Taiwan new Company Act draft bill aims to create better startup environment, corporate governance, and prioritize corporate social responsibility
By: Judy Lin, Taiwan News, Staff Writer
TAIPEI (Taiwan News)—The newly released Company Act (公司法) draft bill by the Department of Commerce (DOC) under the Ministry of Economic Affairs (MOEA), on Thursday made several significant changes aimed at offering greater financing flexibility for “closed companies” (閉鎖性公司), improve corporate governance, and prioritize corporate social responsibility (CSR).
A closed company is defined by the Executive Yuan in Taiwan as a private company that is not publicly listed, with less than 50 shareholders, and restricts transfers of shares in its charter.
These types of companies are considered closed limited-liability companies regulated under Chapter 5, Section 13 of the Company Act. [FULL STORY]