Doing Business in Taiwan with a PEO / Employer of Record
Taiwan enjoys a rapidly growing economy with increasing global importance, primarily based on export businesses but increasingly developing profitable industries in education, finance, and chemicals. With a well-educated population of over 23.5 million people, Taiwan is considered to have a strong workforce with incredible talent potential. Businesses looking to capitalize on the opportunities in Taiwan should consider the use of a professional employer organization (PEO) or employer of record (EOR), which can ensure that all labor activities are compliant with the – at times complex – legal system in Taiwan.
Read on to discover the benefits of using a PEO in Taiwan, and get rankings of the best Taiwan PEOs/EORs.
Why Use a PEO/EOR in Taiwan?
Although much of the business culture in Taiwan has been influenced to an extent by western practices, it remains the case that businesses looking to enter the Taiwan markets for the first time are likely to need considerable expert assistance in setting up and maintaining their business from a regulatory standpoint. Establishing an entity in Taiwan is certainly one option, but many businesses want the option of testing the markets first or establishing a small team for a temporary assignment. These set ups are perfectly suited to PEOs/EORs, who can handle everything from getting contracts drafted by local lawyers to managing any staff conflicts that may arise.
Best Taiwan PEOs & Employer of Record
1. New Horizons Global Partners: www.nhglobalpartners.com
Numerous international and Asian businesses choose New Horizons Global Partners to serve as their PEO / Employer of Record in Taiwan. The company has local consultants in Taiwan who are well placed to assist with a range of matters from obtaining contracts in the Taiwanese language through to setting up social security and tax contributions. Unlike many other PEOs/EORs in Asia, NHGP is placed to manage not only the legal and regulatory matters involved in starting a business in Taiwan, but is also able to consult staff on what to expect of Taiwanese business culture and practices, making them a great all-round partner for expansion into Taiwan.
2. Velocity Global: www.velocityglobal.com
Velocity Global is a large company that offers a number of business services in Taiwan as part of their commitment to help businesses grow in over 185 countries worldwide. While Velocity is a large American company, they have had success in partnering with recruitment agencies and PEOs/EORs in Taiwan to provide their clients end-to-end employment solutions. For business owners or executives looking to get more information about setting up a business in Taiwan (or operating through a PEO/EOR in Taiwan), Velocity Global maintains a comprehensive online Resource Center.
3. International Acumen: www.expressglobalemployment.com
International Acumen offers international PEO/EOR services, including in Taiwan. They boast being able to set up employment solutions in Taiwan without the headaches of bureaucracy, although how they do this is not particularly clear from their website. International Acumen may be best suited to companies looking to place a small number of employees in a number of countries worldwide, as their solutions can be used globally.