This week we present you an interview of Wei Hsu, CEO of INS Global Consulting
– Hello Wei Hsu, thank you for receiving us.
Could you introduce yourself in a few words for those who do not know you yet?
As you mentioned my name is Wei Hsu, I am Spanish with Taiwanese origins. I am currently the Managing Director since 2006 of INS Global Consulting based in Shanghai.
Before being in China I also traveled a lot, whether during my studies in Spain, France or Japan, as in the workplace as international business development in Italy, Mexico, Argentina or Brazil.
My goal has always been to know different cultures, languages and ways of doing business. It is with this idea that I directed my studies: I have helped many different companies to bring an international perspective to other countries by developing market studies, especially as my internships in France, Italy and Japan all had a strong International Business component.
-I heard you can speak 6 languages?
Yes that’s right: French, English, Spanish, Chinese, Italian and Japanese. My goal has always been to speak in the native language of my interlocutor because it is the only language in which we can express 100% perfectly and in which one feels most comfortable. My credo has always been to make efforts for oneself in order to simplify the lives of others – I always worked in that direction and that is the reason of existence of INS today (working in order to simplify the lives of our customers).
- INS Global Consulting
– Tell us about INS, your company, its concept, its advantages?
INS is now the leader of HR and Payroll outsourcing in China. Our main core business is PEO Services (Professional Employer Organization). I created this company in 2006 to assist companies wishing to settle in China and which ignored the complexity of administrative procedures related to the management of international staff. Coming and working in China can be an extremely complicated process, especially when we start, and sometimes even dangerous. Many have to give up after a few months regarding all the formalities.
China has become the epicenter of global business and will continue to gain power over other markets like the US or European one (recession). Any company that wants to expand internationally and is not yet here will have to catch up for years of delays because competitors are already there themselves. For simplicity many companies have chosen to go to markets speaking the same language (Latin America for Spanish, Africa or Canada for French, etc …), but this strategy does not seem ideal to me. You just have to see how China is growing around the world, regardless of local language! Coming to China can be simple, you just find a good partner who will accompany you in every step of your development.
– Understood. You mentioned the concept of PEO Services. Could you tell us more about it: its foundations, its use, etc…?
An Umbrella Company is a principle that allows a person to carry on business as an independent without creating any legal structure. The PEO Services Company manages the administrative, fiscal aspect, legal and accounting for each employee.
This concept is however much more developed in English-speaking countries. INS handles the entire administrative, legal and statutory employee so that he / she can concentrate on his core business and avoid all the time-consuming tasks. INS acts as the representative of the Consultant and Client in China, serving as a support so that it is possible to work within a legal framework, reassuring and running quickly – which is not the case when creating structures (very expensive procedures, months of expectations, very high capital requirements, inflexible solution, Chinese limitations in terms of foreign employees, taxation / fiscalism complicated, etc …). INS is the HR partner and becomes the interface between the head office abroad and the staff in China. In the end this is very important because a society without HR management is a society doomed to failure (corporations are created by people. Everything depends on them).
- Working in China
– Why did you choose China? Please tell us about the attraction of this country, its seductive power, its location, etc …
China this year became the world’s largest economy ahead of the USA. 10 years ago it showed an uninterrupted annual growth rate of 10%. China has become the destination that thrills investors. I have always believed that to understand this, it is necessary to know the past. Today, we all grew up in mature and secured country, with social systems that allow us to have the privileges that our parents or grandparents did not have. If ever there was an opportunity to go back to find out how all this was possible, who would refuse such an offer? That’s how I feel in China – we have a huge chance to see every step of how this country that previously had great difficulty, is today the major international player. One day when people will ask how China managed to come so far, I can proudly say “I was there!”
– Can you mention the main difficulties encountered upon your arrival in this country?
Arriving in China even while speaking the language has always been a challenge given that the differences with the Western world are enormous. Culture, political environment, society, the way to do business, everything was far from what I had experienced before. A real challenge but very interesting and rewarding.
– What advice would you give to all the young entrepreneurs eager to try their luck in the Middle Kingdom?
China is such a complex and challenging market that if ever you are successful in China, you’ll be able to do business in any country in the world! This country offers you the best test you can have in your life.
- The future
– How do you see the future of INS: evolution (new services), changes, its place in China, expansion into the rest of Asia (Japan, HK, Taiwan, Korea, etc …)?
The future: today China is changing very quickly and we have to adapt without losing the vision of the company. I see that many companies are diversifying their services here in order to have more customers and earn more money. However, the fact of diversifying involves going in all directions and lose a certain vision of the society. INS will never make this mistake: we are born as an HR company and all the services we provide will always be in this perspective. We are dedicated to simplify the life of our consultants and to help our clients to grow by managing their local team. INS is very involved in the food and the gas / oil industry and our intention is to implement the same business model for the rest of the industrial sectors (aeronautics, telecommunications, nuclear, energy, medical, etc …). Growing in other cities (HK, Taiwan, Beijing) remains a possible vision but always in a thoughtful and patient strategy.
– Do you think China will continue to attract many entrepreneurs?
China will always attract investments because Chinese people now represent 1/5 of the world population! Among them, you have 200 million Chinese with the same purchasing power as here in Europe and 15 million with a colossal wealth exceeding the largest fortunes in Europe. And the remaining one billion Chinese are still arriving at these levels very quickly… There is still to do and it is the time to get there!
Thank you for your answers!