Wipha is travelling at speed as high as 240 kilometres per hour (km/h), approaching the north of the island, according to the US Navy Joint Typhoon Warning Center, which classifies the storm as Super Typhoon.
State-owned Chinese Petroleum Corporation (CPC) office is closed today, along with other offices and schools in the affected areas.
Taipei City, Taipei County, Keelung City, Ilan County, Taoyuan County, Hsinchu City, Hsinchu County and Miaoli County will shut for the day, while the rest of Taiwan remains open.
The Taiwan Stock Exchange and other exchanges, which are based in the capital Taipei, were also closed.