AmCham Taiwan Healthy Aging Forum:
2025健康台灣樂齡論壇:公私協力促進全人健康
AmCham Taiwan Healthy Aging Forum:
2025健康台灣樂齡論壇:公私協力促進全人健康
Committee Events & Luncheons
The Committee appreciates the government’s effort and dedication in addressing our 2023 White Paper suggestions. The meetings arranged by the National Development Council (NDC) to discuss our suggestions have brought some positive developments.
We are also grateful for the amendments to regulations that increase the allowable investment ratio by insurance funds in private equity (PE) funds. We urge the government to continue to welcome investment from various international funds, promote Taiwan globally, and communicate Taiwan’s advantages as an investment destination to relevant stakeholders.
As mentioned in the 2023 White Paper, Taiwan is not only a financial market but also an essential base for manufacturing, supply chains, and innovation, with a unique function in the global economy. Notably, Taiwan plays a prominent role in the global semiconductor industry, and its performance in this sector has attracted international attention. Still, geopolitical concerns have caused some foreign investors to seek to exit the market. Consequently, Taiwan must continue improving its legal and regulatory environment and adopt a more aggressive strategy to attract and sustain foreign investment.
The government’s 5+2 Industry Innovation Plan identified seven sectors for priority investment: smart machinery, high tech, green energy, biomedicine, national defense and aerospace, innovative agriculture, and the circular economy. However, the main contributors to inbound foreign direct investment (FDI) in 2023 were the offshore wind and semiconductor sectors. Taiwan would benefit from greater diversity in inbound FDI. We urge the authorities to diversify investment sectors to boost inbound FDI. One way to achieve that would be to hold more seminars in Taiwan and in foreign markets aimed at global investors.
The Committee further suggests setting separate permissible investment ratios in PE funds by insurance funds and public funds, as well as giving greater attention to promoting and facilitating the formation and operation of domestic and international single-family and multi-family offices in Taiwan. In the spirit of continuing the positive collaboration we have enjoyed with the government, we offer the following suggestions for 2024:
Suggestion 1: Create a more favorable environment for FDI approvals, PE and merger and acquisition (M&A) deals, and divestments by PE and M&A sources.
Most foreign equity investments coming into Taiwan for operational purposes falls under the Statute for Investment by Foreign Nationals (SIFN) and requires prior approval from the Department of Investment Review (DIR), formerly the Investment Commission, under the Ministry of Economic Affairs. However, the SIFN does not take into account the dynamic development of global FDI that has occurred since its last amendment in 1997. Several articles in the SIFN also trigger concerns from a legal perspective, such as the DIR’s power to impose excessively severe penalties for compliance lapses.
While this suggestion was brought up in last year’s White Paper, no significant progress has been made. However, the Committee has been pleased to learn that the government is considering amending the SIFN to remove the prior approval requirement for the entry and exit of FDI cases involving less than US$1 million in investment. We urge the government to undertake further comprehensive amendments to the SIFN to create a more business-friendly and flexible FDI registration and reporting regime in line with standard global practice. Any concerns regarding national security, industry regulation, or money laundering activities could be managed separately by adopting various review processes.
Additionally, we suggest that approvals be granted on a project basis, allowing investors to proceed with the entire project under one umbrella approval rather than requiring separate approvals for each phase. Furthermore, we propose that the parent or regional company be designated as the FDI applicant. This arrangement would enable the foreign business group to secure approval in advance, providing them with the certainty needed to structure their investment vehicles effectively.
Besides easing the investment process, the Taiwan FDI regime must also facilitate efficient divestment. In past years, difficulties in divesting from cable companies and financial institutions have triggered concern among foreign PEs as to whether Taiwan is a free market for exit. Prospective investors who are unsure of their ability to eventually exit the market will be disinclined to enter it.
Promoting Taiwan to global investment markets is also essential to attract funds and their market intelligence to Taiwan. Such promotion could be carried out by holding seminars with international attendees and providing more information for reference on M&A transactions and their value. Currently, total FDI amounts based on DIR approvals are made public, but similar M&A statistics are not available. We suggest that the government establish an efficient statistical reporting system for M&A activities, including equity and asset acquisition. The registration process could be based on a notification rather than an approval system.
Recommendations:
Suggestion 2: Expand permitted investment by insurance funds and public pension funds into foreign private equity funds.
