The requirements for becoming authorized to conduct banking and financial activities in Taiwan can vary, depending on the particular regulated activities. In general, the applicant should first apply to the FSC for prior approval and obtain an establishment permit. Upon receiving an establishment permit, the applicant is required to apply for company registration before applying for a business license from the FSC. Broadly, the following requirements may need to be satisfied:

• Submission of information and supporting documents – This may include an application form for an establishment permit; business plan; the list of promoters and its certification; self-assessment form for promoters from financial industry meeting requirements of investments-related regulations; the application forms for the same person or the same interested parties who have more than 10% of the shares concerning promoters who are from a non-financial industry; the minutes of the promoters’ meeting; a written declaration of the promoters stating that they are of good moral character; certification that the promoters have already deposited the capital; description of promoters’ fund source(s); articles of the public offering; the certification of qualifications of the president, vice president and assistant vice president; articles of incorporation of the bank; auditing opinions of a certified public accountant and lawyer; and other documents required by the competent authority.
• Having a physical presence in Taiwan – The applicant must establish a company limited by shares, a branch, or a representative office in Taiwan.
• Meeting capital requirement – The minimum paid-in capital for an onshore commercial bank (including a virtual bank) is TWD 10 billion; TWD 2 billion for an insurance company; from TWD 200 million to TWD 400 million for a securities firm; TWD 300 million for a securities investment trust enterprise; TWD 20 million for a securities investment consulting enterprise; and TWD 2 billion for a trust enterprise. The amended EPI Act adopts a more differentiated regulation. For instance, the minimum capital requirement will be categorized in three tiers: TWD 500 million, TWD 300 million and TWD 100 million. Without engaging in domestic or international small-amount remittances business, the EPI will only be required to prepare TWD 300 million paid-in capital. If it is not involved in domestic or international small-amount remittances as well as accepting stored value funds, the minimum capital threshold will be reduced to TWD 100 million.