Republic of Formosa
The Republic of Formosa (), was a short-lived republic that existed on the island of Taiwan in 1895 between the formal cession of Taiwan by the Qing Dynasty of China to the Empire of Japan by the Treaty of Shimonoseki and it being taken over by Japanese troops. The Republic was proclaimed on 23 May 1895 and extinguished on 21 October, when the Republican capital Tainan was taken over by the Japanese. Though sometimes claimed as the first Asian republic to have been proclaimed, it was predated by the Lanfang Republic in Borneo, established in 1777, as well as by the Republic of Ezo in Japan, established in 1869.
Dutch Formosa
The Tayouan "factory" (as VOC trading posts were called) was to become the second-most profitable factory in the whole of the Dutch East Indies (after the post at Hirado/Dejima), although it took 22 years for the colony to first return a profit. Benefitting from triangular trade between themselves, the Chinese and the Japanese, plus exploiting the natural resources of Formosa, the Dutch were able to turn the malarial sub-tropical bay into a lucrative asset. A cash economy was introduced (using the Spanish real, which was used by the VOC) and the period also saw the first serious attempts in the island's history to develop it economically.