眾律國際法律事務所

差異比較
Difference comparison

閉鎖型公司
Close company

一般股份有限公司
General company limited by shares

可轉換公司債

Convertible corporate bonds 

可發行，但限私募 

Can be issued but limited to private fund-raising 

非公開發行公司不行

Prohibited for a non-public company

分派盈餘

Make distribution of surplus profit

每半年分派一次   

Make distribution of dividends for every half year 

每會計年度終了

End of financial year

出資類型

Investment type

多樣化           

Diversification 

原則現金出資

Cash installment principle

表決權比例

Voting power proportion 

可約定一股多權   

May agreed on one share multiple votes

一股一權

One share one vote

發行股票

Issue of shares

可擇一發行無面額或有面額             

Can choose either par value or no par value shares 

僅限有面額股票

Restricted to par value shares only

複數特別股

Issuing multiple special shares

可發行           

Can be issued 

不可發行

Can’t be issued

項目

Items

新公司法規定

New Company Act

法條內容

Legislation in Detail

說明

Descriptions

一、定義

Definitions

1.    股東人數不超過五十人(人數部分主管機關日後得增加之)。Shares shall be held by not more than 50 persons (Competent authority may increase its number by discretion)

2.    章程有股份轉讓限制的非公開發行公司。Articles of Incorporation shall impose restrictions on transfer of shares of a company.

第三百五十六條之一

Article 356-1

閉鎖性股份有限公司，指股東人數不超過五十人，並於章程定有股份轉讓限制之非公開發行股票公司。

A close company is a non-public offering company whose shares shall be held by not more than 50 persons, and whose Articles of Incorporation shall impose restrictions on transfer of shares of a company.

前項股東人數，中央主管機關得視社會經濟情況及實際需要增加之；其計算方式及認定範圍，由中央主管機關定之。

The central competent authority shall as necessary in view of the socio-economic situation and the actual needs increase the number of shareholders referred to in the preceding Paragraph; the method of calculation and scope of qualification of the shareholders shall be prescribed by the central competent authority.

二、出資

Contribution to the capital

1.    僅得以發起設立方式設立。Can only use the first established method to take charge of affairs of the entire organization.

2.    出資種類：現金、公司所需財產、技術、勞務或信用。

Categories of capital contribution: cash, extending credit line needed by the company, technical know-how, service or goodwill.

以勞務或信用出資之股數不得超過中央主管機關所訂之一定比例。For equity capital to be contributed by service or goodwill shall not exceed a certain percentage of the total shares issued by a close company.

3.    非以現金出資須：Equity capital to be contributed other than cash shall

(1)  全體股東同意；Shall be agreed by all shareholders

(2)  章程載明；

Shall be explicitly described in its Articles of Incorporation.

(3)  辦理登記並公開於資訊網站。

The competent authority shall register such particulars in accordance with the Articles of Incorporation and shall make such particulars public on its information website.

第三百五十六條之三

Article 356-3

發起人得以全體之同意，設立閉鎖性股份有限公司，並應全數認足第一次應行之股份。發起人之出資除現金外，得以公司事業所需之財產、技術、勞務或信用抵充之。但以勞務、信用抵充之股數，不得超過公司發行股份總數之一定比例。

前項之一定比例，由中央主管機關定之。

非以現金出資者，應經全體股東同意，並於章程載明其種類、抵充之金額及公司核給之股數；主管機關應依該章程所載明之事項辦理登記，並公開於中央主管機關之資訊網站。

A close company shall be formed by the agreement of all promoters and the promoters shall fully subscribe in the first issue of the total number of shares. Equity capital to be contributed other than cash by the promoters may be in the form of assets required in the business of a close company, technical know-how, service or goodwill, provided, however, that equity capital to be contributed by service or goodwill shall not exceed a certain percentage of the total shares issued by a close company. The certain percentage set forth in the preceding Paragraph shall be prescribed by the central competent authority. Equity capital to be contributed other than cash shall be agreed by all shareholders, and the kinds, amount of such capital contribution and the number of shares allotted to the subscriber by a close company shall be explicitly described in its Articles of Incorporation; the competent authority shall register such particulars in accordance with the Articles of Incorporation and shall make such particulars public on its information website.

