The Executive Yuan yesterday approved draft amendments to the Statute for Investment by Foreign Nationals (外國人投資條例) and the Statute for Investment by Overseas Chinese (華僑回國投資條例) that would relax regulations on foreign and overseas investments.
The amendments would allow ordinary mergers, divisions and start-ups to be reported after the fact, Investment Commission Executive Secretary Emile Chang (張銘斌) said, adding that only more complex mergers and acquisitions would still require advance approval.
Of the 3,500 applications that the commission receives annually, 3,000 could be reported afterward, while only 500 would need preapproval, he said, adding that the new rules would simplify the process for foreign and overseas investments.
The exemption from advance application would apply to all cases except for those in which the investment exceeds a certain sum or involves a substantial percentage of shares; the investment is restricted; or the investor is a foreign government or in a region facing UN sanctions, he said.
The threshold would be US$1 million, but the Ministry of Economic Affairs still needs to discuss the issue with the central bank and other agencies, Vice Minister of Economic Affairs Wang Mei-hua (王美花) said.
Chinese investments would still be governed by the Act Governing Relations Between the People of the Taiwan Area and the Mainland Area (臺灣地區與大陸地區人民關係條例), she said.
Under current regulations, even if Chinese funds account for less than 30 percent of an investment, it would still require regulation if it can be determined that the funds have the ability to control the company making the investment, Chang said.
The draft amendments would also improve the transparency and predictability of reviews of foreign investments, the ministry said.
The competent authority would be required to request supplementary documentation within five days in case investors fail to submit complete documentation, it said.
The competent authority would also be required to approve or reject an application within a month, except in cases that involve other authorities, in which case the agencies would be given two months to reach a decision, it said.
The ministry is to announce clear criteria for approving or rejecting investment proposals, or restricting investments, to improve review efficiency, it said.
The draft amendments would also introduce new fines and penalties on unlawful investments, the ministry added.
A domestically developed “suicide drone,” also known as a loitering munition, would be tested and evaluated in July, and could enter mass production next year, Taiwan’s weapons developer said on Wednesday. The yet-to-be-named drone was among nine drone models unveiled by the National Chungshan Institute of Science and Technology (NCSIST) on Tuesday. The drone has been dubbed the “Taiwanese switchblade” by Chinese-language media, due to its similarity to the US-made AeroVironment Switchblade 300, which has been used by Ukraine in counterattacks during Russia’s invasion. It has a range of more than 10km, a flight time of more than 15 minutes, and an electro-optical
WORKING UP AN APPETITE: Sales at the Rueifong Night Market surged 20 to 30 percent, while seats at Liouhe Night Market were packed until 1am, market officials said South Korean pop band Blackpink’s concerts over the weekend in Kaohsiung helped draw large crowds to local night markets, the Kaohsiung City Government said yesterday. The two concerts on Saturday and Sunday at Kaohsiung National Stadium drew more than 90,000 people. The city government offered NT$50 vouchers to spend locally to concertgoers who showed their ticket stubs. Liouhe Night Market (六合夜市) management committee head Chuang Chi-chang (莊其章) said that crowds over the weekend surged at about 10pm and the market remained packed until 1:30am. “Almost all the seats were filled,” Chuang said. Night market stall owners had stocked up in expectation of an increased number
OFFLINE: People who do not wish to register can get the money from select ATMs using their bank card, ID number and National Health Insurance card number Online registration for NT$6,000 (US$196.32) cash payments drawn from last year’s tax surplus is to open today for eligible people whose national ID or permanent residency number ends in either a zero or a one, the Ministry of Finance said on Monday. Officials from the ministry revealed which days Taiwanese and eligible foreigners would be able to register for the cash payments at a joint news conference with the Ministry of Digital Affairs. Online registration is to open tomorrow for those whose number ends in a two or three; on Friday for those that end in a four or five: on Saturday
The Taipei City Government on Wednesday introduced of a series of tourism promotions, including free sightseeing bus tours and hotel discounts, in a bid to boost the number of international visitors. From now until June 30, 10,000 free Taipei Sightseeing Bus tickets are to be made available to travelers who stay in designated hotels for two nights, cruise passengers and European visitors transiting for more than 15 hours, the Taipei Department of Information and Tourism said. Eligible tourists can ask for the free four-hour unlimited ride bus tickets by presenting their passports at the hotels they stay in or from the