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Q：
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What is an independent expert opinion report?
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A：
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An independent expert refers to a third-party professional, such as a lawyer, certified public accountant, or securities underwriter, who has no conflict of interest with either party involved in the merger or acquisition. The report must be accompanied by documentation verifying the expert’s qualifications.
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Q：
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When is an Independent Expert Opinion Report required?
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A：
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When a foreign investor applies to invest in a merger or acquisition involving a Taiwan company, or in cases of significant transactions, the relevant authorities in Taiwan (such as the Ministry of Economic Affairs) may require the submission of an Independent Expert Opinion Report to provide a statement of reasonableness.
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Q：
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Can an Independent Expert Opinion Report issued by a foreign expert be accepted?
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A：
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Yes. Reports issued by foreign independent experts are acceptable. However, when necessary, the Taiwanese authorities (e.g., the Ministry of Economic Affairs) may require that the expert’s qualification documents be certified by a local notary public in the expert’s home country.
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Q：
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What financial statements are required to be reflected in the Independent Expert Opinion Report?
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A：
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The financial information of both parties to the merger should include, at a minimum, the balance sheets, income statements, and statements of changes in shareholders’ equity for the valuation date and the two most recent fiscal years.
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Q：
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Is there a validity period for an Independent Expert Opinion Report?
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A：
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In Taiwan, there is no fixed validity period for an Independent Expert Opinion Report. However, there is a mandatory retention period. The report must be retained for no less than seven years from the date of issuance (i.e., the date the expert completes and signs the report). If the report becomes involved in litigation or other legal proceedings, it must be retained until the conclusion of such proceedings.
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FAQ
