Located on the Eastern side of China, Taiwan is one of the biggest economies in the world, 20th to be exact. It is a small country famous for its semiconductor and electronics industries. Taiwan is also considered an Asian Tiger along with countries like Hong Kong and Singapore and has a stable economy which is great for doing business.
For most of its history, Taiwan has focused on being a manufacturing hub, but just recently, it has moved its focus to become a software export hub. Taiwan provides limitless business opportunities as it is both a prominent importer and a significant exporter. If you own a business and want to grow your earnings, there are several reasons you might want to explore Taiwan as your next business location. Some of the reasons that make Taiwan an excellent business location are given below:
1. Business Friendly Environment and Policies
Taiwan has a ton of business-friendly policies to attract new and existing businesses. The government of Taiwan has invested millions of dollars in infrastructure development for businesses. Taiwan has invested in interconnecting its cities, developing industrial zones, universities, and science parks, and constructing highways, seaports, airports, and railway networks to provide more opportunities to new and existing businesses. The country also offers tax incentives if you invest in export processing zones, science parks, agriculture industrial parks, and free trade zones.
You can also see a lot of meeting room rental services in Taiwan for facilitating business meetings. It is especially common in Taipei, Taiwan’s capital city and business hub. The city offers executive meeting rooms for businesses who want to conduct their business meetings at a comfortable location while keeping security and privacy in mind. Whether planning a business meeting for presentations or conferences, meeting rooms in Taipei are equipped with everything you would need.
Another important investment-friendly policy allows foreign business owners to fully own a business in Taiwan, unlike some other countries, such as Thailand, where foreigners can’t fully own the business.
Given the facilities offered to new businesses, Taiwan has been ranked 15th out of 190 countries in the ease of doing business index by the World bank in 2019.
2. Strategic Location
Located in the heart of Asia, Taiwan holds the best strategic location for companies looking to do business with China, Japan, Korea, Indonesia, and Russia. It offers excellent port facilities and airports to put you on the doorstep of the largest markets in the world. The country has invested massively in developing transportation links with other countries. Currently, the country has seven seaports and 17 international airports to reach the nearby business hubs as quickly as possible. The average flight time to get to seven nearby business hubs is just 2 hours and 55 minutes, while the average sailing time to nearby ports is only 53 hours.
3. Quality and Innovation
With millions invested in research and development, Taiwan is home to innovative, top-quality products. It has been a hub for hardware manufacturing. Finding a hardware supplier in Taiwan is very easy. You can buy complete products and parts of the products to manufacture the product yourself.
Some of the best innovations from Taiwan can be seen in the semiconductor industry. TSMC, one of the largest semiconductor companies, is from Taiwan. Some other Taiwanese brands inspiring innovation include Asus, Acer, Evergreen, Trend Micro, etc. Taiwan is also emerging in new industries such as solar panels, LED panels, and batteries.
Taiwan might be the right option if you want to start a manufacturing business.
4. Legal Requirements and Regulations
Taiwan has straightforward legal requirements for investments and new business formations. You can get permission to invest in Taiwan in merely 4-8 weeks, and the process is pretty simple.
The country has stringent regulations to protect patented businesses and technologies. When it comes to copyrights and patents, Taiwan takes them very seriously. You won’t find any counterfeited products here, so rest assured your patented products will be safe if you ever want to manufacture your products in the country.
5. Educated and High Intellect Workforce
Taiwan is a small island with a dense population of 23.8 million people. The country has invested heavily in the education sector. Almost 45% of Taiwanese people have attained at least a post-secondary degree. Taiwan also ranks among the best when it comes to intellect. The country has 10 million people working in industries and is home to some of the most skilled workforce. Each year, thousands of people graduate and join the professional workforce. So the country has no shortage of skilled workforce. The people work at reasonable salaries, so the businesses benefit from high-profit margins.
Although Chinese and Taiwanese are two of the main spoken languages in Taiwan, most people can understand and speak English, especially the youth. Most people are educated and hold a post-secondary graduate degree or higher. In addition, many multinational companies operate in Taiwan, and their employees speak English in offices. So, if you are interested in expanding your business to Taiwan, don’t be afraid if you don’t know Chinese or Taiwanese. You can get along with English just fine.
Consistently being considered one of the Asian Tigers, Taiwan is an excellent choice for doing business. The country offers several benefits to new and existing business owners to invest in it. From lenient regulations for foreign investors to the availability of a skilled workforce, Taiwan gives everything to make doing business a breeze. If you are interested in expanding your business to Taiwan, the reasons mentioned in this article might have helped you decide on whether to invest or not.