放寬股東一定比例可用勞務出資，除現金給付外，部分可用勞務換股票，有利吸引優秀人才加入創業。此修訂對網路公司、APP開發團隊、文創等各類型早期新創企業受惠最大。

By broadening its legislation on   shareholder proportionality of services, apart from the cash offering, some of the services can be converted into shares to attract more elites to join its corporation. Such amendment is beneficial to a web based company, APP development team, cultural and creative industries and other types of new ventures.

三、發起人選任董監事方式

Election of directors and supervisors by the promoters

除章程另有規定外，依累積投票制方式選任。Unless otherwise provided for in the Articles of Incorporation, shall accumulate its voting number when making election.

第三百五十六條之三

Article 356-3

發起人選任董事及監察人之方式，除章程另有規定者外，準用第一百九十八條規定。

The provisions of Article 198 shall apply mutatis mutandis to the election of directors and supervisors by the promoters in a close company, unless otherwise provided for in its Articles of Incorporation.

設計發起人被選為董事、監察人之權利相關事項，使得創業者，無須擔心經營權遭致易位。Design promotes are being elected as a director or supervisor of a company, so that entrepreneurs need not to worry about its right when operating businesses.

四、募資方式

Ways of fund-raising

原則：不得公開發行或募集有價證券。Principle: a company shall make no public offering of any of its securities.

例外：得向群眾募資(Crowdfunding)。(須透過主管機關許可之證券商募資平台為之)

Exception: this provision shall not apply to the crowdfunding portal operated by securities businesses approved by the competent authority in charge of securities affairs.

第三百五十六條之四

Article 356-4

公司不得公開發行或募集有價證券。但經由證券主管機關許可之證券商經營股權群眾募資平臺募資者，不在此限。

A close company shall make no public offering of any of its securities, provided, however, that this provision shall not apply to the crowd-funding portal operated by securities businesses approved by the competent authority in charge of securities affairs.

五、股份轉讓限制規定

Prohibition against transfer of registered shares

1.    章程應載明股份轉讓限制之方式規定。(如轉讓須經其他股東事前同意等。)

The Articles of Incorporation of a limited company shall contain the restrictions on transfer of shares. (such transfer shall seek other shareholders’ consent).

2.    若公司發行股票，股票應載明股份轉讓限制規定；若公司不發行股票，讓與人須在相關書面文件中載明。受讓人得向公司請求章程影本。 If a company does not issue shares, the company shall conspicuously annotate on a close company’s share certificates; an assignor shall state such restrictions on the relevant written documentation delivered to the assignee. The assignee referred to in the preceding Paragraph may request the company to deliver a copy of its Articles of Incorporation.

第三百五十六條之五

Article 356-5

公司股份轉讓之限制，應於章程載明。The restrictions on transfer of shares shall be explicitly described in the Articles of Incorporation of a close company.

前項股份轉讓之限制，公司發行股票者，應於股票以明顯文字註記；不發行股票者，讓與人應於交付受讓人之相關書面文件中載明。The restrictions on transfer of shares set forth in the preceding Paragraph shall be conspicuously annotated on a close company’s share certificates; if a company does not issue shares, an assignor shall state such restrictions on the relevant written documentation delivered to the assignee.

前項股份轉讓之受讓人得請求公司給與章程影本。The assignee referred to in the preceding Paragraph may request the company to deliver a copy of its Articles of Incorporation.

六、無票面金額股制度

No par value shares system

1.    引進無票面金額股制度，並與票面金額股制度公司僅得擇一發行。Introduce the no par value share system, can either choose either par value or no par value when issuing shares.

2.    若發行無票面金額股，須於章程載明。其所得之股款應全數撥充本，不適用溢價發行之資本公積轉增資及發給現金之規定。If A close company issuing no par value shares shall explicitly describe it in its Articles of Incorporation; the payment for such no par value shares shall be fully set aside as equity capital.

第三百五十六條之六

Article 356-6

公司發行股份，應擇一採行票面金額股或無票面金額股。A close company shall choose either par value or no par value shares when issuing shares.

