Taiwan is an established, developed country that is lucrative to businesses looking to expand globally. The Taiwan economy is well-developed and currently ranked seventh largest in Asia and 22nd-largest in the world by purchasing power parity. Additionally, Taiwan’s upward economic trajectory in light of the coronavirus can be attributed to the country not having to completely shut down its economy meaning it is well suited to continue growth in the near future.
Taiwan’s location in Asia-Pacific is another reason why it is a lucrative place for businesses to expand to. Taiwan is vying with Singapore and Hong Kong, to become a regional hub for international business. A key advantage for Taiwan is its proximity to key business cities in the region that are only about a two to three hour flight away.
Taiwan is also known as one of the easier locations to expand business to. The Taiwanese people are friendly, international business through Taiwan is nothing new, and it doesn’t hurt that Taipei and other top Taiwanese cities are just a short trip to mountain getaways and seashore beaches.
Expanding your company to Taiwan comes with many good reasons to do so, such as those above. Another main reason you may want to expand to Taiwan is to tap into its talented, developed workforce. Taiwan performs among the best in the world on international comparisons of student performance.
Universities in Taiwan are already producing a total of 10,000 graduates with degrees in computer science and information systems management every year. This supports Taiwan’s growing reputation as a technological powerhouse. Additionally, large tech companies see the draw of the Taiwan labor market. For example, Google continues to expand in Taiwan due to its IT talent.
Hiring in Taiwan does not have to be complicated. To hire legally you do not have to have an entity there. You can hire through an HR agency and use HR outsourcing to tap into the top talent and key location of Taiwan. Working with an HR agency or employee leasing company to tap into PEO service means you can hire employees in Taiwan quickly and easily. The PEO provider hires your employee directly as to abide by all local laws and regulations. You still have direct access to your employee and oversee their work.
To learn more about NNRoad’s PEO service explore the below articles and reach out to us today to discuss your requirements and learn how we can support your business growth in Taiwan.