How to open Bank Account in Taiwan ?

What  services  provide for Bank account opening by Evershine in the Covid -19 period? How many local Banks and foreign Bank Branches in Taiwan?How  to use internet banking  function to execute  financial control  on your Taiwan Entity through Evershine Cloud accounting Services?

Send an email to tpe4ww.elr@evershinecpa.com

Or call
Manager Jerry Chu, USA Graduate School Alumni and a well-English speaker
Mobile: +886-939-357-735
Tel No.: +886-2-2717-0515 ext. 103

What  services  provide for Bank account opening by Evershine in the Covid -19 period?

Generally, if  your assigned legal representative of  Taiwan entity ( whichever in the form subsidiary or Branch or representative ) can be present in the Taiwan, Evershine Taiwan staff will accompany clients to the bank and provide the relevant assistance.

However, due to Covid-19 outbreak, there are 2 ways to open a bank account remotely without requiring  your assigned legal  Representative to visit Taiwan.
1) Direct referral from the International Bank, which has a branch in Taiwan, that the clients have worked with for long-term/ have a strong relationship with, such as Bank of American (BOA), Deutsche Bank, Standard Chartered, etc.
E.g. Request for account opening referral from BOA, US to BOA, Taiwan to avoid traveling to Taiwan.
*For this case, Evershine could assist to communicate and provide necessary documents to the Taiwan Branch with no extra charge.
2) Authorize Evershine to open the bank account on client’s behalf by signing the Power of Attorney (Need to be notarized and authenticated by TECO).
The Representative will still need to visit Taiwan within 6 months to convert the Preparatory Account to a Formal Company Account.
*Evershine will charge a fee for providing this Authorization Bank Account Opening Assistance.
*This method is case by case basis for each bank.

Usually, we highly suggest clients to open two bank accounts.
1. Overseas bank account in the Bank that has branches in the country where Holding Company or Subsidiary Company resides and where that foreign funds can be received conveniently.
2. Local bank account that used to pay VAT tax, withholding tax, labor insurance, health insurance, pension fund etc. This can save bank charges too.

AS for Timeline, it will depends on the type of bank chosen.

How many local Banks and foreign Bank Branches in Taiwan?

At the end of 2020, Taiwan was home to 37 commercial banks.
https://www.banking.gov.tw/en/home.jsp?id=24&parentpath=0,5&mcustomize=FscSearch_BankType.jsp

4  Bank of Taiwan  02-23493456
5  LAND BANK OF TAIWAN  02-23483456
6  TAIWAN COOPERATIVE BANK  02-2173-8888
7  FIRST COMMERCIAL BANK  02-23481111
8  HUA NAN COMMERCIAL BANK , LTD.  02-23713111
9  CHANG HWA COMMERCIAL BANK, LTD.  04-22222001
11  THE SHANGHAI COMMERCIAL & SAVINGS BANK, LTD.  02-25817111
12  Taipei Fubon Commercial Bank Co., Ltd  02-27716699
13  Cathay United Bank  02-87226666
15  The Export-Import Bank of the Republic of China  02-23210511
16  Bank of Kaohsiung  07-5570535
17  MEGA INTERNATIONAL COMMERCIAL BANK CO., LTD.  02-25633156
21  CITIBANK TAIWAN LIMITED  02-87269600
48  O-Bank Co., Ltd.  02-87527000
50  TAIWAN BUSINESS BANK,LTD.  02-25597171
52  Standard Chartered Bank (Taiwan) Limited  (02)2716-6261
53  Taichung Commercial Bank Co.,Ltd.  04-22236021
54  King’s Town Bank  06-2139171
81  HSBC Bank(Taiwan) Ltd.  02-66339000
101  Taipei Star Bank  02-25575151
102  Hwatai Bank,Ltd.  02-27525252
103  Taiwan Shin Kong Commercial Bank  02-87587288
108  Sunny Bank Ltd.  02-28208166
118  BANK OF PANHSIN  02-29629170
147  COTA BANK  04-22245171
803  UNION BANK OF TAIWAN  (02)2718-0001
805  FAR EASTERN INTERNATIONAL BANK  02-23786868
806  YUANTA COMMERCIAL BANK  02-21736699
807  Bank SinoPac Company Limited  02-25173336
808  E.SUN COMMERCIAL BANK, LTD.  02-21751313
809  KGI Bank Co., Ltd.  02-21717577
810  DBS Bank ( Taiwan ) Ltd  02-66129889
812  Taishin International Bank  02-25683988
815  JIH SUN INTERNATIONAL BANK  02-25615888
816  Entie Commercial Bank  02-81012277
822  CTBC Bank Co., Ltd.  02-33277777
824  LINE Bank Taiwan Limited  (02)6622-9999
826  Rakuten International Commercial Bank Co., LTD.  02-55692688
(above version: 2021/05;subject to change)

