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You could possibly face the following challenges while doing work in Taiwan.
Taiwan includes a relatively small market many competition : Taiwan can be a geographically small place having a relatively high population density compared to other Asia Pacific markets. This will make for the highly competitive market with greater limitations on resources and market share.
Forge strong relationships and business networks : Networking is an integral part of doing business in Taiwan as ‘who knows who’ is especially regarded. Discover a local partner or hire a senior manager in early stages to help you forge and look after robust business networks.
Communicating in Mandarin : Nevertheless, there are English-speaking 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 usually recommended : 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 must HR requirements differ when generating a business in Asia?
The concepts are exactly the same – payroll and benefits – but statutory requirements less difficult different than inside the U.S. plus they vary based on country. As an example, all employees in Hong Kong use a mandatory provident fund that will require a Five percent contribution from the employer and a Five percent contribution from the employee. In Singapore, there exists a mandatory central provident fund and also the average employer contribution is 15.Five percent; that’s an amazing difference.
There are also differences regarding minimum wages, employee compensation insurance, notice periods, holidays, sick leave and in many cases the way individuals are paid commissions or bonuses. In certain countries, laws regarding maternity leave protect a woman’s job the moment she declares she’s pregnant. Companies expanding to Asia shouldn’t underestimate the complexities included in HR.
Can that be accomplished in a company’s existing HR department?
It’s often a good idea to do business with someone with the expertise to be aware of the initial requirements, taxes, culture and laws of each country. As an example, you need somebody that might help design an employee handbook that’s congruent not just with the culture and policies from the organization, but is additionally compliant with local legislation. An HR outsourcing company can certainly produce a compliance scorecard that identifies each of the requirements of the various countries.
Are many companies considering expansion to Asia?
About 10-20 percent of middle market businesses primarily domiciled inside the U.S. appear seeking to conduct business in Asia. All of the indicators are that China can be the greatest economy in the world 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 within their future strategy.
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