Located at the heart of Asia-Pacific, Taiwan is one of the most competitive places in the region. With a population of 23.6 million, Taiwan boasts a vibrant market economy and can be a highly attractive export market for UK businesses. It is an important gateway to emerging Asian Markets, particularly to China where it enjoys preferential access to the Chinese market. This Doing Business in Taiwan Guide will help prepare UK businesses who are looking to trade with this sophisticated and established market.
Taiwan has a sophisticated consumer market with strong demand for high-quality products. UK businesses can also find excellent opportunities in electronics, communications, transportation and infrastructure. For Taiwan to meet its increasing energy needs, there are good opportunities for UK businesses presented in oil and gas.
Networking is an important part of doing business in Taiwan as ‘who knows who’ is highly regarded. Most businesses find a local partner or hire a senior manager early on to help forge and maintain robust business networks.
Although there are English-speaking business people in Taiwan, it’s helpful and practical to be able to communicate in Mandarin. Recruiting a translator or hiring a bilingual business partner is recommended – especially when you're negotiating contracts or discussing legal matters. Some companies in Taiwan fall into the small to medium-sized category and are family-owned. Concerns focussing on issues which will benefit the business in the long run reside with the head of the family, so all decisions should be taken with reference to that person.
Taiwan has the potential to be a valuable market for British businesses and the Institute can help guide you through the intricacies of doing business in this fascinating market through our education programmes, training and practical support, our helpline and one-to-one assistance with paperwork.