According to the Regulations Governing Foreign Investments by Insurance Companies (the Regulations) authorized by Article 146-4, Paragraph 3 of the Insurance Act, insurance companies making foreign investments may invest in “private placement funds,” which include private equity, private debt, and real estate. The investment limit on such funds is calculated aggregately without drawing a distinction between private equity funds and private debt and real estate funds.
Article 8, Paragraph 3, Section 1 of the same Regulations limits investment by hedge funds and private placement funds to not more than 2% of their total assets in securities. In addition, the total investment in convertible bonds, corporate bonds with warrants, private placement of corporate bonds, hedge funds, private placement funds, infrastructure funds, and commodity funds may not exceed 5% of the insurance company’s usable funds that can be invested, according to Article 17, Paragraph 1, Section 3 of the Regulations.
Unlike traditional portfolio investments in securities, PE fund investments can support industrial development, provide post-investment management support and various other value-added services to the invested enterprises.
The “Directions for Guiding and Managing the Promotion of Industrial Investment by Private Equity Funds” by the NDC encourages insurance funds and other funds to invest in important strategic industries through PE with the aim of boosting economic development. Given the critical role of PE funds, the Committee suggests setting a separate limit for investment in PE funds by insurance funds.
In response to the 2021, 2022, and 2023 White Paper publications, the government informed us that existing regulations on public pension funds do not impose a specific investment ceiling on PE funds. However, most of these funds in practice do categorize PE investments as a type of alternative asset and maintain a conservative investment stance, keeping allocations to such assets at a minimal level. For instance, the current range for PE funds in funds operated under the Ministry of Civil Service is set between 0.1% and 1% for self-managed funds and between 2% and 10% for mandated funds.
Recommendations:
Suggestion 3: Permit establishment of single-family offices without the need for a local asset management license and create a “Taiwan Family Office Task Force.”
The issue of family offices has long been a subject of focus for the Committee. Family offices have existed in many jurisdictions for a long time and help retain local funds, attract overseas funds, and facilitate business succession and transformation. In most cases, they also perform functions such as asset separation from family members, ensuring efficient and centralized information management, maintaining transparency in information and management, aligning interests among family members, and achieving better management results and cost savings. Additionally, they play a crucial role in family governance and succession planning and have an excellent track record in fulfilling their social responsibilities.
Taiwan could benefit from the experiences of foreign jurisdictions that have navigated the intricacies of family offices. In Hong Kong, for example, asset management services that are provided solely to wholly-owned group entities are exempt from the asset management license requirements under the Securities and Futures Ordinance.
Similarly, Singapore exempts the asset management license requirements for services provided to related corporations, as these licensing rules are primarily designed to protect third-party customers. Consequently, single-family offices in these jurisdictions are not subject to the specific licensing requirements designed for asset management, as they can rely on these exemptions.
The Committee recommends that the government consider relaxing the requirement for a local asset management license when the service is provided solely to wholly-owned group entities or related corporations. Specifically, a family office exclusively serving a holding company or investment vehicle established by a single family could benefit from an exemption from the discretionary investment management licensing requirement outlined in Article 5 of the Securities Investment Trust and Consulting Act.
This exemption would facilitate the establishment of single-family offices, stimulating the development of related industrial chains, including experts and businesses in legal, financial, tax, asset management, investment, healthcare, retirement, education, and succession planning sectors. Additionally, this approach would channel funds into investments encouraged by the government or aligned with government policies, such as in the energy industry or sustainability initiatives in line with environmental, social, and governance (ESG) principles. Further government engagement would create job opportunities and enhance Taiwan’s competitiveness as a regional hub for family offices.
Similarly, the concept of multi-family offices could also be integrated into the asset management licensing framework, particularly within the scope of discretionary investment management services and the possibility of relaxing qualifications of service providers, to expand the scope of family office services in Taiwan.
Given that Taiwan’s family office sector is still in the early stages of development, the Committee hopes to work closely with the government and other stakeholders to create a “Taiwan Family Office Task Force,” focused on developing a family office industry in Taiwan. The task force should work on issues such as regulatory requirements observed in other major financial centers, including Hong Kong, Singapore, and Dubai, talent and skills development in the family office industry, and promotion of Taiwan as an operation and investment destination for domestic and foreign family offices.
As more investment funds are permitted and targeted to invest in the domestic capital market and industries, establishment of such a task force would help Taiwan align and achieve its goals for asset management development, industrial transformation, generational wealth transfer, ESG development, promotion of philanthropy, talent development, and economic growth.
