Market entry & corporate services · Singapore HQ

End-to-end market entry and expansion across Southeast Asia and beyond.

One team takes you from first assessment to first sale in Southeast Asia and beyond: from company incorporation to incentive navigation, from go-to-market execution to your first sale.Offices in Singapore, Thailand and Vietnam, with trusted execution teams in eight more markets.

Plan my expansion

Singapore · HQThailandVietnam

03: offices
11: markets covered
01: team from entry to first sale

As featured on

MONEY FM 89.3Mind Your Business: breaking into new markets

IBTimes SingaporeHelping brands expand across the SEA region

Expansion route

Pick a market. See the route.

Choose a market for its usual entry route: the right entity, who approves your product, how goods clear customs and what to watch for. The first three steps happen everywhere; import, distribution and sales follow when you are ready.

Your expansion route

Tap a stage

One account team covers every stage, with our {m} office on the ground.

Country brief

Thailand

Governing authorities

Corporate services

Market entry and corporate services, under one roof.

Most companies stitch together a law firm, an accountant, a freight forwarder and a sales agency. We run all of it through our own team and network of distributors, partners and facilities.

AEnter the market

Market entry consulting

Market research, entry-model choice and a clear penetration plan with milestones.
Before you commit capital, we test whether the market fits your product and how to enter it. Then we build the legal entity and keep it compliant.
Talk to an expansion consultant
Company incorporation & compliance

Company registration, shareholder structure and the business licences you need to trade in Singapore, Thailand, Vietnam and our partner markets.
Office space, hiring and translation so your team can operate from day one.
Request a consultation
Navigate incentives of the market

We identify the incentive schemes open to you in each market, such as Thailand's BOI and comparable programmes in Singapore, Vietnam, Indonesia and our other markets, then apply and track the conditions after approval.
Our market guides set out who qualifies, the tax and non-tax incentives, and how to apply in each country.
Explore market guides

BStructure and stay compliant

Tax planning

Market-by-market tax comparison, incentive eligibility, entity choice, transfer pricing and treaty review before you set up.
We plan your tax position before you commit, keep your books to local standards, prepare you for audit and restructure entities when the business changes.
Try the tax planning tool
Accounting & audit

Monthly bookkeeping, VAT and corporate tax filings, payroll and management reports to local standards.
Audit-ready accounts, with statutory audits coordinated with licensed auditors in each market.
Request a consultation
Corporate restructuring

Holding structures, consolidation, shareholder changes and orderly exits.
Businesses change shape as they grow, merge or step back from a market. These are the options we most often work through with clients.
See the options

COperate and grow

Visas & work permits

Start with the official portals below. When your team is ready to move, we help choose the right route and prepare the application.
Visa guides
Import, export & distribution

Product registration and import permits prepared and filed for you.
Customs clearance and documentation for inbound and outbound shipments.
Storage, inventory control and order fulfilment from our partner facilities.
Discuss your supply chain
Sales & marketing

A local sales team that represents your brand to trade and retail buyers.
Introductions to distributors and retail partners suited to your category.
Campaigns, in-store promotion and social media strategy for local audiences.
Plan your launch

Corporate restructuring

Corporate restructuring for where the business is now.

Businesses change shape as they grow, merge or step back from a market. These are the options we most often work through with clients.

Regional holding company

Hold your Asian subsidiaries through one parent, often in Singapore, to simplify ownership, funding and dividends.

Fits: entering a second market

Branch, rep office or subsidiary

Choose or convert the local presence that matches your activity, liability appetite and licensing needs.

Fits: moving from testing to trading

Entity consolidation

Merge or amalgamate overlapping companies after growth or acquisitions to cut cost and compliance load.

Fits: after an acquisition

Share transfers & shareholder exits

Bring in investors, buy out partners or rebalance ownership, with the filings and agreements handled.

Fits: changing ownership

Debt and business restructuring

Reorganise obligations and operations when a business is under pressure, including formal rehabilitation where it fits.

Fits: cash-flow pressure

Dissolution & exit

Close an entity cleanly: final tax clearance, liquidation and deregistration.

Fits: leaving a market

Discuss your structure

Tax planning tool

Compare corporate tax, VAT and employment costs across Asia.

Work out corporate income tax and incentives, VAT or GST on your sales, withholding tax on payments abroad, and the statutory cost of employing staff, in your own currency and side by side.

Annual revenue

Taxable profit

Example figures. Change them to your own.

Singapore start-up (first 3 years) Thai SME (paid-up capital ≤ THB 5m)

Estimated corporate income tax

Market	Standard rules	Effective rate	With main incentive

Incentives to explore

Indicative only. Standard figures use headline corporate income tax rules checked in October 2026 and mid-market exchange rates from 11 October 2026. Incentive figures apply the scheme's rate to all profit; real eligibility depends on the activity, investment size, location and approval. Groups with consolidated revenue of EUR 750 million or more may owe top-up tax to reach 15% in most of these markets.

Annual taxable sales

Payment to an overseas company

Payment type

Example figures. Change them to your own.

VAT / GST on sales

Market	Standard rate	Registration threshold	VAT/GST on your sales

Withholding tax on payments abroad

Market	Rate	Tax withheld

VAT shows what you would charge customers at the standard rate once registered. Withholding rates are domestic rates on payments to a foreign company with no local presence, before any tax treaty relief. Rates checked in October 2026.

Monthly gross salary per employee

Number of employees

Employees are foreign nationals

Example figures. Change them to your own.

Mandatory employer contributions

Market	Employer / month	Employee / month	Annual employer cost

Statutory social security and provident fund contributions only, per employee at the salary entered. Annual employer cost covers salary plus employer contributions for all employees. Excludes bonuses, optional insurance, work-injury rates that vary by industry, foreign worker levies and severance or gratuity accruals. China uses Shanghai rates.

Employee personal income tax (estimate)

Market	Income tax / month	Effective rate	Take-home / month

Estimate for a single, tax-resident employee with no dependants and salary as the only income, on 2026 rates. Applies each market's standard personal allowance and deductible employee contributions; ignores bonuses, benefits in kind and optional reliefs. Take-home is gross salary less employee contributions and income tax. Korea includes 10% local income tax; Hong Kong uses 2026/27 allowances; Vietnam uses the new five-band schedule. Non-residents can be taxed at flat rates instead, such as 20% in Vietnam, Indonesia and Cambodia, 30% in Malaysia and at least 15% in Singapore.

Official sources

Rates checked against PwC Worldwide Tax Summaries

Get a tax plan

Offices & markets in Asia

Three offices. Eleven markets.

Start in one market and add the next when you are ready. Our own teams work from Singapore, Bangkok and Ho Chi Minh City, and trusted partners cover eight more markets across Asia and the Middle East.

SG · SINGAPOREHeadquarters

Singapore

Regional hub for holding structures, trading and market entry.

Market entry consulting
Regional holding structures
Tax planning & accounting

7 Temasek Boulevard, #12-07 Suntec Tower One, Singapore 038987

TH · BANGKOKOffice

Thailand

Full-service base for market entry, logistics and distribution.

Full-service entry
BOI promotion support
Visas & work permits

Quant Building, Soi Sukhumvit 25, Bangkok 10110

VN · HO CHI MINH CITYOffice

Vietnam

A fast-growing consumer market with its own approval regime.

Market guide available
Import & distribution
Sales & marketing

Tầng 8, Số 100 Nguyễn Thị Minh Khai, Phường Xuân Hòa, TP. Hồ Chí Minh

MY · LABUAN · JOHORMalaysia (Labuan and Johor)Labuan IBFC taxes trading income at 3% of audited net profit and investment holding at 0%, subject to substance rules. The Johor-Singapore Special Economic Zone offers 5% corporate tax for up to 15 years in sectors such as AI, medical devices, aerospace and global services hubs.

IDIndonesiaSoutheast Asia's largest consumer market.

PHPhilippinesEnglish-speaking market with a young, fast-growing population.

KHCambodiaGrowing manufacturing base with tax holidays for qualified investment projects.

HKHong KongGateway for trade and capital into Greater China.

CN · GUANGXI · SHANGHAIChina (Guangxi and Shanghai)Guangxi borders Vietnam and anchors China–ASEAN trade; Shanghai is China's centre for finance, consumer brands and regional headquarters.

KRSouth KoreaAdvanced consumer and technology market in North Asia.

AEDubai (UAE)Regional hub for the Middle East, with free-zone options.

How we work

From first call to first sale.

A defined sequence, so you always know what happens next and who owns it.

Stage 1
Discovery
We learn your product, targets and budget, and confirm which market to open first.
Stage 2
Expansion plan
A written entry plan covering structure, tax, incentives, approvals, logistics and sales channels, with costs and timeline.
Stage 3
Set-up
Entity, licences, approvals and warehousing put in place in parallel to save time.
Stage 4
Launch & scale
Sales and distribution go live, and we report on performance as you grow.

Why Golden Eye

A partner who carries the work, not just the advice.

Full suite, one contract

Consulting, incorporation, tax, accounting, trade, logistics and sales through one team. No hand-offs between vendors.

Tailored to your category

Plans built around the specific approvals, channels and buyers your product needs.

Proven with global brands

Our track record includes Durex (Thailand), Aura Air, All Kurma and Supreme Beverages.

Think Global, Operate Locally

Get what you need done accurately, with an operating team that understands the global operating mindset and makes sure it is carried out locally.

Golden Eye helped us grow into Thailand with excellent live and written translation, social media strategy and operational plans. Professional, on time and easy to communicate with. I recommend them to any foreign business that needs support in Thailand.

Tan Kai HiangManaging Director, One Drop

Meet The Team

Visa guides

Visas and work permits for Singapore, Thailand and Vietnam.

Start with the official portals below. When your team is ready to move, we help choose the right route and prepare the application.

Thailand

Apply for most Thai visas online before travel through the Thai e-Visa portal run by the Ministry of Foreign Affairs.

Thai e-Visa portalthaievisa.go.th ↗ Destination Thailand Visa (DTV)thaievisa.go.th ↗ BOI Long-Term Resident visaltr.boi.go.th ↗

Common visa types

Visa exemption / Tourist visa (TR) · short visits for tourism; work is not allowed
Non-Immigrant B · business and employment, used together with a work permit; faster for BOI-promoted companies
Non-Immigrant O · family members of Thai nationals or of foreign work-permit holders, and some retirees
Non-Immigrant O-A · long-stay retirement for applicants aged 50 or over
Non-Immigrant ED · study at a recognised school or university
Long-Term Resident (LTR) · BOI visa of up to 10 years (5 + 5) for wealthy global citizens, wealthy pensioners, work-from-Thailand professionals and highly-skilled professionals, with a digital work permit, annual instead of 90-day reporting and a 17% personal income tax rate for highly-skilled holders
Destination Thailand Visa (DTV) · 5-year multiple-entry visa for remote workers and freelancers, or for Thai "soft power" activities such as Muay Thai, Thai cooking or medical treatment. Up to 180 days per entry; proof of at least THB 500,000 in funds; spouse and children can apply as dependants. Holders cannot work for Thai employers or Thai clients.

Singapore

Check entry visa requirements by nationality, and submit the SG Arrival Card online before you arrive.
Long-Term Visit Passes for family members, permanent residence and re-entry permits are handled by the Immigration & Checkpoints Authority (ICA).
Work passes such as the Employment Pass, EntrePass and ONE Pass are issued by the Ministry of Manpower (MOM).

ICA official siteica.gov.sg ↗ MOM work passesmom.gov.sg ↗

Vietnam

Citizens of every country can apply for an e-visa of up to 90 days, single or multiple entry.
Apply only through the official portal run by the Immigration Department, Ministry of Public Security, which also lists the border gates that accept e-visas.
For longer stays, work permits and temporary residence cards are sponsored by a Vietnamese entity.

Vietnam e-Visa portalevisa.gov.vn ↗

How we help: choosing the right route, preparing documents and coordinating with your local entity. Rules and fees change often, so always confirm on the official portal before applying.

