Currency plays an important role in business. The first step is to make the currency of a foreign country if a person wants to trade with this country. The Taiwan dollar (TWD) is the official currency of Taiwan. The value in relation between Canada and Taiwan is that 1 Canadian dollar is equivalent to 23.75 New Taiwan dollars. This is a weak currency. Furthermore, due to the special relationship between Taiwan and China, the Canadian government has chosen to uphold the One-China Policy, which means that Canada treats Taiwan as a province of China rather than a single country. Therefore, there is no official government relationship between Taiwan and Canada. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Although there are hidden costs in Taiwan or other developing countries or even in developed countries. For example because they are not included in the base price of something. These unpredictable hidden costs are due to several reasons. Cultural, customs and language differences, currency fluctuation, resistance to change, longer lead times, increased supply risks, lack of knowledge, skills and necessary technology. Since Taiwan became an independent nation, many consumers or consumer companies and even students would face the problem of hidden costs. Taiwan has a free compulsory education policy under which students only have to pay a low fee for education each semester. For example, only $50 is required for elementary school. Compared to Chinese parents, they actually pay much more than in Taiwan because school fees in China should also include additional after-school lessons. Additionally, some schools make money through services, such as water use. There are many different standards from country to country. Comparing Taiwan and Canada, there are different standards and regulations such as market management standards and recycling standards. The difference in market management standard between Taiwan and Canada is obvious. The difference is reflected in who commands the market. For example, in Canada people can manage the market themselves. In Canada, most decisions are made by the votes of the people, not the government. They have more rights than Taiwan because the Taiwanese government has full right to manage the market, people just have less right to make a decision. Furthermore, the recycling standards are also different. In Canada, the government wants to ensure that e-waste nationwide is recycled in an environmentally friendly manner that is consistent with international policies, regulations and agreements. On the other hand, in Taiwan, e-waste recycling is still a serious problem, and the government has not had a good idea to deal with this problem. Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay There are three important marketing guidelines that foreign companies must follow while doing business with Taiwanese to attract new customers. The three guidelines cover advertising and promotion, printing and labelling. First, when a company advertises the benefits of its products, it must be truthful. Companies are not allowed to make claims or use promotional techniques to deceive consumers. Furthermore, for printing, bright colors, beautiful images and different container shapes are the three points the company should focus on when designing the products. In addition, the company can use labeling to help consumers identify whether it is real or fake, it can also help consumers identify.