3 Big Benefits of Starting a Business Overseas
Many entrepreneurs and creative thinkers dream about setting up a business overseas. However, many never take the first step, because they feel intimidated by the legal, administrative, and logistical requirements. Yet, the reality is that overseas expansion has never been easier. The most important part is finding the right home.
If you pick your destination carefully, there may be untold benefits to setting up abroad. In many areas of Southeast Asia, tax rates are low. Often, there is lots of support from the government in the form of start-up loans. Plus, there is no shortage of commercial space. It is simpler than you think to find an office for rent in Bangkok, Shanghai, or Kuala Lumpur.
Keep reading to find out why overseas expansion is more than a pipedream and how flexible office solutions can turn it into a reality.
One of the biggest challenges for western entrepreneurs is the sheer concentration of businesses within the market. It is largely impossible to launch something unique and completely innovative because Americans and Europeans have access to everything. They buy products from all four corners of the globe, so it is much harder to impress them.
In regions like South Asia, on the other hand, mobile technology and the internet are still in a stage of rapid development. There are all kinds of products (mostly gadgets) that cannot be made in, say, Thailand, Malaysia, or the Philippines. Consequently, the entrepreneurs who bring them there have the potential to make a huge profit.
Precisely because tech and digital innovation are currently transforming this region, there is a lot of financial assistance available for smaller businesses. Governments in Asia are keen to appeal to foreign investors, whom they encourage to bring western skills and knowledge to eastern markets ripe for development.
Many countries offer relatively low corporate taxes, and there are plenty of start-up loans and funding structures in place for flexible, entrepreneurial ventures. Just make sure that you plan your expansion carefully. Check the ownership laws as, in some regions, there is a restriction on how much of a business can be owned by a foreigner.
In some western countries, it can feel like bureaucracy is the biggest challenge to success, rather than actually getting a product out there. It is why, every year, more entrepreneurs move to places which put fewer restrictions on the legal and logistical side of setting up a company. That being said, there are sometimes laws on what you can name a company and how many foreign employees you can hire.
It is why you must do your homework before deciding on a location for expansion. Research the requirements, find out what you need to do, and whether the market and economy is healthy. Also, find out where the most high profile business districts are. They are where you want to look for virtual office facilities because they will come with a prestigious address.
Why Choose Thailand for Your Expansion
Thailand is an excellent choice for expansion into Asia because it functions as a thriving, lively gateway to the rest of the continent. Plus, it offers an extensive and adaptable workforce. Literacy rates are extremely high here, and foreign investors can benefit from brilliant language skills and a ‘can-do’ attitude.
It is also worth mentioning that Thailand has one of the most cost-efficient labour forces in Asia, with the typical daily wage standing at around US$6. While the people are characteristically reserved and sometimes find it hard to speak directly, they are very trustworthy and hardworking.