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You might face the next challenges while working in Taiwan.
Taiwan has a relatively small market quite a few competition : Taiwan is often a geographically small place with a relatively high population density in comparison with other Asia Pacific markets. This makes for any 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 performing business in Taiwan as ‘who knows who’ is highly regarded. Locate a local partner or work with a senior manager early on to help you forge and look after robust business networks.
Communicating in Mandarin : Nevertheless, there are English-speaking entrepreneurs 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 mandatory : 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 in terms of culture differences and government regulations.
How do HR requirements differ when establishing a business in Asia?
The concepts are the same – payroll and benefits – but statutory requirements less difficult diverse from inside the U.S. plus they vary by country. For example, all employees in Hong Kong use a mandatory provident fund that will need a Five percent contribution by the employer plus a Five percent contribution by the employee. In Singapore, there exists a mandatory central provident fund along with 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 individuals 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 complexities a part of HR.
Can that be accomplished inside a company’s existing HR department?
It’s always a good idea to use someone with the expertise to know the initial requirements, taxes, culture and laws of each one country. For example, you may need someone that may help design staff handbook that’s congruent not simply with the culture and policies with the organization, but can also be compliant with local legislation. An HR outsourcing company can produce a compliance scorecard that identifies all the requirements of the numerous countries.
Are numerous companies considering expansion to Asia?
About Ten to twenty percent of middle market businesses primarily domiciled inside the U.S. say they are seeking to work in Asia. Each of the indicators are that China will become the largest economy on the planet by 2020, and India the third-largest by 2030. Businesses will want to look ahead and develop their plans for growth. Many are stepping into Hong Kong and Singapore now within their future strategy.
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