Approval from the Financial Supervisory Commission clears the way for UBS to open two new branches, to be located in Taichung and Kaohsiung. The new branches will bring the Swiss bank's network in Taiwan to three sites.
Meanwhile, Japanese bank Mizuho is to open a single new branch in Taichung to add to its two existing outlets.
The granting of the new licences comes after the Taiwanese government last month approved new branch licences for eight banks - the first time new licences have been granted since 2002.
First Financial Co and Shanghai Commercial and Savings Bank were permitted to open two branches each.
Meanwhile, Fubon Financial Holding Co., Mega Financial Holding Co., E.Sun Financial Holding Co., Bank of Taiwan, Cathay Financial Holding Co., and Taiwan Cooperative Bank will open one branch each.