February Business Briefing: Updates in Taiwan
Updated Immigration Regulations Effective from January 1st, 2024
- Updates to Foreign Student Residency in Taiwan:
The duration of the Alien Resident Certificate (ARC) for foreign students has been prolonged, now allowing for a maximum of 3 years instead of the previous maximum of 1 year. Furthermore, foreign individuals studying in Taiwan can seek a 1-year residency extension post-graduation. If needed, they may also apply for an additional extension, extending the maximum residency period to 2 years after graduation.
- Extension of Residency Renewal Application Period for Foreigners:
Foreigners applying for residency renewal can now submit their applications up to 3 months before the expiration of their current residency, extending from the previous 30 days before expiration.
For further information, please refer to the official document at https://www.immigration.gov.tw/media/101183/regulations-for-newly-revised-immigration-act-effective-as-of-january-1-2024.pdf.
Commercial energy-saving equipment subsidies
The Ministry of Economic Affairs is offering a subsidy of 1 billion Taiwanese dollars to promote the replacement of energy-efficient equipment in the service sector. The scheme has been expanded to cover various businesses, including retail, dining, beauty, and laundry services, as well as medical institutions, short-term tutorial classes, schools, governmental agencies, and professional firms. Eligible businesses can now apply online for subsidies covering equipment replacement and system energy-saving projects. Applications are open from February 1st to December 31st, with real-time progress tracking available.
Details are accessible on the programme website: https://www.essc.org.tw/subsidy/index/index.aspx
Registration Requirements for Designated Chemical Substances
According to Article 16 of the Regulations on Registration of New Chemical Substances and Existing Chemical Substances, registrants who manufacture or import designated existing chemical substances subject to standard registration (please refer to Annex 9 of the Registration Regulations) shall apply for the registration of chemical substance data in accordance with the items specified in the standard registration.
Details are accessible on the programme website: https://tcscachemreg.moenv.gov.tw/Epareg/content/masterpage/index.aspx
Optimistic Outlook and Mutual Interests: Insights from the Annual British Business Survey
The annual British business survey conducted at the end of last year garnered 76 responses, primarily from the energy and semiconductor sectors. These findings reveal a prevailing optimism for Taiwan's economy and business prospects over the next 1 to 3 years, indicating increased confidence compared to previous years. Notably, respondents express strong expectations for opportunities in the energy and net-zero sectors. Following the signing of the UK-Taiwan Enhanced Trade Partnership (ETP) Arrangement in 2023, 63% of respondents anticipate a positive impact on their business in Taiwan. The survey addresses key areas such as two-way investment, digital trade, and renewable energy, highlighting mutual interests between the UK and Taiwan.
For the initial results released on February 1st, please refer to the British Business Survey Results One Pager
UK Science and Innovation Network Snapshot: Taiwan's Science and Innovation Landscape
- Background:
Taiwan boasts the world’s 22nd largest economy, with a GDP per capita of US$32,756 in 2022. Its Technology R&D spending in 2021 totalled USD $26.7 billion, accounting for 3.77% of GDP. Taipei, its capital, ranks 4th globally in the IMD-SUTD Global Smart City Index 2021. With over 95% of high-school graduates pursuing higher education, Taiwan aims to become bilingual by 2030.
- Policy Landscape for Science and Innovation:
The 5 + 2 plan, initiated in 2016, prioritises Biotechnology, Defence, Green Energy, Smart Machinery, and the Internet of Things. Taiwan's 2050 Net-Zero Emissions Pathway, unveiled in March 2022, targets a 60% renewable energy capacity by focusing on solar, offshore wind, hydrogen, CCUS, and smart grid technology. Hsinchu Science Park excels in electronics and semiconductors, Central Taiwan Science Park in precision machinery and biotech, and Southern Taiwan Science Park in semiconductors and optoelectronics. Shalun Smart Green Energy Science City drives R&D for innovative energy solutions.
- Market Landscape for Science and Innovation:
In Taiwan, SMEs are pivotal for economic growth, employing 80.3% of the workforce and contributing 52.5% of market sales, mostly from domestic transactions. The vibrant startup ecosystem ranks Taiwan top 3 in the 2022/23 Global Entrepreneurship Index. With manufacturing comprising 32.1% and services 67.7% of industry value, Taiwan holds global leadership in semiconductor and electronics manufacturing, with a significant presence in biotech. Strong IP protection fosters technological advancements, with TSMC leading in patent production. Major UK companies in Taiwan include ARM, Astra Zeneca, and GSK.
- Key Stakeholders in Taiwan:
In Taiwan, key research stakeholders include the Industrial Technology Research Institute (ITRI), renowned for innovation and nurturing over 260 companies since 1973. Academia Sinica, established in 1928, hosts 32 research institutes with 1,800 PhD-level researchers and ranks 18th globally for innovation. National Applied Research Laboratories (NARLabs) focus on fundamental science and technology across seven labs.
For more details on Taiwan's local Science and Innovation landscape, please refer to: https://www.gov.uk/government/publications/uk-science-and-innovation-network-snapshot-taiwan
We wish to draw your attention to a selection of valuable resources provided by the British Office Taipei, which you may find most beneficial.
- Taiwan Travel Advice: For the latest official travel guidance, we recommend signing up for updates at Taiwan Travel Advice.
- Overseas Business Risk Guidance: Those engaged in commerce will find the Overseas Business Risk guidance an indispensable tool for understanding the commercial landscape in Taiwan.
- UK in Taiwan LinkedIn: We invite you to follow us on LinkedIn to stay abreast of the latest updates and opportunities for professional networking.
- Department for Business & Trade Taipei: For resources specific to business and trade, the Department for Business & Trade Taipei site offers a wealth of information.
- British Office Taipei Facebook: Our Facebook page offers news and insights on our activities and initiatives in Taiwan.
- British Office Taipei Twitter: For timely updates and communications, do follow our Twitter account.