Ask about visas

Market guides

Market entry guides for Asia.

Practical briefings from our team on entering Asian markets. Every guide is free to download as a PDF.

Southeast Asia

North Asia

Middle East

Market guide · Singapore

Expanding into Singapore

Office

Q2 2026 growth, where AI and electronics investment is going, incentives, and how to set up a regional headquarters.

5.9%Q2 GDP growth, year on year

6.1%H1 2026 GDP growth

4.5–5.5%2026 growth forecast (MTI, Aug 2026)

SGD 14.2bnFixed-asset investment commitments, 2025 (EDB)

Read the guide

Market guide · Thailand

Thailand BOI investment promotion

Who qualifies, the tax and non-tax incentives, the global minimum tax change and how to apply.

Read the guide Podcast · Money FM

Breaking into new markets

Gordon Ho on Money FM's Mind Your Business, on what SMEs should check before choosing a local partner abroad.

Listen

FAQ

Market entry questions we hear first.

What does Golden Eye Corp do?

We provide end-to-end market expansion services across Southeast Asia and greater markets: consulting, incorporation, investment incentives, legal compliance, tax planning, accounting and audit, restructuring, regulatory approvals, import and export, warehousing, transport, and sales and marketing.

Do I need to use every service?

No. Some clients use us end to end; others take a single service such as incorporation or distribution. We scope the engagement around what you already have in place.

Which markets do you cover?

Our offices are in Singapore (headquarters), Thailand and Vietnam. We also serve Malaysia (including Labuan and Johor), Indonesia, the Philippines, Cambodia, Hong Kong, China (Guangxi and Shanghai), South Korea and Dubai.

Can you help us apply for BOI promotion in Thailand?

Yes. Our Thailand team checks whether your activity is eligible, prepares the application, sets up the company and keeps you within the promotion conditions after approval. Start with our BOI guide.

Do you provide statutory audits?

We prepare audit-ready accounts and coordinate statutory audits with licensed auditors in each market, so the audit opinion comes from an independent licensed firm.

Can you help with visas and work permits?

Yes. We help founders and staff choose the right visa or work pass in Singapore, Thailand and Vietnam and prepare the application. Our visa guides link to each official portal.

How long does company registration take in Singapore, Thailand and Vietnam?

A Singapore private limited company can usually be incorporated within a few working days once documents are ready. A Thai limited company takes about a month, longer if it needs BOI promotion or a Foreign Business Licence. In Vietnam, a foreign-owned company first needs an investment registration certificate, so allow one to two months. We confirm the timeline for your activity at the start.

Can a foreign company own 100% of a business in Thailand?

Yes. There are several ways to structure 100% foreign ownership in Thailand: a representative office or a branch office of your overseas company, a Thai company that obtains a Foreign Business Licence (FBL), or a company promoted under the Board of Investment (BOI), which also brings tax and non-tax incentives. Manufacturing and most export activities are already open to full foreign ownership. Our Thailand market guide compares the options.

Do you help with corporate restructuring and regional tax planning?

Yes. We set up regional holding companies, convert branches and representative offices into subsidiaries, consolidate entities, handle share transfers and close companies, and we model the tax effect across markets before you decide. Our tax planning tool gives a first comparison.

How do we get started?

Send us a short enquiry with your product, target market and timeline. We will arrange a discovery call and follow up with a proposed plan.

Home / Team & consultants

Team & consultants

The people who will run your expansion.

You work directly with the founders and office leads, not a rotating account team.

Connect with Gordon on LinkedIn

In the media

Radio interview · MONEY FM 89.3Mind Your Business: breaking into new markets

On what SMEs should check before choosing a local partner abroad, and how to enter Southeast Asian markets with less risk.
Listen ↗
Profile · International Business Times SingaporePaving the way for brands to expand across the SEA region

How Gordon built Golden Eye Corp from his own experience of entering Thailand, and the brands it has since helped grow in the region.
Read the article ↗

Founder and Director

Gordon Ho

何国祯กอร์ดอน โฮ

M.Sc. Branding and Marketing, Chulalongkorn University
Global Marketing Program, Cambridge Judge Business School
B.A. Global Business, Coventry University
Diploma in Business Administration (Entrepreneurship Specialisation), Singapore Polytechnic

Gordon is a Singaporean entrepreneur. He moved his business to Bangkok after seeing steady growth in Thailand's consumer market, and learned first-hand how hard local rules, licensing and hiring can be for a foreign company. He founded Golden Eye Corp in 2021 to turn that experience into a service: one local partner that handles the company set-up, the supply chain and the sales channels together. He has led expansions for brands including Durex (Thailand), Aura Air and Supreme Beverages, has spoken on Money FM 89.3 and was profiled by IBTimes Singapore on helping SMEs enter new markets. Gordon holds an M.Sc. in Branding and Marketing from Chulalongkorn University, a B.A. in Global Business from Coventry University and a Diploma in Business Administration (Entrepreneurship) from Singapore Polytechnic, where he mentors students as an alumnus. He has also completed the Global Marketing Program at Cambridge Judge Business School.

Market entry strategyBranding & marketingDistribution partnerships

Works in English, Mandarin and Thai.

Connect with Koonthida on LinkedIn

Managing Director, Thailand

Koonthida Kruasopon

กุลธิดา เครือโสภณ

LL.M. (Financial and Capital Markets), Chulalongkorn University
LL.B., Chulalongkorn University

Koonthida leads Golden Eye Corp's Thailand office. She is a Thai-licensed attorney and certified Notarial Services Attorney, and spent five years in M&A practice at a Bangkok law firm and two years as in-house counsel. Her work covers corporate and commercial law, contracts, labour law and insolvency, and she advises SMEs, industrial businesses and foreign-owned companies on entering and operating in Thailand. Koonthida studied law at Chulalongkorn University, where she also completed her LL.M. in Financial and Capital Markets.

Corporate & commercial lawM&ALabour lawInsolvency & restructuringNotarial services

Transactions and Experiences

2025

Import & trading · THB 230M · JVA and business transfer agreement
Manufacturing acquisition · THB 1,900M · acquisition planning, MOU, SPA
Healthcare (project finance) · THB 3,000M · facility agreement
Healthcare · THB 570M · entire business transfer
E-commerce platform · THB 200M (50% acquisition) · SPA
Property · hotel management, asset purchase, hire-purchase and rental agreements
Property · project management of contract novations with stakeholders, and land sale agreement
Retail (cosmetics) · hire of work contract

2024

Property · THB 2,500M · loan agreement
Finance · THB 5,000M · loan, guarantee and share pledge agreements
Finance · THB 7,000M · facility and collateral agreements (scripless shares, land mortgage, business security)
E-commerce platform · THB 600M · LOI for SPA
Engineering software · THB 30M (30:70 shareholding) · MOU, SPA
Finance · USD 200M · collar/bridging financing
Healthcare · SHA, SPA, share pledge
Cold storage investment · THB 120M (100% acquisition) · SPA, loan agreement
Food retail · THB 230M (70:30 shareholding) · SHA, SPA, AOA, undertaking letter
Property development · THB 5,000M (99% acquisition) · SPA
Healthcare investment · buy-side due diligence
EV automotive distributorship · distributorship agreement
Manufacturing · due diligence for IPO

2022–2023

Pet products retail · THB 136M (40% share sale) · SPA, SHA, SSA, AOA
Eldercare operations · 50:50 joint venture · JVA, AOA
Eldercare investment · 45:55 shareholding · SHA, AOA, lease agreement
Property · THB 200M (75:25 shareholding) · JVA, AOA, licence and sublicence agreements, loan agreement
Port operations · 51:49 shareholding · JVA, AOA
Waste management investment · THB 170M (33% acquisition) · due diligence report, MOU, SSA, SHA, loan agreement
Cosmetics retail · THB 225M (25% acquisition) · SPA, SHA, share pledge, undertaking, AOA
Wellness centre investment · THB 300M · due diligence, asset SPA, JVA, MOU, SPA
Healthcare · THB 230M · entire business transfer agreement
Property leasing · THB 1,500M · long-term lease agreement
Manufacturing · THB 180M · loan agreement and land purchase agreement
Medical clinic acquisition · buy-side due diligence
Trading (machinery) · due diligence for IPO
International school · due diligence and implementation of findings
Manufacturing · in-house contract review

JVA: joint venture agreement · SPA: share purchase agreement · SHA: shareholders' agreement · SSA: share subscription agreement · AOA: articles of association · MOU: memorandum of understanding · LOI: letter of intent

Works in Thai and English.

Consultants

Our consultants.

Behind the leadership team, consultants in Singapore, Bangkok and Ho Chi Minh City handle the day-to-day work, supported by licensed partners where the law requires them.

Corporate & legal

Incorporation, licensing, contracts and compliance.

Tax & accounting

Tax planning, bookkeeping, filings and audit support.

Trade & logistics

Approvals, customs, warehousing and delivery.

Sales & marketing

Distributor networks, outsourced sales and campaigns.

Speak to a consultant

Home / Market guides / Thailand BOI

Market guide · Thailand

Investing with BOI promotion in Thailand.

The Thailand Board of Investment (BOI) is the government agency under the Office of the Prime Minister that grants tax and non-tax incentives to approved projects. This guide covers who qualifies, what you can receive and how the application works.

Checked in October 2026 against BOI publications and published tax summaries. BOI rules and announcements change; confirm the current terms with the BOI before relying on them.

Who can apply

Thai or foreign-owned companies investing in an activity on the BOI's eligible list, which covers manufacturing, digital, R&D, medical, logistics and selected services. Most activities need a minimum investment of THB 1 million, excluding land and working capital. Some set their own thresholds; software projects, for example, are measured by annual salaries for Thai IT staff of at least THB 1.5 million.

Tax incentives

Every eligible activity sits in a group that sets its base corporate income tax (CIT) exemption.

Group	CIT exemption	Cap on exempt income
A1+	10–13 years	No cap
A1	8 years	No cap
A2	8 years	100% of investment*
A3	5 years	100% of investment*
A4	3 years	100% of investment*
B	No exemption	Duty and non-tax incentives

* Excluding land and working capital. Total CIT exemption, including merits, is capped at 13 years.

Import duty exemption on machinery, on raw materials used for export production and on items imported for R&D.
A 50% CIT reduction for up to 5 years after the exemption in some cases, such as projects in promoted zones.
Double deduction of transport, electricity and water costs, plus an extra 25% deduction for installation or construction costs, for qualifying projects.

Merit-based extras

Competitiveness. Spending on R&D, technology licensing, design, training or local supplier development can add 1 to 5 more exempt years, depending on the share of sales spent.
Decentralisation. Projects in the 20 listed provinces receive 3 more exempt years, and some groups also get a 50% CIT reduction for 5 years after the holiday.
Industrial estates. One more exempt year for qualifying Group A projects in an industrial estate or promoted industrial zone.
Eastern Economic Corridor (EEC). Up to 2 more exempt years and a 50% CIT reduction for up to 3 years, depending on staff qualifications, R&D and location.

Non-tax incentives

100% foreign ownership for the promoted activity, with a Foreign Business Certificate under Section 12 of the Foreign Business Act instead of a Foreign Business Licence.
Permission to own land for the promoted activity.
Visas and work permits for foreign experts and their families through the BOI's one-stop service centre.
Freedom to remit capital, profits and dividends abroad in foreign currency.

Global minimum tax

Since 1 January 2025, Thailand has applied a 15% top-up tax to multinational groups with consolidated revenue of at least EUR 750 million. Projects in these groups can switch their CIT exemption to a reduced 10% rate for up to twice the exemption period plus any reduction period, capped at 10 years. Other BOI benefits are unchanged.

