Asia is home to some of the most powerful markets, one of them being China, possibly the world’s biggest economic powerhouses. 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 seen the opportunities availeble in building business in Asian countries such as China, Singapore, Malaysia, India, Hong Kong. This seems to be a contant positive correlation due to their rapidly expanding economies which continue to stimulate growth in various business sectors.
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. The growing interest in doing business in Asia is due to:
- Strategic location – Different countries in Asia are not too far apart, many of them in close proximity and travelling between these regions rarely takes 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 when compared to a lot of 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 favourable environments for investors wanting to establish a business.
How to Successfully do Business in Asia
Each business is different and should be run in a different way, but the general guideline of running a business successfully in Asia will tend to include:
- Working with a local partner – Having a local partner with a thorough understanding of the local business in an valuable asset to help navigate local bureaucracy.
- Understanding the local society – Asian cultures have varying beliefs that are different form country to country, and understanding local customs and etiquette will go a long way in building a successful local businesses while avoiding 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 often on of the best approaches.
3E Accounting is an established institution with a vast network presence spanning across various countries in Asia. 3E Accounting’s reach expands to Singapore, Malaysia, Indonesia, Cambodia, Philippines, Vietnam, Laos, India, Sri Lanka, Japan, Bhutan, Thailand, Myanmar, China, Hong Kong, Israel, Taiwan, Kazakhstan, Maldives, Nepal and the United Arab Emirates. With a vast network and experience, we dedicate our work to helping other businesses achieve success across Asia through our extensive range of services. To find out more about venturing to Asian countries, visit 3E Accounting International today for more information.