Doing Business in ASEAN 2021

The Association of Southeast Asian Nations (ASEAN) was established in 1967 by Indonesia, Malaysia, Philippines, Singapore and Thailand to accelerate the economic growth and social development in the region. Brunei Darussalam joined in 1987, Vietnam in 1995, Lao DPR and Myanmar in 1997, and Cambodia in 1999. ASEAN is home to more than 600 million people (larger than the EU and North America) and has the third-largest labour force behind India and China; more than 213 million are aged between 15-34. Since its inception, the bloc has seen growth in sectors such as manufacturing, retail, transportation, and telecommunications.

This has resulted in ASEAN becoming an economic powerhouse with an estimated GDP of US$9.3 trillion as of 2019 – Indonesia represents some 40 percent of the bloc’s economic output — and the bloc is projected to be the world’s fourth-largest economy in 2050. ASEAN members have continued to take steps to improve the ease of doing business through reforming legal and trade frameworks, as well as investing in infrastructure and sophisticated manufacturing capabilities. The financial, technology, and health sectors are new growth drivers for the region as new initiatives drive the bloc to adopt high-tech solutions.

The aforementioned factors will ensure ASEAN remains attractive to foreign investors, in particular for those looking to move a part or all of their manufacturing activities from China. This publication, designed to introduce the fundamentals of investing in ASEAN, was compiled by the experts at Dezan Shira & Associates, a specialist foreign direct investment practice, providing corporate establishment, business intelligence, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in emerging Asia.

An Introduction to Doing Business in ASEAN 2021 covers the following:
• Corporate establishment;
• Tax and accounting;
• Human resources and payroll; and
• Audit and compliance.

Source: ADCN