Top 3 Asian Markets to Do Business In

Companies have been interested in entering the Asian market for many different reasons and you should be too. Trade agreements like the ASEAN (Association of Southeast Asian Nations) help streamline trade between many different countries in the Southeast Asian region making this area business-friendly. NNRoad can help your business navigate through the different markets of Asia to best suit your global expansion strategy. Keep reading to learn about the top three Asian markets to do business in. 

chinatown thailand

Thailand 

After major government reform in 2014, Thailand has made efforts to improve the country’s economyThe country has low unemployment rates and low inflation making it a hub for a productive working middle-class and economic stability. Here is why you should do business in Thailand: 

  • While Thailand’s official language is Thai, the business language spoken is English. Business English is taught in many of Thailand’s major universities, thus churning out many educated and competent graduates each year, ready to enter the workforce.  
  • Thailand’s government is also very supportive of businesses and provides tax incentives for businesses engaging in certain sectors, like research and development 
  • Thailand is a member of the ASEAN, expanding its influence across nine other countries. This gives Thailand-based businesses a bigger reach within the Asia-Pacific region.  

Malaysia 

Malaysia’s main drivers are technology and knowledge-based services, and the government has put in efforts to promote foreign investment in these sectors. Businesses would find that Malaysia is a very lucrative market for a number of reasons: 

  • Malaysia has solid infrastructure that makes getting around the country simple. Malaysia boasts a high-speed rail project with seven stops within the country connecting Singapore and Kuala Lumpur. Malaysia’s world class airport (KLIA) and sea port (Port Klang) connect Kuala Lumpur to the rest of Southeast Asia and the world.  
  • Malaysia, along with Thailand, is a member of the ASEAN, providing even more connectivity in the region and expanding the consumer market tenfold.  
  • In 2010, Malaysia’s Prime Minister Najib launched the Economic Transformation Program, a series of projects and policy measures intended to promote significant economic growth by the year 2020. 

temple and statues in thailand

Singapore 

Singapore is a hub of business activity in the Asia Pacific region. For example, the country accumulated $77.6 billion USD in foreign direct investment (FDI) in 2019, an increase of 2.5% from the previous year. The government actively supports businesses that are based in Singapore and many multinational corporations engage within the country. Here’s why companies do business in Singapore: 

  • Singapore has a 17% corporate income tax rate (CIT)one of the lowest corporate income tax rates in the world. This allows companies that set up in Singapore more financial freedom to focus on their core business.  
  • Multinationalregard Singapore as a strategic location to grow their businesses, with many of them using the country as a springboard to tap into other emerging markets in Asia. 
  • Singapore has the most stable political environment in South-east Asia, offering entrepreneurs and investors a strong sense of security and comfort.  

Thailand, Malaysia, and Singapore all have something special to bring to the table and businesses should keep their eyes on them. Global expansion in Asia can be made possible from partnering with NNRoad. NNRoad’s trusted experts understand the local laws in each jurisdiction to make your business expand into new markets with ease. Learn more about our employment solutions, entity set up, payroll and benefits administration services as you prepare for your entry into Asia.