Hiring talent in Taiwan
Taiwan economy basics
The economy of Taiwan is characterized by a high-tech industrial sector, a large service sector, and a small agricultural sector. The country is a major exporter of electronics, machinery, and textiles, and has a strong trade relationship with China and other Asian countries.
Taiwan’s GDP per capita is among the highest in Asia, and the country has a well-developed infrastructure and a highly skilled workforce.
The government plays a significant role in the economy, with a focus on promoting technological innovation and supporting the growth of small and medium-sized enterprises.
What is an employer of record in Taiwan?
An employer of record in Taiwan is a third-party organization that acts as the legal employer for a worker or group of workers.
This arrangement allows the worker to be employed by a third-party organization instead of the company they are working for, which can provide advantages such as access to benefits and protections under Taiwanese labor laws. The employer of record is responsible for handling all employment-related matters, including payroll, taxes, and compliance with labor regulations.
Advantages PEO services in Taiwan with INS Global
PEO (Professional Employer Organization) services provide several advantages for businesses, including:
- Cost savings: PEOs can help reduce labor costs by handling payroll, taxes, and other employment-related expenses.
- Compliance support: PEOs have expertise in local labor laws and can help ensure that businesses are compliant with all relevant regulations.
- Access to benefits: PEOs can provide access to employee benefits such as health insurance and retirement plans, which can be more cost-effective than buying these benefits individually.
- Streamlined HR processes: PEOs can handle all HR functions, such as recruitment and employee onboarding, allowing businesses to focus on their core operations.
- Risk management: PEOs can provide protection against potential legal liabilities, such as employment disputes or workers’ compensation claims.