The officials said the MOEA will submit amendments to the Company Law to the Executive Yuan for deliberation by the end of December, hoping the revised law can be officially ratified by the Legislative Yuan by the end of March 2009.

In case the amendments fail to clear the legislative floor by the end of March next year, the MOEA will issue an administrative decree setting the minimum registered capital at NT$10,000, and then nullify the decree after the revisions are officially approved by the legislature, the officials said.

The MOEA has decided to scrap the minimum capital requirement, mainly to be in line with the international trend, with over 75 countries in the world not requiring minimum paid-in capital for any newly registered firm.

Under the existing Company Law, the minimum capital for any new firm is set at NT$500,000 for any company with limited shares.

Most certified public accountants voiced support for the cancellation of the requirement, saying it is only a meaningless “formality” and should be scrapped as soon as possible.

Meanwhile, MOEA officials said it will be up to the firm’s shareholders to determine the size of their company’s capital, adding that the government won’t interfere in such affairs.

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