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An Introduction to Doing Business in ASEAN 2024

综合2023-12-29ASIA BRIEFING墨

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AN INTRODUCTION TO DOING BUSINESS IN ASEAN 2024

Overview: This report by Dezan Shira & Associates offers insights into the dynamics of doing business in the Association of Southeast Asian Nations (ASEAN) region. It provides a comprehensive guide tailored for foreign companies interested in navigating the complexities of the ASEAN regulatory environment and seizing investment opportunities.

Key Points:

Economic Growth and Investment Attraction:

ASEAN Overview: Established in 1967, ASEAN comprises 10 member states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam). The region boasts a population larger than the European Union and North America, with the third-largest labor force globally.
Economic Impact: Post-COVID-19 recovery, ASEAN economies showed an average growth rate of 4.2% in 2023, driven by demand from China and gradual consumption pickup in the US. Despite challenges, manufacturing in China continued to grow, positively impacting Southeast Asian economies.

Regulatory Reforms:

Strategic Reforms: In response to economic challenges, ASEAN members have expedited reforms aimed at improving the ease of doing business and attracting foreign investment. These reforms include liberalization of sectors like construction, healthcare, and telecommunications.

Investment Opportunities in Renewable Energy:

Market Potential: Southeast Asia is poised to become a global leader in renewable energy manufacturing, given its existing strengths in manufacturing capabilities and strategic position. By 2030, the region could earn revenues between $160 billion and $200 billion in renewable energy manufacturing, with a significant portion ($50-$60 billion) from low-carbon mobility and clean power sectors.

Specific Member State Updates:

Cambodia: Introduced new income tax thresholds and a Law on Investment to modernize the investment environment.
Indonesia: Enacted significant bureaucratic reforms post-2020 through the Job Creation Law, aiming to simplify business licensing processes, formalize special economic zones, and amend labor laws.
Malaysia: Amended the Employment Act to align with international standards, introducing new visa types for expatriates, including a digital nomad visa.
Singapore: Implemented a new points system for Employment Pass applicants, introduced the Overseas Network & Expertise Pass, and began taxing foreign-sourced disposable gains with economic substance criteria.

Renewable Energy Manufacturing Opportunities:

Production Capacity: Southeast Asia has the potential to produce 125-150 GW of solar PV module capacity by 2030, leveraging its existing strength in polysilicon, wafer, module, and cell production. Production is concentrated in countries like Laos, Malaysia, Vietnam, Cambodia, and Thailand.
Global Positioning: Southeast Asia's position as a global hub for renewable energy manufacturing offers significant revenue potential, particularly in low-carbon mobility and clean power sectors.

Conclusion: This report serves as a valuable resource for foreign investors looking to enter or expand operations within the ASEAN region. It underscores the importance of understanding local regulatory landscapes, identifying strategic investment opportunities, and leveraging the region's growing renewable energy manufacturing sector to drive sustainable economic growth.

