Market focus: ASEAN

With extensive experience and local market knowledge of the ASEAN region, Hawksford has successfully supported clients in the region, and beyond, for many years.

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Your ASEAN business partner

Established in 1967 by its five founding members – Indonesia, Malaysia, the Philippines, Singapore and Thailand – the Association of Southeast Asian Nations (ASEAN) has grown to become a dynamic and compelling location for global businesses. 

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ASEAN comprises ten countries: Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam

670m

The population of ASEAN stands at more than 670 million people

$3.8tn

ASEAN has a combined gross domestic product (GDP) of US$3.8 trillion

$230bn

Foreign direct investment flows into ASEAN reached $230bn in 2023 (17% of global FDI)

While ASEAN presents a huge opportunity, expanding into new markets often comes with its challenges.

Our dedicated ASEAN team have extensive experience supporting clients in the region - whether its setting up a new entity or supporting cross-border business growth. Combining global expertise with local market knowledge, they are on hand to help you navigate the complexities and support you every step of the way.

For ASEAN in particular, the legal, regulatory and broader business landscape varies widely across its member countries. What’s more, it is a picture that is constantly evolving, with trade agreements, taxation and incentives changing on a regular basis. This poses challenges not only for market entrants but also for businesses already operating in the region.

If you’re looking to enter ASEAN, it’s vital to know which country is most appropriate for your business. Similarly, if you are new to the region or already well established, it’s essential to have a clear strategy around what you want to achieve and how you are going to deal with both the regional and country-specific complexities.

Whichever ASEAN country you are interested in, we can help.

The ASEAN opportunity

With a total population of more than 670 million and a combined GDP of US$3.8 trillion, ASEAN now comprises ten countries – Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Described by itself as a ‘community of opportunities for all’, ASEAN enables business from around the world to access its untapped markets and grow in Southeast Asia, while providing a strategic hub for access to the wider Asian market.

This is reflected in the level of foreign direct investment (FDI) into the region, which reached a record $230bn in 2023 (or 17% of global FDI). Intra-ASEAN FDI also continues to expand, demonstrating the strength of countries within the region doing business with each other.

Businesses across a wide range of sectors benefit from the diverse range of opportunities and incentives that ASEAN has to offer. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – of which the UK is now a member – provides additional trade benefits for those doing business with Brunei, Malaysia, Singapore and Vietnam.

Strengthened UK-ASEAN business ties

Ian Gibbons, Chief Executive Officer of the UK-ASEAN Business Council – one of Hawksford’s key partners for the region – shares his thoughts on the symbiotic relationship between these two markets.

He explains why ASEAN continues to attract UK businesses, how the two regions work together to strengthen relationships and strategic partnerships, and the efforts put into keeping barriers to entry to a minimum. 

Our client success stories

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“We’ve been working with Hawksford since 2012 when we decided to set up our own entities in Asia. The China team is very professional and helpful. They took care of every step of business formation, giving us advice and responding to our needs in a timely manner. With their ongoing support in accounting, tax, and corporate governance, we have been able to establish our presence in Asia and would continue to work with Hawksford as a trusted partner.”

Sophia Zhou, APAC Finance Controller, Moleskine China

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"Hawksford was able to help Boggi beyond its scope and has proven to be a key stakeholder of Boggi in Asia. In Singapore alone, Hawksford assisted Boggi in cultivating our connections with the most important landlords. This contribution allowed us to enter the Singapore market and open three stores.”

Paolo Selva, Boggi Milano

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“Hawksford’s Hong Kong team were true professionals and great people, supporting our operation here in Hong Kong, and providing us with tailored services for finance and administration which perfectly met our requirements. They handled our enquiries promptly and were always focused on delivering excellent solutions.”

Summy Lee, Head of Business Development, North/East Asia and Pacific, Amann Group

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"From the beginning, Hawksford took care of the essential business set-up, so that we could be up and running and operating successfully in a short timeframe. As a result of such a smooth entry into the UK, we have continued to use Hawksford for accounting services, financial statements, tax declarations and other general administrative services."

Anujin Baasanjav, Head Accountant, Gobi Cashmere UK

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"From the very beginning, the Hawksford team delivered their services in a professional and highly efficient way. They demonstrated great enthusiasm during our relationship and offer high-quality service provision. We look forward to working with Hawksford during ongoing market expansion in 2024.

Zhang Debao, CFO, AI Power

Challenges of international expansion

Gavin Wilkins, our Chief Commercial Officer, highlights the key challenges you might face when expanding into ASEAN and other international markets, including navigating local laws and regulations, overcoming language and cultural barriers, and the need for a clear strategy.

He also outlines how our expertise and operations in the region can support you with ASEAN market entry.  

Our ASEAN partners

Contact our ASEAN team