The Cabinet today approved amendments to two laws that would remove more hurdles for foreigners and overseas Chinese seeking to invest in Taiwan.
The amendments to the Statute for Investment by Foreign Nationals and the Statute for Investment by Overseas Chinese, drafted by the Ministry of Economic Affairs (MOEA), are intended to bring Taiwan's regulations closer in line with international norms and build a better investment environment. This will help raise Taiwan's performance in world competitiveness rankings, which Premier Sean Chen said would bring more investors to Taiwan.
While the amendments await the green light from the Legislature, the MOEA will work with related agencies to further streamline screening procedures and review negative investment lists for necessary changes.
Proposed amendments to the two statutes are as follows:
1.A foreign or overseas Chinese investor should no longer be required to submit an investment application to competent authorities prior to making the investment, but may submit the application within a specified period after the investment. In special cases, however, approval must be obtained in advance.
Also, an investor without a residence or office in Taiwan must appoint an accountant or lawyer to file the applications on his/her behalf. (Amending Article 8 of both statutes)
2.Other provisions concerning applications to competent authorities should reflect the change from "prior approval" to "subsequent filing, except in special cases." (Amending Articles 5, 10, 11 and 12 of both statutes)
3.Amendments should be made concerning penalties for violations of the statutes or failure to perform matters approved by competent authorities. (Amending Article 18 of the statute for foreigners and Article 19 of the statute for overseas Chinese)