5 Reasons Why You Should Set Up a Business in Taiwan
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Taiwan is located very strategically, which is why it is often viewed as the bridge between Southeast Asia and China. In addition to its geographic advantage, Taiwan has also made progress in the protection of intellectual property.
If you are not sure about starting a business in Taiwan, here are some reasons why you should do so.
Favorable Government Policies and Regulations
Did you know that foreigners can set up LLCs in Taiwan? This can be done by having just one shareholder and one director. Both of these people can be foreigners and they do not even have to be Taiwanese residents.
Unlike other Asian countries where foreigners cannot own 100% of a company, here it is possible. Additionally, there is no minimum capital investment required to set up a business in Taiwan. If you want to set up a representative office or branch in Taiwan, it is possible to do so even through a foreign entity.
It is estimated that there are over 300,000 graduates in Taiwan every year. This means there is never a short supply of qualified employees for your business. That said, there are a lot of international companies competing for the same candidates as you. If you want to hire the best candidates right after they graduate, you need a partner recruitment agency in Taiwan.
Partners like New Horizons
Global Partners help you to find the right recruitment channels, position yourself well, and communicate effectively so you can find the best hires. This recruitment agency also provides ongoing support as you establish your presence in Taiwan to ensure your success.
The Taiwanese government advocates for various tax incentives for companies that want to establish business locations such as export processing zones, free trade zones, science parks and agricultural technology parks.
For businesses coming up with innovations or doing research and development, the government can give them low-interest loans of up to 80% of the projects expenses up to NTD 65 million. This is a huge incentive for businesses that primarily do research.
Solid Industrial Setup
Taiwan has solid industrial clusters and supply chains. Both of these work together to cater to the changing needs of a very demanding market. These industry clusters are divided into heavy industrial clusters to the south, technology and electronics in the north, and precision machining in the central regions.
Excellent Transportation Network
Taiwan has 17 airports and 7 international harbors that make it easy to get products out of the country. Additionally, Taiwan has an extensive transport network that includes highway systems and a convention tail system that spans the whole island. Both of these are in addition to the national freeway system, a high-speed railway line and a number of regional freeways.
Businesses that want to expand to Southeast Asia should strongly consider starting with Taiwan. This country is strategically located to give your business access to both Southeast Asia and China. In addition, there are lots of incentives and loans to help your business as it is just starting.