If your firm is eyeing global expansion, then chances are you’ve heard a lot about APAC, the Asia-Pacific region. Since the 80s, the term has become commonplace in discussions of global business, finance, and geopolitics — and with good reason. The region encompasses much of the planet.
The APAC region has made many international companies and businesses turn their heads, and in this post, we are going to explore the core reasons why companies should consider expanding and cross-border marketing into the APAC region.
Fast Developing environment
Asia has become extraordinarily tech-focused and innovative. World-class tech hubs are growing in Singapore, Hong Kong, Tokyo, and other Asian cities. Advancing technology, government support, and tax breaks create a favorable environment to nurture businesses.
Mobile is also changing and advancing the business environment in Asia. This growth will be driven by mobile apps and improving logistics networks, the report suggests.
Increased access to mobile devices, increased e-commerce and apps, and improved networks mean more opportunities and a better environment for every type of business.
Massive population market
Asia is a gigantic market. Not only does the vast population represent a large market of potential customers, but also it is a market of upcoming and untapped talent. The growing population combined with the evolving tech industry means a steady supply of promising engineers, designers, and entrepreneurs.
With a large talent pool and customer base, the opportunities in Asia are limitless.
Major cities in Asia have advanced infrastructure that makes setting up businesses easier. Rapid growth in Asian countries has required a larger investment in both economic and social infrastructures, and improvements in these areas are visible.
Improvements in the business sector are reducing barriers to entry and increasing opportunities. In Japan, for example, relaxed requirements now allow foreigners to start businesses in the country without a permanent residence
Markets in Asia are still developing, and that’s exciting. Unlike established markets in the U.S. and western Europe, an emerging economy leaves more room for innovation and unique opportunities.
Various studies have conducted that India was the fastest-growing startup ecosystem in the world, with 800 new startups launching each year.
Getting in on the ground floor of rising economies means seizing new opportunities and more possibilities than are available in developed economies that are growing at a much slower rate.
Asia has a very business-friendly environment, especially for foreign investors.
Singapore, for instance, offers low taxes for companies, and it has an easy setup for new businesses. Singapore has consistently been recognized among the world’s best places to do business and remains among the top choices for business investors.
Compared to other countries considered as business hubs, Singapore offers one of the easiest and quickest processes of business registration, which attracts investors to start a business in Singapore.
Hong Kong is similar to Singapore in terms of business advantages and ease of setting up and doing business. Foreign investors in Hong Kong have access to low taxation, and international corporations can expand their operations into other Asian economies by opening a branch in Hong Kong. Hong Kong has the added advantage of proximity to the vast Chinese market and preferential trade terms with China compared to other countries.
Great Economic Growth
Asia has experienced spectacular economic growth and has become a breeding ground for fast-moving, innovative, and competitive businesses. It has become richer faster than any other region of the world.
The majority of the growth will come from China, India, and the ASEAN countries, and it will give rise to shifting world order with Asian economies taking the lead as global leaders and advertising their governance model across the world.
Singapore is known worldwide for its superior education system. It is therefore not surprising that this country has one of the best available skilled workforces in the market. Singaporeans are known for their hardworking and rule-abiding nature in addition to their educational and technical expertise. Additionally, the favorable immigration systems attract a lot of global talent that you can also recruit for your business by pairing with a reputable recruitment agency. Another big advantage of this workforce is that it is primarily English-speaking, making communication with most foreign HQs easy.
The above is by no means an exhaustive list of reasons why you should consider Asia as your next opportunity to expand abroad. There are so many additional nuances worth exploring depending on the jurisdiction you may be looking at, but these are the main reasons why you should start considering expanding into APAC.