Taiwan’s true colours as a trading destination of global choice have long been recognised, but never more so than during the challenges of the Covid-19 pandemic. Not only did the territory’s government confidently and competently handle the social and health side of the problem, but the economy thrived throughout.
Please note that due to Covid-19,
some circumstances in this country may be inaccurate.
Having made numerous powerful strategic moves over the last few decades, Taiwan now finds itself in the enviable position of being one of the world’s examples of best-practice economic management. Its absolute openness to trade, and particularly to foreign direct investment, as well as its own investments in transport and digital infrastructure, mean its future will be bright.
HSBC has had a strong presence in Taiwan since 2009. Our dedicated team of professionals is well equipped to support your trading needs in this market and via 30 outlets, with branches in all major Taiwanese cities. Our offerings include Credit and Lending, Global Trade and Receivable Finance, Global Payments Solutions, Global Markets, and Investment.
I look forward to offering my personal service as we discuss how we can support your business growth in Taiwan.
54F, No. 7, Sec. 5,
Taipei 101 Building,
1 Britannica, 2022
2 Taiwanese Government, 2022
3 World’s Top Exports, 2022
4 Statista, 2022
5 PwC, 2022
Taiwan is an island located off the southeastern coast of the Asian continent. With a total land area of around 36,000 square kilometers it is about one-seventh the size of the UK.
Following reforms in the late 1980s, Taiwan has been a multi-party, democratic territory. The president is elected by voters for a four-year term. The current president is Tsai Ing-wen, the first female leader of Taiwan. The Democratic Progressive Party has held power since 2016.
Most of Taiwan’s 23.85 million people live in urban areas with the Han Chinese making up 98% of the total. It is estimated the population will peak at 24.01 million in 2029.
Due to its rapid economic growth between 1965 and 1989, Taiwan is considered one of Asia’s ‘tiger economies.’ The business-friendly and investment-friendly environment encouraged by the government is a major factor in the economy’s exponential growth.
for ease of doing business (in a survey of 190 measured economies by The World Bank)
Small but mighty, Taiwan is an economic powerhouse.
Located off the southeast coast of mainland China, Taiwan consists of a main island and several smaller islands that lie to the west and south of the main island. Often described as ‘leaf-shaped’, Taiwan has approximately the same land area as the Netherlands or the American state of Massachusetts.
The state has experienced rapid economic growth since the mid-1960s. Between 1965 and 1989, the nation’s GNP grew by 360%. While the government promoted a business-friendly environment, the territory also latched onto the latest technology from other regions to boost its development. Very quickly, companies from mainland China were moving their base to Taiwan due to the mix of high-tech and inexpensive labour costs.
Taiwan’s official language is Mandarin Chinese.
Since the nation was democratised over 30 years ago, the economy has continued its steady growth. While the economies of its neighbours Japan, Singapore and Hong Kong fell by 5% in 2020, Taiwan’s grew by 3%. This was due mainly to the territory’s excellent public health infrastructure and policy, sophisticated use of data and digital technology and employing the lessons learnt from the SARS pandemic in 2003 in their efforts to halt the spread of the disease.
Taiwanese business documents are written in Chinese. This can pose problems for foreign investors. When registering a business in Taiwan, the wait times and the translation of documents can be long and costly.
Although Taiwan’s global outlook means trading across borders has become more efficient, faster and simpler, there are numerous documents to complete when a company is trading across borders, which can be time consuming.
Government tends to play a significant role in the operation of business in Taiwan. In doing so, new barriers and hurdles can sometimes be created.
Taiwanese companies are hierarchical and the managers tend to take a top-down approach. This can be a different way of doing business for some foreigners.