One of the great democratic and economic success stories of the late 20th century, Taiwan has pulled itself out of poverty to become an innovative and prosperous modern state. Over the last few decades the island of 23 million has shifted from lower-end manufacturing to high-tech production and it has thrived on exports to mainland China. With a new government focused on developing stronger trade links with the rest of Asia and furthering tertiary industries, Taiwan has strong potential for English and Welsh law firms specialising in international trade.
Taiwan has established itself as a powerhouse of high-tech production with 40% of its exports heading to the mainland, according to Deloitte. Its balance of payments is so strong that Taiwan has the world’s fifth largest foreign exchange reserves, according to the CIA Factbook. Since President Tsai Ing-Wen came to power in March 2016, the government has ramped up efforts to develop its service sector and strengthen trade ties with South and Southeast Asia and elsewhere, and the government is pushing to join the Trans-Pacific Partnership, which could catalyze growth across the Pacific.
The legal system
Taiwan’s legal system is based on civil law and emphasises statute rather than case law. Nevertheless, precedents, which are chosen from Supreme Court judgments that are regarded as significant, are binding on the courts. The Judicial Yuan (house) is the country’s highest judicial organisation and appoints the Council of Grand Justices, which is responsible for interpreting the Constitution. The Judicial Yuan has the power to impeach the President and also supervises the courts such as the Supreme Court, the High Courts and the Administrative Court.
The full Doing Legal Business in Taiwan guide explores:
The Legal Services Market and the Legal Profession
The Route to Qualification
Representation and Regulation
Foreign Law Firms