There are many opportunities awaiting those seeking to develop or establish a business in Taiwan, but also a number of challenges to be mindful of. Inadequate local knowledge may result in the loss of business, tax penalties or potentially criminal or civil litigation.
The top challenges for businesses entering the Tawainese market:
Competition: Taiwan may be a geographically small place, but its high population density means there’s greater competition for market share and resources. It’s important that new businesses are considered in their approach and gain insights into what they will be up against.
Political shift: As with many political systems, a change in government comes with a period of adjustment. Taiwan has recently elected a new president and as she prepares to helm the country, there has been some economic uncertainty.
Language barriers: English is not spoken as widely in Taiwan as in other Asia Pacific countries. Taiwanese Hokkien and Mandarin are the most commonly-spoken languages in Taiwan, so a translator or a bilingual business partner is essential. All statutory filings to government authorities must be in traditional Chinese.