The business of entrepreneurship is not an easy one. Depending on the type of business to be set up, a lot of capital could be involved as well as physical efforts. Setting all these up in your local country is even easier compared to going global or starting out overseas in the first place. In your country, you will be conversant with the laws and how to run your business accordingly but you will have a lot more to surmount abroad, starting with the language barrier if their first language is not the same as yours. It would be a very bad investment if after standing tall through all the obstacles, you discover that the country you chose is not business-friendly. Asia is a continent that most business owners like to expand to because of the number of traffic they hope to get. Let us look at some countries in Asia that are business-friendly.
Indonesia
The business-friendly environment that Indonesia presents is another reason why foreign investors think about the Asian country. There is also a quality labor force available to you from the country. Many of the labor force in the country are skilled in IT and there is also not much problem with a language barrier as English is a second language. Building business infrastructure is not too costly as it is in South Korea. Even during global recessions, you can count on Indonesia to self-maintain its structure and stay afloat. This is another advantage of setting up in Indonesia as a foreign investment.
Singapore
Often favored by international banks, multinational organizations, and businesses when setting up in Asia, Singapore is regarded as the leading hub in the Asian continent. One of the reasons why opening a company in Singapore is more globally-accepted, is because of the attractive tax regime. It has the highest corporate tax rate on taxable income at 17% and concessional rates on the first S$200,000 of income the company makes. There is no tax on capital gains and dividend income. So, all income that is foreign-sourced is exempted from tax so far the income is subjected to tax in a country with a headline tax rate of at least 15%. Also, foreign investors have access to a multilingual talent pool and highly skilled personnel, bridging any language barriers that could have posed more problems. English is widely spoken and thus helps the integration of foreign companies. The sound education policies in Singapore make room for talents in labor. If you are thinking of opening a company in Asia, Singapore definitely has to be top of your list of options.
India
India is regarded as the best place in Asia for start-up companies and even for expansion overseas to the Asian continent. The country has remained atop of the continent in many indices for more than 10 years. It is a source of global talent, especially for businesses whose official language is English. There are even more people in India that speak English than the whole of the U.S.A. Known at some time as the world’s back office, it is a location for businesses that carry out office work like IT and administration. Tax in India is friendly and it is really a good place to set up if you are looking for the numbers in terms of customers. India makes up about a fifth of the world’s population.
Taiwan
Another country in the Asian continent to consider when opening a company overseas is Taiwan. The climate and top-notch financial services industry make the country a hot target for foreign investors. The corporate tax rate is favorable while companies with taxable income of less than NTD 120,000 are exempt from corporate taxing. Most people in the business locations are fluent in the English language, making it easier to communicate as a foreigner. English is not the official language though. There are some limits on foreign ownership in certain industries though like telecommunication and aviation. Overall, it is a great country to establish your business in.
Thailand
This country is usually a target for aspiring overseas entrepreneurs because of its hospitality and tourism spots. The government also supports foreign investors by offering juicy tax concessions and other financial and legal incentives focusing on free trade. Thailand promotes innovation and technology, which is one reason why businesses in the IT niche like to pitch there. The language barrier may be an issue for foreign companies though as only the middle to top management can communicate in fluent English language. Also, foreigners cannot own more than 49% of the shares in a Thai company, though there are certain licenses that the Thai government offers that foreign countries can benefit from because it gives the opportunity to hold a more substantial portion of one’s business in the foreign country.
Final word
The continent of Asia is regarded by many as an ideal location for overseas expansion of businesses. The business-friendly countries, the availability of skilled labor, especially IT, and the low taxes are enough reasons to make an entrepreneur make a conclusion on Asia as a prospective location to set up a business. English is usually spoken too in most of the countries on the continent, taking out the issue of language barriers to effective communication and collaboration with customers and employees. If you are hoping to set up in Asia, you should consider these fantastic countries listed in this writeup and you would be glad you did.
