How to open Bank Account in Taiwan ?
What services provide for Bank account opening by Evershine in the Anti-Money-Laundry worldwide business environment? How many local Banks and foreign Bank Branches are in Taiwan? How to use the 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
Director Jerry Chu, USA Graduate School Alumni and a well-English speaker
Mobile: +886-939-357-735
Tel No.: +886-2-2717-0515 ext. 103
elr-tw-bank-001
What services does Evershine provide for bank account opening in the rigorous Anti-Money Laundering business environment?
Answer:
As global Anti-Money Laundering regulations continue to tighten, the process of Know Your Client (KYC) for opening bank accounts has become increasingly stringent across all banks. Taiwan is also operating within a rigorous Anti-Money Laundering business landscape.
There are two methods for initiating a bank account opening as outlined below:
(1)
Direct referral from an international bank with which clients have a long-term relationship and which has a branch in Taiwan.
For instance, clients can request an account opening referral from Bank of America (BOA) in the US to BOA’s branch in Taiwan.
You can examine below provided list of 28 foreign banks that have established branches in Taiwan.
(2)
Determine if there is a Taiwan-based bank with a presence in the country where the clients are located.
If such a bank exists, you can approach the overseas banking unit of the Taiwan bank to facilitate the referral.
You can review the list of 37 units of Taiwan’s local commercial banks provided below.
In any situation, Evershine can assist with communication and document preparation.
If your appointed legal representative for the Taiwan entity, whether in the form of a subsidiary, branch, or representative, can be physically present in Taiwan, the chances of successfully opening a bank account are higher.
Evershine’s Taiwan staff will accompany clients to the bank and offer relevant support. However, please note that while Evershine will make its best efforts to assist, we cannot guarantee that bank account opening will be successful with just one visit to Taiwan.
Typically, our clients opt to open overseas bank accounts with banks that have branches in the country where the Holding Company or Subsidiary Company is located, allowing for convenient receipt of foreign funds.
Nevertheless, only a local bank account in Taiwan can be used for paying Taiwan VAT tax, withholding tax, labor insurance, health insurance, pension fund, and other related fees. When clients choose to open a bank account in the Taiwan branch of an overseas bank, they entrust Evershine with the Money Movement Services.
This entails clients transferring the tax amount to Evershine, which then processes payment to the Tax Bureau on their behalf.
elr-tw-bank-002
How many local Banks and foreign Bank Branches are in Taiwan?
Answer:
There is a significant foreign banking presence in Taiwan – 28 foreign banks have established branches in Taiwan.
https://www.banking.gov.tw/en/home.jsp?id=24&parentpath=0,5&mcustomize=FscSearch_BankType.jsp
020
(above version: 2023/08; subject to change)
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&type=1
(above version: 2023/08; subject to change)
elr-tw-bank-003
How to use the internet banking function to execute financial control on your Taiwan Entity through Evershine Cloud accounting Services?
Answer:
Evershine will help our clients to open internet banking account to execute financial control remotely from your parent company side.
Evershine provides a Cloud System that comes with Internet Banking services for clients, 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 saves time if we need to do it manually.
Evershine working staff is 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 maintaining your financial control.
We involve internet banking function with many famous banks in Taiwan so to enable clients to review or/and approve for wire payment to suppliers and employees at any time at any location.
The client does not need to leave the seal (company seal) or/and the stamp (name of representative) to any local staff, to avoid losing financial control.
Contact Us
E-mail: tpe4ww@evershinecpa.com
or
Contact us during office hours (Taipei and China Time Zone)
Director 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
Evershine has 100% affiliates in the following cities:
Headquarter, Taipei, Xiamen, Beijing, Shanghai, Shenzhen,
New York, San Francisco, Houston, Phoenix
Tokyo, Seoul, Hanoi, Ho Chi Minh, Bangkok,
Singapore, Kuala Lumpur, Manila, Dubai,
New Delhi, Mumbai, Dhaka, Jakarta,
Frankfurt, Paris, London, Amsterdam,
Milan, Barcelona, Bucharest,
Melbourne, Sydney, Toronto, Mexico
Other cities with existent clients:
Miami, Atlanta, Oklahoma, Michigan, Seattle, Delaware;
Berlin, Stuttgart; Prague; Czech Republic; 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 ®.
(version: 2024/07)
Please contact us by email : HQ4TPE@evershinecpa.com
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