The Ministry of Economic Affairs (MOEA) yesterday approved an application from US artificial intelligence chip giant Nvidia Corp to set up a subsidiary in Taiwan.
Nvidia is to invest NT$1 billion (US$32.12 million) to set up the Taiwanese subsidiary, the ministry said.
The ministry had approved Nvidia’s application to set up a subsidiary in late September, but the US company resubmitted its application on Wednesday last week, raising its investment to NT$1 billion.
Photo: EPA
Taipei Mayor Chiang Wan-an (蔣萬安) had told reporters on Thursday that when he met with Scott Ekman, Nvidia’s global vice president for real estate and site services, on Tuesday, he was told that Nvidia was in the process of opening a subsidiary in Taiwan.
Nvidia has three branches registered in Taiwan: Nvidia Hong Kong Holdings Ltd, Taiwan branch, Nvidia (BVI) Holdings Ltd, Taiwan branch, and Singapore Development Pte, Taiwan branch.
Nvidia has not said why it applied for a subsidiary in Taiwan at this time, but having a subsidiary means it can independently hold assets, make large-scale purchases, sign more complex contracts, and have more flexibility in handling local tax and research-and-development funding issues.
That is because, unlike a branch, a subsidiary is an independent legal entity from its parent company, and has its own liabilities, assets and tax obligations.
Edman also provided a letter of intent to build its Taiwanese headquarters in the Beitou Shilin Tech Park when he met with Chiang on Tuesday.
Chiang said he and Edman are expected to meet again ahead of the Lunar New Year holiday in February to sign an agreement on the Taiwanese headquarters project.
Taipei is clearing the way for Nvidia to build the headquarters. It is in the process of terminating a contract giving the surface rights to Shin Kong Life Insurance Co (新光人壽) for the T17 and T18 lots in the science park, where Nvidia wants to build its Taiwan headquarters.
The city government has proposed a payment of NT$4.43 billion for the insurer to relinquish the land use rights before transferring it to Nvidia.
Shin Kong Life was scheduled to hold a special board meeting yesterday afternoon to discuss the contract termination.
Taipei Deputy Mayor Lee Shu-chuan (李四川) yesterday said the city and the company could sign an agreement to complete the deal next week.
Shin Kong Life obtained the land’s surface rights in 2021 after winning a public tender, but has yet to begin development.
The city government objected to allowing the insurer to directly transfer the rights to Nvidia, citing concerns about potential profiteering, and requested a mutual contract termination.
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