TAIWAN | MARKET GUIDE 1 NZTE APRIL 2017

ABOUT TAIWANTaiwan is highly industrialised with expertise in advanced technology, and is full of opportunities for New Zealand exporters.Since the agreement between New Zealand and the Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu (ANZTEC) came into force in December 2013, there has been spectacular growth in trading, economic and cultural relationship. Taiwan is an important source of imports, tourism and investment, and an important export market for New Zealand. It punches well above its weight and is an economic giant in East Asia.

The island region is situated in the West Pacific Ocean. It’s located around 180 kilometres off Mainland China’s southeast coast, midway between Japan and the Philippines. Taiwan and Mainland China have been ruled separately since 1949.

Taiwan is a democracy and business people seek minimal government interference so that they can get

on with business. Government status is not as strong in Taiwan as it is in China.

Although small in size and population, Taiwan’s success is owed to its manufacturing and export prowess, especially in high-tech industries. Anyone with an electronic device likely uses something made or designed, at least partly, by a Taiwanese company.

Taiwan’s economy depends heavily on international trade, which accounts for 130 percent of Gross Domestic Product (GDP). Therefore, the business environment is encouraging.

As consumers, Taiwanese are recognised as innovative – always wanting to try new things. In Asia, their expectations of quality are second only to Japan. They have very high expectations with things such as packaging, sizing, and retail experiences.

The regulatory environment in Taiwan can be difficult to navigate. However, there are not many issues at borders once regulations have been met.

TAIWAN

MARKETGUIDE

TAIWAN | MARKET GUIDE 2 NZTE APRIL 2017

CONTENTSQuick facts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Trade agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Opportunities for New Zealand businesses . . . . . . . . . . 3

Business culture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Travel and visiting Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Accommodation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Visas and immigration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

IT, internet and communications . . . . . . . . . . . . . . . . . . . . . 5

Currency, credit cards and ATMs . . . . . . . . . . . . . . . . . . . . . 5

Gratuities and tipping . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Public holidays. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Useful phrases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Safety and security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Medical services and hospitals . . . . . . . . . . . . . . . . . . . . . . . 6

Tourist information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Food . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Entertainment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Trade shows and industry exhibitions. . . . . . . . . . . . . . . . 6

Product registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Customs and import regulations . . . . . . . . . . . . . . . . . . . . 6

Setting up operations and establishing a business . . . 7

Taxation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Opening a bank account . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Chambers of Commerce . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Local government directory. . . . . . . . . . . . . . . . . . . . . . . . . 9

Business associations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

NZTE/New Zealand Commerce and Industry Office contact details . . . . . . . . . . . . . . . . 10 TRADE AGREEMENTS

The ANZTEC agreement between New Zealand and Taiwan means that most goods and services are tariff free. New Zealand companies are encouraged to use the Ministry of Foreign Affairs and Trade’s tariff finder. More detail about the agreement can be found at the New Zealand Commerce and Industry Office.

QUICK FACTSGDP: US$519 billion (2015)

GDP per capita: US$22,091 (2015)

Official languages: Mandarin

Currency: New Taiwan Dollars (TWD)

World Bank Ease of Doing Business ranking (2017): 11 of 190 (NZ ranked 1 of 190)

Corruption Perceptions Index ranking (2016): 31 of 176 (NZ ranked 1 of 176)

Free Trade Agreements: Agreement between NZ and Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu on Economic Cooperation (ANZTEC)

Value of NZ exports: US$757.06 million (2016)

New Zealand’s 8th-largest market in 2016

Population: 23.5 million

Land area: 32,260 sq km

Density: 728.5 people/km²

Taiwan is:• strong in manufacturing and exports, especially

in high-tech industries

• dependent on and encouraging of international trade

• a market which always wants to try new things and has high expectations

• one of the “Four Asian Tigers”, along with Hong Kong, South Korea and Singapore – these regions were the first newly industrialised countries

• home to a highly skilled workforce, and is one of the most highly educated countries in the world.

