How to open a Business Bank Account in Taiwan
Written by Debbie Yang
It is relatively convenient to apply for a business account in Taiwan. Banks are more complete in terms of service, and many banks have specialized business account service teams to help customers complete the account opening process smoothly. As of today, there are a total of 70 banks in Taiwan, including national banks and branches of foreign and mainland banks. Among these 70 banks, there are 39 local banks in Taiwan. Under normal circumstances, the opening of a basic business account in Taiwan’s banks is free of charge, no account opening fees, and no annual fee. Subsequent fees that may be incurred include account management fees, inter-bank transfer fees, international remittance fees, and checkbook fees, which need to be specifically defined based on the type of account.
I will select E. Sun Bank, which has the most detailed step-by-step guide, as an account opening example. By opening a business account, a company can have financing and loan support, thereby obtaining working capital and expanding its business. Through the transaction history with the bank, the company can accumulate a good credit rating, laying the foundation for future loans, credit and other financial services. At the same time, a business account can also make it easier for a company to make cross-border payments and manage foreign exchange, reducing the cost of international business and facilitating business expansion.
Unlike personal accounts, business account opening must be handled by the person in charge of the company in person and cannot be delegated to others. And in addition to the original ID card, the account holder is also required to bring a second original document and other business documents.
The article includes the process of opening a bank account for the following people:
- Permanent resident;
- Student;
- A foreigner not residing in Taiwan.
1. For a permanent resident of Taiwan
Adults in Taiwan who are fully capable of applying for a business account are required to prepare the following supporting documents:
● Representative’s identity card/residence card and secondary documents (e.g. health insurance card, driver’s license, etc.)
● Seal (company seal and representative seal)
● Proof of company registration
● Articles of Incorporation and proof of shareholding (e.g., register of shareholders or schedule of shareholdings, etc.)
● Beneficiary information and identification documents
○ Natural person shareholders who directly or indirectly hold more than 25% of the company’s shares or capital, if the company is a public company with unissued bearer shares, are exempted from the requirement to provide the following information
● Operations and Finance Senior Management Information
Source of information: https://www.esunbank.com/zh-tw/marketing/digital/small-business-company#8
2. For a student
- For students who are permanent residents in Taiwan, the account can be processed according to the documents under “For permanent resident of Taiwan”, but additional student ID and proof of funds are required. The account opening process may take 2–4 weeks or more to complete.
- For international students studying in Taiwan, they are permitted to open a business account in Taiwan, but may face stricter scrutiny. Banks will require students to provide additional supporting documents to demonstrate the ability to run a business. The account opening process may take 4–6 weeks or more to complete.
3. For a foreigner not residing in Taiwan
In addition to the documents listed in “For permanent resident of Taiwan”, foreigners not residing in Taiwan are required to provide the following documents:
● Passport copy (to replace the ID card)
● People from Mainland China must attach a copy of their Exit-entry Permit for Traveling to and from Taiwan and Entry and Exit Permit for the Taiwan Region of the Republic of China
○ Passport, Exit-entry Permit to Taiwan, Entry and Exit Permit to Taiwan, and Residence Permit must be valid for at least 6 months.
● Certificate of incumbency (to be issued within 6 months by the local agent in the place of registration)
● Certificate of good standing (to be issued within 6 months by the registering authority of the place of registration or within the validity period)
All documents may need to be notarized or certified. Account opening for foreigners may take longer to process, approximately the same as for international students, about 4–6 weeks.
Source of information: https://www.esunbank.com/zh-tw/personal/credit-card/friendly
The Process of Open a Business Account:
Here is a step-by-step guide to opening a business account with E. Sun Bank:
- Make an appointment to open an account
○ Customers can make an online appointment for account opening services through E. Sun Bank’s online banking
- Prepare all required documents according to individual circumstances
- The person in charge of the company needs to be physically present for the process
- Submit documents and be reviewed
Once a business bank account has been opened, the business of receiving and paying payments can begin.
If in doubt or in need of further advice, customers can contact the account opening branch directly or call the relevant enquiry hotline. E. Sun Bank aims to provide businesses with convenient and efficient account opening services while ensuring compliance with all legal and regulatory requirements.
How much will be cost to open a business account in Taiwan (including annual fees)?
Generally, banks in Taiwan offer free basic business accounts and do not charge account opening fees. Most Taiwanese banks also do not charge an annual fee.
Source of information: https://www.esun-bank.com.cn/cms/esun/index/newsInformation/marketNotice/3783.html
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See a list of how to open a business bank account in over 50 countries here