Expanding to Asian countries can vastly benefit your business’ reach as it will cater to a larger, skilled, and more diverse population. Here we will look at the top Asian countries you should consider expanding your business to.
Doing Business with Asian Countries: Why You Should Consider It
Asian countries are some of the fastest growing and developing countries in the world. They lead in innovation and initiative and thrive on skilled and cheap labor. It is because of these reasons that more and more enterprises from across the world are looking to expand their business to countries in different parts of Asia.
You can choose to open an office or store in the area. Hire employees and manufacture your products locally. Or, you can operate remotely from your country of origin and use a virtual phone service provider such as globalcallforwarding.com to set up communications. With virtual communications — such as virtual numbers, active email and social media accounts — you need not move or relocate to the new area. You can just set up shipping to clients in the area, if required. So, what are the top Asian countries you should consider?
Singapore is one of the top Asian countries most enterprises look at when thinking of global expansion. This is because of the country’s strategic position and proximity to India and China, two expansive and populous countries in Asia. Known for its eco-friendly business scene, Singapore makes for a highly conducive environment to start and grow a company, whether it is a start-up or a small business.
If you don’t want to move to Singapore, no worries. You can easily get virtual phone numbers and create reliable virtual connections within the country. Control your incoming and outgoing call volumes, manage communications, and more.
When considering Asian countries to expand to, don’t overlook Hong Kong. It’s proximity to China and its large, skilled population often makes it a suitable competitor to Singapore. Here too, you will experience an ease of doing business, which is what attracts most enterprises to Hong Kong. Foreign investors can take advantage of the low-tax regime. They can also pick from the different types of legal entities, depending on the size of their company. Opening headquarters or a main office in Hong Kong can give you access to clients and customers in other Asian countries.
Another option is Malaysia. Kuala Lumpur, the capital, is often the hub for foreign investors. The government encourages international investments in most sectors and offers tax incentives to attract foreign businesses. These include technology, healthcare, manufacturing, and environmental protection sectors. You can open a private or public company, or you can run your Asian office from this location, handling customers and clients from various Asian countries.
Besides its stunning nightlife and exotic culture, Thailand has a lot to offer on the business and economic front as well. In fact, it has interesting opportunities and investment policies that focus on free trade. These are meant to encourage enterprises that cater to research and development in innovation and technology. Here too, your business will be privy to skilled and willing talent. And with access to tax and non-tax incentives, there is so much that your business can achieve in this part of South East Asia.
Dubai, one of the seven emirates of the U.A.E, is another option you should not overlook. This city connects Asia, Africa, and Europe, which makes it a highly valuable location and business hub. The Dubai International Financial Centre offers a supportive ecosystem for foreign investment. Here are some business opportunities in Dubai: professional services, financial services, residential investments, etc.
Ready to Take Your Business to Asia?
So, where is it going to be? Before expanding your business to any city, state, or country, note that thorough geographic and market research must be done. How your product and service does in a new market depends entirely on its quality, customer response, and other market factors. Therefore, getting specialized assistance is prudent so that you understand what your business needs to do to thrive in these Asian countries.