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OPPORTUNITIES FOR NEW ZEALAND BUSINESSESThere is a range of prospects for New Zealand exporters considering trade in Taiwan:

• Specialist opportunities following the Free Trade Agreement

– Apples and cherries are doing very well

– Wine and honey are doing well off a low base

– There are possibilities of being able to leverage our dairy offering by building products around it.

• Taiwan has a very strong market position and reputation throughout Asia in the bakery product area.

• Demand for whipping cream is growing also, driven by changing dietary habits.

• Demand for UHT milk is increasing in Taiwan.

• Demand for liquid fresh milk, e.g. ESL, is on the increase. This is driven by the need for quality certainty following food scares over the past few years.

• Consumers are becoming increasingly sophisticated in their buying behaviour, which means greater demand for quality products.

• There is an increasing trend for Taiwanese companies to look for 100 percent natural ingredients (again driven by demand for quality following recent food scares) as opposed to artificial ingredients.

• In natural products, there is a trend towards wellness. This means purchasing products that have a proven health benefit.

• Taiwan and New Zealand’s joint ownership of brands and associated intellectual property. This leads to greater motivation and success in the local market.

• Taiwan’s innovation ecosystem is evolving and becoming more open to working with offshore technologies and companies. The strength of New Zealand’s intellectual property is a key point of interest.

BUSINESS CULTURE• The personal ties you form with your Taiwanese

business partners may often be far more important than the legal force of any contract or agreement. Don’t neglect personal aspects of your relationship with your Taiwanese business partners.

• Splitting bills is something Taiwanese businesspeople do not do. You should be prepared to be either host or guest.

• A face-to-face meeting is more effective than contact by telephone or a letter when you seriously want to discuss some business with Taiwanese.

• Scheduled appointments are important, but it is best to make them no more than two weeks ahead. If you make it further in advance than this, Taiwanese partners seem to not pay attention to the date or, more often, their schedules change.

• A suit is more appropriate than casual attire at business meetings.

• Never be without business cards as it is common to exchange them. It is best to have your card handy when you expect to meet people. It is ideal to have them printed in Taiwanese on one side.

• Although many Taiwanese understand written English reasonably well, their listening and speaking ability varies. Don’t assume that everything you say in English is completely understood. Sometimes Taiwanese may pretend to understand, although they actually don’t.

• Try to avoid jumping right into business matters. Be patient and use a slow approach. Also, do not expect an immediate ‘yes’ or ‘no’ response.

• Taiwanese respect authority and age.

• When receiving or giving gifts, business cards or other articles, Taiwanese tend to use both hands as a sign of politeness.

• When receiving a gift, Taiwanese do not usually open it in front of the giver. It is considered more courteous to open it later.

• Do not blow your nose at the dinner table (a very discreet wipe is OK).

TRAVEL AND VISITING TAIWANAccommodationThere are a number of accommodation options. Rates are subject to 10 percent service charge and 5 percent VAT:

Hotel Address Telephone Website/Email

Home Hotel Xin-YI No. 90 SongRen Road XinYi District, Taipei 110, Taiwan

+886 2 8789 0111 Reservations: +886 2 8789 5151

www.homehotel.com.tw

Humble House Hotel No. 18 Songgao Road XinYi District, Taipei 110, Taiwan

+886 2 6631 8000 www.humblehousehotels.com

Grand Hyatt Taipei No. 2 SongShou Road XinYi District, Taipei, Taiwan 11051

+886 2 2720 1234 www.grandhyatttaipei.com.tw

W Hotel Taipei No. 10 Zhongxiao East Road Section 5, XinYi District Taipei, Taiwan

+886 2 7703 8888 www.wtaipei.com.tw

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Visas and immigrationNew Zealanders are eligible for the visa exemption programme and can stay up to 90 days. Taiwan’s Bureau of Consular Affairs has more information about this initiative.