How to apply

Check eligibility
Confirm the activity code, group and conditions that apply to your project. We do this with you before anything is filed.
Apply online
Submit the application and supporting documents through the BOI's e-Investment Promotion system.
Review and approval
The BOI may ask you to present the project. Review usually takes around 40, 60 or 90 working days depending on investment size, with the largest projects decided by the Board.
Accept and receive the certificate
Accept the approval, set up the Thai company if it does not exist yet and obtain the promotion certificate.
Use and keep the privileges
Import machinery, bring in foreign experts, start operations, report progress through e-Monitoring and claim the CIT exemption once revenue begins.

How we help

Our Thailand team, led by a Thai-licensed attorney, checks eligibility, prepares and files the application, sets up the company and manages compliance after approval, so the incentives you were granted are the ones you keep.

Discuss a BOI application

BOI official siteboi.go.th ↗ Eligible activities and conditionsboi.go.th ↗ BOI investment guide (PDF)boi.go.th ↗

Home / Market guides / Expanding into Thailand

Market guide · Thailand

Expanding into Thailand: the 2026 market guide.

Where Thailand's economy stands after Q2 2026, the industries and regions drawing new investment, and how to choose the right company structure for your entry.

Checked in October 2026 against NESDC, BOI and Revenue Department publications and recent news reports. Figures are the latest published at the time of writing and will change; treat this guide as a starting point, not legal or tax advice.

Thailand in 2026

Thailand's economy grew 1.9% year on year in Q2 2026, down from 2.8% in Q1 and the slowest of the six largest ASEAN economies. The headline hides a split: investment and exports are running hot, while household spending and tourism are soft.

1.9%Q2 GDP growth, year on year

+13.4%Q2 private investment, the fastest in 54 quarters

+17.6%Q2 goods exports

THB 1.47tnBOI investment applications, H1 2026 (+37%)

20.9mForeign visitors, Jan–Aug 2026 (−3.1%)

2.0–2.5%2026 GDP forecast (NESDC)

Exports are led by electronics. Telecom equipment exports rose 129% and computer parts 65.5% in Q2, as AI and data-centre supply chains move into Thailand.
Foreign capital is arriving at record pace. Foreign direct investment applications to the BOI reached USD 40.5 billion in H1, up 80%. Singapore was the largest source, followed by the UK, China, Taiwan and Japan.
Consumers are cautious. Private consumption grew only 1.9%, consumer confidence sits near 50, and household debt and tight SME credit remain the main risks. Plan consumer launches around value and channel, not volume.
Tourism is still large but slower. Arrivals fell 3.1% in the first eight months, yet NESDC still expects around THB 1.65 trillion in tourism revenue for 2026.

Industries to watch

These sectors combine strong BOI demand in H1 2026 with room for new suppliers, service providers and distributors.

Data centres and digital

USD 33 billion of H1 BOI applications, the largest single category. Openings in power and cooling systems, fit-out, network equipment, cloud and managed services.

Electronics and PCBs

USD 3.56 billion across 179 projects in H1, led by optical transceivers, PCBs and hard drives. PCB applications since 2023 total USD 9.85 billion over 224 projects, creating demand for materials, chemicals, testing and logistics.

Food and agri-processing

USD 1.82 billion in H1. Thailand remains a regional food export base; suppliers of ingredients, packaging, cold chain and food-safety services are in demand.

Clean energy and utilities

USD 1.17 billion in H1, including 198 clean-energy projects worth USD 780 million. Solar, storage and power for data centres and factories lead the way.

Logistics and high-value services

USD 1.19 billion in H1. Warehousing, regional distribution, treasury and headquarters services benefit as manufacturers move in.

Automotive and EV

USD 759 million in H1. The industry is shifting from combustion parts to EV, battery and electronics components, opening gaps for new tier-2 and tier-3 suppliers.

Medical and wellness

Medical projects helped lift BOI applications in the North by 93% in H1. Medical devices, clinics, elderly care and wellness services serve both an ageing population and visitors.

Tourism, food service and retail

Still a large market, but slower in 2026 and mostly on the Foreign Business Act's restricted list. Most foreign entrants use a Thai partner, a licence or the capital exemptions in section 5.

Where to set up

H1 2026 BOI applications by region show where new capacity is going.

Area	H1 2026 BOI applications	Best suited to
Bangkok and Central	USD 26.7bn	Regional headquarters, data centres, professional and financial services, retail, consumer brands
Eastern Economic Corridor (Chonburi, Rayong, Chachoengsao)	USD 14.7bn	Electronics and PCBs, EV and auto parts, petrochemicals, data centres; near Laem Chabang port and U-Tapao airport; extra EEC incentives
North (Chiang Mai, Lamphun and others)	Up 93%	Energy, food processing, medical and wellness; decentralisation incentives in qualifying provinces
Border special economic zones	Varies	Cross-border trade and labour-intensive assembly near Malaysia, Laos, Cambodia and Myanmar

See our BOI guide for the extra incentives available in the EEC, industrial estates and the 20 decentralisation provinces. Read the BOI guide

Company structures

The right structure depends on what you will do in Thailand, how much control you need and whether you will earn revenue locally.

Structure	Ownership and key rules	Setup time
Thai limited company	At least 51% Thai-held. Can trade in any activity. THB 2 million paid-up capital and four Thai employees for each foreign work permit. CIT at 20%, filed twice a year.	About 1 month
BOI-promoted company	Up to 100% foreign-owned for the promoted activity. Tax holidays, duty exemptions, land ownership, visas and work permits. Activity must be on the BOI's eligible list.	About 3 months
BOI Trade and Investment Support Office (TISO)	Majority or 100% foreign-owned. For services to affiliates, consulting, sourcing, engineering and technical services, and wholesale of Thai-made goods. No tax holiday, but visas, work permits and land rights. At least THB 10 million a year in operating expenses.	About 3 months
BOI International Business Centre (IBC)	Regional hub serving affiliates, including treasury. THB 10 million paid-up capital and at least 10 skilled staff. Reduced CIT of 8%, 5% or 3% depending on annual Thai spending, plus dividend and personal tax benefits.	About 3 months
Foreign Business Licence (FBL)	Lets a foreign-majority company carry out a restricted List 3 activity. Granted case by case; same capital and staffing rules for work permits.	3–6 months
Representative office	Wholly owned by head office. Cannot earn income, so no CIT, but limited to non-trading work such as sourcing, quality control and market research. Capital is brought in from head office in stages over three years; audited accounts are filed every year.	Weeks to 3 months, depending on activity

Other ownership arrangements may suit some investors. We review them case by case so the structure stays compliant.

Restricted activities

Under the Foreign Business Act, a company that is 50% or more foreign-owned needs a licence or a BOI promotion before carrying out activities on List 3. These include:

Retail and wholesale trade, and domestic trade in agricultural products
Accounting, legal, architecture and engineering services
Construction, agency and brokerage, auctioneering and advertising
Hotels, tourism, and food and beverage sales
Other services not otherwise listed, which is a broad catch-all

Capital exemptions for trading

A foreign-majority company can run retail without a licence if it has paid-up capital of at least THB 100 million, plus THB 20 million for each store after the first. Wholesale is exempt with at least THB 100 million per store. Some construction and brokerage activities have similar thresholds.

Tax and running costs

Corporate income tax is 20%. Small companies with paid-up capital up to THB 5 million and revenue up to THB 30 million pay 0% on the first THB 300,000 of profit and 15% up to THB 3 million.
VAT is 7% until September 2027. Registration is required once annual taxable sales pass THB 1.8 million.
Withholding tax on payments to companies abroad is generally 10% on dividends and 15% on service fees, interest and royalties, before treaty relief.
Social security is 5% from employer and employee each, on salary capped at THB 17,500 a month, so at most THB 875 each a month.
Foreign staff need a visa and work permit. Outside BOI, plan for THB 2 million paid-up capital and four Thai employees for each work permit.

Compare costs in the tax tool Thai visa guide

Your first six months

Weeks 1–2: assess the market
Size demand, check competitors and pricing, and confirm whether your activity is restricted or eligible for BOI.
Weeks 2–4: choose the structure
Decide between a Thai company, BOI promotion, a licence or a representative office, and plan shareholding, capital and staffing.
Month 2: register
Register with the Department of Business Development, get a tax ID, open a bank account and register for VAT and social security.
Months 2–6: licences and incentives
Apply for BOI promotion or a Foreign Business Licence where needed, plus product approvals such as Thai FDA registration.
Month 3 onwards: hire and operate
Hire staff, obtain visas and work permits, set up import and distribution, and begin monthly tax and payroll filing.

How we help

Our Thailand team, led by a Thai-licensed attorney, takes you from market assessment to a trading company: structure, registration, BOI or licence applications, visas, accounting and sales channels, with one team throughout.

Plan your Thailand entry

Board of Investmentboi.go.th ↗ Department of Business Developmentdbd.go.th ↗ Revenue Departmentrd.go.th ↗

Sources

Figures in this guide come from the following published sources.

Home / Market guides / Expanding into Vietnam

Market guide · Vietnam

Expanding into Vietnam: the 2026 market guide.

Where Vietnam's economy stands after Q3 2026, the industries and provinces drawing new investment, the government incentives on offer and how to choose the right company structure.

Checked in October 2026 against National Statistics Office and government publications and recent news reports. Figures are the latest published at the time of writing and will change; treat this guide as a starting point, not legal or tax advice.

Vietnam in 2026

Vietnam is the fastest-growing large economy in Southeast Asia this year. GDP grew 9.95% year on year in Q3 2026 and 9.01% in the first nine months, led by manufacturing, exports and a surge in foreign investment. The government is aiming for double-digit growth for the full year.

9.95%Q3 GDP growth, year on year

USD 50.4bnRegistered FDI, Jan–Sep 2026 (+76.4%)

USD 21.1bnFDI disbursed, Jan–Sep 2026, a five-year high

USD 434bnGoods exports, Jan–Sep 2026 (+24.5%)

+13.4%Retail sales growth, Jan–Sep 2026

17.7mForeign visitors, Jan–Sep 2026

Electronics drive exports. Exports of electronics, computers and components reached USD 123.6 billion in the first nine months, up 59.6%, and phones USD 51.7 billion. The United States is the largest export market at USD 140 billion; China is the largest source of imports.
Foreign capital is accelerating. Newly registered FDI reached USD 29.2 billion across 3,108 projects, 2.4 times last year. Singapore was the largest source (31.7%), followed by South Korea, Luxembourg, Hong Kong, China and Japan. Manufacturing took half of all new and additional capital.
Consumers are spending. Final consumption grew 8.5% and retail sales 13.4% in the first nine months, supporting consumer brands, retail and food service.
The state has been reorganised. Since 1 July 2025 Vietnam has 34 provinces and cities instead of 63, and new laws on investment, corporate and personal income tax, digital technology and AI took effect in 2025 and 2026. Expect faster approvals in some areas and new procedures in others.
Watch the trade balance. Imports grew faster than exports, leaving a USD 19.4 billion goods deficit for the nine months, and US trade policy remains a risk for export-led plans.

Industries to watch

These sectors combine strong investment in 2026 with room for new suppliers, service providers and distributors.

Electronics and semiconductors

Vietnam's largest and fastest-growing export industry. Samsung plans a chip testing plant near Hanoi and is expanding substrate production in Thai Nguyen, and FPT has opened a Vietnamese-owned chip testing and packaging plant in Bac Ninh. Openings in components, materials, testing, equipment and engineering services.

Data centres, cloud and AI

Data centres can be 100% foreign-owned since July 2024. G42 has signed a USD 1 billion framework with FPT and Viet Thai Group, and Ho Chi Minh City's data-centre pipeline is more than double its current 33 MW. Power, cooling, fit-out and managed services are in demand.

Logistics and ports

Transport and storage took 17.6% of newly registered FDI in the first nine months. Deep-sea ports at Cai Mep–Thi Vai and Hai Phong, new expressways and free-trade zones are driving demand for warehousing, cold chain and regional distribution.

Consumer goods and retail

Retail sales grew 13.4% in a market of over 100 million people. Modern retail, e-commerce, food and beverage, health and beauty, and franchise brands are expanding, though retail outlets need licences (see Restricted activities).

