The world, much like the Universe, is in a constant state of change and that is evident when you look at the world of commerce. Europe has long been the economic powerhouse, while the US grew quickly post WWII, yet things are different in the 21st century, with giants like China and Russia taking centre stage.
Economic growth potential
The number 1 region for economic growth, Southeast Asia is made up of many small countries, all with growing economies and stable markets. It is normal for a European company to use an accounting firm in Hong Kong to manage their business interests in that part of the world. Thailand, Malaysia and Singapore are stable countries with a lot to offer western investors and many corporations maintain a base in Hong Kong with a view to entering the Chinese markets.
Textiles
Thailand is the top country when it comes to textiles, while Cambodia and Vietnam are emerging economic powerhouses that offer unlimited potential. The cost of labour and raw materials is low, meaning your margins increase and with a cloud data storage network, you can easily manage your Southeast Asian office. Setting up a branch in the country of manufacture is a game-changer, which removes import duty.
Technology
Tech companies can directly market their digital products to end users around the world; AI has eliminated language barriers; a Polish CEO can converse with the owner of a Cambodian factory and they do not need a middleman. The top digital developers have already established solid customer bases around the world and all thanks to the World Wide Web.
Electronic manufacturing
Thailand is probably one of the top exporters of electronic devices and appliances, with state-of-the-art factories that are semi-automated. A multi-national corporation would have their Asian HQ in Hong Kong and operate branches in most neighbouring countries, which minimises tariffs. There is nothing to stop you researching foreign markets to see what level of demand there is for your products. Asian countries can be a source of products or a sales target, or even both!
International law firms
If you are interested in expanding your business interests in Hong Kong, for example, talk to a leading international law firm with experience in the target country. They have the know-how to facilitate your business registration and they also have a huge network of local providers to assist you.
Share a Zoom call
Once you are ready, you can share a Zoom call with one of the team and discuss your immediate and long-term needs. They can offer the best advice once they know your plans and with their expertise, you are sure to remain compliant at all times.
Take the stress out of setting up a business in a Southeast Asian nation by connecting with the best international law firm that knows the playing field and can guide you through the complex maze.
