiwan laws and regulations.
Opening a business bank account (1-2 weeks)
In order to conduct financial transactions for your company, it is necessary to establish a business bank account. You may be asked to provide identity documents, proof of company registration, and any other necessary paperwork. Typically, this process takes around one to two weeks.
Deposit share capital (1-2 weeks)
In Taiwan, companies must deposit a minimum share capital based on the selected legal structure. We will help you with preparing the necessary paperwork and assist you in depositing the required funds into your newly established bank account to ensure that you meet all legal requirements.
Register your business (1-2 weeks)
Enrolling your business in the Trade and Companies Register is a crucial part of starting a business. Our team of experts will take care of all the necessary documents, communicate with the relevant authorities, and speed up the registration process, ultimately saving you time and energy.
Obtain necessary permits and licenses
Depending on the nature of your business in Taiwan, you may need certain permits or licenses to operate legally. Our team of regulatory experts will help navigate this complicated process, determining the required permits and efficiently assisting in their acquisition. The timeframe for obtaining the necessary permits can vary depending on the type of license.
Tax registration (2-3 weeks)
Registering for taxes is a crucial step in establishing a business. It involves obtaining a distinct tax identification number, which typically takes two to three weeks to complete.
Set up payroll and employment contracts (1-2 weeks)
If you are considering bringing on staff, it is essential to create proper payroll and employment agreements. Our team of HR experts can help you implement payroll procedures, create employment contracts, and make sure you are following labor regulations, freeing you up to concentrate on assembling a skilled workforce.
Establish accounting and bookkeeping practices (2-4 weeks)
It is crucial for any business to keep precise financial records. Our team of accounting professionals can assist you in setting up strong accounting and bookkeeping procedures, guaranteeing adherence to Taiwan accounting regulations.
Starting operations
With all regulatory procedures completed, your company is ready to begin. The timing of this step can vary based on factors such as the type of your company, market conditions, and your readiness for market entry.
Form a company with us
Are you ready to begin your business endeavor in Taiwan? Contact us now for a consultation, and our experienced team will assist you at every stage. We collaborate to achieve your business objectives.