Industrial and logistics property

Real estate drew USD 6.94 billion of new and additional FDI in nine months. Ready-built factories, warehouses and industrial land in the North and around Ho Chi Minh City remain in demand.

Clean energy

Electricity, gas and utilities took USD 723 million of disbursed FDI in nine months. Direct power purchase agreements and the revised national power plan are opening rooftop solar, storage and power supply to factories and data centres.

Financial services and fintech

The International Financial Centre in Ho Chi Minh City and Da Nang offers 10% corporate tax for priority sectors and personal tax exemptions for qualifying experts until 2030, aimed at banks, funds, fintech and other financial services.

Tourism, food service and healthcare

17.7 million foreign visitors arrived in the first nine months, 71% of the year's target. Hotels, food service, private healthcare and education serve both visitors and a growing middle class.

Where to set up

Newly registered FDI in the first nine months of 2026, by province, shows where new capacity is going.

Area	New FDI, Jan–Sep 2026	Best suited to
Ho Chi Minh City (now including Binh Duong and Ba Ria–Vung Tau)	USD 18.2bn	Regional headquarters, consumer brands, retail, finance and the IFC, data centres; Cai Mep–Thi Vai deep-sea port and established industrial parks
Northern electronics belt (Thai Nguyen, Bac Ninh, Hai Phong)	USD 15.2bn combined	Electronics, semiconductors and their suppliers; Hai Phong port and free-trade zone; close to China supply chains
Hanoi	USD 4.1bn	Government relations, R&D, software, and financial and professional services
Central Vietnam (Da Nang, Nghe An)	Nghe An USD 2.4bn	Da Nang's IFC pilot and free-trade zone, software and tourism; electronics assembly in Nghe An

Many provinces merged in July 2025, so older documents and addresses may still use former province names.

Government incentives

Vietnam is moving from tax holidays alone to a mix of tax incentives, cash support and faster procedures.

Preferential corporate tax. Under the 2025 Corporate Income Tax Law, high-tech, software, supporting-industry and renewable-energy projects, and projects in high-tech zones or disadvantaged areas, can pay 10% for 15 years, with 4 years' exemption and a 50% reduction for the next 9. Other qualifying projects can pay 17% for 10 years, with 2 years' exemption and 4 years at half rate.
Small company rates. Companies with revenue up to VND 3 billion pay 15%, and up to VND 50 billion pay 17%, instead of the standard 20%. Subsidiaries of large groups do not qualify.
Digital technology. The Digital Technology Industry Law, in force from 1 January 2026, gives semiconductors, AI and digital technology one incentive framework, including corporate tax as low as 5% for AI data centres.
Investment Support Fund. Under Decree 182/2024, high-tech companies and R&D centres, including semiconductor and AI projects, can claim cash support towards R&D, new fixed assets, training and high-tech production. Claims are made each year by 10 July.
International Financial Centre. Priority-sector projects at the IFC in Ho Chi Minh City and Da Nang can pay 10% for 30 years, with up to 4 years' exemption and 9 more at half rate, and qualifying experts are exempt from personal income tax until 2030.
Faster procedures. The Law on Investment 2025, in force from 1 March 2026, lets investors register the company before the investment project, and extends the fast-track special investment procedure to industrial, high-tech, digital-technology and free-trade zones and the IFC.

Global minimum tax

Groups with annual revenue of EUR 750 million or more pay at least 15% in Vietnam through a top-up tax, so for them cash support and faster procedures matter more than tax holidays. We model both before you choose a location.

Company structures

The right structure depends on your activity, how much control you need and whether you will earn revenue locally.

Structure	Ownership and key rules	Setup time
Limited liability company (LLC)	Up to 100% foreign-owned in most sectors, subject to market-access conditions. One or more members and no general minimum capital, but capital must match the business plan and be contributed within 90 days. The most common route for foreign investors.	About 1–2 months
Joint-stock company (JSC)	At least three shareholders. Can issue shares and list, so it suits larger projects and future fundraising. Same licensing steps as an LLC.	About 1–2 months
Joint venture with a Vietnamese partner	Needed in sectors with foreign-ownership caps, such as advertising and some logistics and telecoms services. Partner choice and the charter matter as much as the licence.	2–3 months
Representative office	Cannot earn revenue or sign sales contracts; for market research, liaison and promotion. Licensed by the provincial Department of Industry and Trade for five years at a time.	About 2–4 weeks
Branch	Only where Vietnam's WTO and trade-agreement commitments allow, mainly some services and banking. Operates under the parent company's liability.	2–3 months
Business cooperation contract (BCC)	A contract with a Vietnamese company to share revenue or profit without forming a new entity. The foreign party needs an investment registration certificate.	1–2 months

Times are for standard cases; conditional business lines add sector licences. Since March 2026 the company can be registered before the investment project, but the project licence is still needed to open the capital account and carry out the project.

Restricted activities

Vietnam sets out sectors that are closed or conditional for foreign investors in its market-access negative list. The main ones for new entrants are:

Retail and wholesale distribution, which need a trading licence from the provincial Department of Industry and Trade; outlets after the first may need an economic needs test
Advertising, many logistics services and telecoms with network infrastructure, which have foreign-ownership caps or joint-venture rules
Education, healthcare, real estate business and travel services, which need sector licences and in some cases minimum capital
Press, broadcasting and some cultural services, which are closed to foreign investors
Food, cosmetics, medical devices and pharmaceuticals, which need product registration or notification before sale

Exemptions for small outlets

Outlets under 500 m² inside a shopping centre, and convenience stores and minimarts under 500 m² outside one, are generally exempt from the economic needs test. The rules depend on location and goods, so we confirm them before you sign a lease.

Tax and running costs

Corporate income tax is 20%, or 15% and 17% for qualifying small companies. Incentive rates are listed under Government incentives.
VAT is 10%, with a temporary 8% on some goods until the end of 2026. Foreign contractor tax applies to many service payments abroad.
Withholding tax: no tax on dividends paid to foreign companies; 5% on interest and 10% on royalties, before treaty relief.
Social insurance is 21.5% from the employer and 10.5% from the employee for Vietnamese staff (20.5% and 9.5% for foreign staff), on salary up to 20 times the reference level.
Minimum wage is VND 3.7 million to VND 5.31 million a month depending on region, from 1 January 2026.
Personal income tax for residents runs from 5% to 35% across five bands, after a personal deduction of VND 15.5 million a month. Foreign staff need a work permit from the provincial labour authority.

Compare costs in the tax tool Vietnam visa guide

Your first six months

Weeks 1–2: assess the market
Size demand, check competitors and pricing, and confirm whether your activity is open to foreign investors or conditional.
Weeks 2–4: choose the structure and location
Decide between an LLC, joint venture, representative office or partnership, and compare provinces, zones and incentives.
Months 1–2: license and register
Obtain the investment and enterprise registration certificates, open the direct investment capital account and contribute capital within 90 days.
Months 2–4: sector licences and incentives
Apply for trading licences, product registrations or notifications, and incentive or Investment Support Fund claims where relevant.
Month 3 onwards: hire and operate
Hire staff, obtain work permits and temporary residence cards, set up import and distribution, and begin tax and social insurance filings.

How we help

Our Ho Chi Minh City team takes you from market assessment to a trading company: structure, investment and enterprise registration, licences and incentives, work permits, accounting and sales channels, with one team throughout.

Plan your Vietnam entry

Ministry of Financemof.gov.vn ↗ National Business Registration Portaldangkykinhdoanh.gov.vn ↗ Tax Departmentgdt.gov.vn ↗

Sources

Figures in this guide come from the following published sources.

Home / Market guides / Expanding into Singapore

Market guide · Singapore

Expanding into Singapore: the 2026 market guide.

Where Singapore's economy stands after Q2 2026, the industries drawing new commitments, the incentives on offer and how to set up a company or regional headquarters.

Checked in October 2026 against official statistics, government publications and recent news reports. Figures are the latest published at the time of writing and will change; treat this guide as a starting point, not legal or tax advice.

Singapore in 2026

Singapore's economy grew 5.9% year on year in Q2 2026 and 6.1% in the first half, lifted by global spending on AI hardware. The government raised its 2026 growth forecast to 4.5–5.5% in August.

5.9%Q2 GDP growth, year on year

6.1%H1 2026 GDP growth

4.5–5.5%2026 growth forecast (MTI, Aug 2026)

SGD 14.2bnFixed-asset investment commitments, 2025 (EDB)

AI hardware is the engine. The Ministry of Trade and Industry tied its August upgrade to the acceleration in global AI-related capital spending, which is lifting electronics, precision engineering and logistics.
Investment sources are shifting. China accounted for 20.6% of 2025 fixed-asset investment commitments, overtaking the United States (17.3%) for the first time; electronics and biomedical manufacturing led.
Hiring foreign staff costs more. From January 2027 the Employment Pass minimum salary rises to SGD 6,000 (SGD 6,600 in financial services) and the S Pass to SGD 3,600. The Local Qualifying Salary for local staff is SGD 1,800 a month from July 2026.
Regional hub role holds. Singapore remains the most common holding and treasury location for groups expanding across Southeast Asia, helped by its tax-treaty network and capital-market access.

Industries to watch

These sectors combine strong investment with room for new suppliers, service providers and regional teams.

Semiconductors and electronics

Electronics made up a third of 2025 manufacturing commitments. Wafer fabs, advanced packaging and equipment makers need materials, maintenance, cleanroom and engineering services.

Biomedical and healthcare

Biomedical manufacturing was 30.8% of 2025 manufacturing commitments. Openings in contract manufacturing, medical devices, clinical services and an ageing-population care market.

AI, data and digital services

Global AI investment is driving demand for data centres, cloud, cybersecurity and AI services, though new data-centre capacity is rationed for energy efficiency.

Regional HQ, treasury and professional services

Most of the SGD 8.9 billion of 2025 business expenditure went to headquarters, professional services and R&D. Holding, treasury and family-office structures remain in demand.

Trade, logistics and commodities

Port and airport hubs, commodity trading desks and regional distribution centres serve the whole of Southeast Asia.

Food, consumer and lifestyle

A high-income test market for premium consumer, food and beauty brands before wider ASEAN roll-out; products need SFA or HSA approval where relevant.

New capacity by location

Singapore is one market, so the choice is about the right estate or district for your activity.

Area	Typical use
Central business district and Marina Bay	Regional headquarters, finance, treasury, professional services and family offices
one-north and Punggol Digital District	Technology, biomedical research, AI and start-ups, close to universities and research institutes
Jurong, Tuas and Seletar (JTC estates)	Semiconductors, chemicals, advanced manufacturing, aerospace and logistics
Woodlands and the north	Gateway to the Johor–Singapore Special Economic Zone for cross-border manufacturing and logistics

JTC manages industrial land; we help you shortlist estates and coordinate with landlords.

Government incentives

Singapore relies less on tax holidays and more on targeted grants and reduced-rate awards, adjusted for the global minimum tax.

Low headline tax. Corporate tax is 17%, with partial exemptions; qualifying new companies get a 75% exemption on the first SGD 100,000 of income for their first three years.
EDB awards. The Pioneer and Development and Expansion Incentive awards offer reduced rates for qualifying high-value activities, negotiated case by case with the Economic Development Board.
Refundable Investment Credit. Introduced for the global minimum tax era, it offsets tax on qualifying investments in new capacity, R&D and green projects, and is refundable in cash if unused.
Grants for SMEs and expansion. Enterprise Singapore funds productivity, market-readiness and capability projects for qualifying companies.
Global minimum tax. Groups with revenue of EUR 750 million or more pay at least 15% through Singapore's domestic top-up tax from 2025.

Company structures

The right structure depends on your activity, how much control you need and whether you will earn revenue locally.

