The New Economy

December 15, 2014 09:00 ET

TMF Group-Local Knowledge is Key to Success in Asia

LONDON, ENGLAND--(Marketwired - Dec. 15, 2014) - Home to 620 million people and an economic growth rate of 5.5 percent per annum, if ASEAN were one economy it would rank as the seventh largest in the world. Add to that the wave-upon-wave of FDI flooding into the member nations and the potential for budding enterprises in any one of the five countries is undeniable. In the new issue of The New Economy, Paulo Tavolato, Head of APAC at TMF Group, writes about the opportunities for businesses looking to expand in Asia.

With a client base that includes both multinational and single-country entities, TMF Group facilitates businesses in expanding and investing in emerging opportunities around the world. As a global expert with a thorough understanding of local needs, TMF Group is well positioned to pass comment on the decision to set up shop in ASEAN.

"Wherever in Asia you plan to expand, local knowledge is the key", writes Tavolato in the New Economy feature. "Without it, companies can put themselves at serious risk of financial penalty or even prosecution. But for those willing to invest in getting it right, the opportunities are endless."

For example, the establishment of the ASEAN Economic Community could enable foreign investors to treat Southeast Asia as one region, instead of the complex market it is today. Ongoing trade agreements aim to promote regional integration and break down the barriers obstructing entry. However, the TMF Group executive admits in the feature that, while there are opportunities in ASEAN, there are also challenges. Tax rates and regulations can often trip up newcomers, and, without a thorough understanding of the local community, success in the ASEAN nations can be hard to come by.

To read the article in full, grab the new issue of The New Economy, available to read online, on tablet and in print now.

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