公司發行無票面金額股者，應於章程載明之；其所得之股款應全數撥充資本，不適用第二百四十一條第一項第一款規定。A close company issuing no par value shares shall explicitly describe it in its Articles of Incorporation; the payment for such no par value shares shall be fully set aside as equity capital with no application of Item 1, Paragraph 1 of Article 241.

七、特別股規定

Special shares provision

1.   除原有公司法第157條特別股類型外，新增第三及五款放寬公司可發行複數表決權之特別股、對於特定事項有否決權之特別股、可轉換 Apart from the original Company Act Article 157 specifically list out the special share provision, added provision 3 and 5 to broaden company on plural voting shares, for its specific matters, whether there is power over its special shares and whether the corporate bonds to be issued are convertible into shares.

成複數普通股之特別股等。Number, method or formula for plural voting shares to be converted into common shares.

2.    允許特別股股東被選為董事及監察人。Allow special shareholders to be elected as directors and/or supervisors.

第三百五十六條之七

Article 356-7

公司發行特別股時，應就下列

各款於章程中定之：Where a close company is to issue special shares, it shall include in its Articles of Incorporation provisions concerning:

一、特別股分派股息及紅利之順序、定額或定率。Order, fixed amount or fixed ratio of allocation of dividends and bonus on special shares.

二、特別股分派公司賸餘

財產之順序、定額或定率。Order, fixed amount or fixed ratio of allocation of surplus asserts of the company.

三、特別股之股東行使表

決權之順序、限制、無表決權、複數表決權或對於特定事項之否決權。Order of or restriction on, no voting power over specific matters, plural voting shares on the exercise of voting power by special shareholders.

四、特別股股東被選舉為董事、監察人權利之事項。Any particulars regarding special shareholders’ rights of being elected as directors and/or supervisors.

五、特別股轉換成普通股之轉換股數、方法或轉換公式。Number, method or formula for special shares to be converted into common shares.

六、特別股轉讓之限制。Restrictions on transfer of special shares.

七、特別股權利、義務之其他事項。Other matters concerning rights and obligations incidental to special shares.

對於創業者創業之理念與價值之尊重，閉鎖性公司也新增特別股之複數表決權、對特定事項之否決權等制度設計，提供創業者適當工具以鞏固創業者對於公司發展之主權。設計特別股股東被選為董事、監察人之權利相關事項，使得創業者於引進新投資時，無須擔心經營權遭致易位。

To respect the concept of entrepreneur and the value of venture, close company has added special provision on special shares of plural voting right; it is to impose right on special occasions, to provide entrepreneurs the right tools for the entrepreneurs to consolidate its corporate development. Design promoters are being elected as a director or supervisor of a company, so that entrepreneurs need not to worry about its right when operating businesses.

八、股東會開會相關規定

Shareholders meeting provisions

1.    股東會開會時得以視訊會議或其他經主管機關同意方式為之，以視訊會議參與，視為親自出席。 In case a shareholders' meeting is proceeded via visual communication network, then the shareholders taking part in such a visual communication meeting shall be deemed to have attended the meeting in person.

2.    股東會得以書面方式行使表決權。（須訂於章程並經全體股東同意）。

The shareholders may exercise their voting power by written consents. (Needs unanimous consent of its shareholders in accordance with its Articles of Incorporation).

第三百五十六條之八

Article 356-8

公司章程得訂明股東會開會時，以視訊會議或其他經中央主管機關公告之方式為之。A close company may explicitly provide in its Articles of Incorporation that its shareholders’ meeting can be held by means of visual communication network or other methods promulgated by the central competent authority.

股東會開會時，如以視訊會議為之，其股東以視訊參與會議者，視為親自出席。In case a shareholders’ meeting is proceeded via visual communication network, then the shareholders taking part in such a visual communication meeting shall be deemed to have attended the meeting in person.

公司章程得訂明經全體股東同意，股東就當次股東會議案以書面方式行使其表決權，而不實際集會。A close company may explicitly provide in its Articles of Incorporation that if it is agreed by all its shareholders, any action to be taken at a shareholders’ meeting may be taken, without a meeting, by written consents to exercise their voting power.

