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Stable Development Advantageous Environment
of Finance and How to Open a Bank Account
Foreign Exchange In addition to an ARC (alien
residence certificate), a second
With an form of Identification, such as a
ARC passport, local driver's license or
Financial Organizations Foreign NHI (national health insurance)
card must be provided.
Individual
Financial organizations in Taiwan are generally A valid passport with entry visa
divided into deposit monetary institutions Without an (or stamp) or Overseas Chinese
Identification Certification and
such as domestic banks, branches of foreign ARC Record of ID No. in the ROC
or Chinese banks, credit cooperatives, and must be provided.
the credit departments of fishermen's and In addition to the certification
farmers'associations; the Department of Savings Registered documents of the registration
and Remittance of the Chunghwa Post Co.; and with the authority, minutes of the
life insurance companies. Taiwan board of directors' meetings,
government the company's articles of
authorities incorporation or financial
Administration of Foreign Foreign statements must be provided.
Exchange Corporation Not yet Certificate of incorporation, IDs
registered of responsible persons, power of
Taiwan has liberalized inbound and outbound with the attorney appointing representative
foreign exchanges, with exchange rates Taiwan or agent in Taiwan, and the
being determined by market supply and government withholding tax number notice
issued by the local tax authority
demand. Inbound and outbound exchanges authorities must be provided.
of purely foreign-denominated capital that
are not converted into or from New Taiwan
Dollars are completely liberalized and can processing bank, to the Central Bank for settlement
be processed directly by banks. Inbound and approval to maintain exchange stability of the New
outbound flows involving the exchange of New Taiwan Dollar. Foreign exchange receipts, payments
Taiwan Dollars, inbound and outbound flows of or transactions with a value equal to or exceeding
funds for products, services, approved direct NT$500,000 must be reported.
investments, and securities investments are
also completely liberalized. Currently, only
short-term capital movements are subject to
additional supervision. This includes companies,
limited partnerships, or firms with an aggregate
settlement amount of more than US$50 million
per year; individuals and organizations with
an aggregate settlement amount of more than
US$5 million per year; and non-residents with
a aggregate settlement amount of more than
US$100,000 per transaction. In the above
cases, applications shall be made, through the
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