Doing Business in Asia – Why Investors Have Their Sights Set On Asia’s Growing Economy
Asia is home to some of the largest markets in the world, one of them being China, one of the biggest economic powerhouses in the world. Asia has experienced tremendous economic growth over the years, mainly due to the size of the markets, the resources that the different countries have to contribute, strategic locations, expanding infrastructure and affordable labour.
Investors have set their sights on building business in Asian countries like China, Singapore, Malaysia, India, Hong Kong and more because of the rapidly expanding economy that is driving growth in various business areas.
Benefits of Doing Business in Asia
When an investors seeks new locations for expanding a business empire, they look for what that location can offer and how it can be beneficial towards their businesses. Why the growing interest in doing business in Asia is because:
- The countries are strategically located – The different countries in Asia are not too far apart, many of them in close proximity within each other and travelling between these regions takes no more than a day.
- The relative ease of doing business – Except for one or two countries, it is relatively easy for foreign investors to establish a business in Asia without experiencing too much difficulty.
- Affordability – The tax system in Asia is much lower and reasonable if compared to a lot of other Western economies. A skilled and educated workforce is also available for hire at very reasonable rates.
- Stable legal, political and economic environment – Asia is very welcoming towards international investments, and the sound political and economic environment with strong legal systems in place are exactly the kind of environment an investor would be keen on establishing a business in.
How to Successfully Do Business in Asia
To successfully run a business in Asia, every business could stand to benefit from some helpful guidelines. Each business in different and would be run a different way of course, but the general guideline of running a business successfully in Asia would include:
- Working with a local partner – Having a local partner with a thorough understanding of the local business in an invaluable asset to help navigate the local bureaucracy.
- Understand the local society – Asian cultures have varying beliefs that are different in each country, and understanding the local customs and etiquette will go a long way to building a successful local business and avoid violating any taboos.
- Remember that the Asian way of doing business is not the same as the Western way – Asian business people tend to be a lot more introverted than their western counterparts. Building trust and open communication is the best approach in this instance.
3E Accounting is an established institution with a vast network presence spanning across various countries in Asia. 3E Accounting’s reach expands around Singapore, Malaysia, Indonesia, Cambodia, Philippines, Vietnam, Laos, India, Sri Lanka, Japan, Bhutan, Thailand, Myanmar, China, Hong Kong, Israel, Taiwan, Kazakhstan, Maldives, Nepal, United Arab Emirates. With a vast network and experience under our name, we dedicate our business to helping other businesses achieve business success across Asia through our extensive list of services. To find out more about venturing into Asia countries, visit 3E Accounting International today for more information.