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You might face the subsequent challenges while doing business in Taiwan.

Taiwan features a relatively small market quite a few competition : Taiwan is really a geographically small place having a relatively high population density compared to other Asia Pacific markets. As a result for a highly competitive market with greater limitations on resources and business.
Forge strong relationships and business networks : Networking is an essential part of doing business in Taiwan as ‘who knows who’ is very regarded. Discover a local partner or engage a senior manager early on to help you forge and gaze after robust business networks.
Communicating in Mandarin : Though 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 : particularly if you’re negotiating contracts or discussing legal matters.

Emerging markets in Asia present significant growth opportunities for businesses, in addition they pose many challenges in terms of culture differences and government regulations.

How do HR requirements differ when starting a business in Asia?

The concepts are the same – payroll and benefits – but statutory requirements are much different than inside the U.S. and so they vary by country. For example, all employees in Hong Kong use a mandatory provident fund that needs a 5 % contribution from the employer along with a 5 % contribution from 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 important difference.

In addition 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 certain 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 within a company’s existing HR department?

It’s usually a good idea to use someone with the expertise to be aware of the requirements, taxes, culture and laws of each one country. For example, you need someone who can help design an employee handbook that’s congruent not just with the culture and policies in the organization, but can be compliant with local legislation. An HR outsourcing company can create a compliance scorecard that identifies every one of the requirements of the numerous countries.

Are numerous companies considering expansion to Asia?

About 10 to 20 percent of middle market businesses primarily domiciled inside the U.S. appear looking to trade in Asia. Every one of the indicators are that China can be the greatest economy on earth 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 as part of their future strategy.
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