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You could face these challenges while doing work in Taiwan.
Taiwan has a relatively small market but many of competition : Taiwan is a geographically small place using a relatively high population density compared to other Asia Pacific markets. This may cause for any highly competitive market with greater limitations on resources and share of the market.
Forge strong relationships and business networks : Networking is an essential part of doing business in Taiwan as ‘who knows who’ is highly regarded. Locate a local partner or work with a senior manager in early stages to help forge and look after robust business networks.
Communicating in Mandarin : Though 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 finding a bilingual business partner is suggested : particularly if you’re negotiating contracts or discussing legal matters.
Emerging markets in Asia present significant growth opportunities for businesses, but they also pose many challenges with regards to culture differences and government regulations.
How do HR requirements differ when establishing a business in Asia?
The concepts are identical – payroll and benefits – but statutory requirements are much different than within the U.S. and so they vary based on country. For example, all employees in Hong Kong have a very mandatory provident fund that needs a Five percent contribution by the employer as well as a Five percent contribution by the employee. In Singapore, there exists a mandatory central provident fund and the average employer contribution is 15.Five percent; that’s an important difference.
Additionally, there are differences regarding minimum wages, employee compensation insurance, notice periods, holidays, sick leave and also the way 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 a company’s existing HR department?
It’s usually a good idea to work with someone together with the expertise to comprehend the unique requirements, taxes, culture and laws of each country. For example, you need somebody that might help design a team handbook that’s congruent not just together with the culture and policies of the organization, but can also be 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 numerous companies considering expansion to Asia?
About Ten to twenty percent of middle market businesses primarily domiciled within the U.S. appear seeking to work in Asia. All the indicators are that China can be the most important economy on the planet by 2020, and India the third-largest by 2030. Businesses could consider looking ahead and develop their plans for growth. Most are getting into Hong Kong and Singapore now in their future strategy.
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