The nation’s success during the COVID-19 pandemic on Saturday once again made headlines in a major publication, with a New York Times piece on Taiwan’s draw as a “bubble of normality.”
The reporters profiled a number of Taiwanese and foreign nationals who came to Taiwan to escape lockdowns in their countries, with a particular emphasis on tech workers.
YouTube cofounder Steve Chen (陳士駿), who now lives in Taiwan, told the Times that he believes it is a “golden era for tech,” as the entire Silicon Valley chain — from entrepreneurs to investors — are converging on Taiwan.
The government has shown its eagerness to hasten this “reverse brain drain” by promoting the Employment Gold Card, which functions as a work permit, residence visa, Alien Resident Certificate and re-entry permit for professionals in a number of priority fields for three years.
While the gold card program has been receiving all the attention, it is not the only visa program targeting innovators. Launched in 2015, the Entrepreneur Visa remained largely unpopular until last year, when issuances doubled from 240 at the end of 2019 to 482 as of Tuesday last week, government data show.
It is no wonder the option was unpopular for so long, as the requirements to renew the visa are wildly unrealistic for fledgling start-ups to attain after only one year.
The visa is relatively easy to obtain. If an applicant has not yet obtained investment, grants, a patent or related award, or already has an enterprise in Taiwan, acceptance into a government-designated incubator is sufficient.
However, applicants looking to renew for another two years must have revenue of at least NT$3 million (US$106,221), have spent at least NT$1 million on business expenses, employ at least three Taiwanese full-time or prove some “positive contribution to Taiwan’s economic development.”
Reading these requirements, it is easy to imagine bureaucrats in a boardroom pulling nice round numbers out of the air as they imagine the ideal entrepreneur, with a zinger of an idea ready to go with millions of dollars already in their pockets. Of course, anyone who has tried starting a company knows this is a fantasy.
It takes at least two months for a foreigner to receive investment approval and start a company in Taiwan, not to mention the pushback many face from skittish banks when opening business accounts. Add to that the time it takes to turn a profit or spend NT$1 million — especially for tech firms that do not require a large initial investment — as well as the recommended two months for the renewal process itself, and the task is nearly impossible, even for the best-prepared entrepreneur.
Innovation thrives on flexibility. If founders are constantly worrying about meeting arbitrary requirements, how can they feel secure enough to pivot when necessary?
The government might consider Japan’s approach and allow start-ups more time to get their companies up and running. Instead of requiring massive spending or instant success, applicants must have at least ￥5 million (US$45,823) in assets or two Japanese employees to renew the “Start-up Visa.” This enables entrepreneurs to solicit investment before spending — which is, after all, the logical way to go about starting a company.
To increase flexibility, it might also consider allowing holders to swap to another Entrepreneur Visa if their idea fails, an option currently not open to them.
As it approaches one year since lockdowns began sweeping the globe, many aspiring entrepreneurs are scrambling to find a way to stay in Taiwan. For those unable to obtain a gold card, the Entrepreneur Visa could be a path to success, as long as its unrealistic requirements are fixed.
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