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Company Compliance: Are You in Line with Taiwanese Regulations?

As a business operating in Taiwan, it is essential to ensure compliance with the country’s regulations to avoid penalties and maintain a good reputation. In this article, we will explore the key requirements for companies registered in Taiwan to ensure they are meeting their obligations.

Business Category Identification

The first requirement is to identify your company’s category of business with the applicable code assigned by the central competent authority. This must be done when registering your company or when applying for an alteration to existing registration records.

Board of Directors’ Meetings

A notice of at least three days prior to the scheduled meeting date must be given to each director and supervisor, according to the Company Act.
However, this can be waived if there are longer notice periods specified in the company’s Articles of Incorporation.
Emergency meetings can be convened at any time.
The notice can also be delivered electronically with the consent of the recipient(s).

Shareholder Meetings

Companies must hold an annual general meeting within six months of the fiscal year end. Special meetings can also be called when necessary.

Financial Statements and Audit

Companies are required to submit financial reports and meeting minutes to shareholders at the annual general meeting.
The financial report must be approved by the board of directors before distribution.
Companies with equity capital exceeding a prescribed amount or those that have reached a certain scale must have their financial statements audited and certified by a certified public accountant.

Tax Compliance

Companies are required to file income tax returns and undergo an audit by a certified public accountant if they meet the prescribed requirements.

Reporting of Owner Information

Companies must report information related to the owner or major shareholders annually to the government office.
This must be done on the designated reporting platform between March 1st and March 31st each year.

Accounting Records

Companies are required to keep their accounting records in Taiwan and in the Chinese language, except for Arabic numerals used in numbering.

Conclusion

In conclusion, it is essential for Taiwanese companies to ensure compliance with these regulations to avoid penalties and maintain a good reputation. Failure to comply can result in fines ranging from NT$10,000 to NT$5,000,000 or more. By understanding and adhering to these requirements, businesses can operate smoothly and efficiently while maintaining a strong reputation in the market.