Remittance restrictions relaxed for foreign company branches

June 21, 2004

To make it easier for foreign companies to deploy their funds, Taiwan's Central Bank of China (CBC) announced a revision of the Directions for Banking Enterprises on Assisting Customers to Declare Foreign Exchange Receipts and Disbursements or Transactions, allowing the Taiwan branches of foreign companies to remit funds simply by submitting their permit documents and CPA-certified financial reports, which are confirmed by a bank. This liberalization is expected to allow the Taiwan branches of foreign companies to remit earnings to their overseas parent companies a month or two quicker than now is possible.

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