7+1

MISTAKES I MADE
WHILE MOVING TO
ASIA
 movetoasia.com

Guillaume Rondan
MOVETOASIA.COM

Every time you learn new things or experience new places or things for the first time, it’s quite
possible that you may end up making some mistakes without a helping hand. Finding your way
in a new country is no exception. The combination of a new language, a new country, a new
job, a new investment can sometimes mean that mistakes can be costly. These mistakes can
take the form of high costs in terms of time lost and money invested, so being able to
anticipate these pitfalls so you can avoid them is often a very useful strategy. When I traveled
to Southeast Asia (SEA) to start a new life in a new country, I made plenty of mistakes that I
would differently not make if I was given another chance.
My name is Guillaume Rondan and I am the founder of Movetoasia.com, its YouTube channel
and writer of this ebook. I have been living in Asia for 5 years now, mostly in Cambodia and
Vietnam, and have also travelled to most of the other countries in the region and I want to
share some insights regarding my move to Southeast Asia, as well as some tips about doing
business and making investments.
The experiences shared in this book will hopefully help you to avoid stressful situations that
can sometimes even lead to more painful consequences.
In order to help the readers of this ebook, I have decided to sum up some of the main concerns
or perspectives I have learned over the last 5 years and share private information from my
personal experience with you to help you move, invest or do business in Southeast Asia.

Please note: this book is not a guide to finding the cheapest restaurants in Bangkok, does not
provide you with any coupon code to save $5 on booking.com and does not explain that classic
and often talked about trick that tells you to wake up at 2:46am to save 7 pence while booking
your next flight ticket. However, it does include insights from my personal experiences, bad
decisions that I took or common pitfalls that you may find, and if you don’t know how to avoid
them, could mean you end up facing tough situations in your personal or professional life, as
well as with your finances. So without further ado, here they are…
 TABLE OF contents
#1 #2 #3
Choosing a country Tourist visas vs. Set up a company
that match with Long-term visas or invest in Asia
your long term plan
Page 4 Page 7 Page 10

#4 #5 #6
Health insurance Struggling in Bank account
for expatriates Finding Job overseas
Opportunities (investments)
Page 13 Page 16 Page 19

#7 #8
Be in good standing Get knowledge
to your home about the local
country investments

Page 22 Page 24
#1
Choosing a country
that matches with your
long term plan
#1 CHOOSING A COUNTRY THAT MATCHES WITH
YOUR LONG TERM PLAN

I had problems choosing the country that would match perfectly with my long-
term plan. My dream was to create a company in an Asian country that could
give me access to skilled people and an affordable cost of living, so that I could
build a sustainable and profitable business. I wanted a place with a great
entrepreneurial environment, an element of dynamism in the economy and with
people holding a fresh mindset.

My first trial of this was a couple of months spent in Thailand and Cambodia, but
I didn’t find the right vibes that I expected, nor the energies or opportunities that I
was looking for as a young 28-year old entrepreneur at that time. It was finally in
Vietnam, a country with a population of almost 100 million, and mainly in Ho Chi
Minh City, a megalopolis with a population of 10 million, that I decided to put
down my suitcases and settle.

Vietnam is a fast-growing country that you should consider if you have an

entrepreneurial or investment project: you can build a team, grow your business
and invest in a frontier-market economy.

The rapid development is one of a frontier-market with a high GDP growth, a very
dynamic internal economy, and a huge exports sector.The Vietnamese people are
friendly and welcoming. The cost of incorporating a company is low and it is
possible to own 100% of a company's shares as a foreigner, which indeed, is very
rare in the region.

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#1 CHOOSING A COUNTRY THAT MATCHES WITH
YOUR LONG TERM PLAN

If you wish to have a quiet life with direct access to long term
visas to retire, Cambodia or Thailand may be more suitable for
you. If your goal is to grow personally and professionally,
being able to reach jobs with responsibilities at an early age,
live in a fast developing country with many opportunities, then
Vietnam may well just be an ideal destination.

You may also have a totally different outlook on life due to

your experience, history and aspirations, and it should be
noted that my aim is not to convince everyone to move to
Vietnam. I highly suggest you to benchmark a few nearby
countries in the region, and even cities, so that you can get a
really deep look into how the locals live and see the country
from an expatriate or migrant perspective and not just from a
tourist’s. Then after a few months of doing this exercise, you
may find your own personal gem.

7+1 MISTAKES I MADE WHILE MOVING TO ASIA |06

 #2

Tourist visas vs.