Transportation Taiwan has several transportation options:

AirportsThe two major international airports are Taoyuan International Airport (Taoyuan County) and Taipei SongShan International Airport (Taipei downtown). Taoyuan International Airport lies approximately 50 kilometres south of the heart of Taipei. Taipei SongShan International Airport has scheduled flights serving domestic areas in Taiwan, and also to China, South Korea and Japan.

Airport limousine busesTo Taipei main station

The non-stop limousine bus service to the Taipei main station (bus, train, and high-speed rail) is the most convenient transportation for travellers to Taipei downtown. These buses run every 10 to 20 minutes between the hours of 5am and 11.30pm from the airport and from 5.20am to midnight from Taipei bus station. The fare is TWD125 one way. This is paid in advance at the ticket counters located on the first floor of the airport.

To Taipei City Hall Station (near NZTE Taipei office)

City Air Bus (Da Yo bus) provides a bus service from Taoyuan airport to Taipei City Hall bus station. The service of this route runs every 30 minutes between 5.50am to 11pm. The fare is TWD145 one way. It’s also to be paid in advance at the ticket counters.

Taking a taxi from Taoyuan International Airport to NZTE Taipei office costs about TWD1,300.

Domestic flightsDomestic flights arrive and depart from Taipei SongShan Airport. It takes about 10 to 20 minutes to get to the airport from the centre of the city. Uni Air, Far Eastern Airlines, TransAsia Airways and Mandarin Airlines provide a domestic flight network linking Taipei to Taiwan major cities. Flight times to any of these destinations are approximately one hour.

Railroad/high-speed railwayThe island-wide railway network provides convenient travel in a number of train classes. These trains give visitors a chance to see the varied scenery of Taiwan close up as they travel around the island. With the opening of the Taiwan high-speed rail (THSR), visitors can now easily take a day trip between Taipei and Kaohsiung (the southern city of Taiwan) within one-and-a-half hours’ transit time. Currently eight stations are operating on the THSR line down Taiwan’s western corridor. It is difficult to get train tickets during long holidays, so reserving tickets 14 days before departure is strongly recommended.

TaxisTaking a taxi

A large number of taxis are available in most major cities. Basically, taxi fares in all major cities are set by the local city government itself, and there are few variations. The meter may not be used for out-of-town or long-distance travel.

Travellers are advised to confirm the charging method before getting in a taxi when travelling outside Taipei. Most drivers do not speak English, so it is a good idea to have hotel staff write both your destination and your hotel’s name and address in Chinese for you, along with the estimated cost of each one-way trip. Taiwanese taxi drivers tend to be more honest and friendly than in many other countries.

Taxis are metered, starting at TWD70, with higher rates for night-time (an additional TWD20 over the meter price). Tipping is not necessary nor expected. You will need to pay cash for taxis.

Calling a taxi

Within Taipei, you can call a taxi wherever you are. The operators can speak English and will readily arrange a taxi for you.

Car hireRenting a car is not only unnecessary but it’s also not recommended in Taipei unless you are planning to head out of the city. Traffic tends to be frantic, and parking spaces are expensive and difficult to find. Most of the main tourist destinations are reachable by public transport, and you should use that as your main mode of travel.

Driving in and around TaipeiTo rent a car, foreigners should:

• have a valid driver’s license and passport

• have more than one year’s driving experience

• have an international or a Taiwanese driver’s licence

• be over 18 years of age.

Cars are driven on the right side of the road. Although most road signs are written in both Chinese and English, driving is not easy for foreign visitors, so it is recommended to rent a car with a driver.

BusesTaipei City has a very efficient bus service. All buses display information (destination and the names of stops) in English, so the system is fairly straightforward for non-Chinese-speaking visitors. Payment can be made by cash (TWD15) or EasyCard for each section that the bus passes through. For local buses (all local buses have a number, but long-distance buses do not), the maximum will be two sections with a total cost of TWD30.