前項情形，視為已召開股東會；以書面方式行使表決權之股東，視為親自出席股東會。A shareholders’ meeting held in accordance with the preceding Paragraph shall be deemed to have been convened; the shareholders who exercise their voting power by written consents shall be deemed to have attend the meeting in person.

提供公司運作的效率及降低相關成本，由於閉鎖性公司與一般大型公司不同，在不影響股東權益的情況下，部分公司股東會之運作可以予以簡化，如縮短開會之召集時間，並放寬為可經全體股東同意以視訊方式或以書面方式行使表決權，迅速達成表決以利公司營運並有效降低召集成本。

Provide efficiency on business operations and to cut down its associated costs. Close company is different to large corporations, by not affecting shareholders’ right, would simplify some of the shareholder meeting so as to cut down the meeting time. By having shareholders meeting via visual communication network, would facilitate corporations to make decisions more effectively with reduced costs.

九、股東表決權信託

Voting trust

1.    參照企業併購法第10條第1和2項規定得訂立表決權拘束契約及表決權信託契約。

By looking at the Business Mergers and Acquisitions Act Article 10, Paragraph 1 and 2 made the right to vote contract and deed of voting trust.

2.    該約定若未經登記，不得以其對抗公司。If such Agreement is not incorporated, cannot use as a defense against the issuing company.

第三百五十六條之九

Article 356-9

股東得以書面契約約定共同行使股東表決權之方式，亦得成立股東表決權信託，由受託人依書面信託契約之約定行使其 股東表決權。Shareholders of a close company may reach a voting agreement in writing to jointly exercise their voting rights or may form a voting trust where the voting trustee will exercise the voting power based upon the terms and conditions stated in such a written voting trust agreement.

前項受託人，除章程另有規定者外，以股東為限。The trustee referred to in the preceding Paragraph shall be a shareholder unless otherwise provided for in its Articles of Incorporation.

股東非將第一項書面信託契約、股東姓名或名稱、事務所、住所或居所與移轉股東表決權信託之股份總數、種類及數量於股東會五日前送交公司辦理登記，不得以其成立股東表決權信託對抗公司。A voting trust cannot be set up as a defense against the close company unless the written voting trust agreement referred to in the first Paragraph, the name or title, office, residence or domicile of each shareholder, and the total number, kind and amount of shares transferred to the voting trust have been delivered to the company for registration five days prior to a shareholders’ meeting.

為維護小股東權利，同時也參考企業併購法第10條規定，閉鎖性公司股東得以書面約定共同行使股東表決權之方式，亦得成立表決權信託，以集中股權，保持公司經營方針，使企業管理上穩定發展。In order to protect minority shareholders’ right, we would look at the Business Mergers and Acquisitions Act Article 10, close company shareholders, by its written voting trust agreement, may gather its shares, to maintain its business direction and to assist its stable development of enterprise management.  

十、會計相關

Accounting

1.    得每半會計年度為公司盈餘分派及虧損撥補。May have the proposal of surplus earning distribution and/or loss offsetting after the close of each semi fiscal year.  

2.    分派盈餘前應先預估並保留：When distributing surplus earning:

(1)  應納稅捐a close company shall estimate and reserve the tax payable

(2)  彌補虧損cover its losses and set aside a legal reserve in accordance with the provisions of this Act.

(3)  及提列法定盈餘公積 where such legal reserve amounts to the total paid-in capital.

第三百五十六條之十

Article 356-10

公司章程得訂明盈餘分派或虧損撥補於每半會計年度終了後為之。A close company may explicitly provide in its Articles of Incorporation to resolve the surplus earning distribution and/or loss offsetting after the close of each semi fiscal year.

公司每半會計年度盈餘分派或 虧損撥補之議案，應連同營業報告書及財務報表交監察人查核後，提董事會決議之。

The proposal of surplus earning distribution and/or loss offsetting after the close of each semi fiscal year, with the business report and financial statements audited by supervisors, shall be resolved by the meeting of board of directors.

