Taiwan (TW)

Jurisdiction Overview

172 *Are bearer shares available? Yes, unregistered bearer shares are available/circulating or registered by a private custodian.
 Data Date: 2019


DATA WARNING: Taiwan is not a member of the Global Forum and therefore has not been reviewed yet.
In 2018, an amendment to the Company Act prohibited the issueance of bearer shares. However, bearer shares issued before that may still be in circulation. Article 447-1 of the amended Company Act provides that: "Bearer shares issued by a company before the effectiveness of the amended articles of this Act on July 6, 2018 shall still apply to the articles prior to such effectiveness. A company shall change the bearer shares set forth in the provision of the preceding paragraph into registered shares when the holders of bearer shares exercise their shareholders' rights". This was confirmed by the Asia/Pacific Group on Money Laundering (APG) report: "(...) some risks remain from legacy bearer shares as there is no clear timeframe for previously issued bearer shares or share warrants to be redeemed or dematerialised" (APG 2019: 109).


APG 2019: 109
Company Act, Article 447-1