A vast, diverse population and high digital adoption rates make Asia a key market for businesses
Asia has been experiencing accelerating economic growth over the last few decades. Armed with its vast population of over 4.5 billion people, it accounts for over 60% of the world’s population. As of April 2021, the Asian Development Bank has forecasted Asia’s growth to rebound to 7.3% in 2021. With Asia’s current GDP being valued at $31.58 trillion, there is plenty of growth potential in the next few decades to come.
Furthermore, Asia is also currently leading the world in digital transformation, with Southeast Asia representing the world’s fastest growing internet and fintech market. As of 2021, Asia houses 2.3 billion internet users (which accounts for 50.3% of the world’s internet user population). Certain countries like Singapore, Hong Kong, Malaysia and Thailand are also international hubs with regulations that are favourable to businesses.
Not only that, financial hubs like Singapore and Hong Kong also double as a gateway to its corresponding larger markets. Being situated in Hong Kong enables businesses to have access to China, just as many Multi-National Companies situate their APAC headquarters in Singapore in order to access the Southeast Asia market. These financial hubs are also as well-developed and credible in every aspect compared to their western counterparts.
Where should you go?
Asia is large and diverse, and each market have their distinctive advantages:
- Singapore – Modern and developed city with low tax rates and business friendly environment.
- Hong Kong – Business friendly finance hub and close to the largest Chinese market.
- Malaysia – Large population and well located, with numerous government incentives designed to attract investment.
- Thailand – Growing tech and start-up ecosystem and lower cost of living.
- Japan – Highly efficient, competitive and one of the largest free-market economies in the world.
- China – A magnet for foreign investment with huge future potential.
How can you enter these markets?
Before making your entry into Asia, you should conduct relevant market research. It is a crucial step in order to accurately identify which market is best suited for your needs. After which comes the process of choosing an appropriate corporate structure and acquiring the relevant licensing according to each country’s regulations.
How can Alpadis Group help you?
From setting up and registering your company, to assisting in managing the day-to-day administrative processes, and even ensuring compliance with statutory and legal obligations, our team possess the cross-disciplinary knowledge required to ensure the proper running of your organisation.
- Company Formation Services
- Accounting Services
- Corporate Secretarial Services
- Tax Services
- HR and Payroll Services
- Regulatory Compliance Services
Contact Alpadis Group for guidance on expanding into Asia