Asia is home to the world’s second and third largest economies, as well as the biggest trade partnerships globally. It’s a continent of limitless opportunities for any kind of business that wants to grow and reach a wider consumer market. Thus, hiring in Asia provides a unique opportunity for companies seeking to benefit from local knowledge and expertise.
With fast-growing tech hubs, government incentives for entrepreneurs, and a massive talent pool to choose from, it would be remiss to not expand to Asian markets as soon as possible.
The continent of Asia is as vast as its potential. Here, we provide a list of countries to consider and show you how to hire top local talent smoothly and securely.
The 6 Best Markets in Asia for Recruitment and Expansion
Singapore’s stable economy and pro-business tax system make it a favorite market for companies looking to expand. Considering its strategic location, it’s no surprise that financial and trade industries are in its top ten list. However, manufacturing makes up the largest percentage of the country’s annual GDP at around 20-25%.
Local professionals in Singapore are highly competant and competitive. In fact, over 40% of the workforce has a university degree. The population is also ranked number two worldwide and number one in Asia for English proficiency.
Taiwan may look small on the map, but it is overflowing with advantages for businesses of all sizes. Its proximity to major APAC harbors makes it an ideal market for trade. The 7 trade-free zones in the country also offer lucrative tax incentives and investment opportunities.
Taiwan is a leader in electronics and manufacturing industrial semiconductors. Other top industries include agriculture, petrochemicals, and textiles. The country’s workforce is also highly educated and skilled, especially in the fields of mathematics and science.
Home to 18.7% of the world’s population according to the United Nations, China is the fourth largest country in the world and the second largest economy. This puts it just behind the United States in terms of economic might. With such a vast population, the diversity of industries is equally expansive and full of opportunity.
It’s often easier to categorize industries in China along regional lines. These divisions can be summarized as follows:
Coastal: a high degree of urban activity, consumer trade, and foreign investment
Central: mostly agricultural markets which still include coal industries that provide the coast with energy resources
Western: more mountainous and dominated by heavy industries like oil, aluminum, and raw materials
In addition, with China’s current economic growth, the consumer base for luxury goods, imported items, cars, electronics, etc., increases every year.
According to many, China is the world’s factory. While there are signs that this is changing, there are still opportunities remaining.
South Korea has risen to the forefront in recent years and is now ranked in the top ten world economies. Corporate tax is much lower than in other countries, and foreign investments receive incentives to facilitate global business.
Additionally, South Korea has free trade agreements with 18 countries worldwide, from the US to New Zealand and India.
The top industries in South Korea include shipbuilding, nanotechnology, automobile manufacturing, and electronics. While the official language is Korean, English, Mandarin Chinese, and Japanese are also widely spoken.
Japan is home to the world’s third-largest economy. The Tokyo Stock Exchange (TSE) is also the biggest of it’s kind in Asia. Japan has been a dominant presence in telecommunications and computer markets for many years now.
Automobiles, consumer computers, iron, and steel are all among the top ten industries nationally. The numerous free trade zones across the country also help to facilitate local and foreign innovation.
Japan is part of the RCEP (Regional Comprehensive Economic Partnership), a trade agreement made with ten other countries, including Australia and China, that has been in effect since January 1, 2022. The workforce is also known for high levels of education, motivation, and commitment to a company’s vision.
Vietnam’s economy has one of the fastest growth rates in Asia, with an 8% increase in 2022. The coastline of the country provides optimal access to trade routes with other Asian markets like China, Thailand, Cambodia, and Laos.
Tourism, agriculture, textiles, paper, and plastic manufacturing are among the top industries. Vietnam is also part of RCEP and has strong export ties with major economies like China and the US.
As a developing country, the country provides access to many types of outlet, from international cross-border connections to local street markets.
The workforce in Vietnam is young and competitive, with an educational system that promotes studies in future-proof subjects like IT, computer engineering, and math. All of which suggest that its industrial output will continue to accelerate for years to come.
Living costs are also much lower in Vietnam, allowing companies to expand to the country easily while also providing local employees with strong benefits.
The Hiring Process in Asia: Streamline Success with INS Global
Expanding to countries in Asia can be exciting but also challenging. Every country has different labor and employment law regulations that make mistakes expensive.
Knowing the right way to compete in Asia means having in-depth knowledge of local best practices. With a reliable expansion partner like INS Global, there’s no worry about compliance or payroll or HR requirements.
We are with you every step of the process, from recruitment to contract management to employee termination. Our legal team has the local knowledge and expertise to ensure your employees remain legally compliant in every way.
INS Global PEO and EOR services are available in over 100 countries around the world, including 15 countries in the APAC region. Our goal is to make global expansion a fast and problem-free reality for every company.
Contact us here today to learn more.