The Committee looks forward to cooperation between AmCham and the government to ensure the financial security and cybersecurity of foreign family offices operated or incorporated in Taiwan. This partnership should focus on establishing robust frameworks and practices to safeguard these entities against financial risks and cyber threats, thereby enhancing the overall security and attractiveness of Taiwan as a destination for international family office registration and operation.
本委員會誠摯感謝政府對於2023年《台灣白皮書》中本委員會之建議所付出的努力,國家發展委員會業已安排多次會議討論我等建議並已取得些許正面發展。
我們同時感謝政府修正規定以增加保險業資金投資於私募股權基金之投資比率。我們敦促政府持續在全球推廣台灣並歡迎國際對於各類基金之投資,也向相關利害關係人傳達台灣作為投資地點之優勢。
誠如2023年《台灣白皮書》所提,台灣不僅是一金融市場,更是製造業、供應鏈及創新之重要基地,在全球經濟上具有獨特性。尤其台灣在全球半導體產業扮演重要角色,於此領域之表現已吸引國際關注。儘管如此,地緣政治之疑慮已導致部分國外投資人尋求離開此一市場。因此,台灣必須持續改善其法令及監管環境,並採取更積極之策略以吸引及維持外國投資。
政府之「五加二」產業創新計畫列出七項優先投資產業,包含智慧機械、亞洲.矽谷、綠色能源、生醫產業、國防及航空航太、新農業及循環經濟。然而,2023年對台灣之外國直接投資(FDI)主要來自離岸風電及半導體產業,顯見台灣能受益於更多元的產業投資。因此,我們敦促政府將投資產業多元化以促進外國直接投資。實現此目標的方法之一為於台灣與國外市場舉辦更多針對全球投資人的研討會。
本委員會進一步建議對於保險業資金與公共基金分別設定其投資私募股權基金許可之投資比率標準,並加重推廣及協助在台灣成立及經營國內外單一或聯合家族辦公室。為延續我們與政府積極合作之精神,本委員會為2024年提出以下建議:
建議一:為外國直接投資(FDI)之核准、私募股權及併購交易、私募股權撤資及併購來源創造更有利的環境
為營運目的而進入台灣之外國股權投資主要受到《外國人投資條例》規範,並需要取得經濟部投資審議司(下稱「投審司」,前身為投資審議委員會)之事先核准。但《外國人投資條例》最後修正年度是1997年,未能因應全球外國直接投資之後續動態發展。《外國人投資條例》的部分條文亦引發法律上的疑慮,例如未能遵守規定時,投審司有權處以過於嚴苛之裁罰,而此項建議雖已於去年白皮書中所提及,但目前尚未有顯著進展。不過,委員會樂見近期政府考慮修正《外國人投資條例》,以免除對於1百萬美元以下的外國直接投資與撤資之事先核准要求。我們敦促政府進一步全面修正《外國人投資條例》,建立更為友善及彈性之外國直接投資登記及申報制度,以使實務運作符合全球標準。任何有關國家安全、受管制產業或洗錢活動之疑慮,均得另採行各式審查程序進行管理。此外,我們建議得以專案方式進行核准,當某一專案獲得核准後,投資人得於核准總額內實行投資,而無需在各階段分別申請核准。我們亦建議開放指定母公司或區域公司作為外國直接投資之申請人,使國外企業集團得申請事前核准,而得有效地建構其投資組織型態。
除鬆綁投資流程外,台灣外國直接投資制度亦應使外資能有效率地撤資。過去幾年私募股權基金因從有線電視或金融機構撤資遭遇困難,已引起外國私募股權基金擔憂台灣是否為可任意出場之自由市場。潛在投資人如無法確定其最終出場的能力,將傾向不進入市場。
將台灣推廣至全球投資市場對於吸引資金及人才前來台灣同等重要,相關推廣方式可透過舉辦研討會邀請國際來賓參與,以及提供更多有關併購交易及其價值之參考資訊。目前基於投審司核准之外國直接投資總金額有對外公告,但類似之併購數據則無,是故我們建議政府建立包括股權及資產投資等併購活動之有效登記系統。此登記程序得以通知而非以核准之方式進行。
