Shipping Act Article 7

Any individual desiring to engage in maritime transportation as a vessel carrier shall apply to the shipping administration authority for examining and submitting to MOTC for approval of the organization of the company by enclosing (1)business plan, (2)specifications of construction or purchase of vessels, (3)total capital and(4) plan of raising funds and (5)other relevant documents.The vessel carrier shall complete by law the Registration of Company, prepare at least one R.O.C-flagged vessel and file relevant documents within six (6) months from the approval of organization establishment. The vessel carrier shall then make an application to the shipping administration authority for examining and submitting to MOTC to issue a Vessel Carrier Permit, and only with that may the vessel carrier be allowed to commence its commercial activities.In the event of the failure of the application for issuing the said Permit within the prescribed time limit as above, the permit of organization shall be revoked. However, with reasons justified, an extension may be applied for in thirty (30) days upon the expiry date; the extension period shall be subject to six months and twice.Except when approved prior to the effect given to the present Law as amended on August 9, 1995, the organization of a vessel carrier shall be confined to limited companies.