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You could face the following challenges while working in Taiwan.
Taiwan features a relatively small market quite a few competition : Taiwan is really a geographically small place which has a relatively high population density in comparison to other Asia Pacific markets. This makes for a highly competitive market with greater limitations on resources and share of the market.
Forge strong relationships and business networks : Networking is an integral part of performing business in Taiwan as ‘who knows who’ is extremely regarded. Discover a local partner or work with a senior manager ahead of time to help you forge and maintain robust business networks.
Communicating in Mandarin : Although there are English-speaking business owners in Taiwan, it’s helpful and practical in order to communicate in Mandarin or Taiwanese. Recruiting a translator or hiring a bilingual business partner is suggested : particularly when you’re negotiating contracts or discussing legal matters.
Emerging markets in Asia present significant growth opportunities for businesses, they also pose many challenges with regards to culture differences and government regulations.
How can HR requirements differ when generating a business in Asia?
The concepts are similar – payroll and benefits – but statutory requirements tend to be unique of in the U.S. and they also vary by country. For example, all employees in Hong Kong use a mandatory provident fund that will require a 5 % contribution through the employer as well as a 5 % contribution through the employee. In Singapore, there’s a mandatory central provident fund and the average employer contribution is 15.5 %; that’s a substantial difference.
There are also differences regarding minimum wages, employee compensation insurance, notice periods, holidays, sick leave and also the manner in which folks are paid commissions or bonuses. In some 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 associated with HR.
Can that be accomplished in a company’s existing HR department?
It’s usually a good idea to do business with someone with the expertise to be aware of the requirements, taxes, culture and laws of every country. For example, you’ll need somebody who will help design a team handbook that’s congruent not merely with the culture and policies with the organization, but can be compliant with local legislation. An HR outsourcing company can create a compliance scorecard that identifies each of the requirements of the various countries.
A wide range of companies considering expansion to Asia?
About 10 to 20 percent of middle market businesses primarily domiciled in the U.S. appear at first sight planning to trade in Asia. All the indicators are that China will become the greatest economy on the globe by 2020, and India the third-largest by 2030. Businesses may need to look ahead and develop their plans for growth. The majority are coming into Hong Kong and Singapore now within their future strategy.
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