本委員會建議:
建議二:放寬保險業資金及公共退休基金投資國外私募股權基金
依據《保險法》第146條之4第3項,就保險業資金辦理國外投資授權訂定之《保險業辦理國外投資管理辦法》(下稱「本辦法」),保險業辦理國外投資得投資於「私募基金」,而所稱之私募基金包括投資私募股權、私募債權及不動產之私募基金等。此等投資限額為前述項目的加總,且並未區分此三種基金方式。依本辦法第8條第3項第1款規定,限制保險業投資於對沖基金及私募基金不得超過該保險業資金之百分之二。此外,依本辦法第17條第1項第3款規定,保險業投資於可轉換公司債、附認股權公司債、私募公司債、對沖基金、私募基金、基礎建設基金及商品基金等資產之投資總額,合計不得超過該保險業可運用資金百分之五。
與傳統有價證券投資組合不同,私募股權基金具有扶植產業發展的目的,對被投資事業提供投資後管理協助及各種其他加值服務。
「國家發展委員會促進私募股權基金投資產業輔導管理要點」鼓勵保險業及其他資金透過私募股權基金投資重要策略性產業,以促進經濟發展。有鑒於私募股權基金之重要角色,本委員會建議就保險業投資私募股權基金之投資比例單獨設定上限。
從政府對2021年、2022年及2023年《台灣白皮書》之回應中,我們得知現行有關公共退休基金之規定未對私募股權基金設定特定之投資上限。然而此等基金在實際運用上,多數仍將私募股權基金視為另類資產投資之一種態樣,並保持著保守的投資立場,對此等資產之配置控制在極低範圍。例如,由銓敘部所操作的基金,就自行管理之資金範圍僅定在0.1%至1%之間,而委外管理之資金則設在2%至10%之間。
本委員會建議:
建議三:允許設立單一家族辦公室而不必申請資產管理執照,並建立「台灣家族辦公室工作小組」
家族辦公室為本委員會持續關注之議題。家族辦公室在許多外國地區已行之有年,不僅有助於留住本地資金、吸引境外資金,且有助於企業傳承及轉型。在許多案例中,其亦作為有效管理家族成員分離資產、資訊保存集中化、資訊及管理透明、家族成員間利益一致性、提升管理成果與撙節、家族治理及實現傳承目標等功能,並有達到其社會責任之卓越表現。
台灣可借鑒外國地區處理家族辦公室之經驗。例如在香港,針對僅對其全資持有之集團公司提供資產管理服務者,得豁免有關其《證券及期貨條例》關於資產管理活動所需之牌照規定。同樣地,新加坡豁免向關係企業提供資產管理服務之資產管理牌照,理由在於相關牌照之規定旨在保護第三方客戶之利益。因此,在上述司法管轄區之單一家族辦公室並未有特別為其設計之執照要求,且亦不受資產管理執照之限制。
本委員會建議政府可考慮針對僅對全資持有之集團公司或關係企業提供服務時,放寬本地資產管理執照之申請。例如,針對只專為單一家族設立之集團組織或關係企業提供服務之單一家族辦公室,得受惠於豁免申請全權委託投資管理業務執照之要求(例如《證券投資信託及顧問法》第5條所定義者)而進行其業務活動。此等方式將有助於設立單一家庭辦公室,形成相關產業鏈(包括法律、金融、稅務、資產管理、投資、醫療、退休、教育、繼承規劃等專業人員與事業),導引資金投資於政府鼓勵或與符合政府政策(例如能源產業或ESG/永續發展)之產業,創造工作機會,並增進台灣作為家族辦公室地區樞紐之競爭力。
另可借鏡上述說明,將多重家族辦公室之概念納入資產管理執照之框架,尤其是在全權委託投資管理服務之範圍及放寬服務提供者之條件方面,以擴大台灣家族辦公室之服務範圍。
由於台灣家族辦公室之業務仍處於早期發展階段,本委員會希望與政府及其他利害關係人合作,設立「台灣家族辦公室工作小組」,專注於發展台灣之家族辦公室產業。該等工作小組應對相關議題開展工作,包括觀察其他主要金融中心(包括香港、新加坡及杜拜等地)之法規要求、家族辦公室產業之人才與技能培育,及推廣台灣作為國內及國外家族辦公室之營運及投資地點。
隨著更多資金得投資於國內資本市場及產業,建立此等工作小組將有助於台灣接軌及實現其資產管理發展、產業轉型、世代財富傳承、ESG發展、慈善事業推廣、人才培育及經濟成長等目標。
本委員會期待與政府合作,以確保於台灣營運或設立之外國家族辦公室的財務安全及網路資訊安全。此合作關係應專注於建立健全的框架及實務運作,以保護其免於金融風險及資安威脅,從而提升整體安全及台灣作為國際家族辦公室登記及營運地點之吸引力。