Metro systemThe mass rapid transit system (MRT) in Taipei and Kaohsiung, together with the metropolitan areas’ dedicated bus route networks, makes a convenient transportation system. The MRT is very clean, efficient and safe. In Taipei, these lines are dotted with a variety of attractions and scenic spots. This means you can take a leisurely journey through some of the most attractive parts of Taipei. Automatic ticketing machines can be found in all MRT stations. Single-journey ticket prices range from TWD20 to TWD65, depending on travel distance. A TWD150 one-day pass purchased from a service booth allows unlimited travel on all MRT lines within one day.

The MRT runs from 6am to midnight.

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IT, internet and communicationsTelephoneYou can make a direct international call by dialling ‘002’ followed by the country code and phone number.

Mobile phonesRental services are available at the airport.

Internet/Wi-FiMost convenient stores and cafes provide free Wi-Fi. The Taipei Government provides a free Wi-Fi signal in most attractions too. Some require your email to enable you to access the internet.

Electronics In Taiwan, outlets for 110 volts are available. Always check the power supply before using any equipment. For plugging a laptop or electrical appliances into a local outlet, you will need a flat two-pin adapter plug.

Video is NTSC. The DVD regional code is 3.

Currency, credit cards and ATMsCurrency The monetary unit of Taiwan is the New Taiwan Dollar (TWD). There are four denominations of coins (1, 5, 10 and 50) and bank notes come in denominations of 100, 500, 1,000 and 2,000.

BanksBanking hours are 9am to 3.30pm Monday to Friday. Banks are closed Saturdays, Sundays and holidays.

International money exchangeYou can exchange foreign currency at a bank, a money changer or a hotel counter. Taiwan uses a foreign exchange system which fluctuates exchange rates with ‘market average rate’.

Credit cardsCredit cards such as Visa, American Express, MasterCard and JCB can be used at major hotels, department stores and larger restaurants. Even though credit cards are widely used, some shops, convenient stores and taxi operators do not accept them so you should have some cash to purchase small items.

EasyCardThe EasyCard is a contactless smartcard system for payment on the Taipei MRT, buses and other public transport services in Taipei. It has been expanded to include multiple places of business. Its use has also extended to include convenience stores, department stores, supermarkets and other retailers. Like conventional electronic fare systems, the card employs RFID technology to operate without physical contact. These cards are available for purchase at all MRT stations and all chain convenience stores.

Automatic Teller MachinesYou can get money from ATMs showing the Plus or Cirrus signs, using your credit card with your own PIN. It is not difficult to find an ATM; those attached to convenience stores are the easiest to find.

Lost/stolen credit cardsReport lost and stolen cards immediately to your card company using the following phone numbers:

Visa International: 0080 1 444 123

MasterCard International: 0080 1 103 400

Gratuities and tippingIt is not common to tip in Taiwan.

Public holidaysThe Public Holidays Global website has details on the various public holidays in Taiwan.

Useful phrasesHere are some simple phrases in Mandarin to get you started :

English MandarinGood morning Zao anGood afternoon Wu anPleased to meet you Hen gao sing ren shi niGoodbye Jie zhang

I need a taxi Wo xu yao yi tai ji cheng che

The bill please Jie zhang

Please Qing Thank you Xie niI do not understand Wo bu dong I am unwell and need a doctor

Wo bu shu fu yao kan yi sheng

Where is the toilet? Qing wen xi shou jian zai na li?

Safety and securityVisit the Safe Travel website for the latest travel advisory updates. New Zealanders in Taiwan are strongly encouraged to register their details on Safe Travel.

