Taiwan Tax Pro Exclusive Service
Complete Guide to Opening a Corporate Bank Account
Everything you need to know about preparation accounts, transitioning to formal accounts, and strict regulations across major banks
🏦 Why Is Opening an Account So Difficult?
📋 Preparation Account Checklist
⚠️ Major Bank Strict Regulations
🚨 Why Is Opening a Bank Account So Difficult? Three Core Rules and Countermeasures
Analysis of Anti-Money Laundering & Strict ReviewsIn our experience assisting clients with company setup, the step that most frequently causes entrepreneurs to make a wasted trip is opening a corporate bank account. Due to the Financial Supervisory Commission enforcing anti-money laundering regulations and rising fraud cases, bank reviews have become exceptionally rigorous:
- Founder Must Attend in Person: Non-negotiable! The company founder or foreign company representative must visit the bank in person; proxy applications are not permitted. (Foreign nationals without resident permits are most heavily impacted, affecting overseas-Chinese investments, branch offices, and representative office personnel).
- Strictly Appointment-Only: You cannot simply walk in and pull a ticket on-site; showing up without an appointment will result in a wasted trip.
- Strict Geographic Restrictions: Typically, you must choose a bank branch located near your company’s registered address; cross-district applications are prone to rejection.
- Business Center Address Review: Addresses registered at business centers are heavily scrutinized by banks, potentially leading to restrictions where you can only open a preparation account, undergo on-site inspections, or face delayed transitions to formal accounts.
💡 Taiwan Tax Pro Three-Step Mindset:
1. Appointment: Schedule an appointment with the branch in advance; do not rush to the location directly.
2. Confirmation: Call the branch beforehand to confirm details and special regulations.
3. Preparation: Prepare complete documents and proofs while avoiding high-risk industries.
1. Appointment: Schedule an appointment with the branch in advance; do not rush to the location directly.
2. Confirmation: Call the branch beforehand to confirm details and special regulations.
3. Preparation: Prepare complete documents and proofs while avoiding high-risk industries.
📋 Considerations and Mandatory Checklist for Opening a Preparation Account
Please prepare the following documents before opening an account| Item | Preparation Item & Detailed Description |
|---|---|
| 1 | Founder’s Dual IDs (Originals and photocopies) |
| 2 | Founder’s Personal Seal |
| 3 | Company Name Pre-check Approval Letter |
| 4 | Property Lease Agreement (Recommended to bring; some banks require review) |
⚠️ Common Thresholds for Transitioning from Preparation to Formal Accounts:
After company establishment, to convert a preparation account into a formal account, some banks may require: (1) dispatching personnel for an on-site inspection of the company; (2) reaching a capital threshold (e.g., NT$250,000 or NT$500,000+); (3) providing 1–3 periods of Form 401/403 business tax returns or operating for at least half a year. If you encounter this, you can stick with the preparation account for now or look for an alternative friendly bank.
After company establishment, to convert a preparation account into a formal account, some banks may require: (1) dispatching personnel for an on-site inspection of the company; (2) reaching a capital threshold (e.g., NT$250,000 or NT$500,000+); (3) providing 1–3 periods of Form 401/403 business tax returns or operating for at least half a year. If you encounter this, you can stick with the preparation account for now or look for an alternative friendly bank.
⚠️ Experience Sharing: List of Banks with Stricter Account Opening Regulations
Comprehensive Summary of Bank Review Restrictions| Bank Name | Strict Regulations and Review Condition Descriptions |
|---|---|
| Cathay United Bank, SinoPac, Bank of Taiwan | Generally require personal accounts to have over 6 months of transaction history before you can schedule an account opening. |
| Taishin Bank, Hua Nan Bank | Preparation account reviews take about 1-3 weeks; account opening cannot be completed on the same day. |
| Chang Hwa Bank | Preparation account review takes about 1-3 weeks. If capital is under NT$250,000, an on-site inspection at the registered address will be conducted post-establishment (approx. 2-3 weeks), and the formal account can only be transitioned after approval. |
| Fubon Bank | Capital must exceed NT$500,000, and personal accounts need 6+ months of transaction history. Multiple companies cannot share the same registered address for subsequent formal account conversion. |
| CTBC Bank | Requires a large seal with the words “Preparation Office” (often wasteful as it is used only once), and stipulates that formal accounts can only be transitioned half a year after company setup. |
| E. Sun Bank | May require an on-site inspection at the registered address; reviews are relatively rigorous. |
| Taiwan Business Bank (TBB) | Reluctant to help clients without prior transaction history open preparation accounts. |
| Co-operative Bank of Taiwan | Requires both “large and small seals” to open an account, and certain branches strictly mandate a seal marked with “Preparation Office”. |
| Land Bank of Taiwan | If capital is under NT$500,000, formal accounts can only be transitioned half a year after company setup (accompanied by an on-site inspection). |
Note: For banks not mentioned above, account opening regulations may be relatively lenient; actual review standards remain subject to the latest regulations of each individual branch.