Taiwan Government change regulation of manager's work pemit

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Taiwan Government change regulation of manager's work pemit

Postby CPA Vincent Kao » 25 Feb 2010, 17:49

Taiwan Government has change regulation of manager's work permit conditions.
These new regulations effect begin on 2010-Jan-29.

Old regulation:
  company setup less then one year apply for manager's work permit (included new apply and extend):no minimum capital.
  company setup less then one year apply for manager's work permit (included new apply and extend):Revenue must more than 5 times of capital.

New regulation:
  company setup less than one year apply for manager's work permit (included new apply and extend):Capital must more than 500,000NTD.
  company setup over than one year apply for manager's work permit (included new apply and extend):Revenue must more than 3,000,000NTD.

see article 38,39
http://www.evta.gov.tw/files/7/部分條文修正條文.pdf
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Re: Taiwan Government change regulation of manager's work pemit

Postby headhonchoII » 25 Feb 2010, 20:06

Thanks for posting Vincent. I see that Taiwan is trying hard not to get foreigners to invest here :roll:
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Re: Taiwan Government change regulation of manager's work pemit

Postby Okami » 25 Feb 2010, 20:25

headhonchoII wrote:Thanks for posting Vincent. I see that Taiwan is trying hard not to get foreigners to invest here :roll:
And to think that they feel they weren't trying hard enough before. :doh:

Maybe someday the powers that be will get a clue. I am not hopeful that people who have never worked in private business like many govt employees really understand.
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Re: Taiwan Government change regulation of manager's work pemit

Postby sandman » 25 Feb 2010, 20:29

Numptitude. Utter numptitude. Unsurprising, though -- these are the same halfwits who thought it would be a wizard wheeze to give preferential 15 percent corporate tax to Fortune 500 companies who would agree to move their HQs to ... fecking TAIWAN! :roflmao: :roflmao: :roflmao:
They were going to go ahead, too, until they had a consultation with some actual foreign businessmen, who of course told them they were absolutely off their fucking trolleys.
The article has now been scrapped. You honestly could not make this shit up!
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Re: Taiwan Government change regulation of manager's work pemit

Postby headhonchoII » 25 Feb 2010, 21:08

The above regulation was previously applied for the second year so previously you had a 1 year grace period as such. They've increased the capital requirement and moved it forward so that it is more difficult now to get started.

The 15% thing was scuppered when local corporations complained that if foreign companies got the deal they wanted it too or they wouldn't invest in Taiwan. Yes and it was only for the top 500 aswell..why? Who the f%^k knows!
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Re: Taiwan Government change regulation of manager's work pemit

Postby Mr He » 26 Feb 2010, 08:17

Are you all sure that it's a step back?

NT$500,000 was the minimum capital requirement for opening a limited until 2008 - and it's only US$16k.

NT$3 million is roughly US$100k, not exactly huge, working out of my house I turn over a few multples of that no sweat, and have done it for several years.
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Re: Taiwan Government change regulation of manager's work pemit

Postby Formosa Fitness » 26 Feb 2010, 09:02

CPA Vincent Kao wrote:New regulation:
  company setup less than one year apply for manager's work permit (included new apply and extend):Capital must more than 500,000NTD.
  company setup over than one year apply for manager's work permit (included new apply and extend):Revenue must more than 3,000,000NTD.


Am I understanding this correctly? So one year the enterprise needs to have capital around 500,000 and the next year they need to have at least 6 TIMES THAT MUCH?

Are they out of their minds?
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Re: Taiwan Government change regulation of manager's work pemit

Postby Mr He » 26 Feb 2010, 09:32

Formosa Fitness wrote:
CPA Vincent Kao wrote:New regulation:
  company setup less than one year apply for manager's work permit (included new apply and extend):Capital must more than 500,000NTD.
  company setup over than one year apply for manager's work permit (included new apply and extend):Revenue must more than 3,000,000NTD.


Am I understanding this correctly? So one year the enterprise needs to have capital around 500,000 and the next year they need to have at least 6 TIMES THAT MUCH?

Are they out of their minds?


No, one is capital, the other is turnover.

US$90k in turnover is not a whole lot.
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Re: Taiwan Government change regulation of manager's work pemit

Postby Okami » 26 Feb 2010, 11:57

But what if you have a bad year or two? Thanks for investing in Taiwan now please GTFO. :eek:

It's like they look at what Hong Kong and Singapore do and decide to do the exact opposite to keep the country in the shitter.

I got a JFRV that will soon become a APRC so this is all :popcorn: for me.
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Re: Taiwan Government change regulation of manager's work pemit

Postby headhonchoII » 26 Feb 2010, 12:04

No it's not a lot of turnover to be fair however it may be difficult in the first year or two for a newly established business. For a service business it's obviously very difficult from scratch. For trading it is simple enough.

Some accountants will even 'loan' you the capital to establish your company (not legal of course). Still it is not obvious why they moved the requirement forward a year. It is also not progressive in attracting investment.
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