Asia Pacific is a region full of diverse economies, all at different levels of progression. More progressive economies appear to take less time to start a business in their respective countries. It took less than ten days to start businesses in China and Singapore in 2020. These countries are home to some of the most valuable businesses globally, with China’s Alibaba Group amassing a revenue of over 376.8 billion Chinese yuan (approximately 54.5 billion U.S. dollars) as of 2019. Grab Holdings Inc., based in Singapore has also followed similar success of the Alibaba Group, experiencing huge revenues.
Starting a business in Asia Pacific
However, there may be other factors which contribute to business creation across the Asia Pacific region. The number of business taxes across Asia Pacific countries differs greatly. With less business taxes to pay in countries such as China, Vietnam, and Singapore there may be a bigger incentive to start a business. Yet, in countries with more business taxes to pay, starting a business may not seem as advantageous.