Republic of China or Taiwan is located on an island in the Pacific Ocean with the same name, in the east of China. Thanks to the geographical location and the availability of natural resources, the island becomes a reason for the dispute and the object of colonization since last millennium AD. In 12th century the island enters the Chinese provinces and in 16th century alternately enters the Portuguese, Dutch and Spanish power. Later, the island comes under the authority of the Japanese, but after World War II, the island returned to Chinese jurisdiction in 1911; it was Sample of the Republic of China. In 1949 Republicans are losing the battle with the Communist Party and leaving the island. Thus creating two independent countries- People's Republic of China and partially recognized republic- Taiwan.
Most people in Taiwan- ethnically are Chinese; the official language is Chinese, although most of the population speaks a variety of dialects. In the post-war years Taiwan's economy has grown rapidly, by 8% a year, thanks to the active industrialization. Currently, three-quarters of Taiwan's GDP is generated by the service sector, but industrial production occupies a leading position in production of the computer and a variety of electronic and radio components. A large portion of GDP is composed of small and medium-sized enterprises.
The most common business entities
For the foreigners the most attractive are:
Limited Company, With Or Without The Issuance Of Shares (CLBs / LC)
Foreign Branch (FB)
Representative Office (RO)
Taiwan right is based on Roman-Germanic law, includes elements of English law
These types of companies do not have requirements for the minimum authorized capital, but there is a requirement for the professional accountant to check the statements.
The main requirements for the directors and shareholders
Limited company (LC) must have at least one, up to three (CLBs) directors. It is allowed that among them are non-residents. FB and RO does not have special requirements. LC-type companies must have at least one shareholder, including legal person. CLBs must have one legal or two natural person.
Disclosure of the company’s beneficial to the government bodies
Information about the beneficial owners is not disclosed.
There is progressive income tax rate. There is an opportunity to submit a statement that the tax payments were made in another country (for income earned outside of Taiwan). Tax reports are submitted annually.
All businesses need to take and keep accounting records and submit annual report.