Europe and America are not the only places where business is in the order of the day. The Asian region has often been overlooked by people as unsuitable for starting a business due to lack of infrastructure and facilities. But the present paints a very different colour: various countries in the Asian region now boast very large economies of scale, making them suitable places for both investors and people looking to start up their own companies.
A list of the best Asian destinations for business purposes should definitely include all of these locations:
• China – Despite currently facing somewhat of an economic slump, China has the world’s second largest economy, and this says a lot about just how good China is for new business prospects. Chinese economy literally exploded just a few years ago and most of the products you can find on the supermarket shelves are all assembled and manufactured in China. The language barrier can be a little problematic, since you need a good fluency in at least Mandarin to get anywhere.
• Hong Kong – This little city, which is technically a separate land from Mainland China, was a colony under the British up until 1997. This has necessarily created a city where both Eastern and Western cultures meet to create a different atmosphere altogether. What really makes Hong Kong a great location for businesses is the fact there is a relatively low tax rate compared to other countries, as well as an emphasis on free trade. If you plan to set up a Hong Kong company, you should also know that Hong Kong has separate currency, legal system and a different passport altogether.
• Singapore – Just like Hong Kong, the small city-state of Singapore has been attracting foreign investors and businesses for quite some time, due to low taxation systems and the fact that this small country is one of the largest commercial and financial hubs in the whole world. In fact, a lot of Singaporean residents are foreigners, which likely explains just how enticing it is to start living here, enjoying the benefits of very good public transportation systems, a high income per capita and low unemployment rates.
• Japan – What used to be the largest economy in Asia has now fallen behind the Chinese powerhouse, but Japan still holds its ground behind both the USA and aforementioned China as the third largest world economy. Japan is very well known for its high-tech innovations, being one of the largest automobile and electronics producers in the world. Most Japanese high-tech companies do in fact establish an offshore company here in foreign key markets; these act as a branch of the parent company.
• Malaysia – Not all major Asian economies are powerhouses and key players in global trade. Nevertheless, many of them do boast some amazing annual growth rates, which do not seem to show any signs of slowdowns. What this means is that there is potential for many other Asian countries to quickly rival more developed countries in the near future. Among these developing economies, Malaysia definitely takes one of the top spots. Its capital, Kuala Lumpur, is located in an ideal position, nearby important Asian markets. Setting up a business in this now bustling city might not be such a bad idea after all.