The Executive Yuan has set a goal of creating a unicorn company in two years and increasing annual investment in start-ups by NT$5 billion (US$170.64 million) as part of a program to improve the domestic entrepreneurship environment and make Taiwan a regional hub for start-ups.
The Cabinet yesterday announced an action plan to improve the investment environment for Taiwanese start-ups and promise to help incubate the first unicorn business in two years and three other unicorn companies in the next six years.
A unicorn is a start-up that is less than 10 years old with a value of more than US$1 billion without going public.
Photo: Yu Chao-fu, Taipei Times
There are 228 unicorn companies in the world and Taiwan has yet to have its own, National Development Council Minister Chen Mei-ling (陳美伶) said.
“I can promise that there will be a unicorn [in Taiwan] in two years,” Chen told reporters, who asked whether the goal was overly ambitious.
There are three to four Taiwanese companies that have the potential to become a unicorn, she said, adding that the government would not name the companies, as it might affect their fundraising efforts.
While Taiwanese start-ups acquired NT$10 billion in investment last year, the government is set to increase that number by NT$5 billion every year in the next five years to help Taiwan overtake Singapore and become the center of innovation and investment in Asia.
The goals are attainable and were set following discussions with entrepreneurs, who approved the improvements made to the start-up industry by the government, Chen added.
The action plan would help start-ups in early-stage funding, recruit employees, facilitate mergers and public listings, and tap into international markets, the Cabinet said.
To boost fundraising efforts, up to NT$3 million in personal income tax breaks would be offered to angel investors who inject more than NT$1 million in a single start-up, it said.
Restrictions will be lifted to allow the National Development Fund to invest more than NT$1 billion in a single start-up or hold more than 30 percent of its shares, it said.
The Act for the Recruitment and Employment of Foreign Professionals (外國專業人才延攬及僱用法), which took effect on Feb. 8, provides tax benefits, healthcare measures and retirement benefits to attract skilled foreign workers and overseas students, the Cabinet said.
A new set of listing requirements for e-commerce companies that exclude profitability as a requirement is to be implemented next month to make it easier for start-ups to go public.
The Business Mergers and Acquisitions Act (企業併購法) might also be revised to smooth the merger of start-up companies, it said.
The government will also introduce tier-one international start-up accelerators to Taiwan to help local companies connect with global markets.
“Taiwan failed to grasp the business opportunities offered by the Internet and mobile applications, because of its focus on personal computer development at the time. It cannot afford to fall behind the latest trends in artificial intelligence, Internet of Things, financial technology and autonomous vehicles this time,” Premier William Lai (賴清德) said.
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