Company Compliance Check: Are You Meeting the Requirements?

As a business owner, it’s essential to ensure that your company is complying with all relevant regulations and laws. Non-compliance can result in fines, penalties, and even legal consequences.

Compliance Checklist for Taiwanese Companies

Business Category

Has your company identified its business category with the applicable code assigned by the central competent authority?

Board of Directors Meeting

Have you held an annual board of directors meeting in accordance with law? Did you provide notice to each director and supervisor within 3 days prior to the scheduled meeting date?

• Notice requirements:
  • Provide notice to each director and supervisor
  • Within 3 days prior to the scheduled meeting date

Shareholder Meeting

Has your company held an annual shareholder meeting within 6 months of the fiscal year end? Were financial reports, business reports, and surplus distribution proposals approved by shareholders?

• Requirements:
  • Hold annual shareholder meeting within 6 months of the fiscal year end
  • Approve financial reports, business reports, and surplus distribution proposals

Financial Statements Approval

Have you approved your financial statements at the end of each fiscal year? Did you distribute NT$10,000 to NT$50,000 for all board members as required?

• Requirements:
  • Approve financial statements at the end of each fiscal year
  • Distribute NT$10,000 to NT$50,000 for all board members

Statutory Audit/Tax Compliance Audit

Has your company undergone a statutory audit/tax compliance audit when its equity capital exceeded a prescribed amount or when it reached a certain scale?

• Requirements:
  • Undergo statutory audit/tax compliance audit when equity capital exceeds a prescribed amount or reaches a certain scale

Reporting of Owner/Shareholder Information

Have you reported information relating to the owner/shareholder of your business annually to the government office? Did you file the report on the designated platform within the specified period?

• Requirements:
  • Report owner/shareholder information annually
  • File report on designated platform within specified period

Accounting Records Keeping

Are your accounting records kept at your main office in Taiwan? Have you used only Chinese numerals for numbering and predominantly used the domestic language (Chinese) for recording business transactions?

• Requirements:
  • Keep accounting records at main office in Taiwan
  • Use only Chinese numerals for numbering
  • Predominantly use domestic language (Chinese) for recording business transactions

Language of Accounting Records

Have you kept your accounting records in the Chinese language, except for Arabic numerals used in numbering?

• Requirements:
  • Keep accounting records in Chinese language
  • Except for Arabic numerals used in numbering

Non-Compliance Consequences

If your company has not complied with these requirements, it may be subject to penalties ranging from NT$10,000 to NT$150,000 or even more severe consequences.

Maintaining Compliance

To ensure compliance and avoid potential risks, it’s crucial to review your company’s operations and adjust any non-compliant practices immediately. Contact our experts for guidance on how to rectify any issues and maintain a compliant business operation.