Long-term visas
(I.E., TRC TEMPORARY RESIDENCE CARD)

7+1 MISTAKES I MADE WHILE MOVING TO ASIA |07

#2 TOURIST VISAS VS. LONG-TERM VISAS

One of the biggest mistakes I made when I moved in Asia was to

keep extending my tourist visa, counting the days I had left before
having to leave the country, before continuously extending my visa
yet again. While some Asian countries allow you to renew your stay
twice a year or more, such as Thailand, there are always unofficial
limits and questions from the immigration authorities at border
controls. They will challenge you to give them a good reason why
you are returning to the country after just a couple of weeks or
months out. One wrong word and they won’t let you in, or even
worse, put you on a "blacklist" if they believe you are working
illegally in the country without paying tax.

A common misconception is that extending a visa or "visa runs" are

the cheapest solutions. This is not true! When you think about it in
terms of more than a year, it becomes much cheaper to obtain a
TRC (temporary residence card), which is equivalent to a one to
three-year renewable residence permit.

Between 2019 and 2020, Vietnam experienced severe restrictions on

visa legislations. The closing of the borders, post-Covid for tourists
and the consequences on international mobility are leading more
and more foreigners to choose more long-term solutions.

7+1 MISTAKES I MADE WHILE MOVING TO ASIA |08

#2 TOURIST VISAS VS. LONG-TERM VISAS

The mistake made by many foreigners is to continue with those temporary visa run /
perpetual extension / renewal of visas which become costly month after month and
raise the suspicions of the Vietnamese authorities who may consider you as an illegal
worker. This is why these solutions remain temporary alternatives and must be handled
with caution.

These long-term visas allow you to enter and leave the country without having to count
the days, negotiate with visa agencies and be dependent on price variations. These are
long-term solutions that require an initial investment (setting up a business, investing in
a local company or even finding a job), but which can give you that ‘open sesame’
moment.

TO FIND OUT MORE, YOU CAN:

consult our training course to find work in Vietnam
contact us for a quote on our all-inclusive incorporation service package

7+1 MISTAKES I MADE WHILE MOVING TO ASIA |09

 #3
Set up a company or
invest in Asia
 #3 SET UP A COMPANY OR INVEST IN ASIA

How do I get started? Who can you trust? How to overcome the language barrier? Should I
find a local partner in Asia? These are important steps for many investors and entrepreneurs
in setting up a company or investing in Asia. However, this is often the trickiest step that may
lead you to fall down many pitfalls. I remember meeting many lawyers when I wanted to set
up my company in Vietnam:

Some big firms designed sophisticated setups for me, where my aim was "only" to do
consulting, leading to a huge bill of several thousand dollars in initial fees and exorbitant
monthly maintenance costs.
On the other side, there were the competitive local Vietnamese lawyers with imprecise
explanations in broken English, insuring you that you can trust them and that "everything
is going to be fine, no worries", but who usher you into making a quick decision and pay
for their services in cash.

... So who can you trust?

7+1 MISTAKES I MADE WHILE MOVING TO ASIA |11

#3 SET UP A COMPANY OR INVEST IN ASIA

Vietnam is one of the only countries in the region that allows you to
own 100% of a company's shares as a foreign investor.

2020 showed a clear message from SEA authorities. In Vietnam,

Cambodia and Thailand, the three countries tightened the regulations
and requirements for business visas. They took similar decisions:
being more welcoming to foreign investors or skilled workers rather
than to tourists. This trend of having to find a purpose to stay may
become mandatory for foreigners if they plan to live in those
countries and get long term visas.

Vietnamese GDP growth was positive in 2020 and reached about

3%, while the rest of the world was struggling. This is a clear
optimistic sign for the next few years about the dynamism of the
economy, consumption and the case for foreign investors to
consider Vietnam as a country to invest in. If you wish to import
products, open a consulting company, use a Vietnamese workforce
to outsource IT skills or factories to manufacture goods and
products in Vietnam, owning a company in Vietnam may help you
in achieving these purposes.

To find out more, you can contact us for a quote on our all-inclusive
incorporation service package

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 #4
Health insurance for expatriates

7+1 MISTAKES I MADE WHILE MOVING TO ASIA |13

#4 HEALTH INSURANCE FOR EXPATRIATES

I had a lot of problems finding the best health insurance provider. I was also not
sure whether to pick a local insurance company or go an insurance company from
my home country. During a couple of months, I decided to benchmark my home
country’s insurance vs. other alternatives available in Asia to choose the one
which was most suitable for me.

Keeping the health insurance provided by your home country is usually the default
choice that all the traditional online portals and other government entities will
recommend you to do. However, when you benchmark the refunds and coverage
scope (costs, refunds, risks, claims and benefits), you realize that most traditional
insurance packages have lower coverage at much higher rates.