公司依第一項規定分派盈餘時，應先預估並保留應納稅捐、彌補虧損及依法提列法定盈餘公積。但法定盈餘公積，已達實收資本額時，不在此限。When distributing surplus earning in accordance with the first Paragraph, a close company shall estimate and reserve the tax payable, cover its losses and set aside a legal reserve in accordance with the provisions of this Act. Where such legal reserve amounts to the total paid-in capital, this provision shall not apply.

公司違反前項規定者，股東於受盈餘分派之範圍內，對公司負返還責任。When a close company has violated the provisions of the preceding Paragraph, its shareholders shall, to the extent that the surplus earning has distributed to them, be liable for the repayment of surplus earning to the company.

盈餘分配或虧損撥補得以章程約定以半年結算，以縮短結算期間，讓股東能夠充分了解公司營運狀況並且即時享受經營成果。May have the proposal of surplus earning distribution and/or loss offsetting after the close of each semi fiscal year. This is to shorten its settlement period for shareholders to understand its business conditions so as to enjoy its business results.

十一、    公司債

Corporate Bonds

1.    私募：

Private placement of corporate bonds

(1)  普通公司債：董事會特別決議(2/3出席+1/2同意) a close company shall be adopted by a majority of directors at a meeting attended by two-thirds or more with more than half consent of the total number of directors.

(2)  轉換公司債或附認股權公司債:

A private placement of convertible corporate bonds or corporate bonds with warrants by a close company.

董事會特別決議外，須經股東會決議。

A special resolution of the Board, should seek consent at a meeting of shareholders.

第三百五十六條之十一

Article 356-11

公司私募普通公司債，應由董事會以董事三分之二以上之出席，及出席董事過半數同意之決議行之。A private placement of corporate bonds by a close company shall be adopted by a majority of directors at a meeting attended by two-thirds or more of the total number of directors.

公司私募轉換公司債或附認股權公司債，應經前項董事會之決議，並經股東會決議。但章程規定無須經股東會決議者，從其規定。A private placement of convertible corporate bonds or corporate bonds with warrants by a close company shall be adopted by both the resolution of a meeting of board of directors set forth in the preceding Paragraph and the resolution of a shareholders’ meeting, provided, however, if the provisions of its Articles of Incorporation require no resolution of a shareholders’ meeting, such provisions shall govern.

公司債債權人行使轉換權或認購權後，仍受第三百五十六條之一之股東人數及公司章程所定股份轉讓之限制。

The restrictions on number of shareholders and transfer of shares imposed by the Articles of Incorporation set forth in Article 356-1shall still apply after the holders of corporate bonds exercising their conversion rights or warrants.

第一項及第二項公司債之發行，不適用第二百四十六條、第二百四十七條、第二百四十八條第一項、第四項至第七項、第二百五十一條至第二百五十五條、第二百五十七條

之一、第二百五十七條之二、第二百五十九條及第二百五十七條第一項有關簽證之規定。The provisions of Article 246, Article 247, Paragraph 1 and Paragraphs 4 through 7 of Article 248, Articles 251 through 255, Article 257-1, Article 257-2, Article 259, and Paragraph 1 of Article 257 regarding certification of corporate bonds shall not apply to the issuance of corporate bonds provided in Paragraph 1 and Paragraph 2 of this Article.

十二、    發行新股

Issue of New Shares

1.    方式：董事會特別決議(2/3出席+1/2同意)

Method: a close company shall be adopted by a majority of directors at a meeting attended by two-thirds or more with more than half consent of the total number of directors.

2.    新股認購人出資方式：ways of contribution of equity capital for subscribing new shares.

(1)  現金 cash

(2)  公司所需財產extending credit line needed by the company

(3)  技術 technical know-how

(4)  勞務 service

(5)  信用goodwill

(6)對公司所有之貨幣債權monetary credit extended to the close company

3.    不適用員工認股相關規定。Employee stock not applicable to its relevant provision.

第三百五十六條之十二

Article 356-12

公司發行新股，除章程另有

規定者外，應由董事會以董事三分之二以上之 出席，及出席董事過半數同意之決議行之。

The issuance of new shares of a close company shall be adopted by a majority of directors at a meeting attended by two-thirds or more of the total number of directors, unless otherwise provided for in its Articles of Incorporation.

