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You might face the subsequent challenges while conducting business in Taiwan.

Taiwan carries a relatively small market many competition : Taiwan can be a geographically small place using a relatively high population density compared to other Asia Pacific markets. This may cause for the highly competitive market with greater limitations on resources and share of the market.
Forge strong relationships and business networks : Networking is an important part of accomplishing business in Taiwan as ‘who knows who’ is very regarded. Locate a local partner or engage a senior manager early on to help you forge and maintain robust business networks.
Communicating in Mandarin : Nevertheless, there are English-speaking business owners in Taiwan, it’s helpful and practical as a way to communicate in Mandarin or Taiwanese. Recruiting a translator or finding a bilingual business partner is mandatory : particularly 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 regarding culture differences and government regulations.

How must HR requirements differ when starting a business in Asia?

The concepts are the same – payroll and benefits – but statutory requirements are much different than in the U.S. and so they vary by country. By way of example, all employees in Hong Kong have a very mandatory provident fund that needs a 5 % contribution by the employer as well as a 5 % contribution by the employee. In Singapore, there exists a mandatory central provident fund as well as the average employer contribution is 15.5 %; that’s a considerable difference.

Additionally, there are differences regarding minimum wages, employee compensation insurance, notice periods, holidays, sick leave as well as the way folks are paid commissions or bonuses. In a few 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 involved with HR.

Can that be accomplished within a company’s existing HR department?

It’s usually a good idea to work with someone with the expertise to be aware of the initial requirements, taxes, culture and laws of every country. By way of example, you’ll need somebody who may help design an employee handbook that’s congruent not merely with the culture and policies with the organization, but can be compliant with local legislation. An HR outsourcing company can create a compliance scorecard that identifies each of the requirements of the numerous countries.

Are numerous companies considering expansion to Asia?

About Ten to twenty percent of middle market businesses primarily domiciled in the U.S. state looking to do business in Asia. Every one of the indicators are that China can become the biggest economy on earth by 2020, and India the third-largest by 2030. Businesses may need to look ahead and develop their plans for growth. Many are stepping into Hong Kong and Singapore now as part of their future strategy.
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