Provisions On Economic Compensation in Shanghai
Q: |
If the agent fails to handle the declaration of the company on time, will the Taiwan Company or the agent being penalty due to late filing? |
A: |
The Taiwan Company fail to declare on time, the Taiwan Company will be a penalty, not the agent.
|
Q: |
If the information declared is incorrect, could it be corrected? |
A: |
Yes, the incorrect information could be corrected within the period of the declaration.
|
Q: |
How to identify the manager that should be declared? |
A: |
The managers listed in the company registration form will need to declare, excluding the manager for the Taiwan branch office of the foreign companies.
|
Q: |
Which kind of company will need to declare the information of the directors and shareholders? |
A: |
The Taiwan local company should handle the declaration. For the country-owned companies (The government-owned the shareholdings of a company with more than 50%) or a public listed company could exempt from the declaration.
|
Q: |
Will the company being penalty if they violate the regulations of the declaration? Is there that penalty of fines? |
A: |
According to the regulation of Subsection 4, Articles No.22-1 of the Company Acts, the company fails to declare or the information declared is misrepresented, the central competent authority shall notify the company to rectify its law violating act within a given time limit; and if the company fails to take corrective action beyond the given time limit, the director representing the company shall be imposed with a fine of not less than TWD 50,000 but not more than TWD 500,000; and if the company still fails to take corrective action beyond the second given time limit, the director representing the company shall be imposed with a fine of not less than TWD 500,000 but not more than TWD 5,000,000 consecutively for each non-compliance until the law violating the act is rectified. If the violating act is material, the central competent authority may nullify its incorporation registration. |