Company Law: Making the payment of shares by providing assets required by the Company
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[2013/08/20]
A letter newly issued by the Ministry of Economic Affair on 16 August 2013 indicated that providing land use right for a period of time cannot serve as valid contribution to the capital of a company.
The contribution to company capital is subject to limited forms set forth in the Company Act. They are paying cash, setting-off monetary credit against the company, providing the technical know-how that the company needs, and providing the assets required in the business of the company.
In respect of making the payment of shares by providing assets required in the business of the company, based on the prior explanation made by the Ministry of Economic Affair on 30 Apr, 1911, there are two conditions should be met: (1) the shareholder must have the ownership of the asset; (2) the title of the asset must be transferred to the company.
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