Developed countries are becoming very competitive, with more and more businesses striving to get their share of a crowded market and with the level of globalisation we enjoy thanks to the Internet, many entrepreneurs look further afield to countries in South East Asia.
Setting Up a Business in a Developing Country
If you are thinking of company formation in Vietnam by Acclime, a leading provider of essential business services for foreign investors to register a business in South East Asian countries. There are several ways that you can set up a business in such a country; you might, for example, wish to have one branch office in Vietnam, which enables you to carry out extensive market research, or you might be ready to register as a limited company and have full trading options. To find such a company, Google is your best friend and a search will bring up a list of business registration and services provider companies that operate in the destination country.
When you open a new business in a developing country, you can formulate the business in such a way that you can take advantage of tax concessions, minimising the amount you pay, and with a local business formation company, you will receive the best advice and they can prepare the documents and submit the application to the authorities. Click here for a list of things that every company needs.
Developing New Markets
The secret to continued business growth is penetrating new markets and with a small investment, you can introduce your product line to a new market. Setting up a branch office and posting one employee would be a start and when you have gathered enough data, you can formulate your plan to set up distribution and marketing, which would require updating the business registration, which the local business advisory company handling everything on your behalf.
The South East Asian nations are enjoying strong domestic economies, which is yet another good reason to expand into these dynamic new markets and with the right market research, you can introduce your product line to a new audience. In most South East Asian countries, people like to use foreign products and with the right marketing campaign, your product line could make quite a splash.
When you compare the price of renting commercial space to your home country, it is much lower, while the cost of living is also lower and when you recruit local employees, it won’t cost you as much as it would back home. When you factor everything in, you might be able to save as much as 30% on your start-up costs, which is considerable.
If you can manage to find a local investor, this would be very beneficial and the company that handles the business registration would likely be able to connect you with local investors. Having a local partner offers many benefits and removes any restrictions that might apply to foreign businesses, which is something to discuss with the local business registration company. Check with the embassy of the target country for visa requirements, and, of course, check for the current Covid-19 reports.