The National Immigration Agency has loosened regulations to enable entrepreneurs from Hong Kong and Macau to set up residence in Taiwan.
The agency made the announcement on Tuesday, saying that the purpose is to attract more people from those areas to start their own businesses in Taiwan. The hope is that it can help boost Taiwan’s economy.
Hong Kong and Macau residents who wish to set up business in Taiwan for the first time can apply for residence permit of up to one year, pending approval from the economics ministry. The permit can be extended to two years upon evaluation of their business performance.
After applying for a residence permit for five consecutive years, candidates can apply for permanent residency.