There is a growing percentage of the working population who enjoy the freedom and independence that comes with managing a business online and most of these globe-trotting entrepreneurs locate to South East Asian nations, where the climate is hot and the cost of living is low. What is it about this part of Asia that attracts digital expats? In this brief article, we offer a few of the reasons why South East Asia ticks all the boxes from a digital nomad’s perspective.
- Escape the European winter – If you live in the US or northern Europe, you already know about the harsh winters and exotic locations such as Thailand and Malaysia offer the perfect climate. Some go home around May and return to Asia in October, enjoying summer in their home country, while others prefer a year-round solution.
- Low cost of living – Thailand, Cambodia, Vietnam and Laos all offer really low prices, especially when compared to a developed country. In Bangkok, for example, you can rent a nice condo unit for $300 a month, with a communal swimming pool, gym and even a few restaurants. Of course, you might prefer to stay on a tropical island for a few weeks and enjoy a millionaire lifestyle in a 5-star resort.
- Local business services – If, for example, you set up a business in Malaysia, you can source remote payroll and bookkeeping services to keep your business running and these remote services are charged at local rates, which is great. When you register your business in a foreign country, a local law firm has all the connections you need for essential business services, plus they can facilitate the registration process and ensure that you are in compliance with local laws.
- Good Internet coverage – The digital nomad must have access to a stable Internet connection and most Southeast Asian nations offer fast and inexpensive Internet connectivity. For $20 a month, you can have a SIM with unlimited Internet and that enables you to hotspot your laptop when you need to work. You can always use the free Wi-Fi in the coffee shops that are a favourite with online entrepreneurs, or you could share a workspace with other nomads.
- Great business opportunities – Living in Malaysia opens up many business opportunities and whatever country you like, you can set up a business and penetrate the local market, while receiving the many benefits that come with foreign investment. If you are a major customer of a Malaysian manufacturer, living there might mean big savings on products and the economies of Thailand, Malaysia and Hong Kong are all stable.
If you fancy living on the Malaysian coast and running your business, there’s nothing to stop you setting up a company that allows you to live and work in the country. Long-term visas can be difficult to obtain, which is another reason to register your business and enjoy the millionaire lifestyle in a tropical paradise.
