When can the preparatory account become a formal account? What do I bring?

How soon can it be converted?

About 1–2 weeks after incorporation is complete, once you receive the approval letter from the National Taxation Bureau, you can convert the preparatory account into a formal account.

• Some banks check the business status with the tax bureau and only proceed if it shows "in operation".
• If the status is not yet "in operation", the tax registration is usually still being set up; wait for it to update, or call the bank to ask whether the tax bureau letter is enough, to avoid a wasted trip.
• If you receive foreign currency or payments from overseas customers, provide your importer/exporter registration when converting so the account's English name is set up. We can help you obtain the company's English name and import/export registration after incorporation.

What to bring (varies slightly by bank; call ahead)

1. The responsible person in person, with ID
2. The original incorporation letter and registration form (for a business, the establishment letter and business registration transcript; electronically served letters count as originals)
3. The company seals for banking (may be the same as or different from those used for incorporation)
4. The preparatory account passbook and the seal used when opening it
5. A second document such as the articles of incorporation, the tax bureau letter or the invoice purchase certificate (some banks require this)

A business has no preparatory office; how does it open an account?

• A business with capital of NT$250,000 or less does not need a preparatory account during establishment.
• A business is not a legal person; legally it is an extension of the owner, so a personal account can be used if there are no special payment needs.
• To have an account in the business's name, open a formal account at the bank with the documents above after establishment.