Do business across Asia Pacific with these tips and insights

1. Foster local relationships
• Build relationships at all levels and more importantly, personally meet with your business associates as business relationships can evolve into social relationships.
• Your local relationships and networks will give you invaluable insights to succeed.
• Get to know your associates over a business lunch or dinner. As a courtesy, taste all the dishes you are offered. Avoid commenting on politics or religion however you can discuss their style of cuisine, sports or places to visit.

2. Connect with the right advisors early
• Build a network of people around you that understand your market including Government officials, Lawyers, Taxation Agents, Accountants and industry bodies.
• Leverage your Australian networks including Austrade, Australian Chamber of Commerce, EFIC and State Government Offices.

3. Research and planning
• Business contacts in Asia are mostly referrals and it is important to carefully choose business partners that will contribute to your long term success.
• Understand your product or service’s competitive advantage.
• Maintain focus on your business strategy to avoid being distracted or overwhelmed by the sheer size of the opportunity.
• Choose a banking partner that will meet your needs from the beginning – ANZ has experts in all of the key Asia Pacific markets and can facilitate connections for you.

4. Asia is a diverse market
• Every market in Asia is unique and you will benefit from learning about their culture and expectations.
• Wherever possible, try to learn the local language to assist you with your business activities. Taking the initiative to speak the local language will be reciprocated with a positive response.
• Employ a competent and reputable local translator to ensure clear communication is achieved to build trusting and respectful relationships.

5. Be patient, resilient and persevere
• Allow time for securing documentation and approvals.
• Approach all matters with patience and understanding.
• Develop a long term plan as getting started in a foreign country is time consuming and take significant resources.

6. Business etiquette
• Always be punctual to your meetings and dress in business attire.
• Formality is a sign of respect. Clarify how you will address someone very early in a relationship. It is traditionally acceptable to address people by their surname, together with their designated title, such as “Mr Tran” or “Chairman Li.”
• Present and receive business cards using both hands with the writing facing the recipient. Business cards should have one side in the local language and be exchanged individually.
• Gift giving is a common custom and an ideal business gift can be something representative of your town or country. Remember to present the gift with both hands as a sign of respect.

Relationships, networks and on the ground knowledge are critical to your success in Asia. To access Asia Pacific with ANZ, call their Asia Pacific Desk on 0403 017 439 or visit www.anz.com/inasia