Getting to know about local insurance companies when you are moving overseas
is an important step to take into consideration. As well as this, you should go into
more detail and look at the tailored packages for specific cases (pregnancy, pre-
existing conditions, free medical checkups, pre/post hospitalization, etc.). These
tailored health insurance services will help you to decide between local or your
home country’s health insurance services.

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#4 HEALTH INSURANCE FOR EXPATRIATES

Some local insurers or international

providers with Southeast Asia packages will
offer higher reimbursements for more
attractive packages. Specific international
insurance may also cover you in your
country of residence in Southeast Asia and
will also offer treatment on a global scale:
that is to say, you can be covered when you
are travelling in Europe while also have any
scheduled surgery at one of the best
hospitals in Bangkok with full refunds and a
lower premium compared to the insurer
from your home country.

Premiums of health insurance are mainly

dependent on the age of the insured party
and their pre-existing conditions. Depending
on your age and health condition, it may be
suitable to look into international insurers
that may offer you higher coverage and even
take into consideration coverage for specific
treatments. The best way is to get help and
consultation from a reliable third party that
can find the most suitable plan to fit your
situation.

To find out more, fill out the form and ask for a free consultation from
our Movetoasia insurance specialist.

7+1 MISTAKES I MADE WHILE MOVING TO ASIA |15

 #5
Struggling in
finding Job and
Business
Opportunities

7+1 MISTAKES I MADE WHILE MOVING TO ASIA |16

#5 STRUGGLING IN FINDING JOB AND BUSINESS
OPPORTUNITIES

These issues come from some of my foreign friends living in Vietnam. It was not
difficult for me to find job opportunities in a new region as I was originally working for
European brands remotely, so I was able to continue working on my laptop when I
moved to Asia.

Many friends struggled to find decent jobs in Asia that paid well. As an entrepreneur,
you will have a lot of opportunities in doing business in Asia because those countries
are changing so fast and growth can be seen everywhere. But I am aware that not
everyone wants to open their own business.

My friends did not know who to contact and how to find available job offers, or even
where to start in the first place in building their professional network. With time, I
realized that you must have some understanding of the employment market and the
culture gap between most of the developed countries and emerging countries of SEA,
for you to blend into the new job environment. Venture into the corporate world and
start building a professional network around you. You will need to be proactive in
contacting expats currently based in Asia, in order to be aware of job offers and also
to show your motivation to your future employer.

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#5 STRUGGLING IN FINDING JOB AND BUSINESS
OPPORTUNITIES

If you wish to come to Asia, you can also start looking for job opportunities from
overseas. Building a great online profile on LinkedIn, connecting to the key decision
makers of the industries you are targeting and your motivation to them is the key to
succeed in this competitive job market in Asia. As Vietnam has a lot of industries
hiring foreign workers and one of the most dynamic economies of all the Southeast
Asian countries, we highly recommend that anyone who wants to move to Asia, should
consider Vietnam as their first country.

To find out more, you can consult our training and exclusive list of companies to
find a job in Vietnam.

7+1 MISTAKES I MADE WHILE MOVING TO ASIA|

18
 #6
Bank account
overseas
(investments)

7+1 MISTAKES I MADE WHILE MOVING TO ASIA |19

#6 BANK ACCOUNT OVERSEAS

When I moved, I was not certain about the best ways to grow my wealth in the new country.
For example, I did not understand how the banking system operates in the new country or how
I could save or invest.
Some countries such as Vietnam offer fixed interest saving plans at 6% that seem very
attractive, but you have to take into consideration the inflation, currency devaluation and poor
Moody's review ratings of some of those banks.

I soon realized what was the most import thing to grow wealth was, while being an expat,
which was to take advantage of investment opportunities through Exchange Traded Funds
(ETF) all over the world.

Firstly, it is important to open a reliable brokerage account and be exposed through an ETF to
specific markets, locations and industries. This way, you can create a diversified portfolio
with minimum investments.

If you want to learn more about these subjects, there are is a lot of free information online that
you can find by looking for:
All weather portfolio
Warren buffett portfolio
Permanent Portfolio

7+1 MISTAKES I MADE WHILE MOVING TO ASIA |20

#6 BANK ACCOUNT OVERSEAS

Choosing a legit and reliable broker is the first important step that you have to take
into consideration. You have to be careful about the wealth managers approaching
you while being new in an Asian country. Most of these wealth managers will
receive commission on each product (bank account, fund, …) that you invest in and
some will definitely use their sales skills to sell you terrible investment solutions
that won’t lead you anywhere near to getting richer, but will certainly help them to
become rich.