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Medical services and hospitalsTaiwan has several medical centres and hospitals, as well as different emergency services numbers:

Emergency Service TelephonePolice 112Fire 119Ambulance 119Emergency contact for foreign travellers

+886 2 2523 7500 (International SOS Taiwan)

Airport information +886 3 2733 550 (Taoyuan International Airport)

+886 2 8770 3430 (Taipei SongShan Airport)

Adventist Hospital (Priority Care Centre)

+886 2 2776 2654

English +886 2 2771 8151NTU Hospital +886 2 2312 3456NTU Hospital Medical Service Centre

+886 2 2312 3456 Ext. 61078

Veterans General Hospital +886 2 2871 2121Emergency Room +886 2 2771 8151Chung Shan Medical Clinic +886 2 2708 1166

Ext. 559Priority Care Centre +886 2 2754 7700Emergency Room +886 2 2708 1166

Ext. 1399

Tourist informationIn Taiwan, you can stop by information desks at international airports, bus/train/MRT stations or major tourist sites for maps, tour brochures, and general information about accommodation, shopping and restaurants, tourist attractions and local cultural attractions. Taiwan Travel Service Centre has more details.

FoodTaiwanese cuisineTaiwanese cuisine has several variations. In addition to dishes from the people of Hoklo ethnicity, there are also Aboriginal, Hakka and local versions of Chinese cuisines such as beef noodle soup.

Taiwanese cuisine is often connected with influences from mid to southern provinces of mainland China, particularly the province of Fujian. Influences from all of mainland China can easily be found too. A key Japanese influence also exists due to the period when Taiwan was under Japanese rule. Traditional Chinese food can be found in Taiwan, alongside Fujian and Hakka-style, as well as native Taiwanese dishes, including dishes from Guangdong, Jiangxi, Chaoshan, Shanghai, Hunan, Sichuan and Beijing.

Typical Taiwanese dishesMinced pork rice: Minced, cubed pork, stewed in soy sauce and spices, then served on rice.

Oyster omelette: Made with eggs, oysters, tapioca starch and garland chrysanthemum leaves.

Gua-bao: A flat, clam-shaped steamed white bun with soy-sauce-braised pork belly, pickled mustard vegetables, peanut powder, sugar and cilantro inside.

Shaved ice: Finely shaven ice with a variety of toppings.

Sometimes served drizzled with condensed milk.

Small sausage in large sausage: A grilled pork sausage wrapped in a grilled, salty, sticky rice sausage.

Taiwanese meatballs: The meatballs are cooked in an outer wrapper made of tapioca powder, rice powder, potato starch, and water, while the filling includes pork, mushroom, bamboo shoots and other ingredients.

Entertainment Nightlife in Taipei is similar to any international city. The bars are lively, and there’s always karaoke to charge it up a bit. Entrance fees for Taipei clubs, bars and venues vary greatly based on whether there are special events or promotions going on.

The main district for nightlife is the Xinyi district. You can find most bars and clubs by looking around this area.

TRADE SHOWS AND INDUSTRY EXHIBITIONSTaiwan hosts a variety of trade shows and industry exhibitions. The following websites have more information:

Taiwan Trade Shows Eventseye

PRODUCT REGISTRATIONCompanies interested in selling their products in Taiwan must meet the registration requirements of the Taiwan Food and Drug Administration (TFDA). Pre-market approval is necessary for all classes of food, drugs and medical device prior to Taiwanese market entry.

For many products, the TFDA also requires applicants to have Quality System Documentation (QSD) certification, prior to registration.

If you are outside Taiwan, you need to appoint a Taiwan agent to manage your device registrations.

CUSTOMS AND IMPORT REGULATIONSImport proceduresThe Customs Department sets duties on import goods in accordance with Customs laws, Customs import tariff and other relevant regulations. Under the automated Customs system, cargo clearance is graded into three categories: C1 (free of paper and cargo examination), C2 (subject to document scrutiny) and C3 (subject to document scrutiny and cargo examination).

Specific import proceduresCertificates of Origin are required for specific items, including tea, shallots and some textiles. Some goods will also require DG certification. These items include perfumes, liquor and chemicals. Import permits or documents are necessary for commodities under the Negative List – these are subject to import restrictions. Products subject to import bans can be imported only with a special import permit from the Bureau of Foreign Trade.

