Getting ARC by investing in Taiwan (not by opening a company)

[Marco]

@overflow

@Bimmerjeff

I used ChangHwa Bank. Many banks won’t even set up the business visa accounts.

Oh, that’s a bummer. I thought I could just shop around and go with one of the foreign banks like DBS. Doesn’t seem the local CPA can help much in this regard, beyond the paperwork and probably pointing out obvious scams. I still need to visit the bank branches in person and ask around. Unless I misunderstood.

My CPA helped me set up. I also set up the company in Cathay fairly easily by myself after I left Union Bank.

[overflow]

Yep. I think normal business account for an actual business is a non-problem. But I can understand why most banks would be hesitant opening one for this investment visa thing.

[Marco]

I think Mengta shouldn’t have an issue helping you out.

[overflow]

@Bimmerjeff

I used ChangHwa Bank.

Funny that the first result on my google search was about someone being robbed by the bank. Bank Robbed at Chang Hwa Bank

I get that it’s a fine bank, and a lot of people like it here. Just funny.

[Bimmerjeff]

Foreign banks like Chase will not do investment visas. You have to use a govt controlled bank like CHang Hwa. Unless you have a local contact with experience in this you’ll need the CPA for guidance, unfortunately! Also I concur with the last post that you cannot avoid all exchanges because the initial deposit must be converted to TWD at receipt. However you could quickly convert it back to USD and put in a foreign USD CD product. I did that when I cashed out my bond investments a couple months prior to folding the business, as I didn’t trust the bonds in the current environment which was a great call in hindsight!

[overflow]

Yep. Great call. Thanks a lot for the answers.