November 4, 2013 | Valerie Wong
There are plenty of good business opportunities available throughout South East Asia for those who are interested in investing in the region. The market in South East Asia is huge and as large as the one in the United States. The region has also made a significant amount of economic progress in the last two decades. The infrastructure has improved significantly, the cost of logistics has fallen and trade barriers that may have existed some time ago are now long gone. All of this has brought a large amount of private investment in the region. Investors from all over the world are jumping on the chance to take advantage of this opportunity.
If you're thinking of starting a business in South East Asia, you should know that there are many kinds of businesses that you could open. Tourism in the region has been growing steadily, which is why many foreign entrepreneurs have invested in countries such as Thailand. Hotels, resorts and restaurants are a popular sector that brings in billions of dollars in revenue each and every year.
The rise of technology in the past decade also means that a number of high-tech businesses have sprung up as of late. We have seen quite a few entrepreneurs set up SEO agencies, media agencies, web hosting companies, as well as app development businesses in South Asian countries. With its solid infrastructure and availability of a skilled work force, Singapore is one of the main destinations for entrepreneurs in the tech industry.
These are just two examples of the many types of businesses that one could set up in the region. While the option of starting a completely new company is always a popular one, some may prefer to acquire an existing business in South East Asia. There are businesses for sale, as well as franchise opportunities available throughout the region. You can also find existing businesses that are looking for partners or investors in order to grow.
However, before you do business in this part of the world, you should come armed with the right information. You will find that in many countries, the way business is done would be different than from what you would be used to back home. Getting a business running may involve going through a bureaucratic process that involves filling out forms, paying various fees and obtaining the necessary permits from government agencies. It is thus essential that you search for information about the process so that you can know what to expect. While the bureaucracy in some South East Asian countries may have previously seemed inefficient, slow and sometimes corrupt, this is actually not the case anymore. Opening a new business now takes a few weeks instead of several months.
You should also gain some insight on your target market so that your business can stay competitive in the long run. Obviously, a business that would cater to locals would be quite different from one that would cater mainly to foreign tourists visiting the country it is based in. Get some information on consumer behavior in the country, as well as details on the various marketing techniques that you can use to attract customers, in order to see which ones would be more effective for you.
Do you want to start a new business in Malaysia? The process is now simpler than ever before. Servcorp has been helping entrepreneurs like you set up companies in Malaysia for the past 30 years. Their knowledge of local procedures can help you save both time and money in getting your business up and running.