Why Asia is an attractive region for business expansion?
The reasons that make Asia an attractive region to expand your Hong Kong business are:
The large population
The 4 billion or so great population number of Asia offers a ready consumer market for companies.
The availability of consumers who are willing and ready to embrace the changing technological trends offers the continual growth of technological innovations and investments.
Friendly business environment and Strategic Geographical Location
Asia has one of the lowest tax rates with Hong Kong and Singapore having almost similar tax rates and ease of company incorporation, hence, Hong Kong businessmen find expanding into Singapore an ideal choice. With one Singaporean dollar, you can register your business within a day and could expand into other Asian markets.
Most foreign investors prefer to start in Hong Kong and later expand their Hong Kong businesses into the other parts of Asian markets because of Hong Kong’s strategic position and proximity to these markets.
The Asian countries are taking a turn for the better in terms of their business policies and legislative laws which positions them as upcoming markets in the Asian region.
Excellent legal system
Singapore and Hong Kong have excellent legal systems that are against corruption, money laundering, and crime as well as Intellectual property protection theft.
Similar Culture and language
Asian countries, especially Singapore, share almost similar cultures which makes expanding from Hong Kong easier. This is because the two cultures are influenced by both the West and the East cultures. Even so, it is worth being familiar with the business culture of places like Singapore because these people value their business ‘pride’ so much. Always set out to maintain business professionalism.
A strong skilled talent pool
Because of the good educational system provided at the Asian educational centers, Asia’s talent pool consists of talented, highly educated, morally upright, skilled, and yet affordable labor force. . The population learns ethical behavior right from the initial stages of learning.
Opt to employ locals as opposed to moving employees and dealing with immigration. The locals will understand the culture, language, and customs and as such you will save on the time and resources that would otherwise have been put in educating the employees about the same.
Government Support Schemes and legal requirements
To encourage business expansion within Asia, the governments among the Asian countries have laid out support schemes and are relaxing some legal requirements.