Chapter 3 Foreign Bank Representative Offices |
| Article 23 |
A foreign bank applying for the approval to establish a representative office in the ROC shall submit the documents listed in Article 6, Paragraph 1, Items 3, 4, and 13 through 17 and the following documents to the competent authority:
1. Application (as per Attachment 6);
2. A feasibility study, which shall include:
(1) The business strategic consideration for the establishment of the proposed ROC representative office, including the operation strategy of the head office and a comparison of the political, economic, trade and financial situations of countries neighboring the ROC;
(2) An (acknowledgement of its) understanding of the laws, tax system, banking laws and regulations, and banking system of the ROC; and
(3) An analysis of the business benefits to be derived in the ROC and the feasibility thereof, including analysis of its potential competitors in Taiwan, the situation of bilateral trade, cross border investments and business opportunities between the ROC and the foreign bank's home country, and any corresponding banks, customers and their dealings with the bank.
3. A self-assessment regarding the foreign bank's compliance with laws and regulations and the integrity of its business operations, as well as an explanation of any [legal/regulatory] violations, frauds, or disciplinary actions imposed on the foreign bank within the past three years;
4. The resume and associated evidentiary documents of the proposed representative in the ROC;
5. A document issued by the financial regulator of the foreign bank's home country approving the establishment of a representative office in the ROC;
6. Authenticated minutes of the board resolution approving the filing of application to establish a representative office in the ROC or the equivalent document thereof;
7. With respect to a foreign bank ranking outside top one thousand in capital or total assets worldwide for the year prior to submission of the application, statistics regarding the foreign bank's total transaction volume with the banks and enterprises in the ROC during the three calendar years prior to submission of the application; and
8. Such other information or documents as may be required by the competent authority.
Any authentication of the documents referred to in the preceding paragraph shall be done by a notary public in the foreign bank's home country or by a ROC consulate or its equivalent. |
| Article 24 |
A foreign bank shall, within eight months after receiving approval to establish a representative office, apply for registrations with the Ministry of Economic Affairs pursuant to Article 386 of the Company Law and set up the representative office, and shall, prior to its set-up, submit copies of the registration documents and report the date of set-up and location of the representative office to the competent authority. |
| Article 25 |
Within two months after the end of the head office's fiscal year, the representative office shall submit to the competent authority a report of its activities in the ROC.
The above report shall be in such form and include such contents, and shall be filed in such manner, as required by the competent authority. |
| Article 26 |
The competent authority may from time to time designate a person(s) to examine the activities of a foreign bank representative office, or order a foreign bank representative office to submit a report on its activities and other relevant information within a specified period. |
| Article 27 |
A foreign bank applying to relocate its representative office shall submit an application specifying the reasons for the relocation to the competent authority for approval. |
| Article 28 |
A foreign bank applying to close its representative office shall submit an application specifying the reasons for the closure, along with the resolution of the board of directors authorizing the closure, to the competent authority for approval. |