Taiwan Introduces New Visa for Foreign Entrepreneurs

Taiwan's Deputy National Development Minister Kao Shien-quey announced that a special resident visa will be issued to foreign entrepreneurs willing to set up a business in Taiwan. Entrepreneurs who do not already have a business in Taiwan, but have an idea and venture funding of up to NT$2 Million (i.e. $63,500) can apply for a year's resident visa. The Minister while addressing a conference said that new visa will be available from the 2nd quarter of 2015 and will help transform Taiwan into an incubator for new businesses. If a business achieves substantial results in the first year, it can apply for a two years extension and later for permanent residency after a period of 5 years in the country. He further added that entrepreneurs who have invested NT$1 million can apply for a proposed visa for a period for up to 3 individuals. Besides that, Taiwan Cabinet has also approved hiring of foreign professionals for certain innovative sectors. This comes as a move to attract international talent and to encourage startup culture in the country. Other countries which introduced a similar visa include Singapore, Netherlands, South Korea, among others. Source: Want China Times For more news and updates on immigration and visas, please visit Y-Axis News.