Asia’s Market Potential for British and Irish Businesses
Asia's market size, trade connections, rising consumer market, and most important access via backdoor agreements provide greater access to British and Irish businesses. Additionally, much of the United Kingdom's efforts following Brexit and the post-COVID era center around the diversification of supply chains and developing deeper trade partners in Asia, where both the UK and Ireland maintain historically close ties.
UK and Ireland businesses are more proactively seeking access to Asia's markets due to its fast-growing consumer demand, while Asia requires their high-tech, green tech, and financial management expertise. However, entering most markets in Asia may be intimidating due to its ever-changing regulatory environment and requires considerable knowledge. However, the rewards of successfully navigating the regions opportunities and challenges are also immense.
Core Value: One-Stop Support for British and Irish Businesses
Our value-added services go beyond just average customer support. Our blended service solutions were designed to unify the local expertise of each Asian jurisdiction with an understanding of UK and Ireland reporting standards that allow our clients to stay in control and afford transparency to their Asian operations.
We have a team of qualified lawyers, accountants, and HR specialists in each office providing on-the-ground support to ensure the compliance of your operations in Asia.
Our team visits the UK and Ireland regularly to meet clients and partners - acting as an additional layer to guide them through recent regulatory changes in Asia’s business environment and to optimize and strengthen their business operations.
Notable Free Trade Agreements and Market Access:
British and Irish investment and bilateral trade into China, ASEAN, and India is significant. Asia is an important market for British and Irish businesses to gain new trade routes and for the diversification of supply chains. There are several free trade agreements that businesses can utilize:
- India - UK Free Trade Agreement (under discussion and expected to be signed by the end of October)
- EU - Vietnam Free Trade Agreement (Ireland - Vietnam, came into force on January 24, 2020)
- Singapore - UK Digital Economy Agreement (came into force on June 14, 2022)
- EU – Singapore Free Trade Agreement (Ireland – Singapore, came into on November 21, 2019)
- UK - Singapore Free Trade Agreement (came into force on January 1, 2021)
- UK - Vietnam Free Trade Agreement (signed on December 29, 2020)
- The Regional Comprehensive Economic Partnership (RCEP)
The RCEP free trade agreement includes China, Japan, South Korea, the ASEAN nations of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam together with Australia and New Zealand.
The RCEP’s sheer size makes it significant. Participating economies account for roughly 30 percent of global GDP and about 30 percent of the world’s population. This equates to a market value of close to US$25 trillion (£18 trillion) and a total consumer base of about 2.2 billion, of whom an estimated 1 billion are to middle-class consumer standards.
Although the UK is not a signatory to the RCEP agreement, there are indirect ways in which British businesses can access this market, including China, through the back door.
Why work with Dezan Shira
Dezan Shira & Associates is a pan-Asia, multi-disciplinary professional services firm, providing market entry, legal, accounting, tax, HR, technology, and operational advisory to international investors.
A deep understanding of Asia’s regulatory environment enables us to provide tailored advice and support for British and Irish clients.
We regularly visit our clients and partners in the UK and Ireland to optimize and strengthen their operations.
Our strong partner, network including governmental and business organizations, across Asia provide value-added services, advice, and contacts.
Access to Asia markets through our subsidiaries and business-related news and advice through our website Asia Briefing.
We are a pan-Asia, multi-disciplinary professional services firm, providing market entry, legal, accounting, tax, HR, technology, and operational advisory services tailored to help businesses and investors manage the unique hurdles of international business, across jurisdictions, and in each market.
Our Business Intelligence professionals assist our British and Irish clients with market entry strategies, cross country competitiveness benchmarking, location analysis, comparative market analysis, site selection, and supply chain re-engineering.
We have been advising British and Irish clients on legal incorporations for three decades across multiple Asian countries. We are one of the largest operations in Asia for registering foreign-owned businesses.
Our qualified lawyers in each country support British and Irish businesses with company registration, legal due diligence, advisory on contractual law, IP protection, restructuring, advisory on employment law, company closure, JV negotiation, and M&A.
Assisting with Ongoing Financial Compliance
International accounting standards are applicable in Asia, but still vary greatly in practice. We provide local expertise on country-specific accounting issues to help you manage your investment.
Recruiting, HR, and Payroll
Managing personnel in Asia requires a robust approach to local regulations and customs. Our services are designed to help foreign invested companies with compliance and best practices.
Understanding the complexities of buying or selling a business, and forming partnerships are crucial. We assist from the early stages by identifying opportunities and risks, executing deals and transactions, to integrating and closing a business.
Contact Our Experts
Since its establishment in 1992, Dezan Shira & Associates has become one of Asia's most versatile consultancies with more than 600 lawyers, accountants, auditors, HR professionals, business intelligence and technology experts, delivering fully integrated services from more than 35 global offices. Our UK and Ireland leadership team:
Trusted by Global Businesses
Our clients are headquartered in more than 100 countries worldwide, including the UK and Ireland, Europe, the Americas, and Asia, ranging in size from start-ups, to mid-cap and large enterprises. Here is what our clients have to share about us:
Insights for British and Irish Businesses
British and Irish companies are increasingly looking to expand and adjust their supply chains and go-to-market strategies across Asia. Watch and read what our experts have to say on the deeper issues in this regard:
- GuideDownload from our Doing Business in Asia 2023 guide series for the fundamentals of setting up and operating in Asia.
- podcastVietnam, a Key Market for British Investors in 2022 and Beyond
- videoHow Your Domicile Defines Individual Income Tax Treatment in China and the UK
- videoPermanent Establishment and Employing People in China and the UK Series
Enquire for more information about our services, and how we can help solve challenges for your organization.Contact Us
Singapore and the United Kingdom have agreed to deepen bilateral cooperation on fintech and sustainable finance.
January 23, 2023
January 16, 2023
December 07, 2022