Top Asian Markets that You Should Target for New Business
Are you planning to start a new business and see it grow rapidly? One of the most important things to factor in is the location. It is true that other factors, such as capital and marketing, also play a huge role in defining the success a business can achieve, but it is the location that has a bigger role.
For example, most manufacturing, art, and hospitality companies that relocate to China report huge growth within a short time. Indeed, the Asian market has a lot of potential that can help to propel your brand to the next level.
However, it is still pretty large and you need to narrow it down to specific jurisdictions. This post takes a closer look at the top markets that you should target when expanding or opening a new business in Asia. To help you out, here is a closer look at the top markets that you should consider.
Things You Should Check When Looking for New Markets
- Good government support for businesses.
- Availability of skilled workforce.
- Low and straightforward tax system.
- Multiple opportunities for growth.
- Easy access to capital.
- Multiple bilateral trade agreements to help companies expand and reach multinational levels faster.
The Leading Asian Markets You Should Consider for a New Business
The combined GDP of the Asian market is now the biggest compared to the rest of the globe. By 2030, this rapidly burgeoning region is expected to contribute about 60% of the international growth.
According toAdrian Cheng, the CEO of the New World Development and founder of K11 Brand, your business should always be looking for new ways of boosting operations and outdoing competitors.
So, you can be part of this growth by opening or expanding your business in any of the following top jurisdictions:
China
China has become one of the most active economies on the planet. Unlike in the past, when the country was largely dependent on agriculture, it now relies mostly on trade, technology, and manufacturing. China allows investors to explore different areas of investment, and for those from outside the country, it is possible to have 100% shareholding in their businesses.
Other benefits of this market include government support, a large market, and easy access to international markets.
These benefits are part of the main attractions for the selection of Shenzhen’s Prince Bay as the best destination for the new K11 Ecoast, which will be one of the largest cultural-retail hubs. With the large market in China, this multipurpose art space is expected to become the ultimate space for shopping, entertainment, and culture.
Singapore
Located in Southeast Asia, Singapore is one of the global trading hubs with numerous opportunities for international companies. It boasts low corporate tax rates and a business-friendly environment that you can count on to promote growth.
Like China, Singapore has a large pool of talented workforce, and its administration is always working on new policies to make businesses more successful.
Hong Kong
Hong Kong is another investment paradise that you can count on for rapid business growth and success. Although part of the Democratic Republic of China, Hong Kong enjoys a great deal of autonomy, which it employs to run a pro-business economy. This is why it has consistently been ranked at the top of the Ease of Doing Business report by the World Bank. Other benefits that make Hong Kong outstanding include: m
- It is a financial hub.
- State-of-the-art infrastructure.
- Has a low tax regime.
- Opening a company is pretty easy in Hong Kong.
- Foreigners are allowed to own 100% shareholding in Hong Kong.
This post has highlighted some of the best markets that are growing fast and that you should take advantage of to take your business to the next level.
Particularly, you should look for new markets with talented young people, collaborators and employ the best technology to not only outdo competitors but keep advancing to the next level.
