NDC Presents Achievements of Business Environment Reforms

For evaluating the business-related legal system and administration effectiveness of various economies, the World Bank has issued 12 annual Doing Business reports from 2003 to October 29, 2014 when it issued the 2015 Doing Business report.  To elevate the competitiveness of Taiwan’s business environment in line with the global standards, the National Development Council has taken reference from Doing Business as the basis for business environment reforms since October 2008 and has implemented the following substantial reforms. 

Taiwan has been making steady progress in the overall ranking of Ease of Doing Business (EoDB), from the 61st in 2008 to the 19th in 2014.  The six-year business environment reforms have been implemented and fulfilled in the following ways.  The process of starting a business is made much easier with the abolishment of the minimum capital requirement for company start-up and the unified license-issuing system for profit-making enterprises and the establishment of the “company and business one-stop service request” website.  Also, administrative procedures are simplified to take people and enterprises as the central focus.  Simplified administrative procedures are fulfilled by simplifying the acquisition power application process and by the relevant measures that make profit-seeking enterprise income tax payment more convenient and also by the new mechanism of “Customs-Port-Trade Single Window”. 

In addition, the business environment reforms have been carried out to also enhance transparency of laws and regulations and to reinforce corporate governance.  For example, amendments to the Company Act and to the Securities and Exchange Act have been drawn up to strengthen directors’ duty to explain their personal interest in transactions at the board of directors meeting and to intensify the rules and regulations on interested parties’ transactions.  Meanwhile, economic reform issues are promoted to enable Taiwan to demonstrate confidence in the international economic field.  (November 2014)
/CCS