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You might face the subsequent challenges while working 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 makes 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 accomplishing business in Taiwan as ‘who knows who’ is especially regarded. Locate a local partner or hire a senior manager in the beginning to help you forge and keep robust business networks.
Communicating in Mandarin : Although there are English-speaking entrepreneurs 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 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 in terms of culture differences and government regulations.
How can HR requirements differ when establishing a business in Asia?
The concepts are identical – payroll and benefits – but statutory requirements are much unique of from the U.S. plus they vary by country. By way of example, all employees in Hong Kong have a mandatory provident fund that needs a 5 percent contribution from the employer plus a 5 percent contribution from the employee. In Singapore, there’s a mandatory central provident fund as well as the average employer contribution is 15.5 percent; that’s an important difference.
Additionally, there are differences regarding minimum wages, employee compensation insurance, notice periods, holidays, sick leave as well as the way people are paid commissions or bonuses. In some countries, laws regarding maternity leave protect a woman’s job after 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 often a good idea to do business with someone with the expertise to comprehend the initial requirements, taxes, culture and laws of each and every country. By way of example, you will need someone that may help design a team handbook that’s congruent not merely with the culture and policies with the organization, but is also compliant with local legislation. An HR outsourcing company can make a compliance scorecard that identifies all the requirements of the numerous countries.
Are numerous companies considering expansion to Asia?
About 10 to 20 percent of middle market businesses primarily domiciled from the U.S. say they are trying to trade in Asia. All of the indicators are that China will end up the biggest economy on earth by 2020, and India the third-largest by 2030. Businesses will want to look ahead and develop their plans for growth. Most are getting into Hong Kong and Singapore now as part of their future strategy.
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