Subway has opened its first restaurant in Taiwan under the management of its new master franchisee, Yellowstone Investment Corp. Ltd., marking the first operational milestone since the companies entered a master franchise agreement earlier this year. The opening signals the beginning of Subway’s next phase of expansion in Taiwan under a locally led franchise model.
The new restaurant is the first to be launched after Yellowstone assumed responsibility for managing and developing Subway’s operations in Taiwan. According to Subway Asia Pacific, the franchise partner established a complete operating organisation from the ground up before opening its first restaurant in just over three months, highlighting the rapid transition following the agreement signed in March 2026.
Subway currently operates 130 restaurants across Taiwan, and Yellowstone is now responsible for overseeing the entire network while driving future expansion. The partnership is intended to strengthen operations across the existing estate and support long-term, sustainable growth of the brand in the Taiwanese market.
The master franchise agreement was announced on 18 March 2026, with Yellowstone taking responsibility for restaurant operations, development and market expansion across Taiwan. The company is led by President and CEO John Huang and co-founder Chester Tang, who bring more than 30 years of combined experience in real estate investment, multi-unit foodservice operations and large-scale business development across Asia Pacific and North America.
The Taiwan partnership forms part of Subway’s wider international growth strategy of working with experienced master franchise operators to accelerate development in key markets while maintaining consistent brand standards and franchise support. Similar master franchise partnerships have been introduced across several Asia-Pacific markets as the company continues expanding its international footprint.
Founded in 1965, Subway is one of the world’s largest quick-service restaurant franchise brands, operating more than 37,000 restaurants across over 100 countries and territories. The company, now owned by Roark Capital, is led by President and CEO Jonathan Fitzpatrick and continues to pursue global growth primarily through its franchise and master franchise model.