Structure	Ownership and key rules	Setup time
Private limited company (Pte. Ltd.)	Up to 100% foreign-owned. At least one locally resident director and a company secretary. Registered online with ACRA; the usual choice for trading companies and regional HQs.	1–3 days to register; bank account longer
Branch of a foreign company	Same legal entity as the parent, which carries its liabilities. Needs two local authorised representatives; taxed at the corporate rate.	About 1–2 weeks
Representative office	For market research and liaison only; cannot trade or earn revenue. Renewed yearly, for up to three years.	About 1–2 weeks
Variable capital company (VCC)	Investment fund vehicle managed by a licensed fund manager, used for regional funds and family offices.	About 1–2 months

Bank account opening and work passes usually take longer than incorporation itself.

Restricted activities

Singapore is open to foreign ownership in most sectors, but regulated activities need licences first:

Banking, insurance, fund management and payments, licensed by the Monetary Authority of Singapore
Food import and processing (SFA), health products and cosmetics (HSA), and telecoms (IMDA)
Employment agencies, travel agencies, education and healthcare services
Newspapers and broadcasting, where foreign ownership is restricted

Work passes drive the timeline

Employment Pass applications are scored under the COMPASS framework on salary, qualifications, diversity and local hiring. Plan local hires alongside foreign transfers.

Tax and running costs

Corporate income tax is 17%, with partial exemptions and the start-up exemption for new companies.
GST is 9%. Registration is required once taxable turnover passes SGD 1 million a year.
Withholding tax on payments abroad: none on dividends; 15% on interest and 10% on royalties, before treaty relief.
CPF for Singaporean and PR staff is 17% from the employer and 20% from the employee, on monthly wages up to SGD 8,000. There is no general minimum wage.
Personal income tax for residents runs from 0% to 24%.

Compare costs in the tax tool See the entry route

Your first six months

Weeks 1–2: confirm the role of the entity
Decide whether Singapore will trade, hold, finance or manage the region, as that shapes structure and incentives.
Weeks 2–3: incorporate
Register the company with ACRA, appoint a resident director and company secretary, and adopt the constitution.
Weeks 3–8: bank, tax and passes
Open the corporate bank account, register for GST if needed, and apply for Employment Passes.
Months 2–4: licences and incentives
Apply for sector licences and, where relevant, EDB or Enterprise Singapore support.
Month 3 onwards: operate
Hire, set up payroll and CPF, appoint auditors and file annual returns and tax.

How we help

Our Singapore headquarters takes you from structuring to a working company: incorporation, nominee and resident-director options, bank account, work passes, tax and accounting, and regional holding structures.

Plan your Singapore entry

Accounting and Corporate Regulatory Authorityacra.gov.sg ↗Economic Development Boardedb.gov.sg ↗Ministry of Manpowermom.gov.sg ↗

Sources

Figures in this guide come from the following published sources.

Home / Market guides / Expanding into Malaysia

Market guide · Malaysia

Expanding into Malaysia: the 2026 market guide.

Where Malaysia's economy stands after Q2 2026, why data centres and electronics dominate new investment, the incentives in Johor and Labuan, and how to choose a structure.

Malaysia in 2026

Malaysia's economy grew 6.0% year on year in Q2 2026 and 5.6% in the first half, led by electronics manufacturing and a rebound in mining. Bank Negara Malaysia's official forecast for 2026 is 4–5%.

6.0%Q2 GDP growth, year on year (DOSM)

5.6%H1 2026 GDP growth

RM218.5bnApproved investments, H1 2026 (+11.7%)

RM95.8bnData-centre and cloud approvals, H1 2026

Data centres lead investment. Information and communications approvals rose 68% to RM103.3 billion in the first half, almost all of it data-centre and cloud projects.
Electronics stays central. Electrical and electronics led manufacturing approvals at RM16.6 billion, and manufacturing project numbers rose 88%.
Selangor and Johor attract most capital. Selangor drew RM70.0 billion and Johor RM59.4 billion of first-half approvals, followed by Kuala Lumpur and Penang.
Minimum wage under review. The RM1,700 monthly minimum is due for review by 2027, so budget for rising labour costs.

Industries to watch

These sectors combine strong 2026 approvals with room for new suppliers, service providers and distributors.

Data centres and cloud

RM95.8 billion of approvals in H1 2026, mainly in Johor and Selangor. Demand for power and cooling equipment, construction, fit-out and managed services.

Electrical and electronics

Penang and Kulim are global hubs for chip assembly, testing and equipment. Openings in components, automation, testing and engineering services.

Oil, gas and energy transition

Primary-sector approvals jumped to RM17.6 billion, led by offshore oil and gas, alongside solar and green-hydrogen projects.

Halal food and consumer goods

Malaysia's JAKIM halal certification is recognised widely, making it a base for halal food, cosmetics and pharmaceuticals.

Logistics and ports

Port Klang, Tanjung Pelepas and new rail links support regional distribution and e-commerce fulfilment.

Medical devices and healthcare

A growing medical-device cluster and medical tourism market serve the region.

Where to set up

First-half 2026 approvals by state show where capacity is going.

Area	H1 2026 approvals	Best suited to
Selangor and Kuala Lumpur	RM96.6bn	Regional offices, data centres, consumer brands, services and logistics around Port Klang
Johor and the Johor–Singapore SEZ	RM59.4bn	Data centres, manufacturing and logistics next to Singapore, with SEZ tax incentives
Penang and Kedah (Kulim)	RM20.2bn (Penang)	Semiconductors, electronics and medical devices
Labuan	—	Offshore holding, leasing, insurance and trading companies under the Labuan regime

Government incentives

Malaysia combines classic tax incentives with new zone-based regimes.

Pioneer status and investment tax allowance. MIDA grants income-tax exemptions or allowances on capital spending for promoted manufacturing, high-tech and services projects.
Johor–Singapore SEZ. Companies in advanced industries such as AI, quantum computing, medical devices and aerospace can pay 5% corporate tax for up to 15 years, and eligible knowledge workers pay 15% personal tax for 10 years.
Digital and data centres. Digital-economy incentives administered with MDEC support data centres, cloud and digital services, subject to energy and water conditions.
Labuan. Labuan trading companies with substance in Labuan pay 3% tax on net profit.
Global minimum tax. Large groups (EUR 750 million revenue or more) pay a top-up tax so their effective rate reaches 15% from 2025.

Company structures

The right structure depends on your activity, how much control you need and whether you will earn revenue locally.

Structure	Ownership and key rules	Setup time
Private limited company (Sdn. Bhd.)	Up to 100% foreign-owned in manufacturing and many services. Distribution and retail need a wholesale, retail and trade licence and usually higher capital.	About 2–4 weeks
Labuan company	For holding, trading, leasing and financial activities from Labuan; needs a Labuan trust company and local substance.	About 2–4 weeks
Branch of a foreign company	Registered with SSM; the parent carries liabilities. Common for project and construction work.	About 1 month
Representative or regional office	Approved by MIDA for liaison and coordination; cannot trade.	About 1–2 months

Expatriate posts and Employment Passes are applied for through the Expatriate Services Division once the company is set up.

Restricted activities

Most sectors are open, but some activities carry conditions for foreign-owned companies:

Distributive trade, including retail and hypermarkets, under the WRT guidelines and licences
Logistics, freight forwarding and some telecoms services, with ownership limits or Bumiputera equity conditions
Financial services licensed by Bank Negara Malaysia and the Securities Commission
Food, cosmetics and drugs (NPRA), and halal certification for halal claims

Halal certification

Halal certification from JAKIM opens Muslim-majority markets across the region. We help prepare the documents and plant audit.

Tax and running costs

Corporate income tax is 24%, with 15% and 17% bands for qualifying SMEs.
Sales and service tax: sales tax of 5% or 10% and service tax of 8% on most taxable services.
Withholding tax: none on dividends; 15% on interest and 10% on royalties and many service fees, before treaty relief.
EPF for Malaysian staff is 12–13% from the employer and 11% from the employee, plus SOCSO and EIS; foreign staff pay EPF at 2% each.
Minimum wage is RM1,700 a month, and personal income tax for residents is 0–30%.

Compare costs in the tax tool See the entry route

Your first six months

Weeks 1–2: assess the market
Size demand, check competitors and pricing, and confirm whether your activity needs a licence or special conditions.
Weeks 2–4: choose the structure and state
Compare a Sdn. Bhd., Labuan company or branch, and compare Selangor, Johor, Penang and SEZ incentives.
Month 1–2: register
Incorporate with SSM, open a bank account and register for tax, SST and EPF.
Months 2–4: licences and incentives
Apply for MIDA incentives, trading licences, product approvals and halal certification where needed.
Month 3 onwards: hire and operate
Hire staff, obtain Employment Passes, set up import and distribution, and begin monthly filings.

How we help

We coordinate your Malaysia entry from Singapore with trusted execution teams in Kuala Lumpur, Johor and Labuan: structure, registration, incentives, licences, work passes, accounting and sales channels.

Plan your Malaysia entry

Malaysian Investment Development Authoritymida.gov.my ↗Companies Commission of Malaysiassm.com.my ↗Inland Revenue Boardhasil.gov.my ↗

Sources

Figures in this guide come from the following published sources.

Home / Market guides / Expanding into Indonesia

Market guide · Indonesia

Expanding into Indonesia: the 2026 market guide.

Where Indonesia's economy stands after Q2 2026, where investment is flowing, the incentives available and how to set up a foreign-owned company (PT PMA).

Indonesia in 2026

Indonesia's economy grew 5.29% year on year in Q2 2026. Investment realisation reached IDR 1,010.6 trillion in the first half, up 7.2% and almost half the full-year target of IDR 2,041.3 trillion.

5.29%Q2 GDP growth, year on year

IDR 1,010.6tnInvestment realised, H1 2026 (+7.2%)

50.2%Share of H1 investment from foreign investors

1.45mDirect jobs created by H1 investment (+15%)

Downstream industry leads. Basic metals and metal goods, driven by nickel processing, was the largest sector at IDR 150.4 trillion, followed by services, mining, and transport and telecoms.
Java dominates, Sulawesi rises. Jakarta, West Java, East Java and Banten took nearly half of first-half investment, while Central Sulawesi's nickel parks drew IDR 68.7 trillion.
Halal rules tighten. Mandatory halal certification is being phased in, with requirements for imported products due to be set by October 2026. Check whether your products are covered.
Large, young consumer market. Over 280 million people and a growing middle class make Indonesia the region's biggest consumer opportunity, but distribution is complex.

Industries to watch

These sectors combine strong 2026 investment with room for new suppliers, service providers and distributors.

Nickel, EV batteries and metals

The largest investment sector in H1 2026. Demand for equipment, engineering, logistics, environmental and power services around smelters and battery plants.

Data centres and digital

Jakarta and Batam are building data-centre capacity for cloud providers, with demand for power, cooling and network services.

Consumer goods and food

Food, beverages, personal care and household goods for a large domestic market; halal certification is increasingly required.

Logistics and infrastructure

Transport, warehousing and telecoms drew IDR 102.7 trillion in H1, supporting e-commerce and inter-island distribution.

Industrial estates and property

IDR 85.8 trillion in H1 for housing, industrial estates and offices; ready-built factories near Jakarta and Surabaya are in demand.

Healthcare and pharmaceuticals

Hospitals, clinics, medical devices and pharmaceuticals, subject to BPOM registration and local-content rules.

Where to set up

First-half 2026 investment realisation by province shows where capacity is going.

Area	H1 2026 investment	Best suited to
Jakarta	IDR 173.6tn	Headquarters, services, finance, digital and consumer brands
West Java and Banten	IDR 204.4tn combined	Manufacturing, automotive, electronics and logistics near Jakarta
East Java (Surabaya)	IDR 72.7tn	Manufacturing, food processing and the eastern Indonesia gateway
Central Sulawesi and other nickel regions	IDR 68.7tn	Nickel processing and battery materials in industrial parks
Batam and special economic zones	Varies	Export manufacturing, data centres and logistics near Singapore, with zone incentives

Government incentives

Indonesia uses tax holidays, allowances and special zones to steer investment into priority sectors.

