The pandemic brought in some unforeseen challenges to many economic giants in the world. Across the globe, some predict a downturn of the economy for certain countries there are forecasts for some which are expected to bounce back. Despite economic challenges businesses must survive and carry on vigilantly. While every market got affected in some way, there are certain industries and companies who managed to see the light at the end of the tunnel by taking advantage on such industries and markets.
There are many Asian countries who has survived Covid-19 outbreak without much impact and certain countries seem to have a promising growth even through the pandemic times. While Asia sustained, Europe has bounced back with operations running as usual. One of the reasons as to why operations run smoothly, is because the outsourced services to Asia has not taken much of an adverse effect throughout the past few months. Although there are travel bans that took place during this time, it did not decrease the amount of opportunity for the Asian job market. While it was sustainable for many countries to carry on with their Asian expansions and operations, many are looking at a larger expansion while even considering few countries at once. The exit costs for these markets remain low whereas the annual maintenance costs are comparatively cheaper with low labor costs.
Companies are considering different ways of expanding instead of setting up an entity completely which takes many months with a lot of effort and a high investment. There are many methods how expansion plans can still take place despite all changes at a low cost in the post pandemic landscape. Businesses consider safer and easier options overseas without having to travel since the concept of remote working has been comfortably absorbed by many markets during this time. While setting up an entity restricts many aspects, International PEO (professional employer organisation) has been the most preferred option for many companies. While International PEO does not need the company to establish an entity, it can save the cost by around 60% with a quicker turnaround time to set operations up. They can hire people, take care of HR and other compliance and statutory requirements while making the expansion process smooth and hassle free. Since there is no permanent presence in the country, the company can opt to exit as soon as they need if they feel that the business is not viable.
Many businesses look for the right partner to expand their operations, a solution which can mitigate the risks and lets the company expand with confidence. ExroAsia has many years of experience with a team of experts on board who can support your growth journey. Drop a message if you would like to have a chat.