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Recent statistics show that more expat Western entrepreneurs are setting up businesses in Southeast Asian countries, such as Thailand, Vietnam, Malaysia, Singapore and Indonesia. There are, of course, many reasons for this; the digital revolution has made global communication much easier and cheaper, while air travel has always been affordable for those who are looking to do business abroad.
Relocation
This is one good reason why foreigners are setting up businesses in Southeast Asia; indeed, many Western men find a partner in such a country and wish to relocate and to make a living, they enter into business, often with their romantic partner doubling as a business partner. It does seem that many Westerners are unhappy with the way things are going in their home country and are therefore looking to relocate.
Business expansion
Some European and American business owners are looking to penetrate new markets and Southeast Asia has some very attractive destinations. Once the company is registered, there are payroll solutions and you can hire local staff to work under you or one of your managers. Aside from the obvious tax benefits, setting up a foreign-owned business in a country like Vietnam affords you long-term visas. You could start by registering a Representative Office, which allows you to carry out market research and when you are ready to do business, change to a limited company or partnership.
Low cost of living
The cost of living keeps rising in developed countries, so much so that many digital entrepreneurs prefer to spend time in a place like Southeast Asia and by registering a business, long-term residency is much easier. Prices in Vietnam, Indonesia and Thailand are much cheaper than in the West, which is a major driver that sees entrepreneurs moving further afield.
International law firms
Any entrepreneur who wishes to set up a business in a foreign country would engage the services of a top international lawyer, one with hands-on experience in the target country who can offer the best advice on the many options. One of the important aspects of setting up a business in a foreign land is compliance, which is why you need the help of a leading international law firm. Click here to learn about embedded software and why businesses should use them.
Remote workers
There are a lot of digital nomads in Southeast Asia, while there are also some employees who work remotely and many decide to spend time in Southeast Asia and who can blame them? In the past few years, the number of expats setting up businesses in Vietnam, Thailand and Malaysia has been rising exponentially and this doesn’t look like changing anytime soon.
Online solutions
If you are looking to set up a business in Vietnam, Thailand or Malaysia, start by searching online for a leading international law firm and see what they have to say.
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