The Ministry of Economic Affairs (hereinafter, the “MOEA”) issued the Jing-Shang-10700697220 Announcement of October 9, 2018 (hereinafter, the “Announcement”) to designate the Company Transparency Platform (URL: https://ctp.tdcc.com.tw) deployed by Taiwan Depository & Clearing Corporation as the information platform for reporting under Article 22-1 of the Company Law with the reporting operation services officially launched on November 1, 2018.
To accommodate international money laundering trends, Article 22-1 of the Company Law as amended provides that with the exception of state-owned enterprises and public companies, all companies are required to report information such as the names, nationalities, dates of birth or dates of incorporation, numbers of identification papers, shareholding or amounts of capital contribution of their directors, supervisors, managerial officers or shareholders or juristic persons holding over 10% of their shares or capital. After designating the Company Transparency Platform as the reporting platform through this Announcement, the MOEA has announced that the first reporting period shall be a period of three months from November 1, 2018 through January 31, 2019. In case of any change to the above reported information after the first reporting is made, the company shall report the changes within 15 days afterward. In addition, each company shall complete the annual reporting and upload information as of the end of December of the previous year during March 1 through March 31 of each year, beginning with 2019. In case of any change to the information during January 1 through March 31 of each year, the company shall also report the change within 15 days afterward. However, since the information is already updated after the reporting, the company is not required to make annual reporting again.
The MOEA also stressed that in the beginning when Article 22-1 of the Company is implemented, promotions will be conducted extensively before companies which have not completed the reporting within the requirement period are notified pursuant to law to complete the reporting as soon as possible. If reporting is still not made after the notification, the MOEA will issue a formal letter to demand rectification within a stated period. In case of failure to rectify, the MOEA may impose a fine of NT$50,000 to NT$500,000 on the director representing the company in accordance with Article 22-1 of the Company Law. In case of continued failure within another stated period, the MOEA may impose a fine of NT$500,000 to NT$5,000,000 continuously until rectification is completed. The management of a company is advised to take caution since the company registration may be revoked in case of any material violation.