Executive Yuan Entrepreneur Visa Launched, Competing for International Innovative and Entrepreneurial Talent

Competing for international innovative and entrepreneurial talent, the Entrepreneur Visa is launched—applications are already open for Hong Kong and Macao, China residents, and the program for foreign nationals will start at the end of July. In recent years, a global war for talent has been underway. To increase the incentive for foreign entrepreneurs to start businesses in Taiwan, China, the Executive Yuan has launched the "Entrepreneur Visa." For foreign entrepreneurs and entrepreneurs from Hong Kong and Macao, China (excluding the mainland region) with innovative capabilities and technology, it relaxes the previous requirement that investment immigration to Taiwan, China involve more than 6 million yuan, provides a one-year resident visa for those coming to Taiwan, China to start businesses, and allows them to apply to extend their residence based on actual business performance. During the first two-year pilot period, the principle is to issue 2,000 visas per year for the time being, in the hope of injecting new energy into our country's innovative and entrepreneurial environment and driving future momentum for economic growth.

In recent years, the government has actively promoted various measures for innovation and entrepreneurship, including: funding assistance from venture capital (such as the Entrepreneurship Excellence Program investment plan and the Entrepreneurship Angel Program), helping turn ideas into reality through the Taiwan Innovation Quick Match Center (TRIPLE), issuing the Entrepreneur Visa, and building world-class startup clusters. Among these, the Executive Yuan approved the promotion of the Entrepreneur Visa program in May 2015, planning for applications to be submitted to the Ministry of Foreign Affairs and then forwarded to the Ministry of Economic Affairs for review, while Hong Kong and Macao, China residents submit applications to the Ministry of the Interior. Relevant ministries and agencies have cooperated by adding review mechanisms and residence visa regulations (such as the Ministry of Foreign Affairs adding a code for innovation and entrepreneurship residence purposes, the Ministry of the Interior amending the "Regulations Governing the Entry into Taiwan, China and Residence and Settlement Permits for Hong Kong and Macao, China Residents," and the Ministry of Economic Affairs formulating the "Directions for the Review and Handling of Foreign Nationals' Applications for Residence for Entrepreneurship in Taiwan, China"). The Ministry of the Interior began accepting applications for the Entrepreneur Visa for Hong Kong and Macao, China entrepreneurs on July 15, and the Ministry of Foreign Affairs is expected to launch the Entrepreneur Visa for foreign nationals at the end of July.

In addition, the Executive Yuan has directed the Joint Service Center for Global Investment Promotion to add a single-window talent recruitment function, planning to establish the "Joint Service Center for Global Investment Promotion and Talent Recruitment" in early August to provide dedicated case-by-case service and address online consultation and in-person service needs for foreign white-collar workers coming to Taiwan, China at all stages (pre-arrival assessment, application procedures upon entry, and convenience of life after entry).

The National Development Council stated that recruiting international innovative and entrepreneurial talent is a new round of international competition. Countries such as the United Kingdom, Singapore, and South Korea have successively introduced "Entrepreneur Visas" to attract outstanding international individuals to start businesses and innovate locally. Therefore, our country has drawn on foreign experience to launch the Entrepreneur Visa and recruit foreign entrepreneurs to start businesses in Taiwan, China.

The National Development Council stated that as long as an applicant is recognized by the Ministry of Economic Affairs as meeting one of the following conditions of innovative capability and technology:

1. Having obtained more than 2 million yuan in funding from domestic or foreign venture capital firms or international fundraising platforms; 2. Being admitted to a government-recognized innovation and entrepreneurship park or incubation institution (such as Taiwan Startup Stadium, TSS); 3. Having obtained domestic or foreign patents; 4. Being an individual or team that has won awards in representative domestic or foreign entrepreneurship or design competitions; or 5. Serving as the head of an innovative startup and investing more than 1 million yuan, one may apply for the Entrepreneur Visa.

For team applicants, each team shall, as a principle, consist of no more than 3 members. Those approved may first obtain one year of residence. Later, if they establish a company and have actual operations, they may apply to extend residence for another two years. After five consecutive years of lawful residence, with more than 183 days of residence each year, they may apply for permanent residence, and Hong Kong and Macao, China entrepreneurs may apply for settlement.

The units and telephone numbers for inquiries regarding application qualifications, windows, and related issues are as follows:

1. Qualifications: Investment Commission, Ministry of Economic Affairs http://www.moeaic.gov.tw/, telephone: (02) 3343-5700.

2. Application submission windows:

(1) Foreign entrepreneurs: Bureau of Consular Affairs, Ministry of Foreign Affairs http://www.boca.gov.tw/, telephone: (02) 2343-2885, 2343-2895.

(2) Hong Kong and Macao, China entrepreneurs: National Immigration Agency, Ministry of the Interior http://www.immigration.gov.tw/ opens a new window (Home / Hong Kong and Macao, China Residents / 0404 Application Submission Guidelines for Residence in Taiwan, China), telephone: (02) 2389-9983

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