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You may face these challenges while working in Taiwan.

Taiwan has 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. As a result 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 especially regarded. Locate a local partner or hire a senior manager in the beginning to help you forge and maintain robust business networks.
Communicating in Mandarin : However, there are English-speaking business people in Taiwan, it’s helpful and practical in order to communicate in Mandarin or Taiwanese. Recruiting a translator or getting 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, in addition, they pose many challenges with regards to culture differences and government regulations.

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

The concepts are similar – payroll and benefits – but statutory requirements less complicated distinct from within the U.S. and they also vary based on country. For instance, all employees in Hong Kong have a very mandatory provident fund that will need a 5 % contribution through the employer as well as a 5 % contribution through the employee. In Singapore, there is a mandatory central provident fund and the average employer contribution is 15.5 %; that’s a considerable difference.

In addition there are 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 most 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 included in HR.

Can that be accomplished in just a company’s existing HR department?

It’s often a good idea to use someone together with the expertise to understand the requirements, taxes, culture and laws of every country. For instance, you’ll need someone who will help design a team handbook that’s congruent not simply together 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 every one of the requirements of the various countries.

Are lots of companies considering expansion to Asia?

About 10 to 20 percent of middle market businesses primarily domiciled within the U.S. appear looking to trade in Asia. Every one of the indicators are that China will become the biggest economy in the world by 2020, and India the third-largest by 2030. Businesses may need to look ahead and develop their plans for growth. Many are coming into Hong Kong and Singapore now within their future strategy.
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