Tax holiday. Pioneer industries such as metals downstreaming, petrochemicals and machinery can receive a corporate tax reduction of up to 100% for 5–20 years, depending on investment size.
Tax allowance. Qualifying projects in listed sectors and regions can deduct 30% of their investment over six years, plus accelerated depreciation.
Super-deductions. Up to 300% deductions for R&D and 200% for vocational training.
Special economic zones and Batam. SEZ and free-trade-zone companies get duty, VAT and tax benefits on qualifying activities.
Global minimum tax. Large groups pay at least 15% through Indonesia's minimum tax rules from 2025, which limits the value of holidays for them.

Company structures

The right structure depends on your activity, how much control you need and whether you will earn revenue locally.

Structure	Ownership and key rules	Setup time
Foreign-owned limited company (PT PMA)	Ownership depends on the business line (KBLI) under the Positive Investment List. Minimum IDR 2.5 billion paid-up capital per KBLI and an IDR 10 billion investment plan.	About 1–2 months
Representative office (KPPA)	For promotion and liaison only; cannot sign sales contracts or earn revenue.	About 2–4 weeks
Trade representative office (KP3A)	For foreign trading companies to promote and find buyers; no direct sales.	About 2–4 weeks
Local partner or distributor	Distribution through an Indonesian company, common where foreign ownership is limited or for a market test.	Varies

Business licences are issued through the risk-based OSS system; higher-risk activities need extra approvals.

Restricted activities

Indonesia's Positive Investment List sets which activities are open, capped or reserved:

Activities reserved for micro, small and medium businesses and cooperatives
Small-format retail and some distribution, where foreign investment is limited
Sectors with foreign ownership caps, such as some media and transport
Products that need BPOM registration, SNI standards, halal certification and import licences (API-U or API-P)

Halal certification for imports

Mandatory halal certification is being phased in by product category, and requirements for imported products are due to be set by October 2026. Build certification into your launch plan.

Tax and running costs

Corporate income tax is 22%, with a 50% rate reduction on part of the profit for companies with turnover up to IDR 50 billion.
VAT is 12% nominal, 11% effective for most goods and services.
Withholding tax on payments abroad is generally 20% before treaty relief.
BPJS employment and health contributions apply to all staff.
Minimum wage is set by province, from about IDR 2.32 million to IDR 5.73 million a month in 2026; personal income tax is 5–35%.

Compare costs in the tax tool See the entry route

Your first six months

Weeks 1–2: assess the market
Size demand, check competitors and pricing, and confirm your KBLI codes and any ownership caps.
Weeks 2–4: choose the structure and location
Choose between a PT PMA, representative office or distributor, and compare Java, Batam and special economic zones.
Months 1–2: register
Set up the PT PMA, obtain a business identification number (NIB) through OSS, open a bank account and pay in capital.
Months 2–5: licences and incentives
Obtain sector licences, BPOM registrations, SNI and halal certificates, import licences and incentive approvals.
Month 3 onwards: hire and operate
Hire staff, obtain work permits (RPTKA) and KITAS, set up distribution and begin tax and BPJS filings.

How we help

We coordinate your Indonesia entry from Singapore with trusted execution teams in Jakarta: structure, OSS licensing, BPOM and halal approvals, work permits, accounting and distribution partners.

Plan your Indonesia entry

OSS licensing systemoss.go.id ↗Food and Drug Authority (BPOM)pom.go.id ↗Directorate General of Taxespajak.go.id ↗

Sources

Figures in this guide come from the following published sources.

Home / Market guides / Expanding into Philippines

Market guide · Philippines

Expanding into Philippines: the 2026 market guide.

Where the Philippine economy stands after a weak Q2 2026, the sectors that remain attractive, the CREATE MORE incentives and how to choose a structure.

The Philippines in 2026

The Philippine economy grew only 2.3% year on year in Q2 2026, the weakest since 2009 outside the pandemic, and 2.6% in the first half. The government cut its 2026 target to 3.5–4.5% and expects public construction to recover.

2.3%Q2 GDP growth, year on year

2.6%H1 2026 GDP growth

3.5–4.5%Revised 2026 growth target

+4.5%Services growth in Q2

Sentiment is weak. A corruption scandal over flood-control projects cut public construction spending by 32% and hurt investor confidence, while Middle East fuel shocks pushed up inflation.
Services still grow. Services expanded 4.5% in Q2, led by IT-business process management, trade and finance, while industry contracted.
Ownership is more open. Reforms since 2022 allow 100% foreign ownership in telecoms, airlines, railways, renewable energy and many domestic-market businesses.
A large, young consumer market. Over 115 million people and strong remittance flows support consumer brands, though spending slowed in Q2.

Industries to watch

These sectors remain attractive despite the 2026 slowdown.

IT and business process management

The country's largest services export, now moving into analytics, AI-enabled services and healthcare back-office work.

Renewable energy

Fully open to foreign investors since 2022, with demand for solar, wind, storage and grid services.

Electronics and semiconductors

Chip assembly and testing in economic zones is the leading goods export.

Infrastructure and construction

Public-private partnerships in transport, water and power, though delays followed the 2026 scandal.

Consumer goods and retail

Food, personal care and franchise brands serve a young market; retail has foreign-capital thresholds.

Tourism and healthcare

Resorts, hospitals and clinics serve visitors and a growing middle class.

Where to set up

Most foreign investors start in Metro Manila or an economic zone.

Area	Typical use
Metro Manila (Makati, BGC, Ortigas)	Headquarters, IT-BPM, finance, consumer brands and professional services
CALABARZON and Central Luzon (Clark, Subic)	Manufacturing, electronics, logistics and freeport zones near Manila
Cebu	IT-BPM, tourism, furniture and electronics in the Visayas
PEZA economic zones nationwide	Export manufacturing and IT services with zone incentives

Government incentives

Incentives come through the CREATE MORE Act and are granted by investment promotion agencies such as the BOI and PEZA.

Income tax holiday, then a choice. Registered projects get an income tax holiday, followed by either a 5% special corporate income tax on gross income or enhanced deductions.
Lower rate under enhanced deductions. Registered business enterprises under the enhanced deductions regime pay 20% corporate tax, plus an extra 100% deduction on power costs.
VAT benefits for exporters. Local purchases by registered export enterprises with at least 70% export sales are zero-rated.
High-value projects. Projects with PHP 15 billion or more of investment can qualify for longer incentive periods and VAT benefits on local purchases.
Ownership reforms. Domestic-market companies can be 100% foreign-owned with paid-up capital of USD 200,000, or USD 100,000 if they use advanced technology or employ at least 15 Filipinos.

Company structures

The right structure depends on your activity, how much control you need and whether you will earn revenue locally.

Structure	Ownership and key rules	Setup time
Domestic corporation	Up to 100% foreign-owned outside the Negative List, subject to minimum capital for domestic-market businesses. Registered with the SEC.	About 1–2 months
Branch office	Licensed by the SEC; needs an inward remittance of at least USD 200,000 for domestic-market activity.	About 1–2 months
Representative office	For liaison and promotion only; needs an inward remittance of at least USD 30,000 a year for expenses.	About 1 month
Regional headquarters (RHQ/ROHQ)	Coordination or services to affiliates across the region, with work-visa benefits.	About 2 months

Restricted activities

The Foreign Investment Negative List limits some activities:

Mass media and the practice of most licensed professions, reserved for Filipinos
Land ownership, limited to Filipino citizens and companies at least 60% Filipino-owned
Retail trade, which needs paid-up capital of at least PHP 25 million for foreign retailers
Natural resources and some public utilities, with ownership caps

Land and leases

Foreign-owned companies cannot own land but can lease it long term under the Investors’ Lease Act. Factories in economic zones are usually leased.

Tax and running costs

Corporate income tax is 25%, or 20% for smaller companies with net taxable income up to PHP 5 million and assets up to PHP 100 million.
VAT is 12%, with registration above PHP 3 million in annual sales.
Withholding tax on payments abroad is generally 25%, with 15% on dividends where tax-sparing applies, before treaty relief.
Social contributions to SSS, PhilHealth and Pag-IBIG apply to all staff.
Minimum wage in Metro Manila is PHP 755 a day for non-agriculture workers from 26 September 2026; personal income tax is 0–35%.

Compare costs in the tax tool See the entry route

Your first six months

Weeks 1–2: assess the market
Size demand, check competitors and confirm whether your activity is on the Negative List.
Weeks 2–4: choose the structure and location
Choose between a corporation, branch or representative office, and between Metro Manila and an economic zone.
Months 1–2: register
Register with the SEC, obtain local business permits, a BIR tax registration and a bank account.
Months 2–4: incentives and licences
Register with the BOI, PEZA or another promotion agency for incentives, and obtain FDA or other sector licences.
Month 3 onwards: hire and operate
Hire staff, obtain Alien Employment Permits and visas, and begin monthly tax and social filings.

How we help

We coordinate your Philippines entry from Singapore with trusted execution teams in Manila: structure, SEC registration, BOI or PEZA incentives, permits, accounting and sales channels.

Plan your Philippines entry

Securities and Exchange Commissionsec.gov.ph ↗Board of Investmentsboi.gov.ph ↗Bureau of Internal Revenuebir.gov.ph ↗

Sources

Figures in this guide come from the following published sources.

Home / Market guides / Expanding into Cambodia

Market guide · Cambodia

Expanding into Cambodia: the 2026 market guide.

Where Cambodia's economy stands in 2026, the sectors drawing approved investment, Qualified Investment Project incentives and how to set up.

Cambodia in 2026

Cambodia approved USD 5.45 billion of fixed-asset investment across 346 projects in the first eight months of 2026, expected to create about 200,000 jobs. The World Bank expects growth to slow to 4.3% in 2026 before recovering in 2027.

USD 5.45bnApproved investment, Jan–Aug 2026

346Approved projects, Jan–Aug 2026

~200,000Jobs expected from approved projects

4.3%2026 growth forecast (World Bank)

Industry still leads. Manufacturing remains the main driver of approvals, while infrastructure and tourism projects lifted capital values in 2026.
Trade agreements help. RCEP and bilateral agreements with China, South Korea and the UAE support export-oriented investment.
Garments are diversifying. Garment, footwear and travel goods remain the largest export industry, but electronics, auto parts and agri-processing are growing.
Clean energy is opening up. Over USD 1 billion of renewable-energy investment has been cleared, supporting factory power supply.

Industries to watch

These sectors combine approved investment with room for new suppliers and service providers.

Garments, footwear and travel goods

The largest exporter and employer, now moving to higher-value products and greener production.

Electronics and auto parts

Assembly of wiring harnesses, components and bicycles in special economic zones.

Agri-processing

Rice, cashew, cassava and fruit processing for export, with demand for equipment and cold chain.

Renewable energy

Solar and hydropower projects, with over USD 1 billion of approvals.

Tourism and hospitality

Hotels and services around Siem Reap, Phnom Penh and the coast.

Infrastructure and logistics

Ports, expressways and the new Phnom Penh airport drive demand for logistics and construction services.

Where to set up

Most foreign manufacturers locate in special economic zones.

Area	Typical use
Phnom Penh	Headquarters, services, consumer brands and Phnom Penh SEZ manufacturing
Sihanoukville	Deep-sea port, Sihanoukville SEZ, export manufacturing and logistics
Border zones (Bavet, Poipet)	Manufacturing linked to Vietnamese and Thai supply chains
Siem Reap	Tourism and hospitality

Government incentives

Incentives come through the Law on Investment 2021 for Qualified Investment Projects (QIPs) registered with the Council for the Development of Cambodia.

Basic incentives. Corporate tax exemption for 3–9 years, then reduced rates, plus duty exemptions on construction materials and production equipment.
Or enhanced deductions. A QIP can instead choose special depreciation and deductions of up to 200% on qualifying spending such as R&D and training.
Priority sectors. High-tech, electronics, agro-industry, renewable energy, infrastructure and tourism receive the most generous terms.
Special economic zones. SEZ companies get one-stop services for licences, customs and labour.