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Importing samplesCommercial samples, professional instruments and equipment, as well as exhibition goods that are brought into Taiwan for sales promotion and exhibition purposes, do not have Customs duty. Beer and liquor samples must follow liquor requirements if over 5 litres. Splitting a shipment to avoid duty/tax is not allowed. The Ministry of Finance issues Import Business Licences. Cosmetic samples containing poisonous or potent medicines require an approval letter from the Department of Health.

CustomsCustoms threshold (from which tariffs are required)Imports with a Cost, Insurance, and Freight (CIF) value up to TWD3,000 are duty free. 

Average Customs duty (excluding agricultural products)The duties payable on imported goods are essentially defined on an ad valorem, specific, or selective basis, depending on the items involved.

Preferential ratesPreferential duty rates are applied to various products including motor vehicles, exhibit, military, relief, education and research goods.

Customs classificationThe Taiwanese tariffs are based on the Nomenclature of the Harmonized System (HS) of Name and Codification of Goods.

Method of calculation of dutiesDuties assessed are based on the CIF value. The duties payable on imported goods are essentially defined on an ad valorem, specific, or selective basis, depending on the items involved.

Method of payment of Customs dutiesThere are no consular fees.

Import taxes (excluding consumer taxes)There are no consular fees.

The Taiwan Customs Office has further information on import duties.

SETTING UP OPERATIONS AND ESTABLISHING A BUSINESSStarting a business or investing in Taiwan is a relatively straightforward process. Most foreign businesses get started by using a local agent or distributor. However, where the market allows, a foreign firm can set up a locally incorporated company, branch office or representative office.

Most common business entities in TaiwanTaiwan’s Companies Act allows for four kinds of companies but, in practice, foreign investors tend to choose the form of a limited company or a company limited by shares. Foreign businesses are generally allowed to be incorporated in Taiwan after first getting approval from the Ministry of Economic Affairs’ Investment Commission (MOEAIC).

Another option is to set up a branch office. Recognition

must first be sourced from the Department of Commerce of the Ministry of Economic Affairs (MOEA). Once approved, the procedures for branch registration must be completed. These are similar for a company.

In Taiwan, a branch office has certain tax advantages over a wholly-owned subsidiary. Many foreign investors prefer to set up a representative office in Taiwan before making the more permanent commitment involved in a branch or subsidiary structure. A representative office is basically a legal agent who may quote, bid and sign contracts on its behalf. Refer to MOEA for application forms.

Top questions regarding choice of entity in TaiwanThere are several key questions when it comes to deciding on the ideal entity in Taiwan:

• What business options are banned from foreign investment?

• How do foreign investors apply to invest in Taiwan?

• Which government agency or department should overseas Chinese and foreign nationals talk to about questions regarding investment applications?

• What documents should foreign nationals or overseas Chinese prepare to apply to invest in Taiwan?

• What incentives does Taiwan offer to those foreign companies coming to Taiwan to invest in technology research and development?

• How can overseas Chinese and foreign nationals employ other foreign nationals for their business activities?

• How can foreign investors acquire land in Taiwan?

Invest Taiwan provides helpful information in response to these questions.

Restrictions on foreign investment in TaiwanThe Taiwan Government has brought major breakthroughs in Taiwan’s deregulation. This is especially the case in opening up the financial market, normalising cross-strait economic and trade relations, making relevant laws and regulations more comprehensive, rejuvenating human resources, and improving the business and investment environments. The Government expects to bring the legal positions of different ministries closer together and carry the Taiwanese regulatory system in line with the rest of the world to make it more efficient. This will put the island in a better position to join the Trans-Pacific Partnership (TPP) if formally put into effect, the Regional Comprehensive Economic Partnership (RCEP), and other international economic and trade organisations. It will also help further boost its economy.

Invest Taiwan has details of the laws and regulations.

TAXATIONIn Taiwan, business entities are subject to income tax under the Income Tax Act, commonly referred to as corporate income tax or CIT. The residence status of a company determines how and at what rate the CIT is set. The National Taxation Bureau of Taipei has further information about this.

