You have a local ID what are you playing at here? Don’t mislead the other posters.
Not surprised.
I thought he was dead. His son said he was.
nor I. what I was surprised with was the racism and sexism in the banks (albiet we noticed this more with the local banks like BOT and land bank the most). I found it disgusting. the numbers worked, but the employees blatant disrespect and passive aggressiveness towards my wife and numerous co workers (namely aboriginals or women under 40) left a bad taste in my mouth.
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Apart from dealing with idiot banks that won’t loan to you because you are not Taiwanese, what is involved in a business loan? Do I need a business plan? How detailed should that plan be? Do I need to hire help such as accountants or lawyers? If I only want a small-ish amount, say a million or two, how much work should I expect to do before I apply? I understand banks do make money off of the interest so I would think they’d try to work with you and determine the terms and interest based on your perceived level of risk…
Or am I better off loaning from a loanshark or other dodgy looking financial companies?
first step is to open a company, or business.
second step is to make money and pay taxes.
Banks will look at both your bank deposits (one of the reasons so many people have 20 bank accounts) and your tax record.
If your company shows 10,000 is gross for the previous year, good luck getting a loan. in that circumstances you need to rely on your brain and ability to talk. and/or relationships with bank employees.
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Those government run banks are pretty hierarchical and top down. Almost 100% of the time the branch manager is some old grandpa from the Kai Shek days. Kinda sets the tone for the service you can expect for women, aboriginals, foreigners, and anyone else that isn’t a rich han.
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Immaculate resurrection?
That pretty much sums up my experiences with them as well.
but with the side note, they tend to be superficial and dumb. if one were to have the patience, it is usually easy as pie to play them like a fiddle on a personal level. but requires very good mandarin and very poor ethics. it is possible though, go the social route and play it backwards.
I hate the whole game, thus I divorced it.
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The old grandpas at the bank used to invite me in for tea, show off to the workers that they had a foreign friend, but then say sorry no loan or credit card at the end. That part was at the end when they were showing me the door.
When I was new to Taiwan I thought I had all these local friends lol. Ahh the good old naive days.
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absolutely. dance monkey, dance.
gotta give them something they want. that’s not a foreign thing, just a face/ego/quasi corrupt thing.
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Yes I wrote I was denied for a loan as a citizen and 3 foreigners I know were approved for business loans. I apologize that you found this so misleading. So misleading. So sorry for misleading you that foreigners can actually get business loans. Llary wrote posts in 2008 on how he got business loans as well as credit cards and other loans as a foreigner as well and he had no local ROC partner. I guess he mislead you as well? I guess that I got credit cards and car loans and other loans as a foreigner in the 1990’s in Taiwan I was being misleading about that. I apologize for that too.
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Stil got that massive chip on your shoulder.
My friend (Taiwanese) was telling me how he was rejected until he had many of the things @Satellite_TV has mentioned. Don’t find his things offensive he just talks like a real Aussie.
He actually has some real good advice as a person who has done business as BOTH a foreigner and a Taiwanese.
Yes, he got loans even before he got his ID card and yes he got rejected AFTER he got his id card too. So he does have a lot of experience dealing with it (from both sides) and if you ask his advice, you will find he is rich with knowledge
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I remember it was a massive fight for me to get a credit card as well. This isn’t America where banks just gives loans to just about anyone as long as your FICO score was high. I feel like getting into Harvard is easier than getting credit cards or loans here, and I’m not even a foreigner. In the end everyone wants to act like Republicans (give money to the rich).
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Perfect advice.
This right here is gold!
Australia, (I was working in the bank) was the same thing.
We never lent to absolute startups with no experience.
Just get something really small. Issue local receipts, pay some tax, have a clear plan on how you will spend the money and the banks will more likely lend to you regardless if you’re Taiwanese or not.
Honestly if it’s easier to lend 10 million than 1 million might as well just get mortgages, because at least the interest for mortgage is really low here, and the only loans I ever hear of anyone getting is mortgages. Taiwan’s just not a huge debt based country.
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My wife was rejected for a Coscto credit card. She owned debt free property in her name and had cash in the bank. But her Guest House was not a registered business. Now it’s a homestay and where she is she does not need to pay tax on her income. So I put her on my company payroll, after 3 months of getting a “salary” she re-applied and was approved for a credit card equal to her monthly salary. This is why you should register a small business license, have your customers pay to your company so you can issue a fapiao, get a salary from your company.
Then I will need to find a friend who owns a company who can put me on their “payroll”. I do not make near enough to be able to issue fapiao. I think the requirement to issue fapiao starts at 200k per month.
What’s the threshold to be able to issue a fapiao?