IMDA’s Post

Thailand offers a favorable environment for investors and entrepreneurs, making it an attractive destination for international business. The Thai government actively encourages foreign investment by providing various incentives to facilitate and support business activities. 😎 With 15 free trade agreements in force and participation in the ASEAN Free Trade Area, Thailand gives business access to vast markets with low or no customs duties. 📈 Thailand ranks high in the World Bank’s Ease of Doing Business rankings due to simple start-up procedures and clear legislation. A robust and stable banking system provides security for financial transactions. Comparatively low tax rates make the country attractive for business, contributing to higher profitability. #albatrossconsulting #albatrossthailand #relocation #businessconsulting #visa #visathailand #financialconsulting #legalsupport #businessthailand

I am both optimistic and proud to witness the deepening cooperation between #switzerland , where I have lived for 24 years, and my native #moldova , particularly in trade and economic areas. On February 21st, the #Swiss Federal Council took a significant step by launching the approval process for a #freetradeagreement with Moldova, a country recognized for its untapped trading potential. With #bilateraltrade already worth around CHF 50 million in 2022 and poised for growth, this agreement promises broader market access and a more predictable legal framework for businesses, underscoring a promising future for economic collaboration between our nations. #bilateralrelations EFTA Joint Chamber of Commerce Switzerland-Eastern Europe, Central Asia, South Caucasus (JCC)

The dynamic trade relationship between Ireland and Poland has reached new heights, with a staggering two-way trade value of €6 billion! That's an impressive 18% surge since the challenging days of 2020 when the pandemic gripped the world. 📈Enterprise Ireland's Warsaw office currently represents 260 Irish firms that export to Poland, and 60 of those now have a local presence in the country. Earlier this week Dara Calleary, TD -  Minister for Trade Promotion, Digital, and Company Regulation visited Poland on a trade mission and met with representatives of Irish companies operating in Poland. Find out more in the recent RTE article by Liam Nolan. #Export #Ireland #Poland #Business #GlobalAdvantage

It was truly a pleasure connecting with Encik Saiful Izwan Mohd Shazali, Director of National e-Invoicing & Standardization at the Digital Trade Department of Malaysia Digital Economy Corporation (MDEC), during the enlightening Briefing on E-Invoicing by LHDN and MDEC on 18th January 2024. The E-Invoicing initiative by MDEC is a forward-thinking step towards the digitalization of the Malaysian economy. This initiative aligns with global trends in adopting digital solutions for business transactions, aiming to enhance efficiency, accuracy, and compliance. Drawing parallels with Japan and Singapore, both countries have made significant strides in implementing e-invoicing. Japan, for instance, is on the path to making B2B e-invoicing compulsory. Their system, based on the PEPPOL standard, is designed to streamline the issuance of invoices and the necessary information included, thus simplifying tax compliance and business transactions. Similarly, Singapore has adopted the PEPPOL framework for B2B e-invoicing, highlighting its position as a leader in digital transformation in the Asia-Pacific region. The adoption of these systems in Japan and Singapore has brought numerous benefits, such as reducing administrative burdens, increasing transaction speeds, and improving overall business efficiency. The benefits of the E-Invoicing initiative, as demonstrated in these countries, include enhanced accuracy in billing, quicker invoice processing, reduced costs associated with paper-based processes, and a significant reduction in errors. These benefits are not just limited to large corporations but extend to small and medium-sized enterprises, fostering a more inclusive digital economy. The initiative by MDEC is a significant step in this direction for Malaysia, promising similar benefits and efficiencies. This aligns with the global shift towards digital solutions in commerce and trade, and positions Malaysia alongside leading digital economies. #EInvoicing #DigitalTransformation #MDEC #MalaysiaDigitalEconomy #BusinessEfficiency #GlobalTrends

Digital public infrastructure (DPI) is key to advancing financial inclusion. Access to affordable and well-functioning cross-border digital payments and other financial services is essential to digitizing trade successfully and to the realization of the full potential of the African Continental Free Trade Area (AfCFTA) Secretariat, especially for MSMEs. Read more about the story of Njeri and Afua, business partners working 7,000 kilometers apart, the challenges they face, and how #DPI, the AfCFTA, and the #OneAfricaMarket can transform their lives: https://lnkd.in/e6mtB9vw via UNDP Africa.

This week, we welcomed the Rt Hon Anne-Marie Trevelyan (Foreign, Commonwealth and Development Office Minister of State for Indo-Pacific) to Malaysia. During her visit she spoke with Ministry of Investment, Trade and Industry (MITI) Deputy Minister, Liew Chin Tong, and UK businesses about the exciting opportunities ahead when the UK joins Malaysia in CPTPP next year. In this op-ed piece in The Malaysian Reserve, I explain more about what we can expect: https://lnkd.in/gZi2FdMf

If you are beginning an import/export business in Singapore, you need to take a few steps before starting the company registration process. In addition, ensure your business is already registered with the Accounting and Corporate Regulatory Authority of Singapore (ACRA), either as a sole proprietorship, partnership, or private limited company. To learn more the steps on how to start import/export business in Singapore, click here: https://lnkd.in/gw2sVNk9 If you found this article informative, please like and share it. 🥳 🥳 #EBOScloudaccountants #SingaporeImports #CustomsAccountActivation #ImportingToSingapore #CustomsClearance #SingaporeCustoms #TradeRegulations #ImportProcedures

In the dynamic landscape of international trade, the Philippines stands as a key player, boasting a burgeoning market ripe with opportunities for businesses. However, amidst these prospects lie challenges in navigating the customs releasing process, which can often pose significant hurdles for importers and exporters alike. From bureaucratic red tape to compliance complexities, these obstacles can impede operational efficiency and hinder growth. Yet, within these challenges also lie opportunities for savvy businesses to innovate and thrive. Let's delve into the common challenges faced by businesses during customs releasing in the Philippines and explore strategies to overcome them, while uncovering potential avenues for growth. #CustomsReleasePH #NavigatingCustomsPH #PhilippineLogistics #TradeOpportunitiesPH #CustomsCompliance #LogisticsInnovation #BusinessGrowthPH #SupplyChainVisibility #TradeRegulationsPH #ImportExportPH https://lnkd.in/gz96Apqg

Based upon the existing legislation, with respect to retail services undertaken by a foreign owned company, the establishment of outlets for retail services (beyond the first one) shall be allowed on the basis of satisfying an Economic Needs Test (ENT). Notwithstanding, Vietnam as a contracting member of (i) the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) taking effect as from 14 January 2019 and (ii) the European-Vietnam Free Trade Agreement (EVFTA) taking effect as from 1 August 2020 has agreed that 5 years after the date of entry into force of CPTPP and EVFTA, respectively, the ENT requirement shall be removed and no longer have effect. As a result, the restrictions which have long been applicable to foreign owned enterprises due to the ENT requirement will be lifted after 14 January 2024 for the foreign investors established in jurisdictions being members of CPTPP until now, including Australia, Canada, Japan, Mexico, Singapore, New Zealand, Peru, Malaysia, Chile, Brunei, and United Kingdom, meaning that a fully foreign owned company (with the foreign investors based in CPTPP country members) will be entitled to establish outlets for retail services (beyond the first one) without being subject to satisfying the ENT requirement after 14 January 2024.