Company Compliance Requirements in Taiwan
A Company registered in Taiwan must comply with Taiwan Regulations. This guide includes a checklist based on commonly found issues in practice.
Background
All companies registered in Taiwan, regardless of whether they are foreign or locally owned, must comply with Taiwan's regulations. Much of the requirements come from the Labor Standard's Law, the Company Act, and related rulings issued by Government Authorities.
Complexity of Compliance Requirements in Taiwan
Even though most companies offer competitive salary packages and a good working environment to their employees, however these alone are not sufficient for meeting compliance requirements in Taiwan. In order to protect the rights of the employees, the Taiwan government has introduced various measures requiring the employer to take on more responsibilities.
For example:
Employers need to ask employees to submit time attendance records in the form of timesheets or clock cards. If employees work overtime, employers must pay overtime pay to the employees.
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Penalties
Government inspectors visit businesses of all sizes in order to inspect for non-compliance. Complaints filed by disgruntled employees to government officials can also trigger an inspection. Penalties can vary, however, in the case of serious violations a government officer will disclose the name of the non-complying company on its website and this can create damage to the reputation of the company.
Checklist
Grant Thornton Taiwan has compiled a checklist of frequently found deficiencies in companies based on our past experience in order to assist companies comply with local regulations.
If you have any further questions relating to the contents of the checklist, please feel welcome to contact us for assistance. Alternatively, if you need us to help you implement measures to comply with these regulations, please also feel welcome to contact us.