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.

2021
April 4Children’s Day
April 5Tomb Sweeping Day
April 5Children’s Day observed
April 30Labor Day observed
May 1Labor Day
June 14Dragon Boat Festival
September 21Mid-Autumn Festival
October 10National Day
October 11National Day observed
December 31Republic Day/New Year’s Day observed
  • 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)
  • Corporate Tax: 20%
  • Income Tax (Lowest Marginal Rate): 5%
  • Income Tax (Highest Marginal Rate): 40%
  • VAT/GST/Sales Tax: 5%
  • 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

Aadmi can support you with your expansion to Taiwan. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

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