Business environment

Since their first arrival into the United States in 1840, Asian American owned firms are one of the most successful entrepreneurs in our nation’s history of minority entrepreneurship. Virginia leads the nation in the number of companies owned by Asians and Pacific Islanders firms. Virginia ranks eighth (8th) among the top ten states with the largest percentage of Asian American owned firms in the country. Our dynamic Asian companies, well educated, and with a highly skilled workforce, make Virginia one of the most desirable places to live and work in the United States.

Virginia ranked tenth (10th) among the top 10 states with the highest percentage of Asian women-owned firms, based on average number of establishments, the number of jobs created, and annual revenue. Together as an ethic group, Asian Americans own 32% of all minority firms in Virginia: They own 30,470 out of 56,334 total Virginia minority-owned firms and bring $7,833.835.000 in sales revenue in 2002. Our companies, many are smaller firms - with under 50 employees-make significant contributions to Virginia's economy and add breadth and diversity to the state economy.

Of all the racial/ethnic groups, Asian Americans are the most likely to own their own business, and are likely to employ family and friends. Research data also show that Asian businesses tend to be more profitable and less vulnerable to be folded out, compared with others in the same industries.
Of all Asian Americans emigrating to Virginia, over 75% are immigrants (foreign-born).