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You could possibly face the following challenges while conducting business in Taiwan.

Taiwan includes a relatively small market many competition : Taiwan is often a geographically small place with 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 business.
Forge strong relationships and business networks : Networking is a valuable part of performing business in Taiwan as ‘who knows who’ is very regarded. Locate a local partner or work with a senior manager in early stages to assist forge and look after 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 recommended : especially when you’re negotiating contracts or discussing legal matters.

Emerging markets in Asia present significant growth opportunities for businesses, but they also pose many challenges regarding culture differences and government regulations.

How must HR requirements differ when setting up a business in Asia?

The concepts are exactly the same – payroll and benefits – but statutory requirements less complicated diverse from inside the U.S. plus they vary based on country. For example, all employees in Hong Kong use a mandatory provident fund that will require a 5 % contribution with the employer and a 5 % contribution with the employee. In Singapore, there exists a mandatory central provident fund along with the average employer contribution is 15.5 %; that’s an amazing difference.

Additionally, there are differences regarding minimum wages, employee compensation insurance, notice periods, holidays, sick leave and in many cases the manner in which people are paid commissions or bonuses. In some countries, laws regarding maternity leave protect a woman’s job when 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 often a good idea to work with someone together with the expertise to understand the unique requirements, taxes, culture and laws of every country. For example, you will need someone that can help design a team handbook that’s congruent not merely together with the culture and policies of the organization, but can also be compliant with local legislation. An HR outsourcing company can create a compliance scorecard that identifies all the requirements of the various countries.

Are numerous companies considering expansion to Asia?

About Ten to twenty percent of middle market businesses primarily domiciled inside the U.S. state trying to trade in Asia. All of the indicators are that China can become the largest economy on the globe by 2020, and India the third-largest by 2030. Businesses will want to look ahead and develop their plans for growth. Most are coming into Hong Kong and Singapore now within their future strategy.
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