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You may face these challenges while conducting business in Taiwan.
Taiwan includes a relatively small market many competition : Taiwan can be a geographically small place which has a relatively high population density in comparison to other Asia Pacific markets. This makes for any highly competitive market with greater limitations on resources and business.
Forge strong relationships and business networks : Networking is an integral part of performing business in Taiwan as ‘who knows who’ is highly regarded. Locate a local partner or hire a senior manager early on to help forge and maintain robust business networks.
Communicating in Mandarin : However, there are English-speaking business people in Taiwan, it’s helpful and practical as a way to communicate in Mandarin or Taiwanese. Recruiting a translator or hiring a bilingual business partner is recommended : particularly if you’re negotiating contracts or discussing legal matters.
Emerging markets in Asia present significant growth opportunities for businesses, they also pose many challenges regarding culture differences and government regulations.
How do HR requirements differ when setting up a business in Asia?
The concepts are exactly the same – payroll and benefits – but statutory requirements less complicated different than from the U.S. plus they vary based on country. For instance, all employees in Hong Kong use a mandatory provident fund that requires a Five percent contribution with the employer plus a Five percent contribution with the employee. In Singapore, you will find there’s mandatory central provident fund and the average employer contribution is 15.Five percent; that’s an important difference.
There’s also differences regarding minimum wages, employee compensation insurance, notice periods, holidays, sick leave and in many cases the manner in which people are paid commissions or bonuses. In certain countries, laws regarding maternity leave protect a woman’s job as soon as she declares she’s pregnant. Companies expanding to Asia shouldn’t underestimate the reasons included in HR.
Can that be accomplished in just a company’s existing HR department?
It’s always a good idea to do business with someone using the expertise to comprehend the unique requirements, taxes, culture and laws of each and every country. For instance, you’ll need somebody who may help design an employee handbook that’s congruent not just using the culture and policies from the organization, but is additionally compliant with local legislation. An HR outsourcing company can produce a compliance scorecard that identifies every one of the requirements of the various countries.
Are many companies considering expansion to Asia?
About 10-20 percent of middle market businesses primarily domiciled from the U.S. say they are trying to conduct business in Asia. Each of the indicators are that China will end up the most important economy on earth by 2020, and India the third-largest by 2030. Businesses will want to look ahead and develop their plans for growth. Lots of people are entering into Hong Kong and Singapore now within their future strategy.
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