When will the startup company be established?
After you send out the application form, and the University review and approve the proposal (the result will be out in two weeks maximum after the form is sent to the Center of Industrial-Academic Cooperation), an accountant can be commissioned to register and establish a company. However, the startup teams shall follow the funding institutions' regulations if specific regulations (rules) have been established (required) by the institutions (e.g. TRUST-U program of Ministry of Science and Technology).
Are on-campus procedures related to off-campus procedures?
Basically, on and off-campus procedures are not related. Off-campus procedures mainly include commissioning (entrusting) a third party evaluation company for technology evaluation, commissioning (entrusting) an accountant to register the company, consulting an accountant, and negotiating with investors on an investment agreement, all of which are the most essential tasks for a startup team in the early stage.
Does the University pay for technology evaluation?
No, startup companies pay for it.
Can professors assume chairmanship?
No, professors may not assume chairmanship. If a professor wishes to become one of the board members as the inventor of the technology, the startup company shall file an application to the University for the professor to hold a concurrent position as a board member.
Can a PI be seconded as a CEO or consultant of a startup?
Yes, if a PI is to be seconded, the startup company shall follow the University's guidelines for secondment to file an application.
While CEOs are usually full-time secondment positions, advisors are often part-time. Please note that full-time and part-time secondments are different.
Is the technology inventor eligible for tax deferral on the "technology-exchanged shares"?
Yes, the inventor may hold the "technology-exchanged shares" and defer tax payment until further transaction or alteration of shares. However, only the "technology-exchanged shares" that are the results of the government's science and technology programs can make the inventors eligible to apply for tax deferral to the Ministry of Science and Technology once they receive the shares.
What is the maximum amount of shares an individual shareholder can hold?
According to the Fundamental Science and Technology Act, any professor, regardless of being in the biotech and new pharmaceuticals industry or not, who exchanges invented technology for startup shares or holds a concurrent position in the startup company due to "scientific research needs" does not need to abide by the Act Governing the Appointment of Educators, the Civil Servant Work Act, and other regulations regarding concurrent position holding or shareholding. The maximum amount of “technology-exchanged shares” are unlimited.
