Business accounts: Taiwan

Updated 6 October 2026

An honest assessment before work starts, the quote is fixed in writing.

There are two ways to bank a business in Taiwan. A company registered on the island gets an ordinary local account in New Taiwan dollars and foreign currency. A foreign company with no Taiwan registration can open an account at the offshore banking unit of a Taiwanese bank: these units serve non-residents only, work in foreign currency and operate under a separate act. You need a local account if you sell in Taiwan, hire staff and pay tax there. An offshore account suits external trade and payments to Taiwanese suppliers, but balances in it are not covered by state deposit insurance.

For a foreign founder the route to a local account runs through the Ministry of Economic Affairs. First the Department of Investment Review approves the foreign investment, which for projects under NT$500 million (about US$15.8 million) usually takes two to four working days. A bank then opens a preparatory account for the future company, share capital is remitted from abroad, the department verifies the inflow, an accountant certifies the capital, and once the company is registered the preparatory account becomes its operating account.

Documents for the bank

• Local company: registration certificate and unified business number, articles, appointment of the responsible person and signatories, passports and resident certificates of the director and signatories, owners of 25% or more, business description, contracts or invoices with counterparties, office address.
• Offshore banking unit: the foreign company's constitutional documents, certificate of good standing, registers of directors and shareholders, passports, proof of address, a description of dealings with Taiwan. Taiwan is not party to the Hague Apostille Convention, so foreign documents are authenticated at the Taiwan representative office in the country of issue and translated into Chinese.

Timeline step by step

1. Foreign investment approval - 2-4 working days.
2. Preparatory account and capital remittance - 1-2 weeks, depending on bank checks.
3. Capital verification, accountant certification and company registration - about 1-2 weeks.
4. Tax registration and conversion to an operating account - a few working days.

In practice it takes 1-2 months from filing to a working account. The company's responsible person almost always has to attend the branch in person.

Mandatory costs and rules

• Capital: the law sets no minimum, but a company that will apply for a work permit for a foreign manager needs paid-in capital of at least NT$500,000 (about US$15,800).
• Taxes: 20% corporate income tax, an extra 5% on undistributed earnings, 5% business tax (VAT), 21% withholding on dividends to a foreign owner.
• Exchange control: a resident company converts up to US$50 million a year without Central Bank approval, a non-resident up to US$100,000 per transaction.
• Deposit insurance: up to NT$3 million (about US$94,400) per depositor per bank, foreign currency deposits included. Offshore banking unit deposits are not insured.

Common reasons for refusal

• No clear business connected with Taiwan or the region.
• Nominee directors and long ownership chains without disclosed ultimate owners.
• Capital or shareholders from mainland China: such investment goes through a separate, stricter review and some sectors are closed to it.
• Links to sanctioned countries or persons. Banks check clients connected with Russia particularly closely.

What we do

We pick the route for your goal: a local company or an offshore banking unit account. We prepare the investment application, capital remittance and registration, assemble and translate the bank pack, arrange the branch visit and stay with you until the first payment. We quote after a short consultation and fix the price in writing.

What we do

• Corporate account - opening assistance

See also

Company formation · Personal account · Investment property · All country programs

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