新股認購人之出資方式，除準用第三百五十六條之三第二項至第四項規定外，並得以對公司所有之貨幣債權抵充之。

Paragraphs 2 through 4 of Article 356-3 shall apply mutatis mutandis to the contribution of equity capital for subscribing new shares. In addition, such contribution can also be made in the form of monetary credit extended to the close company.

第一項新股之發行，不適用第二百六十七條規定。Article 267 shall not apply to the issuance of new shares referred to in Paragraph 1 of this Article.

排除員工認股相關規定，讓新創公司在尋找投資伙伴或策略性投資人時，股權的規畫較為單純。By excluding relevant provision on employee stocks, at time when startup company is looking for investment partners or is planning its business investment strategies, it would be simpler to subscribe shares.

十三、    型態變更

Change of Patterns

1.   閉鎖型公司除章程有更高規定外，經股東會特別決議(2/3出席+1/2同意)得變更為非閉鎖型股份有限公司。

For the closed company, otherwise provided for in its Article of Incorporation, shall be adopted by a majority of directors at a special meeting attended by two-thirds or more with more than half consent of the total number of directors.

2.    不符公司法第356-1條規定時，須變更登記，否將面臨主管機關裁罰，情節重大得解散之。If a close company fails to apply for an alternation registration in accordance with the Company Act Article 356-1, the competent authority may order it to rectify such violation. Where the violation is of a severe nature, the competent authority may, ex officio, order the dissolution of a company.

3.    非公開發行之股份有限公司得經全體股東同意變更為閉鎖型公司，並公司須向各債權人通知及公告。

A non public offering company may change its status into a close company by the unanimous consent of its shareholders.
After the unanimous consent of its shareholders provided in the preceding Paragraph, the company shall immediately notify each of its creditors and make a public announcement.

第三百五十六條之十三

Article 356-13

公司得經有代表已發行股份

總數三分之二以上股東出席之股東會，以出席股東表決權過半數之同意，變更為非閉鎖性股份有限公司。

A close company may voluntarily change its status into a non close company by a resolution adopted, at a shareholders' meeting, by a majority of the shareholders present who represent two-thirds or more of the total number of its outstanding shares.

前項出席股東股份總數及表決權數，章程有較高之規定者，從其規定。

Where stricter criteria for the total number of attending shareholders and for the number of votes required to adopt a resolution at a shareholders' meeting referred to in the preceding Paragraph are specified in the Articles of Incorporation of a close company, such stricter criteria shall govern.

公司不符合第三百五十六條之一規定時，應變更為非閉鎖性股份有限公司，並辦理變更登記。In any event that a close company fails to meet the requirements set forth in Article 356-1, the company shall change its status into a non close company and shall apply for a necessary alteration registration in respect of such change accordingly.

公司未依前項規定辦理變更登記者，主管機關得依第三百八十七條第七項規定責令限期改正並按次處罰；其情節重大者，主管機關得依職權命令解散之。

 If a close company fails to apply for an alteration registration in accordance with the preceding Paragraph, the competent authority may order it to rectify such violation within a given time limit and impose successively in each case a fine based on Paragraph 7 of Article 387; where the violation is of a severe nature, the competent authority may, ex officio, order the dissolution of a company.

第三百五十六條之十四

Article 356-14

非公開發行股票之股份有限

公司得經全體股東同意，變更為閉鎖性股份有限公司。A non public offering company may change its status into a close company by the unanimous consent of its shareholders.

全體股東為前項同意後，公司應即向各債權人分別通知及公告。After the unanimous consent of its shareholders provided in the preceding Paragraph, the company shall immediately notify each of its creditors and make a public announcement.

為增加公司組織運作之彈性，閉鎖性公司於必要時得經股東會特別決議並修改公司章程，變更組織為非閉鎖型之非公開發行股份有限公司，且非閉鎖性公司若符合條件也可以經全體股東同意改為閉鎖性公司，對現有已設立公司的企業，增加可以選擇的公司型態。In order to have more flexibility on business operation, close company would need to amend its Article of Incorporation, to obtain the consent of its shareholders or with a resolution adopted by its special shareholders’ meeting to change its business structure to a non-disclosed close company. For the existed set up companies to have more choices in terms of its business structure.