You’ve Decided to live and work at Taiwan Start planning your business launch in Taiwan. But Before you continue, consider the following.

Knowing What to do if you think your business will fit with Taiwan

As Hardware manufacturing hub Taiwan Multinationals such as are a natural choice. Apple, GoogleHP and. are looking for partners.

But Companies that are zero-to-1 may have difficulty identifying the most effective ways to leverage. Taiwan’s capabilities. Since Taiwan’s A SME with a focus on tech manufacturing would be the most likely to succeed.

On On the other hand enterprises that are consumer facing or based on a certain scale, such as e.g. A new elixir, such as handcrafted beer or Kombucha (a fermented tea), can be sold to customers. Taiwan Businesses that plan to use the technology may have to rethink some of their plans. Taiwan As a stepping stone to China There are more challenges.

Acquiring Grants from the government Taiwan

Taiwan Has done an excellent job of advertising government support for new businesses. We Many entrepreneurs have visited our face-to-face office. Taiwan Asking about government grants to start their business.

It The government awards grants not to individuals, but to companies that are registered in TaiwanIf you are a foreign businessman with a foreign firm, you will need to set up a Taiwanese Entity to qualify for government grants.

Branch Offices and representative offices do not qualify for grant funding. And While foreign workers are Taiwanese Residents (ARC) can receive subsidies. Remote workers based outside are not eligible. Taiwan aren’t eligible. We This article will cover the process in detail of applying for government grants in Taiwan here.

Understanding Accounting Practices in Taiwan

It’s Accounting practices may be similar in the United States and abroad, but certain aspects are different. Taiwan’s Accounting procedures can be a bit of a shock.

Also Read: How remote work has changed the salary scale in Taiwan

Take As an example, business expenses. In The US business accounting system operates within an “innocent-until-proven-guilty” The framework allows you to write off an expense for your business on your tax returns, even if that receipt was written on a napkin.

But Taiwan’s The business accounting framework is opposite: you are guilty until proven to be innocent. So You must have a receipt for the business expense in order to claim it. Fa-Piao (發票) or a Uniform InvoiceTo be eligible for a tax deduction, the vendor must have your tax ID number typed in or written down on the official receipt that you receive from them.

ElsewhereThis accounting framework is particularly relevant to start-ups. It means that any payment made outside the EU will be accounted for. Taiwan You can pay for a SaaS subscription, or to a freelancer. Chiang Mai You won’t be recognized by the Taiwanese Government as a valid expense for business. These Here are two examples of the ways in which accounting practices can be viewed. Taiwan Can be totally different from other places.

Navigating The regulatory environment is a key factor in Taiwan

Startups Today’s systems are designed for a digital and cross-border environment, but managing the cross-country jurisdictions from an administrative perspective can be a huge headache. Taiwan Although it is a liberal, open country, it still has a conservative business culture.

Also Read: 5G tech? All eyes on Taiwan

The Government in Taiwan Manages daily operations. Taiwanese The labour law takes precedence, for instance, over any agreements that may be made between a company’s employees and the employer. Therefore, employers and employees cannot enter into private agreements, as they could in, say, the US.

And Since then Taiwanese As the government is a major player in business, it’s likely that foreign business owners will have to contact multiple agencies for answers to business questions. This Where a service such as 11th Fleet Can help simplify the process.

11th Fleet’s Outsourced CFO/COO solutions can help entrepreneurs and new companies avoid many mistakes. Taiwan. Most importantly, 11th Fleet Can help its clients avoid trouble by anticipating any potential problems along the way. This will save them valuable time and money.

Overcoming The language barrier is Taiwan

Taiwan It is closer to Japan You can also find out more about the following: South Korea The term “in terms” is used to describe English Fluency than is it Singapore The following are some examples of how to use Hong KongWhere are you? English Official language is English

Although You can also find out more about the following: Taiwanese The government has committed to making the entire country bilingual by 2030. Taiwan The majority of business is still conducted in MandarinDocuments and contracts are written in Chinese.

This Foreign investors who don’t speak the language of the country they are registering in must have all official documents and contracts in their native tongue translated. Taiwan.

MoreoverYou should have a member of your team that can guide you through the cultural and linguistic barriers when you’re ready to start a business.

Editor’s note: e27 The goal is to promote thought leadership through the publication of community views. Share Your opinion by submitting An article, video, audio, or infographic

Join You can also find out more about us on our website. e27 Telegram groupFB communityLike the e27 Facebook page

Image Credit: Canva Pro

This Article first published on May 9, 2022

The Post by 5 things to consider before launching a business in Taiwan First on e27.

Source link