Asia is becoming a top destination for business investors. The continent is not just known for being the home of the largest populations in the world, it is known for its innovations and opportunities.
So, if you are hoping to tap into the rich resources of these Asian countries, you are welcome to do so. However, some countries present better opportunities than others, and that is what you should consider.
Asian Countries To Visit For Business
Without further ado, here are the top five Asian countries to visit for business.
China
Photo credit: China Admissions
China is the second largest economy in the world, according to Forbes. With a population of over one billion people, China has a large consumer base with a growing number of needs. Also, the country’s economy is dependent on manufacturing, exports and investment. It also boasts of an extensive workforce, robust governmental backing, and infrastructural advancements.
In addition, China is gradually shifting into a consumer-based economy, especially in first-tier cities like Beijing, Shanghai, Guangzhou and Shenzhen. This means there are plenty of opportunities for foreign investors to penetrate the large market. Take advantage of this trend and visit China to grow your business.
Singapore
Singapore is another top destination for entrepreneurs and startup owners. The country is known for its attractive business environment, with low taxes for companies and an easy company setup procedure.
Singapore’s economy is driven by advanced infrastructure and exports, which include electronics, chemicals and services. Singapore’s economy is widely regarded as a miracle due to its rapid rise from a developing economy to an advanced economy. With a standard corporate income tax rate of 17 per cent, this country can be a suitable choice for investors looking for an Asian country that is pro-business.
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Hong Kong
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Hong Kong has been attracting foreign business investments for a long time. There is tough competition between this country and Singapore in terms of attracting foreign businesses. Hong Kong has a slight advantage, mostly due to its proximity to Mainland China.
Also, Hong Kong offers a strategic location productive workforce, world-class infrastructure, an attractive tax regime, a stable economic and political environment, a pro-business environment and an effective legal system. Hong Kong’s economy operates on 3 significant principles – free trade, free enterprise and the free market.
Also, foreign investors can enjoy low tax rates, which is an average of 16.5 per cent for unincorporated companies; simplified investment and incorporation procedures and suitable legal entities for every type of business.
Malaysia
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Kuala Lumpur is the hottest destination for foreign investors in Malaysia. The Malaysian government has made efforts to encourage foreign investors to do business in the country, including placing few restrictions on selected sectors like technology and knowledge-based services.
The standard corporate tax is 24 per cent, while small and medium enterprises (SMEs) are imposed a tax rate of 17 per cent in the first MYR 600,000. In other words, Malaysia is a lucrative market, with tremendous economic transformation programmes – which will make foreign investors happy.
Thailand
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To wrap up the list is Thailand, a country in Southeast Asia on the Indochinese Peninsula. With a population of over 66 million people, Thailand is the biggest economy in Southeast Asia and a founding member of the Association of Southeast Asian Nations (ASEAN). The country is also classified as a newly industrialised economy powered by manufacturing, agriculture and tourism. Thailand’s standard tax rate is 20 per cent. However, companies with capital of below THB 5 million and income of less than THB 30 million can go tax-free in their first THB 300,000. On the other hand, a net profit of THB 300,000 to 3 million is subject to 15 per cent corporate tax, while any net profit above THB 3 million is subject to 20 per cent corporate tax.
Overall, the business language in the country is English. Therefore, English speakers will not have a problem with a language barrier.
Conclusion
Asia is a continent that offers plenty of opportunities for businesses. It is a technological hub, with the largest consumer market in the world. In case you are looking for places to travel for business, China, Singapore, Hong Kong, Malaysia and Thailand are the top destinations due to their friendly and sustainable economic policies and development.
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