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You could face the subsequent challenges while conducting business in Taiwan.
Taiwan carries a relatively small market but a lot of competition : Taiwan is a geographically small place using a relatively high population density in comparison with other Asia Pacific markets. As a result for the highly competitive market with greater limitations on resources and market share.
Forge strong relationships and business networks : Networking is a valuable part of accomplishing business in Taiwan as ‘who knows who’ is highly regarded. Find a local partner or engage a senior manager in early stages to help you forge and maintain robust business networks.
Communicating in Mandarin : However, there are English-speaking business owners in Taiwan, it’s helpful and practical so that you can communicate in Mandarin or Taiwanese. Recruiting a translator or employing a bilingual business partner is usually recommended : specially when you’re negotiating contracts or discussing legal matters.
Emerging markets in Asia present significant growth opportunities for businesses, they also pose many challenges when it comes to culture differences and government regulations.
How must HR requirements differ when generating a business in Asia?
The concepts are the same – payroll and benefits – but statutory requirements are much different than inside the U.S. and so they vary based on country. As an example, all employees in Hong Kong possess a mandatory provident fund that will need a Five percent contribution through the employer plus a Five percent contribution through the employee. In Singapore, you will find there’s mandatory central provident fund and also the average employer contribution is 15.Five percent; that’s a substantial difference.
Additionally, there are differences regarding minimum wages, employee compensation insurance, notice periods, holidays, sick leave and also the way everyone is paid commissions or bonuses. In certain countries, laws regarding maternity leave protect a woman’s job after she declares she’s pregnant. Companies expanding to Asia shouldn’t underestimate the reasons involved with HR.
Can that be accomplished in a company’s existing HR department?
It’s usually a good idea to work with someone using the expertise to know the requirements, taxes, culture and laws of each country. As an example, you will need someone that may help design a staff handbook that’s congruent not just 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 each of the requirements of the various countries.
Are lots of companies considering expansion to Asia?
About 10-20 percent of middle market businesses primarily domiciled inside the U.S. appear at first sight seeking to trade in Asia. Each of the indicators are that China will end up 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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