ANINTRODUCTIONTO DoingBusinessinASEAN 2024 InvestmentOpportunitiesinASEAN’sRenewable EnergyIndustry SpecialFocus VISITUSONFACEBOOK <DezanShira&Associates> <ASEANBriefing> VISITUSONLINKEDIN <DezanShira&Associates> <ASEANBriefing> FOLLOWUSONTWITTER @DezanShira@ASEANBriefing THEDOINGBUSINESSINASIAGUIDESSERIES AvailabletoDownloadNow: DoingBusinessinIndonesiaandSingaporePortals •ChinaGuide •IndiaGuide •VietnamGuide •IndonesiaGuide •HongKongGuide •SingaporeGuide •ChinaSuperCityClusters •DubaiGuide OurlatestonlineDoingBusinessinIndonesiaandSingapore Portalsconsistsof100+guides,videos,publications,andtoolsthatarepracticalandeasytonavigate,covering:WhyIndonesia/Singapore,RegionstoInvest,SectorInsights,HowtoSetup,Tax,AuditandAccounting,HR,Recruitment,PEO,andPayroll,News,Events,andmore. ThiseditionofDoingBusinessinASEANwasproducedbyateamofprofessionalsatDezanShira&Associates,withAymanFalakandArendseHuldasEditors. CreativedesignoftheguidewasprovidedbyMiguelEnricoAnciano. ©2024DezanShira&Associates Disclaimer Thecontentsofthisguideareforgeneralinformationonly.Foradviceonyourspecificbusiness,pleasecontactaqualifiedprofessionaladvisor.Copyright2024,AsiaBriefingLtd.Noreproduction,copying,ortranslationofmaterialswithoutpriorpermissionofthepublisherispermitted. AboutDezanShira&Associates AtDezanShira&Associates,ourmissionistoguideforeigncompaniesthroughAsia’scomplexregulatoryenvironmentandassistthemwithallaspectsofestablishing,maintainingandgrowingtheirbusinessoperationsintheregion.Sinceitsestablishmentin1992,DezanShira&AssociateshasgrownintooneofAsia’smostversatilefull-serviceconsultancieswithoperationalofficesacrossChina,HongKong,India,SingaporeandVietnam,aswellasliaisonofficesinItaly,GermanyandtheUnitedStates,andpartnerfirmsacrosstheASEANregion.Withover30yearsofon-the-groundexperienceandalargeteamofprofessionaladvisers,weareyourreliablepartnerinAsia. Preface AnIntroductiontoDoingBusinessinASEAN2024,thelatestpublicationfromDezanShira&AssociatesisoutnowandavailablefordownloadthroughtheAsiaBriefingPublicationStore. TheAssociationofSoutheastAsianNations(ASEAN)wasestablishedin1967byIndonesia,Malaysia,Philippines,Singapore,andThailandtoacceleratetheeconomicgrowthandsocialdevelopmentintheregion.BruneiDarussalamjoinedin1987,Vietnamin1995,LaoDPRandMyanmarin1997,andCambodiain1999. TheonsetoftheCOVID-19pandemic,followedbytheRussia-UkrainecrisisseverelyimpactedASEANeconomiesthroughrisinginflation,witheconomiesintheregiongrowingatanaverage4.2percentin2023.Inresponse,ASEANmembershavequickenedthepaceofkeyreformstoimprovetheeaseofdoingbusinessandattractforeigninvestmentinnewareas,suchashigh-valuemanufacturingcapabilitiesanddigitaltechnology. For2024,theASEAN-6economiesareexpectedtoshowcollectivegrowthof4.6percent,drivenbydemandfromChinaisexpectedtoriseaswellasthegradualpick-upinconsumptionintheUnitedStates.DespitethegloomyheadlinessurroundingChina’seconomy,manufacturingcontinuestoslowlygrowwhichwillhaveapositivespillovereffectinSoutheastAsia. ASEANishometomorethan600millionpeople(largerthantheEUandNorthAmerica)andhasthethird-largestlaborforcebehindIndiaandChina.Sinceitsinception,theblochasseengrowthinmyriadsectors,suchasmanufacturing,retail,transportation,andtelecommunications.Theblocisexpectedtobecometheworld’sfourthlargesteconomyby2030withdomesticconsumptionexpectingtoreachUS$4trillion. Thispublication,designedtointroducethefundamentalsofinvestinginASEAN,wascompiledbyexpertsatDezanShira&Associates,aspecialistforeigndirectinvestmentpractice,providingcorporateestablishment,businessintelligence,taxadvisoryandcompliance,accounting,payroll,duediligenceandfinancialreviewservicestomultinationalsinvestinginemergingAsia. CONTACT DezanShira&Associatesindonesia@dezshira.comwww.dezshira.com AnIntroductiontoDoingBusinessinASEAN2024coversthefollowing: •Corporateestablishment; •Taxandaccounting; •Humanresourcesandpayroll;and •Auditandcompliance. ALBERTOVETTORETTI ManagingPartnerDezanShira&Associates What’sNewinThisGuide? ASEANcountrieshaveimplementedanarrayofregulatoryreformsasthebloclookstoincreaseitsattractivenessasadestinationforforeigninvestment.Thelevelandtypeofreformsvariesbetweenmembers.Indonesiaforinstance,hasenacteditsbiggestattemptatbureaucraticreformsinceindependence. WeprovidehighlightsofsomeofthekeychangesinASEANstates. Cambodia Cambodiaissuedadecreefornewincometaxthresholdsfor2023,andalsointroducedaLawonInvestment.TheLawgovernsbothdomesticandforeigninvestmentsinthecountry.TheCambodiangovernmentfirstenactedthepredecessortotheLawin1995andamendeditin2003. TheLawaimstomodernizeandstreamlineCambodia’sinvestmentenvironment,bringingregulationscloserinlinewithASEANbestpractices. Indonesia In2020,theIndonesiangovernmentpassedtheLawonJobCreation(OmnibusLaw),morecommonlyknownastheOmnibusLawduetoitswidescopeofprovisions.However,duetolegaldisputes,thelawwasorderedtoberectified,andinMarch2023,thegovernmentpassedtheGovernmentRegulationinLieuofLawNo.2of2022onJobCreation,intheprocessrepealingthe2020law. TheOmnibusLawistoutedasIndo

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