An ETF has the advantage of being well managed with the fees involved in buying
and maintaining them being very cheap. When you combine this with using a
reliable but cost-free broker, you can find the perfect mix to significantly grow your
wealth over the years.

Crypto-currencies are also one asset that every Millennial should get. If you are not
so familiar with this concept, learning a bit of general knowledge about them and
investing between 5 to 10% of your wealth into these alternative currencies may
help you to diversify your exposure and be protected in case of a global economy
crash.

To find out more, you can consult our dedicated page on investing offshore
as an expat.

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 #7
Be in good standing with
your home country

7+1 MISTAKES I MADE WHILE MOVING TO ASIA |22

 #7 BE IN GOOD STANDING WITH YOUR HOME COUNTRY

One other mistake I made was forgetting about my home country when I moved to Asia. I didn't
think about updating my tax situation with regard to France, which led me to having to pay a lot
of tax with added fines for being late. I even had to fly back in 2018, to deal with some tax
authorities in France regarding those matters. Since that day, I always remember that settling
down in a country is one step but you shouldn't forget your country of citizenship as the tax
man may still be looking for some tax that you owe him.

If you are a business owner, you can also learn some extra knowledge on the concept of the “5-
flag theory”, a tax optimization strategy that influences location independence to boost
personal freedom and lower taxes. It may also help you with the protection of your assets and
minimizing risks, if you live and work overseas. This theory is also applicable to people who
travel a lot in a year from country to country.

Since I heard about this concept, I have tried to apply it in the different aspects of my personal
and professional life and also with investments. Living overseas offers a wider range of choices
in terms of business and investment opportunities. Being well-advised on those matters at an
early stage is important to make smart and long-lasting solutions.

For more information, you can read our article on taxes in Vietnam.

7+1 MISTAKES I MADE WHILE MOVING TO ASIA |23

 #8
Get knowledge about the local
investments
(lands vs. apartments)

7+1 MISTAKES I MADE WHILE MOVING TO ASIA |24

#8 GET KNOWLEDGE ABOUT THE LOCAL INVESTMENTS

Investing in land in emerging countries

such as Vietnam can be scary at first.
Ownership matters, in regards to
regulations, problem of financing, etc. As
well as foreigners being advised to go
through Vietnamese nominees or to set
up a company to be able to benefit from
the same rights as locals in order to
access these investment scopes.

Of course, you will never be able to invest

alone; you will have to do some
homework, study the growth of a certain
regions, cities, districts in order to expect
good returns on your investment. Buying
a piece of land to build and rent a house
(to a tenant, a shop …) is also an idea you
could consider, but in this case, make
sure you calculate the expected capital
gains.
Vietnam can offer great investment
opportunities to those who are ready to be on
the ground, spend time understanding the
market and build up a network of investors.
Nevertheless, beware of the pitfalls: some land
does not have construction permits, other areas
may be waiting to be claimed by real estate
developers but are still sold to naive investors
looking for easy money.

7+1 MISTAKES I MADE WHILE MOVING TO ASIA |25

#8 GET KNOWLEDGE ABOUT THE LOCAL INVESTMENTS

Focusing on a specific area in the country,

building up a network of locals (not only of
real estate agents) who live in and know a
neighborhood or city and work closely with a
trusted lawyer who knows the pitfalls to
avoid as well as the areas where speculation
is high, which will gradually give you an idea
of the land and real estate market.

Purchasing a property in a condominium

project can also be profitable for many
investors and offer good returns. Some cities
such as Ho Chi Minh City or Da Nang have
many projects with a high potential of growth
over the upcoming months and even years.

Nevertheless, our warnings remain the same:

Rely on a network of reliable and
trustworthy professionals to ensure you
receive honest advice about investment
opportunities with great potential for
return;
Benchmark the real estate market in
Vietnam vs. overseas and compare
different cities in order to plan your
investment project and define the goals:
rent your property or bet on a capital-
gain valuation after a few years;

To learn more, send me an email (by filling in the form) and we can discuss your
investment project

7+1 MISTAKES I MADE WHILE MOVING TO ASIA |26

 LEARN MORE ABOUT

Movetoasia
GUIDES & SERVICES

Movetoasia is growing and expanding through in-depth articles on the blog

about topics related to moving abroad, and business & investment topics.
If you want to receive tailor-made help and find out about the scope the
Movetoasia team’s expertise, then check out our page that introduces our
services.
Don’t forget that I am making Youtube videos to illustrate some of the
insights that were previously shared here so you can learn and take on
more knowledge about specific subjects.

Do not hesitate to get in contact with me by sending me an email at:

contact@movetoasia.com