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OPENING A BANK ACCOUNT A foreign national wanting to open a bank account in Taiwan must be at least 20 years old and have proof of a fixed place of residence. You can’t open a bank account if you are not a registered resident – that means you can’t open a bank account if you only have a visitor visa.

If you open an account with an international bank that you are familiar with, you can expect the following conditions:

Citibank – You must earn or maintain a balance of TWD25,000 per month. If your balance goes below this amount, you will have a monthly account management fee of around TWD500.

HSBC – You are required to open and maintain an account with a minimum of TWD3 million. If you fail to meet this target, an account management fee of TWD1,000 will be taken out from your account on a monthly basis.

If you find the above requirements a little too demanding, you can opt to open an account with one of Taiwan’s local banks. You can usually open an account with a minimum of TWD1,000.

One of the more popular banks, Chinatrust (or CTBC), requires an opening minimum deposit of TWD10,000. Local banks will normally have an English-speaking representative to help you with any queries.

Required documents for opening an accountWhen opening a bank account, you will need to go to your chosen bank in person and present:

• Your passport

• A Taiwanese ID card, which should have 10 digits

• Your ID number and certificate of your Alien Resident Card, or a Record of ID number in Taiwan

• The amount required to open the bank account, which varies from bank to bank .

Bank deposit booksA bank deposit book, or passbook, is a book held by the account holder where all transactions are recorded. These are quite common among banks in Taiwan. Citibank, HSBC and ABN AMRO; however, you can choose a monthly statement which lists all your recent transactions.

ATM cardsOnce you have opened an account at your preferred bank, you will be issued with an ATM card. You can use this card to withdraw money from any ATM machine. You should ask for a Plus or Cirrus symbol on your card, so that you can access your Taiwanese funds from outside the country.

You will usually be issued with an ATM card and password one to three days after opening an account with HSBC and ABN AMRO.

Taiwan Bank takes a little longer, as they will send you your ATM card by post a week after opening your account. Some banks will ask you to wait while you are opening your account so that they can process your card to give to you immediately.

List of banks in Taiwan Each bank will have different interest rates, charges and minimum amounts required for opening and maintaining an account. Here are some of the major Taiwanese banks:

• Central Bank of China

• Bank of Taiwan

• Mega International Commercial Bank

• Chinatrust Commercial Bank

• Industrial Bank of Taiwan

• Shanghai Commercial and Savings Bank

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LOCAL GOVERNMENT DIRECTORYOrganisation Telephone Website / Email

Executive Yuan +886 2 3356 6500 www.ey.gov.tw

Ministry of Economic Affairs +886 2 2321 2200 www.moea.gov.tw

Bureau of Foreign Trade +886 2 2371 7080 www.trade.gov.tw

Industrial Development Bureau +886 2 2754 1255 www.moeaidb.gov.tw

Investment Commission, MOEA +886 2 3343 5700 www.moeaic.gov.tw

Bureau of Standards Metrology and Inspection, MOEA +886 2 2343 1700 www.bsmi.gov.tw

Intellectual Property Office, MOEA +886 2 2738 0007 www.tipo.gov.tw

Food and Drugs Administration +886 2 2787 8000 www.fda.gov.tw

Taiwan Government organisation website

+886 2 2192 7111 www.gov.tw

CHAMBERS OF COMMERCEOrganisation Address Telephone Website / Email

ANZ Chamber of Commerce +886 2 7701 0818 www.anzcham.org.tw secretary@anzcham.org.tw

American Chamber of Commerce in Taipei

Suite 706 7F, 129 MinSheng East Road, Section 3, Taipei 10596 Taiwan

+886 2 2718 8226 www.amcham.com.tw

European Chamber of Commerce Taiwan

11F, 285 Zhongxiao East Road, Section 4, Taipei, Taiwan

+886 2 2740 0236 www.ecct.com.tw

BUSINESS ASSOCIATIONSTaiwan is home to a range of business and industry sector associations:

