Do you already have a business plan to clear the 3M requirement? The cheapest way is to do most part of the procedure to set up your company by yourself with minimal help of an accountant.
If you need someone who will do all of the procedure (look for a place, make/collect documents, etc) for you, it is more expensive.
For me, to be employed seems much easier than to open a company, but it may be opposit for some others.
How long do you want to live here? If you qualify, working holiday visa allows you live and work here for a year.
2nd year student can do some part time jobs.
If you have a passport from an English speaking country, you can work as an English teacher.
Marriage to a taiwanese is also a possibility, if you are single.
I think if you can qualify under the new Entrepreneur Visa Táiwān 台灣創業家簽證, you will get 3 years’ resident permit (more time!) to reach the 3M requirement.
I think many of us know JusRegal. I was reading here:
and here:
and if I’m understanding correctly, a foreigner needs $50,000 in capital to START a business, and $500,000 in capital (additional? total?) to get a work permit to be able to work as manager of that company in Taiwan. Have I got that right? I mean that’s the government requirement, not including fees for starting an incorporation and immigration fees and everything else.
I’m trying to make a job for my wife. She doesn’t have any qualifications for any jobs foreigners usually get (other than blue collar), so I thought if we could borrow that much money I could start a business under her name (basically she’d start a business). I’ve got a couple of ideas about what kind of business, but I can market the hell out of anything.
I’d be easier if I could start something under my name because I have an APRC, but then I couldn’t hire her since, as I said, she’s not qualified for anything.
For a new limited company or branch office, you need paid in capital of $500,000 NT to start and then need to be show turnover of at least $3 million NT after the first year.
Unless you think you have a realistic opportunity to build a business that meets the turnover requirement, borrowing money to meet the paid-in capital requirement is a pretty expensive and risky way to make a job for your wife.
I thought maybe you needed to hold $50,000 to start a business and then $500,000 to qualify to hire yourself. I suppose a foreigner could start a business, hire locals, and operate it from abroad. You’re right about the turnover requirement. 3 mil averages to over 8k per day. Good money if you can pull it in.
Do you need management experience to work as the manager of your own company? The first line from the ezwork site says this:
“(1)The foreigner has ever acted as a manager of a company invested in by overseas Chinese or foreigner(s), pursuant to the Statute for Investment by Overseas Chinese, or Statute for Investment by Foreign Nationals, whereas the amount of shares held by or the capital contributed by the overseas Chinese or foreigner(s) exceeds one third (1/3) of the total amount of shares, or the total capital of the business, respectively.”
Do you have to be qualified to get a work permit to work for yourself?
Not sure if there’s a minimum capital requirement for companies started by locals. Might be. But the paid in capital requirement for a company to hire a foreign manager is $500,000.
Note that paid in capital is shareholder equity. You have to invest that amount in the company. You can’t loan your company $500,000 to meet the requirement.
It’s about how you put the money in the company. You have to invest $500,000 (i.e. buy shares in the company). You cannot loan $500,000 to the company.
Does one buy shares in one’s own company? I think I know what you’re saying, though. You can’t put money in and take it back out again. Although, there are ways of getting equity out of a company, your salary being the most obvious.
Yes. But even if you’re not trying to game the system there could be complications. For instance, if you decide the shut the company down after a year, how would you get the remaining shareholder equity out? I don’t know if Taiwan is similar to the US where you could do a return of capital distribution.
But your wife will pay taxes on any salary she receives. And I believe the company and your wife would have to pay NHI premiums too? Not sure how it works if she has existing coverage through you.
This is not applicable to a work permit though. The WDA requirements for being able to hire a foreigner are a separate thing I believe.
Would highly recommend talking to a professional about this. It’s a pity they don’t give APRC spouses work rights.
Is there a thing about a 5 million investment rule? I’m seeing on older threads that $500,000 is the amount to start a company but you need to invest 5 mil to get an ARC.
You can even set up a representative office for a foreign company and there are no capital requirements for the representative office. Once you get a work permit to be the manager of the representative office, you can get an ARC. No $500,000 or $5 million needed.
The representative office is very limited in the activities it can engage in though, so only fits certain types of foreign-based businesses.