What are the options for accepting, holding and paying in AUD for a business incorporated in Taiwan, short of registering the company in Australia? Can Taiwan companies open Revolut or Wise business accounts??
I really want to move my business to Taiwan, but the banking environment seems so restrictive. I need an easy way for customers overseas to make payments, I need to hold their money in AUD and make credit/debit card payments in AUD, then transfer my professional fees to a Taiwan account in NTD.
I’m starting to think the only solution is to incorporate in Taiwan, then register that Taiwanese company in Australia as a foreign company then open an Australian bank account.
Adds an extra regulatory and reporting level and and some additional cost (local agent, annual registration fee, compliance etc etc)
But can still take advantage of the double taxation agreement, as the agreement states that entities to be taxed on profits by the country of incorporation.
Is it imperative that the service provider can also handle TWD or can they assist you only abroad and then remit to TW foreign currency which then you will convert onshore?
TW companies can have as do open regularly business accounts with foreign providers.
Open an offshore business bank account for your Taiwan company. You can open a multi currency account in Singapore, or one in Australia. I’ve asked ESun in Singapore about this and they accept Taiwan issued company incorporation documents (without needing to translate/notarize them).
Set up a foreign company to act as the payment processor and wire money back to your parent company, while keeping some reasonable amount of revenue in the foreign company to pay local taxes (~3% seems reasonable for a payment processor with no local staff/equipment). You can check with a CPA in the foreign jurisdiction to see whether their tax law allows this.
Do you know of any third party fintechs that perform international transfers, that pay in NTD? I can only find ones so far that pay in USD via a TT, when transferring to Taiwan, unlike the local transfers each end in the countries they truely operate in. This makes transfers to Taiwan slower and presumbly more expensive on the receiving end.
Maybe it is cheaper to continue to use an atm and deposit cash, but after a while that might start raising eyebrows. Currently have Australian business and personal account in Taiwan, the bank manager already doesn’t like that.