Service Provider Address Telephone Website / Email

Taiwan External Trade Development Council

5-7 Floors, 333 Keelung Road Section 1, Taipei

+886 2 2725 5200 www.taitra.org.tw taitra@taitra.org.tw

Taipei Computer Association 3F, No. 2, Section 3 Bade Road, Taipei

+886 2 2577 4249 www.tca.org.tw

National Union of Timber Trade Association

No. 10 ZhongShan Road New Taipei City

+886 2 2267 5560 www.woodroc.org.tw 48@ez-home.com.tw

Restaurant and Beverage Vocational Association

9F, No. 37, Section 2 SanMing Road Banqiao District New Taipei City

+886 2 8954 1749 www.rbva-roc.org.tw

Taiwan Bee Keepers Association 2F, No. 40-1, Section 2 Liuchuan W. Road Taichung City

+886 4 2371 3681 www.bee.org.tw

Importers and Exporters Association of Taipei

350 Sung Chiang Road Taipei

+886 2 2581 3521 www.ieatpe.org.tw ieatpe@ieatpe.org.tw

Taiwan Venture Capital Association

Room C 10F, No. 133, Section 4 MingSheng E. Road, Taipei

+886 2 2545 0075 www.tvca.org.tw

TRPMA No. 465-1, Section 6 Zhongxiao E. Road Nangang District, Taipei

+886 2 2783 1262 www.trpma.org.tw trpma@trpma.org.tw

New Zealand Trade and Enterprise (NZTE) is the Government agency charged with a single purpose: growing companies internationally, bigger, better and faster, for the benefit of New Zealand.We employ 600 people, have over 200 private sector partners and draw on a global network of thousands more. We have people based in 50 offices, working across 24 time zones and 40 languages to support New Zealand businesses in over 100 countries. Our global presence lets us deliver value to the businesses we support, through our unique know-how (knowledge and experience) and know-who (networks and connections).Our know-how and know-who is expressed in our Maori name: Te Taurapa Tūhono. Te Taurapa is the stern post of a traditional Māori waka, which records

valuable knowledge, and stabilises and guides the craft forward. Tūhono represents connections to people and an ability to build relationships.We provide customised services and support to ambitious businesses looking to go global. We help them build their capability, boost their global reach, connect to other businesses and invest in their growth. We also connect international investors with opportunities in New Zealand through a global network of investment advisors.We call on our Government network and work closely with our NZ Inc partners and the business community, to grow our national brand and help businesses to open doors in global markets.

nzte.govt.nz

Disclaimer: This document only contains general information and is not formal advice. The New Zealand Government and its associated agencies (‘the New Zealand Government’) do not endorse or warrant the accuracy, reliability or fitness for any purpose of any information provided. It is recommended that you seek independent advice on any matter related to the use of the information. In no event will the New Zealand Government be liable for any loss or damage whatsoever arising from the use of the information. While every effort is made to ensure the accuracy of the information contained herein, the New Zealand Government, its officers, employees and agents accept no liability for any errors or omissions or any opinion expressed, and no responsibility is accepted with respect to the standing of any firms, companies or individuals mentioned. May 2018

NZTE/NEW ZEALAND COMMERCE AND INDUSTRY OFFICE CONTACT DETAILS

Organisation Address Telephone Website / Email

New Zealand Trade and Enterprise

9am – 5.30pm

9F, No. 1, Songzhi Rd, Xinyi District, Taipei 11047, Taiwan

+886 2 8758 0110 www.nzte.govt.nz exporthelp@nzte.govt.nz

New Zealand Commerce and Industry Office

9am – 5.30pm

9F, No. 1, Songzhi Rd, Xinyi District, Taipei 11047, Taiwan

+886 2 2720 5228

Duty Officer’s cellphone:

+886 934 404 594

www.nzcio.com