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You may face these challenges while doing business in Taiwan.

Taiwan carries a relatively small market but many of competition : Taiwan is often a geographically small place with a relatively high population density compared to other Asia Pacific markets. This makes to get a highly competitive market with greater limitations on resources and business.
Forge strong relationships and business networks : Networking is an important part to do business in Taiwan as ‘who knows who’ is extremely regarded. Look for a local partner or engage a senior manager early on to aid forge and maintain robust business networks.
Communicating in Mandarin : Though 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 getting a bilingual business partner is usually recommended : 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.

Just how do HR requirements differ when starting a business in Asia?

The concepts are the same – payroll and benefits – but statutory requirements tend to be different than inside the U.S. and so they vary based on country. As an example, all employees in Hong Kong have a mandatory provident fund that will require a 5 % contribution with the employer as well as a 5 % contribution with the employee. In Singapore, you will find there’s mandatory central provident fund and also the average employer contribution is 15.5 %; that’s an amazing difference.

There’s also differences regarding minimum wages, employee compensation insurance, notice periods, holidays, sick leave and even the manner in which folks are paid commissions or bonuses. In most 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 just a company’s existing HR department?

It’s always a good idea to use someone with all the expertise to know the initial requirements, taxes, culture and laws of every country. As an example, you need somebody that might help design an employee handbook that’s congruent not only with all the culture and policies from the organization, but can be compliant with local legislation. An HR outsourcing company can make a compliance scorecard that identifies each of the requirements of the numerous 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 do business in Asia. All the indicators are that China will end up the biggest economy on earth by 2020, and India the third-largest by 2030. Businesses need to look ahead and develop their plans for growth. Many are coming into Hong Kong and Singapore now as part of their future strategy.
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