DreamMaxima Expands your small business into Asia, China, Taiwan, Hong Kong

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You may face these challenges while doing work in Taiwan.

Taiwan has a relatively small market but a lot of competition : Taiwan can be a geographically small place which has a relatively high population density in comparison to other Asia Pacific markets. This may cause for a highly competitive market with greater limitations on resources and business.
Forge strong relationships and business networks : Networking is a valuable part to do business in Taiwan as ‘who knows who’ is extremely regarded. Find a local partner or employ a senior manager in early stages to aid forge and keep robust business networks.
Communicating in Mandarin : Nevertheless, there are English-speaking people in Taiwan, it’s helpful and practical so that you can communicate in Mandarin or Taiwanese. Recruiting a translator or hiring a bilingual business partner is suggested : specially when you’re negotiating contracts or discussing legal matters.

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

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

The concepts are similar – 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 very mandatory provident fund that requires a Five percent contribution by the employer and a Five percent contribution by the employee. In Singapore, there’s a mandatory central provident fund as well as the average employer contribution is 15.Five percent; that’s a considerable difference.

There’s also differences regarding minimum wages, employee compensation insurance, notice periods, holidays, sick leave and in many cases the manner in which everyone is paid commissions or bonuses. In certain countries, laws regarding maternity leave protect a woman’s job when she declares she’s pregnant. Companies expanding to Asia shouldn’t underestimate the reasons a part of HR.

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

It’s always a good idea to utilize someone with the expertise to know the unique requirements, taxes, culture and laws of every country. By way of example, you need somebody who will help design a staff handbook that’s congruent not just with the culture and policies in the organization, but is also compliant with local legislation. An HR outsourcing company can create a compliance scorecard that identifies all of the requirements of the various countries.

Are lots of companies considering expansion to Asia?

About 10-20 percent of middle market businesses primarily domiciled from the U.S. appear at first sight planning to conduct business in Asia. Every one of the indicators are that China will end up the most important economy on earth by 2020, and India the third-largest by 2030. Businesses need to look ahead and develop their plans for growth. Lots of people are coming into Hong Kong and Singapore now in their future strategy.
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