And there is a significant foreign banking presence in Taiwan – 29 foreign banks have established branches in Taiwan.
https://www.banking.gov.tw/en/home.jsp?id=24&parentpath=0,5&mcustomize=FscSearch_BankType.jsp

(Version: 2021/05/24)
20  Mizuho Bank Ltd
22  Bank of America
23  BANGKOK BANK PUBLIC COMPANY LIMITED
25  Metropolitan Bank and Trust Company
28  The Bank of New York Mellon Taipei Branch
29  United Overseas Bank
30  STATE STREET BANK AND TRUST COMPANY TAIPEI BRANCH
37  SOCIETE GENERALE, TAIPEI BRANCH
39  Australia and New Zealand Bank
72  Deutche Bank Taipei Branch
75  The Bank of East Asia, Limited
76  JPMorgan Chase Bank, N.A. Taipei Branch
78  DBS Bank Ltd,Taipei Branch
82  BNP PARIBAS
83  Standard Chartered Bank
85  Oversea Chinese Banking Corporation, Tapei Branch
86  CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
92  UBS AG , TAIPEI BRANCH
93  ING Bank N.V., Taipei Branch
97  Wells Fargo Bank N.A., Taipei Branch
98  MUFG Bank,Ltd.
321  Sumitomo Mitsui Banking Corporation Taipei Branch
324  CITIBANK, N.A
325  The Hongkong and Shanghai Banking Corp. Limited
326  Banco Bilbao Vizcaya Argentaria S.A., Taipei Branch
328  Natixis
(above version: 2021/05;subject to change)

Resident entities are permitted to hold convertible foreign currency bank accounts domestically and outside Taiwan.
Non-resident entities are permitted to hold convertible foreign currency bank accounts within Taiwan.
They may also hold domestic currency accounts, such as time deposits, demand deposits and demand savings deposits.

Financial institutions in Taiwan involved in indirect financing and money market activities include commercial banks, the Postal Remittances and Savings Bank, financial holding companies, local branches of foreign banks, credit cooperatives, and bills finance companies.

How  to use internet banking  function to execute  financial control  on your Taiwan Entity through Evershine Cloud accounting Services?
Evershine will  help  our clients to open internet banking account to execute  financial control  remotely from your parent company side.
Evershine provide Cloud System that comes with Internet Banking services for client, for various types of payments including payroll.
Our cloud system can customize and generate the file upload format (CSV file format for payments) for the various Banks in Taiwan.
Hence this save times if we need to do it manually.
Evershine working staff be the maker role and you will be reviewer and approval role in the internet banking of your company.
Hence, reduce your time on manpower whilst maintain your financial control.
We involve internet banking function with many famous banks in Taiwan so to enable client to review or/and approve for wire payment to suppliers and employees at any time at any location.
Client do not need to leave the seal (company seal) or/and the stamp (name of representative) to any local staff, this will avoid losing financial control.

