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[ESTABLISHING A BUSINESS ENTITY IN TAIWAN]
the functions of shareholders' meetings are assumed by board meetings. A general meeting of shareholders must be convened within six months after the close of each fiscal year, unless otherwise approved by the competent authority for good cause shown. A special meeting of shareholders may be held when necessary. Annual reporting A company shall report annually the names, nationalities, birthdays, or the dates of its incorporation registration, identification numbers, numbers of shareholding, and other items as required by the central competent authority of its directors, supervisors, managerial officers, and shareholders holding more than 10% of the total shares of a company to the information platform established or designated by the central competent authority by way of electronic transmission. If there is any change to the above items, the company shall, within 15 days after such date of change, report such change to the information platform.
may exercise the right of supervision to request the company to provide information on the business condition of the company and examine its assets, documents, books and statements from time to time. Company limited by shares Right to make a proposal at the annual shareholders meeting Shareholders holding 1% or more of the issued and outstanding shares of a company are entitled to submit one written proposal each year for consideration at the annual general shareholders' meeting in accordance with the requirements under the Company Act. Right to convene a shareholders' meeting Shareholder(s) continuously holding 3% or more of the total issued and outstanding shares in a company for a period of one year or longer may, by means of a written proposal with reasons stated therein, request the board of directors to convene a shareholders' meeting. If the board of directors fails to give a notice for convening a shareholders' meeting within 15 days of receiving the request, the shareholders may apply to the local government for permission to convene a shareholders' meeting themselves. Appraisal right Dissenting shareholders are entitled to appraisal rights to ask the company to repurchase their shares at a fair market price in certain major corporate actions such as a proposed merger, amalgamation or disposal of all or substantially all of the assets by the company. If agreement on the fair market price cannot be reached, the company shall repurchase all of the shares from the dissenting shareholders at the fair market
Requirements
for
local
•
directors/supervisors There is no nationality or residence restriction on the directors and supervisors except that a People's Republic of China (PRC) national cannot act as either a director or supervisor of a Taiwanese company. The supervisor cannot be a director, an employee, or a managerial officer of the company.
Minority shareholders’ rights and protection
•
Limited Company Supervision
Each of the shareholders who does not conduct business (i.e., not being a director)
ILN Corporate Group – Establishing a Business Entity Series
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