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Taiwan is Asia’s 5th largest economy by volume and major hub for international companies dealing in semiconductors, LCD panels, components for laptops mobile phones, other electronic devices, machinery equipment, oil products and premium textile. Taiwan has been able to stand on its own economically for quite some time now, with major export going to trading partners like China, Hong Kong, Singapore and many other Asian countries as well as to Unites States of America, European Union and the United Kingdom. To maintain the economic growth, Ministry of Labor, Taiwan takes very strict notes on compliance follow-up by companies as per their Employment Act. The information provided here will help you understand why you should manage your payroll process in Taiwan.

Employment Laws and Employee/Employer Rights

The Labor Standard Act in Taiwan had been enacted to provide:

– Minimum standards for working condition,

– Employee rights and interest,

– Strengthen the employee-employer relationship

– Promotes social and economic development

Foreign nationals must have a written contract with the employer which generally details about work assignment, work timings (8 hours a day, 40 hours a week), remuneration, vacations and other rules of employment. Foreign Resident gets 2 weeks to get an Alien Resident Certificate from National Immigration Agency which is once granted is valid for 1years to 3 years depending on work permit.

Benefits of Outsourced Payroll in Taiwan

Ministry of Labour hands the overall Employer and Employee compliance and grievances. Employers in Taiwan must register their business and employees, and apply for work permits for foreign employees (if any) to the Ministry of Labor. The Ministry provides with all the necessary payroll-related licenses that permit to smoothly handle payroll in Taiwan.

Registering an office in Taiwan with all the documentation and fees generally takes 4-6 weeks to get processed and approved by the authority, any special approvals add on to this timeline. The paperwork and documentation is a lengthy and tiring process as most of it is in the local language with the local district office. This is where an outsourced payroll firm can help. One such service provider is Galaxy Group where experts take care of all the hassle so that you focus on your core business. Here are some benefits:

Time and Energy Saving

Outsourcing the payroll in Taiwan for big enterprises and SME is essential for a quick and smooth startup which follows all the compliance. It saves time and efforts which can be used to strengthen the business. Galaxy Group uses the best of techniques.

Money Saved is Money Earned

Payroll Outsourcing also saves on the overhead expenses like hiring manpower to manage payroll, unnecessary HR software and its AMCs. It also helps to save on the fines which may come from non-compliance.

Maintain Compliance as per the Law

The Labor Standard Act in Taiwan has a total of 12 chapters and 100 Article & Sub-Article which often are a big challenge to a new enterprise or an SME to follow without any compliance issue. Galaxy Group is one of the few fully licensed providers in Taiwan, China, Hong Kong & Macau which will help in law compliance.

Data Safety and Security

With in-house payroll one of the most common disadvantages is the risk of fraud and data theft. With outsourced payroll, the firm manages all the employee and employer data in its up-to-date system and servers. Any discrepancy found in payroll and finance can be easily tracked and sorted out.

Minimize Errors and Build Employee Trust

One thing the employee is always concerned about is timely payment of salary. With outsourced payroll management, you have dedicated payroll expert to ensure that employees are paid fairly and timely and also any issues are herd and sorted on time. This results in employee trust development.

Dedicated client managers at Galaxy Group will be your single point of contact, ensuring all your needs are met. We make sure that your payroll runs smoothly with 100% compliance.