Why Set Up Your Business in Taiwan?
Strategically located at the crossroads of Asia, Taiwan has boasted a reputation of being an ideal platform in connecting China and Southeast Asian countries. Apart from its geographical advantage, Taiwan is also renowned for having made great strides in acknowledging the importance of intellectual property rights.
Listed below are just some of the interesting benefits and opportunities you will enjoy when setting up a company in Taiwan.
Favorable Government Policies and Regulations
Did you know that foreigners can set up LLCs in Taiwan? This can be done by having just one shareholder and one director. Both of these people can be foreigners and they do not even have to be Taiwanese residents.
Unlike other Asian countries where foreigners cannot own 100% of a company, here it is possible. Additionally, there is no minimum capital investment required to set up a business in Taiwan. If you want to set up a representative office or branch in Taiwan, it is possible to do so even though a foreign entity.
It is estimated that there are over 300,000 graduates in Taiwan every year. This means there is never a short supply of qualified employees for your business. That said, there are a lot of international companies competing for the same candidates like you. If you want to hire the best candidates right after they graduate, you need a partner recruitment agency in Taiwan.
Solid Industrial Clusters
Being named as the 5th best in the world in terms of “State of Cluster Development” by the World Economic Forum, Taiwan offers solid industrial clusters and supply chains that cater to the ever-demanding market needs.
In general, the industrial clusters in Taiwan are categorized into electronics and technology in the north, precision machinery in the central areas, and heavy industry in the south.
Diverse Incentive Programs
Tax incentives are strongly advocated by the Taiwanese government for companies that plan to establish themselves in locations e.g. science parks, export processing zones, agricultural technology parks, and free trade zones.
Besides, low-interest loans were introduced to cater specifically for innovation and R&D projects. The loan amount applied can be up to 80% of the total expenses of the approved plan with up to a maximum amount of NTD 65 million per loan.
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How do foreigner set up a business in Taiwan?