There has been somewhat of a mass-migration in the business world during the last couple of decades. Lots of company bosses now choose to relocate their operation and run their companies from Asian countries. However, it’s not only the big multinational firms that take that approach. Even small and medium-sized ventures tend to benefit from moving to Asia. With that in mind, this article will draw your attention towards some of the issues you’ll need to consider before taking a leap of faith. While this isn’t a complete guide, it should help readers to learn a little more about the process and discover some of the benefits. So, feel free to share this post with your business owning friends.
Reasons people relocate their companies
There are lots of reasons people choose to move their companies to Asia. The first of which relates to the number of funding options available. Countries like Singapore are thriving at the moment, and that means there are lots of opportunities to make it big. Many other folks want to work out of Asia because the people come from a hard-working culture, and so it’s easy to find talented employees. However, the most prominent reason for anyone moving their firm to Asia often relates to the tax situation. In many nations in that part of the world, corporation tax is much lower than it is in the West. That means it’s possible to boost profits and avoid paying too much money to the government.
Finding accommodation and commercial premises
When it comes to finding accommodation and somewhere to base your business, there are lots of options on the table. Most entrepreneurs decide to visit their chosen country a few times to ensure they’re making the right decision. They will then get in touch with real estate experts to start the ball rolling. It’s sensible to keep abreast of all the latest property news for a few months before you plan to sign any contracts. That way, you will learn more about the market and find it easier to discover the best buildings and premises. Most Asian countries have vibrant capital cities these days, and so there are always lots of rental spaces available. Just be sure to pay a legal representative to check all contracts before you sign on the dotted line.
Paying taxes abroad
Depending on the country you select, the process of paying tax and reporting earnings will vary. In most instances, you won’t have to send any money back to your home country, and that’s a bonus. However, you will need to employ the services of a local accountant who understands all the ins and outs of the tax system. Thankfully, the governments of countries like China, Japan, Singapore, and Malaysia tend to make the process as straightforward as possible. Still, the last thing you want to do is get in trouble when you’re living in a foreign nation. So, make sure your accountant checks, and then double checks every piece of paperwork before you submit the company’s accounts.
Employing a workforce
As mentioned a moment ago, one of the best things about Asia is the sheer availability of skilled workers and talent. Also, average salaries are much lower in those places when compared to the UK or US. That means employers make higher profits while paying the same number of staff members. Entrepreneurs who move to Asia for work should probably think about getting in touch with recruitment specialists. People in that profession can often provide workers without the need for a lengthy interview process. So, that should also help you to save a lot of time and money. Just make sure you become familiar with the rules surrounding disciplines and firing employees when they don’t pull their weight (although that rarely happens in Asian countries.)
Dealing with legal matters
There are hundreds of different legal issues that might affect your business when you relocate to Asia. With that in mind, it’s sensible to build a relationship with a respected lawyer as soon as you land. That person will then check all contracts to ensure they are above-board. They will also attend the courtroom if your operation ever gets into trouble. It’s impossible to know when a patent infringement case or something of that nature might appear. For that reason, you need an expert waiting in the wings ready to defend your business. There are lots of review sites online you can use to sort the wheat from the chaff in most instances. Other common legal problems might include:
- Discrimination cases
- Immigration audits
- Copyright issues
- Injury claims
You’ll want to network as much as possible with other successful business owners if you move your operation to a new country. That is the best way to seek out new opportunities and learn about new methods that could help you to save a fortune. It’s also a fantastic strategy for ensuring you discover lots of new ideas for the future. No matter which country you select, it’s easy to find business groups and other organisations that can facilitate you meeting influential entrepreneurs. At the very least, you might make some social connections that could improve your personal life during your stay in the country. However, at most, you could end up networking with someone who will help to take your operation to the next level. Just use the internet and any contacts in the country to identify the best opportunities.
To answer the question posed in the title of this article; yes, you could earn a fortune in Asia. As with anything else in this world, success lies in your ability to focus on a goal and let nothing stand in your way. Relocating any company is much easier today than it ever was in the past. That is because you now have the internet to research the concept, and lots of articles like this one to point you in the right direction. Moving to Asia isn’t for everyone, but those who test it out tend to experience fantastic results. So, you have nothing to lose.