Taiwan

April 29, 2015

Taiwan is officially a province of China and is a sovereign state in East Asia. The government of Taiwan is a multiparty democratic regime headed by an elected president and unicameral legislature. Taiwan's has five branches of government called Yuan: the Legislative Yuan (National Assembly), Executive Yuan, Judicial Yuan, Examination Yuan, and Control Yuan.

Government-owned banks are tightly regulated in Taiwan and there are also independent banks. As well as numerous foreign banks, there are 37 domestic banks. With more than 3,000 bank branches in the country, it is easy to access banking services such as withdrawals, deposits, loans, remittances, and a large range of financial products. Most banks have some staff that speak English. The currency there is the New Taiwan Dollar. It converts to 0.033 US Dollar.

Employers who wish to hire foreign nationals to come and work in Taiwan are required to first apply with the Council of Labor Affairs to obtain a work permit for the foreign nationals they wish to hire. A work permit application form must be submitted in Chinese and requires recent passport photos of the person and supporting documentation such as photocopies of the candidate’s CV, passport (picture page), employment contract, health certificate from a pre- approved hospital, proof of education, and proof of previous work experience. Please note that certified Chinese translations are usually required for all foreign-language documents. The work permit application review process takes approximately two weeks. Once the application is approved, the work permit -- a formal government- issued letter of approval -- is sent by registered mail to the employer. The letter, which serves as proof of permission for the prospective employee to undertake employment in Taiwan, is required for the resident visa application.

For any alien having income from sources in the Republic of China, individual income tax shall be levied on the income derived from such sources in accordance with the Income Tax Act of the ROC. The alien taxpayers are divided into "Non-Residents of the ROC" and "Residents of the ROC" based on their length of stay. The following are the different ways for aliens to file income tax returns.

Depending upon your budget, you can opt for a variety of accommodations ranging from hotels, hostels, home stays, and rental accommodations. Though apartments are expensive, splitting costs with a roommate may be an economical option.

Please read more on Country Fact Pages located on our website. As always, our goal is to continue to make it as easy as possible for Western and European businesses to join-and succeed in the thriving Asia markets, and to expand our clients’ reach, and in turn, help to grow their operations at home.

For questions about Tiger-Consulting’s HR, Payroll, and Business support services in Asia, contact sales@Tiger-Consulting.net Custom quotes are free of charge.

Sincerely,
Neil Satterwhite
Founder & CEO, Tiger-Consulting

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