This is a general guide based on my experience, and it may vary for different cases.
Setting up a business in Taiwan is not as simple as in Korea.
In Taiwan, you first need to establish a company. Most foreigners residing in Taiwan seem to follow a process similar to mine for company establishment.
The minimum capital requirement is 500,000 NTD, and the total cost ranges from 20,000 NTD to 40,000 NTD. The process takes approximately 3 to 4 months.
Visit an accountant (Duration: about a month, Cost: 20,000 NTD to 40,000 NTD)
Accounting fees range from 20,000 NTD to 40,000 NTD, with an average of around 30,000 NTD. I personally paid 20,000 NTD. Most accounting fees are paid after the service. When you have a scheduled appointment with the accountant, bring your ID, passport, resume, unified number, and a business plan.
Decide on the minimum capital amount; I chose 550,000 NTD. Determine whether it's an individual or corporate account, the number of investors, the type of limited company, and the company name and business category through consultation with the accountant. The investment approval process takes a little over a month.
Notarize your ID (Duration: 1-2 hours, Cost: 500-1,000 NTD)
If you have a residence permit, notarization may not be necessary. Otherwise, notarize your passport and provide it to the accountant. The accountant will likely recommend someone for notarization.
Open a bank provisional account (Duration: 1-2 hours, Cost: 1,000 NTD)
Once the investment approval is obtained, you need to open a provisional account to receive the investment. Choose a convenient bank nearby. I did it at the Bank of Taiwan. Remember to bring 1,000 NTD for the initial deposit when opening a new account.
Deposit the investment amount (Duration: 1-2 hours)
Transfer the capital amount from your personal Korean account to the provisional account received in step 3. The process differs for residents and non-residents. Residents need to declare overseas direct investment at the Bank of Korea before the transfer.
Create a company seal (Duration: 30 minutes to 1 hour, Cost: 50 for a small seal, 300 for a large seal)
Create a company seal with the company name and a personal seal. You can find a seal maker near you.
Receive the investment in the bank (Duration: 1-2 hours, Cost: Transfer fee)
After the transfer, you'll receive a confirmation email from the Taiwanese bank.
Sign at the Taxation Office (Duration: 30 minutes to 1 hour)
Meet with the accountant and sign documents at the Taxation Office for business and tax registration.
Convert the provisional account to a regular account at the bank (Duration: 1 hour 30 minutes to 2 hours, Cost: 100 NTD)
After signing at the Taxation Office, the accountant will provide you with the necessary documents, including your tax ID. Bring these documents, along with your ID and seal, to the bank to convert your provisional account to a regular account.
Apply a work permit (3 weeks)
Immigration apply ARC
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