Company structures

The right structure depends on your activity, how much control you need and whether you will earn revenue locally.

Structure	Ownership and key rules	Setup time
Private limited company	Up to 100% foreign-owned in most sectors. Registered with the Ministry of Commerce and the General Department of Taxation.	About 1–2 months
Qualified Investment Project (QIP)	A company registered with the CDC to receive investment incentives.	About 1–2 months extra
Branch office	Same legal entity as the parent; registered with the Ministry of Commerce.	About 1 month
Representative office	For liaison and promotion only; cannot trade.	About 2–4 weeks

Restricted activities

Most activities are open to foreign investors, with some limits:

Land ownership is reserved for Cambodians; foreign companies use long-term leases
Some activities, such as rice milling and certain media, have ownership limits or licensing
Products such as food, drugs and cosmetics need registration with the relevant ministry
Work permits and employment cards are required for all foreign staff

Leasing land

Long-term leases of up to 50 years, renewable, are the usual way for foreign companies to secure land.

Tax and running costs

Corporate income tax is 20%, with QIP exemptions of 3–9 years.
VAT is 10%, and all companies must register.
Withholding tax on payments abroad is 14%.
NSSF social security covers occupational risk, health and pension.
Minimum wage applies to garment, footwear and bag workers at USD 210 a month in 2026; salary tax is 0–20%.

Compare costs in the tax tool See the entry route

Your first six months

Weeks 1–2: assess the market
Size demand, confirm your activity and whether a QIP makes sense.
Weeks 2–4: choose the structure and location
Choose between a company, branch or representative office, and between Phnom Penh and an SEZ.
Months 1–2: register
Register with the Ministry of Commerce and tax department, and open a bank account.
Months 2–4: incentives and licences
Apply to the CDC for QIP status and obtain sector licences.
Month 3 onwards: hire and operate
Hire staff, obtain work permits, register with NSSF and begin monthly tax filings.

How we help

We coordinate your Cambodia entry from Singapore with trusted execution teams in Phnom Penh: structure, registration, QIP incentives, licences, work permits and accounting.

Plan your Cambodia entry

Council for the Development of Cambodiacdc.gov.kh ↗Ministry of Commerce business registrationbusinessregistration.moc.gov.kh ↗General Department of Taxationtax.gov.kh ↗

Sources

Figures in this guide come from the following published sources.

Home / Market guides / Expanding into Hong Kong

Market guide · Hong Kong

Expanding into Hong Kong: the 2026 market guide.

Where Hong Kong's economy stands after H1 2026, why trade and finance are rebounding, the tax and talent schemes on offer and how to set up a company.

Hong Kong in 2026

Hong Kong's economy grew 5.1% year on year in the first half of 2026, its strongest half-year in nearly five years. Q2 growth was 4.3%, and the government raised its 2026 forecast to 3.5–4.5%.

5.1%H1 2026 GDP growth

4.3%Q2 GDP growth, year on year

+28.9%Q2 real goods exports

3.5–4.5%2026 growth forecast

AI demand lifts trade. Global demand for AI-related electronics drove a 28.9% jump in real goods exports in Q2, helping logistics too.
Gateway to mainland China. Hong Kong remains the main route for capital and companies moving between mainland China and the rest of Asia.
Talent schemes. The Top Talent Pass and other schemes make it easier to bring in senior staff.
Risks. The government flags Middle East tensions, US interest rates and trade protectionism as risks for the second half.

Industries to watch

These sectors combine strong demand with room for new providers.

Trade and logistics

Re-export, sourcing and logistics benefit from AI-driven electronics trade.

Finance, wealth and family offices

Funds, private banking and family offices, with tax concessions for qualifying family-owned investment holding vehicles.

Technology and innovation

Science Park, Cyberport and the Northern Metropolis support AI, fintech and life sciences.

Professional services

Legal, accounting and consulting for companies operating across the Greater Bay Area.

Consumer and retail

A high-income market and showcase for brands targeting mainland visitors.

Healthcare and life sciences

Clinical research, medical devices and healthcare services.

Where to set up

Most foreign companies choose an office location based on clients and talent.

Area	Typical use
Central, Admiralty and Wan Chai	Finance, family offices, legal and professional services
Kowloon East and Tsim Sha Tsui	Trading, sourcing, regional offices and retail
Science Park and Cyberport	Technology, AI, fintech and life sciences
Northern Metropolis	Innovation and technology linked to Shenzhen

Government incentives

Hong Kong relies on low, simple taxes rather than tax holidays.

Low profits tax. 8.25% on the first HKD 2 million of profit and 16.5% above that, on a territorial basis: offshore profits are generally not taxed.
No VAT or GST, and no withholding tax on dividends or interest.
Concessions. Reduced rates or exemptions for qualifying funds, family-owned investment holding vehicles, ship leasing and patent income.
Strategic enterprises. The Office for Attracting Strategic Enterprises offers tailored support to target companies.
Global minimum tax. Large groups pay at least 15% through Hong Kong's minimum top-up tax from 2025.

Company structures

The right structure depends on your activity, how much control you need and whether you will earn revenue locally.

Structure	Ownership and key rules	Setup time
Private company limited by shares	Up to 100% foreign-owned, with at least one director and a local company secretary. Registered online with the Companies Registry.	About 1–5 days
Branch (registered non-Hong Kong company)	Registered within one month of setting up a place of business.	About 1–2 weeks
Representative office	For liaison only; needs business registration.	About 1–2 weeks
Limited partnership fund	For private equity and venture funds managed from Hong Kong.	About 1–2 months

Bank accounts can take longer than incorporation; we prepare the documents banks ask for.

Restricted activities

Most activities are open, but regulated activities need licences:

Banking (HKMA), securities and asset management (SFC) and insurance (IA)
Telecoms, broadcasting and money services
Restaurants and food import (FEHD and the Centre for Food Safety)
Pharmaceuticals and medical products (Drug Office)

Visas for staff

Foreign staff need an employment visa from the Immigration Department; talent schemes can speed up senior hires.

Tax and running costs

Profits tax is 8.25% on the first HKD 2 million and 16.5% above that.
No VAT, GST or sales tax.
Withholding tax: none on dividends or interest; an effective rate of about 4.95% on royalties to non-associated recipients.
MPF is 5% from employer and employee each, capped at HKD 1,500 a month.
Minimum wage is HKD 43.1 an hour from 1 May 2026; salaries tax is 2–17% progressive or a 15–16% standard rate.

Compare costs in the tax tool See the entry route

Your first six months

Week 1: plan
Decide on structure, shareholders and directors, and the Hong Kong entity's role in your group.
Weeks 1–2: incorporate
Register the company and business registration online.
Weeks 2–8: bank and visas
Open a corporate bank account and apply for employment visas.
Months 2–3: licences
Obtain any sector licences.
Month 3 onwards: operate
Set up payroll and MPF, appoint auditors and file profits tax returns.

How we help

We coordinate your Hong Kong entry from Singapore with trusted execution teams in Hong Kong: structure, incorporation, bank account, visas, licences, tax and accounting.

Plan your Hong Kong entry

Companies Registrycr.gov.hk ↗Invest Hong Konginvesthk.gov.hk ↗Inland Revenue Departmentird.gov.hk ↗

Sources

Figures in this guide come from the following published sources.

Home / Market guides / Expanding into China

Market guide · China

Expanding into China: the 2026 market guide.

Where China's economy stands after H1 2026, where foreign investment is rising, the incentives in Shanghai and Guangxi, and how to set up a foreign-invested enterprise.

China in 2026

China's economy grew 4.3% year on year in Q2 2026 and 4.7% in the first half, as fixed-asset investment fell. Foreign investment is shifting towards high-tech sectors even as the total declines.

4.7%H1 2026 GDP growth

37,711New foreign-invested enterprises, Jan–Jul 2026 (+4.4%)

RMB 438.3bnForeign investment in actual use, Jan–Jul 2026 (−6.2%)

41.6%Share of FDI going to high-tech industries (+32.7%)

High-tech attracts foreign capital. FDI into high-tech industries rose 32.7%, led by R&D and design services and electronics and telecoms equipment.
Weak property, cautious consumers. Fixed-asset investment fell 5.7% and property development 18%, while retail sales grew only 2.7%.
New investors arrive. Investment from Saudi Arabia, France and South Korea rose sharply in 2026.
Import rules tighten. GACC Decree 280 on registering overseas food manufacturers takes effect in June 2026, so check exporter registrations.

Industries to watch

These sectors combine policy support with room for foreign companies.

Advanced manufacturing

Manufacturing is fully open to foreign investment, with demand for automation, materials and components.

New energy and EVs

EVs, batteries, solar and storage, with strong supply chains and intense competition.

Healthcare and elderly care

An ageing population drives demand for medical devices, clinics and elderly care, with pilot openings in some cities.

Consumer goods and cross-border e-commerce

Premium food, beauty and health products can test demand through cross-border e-commerce before full registration.

R&D and technology services

R&D and design services saw the fastest FDI growth in 2026.

ASEAN trade via Guangxi

Guangxi links China with ASEAN through ports, rail and the Pinglu Canal project.

Where to set up

We focus on two entry points.

Area	Typical use
Shanghai (including the Lingang area)	Regional headquarters, finance, consumer brands, R&D and advanced manufacturing; 15% corporate tax for key industries in Lingang
Guangxi (Nanning, Qinzhou, Beibu Gulf)	China–ASEAN trade, processing, logistics and Western Region incentives
Greater Bay Area (Shenzhen, Guangzhou)	Electronics, technology and export manufacturing
Free trade zones	Pilot openings in services, finance and trade

Government incentives

China steers investment through regional tax rates and encouraged-industry lists.

Western Region Development. Encouraged companies in western regions, including Guangxi, pay 15% corporate tax instead of 25%.
High and new technology enterprises pay 15% corporate tax nationwide.
Shanghai Lingang. Qualifying companies in key industries pay 15% for five years.
Small low-profit enterprises pay an effective rate of 5%.
Encouraged industries. Projects on the encouraged catalogue can import equipment duty-free.

Company structures

The right structure depends on your activity, how much control you need and whether you will earn revenue locally.

Structure	Ownership and key rules	Setup time
Wholly foreign-owned enterprise (WFOE)	A limited liability company 100% foreign-owned, outside the negative list. Registered capital must be paid within five years under the 2024 Company Law.	About 2–3 months
Joint venture	Required in sectors with ownership limits on the negative list.	About 3–4 months
Representative office	For liaison and market research only; cannot trade, and is taxed on deemed profits.	About 1–2 months
Cross-border e-commerce	Sell directly to consumers through bonded platforms without a local entity.	Weeks

Restricted activities

The Special Administrative Measures (the negative list) set out restricted and prohibited sectors:

Value-added telecoms, internet content, publishing and media, with limits or bans
Compulsory education, some medical services and legal services
Some agricultural seeds, rare earths and selected resources
Food, cosmetics and drugs, which need registration with GACC, SAMR or NMPA before import

Import registration

Overseas food manufacturers must register with GACC under Decree 280 from June 2026. We check the status of your suppliers.

Tax and running costs

Corporate income tax is 25%, or 15% for high-tech enterprises, the Western Region and Lingang.
VAT is 13% on most goods, 9% or 6% on some goods and services.
Withholding tax is 10% on dividends, interest and royalties paid abroad, before treaty relief.
Social insurance in Shanghai is about 26% from employers and 10.5% from employees, plus the housing fund.
Minimum wage is set by city, CNY 2,740 a month in Shanghai; personal income tax is 3–45%.

Compare costs in the tax tool See the entry route

Your first six months

Weeks 1–3: assess the market
Check demand, competitors and whether your activity is restricted.
Weeks 3–6: choose the structure and city
Choose between a WFOE, joint venture, representative office or cross-border e-commerce.
Months 2–3: register
Register with SAMR, obtain the business licence, open bank and capital accounts, and register for tax.
Months 3–5: licences
Obtain sector licences, product registrations and customs registration.
Month 4 onwards: hire and operate
Hire staff, obtain work permits and begin tax and social insurance filings.

