My foreign investor has applied to you for approval of investment, and now he is prepared to remit the funds from abroad into Taiwan. To what matters should he attend when remitting? The investor has an account in the OBU branch of a Taiwanese bank. Can he directly deposit in the OBU for the purpose of selling? If appreciation of foreign currency results in insufficiency of remitted funds and the shortage is about NT$500～600, what should he do?
Answer
1. Generally speaking, a remittance notice, an original copy and two photocopies of a foreign exchange memo as well as photocopies of related annexes (e.g., a photocopy of a bankbook or account statement or photocopy of a securities exchange duty memo) shall be submitted when remitting a foreign currency. When exchanging new Taiwan dollars, the investor shall carry his/her letter of approval of investment to the bank. He/she should write ""310"" overseas Chinese/Foreign Investment Capital in the ""Nature of Remittance"" column.
2. To sell deposits of a foreign currency in a bank in Taiwan or OBU, the investor shall submit the vouchers of remittance, such as an incoming remittance notice, transaction voucher and in addition, other original documents.
3. In case of insufficiency when selling the remitted foreign currency for new Taiwan dollars, the investor shall amend the investment plan to reduce the amount of investment or make up the shortage by remitting again.
