Taiwan is a fast-moving capitalist country, whose economy is driven mainly by its exports of petrochemicals, electronics and machinery. Structural reforms have facilitated this steady growth, which has been on the rise since 2009. Taiwanese free trade agreements with other countries in the region has also enabled a boost in trade volume between its trade partners. Some of the most prominent companies that have come out from Taiwan are namely Hon Hai ( better known as Foxconn Technologies) , HTC and Acer etc
Benefits of setting up an office in Taiwan
- Stable environment
The Taiwanese social and bureaucratic scene is rather stable, and not prone to sudden upheavals or adverse changes. One will not expect any form of sudden strikes, protests or even riots protests. It is generally a safe society for people and businesses to co-exist and to thrive together. This means that it is a conducive choice for foreign investors and business owners coming to Taiwan to set up and invest in businesses.
- Low tax rates
Taiwan has one of the lowest tax rates in the region. This makes it a significantly more business friendly place as compared to many countries in the region, which might charge multiple layers of tax just for someone to run a business. Additional to that there are quite a variety of tax incentives such as R&D tax credits.
- Hub of North-East Asia
Besides Hong Kong, Taiwan enjoys being in a very strategic location in North Asia, it is easy to travel within North Asia such China, Japan and South Korea. Besides that it’s easy to travel to America and also to South East Asia. This makes it easier for those who have to travel frequently to other countries within the region for business as it saves a huge amount of travelling time
3. Intellectual Property Rights
Taiwan has a very strong intellectual property system. Therefore its a very highly favoured destination for businesses in the technology industry. For businesses or startups that’s doing R&D , the strong intellectual property laws is highly favourable for them
4. Excellent Infrastructure
Taiwan has 2 international airports in Taoyuan that’s serving Taipei and in Kaohsiung and a few other domestic airports, a modern high speed rail that links the major cities together and a robust MTR system in both Taipei and Kaohsiung. It also has high speed internet access with no restrictions. The internet penetration rate in Taiwan is also very high.
Taiwan is rated as the 17th most competitive nation in 2018., according to IMD World Competitiveness Rankings 2018. It’s ranked 4th in Asia behind Hong Kong, Singapore & China. For a business to be located in a highly competitive nation and environment is highly advantageous as it places it on a platform that’s ready to be scaled up effectively when possible.
6. Highly Educated Workforce
Taiwan has one of the most highly educated workforce in the region. They also possess a very competitive and entrepreneurial spirit. The high number of successful businesses spurned out from Taiwan is a good testament of what good quality Taiwanese workforce can contribute to.
Factors to consider when setting up an office in Taiwan.
Taipei, the capital of Taiwan, is a popular choice for many foreign business owners to set up offices. Below here are a few of the more popular areas. Taipei is a very clean city and complete with all proper business infrastructure. It has many business class hotels, good choices of food, entertainment and a wide range of business offices, meeting rooms and seminar and exhibition halls.
Xin Yi is the administrative and financial district of Taipei, holding government buildings such as the Mayor’s Office and Taipei City Government, as well as a large number of financial institutions. There are also plenty of shopping malls in the area.
Neihu is home to the Taipei Neihu Technology Park, which is considered the bedrock of technological innovation and expertise in the country. More than 3000 companies are located inside the Technology Park, most of whom are technology companies who can take advantage of the facilities within the area.
Da-an is a cultural, educational, and commercial district in Taipei. It holds a wide variety of buildings, ranging from universities, to places of worship. This variety of buildings makes Da-an a vibrant and lively area with people from all walks of life.
Office spaces can get rather expensive in Taipei, because of the limited land available, especially in the major cities. Office space prices are also increasing, which might be a limiting factor in the expansion of foreign businesses, especially if these business are just small enterprises. However the overall cost of operating a business in Taiwan far outweighs this disadvantage.
As the MTR system is a very popular mode of transport used by many Taiwanese for their daily commute, therefore its integral for businesses to lease office space near to MTR stations, so that it will be convenient for visitors and staff to get to and fro from your offices.
Contact Our Taiwan Office Specialists.
Speak with our local office specialist at 852-58010006 or email us at firstname.lastname@example.org to receive a free consultation and quote for your office needs in Taiwan.