[quote=“short-timer”][quote=“CPA Vincent Kao”]
If you got a “Manager ARC” , your company need to have revenue at least 5 times of capital for extend your ARC. see regulation below.
and , there is no minimum capital now, you can setup a company with NT$100,000 or NT$50,000 and apply for one “manager ARC” for yourself.[/quote]
I’ve been pursuing this since mid-January. I’ve succeeded in establishing my business and am in the stage in which I apply for a work permit. Recently my accountant informed me that the Taiwan government without advance notice abruptly changed its capital requirements from none to NT$500,000. This may or may not be a deal-killer for me. I was also informed that the new rule requires revenues of 6x initial capital investment ($NT3M) per year (?) in order to extend the ARC.
Am checking with my accountant, but does anyone know whether you can use your initial investment for personal expenses (rent, groceries, etc.) or whether it all has to be for business expenses?
I saw a posting relating this this post-CNY rule change, but I can’t seem to find it right now.[/quote]
My accountant said I could set up a sole proprietorship and get a work permit as the Fu Ze Ren of the foreign invested enterprise. Then after I got it set up, she rings back to say I can’t. It needs to be a limited company and and the amount needs to be NT$500k. I can’t change my Hang Hao into a Ltd company so now I am sole investor in a NT$200k foreign-invested enterprise which I can’t actually operate or do anything with. Cool eh?
Obviously my accountant was completely incompetent and I will be asking for my money back and compensation. It is of course very Taiwanese that I can set up a foreign-invested enterprise that I can’t work in.
And people ask why everyone’s gone to China!!!
The five-times or six-times rule appears to apply to companies employing foreigners. I am not employing foriengers. I am the company, the sole person and investor in a foreign-invested enterprise. What do I need a work permit for? Surely by operation of logic I am allowed to work in my own business???
In Llary’s thread about setting up a rep office it was suggested that the foreign investor in a 100% foreign-invested enterprise simply needs to get a letter from MOEA to allow them to stay in Taiwan. Is this true?
Any advice appreciated. Looks like I’ll be getting a new accountant - one that actually knows what he/she is doing. The problem is, every one you talk to has a different version of the rules.