Manufacturing and exports have traditionally defined how many foreign investors think about Asia. However, many economies across the region are transitioning from manufacturing- and export-led growth models towards service-led models as they mature – opening up new opportunities for professional services. Meanwhile, several countries in South and Southeast Asia have well-established, and globally competitive service industries.
Asia is attractive to many professional services providers because of the region’s dynamic emerging economies. Beyond this, the diverse array of talent and the innovative use of technology have helped the industry improve its productivity and develop other industries. However, there remain many challenges: investment caps, restrictions on business models, as well as the difficulty of penetrating local markets that are sometimes dominated by dense local public and private sector relationships.
Dezan Shira & Associates has been operating in the services industry for over 25 years. The firm can help manage pre-entry planning before set up and going to market. The firm also maintains the requisite legal, tax, and operational expertise to ensure compliance in a rapidly evolving space. While services are increasingly spotlighted as leading the next wave of growth in Asia, foreign investors entering new markets need to exert diligence when managing their expansion into this fast growing industry.