How corporates can tap Asia's potential

Markus Grossmann of Trident Trust

Oct 27, 2016

Speaking at the Hubbis Asian Wealth Management Forum 2016 in Zurich in late October - Markus Grossmann of Trident Trust discusses how European firms should set up their businesses in Asia, and considers the risks and pitfalls to avoid.

Markus Grossmann
Regional Managing Director, Asia Pacific
Trident Trust

Some of the main reasons why European firms are looking to Asia include the purchasing power of the region, along with its influence in terms of global merchandise exports, energy consumption and sheer population
Hong Kong and Singapore are the major gateways into China and South-east Asia (including India), and both jurisdictions have a well-established tax, legal and regulatory environment
This includes numerous Double Taxation Agreements (DTAs), good banking systems, a talent pool of well-educated staff and efficient systems for incorporating companies
Establishing a business in the region requires personal experience, good advice and a long-term plan
A key question for companies to consider is whether to have a virtual or physical presence
Common obstacles and pitfalls include: under-estimating the competitive nature and diversity of Asian markets; taking a short-term view; failing to adequately understand the operating environment; a lack of access to operating finance, such as bank account openings; and a lack of an exit strategy

Markus Grossmann

Regional Managing Director at Trident Trust