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You may face these challenges while conducting business in Taiwan.
Taiwan includes a relatively small market quite a few competition : Taiwan is often a geographically small place using a relatively high population density compared to other Asia Pacific markets. This makes for the highly competitive market with greater limitations on resources and share of the market.
Forge strong relationships and business networks : Networking is an essential part of accomplishing business in Taiwan as ‘who knows who’ is very regarded. Discover a local partner or engage a senior manager in the beginning to aid forge and keep robust business networks.
Communicating in Mandarin : Though there are English-speaking business people in Taiwan, it’s helpful and practical to be able to communicate in Mandarin or Taiwanese. Recruiting a translator or finding a bilingual business partner is suggested : especially when you’re negotiating contracts or discussing legal matters.
Emerging markets in Asia present significant growth opportunities for businesses, in addition they pose many challenges when it comes to culture differences and government regulations.
How do HR requirements differ when starting a business in Asia?
The concepts are the same – payroll and benefits – but statutory requirements tend to be different than in the U.S. and so they vary by country. By way of example, all employees in Hong Kong possess a mandatory provident fund that needs a 5 % contribution through the employer plus a 5 % contribution through the employee. In Singapore, there is a mandatory central provident fund and also the average employer contribution is 15.5 %; that’s a substantial difference.
In addition there are differences regarding minimum wages, employee compensation insurance, notice periods, holidays, sick leave and also the manner in which folks are paid commissions or bonuses. In some countries, laws regarding maternity leave protect a woman’s job when she declares she’s pregnant. Companies expanding to Asia shouldn’t underestimate the reasons included in HR.
Can that be accomplished inside a company’s existing HR department?
It’s usually a good idea to work with someone using the expertise to comprehend the initial requirements, taxes, culture and laws of every country. By way of example, you may need somebody that might help design a staff handbook that’s congruent not simply using the culture and policies with the organization, but is also compliant with local legislation. An HR outsourcing company can produce a compliance scorecard that identifies all of the requirements of the several countries.
Are many companies considering expansion to Asia?
About 10-20 percent of middle market businesses primarily domiciled in the U.S. say they are planning to trade in Asia. All the indicators are that China can be the greatest economy on earth by 2020, and India the third-largest by 2030. Businesses could consider looking ahead and develop their plans for growth. Most are getting into Hong Kong and Singapore now within their future strategy.
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