Taiwan plans to introduce new visa for foreign entrepreneurs
According to the Deputy Minister of National Development, Kao Shien-quey, Taiwan intends to grant special resident visa for overseas entrepreneurs involved in startups in order to better compete for global talent.
The Deputy Minister said that the new visa is likely to be introduced in the second quarter of 2015, as a part of government's aim to amend Taiwan into a hub of new businesses.
The NDC (National Development Council) plan would need reforms to the Residency, Regulations Governing Visiting and Permanent Residency of overseas nationals.
The amendment would enable business individuals who have not yet set up a business in Taiwan, and raised a minimum of NT$2 million from venture capitalists as well as have decided to launch their venture in industrial parks for startups in Taiwan, in order to apply resident visa for a period of one year.
Kao said that the businesses who gained sizeable results during the period of one year can apply for extension two year period and for PR after five years.
He added that the startups which have already launched operations in Taiwan and prepared investments of NT$1 million can also apply for proposed visa for a maximum of three individuals.
He also said that the intended amendment enables entrepreneurs to apply for Taiwan residency without abiding the requirement of investing a minimum of NT$6 million (US$191,000).
The other nations which have already introduced or intending to introduce such similar visa program are Netherlands, the United States, Singapore, South Korea as well as Canada.
However, unlike other programs that need actual investment to be in place prior to the visa grant, Taiwan will grant the visa depending on amount of capital rose, with an intention to allure more talent to the nation.
Under National Development Council plan, the Ministry of Interior will be put in allege of assessing applications and granting new visas, but information of the visa program would be additional discussed in meetings to be controlled over by Minister with no Portfolio Tsai Yu-ling.
Kao also added that the new visa program is likely to cover Macau and Hong Kong residents, but Chinese citizens will be excluded.
The Cabinet also granted a plan to enable startups in specific innovative sectors to recruit overseas professionals who do not possess two years of work experience and university diploma needed under current laws.
March 02, 2016