Does anyone know what it takes to start a LLC? Is there a minimum capital requirement? Or is it simply have an accountant file paperwork (for a fee of course)?
I am a Taiwanese citizen so I’m not concerned about visa issues (in case anyone doesn’t know that), but it’s mainly to have limited liability and also being able to take out a loan in the name of the business. As far as capital worth is it fair to include all the machines/wood inventory in its calculation?
Also what exactly do they look for if I am to take out a loan in the name of the business (not as an individual)? Say I get a loan to buy certain machines (I’d like to buy a manual lathe actually, budget of less than 100k NTD, used of course) can they use it as collateral? I mean those machines aren’t exactly easy to move (they weight at least 1 ton, if not 2), but perhaps more proper equipment for silk screening T shirts…
JusRegal is a good place to start - especially if your Mandarin isn’t great. They have a flow chart that shows you how long you can expect to wait depending on the type of structure you are incorporating. There are cheaper bookkeeping and compliance services, but these guys have plenty of experience taking care of English speaking entrepreneurs and breifcase companies in Taiwan
Is there a minimum capital requirement? Or is it simply have an accountant file paperwork (for a fee of course)?
Yes, although many usually borrow the capital requirements from whoever is setting up the company for them. They will charge you a week of interest (and Taiwan has had super low interest rates lately)
You should think about the bookkeeping fees (monthly) and the tax filing fees (twice a year). I think you can find them for as low as 2,000 a month to 10,000 a month
it is not clear to which sentence you said yes, but for clarification, there is no minimum capital requirement to establish a LLC for a taiwanese citizen.
I suppose they are worth it if you don’t speak Chinese and needs someone to do bookkeeping for you. But I can’t conclude they aren’t worth it unless I use them first.
But I really don’t need English speaking brokers however if I start making a lot of money it would be worth it, especially if they can help me save on taxes.
You can shop around, there are many accountants that can help you with the set up.
i have used Jusregal in the past and was satisfied. Jusregal initial consultation is free of charge, and from my experience they are transparent when it comes to fees, you decide if it is something you can afford or not. I got good service from them and i do believe they justify their fees, but there are many other options out there. choose the ones you are most comfortable with.