Contact Us

E-mail: tpe4ww@evershinecpa.com
or
Contact us during office hours  (Taipei and China Time Zone)
Manager Jerry Chu, USA Graduate School Alumni and a well-English speaker
Mobile: +886-939-357-735
Tel No.: +886-2-2717-0515 ext. 103

Additional Information

Taipei Evershine CPAs Firm

6th Floor, 378 Chang Chun Rd.,Zhongshan Dist., Taipei City, Taiwan R.O.C.
Near MRT Nanjing Fuxing Station
Principal Partner :
Dale C.C. Chen
CPA in Taiwan+China+UK/ MBA+DBA/ Patent Attorney in Taiwan
Mobile: +86-139-1048-6278 in China ;
Mobile:+886-933920199 in Taipei
Wechat ID: evershiinecpa ;
Line ID:evershinecpa
skype:daleccchen ;
Linking Address:   Dale Chen Linkedin

Evershine Global Service Sites for Reference:

Taipei Evershine,
Xiamen Evershine, Beijing Evershine, Shanghai Evershine,
New York Evershine, San Francisco Evershine, Houston Evershine,
Tokyo Evershine,  Seoul Evershine,
Hanoi EvershineHo Chi Minh,
Bangkok Evershine, Singapore Evershine, Kuala Lumpur Evershine,
Jakarta Evershine, Manila Evershine,
Melbourne Evershine,  Sydney Evershine,
New Delhi Evershine, Mumbai Evershine,
Frankfurt Evershine, London EvershineToronto Evershine.

Other cities with existent clients:
Miami, Atlanta, Oklahoma, Phoenix, Michigan, Seattle, Delaware;
Berlin, Stuttgart;Paris;Amsterdam; Prague; Czech Republic; Bucharest;
Bangalore; Surabaya;
Kaohsiung, Hong Kong, Shenzhen, Donguan, Guangzhou, Qingyuan, Yongkang, Hangzhou, Suzhou, Kunshan, Nanjing, Chongqing, Xuchang, Qingdao, Tianjin.

Evershine Potential Serviceable City (2 months preparatory period):
Evershine CPAs Firm is an IAPA member firm headquartered in London, with 300 member offices worldwide and approximately 10,000 employees.
Evershine CPAs Firm is a LEA member headquartered in Chicago, USA, it has 600 member offices worldwide and employs approximately 28,000 people.
Besides, Evershine is Taiwan local Partner of ADP Streamline ®.

We provide multi-cities one-stop service  supported by cloud accounting and payroll system.
We can arrange services for your company’s overseas subsidiaries.

Please contact us by email at tpe4ww HQ4TPE@evershinecpa.com

More Cities and More Services please click  Sitemap

All Services in Taiwan

Company registration,Open bank account,
Work Permit and Visa application;
Online Accounting Services,Payment Services,
Payroll compliance Services, Labor Management Services
Tax Compliance Services; VAT and Income Tax
B2B Digital Marketing Services; Trademark Registration;
Patent application; Due Diligence for M&A project,

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Taiwan Tax Benefit

For enterprises that received approval for this tax benefit, the withholding tax rate on its income from Taiwan will be reduced from 20% to 3% or 2%.
Businesses whose headquarters are outside of Taiwan must apply for the tax benefit described in Article 25 of Income Tax Act with the Ministry of Finance and 15% of its business revenue within Taiwan would be the taxable income.

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Due Diligence in Taiwan

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Including both Financial Due Diligence (FDD) and Legal Due Diligence(LDD).
Evershine CPAs Firm is well-experienced in doing these services
and has already handled a hundred of Due Diligence (DD) cases assigned by global companies.
Among them , one was a transaction worth 700 millions USD.

Taiwan Digital Marketing

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Taiwan Website Setup Services
Chinese Web Content Editing Service
Chinese Google Ads Keyword Advertising
Taiwan local staffing: Recruiting Services for Sales Representatives
Providing CRM for Recording marketing activities
Temporary employment of Taiwan sales representatives
Taiwan Incorporation, Payroll, Accounting, Tax etc one-stop services