Taiwan Politics, Economy, and Culture

Located in Southeast Asia, Taiwan (Republic of China or ROC) has a complicated political standing with China (People’s Republic of China or PRC), from whom it split around 1950. However, China has continued to claim sovereignty over Taiwan, denying its legitimate existence by refusing diplomatic relations with any country that recognizes the ROC.

Taiwan started industrializing and developing its economy in the 1960s, resulting in a relatively large and advanced economy, focusing on the high-tech sector. It has healthcare, economic, and press freedom, as well as public education, making it one of the most highly educated citizenries in the world.

Han Chinese constitute Taiwan’s largest ethnic group (divided into Hoklo and Hakka), while the rest of the population is made up of the indigenous Malayo-Polynesian peoples. Although Mandarin Chinese is their official language, other dialects such as Taiwanese and Hakka are also popular. Most Taiwanese are Buddhist (35.3%), followed by Taoists and Christians.

Taiwan borrows and blends its culture from traditional Chinese, as well as Japanese and Western influences. Taiwanese entertainment culture has influenced film around the world, including via the works of famous Taiwanese director, Ang Lee.

Public Holidays

2021
April 4	Children’s Day
April 5	Tomb Sweeping Day
April 5	Children’s Day observed
April 30	Labor Day observed
May 1	Labor Day
June 14	Dragon Boat Festival
September 21	Mid-Autumn Festival
October 10	National Day
October 11	National Day observed
December 31	Republic Day/New Year’s Day observed

Legal Entity Types

無限公司 (Unlimited Company)
有限公司 (Limited Company, yǒuxiàn gōngsī)
兩合公司 (Limited Partnership)
股份有限公司 (Public Limited Company or Corporation, gǔfèn yǒuxiàn gōngsī)

Taxation

Corporate Tax: 20%
Income Tax (Lowest Marginal Rate): 5%
Income Tax (Highest Marginal Rate): 40%
VAT/GST/Sales Tax: 5%

Available Banks

Central Bank of the Republic of China (Taiwan)
Agricultural Bank of Taiwan
Export–Import Bank of the Republic of China
Bank of Taiwan
Land Bank of Taiwan
Taiwan Cooperative Bank (includes the former Farmers Bank of China)
First Commercial Bank
Hua Nan Commercial Bank
Chang Hwa Bank
Citibank Taiwan
Shanghai Commercial and Savings Bank
Taipei Fubon Bank
Taipei Star Bank
Cathay United Bank
Bank of Kaohsiung
Mega International Commercial Bank
O-Bank
Taiwan Business Bank
Standard Chartered Bank (Taiwan)
Taichung Bank
King’s Town Bank
HSBC Bank (Taiwan)
Hwatai Bank
Taiwan Shin Kong Commercial Bank
Sunny Bank
Bank of Panshin
COTA Commercial Bank
Union Bank of Taiwan
Far Eastern international Bank
Yuanta Bank
Bank SinoPac
E.SUN Commercial Bank
KGI Bank
DBS Bank (Taiwan)
Taishin International Bank
Jih Sun International Commercial Bank
EnTie Commercial Bank
CTBC Bank – China TrustHualien Business Bank
Bank of China
Bank of Communications
China Construction Bank
ABN AMRO
American Express Bank
Australia and New Zealand Banking Group Limited
BBVA
Bangkok Bank
Banque de l’Indochine
Barclays Bank
BNP Paribas
Bank of America
The Bank of East Asia
The Bank of New York
The Bank of Tokyo-Mitsubishi UFJ
Calyon
Citibank
DBS Bank
Deutsche Bank
Fortis Bank
HSBC
ING Group
JPMorgan Chase
Metropolitan Bank and Trust Company
Mizuho Corporate Bank
Natixis
Oversea-Chinese Banking Corporation
Société Générale
Standard Bank of South Africa
Standard Chartered Bank
State Street Bank and Trust Company
Sumitomo Mitsui Banking Corporation
UBS AG
United Overseas Bank
Wells Fargo Bank

Need more information about Taiwan?

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