Taiwan for example, offers various business structures, such as sole proprietorships, partnerships, and LLCs. The legal framework for company formation is determined by the Company Act, which outlines the requirements, procedures, and obligations for establishing and maintaining a company. Taiwan has a comprehensive tax system that includes corporate income tax, VAT, etc. Companies operating in Taiwan are subject to corporate income tax on their profits.
To create a company in Taiwan, the following steps are required:
- Reservation of the Company Name: The company name must be unique and approved by the Ministry of Economic Affairs.
- Capitalization and Shareholders: Determine the authorized capital, number of shares, and shareholders of the company.
- Articles of Incorporation: Determine the articles of incorporation, which include company details, purpose, share structure, and governance provisions.