The Banking Act of The Republic of China Article 117

The incorporation of a foreign bank in the territory of the Republic of China shall be approved by the competent authority and registered in accordance with the Company Act. It shall commence operations only after applying and being issued a business license pursuant to Article 54; the establishment of a representative office in the territory of the Republic of China shall be approved by the competent authority.The rules governing the incorporation and administration in the preceding paragraph shall be prescribed by the competent authority.