Please be reminded that all Taiwanese companies are required to upload and update their corporate and shareholder(s)’ information on the Company Transparency Platform of the Ministry of Economic Affairs (“MOEA”) by March 31 each year (even if an ad hoc update is already made within 15 days for every change in the past), provided that no such annual upload or update is required for a company having made any ad hoc update during 1 January to 31 March.
If a company fails to make such update, the MOEA will notify the company to rectify the violation within a given time period and if the company fails to rectify, the chairman will be subject to a fine between NT$50,000 to NT$500,000 (around US$1,666.6 to US$16,666.6). If the MOEA further requires the company to rectify within a given time period and the company still fails to do so, the chairman shall be imposed with a fine between NT$ 500,000 to NT$ 5,000,000 (around US$16,666.6 to US$166,666) consecutively for each non-compliance until rectification. If the violation is material, the MOEA may nullify its incorporation registration.
Mike Lu/Angela Lin