How we help

We coordinate your China entry from Singapore with trusted execution teams in Shanghai and Guangxi: structure, registration, licences, import registration, accounting and distribution partners.

Plan your China entry

Ministry of Commercemofcom.gov.cn ↗State Administration for Market Regulationsamr.gov.cn ↗General Administration of Customscustoms.gov.cn ↗

Sources

Figures in this guide come from the following published sources.

Home / Market guides / Expanding into South Korea

Market guide · South Korea

Expanding into South Korea: the 2026 market guide.

Where South Korea's economy stands after Q2 2026, why foreign investment arrivals hit a record, the incentives available and how to set up a company.

South Korea in 2026

South Korea's economy grew 3.7% year on year in Q2 2026, after 3.8% in Q1, led by semiconductor and machinery exports. Foreign direct investment arrivals reached a record USD 10.73 billion in the first half.

3.7%Q2 GDP growth, year on year

USD 14.28bnFDI pledges, H1 2026 (+9.1%)

USD 10.73bnFDI arrivals, H1 2026 (+42.6%)

USD 9.07bnServices FDI pledges, H1 2026 (+27.9%)

Chips lead exports. IT products, including semiconductors, drove export growth despite the Middle East conflict.
Services draw most FDI. Finance and property led services pledges, while manufacturing pledges fell 28.4%.
Investors diversify. Pledges from Singapore, the UK and others rose 65.4%, while US and Chinese pledges fell.
A sophisticated consumer market. High incomes and fast trend cycles suit premium food, beauty and lifestyle brands, which need strong local marketing.

Industries to watch

These sectors combine policy support with room for foreign companies.

Semiconductors and AI infrastructure

Korea's largest export industry, with national strategic technology tax credits and growing AI data-centre investment.

Batteries and EVs

Battery makers and their suppliers need materials, equipment and recycling partners.

Biotech and medical devices

Machinery and medical instrument pledges more than tripled in H1 2026.

Finance and real estate

The main source of services FDI in 2026.

Consumer, food and beauty

Premium imported food, wine, beauty and lifestyle products sell through online platforms and department stores.

Shipbuilding and defence

Global orders drive demand for equipment and engineering services.

Where to set up

Free Economic Zones and Foreign Investment Zones offer the strongest incentives.

Area	Typical use
Seoul	Headquarters, finance, consumer brands and professional services
Pangyo and Gyeonggi	Technology, semiconductors, gaming and AI
Incheon Free Economic Zone (Songdo)	Biotech, logistics and regional headquarters near Incheon Airport
Busan–Jinhae Free Economic Zone	Port logistics, shipbuilding and manufacturing

Government incentives

Korea offers cash grants and location-based incentives rather than general tax holidays.

Cash grants. Foreign investors in high-tech, materials and components, and regional headquarters can receive cash grants towards investment and jobs.
Foreign Investment Zones and Free Economic Zones offer land-lease discounts, duty exemptions and simpler procedures.
Strategic technology credits. Investment tax credits for semiconductors, batteries and other national strategic technologies.
Investor visa. A D-8 visa is available to foreign investors who invest at least KRW 100 million.
Global minimum tax. Large groups pay at least 15% under Korea's global minimum tax rules.

Company structures

The right structure depends on your activity, how much control you need and whether you will earn revenue locally.

Structure	Ownership and key rules	Setup time
Stock company (Chusik Hoesa)	The most common form; registered as a foreign-invested company after an FDI report through a bank or KOTRA.	About 3–6 weeks
Limited company (Yuhan Hoesa)	Simpler governance, suited to wholly owned subsidiaries.	About 3–6 weeks
Branch office	Registered with the court registry; the parent carries liabilities.	About 3–4 weeks
Liaison office	For non-profit activities such as market research; cannot earn income.	About 2–3 weeks

Restricted activities

Most sectors are open, with limits in a few:

Broadcasting, newspapers and some telecoms, with ownership caps
Air transport, coastal shipping and some energy and nuclear activities
Rice and barley farming and some agricultural activities
Food, cosmetics and medical devices, which need MFDS registration before import

Korean-language compliance

Labels, contracts and filings must be in Korean. We coordinate translation and MFDS registration.

Tax and running costs

Corporate income tax is 9–24%, plus local income tax of 10% of the tax.
VAT is 10%.
Withholding tax is 22% on dividends, interest and royalties paid abroad, before treaty relief.
Social insurance covers pension, health, employment and accident insurance.
Minimum wage is KRW 10,320 an hour from 1 January 2026; personal income tax is 6–45% plus 10% local tax.

Compare costs in the tax tool See the entry route

Your first six months

Weeks 1–2: assess the market
Check demand, competitors and pricing, and whether your activity is restricted.
Weeks 2–4: choose the structure and location
Choose between a stock company, limited company, branch or liaison office, and compare FEZ incentives.
Weeks 4–8: report and register
File the FDI report, remit capital and register the company and business registration.
Months 2–4: licences and incentives
Obtain MFDS registrations and apply for grants or zone incentives.
Month 3 onwards: hire and operate
Hire staff, obtain D-8 or work visas and begin tax and social insurance filings.

How we help

We coordinate your Korea entry from Singapore with trusted execution teams in Seoul: structure, FDI reporting, registration, MFDS approvals, visas, accounting and distribution.

Plan your Korea entry

Invest Korea (KOTRA)investkorea.org ↗Ministry of Food and Drug Safetymfds.go.kr ↗National Tax Servicents.go.kr ↗

Sources

Figures in this guide come from the following published sources.

Home / Market guides / Expanding into Dubai (UAE)

Market guide · Dubai (UAE)

Expanding into Dubai (UAE): the 2026 market guide.

Where Dubai's economy stands in 2026, why the UAE draws record investment, how free zones and mainland companies differ and what the 9% corporate tax means.

Dubai in 2026

Dubai's economy grew 2.4% year on year in Q1 2026 to about AED 232 billion, led by trade and construction despite disruption from the US–Iran conflict that began in February. The UAE attracted a record USD 48.3 billion of FDI in 2025.

2.4%Dubai Q1 2026 GDP growth

USD 48.3bnUAE FDI inflows, 2025 (record)

1,506New DIFC companies, H1 2026 (+39%)

7thDubai in the Global Financial Centres Index

A record year for investment. The UAE was the world's ninth-largest FDI recipient in 2025 and second for greenfield projects, with 1,562 announced.
Finance keeps growing. DIFC registered 1,506 new companies in the first half of 2026 and passed 10,000 active firms, led by wealth and asset managers.
Regional risk. The US–Iran conflict since February 2026 has unsettled the region, yet trade, construction and finance have kept growing. Plan for logistics and insurance costs.
Gateway to three continents. Jebel Ali port and Dubai's airports serve the Middle East, Africa and South Asia.

Industries to watch

These sectors combine strong demand with room for new providers.

Trade and logistics

Re-export through Jebel Ali and free zones such as JAFZA and DMCC.

Finance and wealth management

DIFC funds, family offices and fintech, plus virtual-asset firms regulated by VARA.

Real estate and construction

A major driver of growth, with demand for materials, fit-out and property services.

Tourism, hospitality and F&B

Hotels, restaurants and leisure for visitors and residents.

AI and digital

Government AI strategies and data-centre projects create demand for technology services.

Healthcare and consumer

Premium consumer brands, clinics and healthcare services for a fast-growing population.

Where to set up

The key choice is between a mainland company and a free zone.

Area	Typical use
Mainland Dubai (DET licence)	Trading directly with UAE customers and government, retail, F&B and services
DMCC	Commodities, trading, crypto and general trading companies
JAFZA (Jebel Ali)	Logistics, manufacturing and re-export next to the port
DIFC	Banking, funds, wealth management and fintech under common law

Government incentives

Dubai offers low taxes, full foreign ownership and residence benefits.

9% corporate tax on profit above AED 375,000; qualifying free zone companies pay 0% on qualifying income.
No personal income tax on salaries.
Full foreign ownership of mainland companies for most activities since 2021.
Golden Visas of up to 10 years for investors, entrepreneurs and skilled professionals.
Global minimum tax. Large groups pay a 15% domestic minimum top-up tax from 2025.

Company structures

The right structure depends on your activity, how much control you need and whether you will earn revenue locally.

Structure	Ownership and key rules	Setup time
Mainland LLC	Up to 100% foreign-owned for most activities; licensed by Dubai's Department of Economy and Tourism. Can trade anywhere in the UAE.	About 2–6 weeks
Free zone company	100% foreign-owned in a free zone such as DMCC, JAFZA or DIFC. Cannot sell directly onshore without a distributor or mainland licence.	About 1–4 weeks
Branch of a foreign company	Mainland or free zone branch; the parent carries liabilities.	About 1–2 months
Representative office	For promotion only; cannot trade.	About 1 month

Restricted activities

Most activities are open, with some conditions:

Activities of strategic importance, such as defence, oil and utilities, need approval or local partners
Free zone companies cannot sell directly onshore without a distributor or mainland licence
Emiratisation quotas apply to private companies with 20 or more employees in some sectors
Food, cosmetics and medical products need Dubai Municipality or ministry registration, and Arabic labelling

Emiratisation

Private companies must meet Emiratisation targets, and Emirati staff must receive at least AED 6,000 a month in basic salary from 2026.

Tax and running costs

Corporate tax is 9% above AED 375,000, and 0% on qualifying free zone income.
VAT is 5%, with registration above AED 375,000 of taxable supplies.
No withholding tax on payments abroad.
No social security for expatriates; budget for end-of-service gratuity. UAE nationals contribute to GPSSA.
No general minimum wage for expatriates and no personal income tax.

Compare costs in the tax tool See the entry route

Your first six months

Weeks 1–2: assess the market
Check demand, competitors and pricing, and confirm your activity code.
Weeks 2–3: choose mainland or free zone
Decide where to license, based on customers, visas and tax.
Weeks 3–6: license and register
Obtain the trade licence, lease office space, open a bank account and register for tax.
Months 2–3: approvals
Obtain product registrations and sector approvals.
Month 2 onwards: hire and operate
Hire staff, obtain residence visas and begin VAT and corporate tax filings.

How we help

We coordinate your Dubai entry from Singapore with trusted execution teams in Dubai: mainland or free zone setup, bank accounts, visas, product registration, tax and accounting.

Plan your Dubai entry

Dubai Department of Economy and Tourismdubaidet.gov.ae ↗Federal Tax Authoritytax.gov.ae ↗Dubai Municipalitydm.gov.ae ↗

Sources

Figures in this guide come from the following published sources.

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Company incorporation & compliance

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Tax planning

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Visas & work permits

Import, export & distribution

Sales & marketing

Corporate restructuring for where the business is now.

Regional holding company

Branch, rep office or subsidiary

Entity consolidation

Share transfers & shareholder exits

Debt and business restructuring

Dissolution & exit

Compare corporate tax, VAT and employment costs across Asia.

Estimated corporate income tax

Incentives to explore

VAT / GST on sales

Withholding tax on payments abroad

Mandatory employer contributions

Employee personal income tax (estimate)

Official sources

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Market entry guides for Asia.

Expanding into Singapore

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Expanding into Indonesia

Expanding into Philippines

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Expanding into Hong Kong

Expanding into China

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Expanding into Dubai (UAE)

Thailand BOI investment promotion

Breaking into new markets

Market entry questions we hear first.

The people who will run your expansion.

In the media

Gordon Ho

Koonthida Kruasopon

2025

2024

2022–2023

Our consultants.

Corporate & legal

Tax & accounting

Trade & logistics

Sales & marketing

Investing with BOI promotion in Thailand.

Who can apply

Tax incentives

Merit-based extras

Non-tax incentives

Global minimum tax

How to apply

Check eligibility